Addenda Capital Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 9, 2025), Addenda Capital Inc. reported 126 stock positions worth $3.4 billion. Its top holding was Agnico Eagle Mines (AEM) at 5.0% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.4%) and Royal Bank of Canada (RY, 4.4%). Compared with Q2 2025, it opened 7 new positions, sold out of 1, added to 67 and reduced 51. The biggest buy was Wheaton Precious Metals (WPM, shares +63%) and the biggest sale Canadian Pacific Kansas City (CP, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001569411
- Portfolio Value
- $3.4B (Q3 2025)
- SEC Filing
- 0001085146-25-005879 ↗ filed Oct 9, 2025
Holdings Value
Holdings 126 stocks · $3.4B
| AEM Agnico Eagle Mines Ltd. | 5.02% | 724,231 | $169.8M | Add +2.3% |
| TD Toronto-Dominion Bank | 4.36% | 1,325,250 | $147.5M | Add +1.9% |
| RY Royal Bank of Canada | 4.35% | 717,131 | $147.1M | Add +4.8% |
| SHOP Shopify Inc. Class A | 4.26% | 696,130 | $143.9M | Reduce -2.7% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.94% | 734,616 | $133.2M | Add +9.4% |
| BN Brookfield Corp. | 3.92% | 1,386,649 | $132.4M | Reduce -0.3% |
| AGI Alamos Gold Inc. Class A | 3.26% | 2,274,863 | $110.4M | Add +17.0% |
| ENB Enbridge Inc. | 3.00% | 1,444,005 | $101.4M | Reduce -0.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.91% | 1,094,330 | $98.5M | Add +13.1% |
| CNQ Canadian Natural Resources | 2.90% | 2,175,075 | $98.1M | Reduce -8.3% |
| CP Canadian Pacific Kansas City | 2.47% | 802,918 | $83.4M | Reduce -9.1% |
| WPM Wheaton Precious Metals Corp. | 2.18% | 472,290 | $73.6M | Add +63.3% |
| TRP TC Energy Corp. | 2.13% | 939,384 | $71.9M | Reduce -0.5% |
| MSFT Microsoft Corp. | 2.01% | 130,940 | $67.8M | Add +32.2% |
| AVGO Broadcom Inc. | 1.84% | 188,956 | $62.3M | Add +23.0% |
| CNI Canadian Natl Railway Co. | 1.82% | 468,314 | $61.5M | Reduce -0.2% |
| AAPL Apple Inc. | 1.62% | 214,901 | $54.7M | Add +35.2% |
| CCJ Cameco Corp. | 1.53% | 444,156 | $51.9M | Reduce -12.7% |
| WCN Waste Connections Inc. | 1.52% | 210,050 | $51.4M | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 1.49% | 206,756 | $50.4M | Add +42.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.47% | 441,839 | $49.6M | Reduce -0.6% |
| SU Suncor Energy Inc. | 1.35% | 786,380 | $45.8M | Reduce -0.4% |
| GIB Cgi Inc. | 1.27% | 346,801 | $43.0M | Reduce -0.3% |
| NVDA Nvidia Corp. | 1.23% | 223,090 | $41.6M | Add +23.5% |
| BIP Brookfield Infrastructure Pa | 1.09% | 802,124 | $36.8M | Add +13.8% |
| PBA Pembina Pipeline Corp. | 1.04% | 625,275 | $35.2M | Reduce -0.4% |
| APH Amphenol Corp. Class A | 1.03% | 281,885 | $34.9M | Add +40.8% |
