Addenda Capital Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 17, 2025), Addenda Capital Inc. reported 120 stock positions worth $2.8 billion. Its top holding was Toronto-Dominion Bank (TD) at 4.7% of the portfolio, followed by Royal Bank of Canada (RY, 4.4%) and Brookfield (BN, 4.2%). Compared with Q1 2025, it opened 3 new positions, sold out of 6, added to 50 and reduced 66. The biggest buy was a new position in Emera (EMA) and the biggest sale Wheaton Precious Metals (WPM, shares −68%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001569411
- Portfolio Value
- $2.8B (Q2 2025)
- SEC Filing
- 0001085146-25-003932 ↗ filed Jul 17, 2025
Holdings Value
Holdings 120 stocks · $2.8B
| TD Toronto-Dominion Bank | 4.68% | 1,300,806 | $130.3M | Reduce -2.0% |
| RY Royal Bank of Canada | 4.41% | 684,139 | $122.8M | Reduce -2.3% |
| BN Brookfield Corp. | 4.21% | 1,391,329 | $117.3M | Reduce -16.8% |
| AEM Agnico Eagle Mines Ltd. | 4.12% | 708,266 | $114.9M | Reduce -0.7% |
| SHOP Shopify Inc. Class A | 4.03% | 715,742 | $112.4M | Reduce -10.4% |
| CNQ Canadian Natural Resources | 3.69% | 2,370,885 | $102.7M | Add +11.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.64% | 671,184 | $101.3M | Reduce -3.1% |
| CP Canadian Pacific Kansas City | 3.44% | 882,991 | $95.7M | Add +5.3% |
| ENB Enbridge Inc. | 3.21% | 1,448,383 | $89.4M | Reduce -1.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.62% | 967,921 | $72.9M | Reduce -1.9% |
| AGI Alamos Gold Inc. Class A | 2.53% | 1,944,928 | $70.4M | Add +12.3% |
| CNI Canadian Natl Railway Co. | 2.39% | 469,260 | $66.6M | Add +8.9% |
| TRP TC Energy Corp. | 2.28% | 944,128 | $63.6M | Reduce -0.9% |
| WCN Waste Connections Inc. | 1.93% | 211,014 | $53.7M | Add +7.4% |
| CCJ Cameco Corp. | 1.85% | 508,814 | $51.5M | Reduce -30.3% |
| GIB Cgi Inc. | 1.79% | 347,847 | $49.7M | Reduce -3.4% |
| MSFT Microsoft Corp. | 1.77% | 99,033 | $49.3M | Add +1.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.56% | 444,681 | $43.4M | Reduce -2.1% |
| AVGO Broadcom Inc. | 1.52% | 153,589 | $42.3M | Reduce -11.6% |
| SU Suncor Energy Inc. | 1.45% | 789,307 | $40.3M | Reduce -2.7% |
| MFC Manulife Financial Corp. | 1.28% | 818,221 | $35.6M | Reduce -39.1% |
| WPM Wheaton Precious Metals Corp. | 1.27% | 289,167 | $35.4M | Reduce -68.4% |
| AAPL Apple Inc. | 1.17% | 158,901 | $32.6M | Add +7.3% |
| BIP Brookfield Infrastructure Pa | 1.15% | 704,591 | $32.1M | Add +13.5% |
| PBA Pembina Pipeline Corp. | 1.15% | 627,890 | $32.1M | Add +14.5% |
| EMA Emera Inc. | 1.07% | 477,208 | $29.8M | New |
| QSR Restaurant Brands Intern | 1.06% | 324,331 | $29.6M | Reduce -1.7% |
| NVDA Nvidia Corp. | 1.02% | 180,680 | $28.5M | Add +25.6% |
| V Visa Inc. Class A | 1.02% | 79,956 | $28.4M | Add +0.8% |
