Bank of Nova Scotia Trust Co.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Bank of Nova Scotia Trust Co. reported 129 stock positions worth $937.3 million. Its top holding was Royal Bank of Canada (RY) at 7.8% of the portfolio, followed by Bank of Montreal (BMO, 5.2%) and Toronto-Dominion Bank (TD, 4.9%). Compared with Q4 2024, it opened 5 new positions, sold out of 7, added to 50 and reduced 62. The biggest buy was Franco-Nevada (FNV, shares +6%) and the biggest sale Royal Bank of Canada (RY, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335382
- Portfolio Value
- $937.3M (Q1 2025)
- SEC Filing
- 0001085146-25-002852 ↗ filed May 9, 2025
Holdings Value
Holdings 129 stocks · $937.3M
| RY Royal Bank of Canada | 7.80% | 648,620 | $73.1M | Reduce -1.9% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 5.16% | 506,324 | $48.4M | Add +0.5% |
| TD Toronto-Dominion Bank | 4.88% | 763,185 | $45.7M | Reduce -4.3% |
| ENB Enbridge Inc. | 4.59% | 970,103 | $43.0M | Add +0.7% |
| TRP TC Energy Corp. | 4.20% | 832,985 | $39.3M | Reduce -0.5% |
| MSFT Microsoft Corp. | 3.37% | 84,189 | $31.6M | Reduce -0.2% |
| TU Telus Corp. | 3.13% | 2,045,806 | $29.3M | Reduce -0.2% |
| CNI Canadian Natl Railway Co. | 2.69% | 258,666 | $25.2M | Reduce -4.1% |
| MFC Manulife Financial Corp. | 2.59% | 780,742 | $24.3M | Reduce -2.9% |
| CNQ Canadian Natural Resources | 2.55% | 776,979 | $23.9M | Add +1.9% |
| WCN Waste Connections Inc. | 2.33% | 112,013 | $21.9M | Add +3.0% |
| BCE Bce Inc. | 2.31% | 942,831 | $21.6M | Reduce -1.3% |
| BN Brookfield Corp. | 2.26% | 404,480 | $21.2M | Reduce -1.6% |
| CP Canadian Pacific Kansas City | 2.15% | 286,655 | $20.1M | Add +1.2% |
| SU Suncor Energy Inc. | 2.12% | 512,836 | $19.9M | Reduce -0.0% |
| QSR Restaurant Brands Intern | 2.06% | 290,271 | $19.3M | Add +4.7% |
| V Visa Inc. Class A | 2.03% | 54,317 | $19.0M | Reduce -1.3% |
| COST Costco Wholesale Corp. | 1.91% | 18,946 | $17.9M | Reduce -4.7% |
| FTS Fortis Inc. | 1.87% | 384,203 | $17.5M | Add +0.6% |
| SLF Sun Life Financial Inc. | 1.86% | 303,723 | $17.4M | Reduce -4.0% |
| JPM JPMorgan Chase & Co. | 1.70% | 64,771 | $15.9M | Reduce -3.1% |
| AAPL Apple Inc. | 1.64% | 69,158 | $15.4M | Add +1.3% |
| GOOGL Alphabet Inc. Class A | 1.60% | 96,942 | $15.0M | Reduce -2.3% |
| PBA Pembina Pipeline Corp. | 1.54% | 361,727 | $14.5M | Add +7.2% |
| JNJ Johnson & Johnson | 1.52% | 85,641 | $14.2M | Add +0.6% |
| AMZN Amazon.com Inc. | 1.46% | 72,118 | $13.7M | Reduce -0.2% |
| FNV Franco-Nevada Corp. | 1.20% | 71,450 | $11.3M | Add +6.1% |
| MA Mastercard Inc. Class A | 1.19% | 20,360 | $11.2M | Reduce -3.1% |
| TRI Thomson Reuters Corp. | 1.18% | 63,947 | $11.0M | Reduce -2.4% |
