Addenda Capital Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 15, 2026), Addenda Capital Inc. reported 129 stock positions worth $3.6 billion. Its top holding was Agnico Eagle Mines (AEM) at 5.0% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.8%) and Royal Bank of Canada (RY, 4.7%). Compared with Q4 2025, it opened 8 new positions, sold out of 4, added to 51 and reduced 33. The biggest buy was Kinross Gold (KGC, shares +3856%) and the biggest sale Cgi (GIB, shares −66%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001569411
Portfolio Value
$3.6B (Q1 2026)
SEC Filing
0001569411-26-000003 ↗ filed Apr 15, 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 Q4 2025 Q1 2026: $3.6B $3.6B Q1 2026 Q2 2026: $3.7B Q2 2026

Holdings 129 stocks · $3.6B
AEM Agnico Eagle Mines Ltd. 5.00% 628,844 $177.6M Reduce -5.8%
TD Toronto-Dominion Bank 4.76% 1,300,447 $169.0M Reduce -0.2%
RY Royal Bank of Canada 4.72% 745,760 $167.7M Add +6.1%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 3.58% 674,068 $127.0M Reduce -7.1%
CNQ Canadian Natural Resources 3.49% 1,812,408 $124.1M Reduce -5.3%
AGI Alamos Gold Inc. Class A 3.46% 1,987,059 $123.0M Reduce -10.8%
BN Brookfield Corp. 3.44% 2,168,691 $122.2M Add +0.5%
SHOP Shopify Inc. Class A 3.33% 717,191 $118.4M Add +4.9%
WPM Wheaton Precious Metals Corp. 3.18% 617,307 $112.9M Add +8.2%
ENB Enbridge Inc. 2.99% 1,406,938 $106.1M Reduce -0.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 2.92% 1,073,598 $103.6M Add +0.3%
CCJ Cameco Corp. 2.35% 550,763 $83.3M Add +2.4%
TRP TC Energy Corp. 2.25% 908,833 $80.0M Reduce -1.1%
CP Canadian Pacific Kansas City 2.16% 699,650 $76.8M Reduce -2.7%
FNV Franco-Nevada Corp. 2.15% 221,821 $76.4M Add +8.9%
SU Suncor Energy Inc. 1.94% 747,066 $68.7M Reduce -1.8%
CNI Canadian Natl Railway Co. 1.85% 460,005 $65.9M Add +1.3%
KGC Kinross Gold Corp. 1.64% 1,367,420 $58.2M Add +3855.5%
AAPL Apple Inc. 1.63% 227,617 $57.8M Add +5.0%
GOOG Alphabet Inc. Class C 1.49% 184,479 $52.9M Add +2.6%
AVGO Broadcom Inc. 1.46% 167,214 $51.8M Reduce -0.3%
WCN Waste Connections Inc. 1.39% 218,580 $49.4M Reduce -0.8%
MSFT Microsoft Corp. 1.36% 130,541 $48.3M Add +2.3%
NVDA Nvidia Corp. 1.30% 265,591 $46.3M Add +7.9%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 1.18% 315,186 $41.9M Reduce -26.1%
BIP Brookfield Infrastructure Pa 1.09% 771,858 $38.7M Reduce -3.0%
PBA Pembina Pipeline Corp. 1.06% 605,547 $37.7M Reduce -2.2%
MFC Manulife Financial Corp. 1.03% 764,467 $36.6M Reduce -0.8%
AMZN Amazon.com Inc. 0.97% 164,656 $34.3M Add +2.7%
QSR Restaurant Brands Intern 0.91% 310,216 $32.2M Reduce -2.5%
EMA Emera Inc. 0.86% 421,545 $30.4M Reduce -8.8%
V Visa Inc. Class A 0.84% 98,427 $29.7M Add +2.0%
JPM JPMorgan Chase & Co. 0.73% 88,510 $26.0M Add +2.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.72% 160,221 $25.6M Add +2.8%
WAB Wabtec Corp. 0.70% 99,535 $24.9M Add +2.5%
CIGI Colliers Intl GR-Subord Vot 0.70% 166,288 $24.7M Reduce -2.0%
APH Amphenol Corp. Class A 0.69% 193,786 $24.5M Reduce -2.5%
CVE Cenovus Energy Inc. 0.67% 642,604 $23.7M Reduce -2.0%