| CIGI Colliers Intl GR-Subord Vot | 1.01% | 157,780 | $28.1M | Reduce -1.6% |
| FNV Franco-Nevada Corp. | 0.99% | 123,284 | $27.6M | Add +1783.3% |
| DSGX The Descartes Systems Grp | 0.93% | 188,286 | $26.0M | Reduce -3.0% |
| GOOG Alphabet Inc. Class C | 0.92% | 145,153 | $25.7M | Add +4.2% |
| BAM Brookfield Asset Mgmt-A | 0.77% | 285,133 | $21.5M | Reduce -2.4% |
| APH Amphenol Corp. Class A | 0.71% | 200,224 | $19.8M | Reduce -0.4% |
| BKNG Booking Holdings Inc. | 0.67% | 3,247 | $18.8M | Reduce -0.6% |
| INTU Intuit Inc. | 0.67% | 23,751 | $18.7M | Reduce -5.9% |
| JPM JPMorgan Chase & Co. | 0.65% | 62,232 | $18.0M | Add +7.9% |
| WAB Wabtec Corp. | 0.59% | 78,069 | $16.3M | Add +2.0% |
| FFIV F5 Inc. | 0.57% | 54,161 | $15.9M | Add +2.0% |
| GFL GFL Environmental Inc.-Sub VT | 0.57% | 231,160 | $15.9M | Reduce -2.9% |
| CAE Cae Inc. | 0.57% | 394,594 | $15.7M | Reduce -2.3% |
| TFII Tfi International Inc. | 0.56% | 126,090 | $15.5M | Add +984.9% |
| BCE Bce Inc. | 0.53% | 487,205 | $14.9M | Reduce -28.5% |
| TRI Thomson Reuters Corp. | 0.53% | 53,802 | $14.7M | Reduce -0.6% |
| SCHW Schwab (charles) Corp. | 0.53% | 160,938 | $14.7M | Add +3.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.53% | 118,696 | $14.7M | Add +2.2% |
| GIL Gildan Activewear Inc. | 0.51% | 211,797 | $14.2M | Reduce -1.1% |
| RMD Resmed Inc. | 0.51% | 54,715 | $14.1M | Add +2.1% |
| NKE Nike Inc. Class B | 0.50% | 194,390 | $13.9M | Add +0.7% |
| ADBE Adobe Inc. | 0.47% | 33,753 | $13.1M | Add +2.0% |
| PEP Pepsico Inc. | 0.46% | 97,215 | $12.8M | Add +15.0% |
| STN Stantec Inc. | 0.46% | 85,861 | $12.7M | Reduce -20.5% |
| BR Broadridge Financial Solutio | 0.46% | 52,210 | $12.7M | Add +2.0% |
| LIN Linde PLC | 0.45% | 26,722 | $12.5M | Add +12.9% |
| RBA RB Global Inc. | 0.44% | 85,418 | $12.4M | Reduce -0.6% |
| NTR Nutrien Ltd. | 0.43% | 150,530 | $12.1M | Reduce -54.9% |
| FTS Fortis Inc. | 0.43% | 184,958 | $12.0M | Add +6.7% |
| COST Costco Wholesale Corp. | 0.42% | 11,860 | $11.7M | Add +2.1% |
| SLF Sun Life Financial Inc. | 0.41% | 124,805 | $11.3M | Reduce -0.7% |
| LOW Lowe's Cos Inc. | 0.40% | 49,832 | $11.1M | Add +38.6% |
| FISV Fiserv Inc. | 0.38% | 60,895 | $10.5M | Reduce -18.7% |
| TECK Teck Resources Ltd.-CLS B | 0.38% | 189,765 | $10.5M | Reduce -11.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.37% | 34,722 | $10.2M | Reduce -0.6% |
| CAT Caterpillar Inc. | 0.36% | 25,958 | $10.1M | Reduce -0.6% |
| SPGI S&P Global Inc. | 0.35% | 18,627 | $9.8M | Add +9.4% |
| MGA Magna International Inc. | 0.34% | 181,349 | $9.5M | Reduce -38.0% |
| META Meta Platforms Inc. Class A | 0.34% | 12,757 | $9.4M | Reduce -22.8% |
| T AT&T Inc. | 0.34% | 323,588 | $9.4M | Reduce -0.6% |
| WMT Walmart Inc. | 0.33% | 94,403 | $9.2M | Reduce -0.6% |
| MEOH Methanex Corp. | 0.33% | 203,000 | $9.2M | Add +27.3% |