| MFC Manulife Financial Corp. | 1.03% | 804,573 | $34.9M | Reduce -1.7% |
| V Visa Inc. Class A | 1.01% | 99,809 | $34.1M | Add +24.8% |
| CIGI Colliers Intl GR-Subord Vot | 1.01% | 156,187 | $34.0M | Reduce -1.0% |
| FNV Franco-Nevada Corp. | 0.99% | 108,238 | $33.5M | Reduce -12.2% |
| TECK Teck Resources Ltd.-CLS B | 0.99% | 548,521 | $33.5M | Add +189.1% |
| EMA Emera Inc. | 0.95% | 478,748 | $32.0M | Add +0.3% |
| QSR Restaurant Brands Intern | 0.86% | 321,493 | $29.0M | Reduce -0.9% |
| JPM JPMorgan Chase & Co. | 0.82% | 87,509 | $27.6M | Add +40.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.74% | 172,849 | $25.0M | Add +45.6% |
| FFIV F5 Inc. | 0.74% | 77,036 | $24.9M | Add +42.2% |
| BKNG Booking Holdings Inc. | 0.73% | 4,586 | $24.8M | Add +41.2% |
| INTU Intuit Inc. | 0.69% | 33,931 | $23.2M | Add +42.9% |
| BAM Brookfield Asset Mgmt-A | 0.66% | 282,017 | $22.3M | Reduce -1.1% |
| RMD Resmed Inc. | 0.63% | 77,456 | $21.2M | Add +41.6% |
| WAB Wabtec Corp. | 0.58% | 98,440 | $19.7M | Add +26.1% |
| SCHW Schwab (charles) Corp. | 0.57% | 202,348 | $19.3M | Add +25.7% |
| LIN Linde PLC | 0.53% | 37,834 | $18.0M | Add +41.6% |
| LOW Lowe's Cos Inc. | 0.52% | 70,588 | $17.7M | Add +41.6% |
| TFII Tfi International Inc. | 0.52% | 141,866 | $17.5M | Add +12.5% |
| GIL Gildan Activewear Inc. | 0.51% | 213,238 | $17.1M | Add +0.7% |
| NKE Nike Inc. Class B | 0.50% | 241,542 | $16.9M | Add +24.3% |
| ADBE Adobe Inc. | 0.49% | 46,825 | $16.5M | Add +38.7% |
| CAE Cae Inc. | 0.48% | 397,690 | $16.4M | Add +0.8% |
| BCE Bce Inc. | 0.48% | 495,109 | $16.3M | Add +1.6% |
| BR Broadridge Financial Solutio | 0.47% | 67,152 | $16.0M | Add +28.6% |
| COST Costco Wholesale Corp. | 0.47% | 17,270 | $16.0M | Add +45.6% |
| CVE Cenovus Energy Inc. | 0.47% | 665,074 | $15.7M | Add +96.2% |
| PEP Pepsico Inc. | 0.46% | 109,748 | $15.4M | Add +12.9% |
| GFL GFL Environmental Inc.-Sub VT | 0.45% | 229,065 | $15.1M | Reduce -0.9% |
| TMO Thermo Fisher Scientific Inc. | 0.43% | 29,757 | $14.4M | Add +41.2% |
| FTS Fortis Inc. | 0.39% | 186,885 | $13.2M | Add +1.0% |
| URI United Rentals Inc. | 0.39% | 13,800 | $13.2M | Add +46.0% |
| STN Stantec Inc. | 0.38% | 85,849 | $12.9M | Reduce -0.0% |
| RBA RB Global Inc. | 0.38% | 85,405 | $12.9M | Reduce -0.0% |
| PNC PNC Financial Services Group | 0.38% | 63,694 | $12.8M | Add +45.6% |
| SPGI S&P Global Inc. | 0.38% | 26,066 | $12.7M | Add +39.9% |
| MGA Magna International Inc. | 0.35% | 181,323 | $12.0M | Reduce -0.0% |
| TRI Thomson Reuters Corp. | 0.34% | 53,794 | $11.6M | Reduce -0.0% |
| IQV Iqvia Holdings Inc. | 0.34% | 61,117 | $11.6M | Add +24.1% |
| SYK Stryker Corp. | 0.34% | 31,208 | $11.6M | Add +45.6% |
