Bank of Nova Scotia Trust Co.

Name: BANK OF NOVA SCOTIA TRUST CO 13F holdings, Q4 2024
Creator: BANK OF NOVA SCOTIA TRUST CO
Published: 2025-02-13

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Bank of Nova Scotia Trust Co. reported 131 stock positions worth $947.3 million. Its top holding was Royal Bank of Canada (RY) at 8.4% of the portfolio, followed by Bank of Montreal (BMO, 5.2%) and Toronto-Dominion Bank (TD, 4.5%). Compared with Q3 2024, it opened 2 new positions, sold out of 11, added to 40 and reduced 81. The biggest buy was a new position in Te Connectivity (TEL) and the biggest sale Toronto-Dominion Bank (TD, shares −3%).

Most Recent 13F: Q2 2026
Location: TORONTO, A6
CIK: 0001335382
Portfolio Value: $947.3M (Q4 2024)
SEC Filing: 0001085146-25-001194 ↗ filed Feb 13, 2025

Holdings Value

Holdings 131 stocks · $947.3M


RY Royal Bank of Canada	8.41%	661,442	$79.7M	Reduce -0.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE	5.16%	503,614	$48.9M	Add +1.1%
TD Toronto-Dominion Bank	4.48%	797,730	$42.5M	Reduce -3.4%
ENB Enbridge Inc.	4.32%	963,537	$40.9M	Add +0.8%
TRP TC Energy Corp.	4.11%	837,026	$38.9M	Reduce -8.5%
MSFT Microsoft Corp.	3.75%	84,379	$35.6M	Reduce -3.2%
TU Telus Corp.	2.93%	2,050,077	$27.8M	Add +1.7%
CNI Canadian Natl Railway Co.	2.89%	269,690	$27.4M	Add +1.5%
MFC Manulife Financial Corp.	2.61%	803,715	$24.7M	Reduce -1.4%
BN Brookfield Corp.	2.49%	411,017	$23.6M	Reduce -0.1%
CNQ Canadian Natural Resources	2.49%	762,627	$23.5M	Add +0.9%
BCE Bce Inc.	2.34%	954,965	$22.1M	Add +0.6%
CP Canadian Pacific Kansas City	2.16%	283,338	$20.5M	Reduce -0.6%
GOOGL Alphabet Inc. Class A	1.98%	99,170	$18.8M	Reduce -4.8%
SLF Sun Life Financial Inc.	1.98%	316,240	$18.8M	Add +2.3%
WCN Waste Connections Inc.	1.97%	108,756	$18.7M	Reduce -1.2%
SU Suncor Energy Inc.	1.93%	512,975	$18.3M	Reduce -0.4%
COST Costco Wholesale Corp.	1.92%	19,870	$18.2M	Reduce -11.0%
QSR Restaurant Brands Intern	1.91%	277,133	$18.1M	Reduce -0.6%
V Visa Inc. Class A	1.84%	55,008	$17.4M	Reduce -0.3%
AAPL Apple Inc.	1.81%	68,296	$17.1M	Reduce -0.7%
JPM JPMorgan Chase & Co.	1.69%	66,833	$16.0M	Reduce -1.9%
FTS Fortis Inc.	1.68%	382,098	$15.9M	Add +1.3%
AMZN Amazon.com Inc.	1.67%	72,252	$15.9M	Reduce -4.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	1.35%	237,543	$12.8M	Add +0.1%
PBA Pembina Pipeline Corp.	1.32%	337,379	$12.5M	Add +20.9%
GIB Cgi Inc.	1.31%	113,217	$12.4M	Reduce -4.4%
JNJ Johnson & Johnson	1.30%	85,147	$12.3M	Reduce -3.9%
MA Mastercard Inc. Class A	1.17%	21,008	$11.1M	Reduce -5.4%
HON Honeywell International Inc.	1.11%	46,738	$10.6M	Reduce -5.6%
TRI Thomson Reuters Corp.	1.11%	65,547	$10.5M	Reduce -8.3%
CRM Salesforce Inc.	1.08%	30,690	$10.3M	Add +4.9%
NTR Nutrien Ltd.	1.05%	221,318	$9.9M	Add +1.6%