| EMR Emerson Electric Co. | 0.31% | 64,895 | $8.7M | Reduce -0.6% |
| GOOGL Alphabet Inc. Class A | 0.31% | 48,810 | $8.6M | Reduce -0.6% |
| TMO Thermo Fisher Scientific Inc. | 0.31% | 21,068 | $8.5M | Add +9.8% |
| SYK Stryker Corp. | 0.30% | 21,428 | $8.5M | Add +14.1% |
| AMZN Amazon.com Inc. | 0.30% | 38,604 | $8.5M | Reduce -0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.30% | 67,560 | $8.4M | Reduce -0.6% |
| ABT Abbott Laboratories | 0.30% | 61,456 | $8.4M | Reduce -0.6% |
| MA Mastercard Inc. Class A | 0.30% | 14,865 | $8.4M | Reduce -0.6% |
| PNC PNC Financial Services Group | 0.29% | 43,737 | $8.2M | Add +2.2% |
| CSCO Cisco Systems Inc. | 0.29% | 116,922 | $8.1M | Reduce -0.6% |
| DE Deere & Co. | 0.29% | 15,863 | $8.1M | Reduce -0.6% |
| MIDD Middleby Corp. | 0.29% | 55,473 | $8.0M | Add +1.9% |
| MDLZ Mondelez International Inc. Class A | 0.28% | 115,559 | $7.8M | Add +2.2% |
| IQV Iqvia Holdings Inc. | 0.28% | 49,232 | $7.8M | Add +2.0% |
| RCI Rogers Communications Inc. Class B | 0.28% | 188,459 | $7.7M | Reduce -0.7% |
| SBUX Starbucks Corp. | 0.26% | 78,429 | $7.2M | Reduce -0.6% |
| URI United Rentals Inc. | 0.26% | 9,450 | $7.1M | New |
| MDT Medtronic PLC | 0.26% | 80,987 | $7.1M | Reduce -0.6% |
| UPS United Parcel Service Class B | 0.25% | 68,778 | $6.9M | Add +24.5% |
| PG The Procter & Gamble Co. | 0.25% | 43,485 | $6.9M | Add +28.2% |
| BHP BHP Group Ltd.-Spon ADR | 0.25% | 143,324 | $6.9M | Add +27.9% |
| LKQ LKQ Corp. | 0.24% | 182,976 | $6.8M | Add +1.9% |
| KO The Coca-Cola Co. | 0.24% | 93,411 | $6.7M | Reduce -0.6% |
| MCD McDonald's Corp. | 0.23% | 22,186 | $6.5M | Reduce -0.6% |
| DEO Diageo PLC-Sponsored ADR | 0.23% | 63,786 | $6.4M | Add +30.8% |
| HD Home Depot Inc. | 0.23% | 17,527 | $6.4M | Reduce -0.6% |
| CHD Church & Dwight Co. Inc. | 0.23% | 66,223 | $6.4M | Add +2.2% |
| JNJ Johnson & Johnson | 0.23% | 41,489 | $6.3M | Reduce -0.6% |
| F Ford Motor Co. filed as FORD MTR CO | 0.23% | 583,391 | $6.3M | Reduce -0.6% |
Portfolio Sells Q1 2025 → Q2 2025
| WPM Wheaton Precious Metals Corp. | Reduce -68.4% | 1.27% | −2.51 |
| MFC Manulife Financial Corp. | Reduce -39.1% | 1.28% | −0.95 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.52 |
| NTR Nutrien Ltd. | Reduce -54.9% | 0.43% | −0.46 |
| BN Brookfield Corp. | Reduce -16.8% | 4.21% | −0.45 |
| BCE Bce Inc. | Reduce -28.5% | 0.53% | −0.32 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.32 |
| ENB Enbridge Inc. | Reduce -1.8% | 3.21% | −0.26 |
| FISV Fiserv Inc. | Reduce -18.7% | 0.38% | −0.23 |
| OTEX Open Text Corp. | Sold out | 0.00% | −0.23 |
| SU Suncor Energy Inc. | Reduce -2.7% | 1.45% | −0.23 |
| MGA Magna International Inc. | Reduce -38.0% | 0.34% | −0.19 |
| TRP TC Energy Corp. | Reduce -0.9% | 2.28% | −0.14 |