| MEOH Methanex Corp. | 0.33% | 202,975 | $11.2M | Reduce -0.0% |
| FISV Fiserv Inc. | 0.33% | 86,042 | $11.1M | Add +41.3% |
| MDLZ Mondelez International Inc. Class A | 0.31% | 168,286 | $10.6M | Add +45.6% |
| SLF Sun Life Financial Inc. | 0.31% | 124,885 | $10.4M | Add +0.1% |
| CAT Caterpillar Inc. | 0.29% | 20,852 | $9.9M | Reduce -19.7% |
| NTR Nutrien Ltd. | 0.29% | 118,867 | $9.8M | Reduce -21.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.29% | 34,717 | $9.8M | Reduce -0.0% |
| WMT Walmart Inc. | 0.29% | 94,389 | $9.7M | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 0.28% | 39,375 | $9.6M | Reduce -19.3% |
| META Meta Platforms Inc. Class A | 0.28% | 12,755 | $9.4M | Reduce -0.0% |
| RCI Rogers Communications Inc. Class B | 0.27% | 191,155 | $9.3M | Add +1.4% |
| T AT&T Inc. | 0.27% | 323,541 | $9.1M | Reduce -0.0% |
| EMR Emerson Electric Co. | 0.25% | 64,886 | $8.5M | Reduce -0.0% |
| AMZN Amazon.com Inc. | 0.25% | 38,599 | $8.5M | Reduce -0.0% |
| MA Mastercard Inc. Class A | 0.25% | 14,863 | $8.5M | Reduce -0.0% |
| MRK Merck & Co. Inc. | 0.24% | 97,395 | $8.2M | Add +26.9% |
| ABT Abbott Laboratories | 0.24% | 61,447 | $8.2M | Reduce -0.0% |
| PFE Pfizer Inc. | 0.24% | 322,379 | $8.2M | Add +26.8% |
| UNP Union Pacific Corp. | 0.24% | 34,676 | $8.2M | Add +29.8% |
| CSCO Cisco Systems Inc. | 0.24% | 116,905 | $8.0M | Reduce -0.0% |
| BHP BHP Group Ltd.-Spon ADR | 0.24% | 143,303 | $8.0M | Reduce -0.0% |
| FDX FedEx Corp. | 0.23% | 33,277 | $7.9M | Add +25.5% |
| KO The Coca-Cola Co. | 0.23% | 118,024 | $7.9M | Add +26.4% |
| MDT Medtronic PLC | 0.23% | 80,977 | $7.8M | Reduce -0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.23% | 67,548 | $7.7M | Reduce -0.0% |
| DEO Diageo PLC-Sponsored ADR | 0.23% | 80,968 | $7.7M | Add +26.9% |
| JNJ Johnson & Johnson | 0.23% | 41,482 | $7.7M | Reduce -0.0% |
| MIDD Middleby Corp. | 0.22% | 56,815 | $7.6M | Add +2.4% |
| CHD Church & Dwight Co. Inc. | 0.22% | 85,841 | $7.5M | Add +29.6% |
| UPS United Parcel Service Class B | 0.22% | 88,067 | $7.4M | Add +28.1% |
| DE Deere & Co. | 0.22% | 15,861 | $7.3M | Reduce -0.0% |
| LKQ LKQ Corp. | 0.21% | 236,843 | $7.2M | Add +29.4% |
| HD Home Depot Inc. | 0.21% | 17,525 | $7.1M | Reduce -0.0% |
Portfolio Sells Q2 2025 → Q3 2025
| CP Canadian Pacific Kansas City | Reduce -9.1% | 2.47% | −0.97 |
| DSGX The Descartes Systems Grp | Reduce -88.8% | 0.08% | −0.85 |
| CNQ Canadian Natural Resources | Reduce -8.3% | 2.90% | −0.79 |
| CNI Canadian Natl Railway Co. | Reduce -0.2% | 1.82% | −0.57 |
| GIB Cgi Inc. | Reduce -0.3% | 1.27% | −0.51 |
| WCN Waste Connections Inc. | Reduce -0.5% | 1.52% | −0.41 |
| CCJ Cameco Corp. | Reduce -12.7% | 1.53% | −0.31 |