| GIB Cgi Inc. | 1.17% | 110,038 | $11.0M | Reduce -2.8% |
| NTR Nutrien Ltd. | 1.17% | 220,514 | $11.0M | Reduce -0.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.09% | 214,454 | $10.2M | Reduce -9.7% |
| HON Honeywell International Inc. | 1.07% | 47,293 | $10.0M | Add +1.2% |
| MDT Medtronic PLC | 1.06% | 110,464 | $9.9M | Add +0.9% |
| UNH Unitedhealth Group Inc. | 1.06% | 18,929 | $9.9M | Add +3.0% |
| TEL Te Connectivity PLC | 0.96% | 63,359 | $9.0M | Reduce -2.8% |
| DHR Danaher Corp. | 0.93% | 42,545 | $8.7M | Add +2.2% |
| CRM Salesforce Inc. | 0.89% | 31,195 | $8.4M | Add +1.6% |
| RBA RB Global Inc. | 0.76% | 70,955 | $7.1M | Add +5.5% |
| CME Cme Group Inc. | 0.73% | 25,820 | $6.8M | Add +4.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.66% | 110,630 | $6.2M | Reduce -1.7% |
| LIN Linde PLC | 0.60% | 12,132 | $5.6M | Add +3.8% |
| DSGX The Descartes Systems Grp | 0.55% | 51,560 | $5.2M | Add +5.9% |
| SHOP Shopify Inc. Class A | 0.55% | 53,969 | $5.2M | Reduce -8.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.53% | 40,953 | $5.0M | Reduce -0.8% |
| CMCSA Comcast Corp. Class A | 0.52% | 132,433 | $4.9M | Add +0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.52% | 49,074 | $4.8M | Add +5.3% |
| STN Stantec Inc. | 0.48% | 54,738 | $4.5M | Reduce -4.1% |
| ABT Abbott Laboratories | 0.46% | 32,718 | $4.3M | Add +7.9% |
| HD Home Depot Inc. | 0.43% | 11,025 | $4.0M | Reduce -1.4% |
| FTV Fortive Corp. | 0.42% | 53,274 | $3.9M | Add +3.8% |
| MCD McDonald's Corp. | 0.37% | 11,004 | $3.4M | Reduce -1.1% |
| BEP Brookfield Renewable Partner | 0.35% | 149,221 | $3.3M | Add +0.5% |
| NKE Nike Inc. Class B | 0.35% | 51,173 | $3.2M | Add +2.1% |
| GOOG Alphabet Inc. Class C | 0.34% | 20,609 | $3.2M | Reduce -1.4% |
| ACN Accenture PLC Class A | 0.31% | 9,297 | $2.9M | Reduce -1.7% |
| XOM Exxon Mobil Corp. | 0.30% | 23,340 | $2.8M | Add +0.6% |
| MKC McCormick & Co.-Non VTG SHRS | 0.29% | 32,973 | $2.7M | Add +6.2% |
| DD Dupont DE Nemours Inc. | 0.27% | 33,845 | $2.5M | Add +3.6% |
| AEM Agnico Eagle Mines Ltd. | 0.23% | 19,955 | $2.2M | Reduce -12.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 3,798 | $2.1M | Reduce -1.6% |
| SHW The Sherwin-Williams Co. | 0.22% | 5,915 | $2.1M | Add +20.9% |
| PLD Prologis Inc. | 0.21% | 17,520 | $2.0M | Add +11.1% |
| TECK Teck Resources Ltd.-CLS B | 0.18% | 47,158 | $1.7M | Reduce -0.9% |
| META Meta Platforms Inc. Class A | 0.18% | 2,883 | $1.7M | Reduce -4.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.18% | 3,092 | $1.6M | Reduce -9.8% |
| TMO Thermo Fisher Scientific Inc. | 0.17% | 3,182 | $1.6M | Add +26.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.16% | 19,351 | $1.5M | New |