FFIV F5 Inc. 0.59% 72,999 $21.1M Reduce -3.9%
TFII Tfi International Inc. filed as TRANSFORCE INC 0.58% 135,340 $20.6M Reduce -3.2%
BKNG Booking Holdings Inc. 0.55% 4,644 $19.6M Add +2.6%
TMO Thermo Fisher Scientific Inc. 0.55% 39,454 $19.4M Add +33.8%
SCHW Schwab (charles) Corp. 0.54% 204,698 $19.2M Add +2.6%
LIN Linde PLC 0.53% 38,263 $19.0M Add +2.5%
HBM Hudbay Minerals Inc. 0.51% 617,158 $18.0M Add +4298.9%
RMD Resmed Inc. 0.50% 78,355 $17.6M Add +2.6%
COST Costco Wholesale Corp. 0.49% 17,500 $17.4M Add +2.8%
LOW Lowe's Cos Inc. 0.48% 71,421 $16.9M Add +2.6%
BCE Bce Inc. 0.47% 471,327 $16.7M Add +1.7%
SPGI S&P Global Inc. 0.46% 38,159 $16.2M Add +3.2%
CLS Celestica Inc. 0.44% 40,090 $15.7M New
BAM Brookfield Asset Mgmt-A 0.44% 251,127 $15.5M Reduce -10.0%
MEOH Methanex Corp. 0.43% 183,000 $15.2M No change
GIL Gildan Activewear Inc. 0.42% 193,737 $15.1M Add +0.9%
INTU Intuit Inc. 0.42% 34,310 $14.8M Add +2.6%
PNC PNC Financial Services Group 0.38% 64,482 $13.4M Add +2.8%
CAT Caterpillar Inc. 0.38% 18,800 $13.3M No change
CAE Cae Inc. 0.37% 366,816 $13.3M Add +1.1%
FTS Fortis Inc. 0.37% 169,950 $13.2M Reduce -0.7%
NKE Nike Inc. Class B 0.37% 245,255 $13.0M Add +1.6%
TSM Taiwan Semiconductor-SP ADR 0.36% 38,230 $12.9M Add +112.2%
MGA Magna International Inc. 0.36% 163,585 $12.7M No change
URI United Rentals Inc. 0.35% 17,094 $12.5M Add +2.1%
TECK Teck Resources Ltd.-CLS B 0.34% 168,202 $12.1M Reduce -0.5%
BGSI Boyd Group Services Inc. 0.33% 66,417 $11.8M Reduce -2.4%
DOW Dow Inc. filed as DOW HLDGS INC 0.32% 269,800 $11.2M No change
NTR Nutrien Ltd. 0.32% 105,900 $11.2M No change
BR Broadridge Financial Solutio 0.31% 67,918 $11.1M Add +2.5%
SHW The Sherwin-Williams Co. 0.30% 33,760 $10.8M Add +28.6%
FDX FedEx Corp. 0.30% 30,000 $10.7M No change
MRK Merck & Co. Inc. 0.30% 87,800 $10.6M No change
STE Steris PLC 0.30% 48,003 $10.6M Add +158.7%
WMT Walmart Inc. 0.30% 85,100 $10.6M No change
SYK Stryker Corp. 0.29% 31,575 $10.4M Add +2.8%
RBA RB Global Inc. 0.29% 77,000 $10.3M No change
GIB Cgi Inc. 0.29% 100,959 $10.3M Reduce -66.2%
GOOGL Alphabet Inc. Class A 0.29% 35,500 $10.2M No change
MDLZ Mondelez International Inc. Class A 0.28% 170,356 $9.9M Add +2.8%
SLF Sun Life Financial Inc. 0.28% 112,410 $9.8M Reduce -0.7%
BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 0.26% 129,200 $9.4M No change
RCI Rogers Communications Inc. Class B 0.26% 173,038 $9.3M Reduce -0.6%
STN Stantec Inc. 0.26% 77,400 $9.3M No change
SUNB Sunbelt Rentals Holdings Inc. 0.26% 195,858 $9.3M New
JNJ Johnson & Johnson 0.26% 37,400 $9.1M No change
TRU Transunion 0.26% 131,113 $9.1M Add +6.0%
RIO Rio Tinto PLC-Spon ADR 0.25% 91,600 $8.8M No change
UNP Union Pacific Corp. 0.24% 35,105 $8.5M Add +2.8%
T AT&T Inc. 0.24% 291,700 $8.5M No change
CSCO Cisco Systems Inc. 0.23% 105,400 $8.2M No change
PFE Pfizer Inc. 0.23% 290,800 $8.2M No change
KO The Coca-Cola Co. 0.23% 106,400 $8.1M No change
CHD Church & Dwight Co. Inc. 0.23% 86,898 $8.1M Add +2.8%
DE Deere & Co. 0.23% 14,300 $8.1M No change
UPS United Parcel Service Class B 0.22% 79,400 $7.8M No change
BRK.B Berkshire Hathaway Inc. Class B 0.22% 16,264 $7.8M New