DHR Danaher Corp.	1.01%	41,638	$9.6M	Reduce -0.2%
TEL Te Connectivity PLC	0.98%	65,168	$9.3M	New
UNH Unitedhealth Group Inc.	0.98%	18,376	$9.3M	Reduce -1.6%
MDT Medtronic PLC	0.92%	109,479	$8.7M	Reduce -1.3%
FNV Franco-Nevada Corp.	0.84%	67,325	$7.9M	Add +1.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM	0.75%	112,554	$7.1M	Reduce -7.2%
SHOP Shopify Inc. Class A	0.66%	58,663	$6.2M	Reduce -1.7%
RBA RB Global Inc.	0.64%	67,237	$6.1M	Add +1.5%
CME Cme Group Inc.	0.60%	24,619	$5.7M	Add +8.0%
DSGX The Descartes Systems Grp	0.58%	48,683	$5.5M	Reduce -5.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.55%	46,588	$5.2M	Reduce -0.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.53%	41,261	$5.0M	Reduce -7.6%
CMCSA Comcast Corp. Class A	0.52%	131,318	$4.9M	Reduce -5.9%
LIN Linde PLC	0.52%	11,684	$4.9M	Reduce -2.0%
STN Stantec Inc.	0.47%	57,057	$4.5M	Reduce -5.8%
HD Home Depot Inc.	0.46%	11,185	$4.4M	Add +0.1%
GOOG Alphabet Inc. Class C	0.42%	20,907	$4.0M	Reduce -6.8%
FTV Fortive Corp.	0.41%	51,338	$3.9M	Add +8.4%
NKE Nike Inc. Class B	0.40%	50,103	$3.8M	Add +3.5%
ABT Abbott Laboratories	0.36%	30,316	$3.4M	Add +19.8%
BEP Brookfield Renewable Partner	0.36%	148,495	$3.4M	Add +31.3%
ACN Accenture PLC Class A	0.35%	9,459	$3.3M	Reduce -2.1%
MCD McDonald's Corp.	0.34%	11,125	$3.2M	Reduce -1.2%
XOM Exxon Mobil Corp.	0.26%	23,199	$2.5M	Add +0.5%
DD Dupont DE Nemours Inc.	0.26%	32,666	$2.5M	Reduce -4.8%
MKC McCormick & Co.-Non VTG SHRS	0.25%	31,040	$2.4M	Add +0.7%
ORCL Oracle Corp.	0.24%	13,903	$2.3M	Reduce -0.5%
SPY SS SPDR S&P 500 ETF Trust-US	0.24%	3,859	$2.3M	Add +1.3%
TECK Teck Resources Ltd.-CLS B	0.20%	47,571	$1.9M	Add +0.1%
AEM Agnico Eagle Mines Ltd.	0.19%	22,720	$1.8M	Add +1.1%
META Meta Platforms Inc. Class A	0.19%	3,005	$1.8M	Add +4.2%
PLD Prologis Inc.	0.18%	15,774	$1.7M	Add +14.5%
SHW The Sherwin-Williams Co.	0.18%	4,892	$1.7M	Reduce -5.5%
RCI Rogers Communications Inc. Class B	0.17%	53,599	$1.6M	Reduce -9.7%
CIGI Colliers Intl GR-Subord Vot	0.17%	11,735	$1.6M	Reduce -5.1%
TFII Tfi International Inc.	0.16%	11,505	$1.6M	Add +393.8%
BRK.B Berkshire Hathaway Inc. Class B	0.16%	3,427	$1.6M	Reduce -6.0%
BIP Brookfield Infrastructure Pa	0.15%	45,456	$1.4M	Reduce -0.3%
NVDA Nvidia Corp.	0.15%	10,512	$1.4M	Add +4.3%
CAE Cae Inc.	0.14%	52,921	$1.3M	Reduce -30.4%
FSV Firstservice Corp.	0.14%	7,304	$1.3M	Reduce -1.9%
TMO Thermo Fisher Scientific Inc.	0.14%	2,521	$1.3M	Add +3.8%
PG The Procter & Gamble Co.	0.13%	7,202	$1.2M	Add +0.6%
UL Unilever PLC	0.12%	20,875	$1.2M	Reduce -0.1%
SOBO South Bow Corp.	0.12%	49,581	$1.2M	Reduce -72.9%
TXN Texas Instruments Inc.	0.11%	5,644	$1.1M	Reduce -6.9%
PEP Pepsico Inc.	0.11%	6,759	$1.0M	Reduce -16.7%
OTEX Open Text Corp.	0.11%	36,240	$1.0M	Reduce -8.2%