| BN Brookfield Corp. | Reduce -0.3% | 3.92% | −0.29 |
| MFC Manulife Financial Corp. | Reduce -1.7% | 1.03% | −0.25 |
| ENB Enbridge Inc. | Reduce -0.3% | 3.00% | −0.21 |
| QSR Restaurant Brands Intern | Reduce -0.9% | 0.86% | −0.20 |
| TRI Thomson Reuters Corp. | Reduce -0.0% | 0.34% | −0.18 |
| TRP TC Energy Corp. | Reduce -0.5% | 2.13% | −0.15 |
| NTR Nutrien Ltd. | Reduce -21.0% | 0.29% | −0.14 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -0.9% | 0.45% | −0.12 |
| PBA Pembina Pipeline Corp. | Reduce -0.4% | 1.04% | −0.11 |
| BAM Brookfield Asset Mgmt-A | Reduce -1.1% | 0.66% | −0.11 |
| CM Can Imperial BK of Commerce | Reduce -0.6% | 1.47% | −0.09 |
| SU Suncor Energy Inc. | Reduce -0.4% | 1.35% | −0.09 |
| IBM Intl Business Machines Corp. | Reduce -0.0% | 0.29% | −0.08 |
| STN Stantec Inc. | Reduce -0.0% | 0.38% | −0.08 |
| DE Deere & Co. | Reduce -0.0% | 0.22% | −0.08 |
| DIS The Walt Disney Co. | Reduce -0.0% | 0.23% | −0.07 |
| CAT Caterpillar Inc. | Reduce -19.7% | 0.29% | −0.07 |
| T AT&T Inc. | Reduce -0.0% | 0.27% | −0.07 |
| RBA RB Global Inc. | Reduce -0.0% | 0.38% | −0.06 |
| SBUX Starbucks Corp. | Reduce -0.0% | 0.20% | −0.06 |
| META Meta Platforms Inc. Class A | Reduce -0.0% | 0.28% | −0.06 |
| EMR Emerson Electric Co. | Reduce -0.0% | 0.25% | −0.06 |
| ABT Abbott Laboratories | Reduce -0.0% | 0.24% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -0.0% | 0.24% | −0.05 |
| AMZN Amazon.com Inc. | Reduce -0.0% | 0.25% | −0.05 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -0.0% | 0.20% | −0.05 |
| MA Mastercard Inc. Class A | Reduce -0.0% | 0.25% | −0.05 |
| WMT Walmart Inc. | Reduce -0.0% | 0.29% | −0.04 |
| MCD McDonald's Corp. | Reduce -0.0% | 0.20% | −0.03 |
| IWM iShares Russell 2000 ETF | Reduce -8.6% | 0.15% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -19.3% | 0.28% | −0.03 |
| MDT Medtronic PLC | Reduce -0.0% | 0.23% | −0.03 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -0.0% | 0.18% | −0.02 |
| F Ford Motor Co. | Reduce -0.0% | 0.21% | −0.02 |
| HD Home Depot Inc. | Reduce -0.0% | 0.21% | −0.02 |
| DD Dupont DE Nemours Inc. | Reduce -0.0% | 0.21% | −0.01 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -0.0% | 0.24% | −0.01 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -1.0% | 1.01% | −0.00 |
| IMO Imperial Oil Ltd. | Reduce -7.6% | 0.02% | −0.00 |
| JNJ Johnson & Johnson | Reduce -0.0% | 0.23% | +0.00 |
| FNV Franco-Nevada Corp. | Reduce -12.2% | 0.99% | +0.00 |
| MEOH Methanex Corp. | Reduce -0.0% | 0.33% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| WPM Wheaton Precious Metals Corp. | Add +63.3% | 2.18% | +0.91 |
| AEM Agnico Eagle Mines Ltd. | Add +2.3% | 5.02% | +0.90 |