| CIGI Colliers Intl GR-Subord Vot | 0.15% | 11,721 | $1.4M | Reduce -0.1% |
| RCI Rogers Communications Inc. Class B | 0.15% | 53,041 | $1.4M | Reduce -1.0% |
| BIP Brookfield Infrastructure Pa | 0.15% | 46,759 | $1.4M | Add +2.9% |
| ORCL Oracle Corp. | 0.14% | 9,337 | $1.3M | Reduce -32.8% |
| FSV Firstservice Corp. | 0.13% | 7,394 | $1.2M | Add +1.2% |
| PG The Procter & Gamble Co. | 0.13% | 7,169 | $1.2M | Reduce -0.5% |
| NVDA Nvidia Corp. | 0.13% | 11,176 | $1.2M | Add +6.3% |
| WM Waste Management Inc. | 0.12% | 4,915 | $1.1M | Add +4.3% |
| TFII Tfi International Inc. | 0.11% | 13,447 | $1.0M | Add +16.9% |
| WPM Wheaton Precious Metals Corp. | 0.11% | 13,202 | $1.0M | Add +7.2% |
| PEP Pepsico Inc. | 0.11% | 6,769 | $1.0M | Add +0.1% |
| SYK Stryker Corp. | 0.11% | 2,675 | $996K | Reduce -0.1% |
| CAE Cae Inc. | 0.11% | 40,207 | $989K | Reduce -24.0% |
| RTX RTX Corp. | 0.10% | 7,370 | $976K | No change |
| VLO Valero Energy Corp. | 0.10% | 7,075 | $934K | Reduce -1.1% |
| TXN Texas Instruments Inc. | 0.10% | 5,156 | $927K | Reduce -8.7% |
| ADBE Adobe Inc. | 0.10% | 2,400 | $920K | Add +30.9% |
| ECL Ecolab Inc. | 0.10% | 3,600 | $913K | No change |
| NEE Nextera Energy Inc. | 0.10% | 12,822 | $909K | Reduce -0.1% |
| MDLZ Mondelez International Inc. Class A | 0.09% | 12,971 | $880K | Reduce -0.1% |
| BLK BlackRock Inc. | 0.09% | 928 | $878K | Add +5.5% |
| UL Unilever PLC | 0.09% | 13,825 | $823K | Reduce -33.8% |
| OTEX Open Text Corp. | 0.09% | 31,922 | $806K | Reduce -11.9% |
| KO The Coca-Cola Co. | 0.09% | 11,214 | $803K | Reduce -5.7% |
| BIPC Brookfield Infrastructure-A | 0.08% | 21,948 | $794K | Reduce -12.4% |
| KGC Kinross Gold Corp. | 0.08% | 61,046 | $770K | Reduce -34.6% |
| VRN Veren Inc. | 0.08% | 115,185 | $763K | Reduce -0.5% |
| SOBO South Bow Corp. | 0.08% | 28,735 | $733K | Reduce -42.0% |
| EMR Emerson Electric Co. | 0.07% | 6,177 | $677K | Add +7.6% |
| LH Labcorp Holdings Inc. | 0.07% | 2,840 | $661K | Add +7.4% |
| APD Air Products & Chemicals Inc. | 0.07% | 2,100 | $619K | Reduce -27.6% |
| DOO BRP Inc./Ca- Sub Voting | 0.05% | 14,294 | $483K | Reduce -0.3% |
Portfolio Sells Q4 2024 → Q1 2025
| RY Royal Bank of Canada | Reduce -1.9% | 7.80% | −0.61 |
| MSFT Microsoft Corp. | Reduce -0.2% | 3.37% | −0.38 |
| GOOGL Alphabet Inc. Class A | Reduce -2.3% | 1.60% | −0.38 |
| BNS Bank of Nova Scotia | Reduce -9.7% | 1.09% | −0.26 |
| BN Brookfield Corp. | Reduce -1.6% | 2.26% | −0.23 |
| AMZN Amazon.com Inc. | Reduce -0.2% | 1.46% | −0.21 |
| CNI Canadian Natl Railway Co. | Reduce -4.1% | 2.69% | −0.20 |
| GIB Cgi Inc. | Reduce -2.8% | 1.17% | −0.13 |
| SLF Sun Life Financial Inc. | Reduce -4.0% | 1.86% | −0.13 |
