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

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 Q2 2025 Q3 2025: $3.4B $3.4B Q3 2025 Q4 2025: $3.4B Q4 2025 Q1 2026: $3.6B Q1 2026 Q2 2026: $3.7B Q2 2026

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%
DD Dupont DE Nemours Inc. 0.21% 90,064 $7.0M Reduce -0.0%
F Ford Motor Co. filed as FORD MTR CO 0.21% 583,305 $7.0M Reduce -0.0%
DOW Dow Inc. 0.20% 299,250 $6.9M Add +30.8%
MCD McDonald's Corp. 0.20% 22,183 $6.7M Reduce -0.0%
RIO Rio Tinto PLC-Spon ADR 0.20% 101,599 $6.7M Add +2.0%
PG The Procter & Gamble Co. 0.20% 43,479 $6.7M Reduce -0.0%
SBUX Starbucks Corp. 0.20% 78,417 $6.6M Reduce -0.0%
HMC Honda Motor Co. Ltd.-Spons ADR 0.18% 198,983 $6.1M Reduce -0.0%
GRTUF Granite Real Estate Investme 0.18% 78,099 $6.1M Add +1.6%
IWM iShares Russell 2000 ETF 0.15% 20,800 $5.0M Reduce -8.6%
GGG Graco Inc. 0.14% 56,932 $4.8M New
STE Steris PLC 0.14% 18,834 $4.7M New
TRU Transunion 0.13% 53,867 $4.5M New
ZTS Zoetis Inc. 0.13% 29,372 $4.3M New
BALL Ball Corp. 0.12% 79,427 $4.0M Add +45.2%
SHW The Sherwin-Williams Co. 0.11% 10,561 $3.7M Add +52.4%
MKC McCormick & Co.-Non VTG SHRS 0.09% 46,996 $3.1M New
DSGX The Descartes Systems Grp 0.08% 21,183 $2.8M Reduce -88.8%
OR Or Royalties Inc. 0.07% 40,362 $2.3M Add +5.8%
DOO BRP Inc./Ca- Sub Voting 0.05% 19,326 $1.6M Add +5.8%
BIPC Brookfield Infrastructure-A 0.03% 20,360 $1.2M Add +10.2%
LSPD Lightspeed Commerce Inc. 0.02% 50,485 $811K New
TAP Molson Coors Beverage Co. Class B 0.02% 14,820 $671K Add +5.7%
IMO Imperial Oil Ltd. 0.02% 5,100 $647K Reduce -7.6%
EQX Equinox Gold Corp. 0.02% 36,330 $566K New
TU Telus Corp. 0.01% 12,400 $277K No change

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

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