BIPC Brookfield Infrastructure-A	0.11%	25,046	$1.0M	Add +3.1%
SYK Stryker Corp.	0.10%	2,677	$964K	Reduce -2.3%
WM Waste Management Inc.	0.10%	4,711	$951K	Reduce -0.5%
NEE Nextera Energy Inc.	0.10%	12,836	$920K	Add +1.6%
BLK BlackRock Inc.	0.10%	880	$902K	No change
VLO Valero Energy Corp.	0.09%	7,150	$877K	Reduce -24.3%
KGC Kinross Gold Corp.	0.09%	93,341	$865K	Add +5.7%
RTX RTX Corp.	0.09%	7,370	$853K	Reduce -7.8%
ECL Ecolab Inc.	0.09%	3,600	$844K	Reduce -7.7%
APD Air Products & Chemicals Inc.	0.09%	2,900	$841K	Reduce -19.4%
ADBE Adobe Inc.	0.09%	1,833	$815K	Add +2.4%
ASML ASML Holding NV-NY Reg SHS	0.08%	1,138	$789K	No change
MDLZ Mondelez International Inc. Class A	0.08%	12,987	$776K	Add +1.6%
TSM Taiwan Semiconductor-SP ADR	0.08%	3,881	$766K	Reduce -0.0%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.08%	10,000	$750K	Reduce -40.4%
KO The Coca-Cola Co.	0.08%	11,886	$740K	Reduce -0.0%
DOO BRP Inc./Ca- Sub Voting	0.08%	14,337	$729K	Reduce -4.5%
EMR Emerson Electric Co.	0.08%	5,740	$711K	No change
WPM Wheaton Precious Metals Corp.	0.07%	12,317	$693K	Reduce -0.2%
GIL Gildan Activewear Inc.	0.07%	13,743	$647K	Reduce -8.6%
LH Labcorp Holdings Inc.	0.06%	2,645	$607K	No change
VRN Veren Inc.	0.06%	115,756	$595K	No change
CCJ Cameco Corp.	0.06%	10,401	$535K	Reduce -2.9%
MGA Magna International Inc.	0.05%	11,974	$500K	Reduce -83.1%
MS Morgan Stanley	0.05%	3,914	$492K	Reduce -17.9%
ATS Ats Corp.	0.05%	15,341	$468K	Add +41.0%
WMT Walmart Inc.	0.05%	5,154	$466K	Reduce -7.9%
AVGO Broadcom Inc.	0.05%	1,924	$446K	Reduce -0.1%
BKNG Booking Holdings Inc.	0.05%	88	$437K	Reduce -25.4%
DE Deere & Co.	0.04%	925	$392K	Reduce -13.9%
GRTUF Granite Real Estate Investme	0.04%	8,021	$389K	Add +10.5%
ICE Intercontinental Exchange Inc.	0.04%	2,421	$361K	Add +12.3%
BX Blackstone Inc.	0.03%	1,770	$305K	Reduce -15.1%
ZTS Zoetis Inc.	0.03%	1,837	$299K	Add +26.5%
YUMC Yum China Holdings Inc.	0.03%	6,173	$297K	Reduce -2.7%
WFG West Fraser Timber Co. Ltd.	0.03%	3,313	$287K	Reduce -3.8%
BAM Brookfield Asset Mgmt-A	0.03%	5,235	$284K	Reduce -7.8%
CL Colgate-Palmolive Co.	0.03%	2,772	$252K	Reduce -2.7%
CVE Cenovus Energy Inc.	0.03%	16,307	$247K	No change
BEPC Brookfield Renewable Corp.	0.02%	8,146	$225K	Reduce -4.4%
AME Ametek Inc.	0.02%	1,223	$220K	Reduce -2.3%
MKTX Marketaxess Holdings Inc.	0.02%	942	$213K	Reduce -2.7%
TSLA Tesla Inc.	0.02%	525	$212K	New
DEO Diageo PLC-Sponsored ADR	0.02%	1,646	$209K	Reduce -8.3%
MIDD Middleby Corp.	0.02%	1,520	$206K	Reduce -2.4%
PFE Pfizer Inc.	0.02%	7,753	$206K	Reduce -29.9%
LOW Lowe's Cos Inc.	0.02%	811	$200K	Reduce -2.5%
AQN Algonquin Power & Utilities	0.01%	28,350	$126K	Reduce -14.2%
VET Vermilion Energy Inc.	0.01%	10,000	$94K	No change
BB Blackberry Ltd.	0.01%	16,000	$60K	No change

