Addenda Capital Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), Addenda Capital Inc. reported 125 stock positions worth $3.4 billion. Its top holding was Toronto-Dominion Bank (TD) at 4.9% of the portfolio, followed by Royal Bank of Canada (RY, 4.8%) and Agnico Eagle Mines (AEM, 4.6%). Compared with Q3 2025, it opened 5 new positions, sold out of 7, added to 15 and reduced 103. The biggest buy was Amazon.com (AMZN, shares +315%) and the biggest sale Teck Resources Ltd.-CLS B (TECK, shares −69%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001569411
Portfolio Value
$3.4B (Q4 2025)
SEC Filing
0001569411-26-000001 ↗ filed Jan 22, 2026

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

Holdings 125 stocks · $3.4B
TD Toronto-Dominion Bank 4.95% 1,303,135 $168.6M Reduce -1.7%
RY Royal Bank of Canada 4.83% 702,804 $164.4M Reduce -2.0%
AEM Agnico Eagle Mines Ltd. 4.56% 667,254 $155.3M Reduce -7.9%
SHOP Shopify Inc. Class A 4.43% 683,436 $151.0M Reduce -1.8%
BN Brookfield Corp. 3.99% 2,158,161 $136.0M Add +3.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.79% 725,333 $129.3M Reduce -1.3%
AGI Alamos Gold Inc. Class A 3.46% 2,226,649 $118.0M Reduce -2.1%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 3.18% 1,070,928 $108.4M Reduce -2.1%
ENB Enbridge Inc. 2.73% 1,414,046 $92.9M Reduce -2.1%
WPM Wheaton Precious Metals Corp. 2.70% 570,442 $92.0M Add +20.8%
CNQ Canadian Natural Resources 2.64% 1,913,178 $90.1M Reduce -12.0%
CP Canadian Pacific Kansas City 2.14% 718,820 $72.8M Reduce -10.5%
TRP TC Energy Corp. 2.06% 918,924 $70.2M Reduce -2.2%
CCJ Cameco Corp. 1.98% 538,043 $67.6M Add +21.1%
MSFT Microsoft Corp. 1.81% 127,649 $61.7M Reduce -2.5%
CNI Canadian Natl Railway Co. 1.81% 454,002 $61.6M Reduce -3.1%
AAPL Apple Inc. 1.73% 216,803 $58.9M Add +0.9%
AVGO Broadcom Inc. 1.70% 167,800 $58.1M Reduce -11.2%
FNV Franco-Nevada Corp. 1.70% 203,643 $57.9M Add +88.1%
GOOG Alphabet Inc. Class C 1.66% 179,798 $56.4M Reduce -13.0%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 1.57% 426,376 $53.5M Reduce -3.5%
WCN Waste Connections Inc. 1.56% 220,427 $53.1M Add +4.9%
SU Suncor Energy Inc. 1.36% 760,866 $46.4M Reduce -3.2%
NVDA Nvidia Corp. 1.35% 246,183 $45.9M Add +10.3%
MFC Manulife Financial Corp. 1.13% 770,657 $38.4M Reduce -4.2%
BIP Brookfield Infrastructure Pa 1.11% 795,755 $38.0M Reduce -0.8%
GIB Cgi Inc. 1.11% 298,946 $37.9M Reduce -13.8%
AMZN Amazon.com Inc. 1.09% 160,375 $37.0M Add +315.5%
CIGI Colliers Intl GR-Subord Vot 1.01% 169,640 $34.3M Add +8.6%
V Visa Inc. Class A 0.99% 96,483 $33.8M Reduce -3.3%
PBA Pembina Pipeline Corp. 0.95% 618,967 $32.4M Reduce -1.0%
EMA Emera Inc. 0.92% 461,955 $31.2M Reduce -3.5%
QSR Restaurant Brands Intern 0.88% 318,202 $30.1M Reduce -1.0%
JPM JPMorgan Chase & Co. 0.82% 86,313 $27.8M Reduce -1.4%
APH Amphenol Corp. Class A 0.79% 198,728 $26.9M Reduce -29.5%