| SHOP Shopify Inc. Class A | Reduce -8.0% | 0.55% | −0.11 |
| ORCL Oracle Corp. | Reduce -32.8% | 0.14% | −0.11 |
| CM Can Imperial BK of Commerce | Reduce -1.7% | 0.66% | −0.09 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.08 |
| GOOG Alphabet Inc. Class C | Reduce -1.4% | 0.34% | −0.08 |
| MGA Magna International Inc. | Sold out | 0.00% | −0.05 |
| EL Estee Lauder Companies Class A | Reduce -54.2% | 0.03% | −0.05 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -50.4% | 0.03% | −0.05 |
| SOBO South Bow Corp. | Reduce -42.0% | 0.08% | −0.05 |
| ACN Accenture PLC Class A | Reduce -1.7% | 0.31% | −0.04 |
| UL Unilever PLC | Reduce -33.8% | 0.09% | −0.04 |
| CAE Cae Inc. | Reduce -24.0% | 0.11% | −0.04 |
| GIL Gildan Activewear Inc. | Reduce -39.7% | 0.04% | −0.03 |
| HD Home Depot Inc. | Reduce -1.4% | 0.43% | −0.03 |
| TEL Te Connectivity PLC | Reduce -2.8% | 0.96% | −0.03 |
| BCE Bce Inc. | Reduce -1.3% | 2.31% | −0.03 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -0.3% | 0.05% | −0.03 |
| AME Ametek Inc. | Sold out | 0.00% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -27.6% | 0.07% | −0.02 |
| RCI Rogers Communications Inc. Class B | Reduce -1.0% | 0.15% | −0.02 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.02 |
| OTEX Open Text Corp. | Reduce -11.9% | 0.09% | −0.02 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.02 |
| MIDD Middleby Corp. | Sold out | 0.00% | −0.02 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.02 |
| BIPC Brookfield Infrastructure-A | Reduce -12.4% | 0.08% | −0.02 |
| TECK Teck Resources Ltd.-CLS B | Reduce -0.9% | 0.18% | −0.02 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -0.1% | 0.15% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -8.7% | 0.10% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.6% | 0.23% | −0.01 |
| ICE Intercontinental Exchange Inc. | Reduce -38.7% | 0.03% | −0.01 |
| MFC Manulife Financial Corp. | Reduce -2.9% | 2.59% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -4.7% | 1.91% | −0.01 |
| KGC Kinross Gold Corp. | Reduce -34.6% | 0.08% | −0.01 |
| BX Blackstone Inc. | Reduce -11.3% | 0.02% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -4.1% | 0.18% | −0.01 |
| MS Morgan Stanley | Reduce -1.5% | 0.05% | −0.00 |
| ZTS Zoetis Inc. | Reduce -11.9% | 0.03% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -0.1% | 0.10% | −0.00 |
| AQN Algonquin Power & Utilities | Reduce -13.6% | 0.01% | +0.00 |
| PG The Procter & Gamble Co. | Reduce -0.5% | 0.13% | +0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| FNV Franco-Nevada Corp. | Add +6.1% | 1.20% | +0.37 |
| WCN Waste Connections Inc. | Add +3.0% | 2.33% | +0.36 |
| ENB Enbridge Inc. | Add +0.7% | 4.59% | +0.27 |