EMR Emerson Electric Co. 0.22% 58,500 $7.7M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.21% 31,300 $7.6M No change
PEP Pepsico Inc. 0.19% 43,939 $6.8M Reduce -57.8%
MA Mastercard Inc. Class A 0.19% 13,400 $6.7M No change
META Meta Platforms Inc. Class A 0.19% 11,500 $6.6M No change
MDT Medtronic PLC 0.18% 73,000 $6.4M No change
SBUX Starbucks Corp. 0.18% 70,700 $6.3M No change
MCD McDonald's Corp. 0.17% 20,000 $6.2M No change
TRI Thomson Reuters Corp. 0.17% 48,500 $6.1M No change
F Ford Motor Co. filed as FORD MTR CO 0.17% 525,900 $6.1M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.17% 60,900 $5.9M No change
ADBE Adobe Inc. 0.17% 24,122 $5.9M Reduce -14.7%
ABT Abbott Laboratories 0.16% 55,400 $5.7M No change
PG The Procter & Gamble Co. 0.16% 39,200 $5.7M No change
DEO Diageo PLC-Sponsored ADR 0.15% 73,000 $5.4M No change
IWM iShares Russell 2000 ETF 0.15% 21,760 $5.4M Add +0.5%
HD Home Depot Inc. 0.15% 15,800 $5.2M No change
GGG Graco Inc. 0.14% 57,633 $4.9M Add +2.8%
Q Qnity Electronics Inc. 0.13% 40,600 $4.7M No change
PANW Palo Alto Networks Inc. 0.12% 27,602 $4.4M New
HMC Honda Motor Co. Ltd.-Spons ADR 0.12% 179,400 $4.4M No change
DD Dupont DE Nemours Inc. 0.10% 81,200 $3.7M No change
ZTS Zoetis Inc. 0.10% 29,737 $3.5M Add +2.8%
OR Or Royalties Inc. 0.06% 38,004 $2.0M Add +7.2%
DOO BRP Inc./Ca- Sub Voting 0.05% 17,731 $1.8M Add +7.2%
B Barrick Mining Corp. 0.04% 23,590 $1.3M New
BIPC Brookfield Infrastructure-A 0.03% 19,480 $1.1M Reduce -4.3%
TAP Molson Coors Beverage Co. Class B 0.02% 16,988 $732K Add +6.3%
EQX Equinox Gold Corp. 0.02% 32,360 $650K Add +68.4%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.02% 28,440 $636K New
IMO Imperial Oil Ltd. 0.02% 3,160 $579K Reduce -31.3%
SKE Skeena Resources Ltd. 0.01% 11,840 $491K New
TU Telus Corp. 0.01% 19,400 $355K Add +56.5%
CCEP Coca-Cola Europacific Partne 0.01% 2,543 $231K New

Portfolio Sells Q4 2025 → Q1 2026
GIB Cgi Inc. Reduce -66.2% 0.29% −0.82
IQV Iqvia Holdings Inc. Sold out 0.00% −0.40
CM Can Imperial BK of Commerce Reduce -26.1% 1.18% −0.39
CIGI Colliers Intl GR-Subord Vot Reduce -2.0% 0.70% −0.31
PEP Pepsico Inc. Reduce -57.8% 0.19% −0.25
AVGO Broadcom Inc. Reduce -0.3% 1.46% −0.25
BMO Bank of Montreal Reduce -7.1% 3.58% −0.22
TD Toronto-Dominion Bank Reduce -0.2% 4.76% −0.19
GRTUF Granite Real Estate Investme Sold out 0.00% −0.18
WCN Waste Connections Inc. Reduce -0.8% 1.39% −0.17
BAM Brookfield Asset Mgmt-A Reduce -10.0% 0.44% −0.15
ADBE Adobe Inc. Reduce -14.7% 0.17% −0.13
BGSI Boyd Group Services Inc. Reduce -2.4% 0.33% −0.10
APH Amphenol Corp. Class A Reduce -2.5% 0.69% −0.10
MFC Manulife Financial Corp. Reduce -0.8% 1.03% −0.10
MKC McCormick & Co.-Non VTG SHRS Sold out 0.00% −0.09
EMA Emera Inc. Reduce -8.8% 0.86% −0.06
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.05
BIP Brookfield Infrastructure Pa Reduce -3.0% 1.09% −0.02
SLF Sun Life Financial Inc. Reduce -0.7% 0.28% −0.01
BIPC Brookfield Infrastructure-A Reduce -4.3% 0.03% −0.01
TFII Tfi International Inc. Reduce -3.2% 0.58% −0.01