BKNG Booking Holdings Inc. 0.71% 4,527 $24.2M Reduce -1.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.70% 155,918 $24.0M Reduce -9.8%
INTU Intuit Inc. 0.65% 33,441 $22.2M Reduce -1.4%
WAB Wabtec Corp. 0.61% 97,089 $20.7M Reduce -1.4%
BAM Brookfield Asset Mgmt-A 0.59% 279,027 $20.1M Reduce -1.1%
SCHW Schwab (charles) Corp. 0.59% 199,554 $19.9M Reduce -1.4%
TFII Tfi International Inc. 0.58% 139,823 $19.9M Reduce -1.4%
FFIV F5 Inc. 0.57% 75,955 $19.4M Reduce -1.4%
SPGI S&P Global Inc. 0.57% 36,979 $19.3M Add +41.9%
RMD Resmed Inc. 0.54% 76,379 $18.4M Reduce -1.4%
TMO Thermo Fisher Scientific Inc. 0.50% 29,483 $17.1M Reduce -0.9%
LOW Lowe's Cos Inc. 0.49% 69,625 $16.8M Reduce -1.4%
GIL Gildan Activewear Inc. 0.48% 191,983 $16.5M Reduce -10.0%
LIN Linde PLC 0.47% 37,310 $15.9M Reduce -1.4%
NKE Nike Inc. Class B 0.45% 241,308 $15.5M Reduce -0.1%
BCE Bce Inc. 0.45% 463,466 $15.4M Reduce -6.4%
CVE Cenovus Energy Inc. 0.45% 656,064 $15.2M Reduce -1.4%
CAE Cae Inc. 0.44% 362,752 $15.1M Reduce -8.8%
PEP Pepsico Inc. 0.44% 104,134 $15.1M Reduce -5.1%
BGSI Boyd Group Services Inc. 0.44% 68,067 $14.9M New
BR Broadridge Financial Solutio 0.44% 66,229 $14.8M Reduce -1.4%
COST Costco Wholesale Corp. 0.43% 17,031 $14.7M Reduce -1.4%
IQV Iqvia Holdings Inc. 0.40% 60,279 $13.6M Reduce -1.4%
URI United Rentals Inc. 0.40% 16,739 $13.5M Add +21.3%
PNC PNC Financial Services Group 0.38% 62,750 $13.1M Reduce -1.5%
FTS Fortis Inc. 0.36% 171,180 $12.2M Reduce -8.4%
MGA Magna International Inc. 0.35% 163,585 $12.0M Reduce -9.8%
GOOGL Alphabet Inc. Class A 0.33% 35,500 $11.1M Reduce -9.8%
TECK Teck Resources Ltd.-CLS B 0.33% 169,102 $11.1M Reduce -69.2%
RBA RB Global Inc. 0.32% 77,000 $10.9M Reduce -9.8%
SYK Stryker Corp. 0.32% 30,728 $10.8M Reduce -1.5%
CAT Caterpillar Inc. 0.32% 18,800 $10.8M Reduce -9.8%
TRU Transunion 0.31% 123,692 $10.6M Add +129.6%
STN Stantec Inc. 0.29% 77,400 $10.0M Reduce -9.8%
MEOH Methanex Corp. 0.29% 183,000 $10.0M Reduce -9.8%
ADBE Adobe Inc. 0.29% 28,280 $9.9M Reduce -39.6%
SLF Sun Life Financial Inc. 0.28% 113,230 $9.7M Reduce -9.3%
WMT Walmart Inc. 0.28% 85,100 $9.5M Reduce -9.8%
MRK Merck & Co. Inc. 0.27% 87,800 $9.3M Reduce -9.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.27% 31,300 $9.3M Reduce -9.8%
RCI Rogers Communications Inc. Class B 0.27% 173,989 $9.1M Reduce -9.0%
NTR Nutrien Ltd. 0.27% 105,900 $9.1M Reduce -10.9%
MDLZ Mondelez International Inc. Class A 0.26% 165,791 $9.0M Reduce -1.5%
TRI Thomson Reuters Corp. 0.26% 48,500 $8.8M Reduce -9.8%
FDX FedEx Corp. 0.26% 30,000 $8.7M Reduce -9.8%
SHW The Sherwin-Williams Co. 0.25% 26,254 $8.5M Add +148.6%
CSCO Cisco Systems Inc. 0.24% 105,400 $8.1M Reduce -9.8%
UNP Union Pacific Corp. 0.23% 34,162 $7.9M Reduce -1.5%
UPS United Parcel Service Class B 0.23% 79,400 $7.9M Reduce -9.8%
