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

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.6B Q1 2024 Q2 2024: $2.6B Q2 2024 Q3 2024: $2.8B Q3 2024 Q4 2024: $2.8B Q4 2024 Q1 2025: $2.7B Q1 2025 Q2 2025: $2.8B $2.8B Q2 2025 Q3 2025: $3.4B Q3 2025 Q4 2025: $3.4B Q4 2025 Q1 2026: $3.6B Q1 2026 Q2 2026: $3.7B Q2 2026

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%
CVE Cenovus Energy Inc. 0.23% 338,935 $6.3M Reduce -4.9%
DD Dupont DE Nemours Inc. 0.22% 90,077 $6.2M Reduce -0.6%
PFE Pfizer Inc. 0.22% 254,203 $6.2M Reduce -0.6%
UNP Union Pacific Corp. 0.22% 26,712 $6.1M Add +2.2%
MRK Merck & Co. Inc. 0.22% 76,770 $6.1M Add +33.6%
FDX FedEx Corp. 0.22% 26,514 $6.1M Reduce -0.6%
DOW Dow Inc. 0.22% 228,741 $6.1M Add +32.4%
RIO Rio Tinto PLC-Spon ADR 0.21% 99,617 $5.8M Reduce -0.6%
HMC Honda Motor Co. Ltd.-Spons ADR 0.21% 199,012 $5.7M Reduce -0.6%
GRTUF Granite Real Estate Investme 0.19% 76,853 $5.3M Add +0.9%
IWM iShares Russell 2000 ETF 0.18% 22,750 $4.9M Add +1.1%
BALL Ball Corp. 0.11% 54,718 $3.1M Reduce -47.8%
SHW The Sherwin-Williams Co. 0.09% 6,931 $2.4M New
BDX Becton Dickinson and Co. 0.05% 8,274 $1.4M Reduce -49.0%
OR Or Royalties Inc. 0.05% 38,162 $1.3M Reduce -9.7%
DOO BRP Inc./Ca- Sub Voting 0.04% 18,274 $1.2M Add +24.3%
BIPC Brookfield Infrastructure-A 0.04% 18,470 $1.0M Add +26.7%
TAP Molson Coors Beverage Co. Class B 0.02% 14,021 $674K Reduce -8.0%
IMO Imperial Oil Ltd. 0.02% 5,520 $601K Add +63.8%
TU Telus Corp. 0.01% 12,400 $276K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 128$3.7BTD, RY, BMO, BNS, BN
Q1 2026 129$3.6BAEM, TD, RY, BMO, CNQ
Q4 2025 125$3.4BTD, RY, AEM, SHOP, BN
Q3 2025 126$3.4BAEM, TD, RY, SHOP, BMO
Q2 2025 120$2.8BTD, RY, BN, AEM, SHOP
Q1 2025 123$2.7BBN, TD, RY, AEM, SHOP
Q4 2024 123$2.8BBN, SHOP, RY, WPM, TD
Q3 2024 125$2.8BBN, TD, RY, CNQ, WPM
Q2 2024 128$2.6BRY, TD, CNQ, BN, BMO
Q1 2024 131$2.6BTD, CNQ, BMO, RY, BN