| AGI Alamos Gold Inc. Class A | Add +17.0% | 3.26% | +0.74 |
| TECK Teck Resources Ltd.-CLS B | Add +189.1% | 0.99% | +0.62 |
| GOOG Alphabet Inc. Class C | Add +42.4% | 1.49% | +0.57 |
| AAPL Apple Inc. | Add +35.2% | 1.62% | +0.45 |
| AVGO Broadcom Inc. | Add +23.0% | 1.84% | +0.32 |
| APH Amphenol Corp. Class A | Add +40.8% | 1.03% | +0.32 |
| BMO Bank of Montreal | Add +9.4% | 3.94% | +0.31 |
| BNS Bank of Nova Scotia | Add +13.1% | 2.91% | +0.30 |
| CVE Cenovus Energy Inc. | Add +96.2% | 0.47% | +0.24 |
| MSFT Microsoft Corp. | Add +32.2% | 2.01% | +0.24 |
| TJX TJX Companies Inc. | Add +45.6% | 0.74% | +0.21 |
| NVDA Nvidia Corp. | Add +23.5% | 1.23% | +0.21 |
| JPM JPMorgan Chase & Co. | Add +40.6% | 0.82% | +0.17 |
| FFIV F5 Inc. | Add +42.2% | 0.74% | +0.16 |
| GGG Graco Inc. | New | 0.14% | +0.14 |
| STE Steris PLC | New | 0.14% | +0.14 |
| URI United Rentals Inc. | Add +46.0% | 0.39% | +0.13 |
| TRU Transunion | New | 0.13% | +0.13 |
| LOW Lowe's Cos Inc. | Add +41.6% | 0.52% | +0.13 |
| ZTS Zoetis Inc. | New | 0.13% | +0.13 |
| RMD Resmed Inc. | Add +41.6% | 0.63% | +0.12 |
| TMO Thermo Fisher Scientific Inc. | Add +41.2% | 0.43% | +0.12 |
| MKC McCormick & Co.-Non VTG SHRS | New | 0.09% | +0.09 |
| PNC PNC Financial Services Group | Add +45.6% | 0.38% | +0.09 |
| LIN Linde PLC | Add +41.6% | 0.53% | +0.08 |
| IQV Iqvia Holdings Inc. | Add +24.1% | 0.34% | +0.07 |
| BKNG Booking Holdings Inc. | Add +41.2% | 0.73% | +0.06 |
| COST Costco Wholesale Corp. | Add +45.6% | 0.47% | +0.05 |
| SCHW Schwab (charles) Corp. | Add +25.7% | 0.57% | +0.04 |
| SYK Stryker Corp. | Add +45.6% | 0.34% | +0.04 |
| MDLZ Mondelez International Inc. Class A | Add +45.6% | 0.31% | +0.03 |
| LSPD Lightspeed Commerce Inc. | New | 0.02% | +0.02 |
| MRK Merck & Co. Inc. | Add +26.9% | 0.24% | +0.02 |
| SPGI S&P Global Inc. | Add +39.9% | 0.38% | +0.02 |
| SHW The Sherwin-Williams Co. | Add +52.4% | 0.11% | +0.02 |
| PFE Pfizer Inc. | Add +26.8% | 0.24% | +0.02 |
| UNP Union Pacific Corp. | Add +29.8% | 0.24% | +0.02 |
| ADBE Adobe Inc. | Add +38.7% | 0.49% | +0.02 |
| OR Or Royalties Inc. | Add +5.8% | 0.07% | +0.02 |
| BR Broadridge Financial Solutio | Add +28.6% | 0.47% | +0.02 |
| EQX Equinox Gold Corp. | New | 0.02% | +0.02 |
| FDX FedEx Corp. | Add +25.5% | 0.23% | +0.02 |
| INTU Intuit Inc. | Add +42.9% | 0.69% | +0.01 |
| BALL Ball Corp. | Add +45.2% | 0.12% | +0.01 |
| DOO BRP Inc./Ca- Sub Voting | Add +5.8% | 0.05% | +0.01 |
| NKE Nike Inc. Class B | Add +24.3% | 0.50% | +0.00 |
| DEO Diageo PLC-Sponsored ADR | Add +26.9% | 0.23% | −0.00 |
| WAB Wabtec Corp. | Add +26.1% | 0.58% | −0.00 |
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 |