BHP BHP Group Ltd.-Spon ADR 0.23% 129,200 $7.8M Reduce -9.8%
EMR Emerson Electric Co. 0.23% 58,500 $7.8M Reduce -9.8%
JNJ Johnson & Johnson 0.23% 37,400 $7.7M Reduce -9.8%
MA Mastercard Inc. Class A 0.22% 13,400 $7.6M Reduce -9.8%
META Meta Platforms Inc. Class A 0.22% 11,500 $7.6M Reduce -9.8%
KO The Coca-Cola Co. 0.22% 106,400 $7.4M Reduce -9.8%
RIO Rio Tinto PLC-Spon ADR 0.22% 91,600 $7.3M Reduce -9.8%
T AT&T Inc. 0.21% 291,700 $7.2M Reduce -9.8%
PFE Pfizer Inc. 0.21% 290,800 $7.2M Reduce -9.8%
CHD Church & Dwight Co. Inc. 0.21% 84,567 $7.1M Reduce -1.5%
MDT Medtronic PLC 0.21% 73,000 $7.1M Reduce -9.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.20% 60,900 $7.0M Reduce -9.8%
ABT Abbott Laboratories 0.20% 55,400 $6.9M Reduce -9.8%
F Ford Motor Co. filed as FORD MTR CO 0.20% 525,900 $6.9M Reduce -9.8%
DE Deere & Co. 0.20% 14,300 $6.7M Reduce -9.8%
DOW Dow Inc. 0.19% 269,800 $6.3M Reduce -9.8%
DEO Diageo PLC-Sponsored ADR 0.18% 73,000 $6.3M Reduce -9.8%
GRTUF Granite Real Estate Investme 0.18% 75,529 $6.2M Reduce -3.3%
MCD McDonald's Corp. 0.18% 20,000 $6.1M Reduce -9.8%
SBUX Starbucks Corp. 0.17% 70,700 $6.0M Reduce -9.8%
PG The Procter & Gamble Co. 0.16% 39,200 $5.6M Reduce -9.8%
TSM Taiwan Semiconductor-SP ADR 0.16% 18,013 $5.5M New
HD Home Depot Inc. 0.16% 15,800 $5.4M Reduce -9.8%
IWM iShares Russell 2000 ETF 0.16% 21,650 $5.3M Add +4.1%
HMC Honda Motor Co. Ltd.-Spons ADR 0.16% 179,400 $5.3M Reduce -9.8%
STE Steris PLC 0.14% 18,556 $4.7M Reduce -1.5%
GGG Graco Inc. 0.13% 56,088 $4.6M Reduce -1.5%
ZTS Zoetis Inc. 0.11% 28,931 $3.6M Reduce -1.5%
Q Qnity Electronics Inc. 0.10% 40,600 $3.3M Reduce -9.8%
DD Dupont DE Nemours Inc. 0.10% 81,200 $3.3M Reduce -9.8%
MKC McCormick & Co.-Non VTG SHRS 0.09% 46,299 $3.2M Reduce -1.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 2,530 $1.7M New
OR Or Royalties Inc. 0.05% 35,444 $1.7M Reduce -12.2%
DOO BRP Inc./Ca- Sub Voting 0.05% 16,536 $1.6M Reduce -14.4%
KGC Kinross Gold Corp. 0.04% 34,570 $1.3M New
BIPC Brookfield Infrastructure-A 0.04% 20,360 $1.3M No change
TAP Molson Coors Beverage Co. Class B 0.02% 15,973 $746K Add +7.8%
IMO Imperial Oil Ltd. 0.02% 4,600 $549K Reduce -9.8%
HBM Hudbay Minerals Inc. 0.01% 14,030 $382K New
EQX Equinox Gold Corp. 0.01% 19,220 $371K Reduce -47.1%
TU Telus Corp. 0.01% 12,400 $230K No change

Portfolio Sells Q3 2025 → Q4 2025
TECK Teck Resources Ltd.-CLS B Reduce -69.2% 0.33% −0.66
AEM Agnico Eagle Mines Ltd. Reduce -7.9% 4.56% −0.46
GFL GFL Environmental Inc.-Sub VT Sold out 0.00% −0.45
CP Canadian Pacific Kansas City Reduce -10.5% 2.14% −0.33
FISV Fiserv Inc. Sold out 0.00% −0.33
ENB Enbridge Inc. Reduce -2.1% 2.73% −0.27
CNQ Canadian Natural Resources Reduce -12.0% 2.64% −0.26
APH Amphenol Corp. Class A Reduce -29.5% 0.79% −0.24
MIDD Middleby Corp. Sold out 0.00% −0.22
LKQ LKQ Corp. Sold out 0.00% −0.21
ADBE Adobe Inc. Reduce -39.6% 0.29% −0.20