RCI Rogers Communications Inc. Class B Reduce -0.6% 0.26% −0.00
AGI Alamos Gold Inc. Class A Reduce -10.8% 3.46% +0.00
IMO Imperial Oil Ltd. Reduce -31.3% 0.02% +0.00
FTS Fortis Inc. Reduce -0.7% 0.37% +0.01
TECK Teck Resources Ltd.-CLS B Reduce -0.5% 0.34% +0.02
QSR Restaurant Brands Intern Reduce -2.5% 0.91% +0.02
CP Canadian Pacific Kansas City Reduce -2.7% 2.16% +0.03
FFIV F5 Inc. Reduce -3.9% 0.59% +0.03
PBA Pembina Pipeline Corp. Reduce -2.2% 1.06% +0.11
TRP TC Energy Corp. Reduce -1.1% 2.25% +0.19
CVE Cenovus Energy Inc. Reduce -2.0% 0.67% +0.22
ENB Enbridge Inc. Reduce -0.5% 2.99% +0.26
AEM Agnico Eagle Mines Ltd. Reduce -5.8% 5.00% +0.44
SU Suncor Energy Inc. Reduce -1.8% 1.94% +0.58
CNQ Canadian Natural Resources Reduce -5.3% 3.49% +0.85

Portfolio Buys Q4 2025 → Q1 2026
KGC Kinross Gold Corp. Add +3855.5% 1.64% +1.60
HBM Hudbay Minerals Inc. Add +4298.9% 0.51% +0.49
WPM Wheaton Precious Metals Corp. Add +8.2% 3.18% +0.48
FNV Franco-Nevada Corp. Add +8.9% 2.15% +0.45
CLS Celestica Inc. New 0.44% +0.44
CCJ Cameco Corp. Add +2.4% 2.35% +0.36
SUNB Sunbelt Rentals Holdings Inc. New 0.26% +0.26
BRK.B Berkshire Hathaway Inc. Class B New 0.22% +0.22
TSM Taiwan Semiconductor-SP ADR Add +112.2% 0.36% +0.20
STE Steris PLC Add +158.7% 0.30% +0.16
PANW Palo Alto Networks Inc. New 0.12% +0.12
WAB Wabtec Corp. Add +2.5% 0.70% +0.09
LIN Linde PLC Add +2.5% 0.53% +0.07
COST Costco Wholesale Corp. Add +2.8% 0.49% +0.06
SHW The Sherwin-Williams Co. Add +28.6% 0.30% +0.06
CNI Canadian Natl Railway Co. Add +1.3% 1.85% +0.05
TMO Thermo Fisher Scientific Inc. Add +33.8% 0.55% +0.04
B Barrick Mining Corp. New 0.04% +0.04
BCE Bce Inc. Add +1.7% 0.47% +0.02
CHD Church & Dwight Co. Inc. Add +2.8% 0.23% +0.02
ORLA Orla Mining Ltd. New 0.02% +0.02
TJX TJX Companies Inc. Add +2.8% 0.72% +0.02
MDLZ Mondelez International Inc. Class A Add +2.8% 0.28% +0.01
SKE Skeena Resources Ltd. New 0.01% +0.01
UNP Union Pacific Corp. Add +2.8% 0.24% +0.01
EQX Equinox Gold Corp. Add +68.4% 0.02% +0.01
CCEP Coca-Cola Europacific Partne New 0.01% +0.01
OR Or Royalties Inc. Add +7.2% 0.06% +0.01
TU Telus Corp. Add +56.5% 0.01% +0.00
DOO BRP Inc./Ca- Sub Voting Add +7.2% 0.05% +0.00
GGG Graco Inc. Add +2.8% 0.14% +0.00
TAP Molson Coors Beverage Co. Class B Add +6.3% 0.02% −0.00
IWM iShares Russell 2000 ETF Add +0.5% 0.15% −0.00
PNC PNC Financial Services Group Add +2.8% 0.38% −0.01
ZTS Zoetis Inc. Add +2.8% 0.10% −0.01
LOW Lowe's Cos Inc. Add +2.6% 0.48% −0.02
SYK Stryker Corp. Add +2.8% 0.29% −0.02
NVDA Nvidia Corp. Add +7.9% 1.30% −0.04
SCHW Schwab (charles) Corp. Add +2.6% 0.54% −0.04
RMD Resmed Inc. Add +2.6% 0.50% −0.04
URI United Rentals Inc. Add +2.1% 0.35% −0.05
TRU Transunion Add +6.0% 0.26% −0.06
GIL Gildan Activewear Inc. Add +0.9% 0.42% −0.06
CAE Cae Inc. Add +1.1% 0.37% −0.07
JPM JPMorgan Chase & Co. Add +2.5% 0.73% −0.08
NKE Nike Inc. Class B Add +1.6% 0.37% −0.09
AAPL Apple Inc. Add +5.0% 1.63% −0.10
RY Royal Bank of Canada Add +6.1% 4.72% −0.10
SPGI S&P Global Inc. Add +3.2% 0.46% −0.11
AMZN Amazon.com Inc. Add +2.7% 0.97% −0.12

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