Bank of Nova Scotia Trust Co.

Name: BANK OF NOVA SCOTIA TRUST CO 13F holdings, Q1 2025
Creator: BANK OF NOVA SCOTIA TRUST CO
Published: 2025-05-09

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

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%
WMT Walmart Inc.	0.05%	5,263	$462K	Add +2.1%
MS Morgan Stanley	0.05%	3,857	$450K	Reduce -1.5%
ATS Ats Corp.	0.05%	17,713	$442K	Add +15.5%
DE Deere & Co.	0.05%	925	$434K	No change
CCJ Cameco Corp.	0.05%	10,401	$428K	No change
GRTUF Granite Real Estate Investme	0.04%	8,724	$408K	Add +8.8%
LLY Eli Lilly & Co.	0.04%	492	$406K	New
BKNG Booking Holdings Inc.	0.04%	88	$405K	No change
GIL Gildan Activewear Inc.	0.04%	8,292	$367K	Reduce -39.7%
AVGO Broadcom Inc.	0.04%	2,068	$346K	Add +7.5%
YUMC Yum China Holdings Inc.	0.03%	6,173	$321K	No change
TSM Taiwan Semiconductor-SP ADR	0.03%	1,926	$320K	Reduce -50.4%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.03%	4,580	$302K	Reduce -54.2%
WFG West Fraser Timber Co. Ltd.	0.03%	3,673	$283K	Add +10.9%
ZTS Zoetis Inc.	0.03%	1,618	$266K	Reduce -11.9%
BAM Brookfield Asset Mgmt-A	0.03%	5,409	$262K	Add +3.3%
CL Colgate-Palmolive Co.	0.03%	2,772	$260K	No change
ICE Intercontinental Exchange Inc.	0.03%	1,484	$256K	Reduce -38.7%
BEPC Brookfield Renewable Corp.	0.02%	8,146	$227K	No change
CVE Cenovus Energy Inc.	0.02%	16,307	$227K	No change
BX Blackstone Inc.	0.02%	1,570	$219K	Reduce -11.3%
MRSH Marsh & McLennan Cos	0.02%	889	$217K	New
PFE Pfizer Inc.	0.02%	8,249	$209K	Add +6.4%
PAYX Paychex Inc.	0.02%	1,340	$207K	New
MKTX Marketaxess Holdings Inc.	0.02%	942	$204K	No change
VRSK Verisk Analytics Inc.	0.02%	675	$201K	New
AQN Algonquin Power & Utilities	0.01%	24,500	$126K	Reduce -13.6%
VET Vermilion Energy Inc.	0.01%	10,000	$81K	No change
BB Blackberry Ltd.	0.01%	16,000	$60K	No change

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