Portfolio Sells Q3 2024 → Q4 2024


TD Toronto-Dominion Bank	Reduce -3.4%	4.48%	−0.82
SOBO South Bow Corp.	Reduce -72.9%	0.12%	−0.31
CP Canadian Pacific Kansas City	Reduce -0.6%	2.16%	−0.31
MGA Magna International Inc.	Reduce -83.1%	0.05%	−0.24
DHR Danaher Corp.	Reduce -0.2%	1.01%	−0.17
JNJ Johnson & Johnson	Reduce -3.9%	1.30%	−0.16
QSR Restaurant Brands Intern	Reduce -0.6%	1.91%	−0.14
TRI Thomson Reuters Corp.	Reduce -8.3%	1.11%	−0.13
UNH Unitedhealth Group Inc.	Reduce -1.6%	0.98%	−0.13
EL Estee Lauder Companies Class A	Reduce -40.4%	0.08%	−0.09
MDT Medtronic PLC	Reduce -1.3%	0.92%	−0.09
COST Costco Wholesale Corp.	Reduce -11.0%	1.92%	−0.09
GIB Cgi Inc.	Reduce -4.4%	1.31%	−0.08
CMCSA Comcast Corp. Class A	Reduce -5.9%	0.52%	−0.07
RCI Rogers Communications Inc. Class B	Reduce -9.7%	0.17%	−0.07
LIN Linde PLC	Reduce -2.0%	0.52%	−0.06
MSFT Microsoft Corp.	Reduce -3.2%	3.75%	−0.05
LLY Eli Lilly & Co.	Sold out	0.00%	−0.05
DD Dupont DE Nemours Inc.	Reduce -4.8%	0.26%	−0.05
VLO Valero Energy Corp.	Reduce -24.3%	0.09%	−0.04
AEP American Electric Power	Sold out	0.00%	−0.03
PEP Pepsico Inc.	Reduce -16.7%	0.11%	−0.03
VZ Verizon Communications Inc.	Sold out	0.00%	−0.03
WCN Waste Connections Inc.	Reduce -1.2%	1.97%	−0.03
CVX Chevron Corp.	Sold out	0.00%	−0.03
NVO Novo-Nordisk A/S-Spons ADR	Sold out	0.00%	−0.03
OTEX Open Text Corp.	Reduce -8.2%	0.11%	−0.03
SHW The Sherwin-Williams Co.	Reduce -5.5%	0.18%	−0.03
CSL Carlisle Cos Inc.	Sold out	0.00%	−0.02
MRSH Marsh & McLennan Cos	Sold out	0.00%	−0.02
CIGI Colliers Intl GR-Subord Vot	Reduce -5.1%	0.17%	−0.02
UPS United Parcel Service Class B	Sold out	0.00%	−0.02
STN Stantec Inc.	Reduce -5.8%	0.47%	−0.02
NFLX Netflix Inc.	Sold out	0.00%	−0.02
DUK Duke Energy Corp.	Sold out	0.00%	−0.02
WAT Waters Corp.	Sold out	0.00%	−0.02
APD Air Products & Chemicals Inc.	Reduce -19.4%	0.09%	−0.02
TXN Texas Instruments Inc.	Reduce -6.9%	0.11%	−0.02
DOO BRP Inc./Ca- Sub Voting	Reduce -4.5%	0.08%	−0.01
UL Unilever PLC	Reduce -0.1%	0.12%	−0.01
ECL Ecolab Inc.	Reduce -7.7%	0.09%	−0.01
PFE Pfizer Inc.	Reduce -29.9%	0.02%	−0.01
RY Royal Bank of Canada	Reduce -0.6%	8.41%	−0.01
BIP Brookfield Infrastructure Pa	Reduce -0.3%	0.15%	−0.01
KO The Coca-Cola Co.	Reduce -0.0%	0.08%	−0.01
RTX RTX Corp.	Reduce -7.8%	0.09%	−0.01
MCD McDonald's Corp.	Reduce -1.2%	0.34%	−0.01
TJX TJX Companies Inc.	Reduce -7.6%	0.53%	−0.01
BRK.B Berkshire Hathaway Inc. Class B	Reduce -6.0%	0.16%	−0.01
AQN Algonquin Power & Utilities	Reduce -14.2%	0.01%	−0.01