| GIB Cgi Inc. | Reduce -3.4% | 1.79% | −0.13 |
| QSR Restaurant Brands Intern | Reduce -1.7% | 1.06% | −0.12 |
| DSGX The Descartes Systems Grp | Reduce -3.0% | 0.93% | −0.10 |
| BALL Ball Corp. | Reduce -47.8% | 0.11% | −0.09 |
| BDX Becton Dickinson and Co. | Reduce -49.0% | 0.05% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.05 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -2.9% | 0.57% | −0.04 |
| TECK Teck Resources Ltd.-CLS B | Reduce -11.4% | 0.38% | −0.04 |
| CVE Cenovus Energy Inc. | Reduce -4.9% | 0.23% | −0.04 |
| DD Dupont DE Nemours Inc. | Reduce -0.6% | 0.22% | −0.03 |
| JNJ Johnson & Johnson | Reduce -0.6% | 0.23% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.6% | 0.26% | −0.03 |
| MCD McDonald's Corp. | Reduce -0.6% | 0.23% | −0.03 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -1.6% | 1.01% | −0.02 |
| FDX FedEx Corp. | Reduce -0.6% | 0.22% | −0.02 |
| LSPD Lightspeed Commerce Inc. | Sold out | 0.00% | −0.02 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -0.6% | 0.21% | −0.02 |
| STN Stantec Inc. | Reduce -20.5% | 0.46% | −0.02 |
| PFE Pfizer Inc. | Reduce -0.6% | 0.22% | −0.02 |
| MDT Medtronic PLC | Reduce -0.6% | 0.26% | −0.02 |
| KGC Kinross Gold Corp. | Sold out | 0.00% | −0.02 |
| RBA RB Global Inc. | Reduce -0.6% | 0.44% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -22.8% | 0.34% | −0.01 |
| KO The Coca-Cola Co. | Reduce -0.6% | 0.24% | −0.01 |
| TAP Molson Coors Beverage Co. Class B | Reduce -8.0% | 0.02% | −0.01 |
| HD Home Depot Inc. | Reduce -0.6% | 0.23% | −0.01 |
| SHOP Shopify Inc. Class A | Reduce -10.4% | 4.03% | −0.01 |
| T AT&T Inc. | Reduce -0.6% | 0.34% | −0.00 |
| MA Mastercard Inc. Class A | Reduce -0.6% | 0.30% | −0.00 |
| ABT Abbott Laboratories | Reduce -0.6% | 0.30% | −0.00 |
| OR Or Royalties Inc. | Reduce -9.7% | 0.05% | +0.00 |
| RCI Rogers Communications Inc. Class B | Reduce -0.7% | 0.28% | +0.00 |
| GIL Gildan Activewear Inc. | Reduce -1.1% | 0.51% | +0.00 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -0.6% | 0.21% | +0.01 |
| F Ford Motor Co. | Reduce -0.6% | 0.23% | +0.01 |
| AEM Agnico Eagle Mines Ltd. | Reduce -0.7% | 4.12% | +0.01 |
| DE Deere & Co. | Reduce -0.6% | 0.29% | +0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| EMA Emera Inc. | New | 1.07% | +1.07 |
| FNV Franco-Nevada Corp. | Add +1783.3% | 0.99% | +0.93 |
| TFII Tfi International Inc. | Add +984.9% | 0.56% | +0.51 |
| NVDA Nvidia Corp. | Add +25.6% | 1.02% | +0.45 |
| MSFT Microsoft Corp. | Add +1.5% | 1.77% | +0.41 |
| CP Canadian Pacific Kansas City | Add +5.3% | 3.44% | +0.30 |
| URI United Rentals Inc. | New | 0.26% | +0.26 |
| BIP Brookfield Infrastructure Pa | Add +13.5% | 1.15% | +0.17 |
| CNI Canadian Natl Railway Co. | Add +8.9% | 2.39% | +0.16 |
| CNQ Canadian Natural Resources | Add +11.0% | 3.69% | +0.14 |