| PBA Pembina Pipeline Corp. | Add +7.2% | 1.54% | +0.23 |
| JNJ Johnson & Johnson | Add +0.6% | 1.52% | +0.22 |
| FTS Fortis Inc. | Add +0.6% | 1.87% | +0.19 |
| QSR Restaurant Brands Intern | Add +4.7% | 2.06% | +0.16 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.16% | +0.16 |
| MDT Medtronic PLC | Add +0.9% | 1.06% | +0.14 |
| CME Cme Group Inc. | Add +4.9% | 0.73% | +0.13 |
| RBA RB Global Inc. | Add +5.5% | 0.76% | +0.12 |
| ABT Abbott Laboratories | Add +7.9% | 0.46% | +0.10 |
| LIN Linde PLC | Add +3.8% | 0.60% | +0.09 |
| UNH Unitedhealth Group Inc. | Add +3.0% | 1.06% | +0.08 |
| CNQ Canadian Natural Resources | Add +1.9% | 2.55% | +0.07 |
| SHW The Sherwin-Williams Co. | Add +20.9% | 0.22% | +0.04 |
| LLY Eli Lilly & Co. | New | 0.04% | +0.04 |
| MKC McCormick & Co.-Non VTG SHRS | Add +6.2% | 0.29% | +0.04 |
| WPM Wheaton Precious Metals Corp. | Add +7.2% | 0.11% | +0.04 |
| PLD Prologis Inc. | Add +11.1% | 0.21% | +0.03 |
| XOM Exxon Mobil Corp. | Add +0.6% | 0.30% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +26.2% | 0.17% | +0.03 |
| MRSH Marsh & McLennan Cos | New | 0.02% | +0.02 |
| PAYX Paychex Inc. | New | 0.02% | +0.02 |
| VRSK Verisk Analytics Inc. | New | 0.02% | +0.02 |
| WM Waste Management Inc. | Add +4.3% | 0.12% | +0.02 |
| ADBE Adobe Inc. | Add +30.9% | 0.10% | +0.01 |
| FTV Fortive Corp. | Add +3.8% | 0.42% | +0.01 |
| DD Dupont DE Nemours Inc. | Add +3.6% | 0.27% | +0.01 |
| LH Labcorp Holdings Inc. | Add +7.4% | 0.07% | +0.01 |
| GRTUF Granite Real Estate Investme | Add +8.8% | 0.04% | +0.00 |
| CMCSA Comcast Corp. Class A | Add +0.8% | 0.52% | +0.00 |
| PFE Pfizer Inc. | Add +6.4% | 0.02% | +0.00 |
| BMO Bank of Montreal | Add +0.5% | 5.16% | +0.00 |
| WMT Walmart Inc. | Add +2.1% | 0.05% | +0.00 |
| WFG West Fraser Timber Co. Ltd. | Add +10.9% | 0.03% | −0.00 |
| PEP Pepsico Inc. | Add +0.1% | 0.11% | −0.00 |
| BLK BlackRock Inc. | Add +5.5% | 0.09% | −0.00 |
| BAM Brookfield Asset Mgmt-A | Add +3.3% | 0.03% | −0.00 |
| ATS Ats Corp. | Add +15.5% | 0.05% | −0.00 |
| EMR Emerson Electric Co. | Add +7.6% | 0.07% | −0.00 |
| BIP Brookfield Infrastructure Pa | Add +2.9% | 0.15% | −0.00 |
| BEP Brookfield Renewable Partner | Add +0.5% | 0.35% | −0.00 |
| FSV Firstservice Corp. | Add +1.2% | 0.13% | −0.01 |
| AVGO Broadcom Inc. | Add +7.5% | 0.04% | −0.01 |
| CP Canadian Pacific Kansas City | Add +1.2% | 2.15% | −0.02 |
| NVDA Nvidia Corp. | Add +6.3% | 0.13% | −0.02 |
| DSGX The Descartes Systems Grp | Add +5.9% | 0.55% | −0.03 |
| DIS The Walt Disney Co. | Add +5.3% | 0.52% | −0.03 |
| HON Honeywell International Inc. | Add +1.2% | 1.07% | −0.05 |
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 |