Portfolio Buys Q3 2024 → Q4 2024


TEL Te Connectivity PLC	New	0.98%	+0.98
BMO Bank of Montreal	Add +1.1%	5.16%	+0.60
ENB Enbridge Inc.	Add +0.8%	4.32%	+0.37
CRM Salesforce Inc.	Add +4.9%	1.08%	+0.27
SLF Sun Life Financial Inc.	Add +2.3%	1.98%	+0.16
PBA Pembina Pipeline Corp.	Add +20.9%	1.32%	+0.15
TFII Tfi International Inc.	Add +393.8%	0.16%	+0.13
RBA RB Global Inc.	Add +1.5%	0.64%	+0.10
CME Cme Group Inc.	Add +8.0%	0.60%	+0.09
ABT Abbott Laboratories	Add +19.8%	0.36%	+0.07
BNS Bank of Nova Scotia	Add +0.1%	1.35%	+0.03
BEP Brookfield Renewable Partner	Add +31.3%	0.36%	+0.03
FTV Fortive Corp.	Add +8.4%	0.41%	+0.03
NVDA Nvidia Corp.	Add +4.3%	0.15%	+0.02
TSLA Tesla Inc.	New	0.02%	+0.02
META Meta Platforms Inc. Class A	Add +4.2%	0.19%	+0.02
ATS Ats Corp.	Add +41.0%	0.05%	+0.02
SPY SS SPDR S&P 500 ETF Trust-US	Add +1.3%	0.24%	+0.02
KGC Kinross Gold Corp.	Add +5.7%	0.09%	+0.01
AEM Agnico Eagle Mines Ltd.	Add +1.1%	0.19%	+0.00
ICE Intercontinental Exchange Inc.	Add +12.3%	0.04%	+0.00
ZTS Zoetis Inc.	Add +26.5%	0.03%	+0.00
PG The Procter & Gamble Co.	Add +0.6%	0.13%	+0.00
FNV Franco-Nevada Corp.	Add +1.8%	0.84%	+0.00
HD Home Depot Inc.	Add +0.1%	0.46%	−0.00
PLD Prologis Inc.	Add +14.5%	0.18%	−0.00
BIPC Brookfield Infrastructure-A	Add +3.1%	0.11%	−0.00
GRTUF Granite Real Estate Investme	Add +10.5%	0.04%	−0.00
MKC McCormick & Co.-Non VTG SHRS	Add +0.7%	0.25%	−0.01
ADBE Adobe Inc.	Add +2.4%	0.09%	−0.01
XOM Exxon Mobil Corp.	Add +0.5%	0.26%	−0.01
NEE Nextera Energy Inc.	Add +1.6%	0.10%	−0.01
MDLZ Mondelez International Inc. Class A	Add +1.6%	0.08%	−0.01
TMO Thermo Fisher Scientific Inc.	Add +3.8%	0.14%	−0.01
NTR Nutrien Ltd.	Add +1.6%	1.05%	−0.02
NKE Nike Inc. Class B	Add +3.5%	0.40%	−0.03
TECK Teck Resources Ltd.-CLS B	Add +0.1%	0.20%	−0.05
CNQ Canadian Natural Resources	Add +0.9%	2.49%	−0.06
FTS Fortis Inc.	Add +1.3%	1.68%	−0.06
CNI Canadian Natl Railway Co.	Add +1.5%	2.89%	−0.27
TU Telus Corp.	Add +1.7%	2.93%	−0.50
BCE Bce Inc.	Add +0.6%	2.34%	−1.02

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	173	$1.2B	RY, TD, BMO, TRP, ENB
Q1 2026	161	$1.2B	RY, TD, BMO, TRP, ENB
Q4 2025	164	$1.1B	RY, TD, BMO, TRP, ENB
Q3 2025	130	$1.1B	RY, BMO, TD, ENB, TRP
Q2 2025	125	$1.0B	RY, BMO, TD, ENB, MSFT
Q1 2025	129	$937.3M	RY, BMO, TD, ENB, TRP
Q4 2024	131	$947.3M	RY, BMO, TD, ENB, TRP
Q3 2024	139	$984.9M	RY, TD, BMO, TRP, ENB
Q2 2024	133	$895.5M	RY, TD, MSFT, BMO, ENB
Q1 2024	139	$928.9M	RY, TD, BMO, MSFT, CNI