| JPM JPMorgan Chase & Co. | Add +7.9% | 0.65% | +0.12 |
| GOOG Alphabet Inc. Class C | Add +4.2% | 0.92% | +0.12 |
| LOW Lowe's Cos Inc. | Add +38.6% | 0.40% | +0.09 |
| SHW The Sherwin-Williams Co. | New | 0.09% | +0.09 |
| SCHW Schwab (charles) Corp. | Add +3.3% | 0.53% | +0.08 |
| WAB Wabtec Corp. | Add +2.0% | 0.59% | +0.07 |
| AGI Alamos Gold Inc. Class A | Add +12.3% | 2.53% | +0.07 |
| RMD Resmed Inc. | Add +2.1% | 0.51% | +0.06 |
| FFIV F5 Inc. | Add +2.0% | 0.57% | +0.05 |
| BHP BHP Group Ltd.-Spon ADR | Add +27.9% | 0.25% | +0.05 |
| SYK Stryker Corp. | Add +14.1% | 0.30% | +0.05 |
| NKE Nike Inc. Class B | Add +0.7% | 0.50% | +0.04 |
| LIN Linde PLC | Add +12.9% | 0.45% | +0.04 |
| DEO Diageo PLC-Sponsored ADR | Add +30.8% | 0.23% | +0.04 |
| PG The Procter & Gamble Co. | Add +28.2% | 0.25% | +0.03 |
| SPGI S&P Global Inc. | Add +9.4% | 0.35% | +0.03 |
| MEOH Methanex Corp. | Add +27.3% | 0.33% | +0.03 |
| MRK Merck & Co. Inc. | Add +33.6% | 0.22% | +0.03 |
| UPS United Parcel Service Class B | Add +24.5% | 0.25% | +0.02 |
| DOO BRP Inc./Ca- Sub Voting | Add +24.3% | 0.04% | +0.02 |
| COST Costco Wholesale Corp. | Add +2.1% | 0.42% | +0.02 |
| PNC PNC Financial Services Group | Add +2.2% | 0.29% | +0.01 |
| FTS Fortis Inc. | Add +6.7% | 0.43% | +0.01 |
| IWM iShares Russell 2000 ETF | Add +1.1% | 0.18% | +0.01 |
| BIPC Brookfield Infrastructure-A | Add +26.7% | 0.04% | +0.01 |
| IMO Imperial Oil Ltd. | Add +63.8% | 0.02% | +0.01 |
| TJX TJX Companies Inc. | Add +2.2% | 0.53% | +0.00 |
| GRTUF Granite Real Estate Investme | Add +0.9% | 0.19% | +0.00 |
| ADBE Adobe Inc. | Add +2.0% | 0.47% | −0.00 |
| BR Broadridge Financial Solutio | Add +2.0% | 0.46% | −0.00 |
| MDLZ Mondelez International Inc. Class A | Add +2.2% | 0.28% | −0.00 |
| DOW Dow Inc. | Add +32.4% | 0.22% | −0.01 |
| UNP Union Pacific Corp. | Add +2.2% | 0.22% | −0.01 |
| PEP Pepsico Inc. | Add +15.0% | 0.46% | −0.01 |
| V Visa Inc. Class A | Add +0.8% | 1.02% | −0.01 |
| PBA Pembina Pipeline Corp. | Add +14.5% | 1.15% | −0.02 |
| MIDD Middleby Corp. | Add +1.9% | 0.29% | −0.02 |
| CHD Church & Dwight Co. Inc. | Add +2.2% | 0.23% | −0.04 |
| IQV Iqvia Holdings Inc. | Add +2.0% | 0.28% | −0.04 |
| LKQ LKQ Corp. | Add +1.9% | 0.24% | −0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 128 | $3.7B | TD, RY, BMO, BNS, BN |
| Q1 2026 | 129 | $3.6B | AEM, TD, RY, BMO, CNQ |
| Q4 2025 | 125 | $3.4B | TD, RY, AEM, SHOP, BN |
| Q3 2025 | 126 | $3.4B | AEM, TD, RY, SHOP, BMO |
| Q2 2025 | 120 | $2.8B | TD, RY, BN, AEM, SHOP |
| Q1 2025 | 123 | $2.7B | BN, TD, RY, AEM, SHOP |
| Q4 2024 | 123 | $2.8B | BN, SHOP, RY, WPM, TD |
| Q3 2024 | 125 | $2.8B | BN, TD, RY, CNQ, WPM |
| Q2 2024 | 128 | $2.6B | RY, TD, CNQ, BN, BMO |
| Q1 2024 | 131 | $2.6B | TD, CNQ, BMO, RY, BN |