MSFT Microsoft Corp. Reduce -2.5% 1.81% −0.19
FFIV F5 Inc. Reduce -1.4% 0.57% −0.17
GIB Cgi Inc. Reduce -13.8% 1.11% −0.16
BMO Bank of Montreal Reduce -1.3% 3.79% −0.15
AVGO Broadcom Inc. Reduce -11.2% 1.70% −0.14
BALL Ball Corp. Sold out 0.00% −0.12
DD Dupont DE Nemours Inc. Reduce -9.8% 0.10% −0.11
PBA Pembina Pipeline Corp. Reduce -1.0% 0.95% −0.09
RMD Resmed Inc. Reduce -1.4% 0.54% −0.09
STN Stantec Inc. Reduce -9.8% 0.29% −0.09
TRI Thomson Reuters Corp. Reduce -9.8% 0.26% −0.09
DSGX The Descartes Systems Grp Sold out 0.00% −0.08
BAM Brookfield Asset Mgmt-A Reduce -1.1% 0.59% −0.07
TRP TC Energy Corp. Reduce -2.2% 2.06% −0.07
LIN Linde PLC Reduce -1.4% 0.47% −0.06
RBA RB Global Inc. Reduce -9.8% 0.32% −0.06
T AT&T Inc. Reduce -9.8% 0.21% −0.06
META Meta Platforms Inc. Class A Reduce -9.8% 0.22% −0.05
HD Home Depot Inc. Reduce -9.8% 0.16% −0.05
MDLZ Mondelez International Inc. Class A Reduce -1.5% 0.26% −0.05
NKE Nike Inc. Class B Reduce -0.1% 0.45% −0.05
DEO Diageo PLC-Sponsored ADR Reduce -9.8% 0.18% −0.04
COST Costco Wholesale Corp. Reduce -1.4% 0.43% −0.04
CAE Cae Inc. Reduce -8.8% 0.44% −0.04
MEOH Methanex Corp. Reduce -9.8% 0.29% −0.04
ABT Abbott Laboratories Reduce -9.8% 0.20% −0.04
BR Broadridge Financial Solutio Reduce -1.4% 0.44% −0.04
TJX TJX Companies Inc. Reduce -9.8% 0.70% −0.04
INTU Intuit Inc. Reduce -1.4% 0.65% −0.04
PG The Procter & Gamble Co. Reduce -9.8% 0.16% −0.03
LOW Lowe's Cos Inc. Reduce -1.4% 0.49% −0.03
FTS Fortis Inc. Reduce -8.4% 0.36% −0.03
BCE Bce Inc. Reduce -6.4% 0.45% −0.03
PFE Pfizer Inc. Reduce -9.8% 0.21% −0.03
EMA Emera Inc. Reduce -3.5% 0.92% −0.03
HMC Honda Motor Co. Ltd.-Spons ADR Reduce -9.8% 0.16% −0.03
MA Mastercard Inc. Class A Reduce -9.8% 0.22% −0.03
NTR Nutrien Ltd. Reduce -10.9% 0.27% −0.02
SYK Stryker Corp. Reduce -1.5% 0.32% −0.02

Portfolio Buys Q3 2025 → Q4 2025
AMZN Amazon.com Inc. Add +315.5% 1.09% +0.84
FNV Franco-Nevada Corp. Add +88.1% 1.70% +0.71
WPM Wheaton Precious Metals Corp. Add +20.8% 2.70% +0.52
CCJ Cameco Corp. Add +21.1% 1.98% +0.45
BGSI Boyd Group Services Inc. New 0.44% +0.44
SPGI S&P Global Inc. Add +41.9% 0.57% +0.19
TRU Transunion Add +129.6% 0.31% +0.18
TSM Taiwan Semiconductor-SP ADR New 0.16% +0.16
SHW The Sherwin-Williams Co. Add +148.6% 0.25% +0.14
NVDA Nvidia Corp. Add +10.3% 1.35% +0.12
AAPL Apple Inc. Add +0.9% 1.73% +0.11
BN Brookfield Corp. Add +3.8% 3.99% +0.07
SPY SS SPDR S&P 500 ETF Trust-US New 0.05% +0.05
KGC Kinross Gold Corp. New 0.04% +0.04
WCN Waste Connections Inc. Add +4.9% 1.56% +0.04
HBM Hudbay Minerals Inc. New 0.01% +0.01
URI United Rentals Inc. Add +21.3% 0.40% +0.01
IWM iShares Russell 2000 ETF Add +4.1% 0.16% +0.01
TAP Molson Coors Beverage Co. Class B Add +7.8% 0.02% +0.00
CIGI Colliers Intl GR-Subord Vot Add +8.6% 1.01% −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