Bank of Nova Scotia Trust Co.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Bank of Nova Scotia Trust Co. reported 125 stock positions worth $1.0 billion. Its top holding was Royal Bank of Canada (RY) at 8.3% of the portfolio, followed by Bank of Montreal (BMO, 5.6%) and Toronto-Dominion Bank (TD, 5.4%). Compared with Q1 2025, it opened 2 new positions, sold out of 6, added to 66 and reduced 49. The biggest buy was Bank of Montreal (BMO, shares +1%) and the biggest sale Bce (BCE, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335382
- Portfolio Value
- $1.0B (Q2 2025)
- SEC Filing
- 0001085146-25-004978 ↗ filed Aug 13, 2025
Holdings Value
Holdings 125 stocks · $1.0B
| RY Royal Bank of Canada | 8.27% | 638,994 | $84.1M | Reduce -1.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 5.55% | 510,282 | $56.5M | Add +0.8% |
| TD Toronto-Dominion Bank | 5.42% | 749,290 | $55.0M | Reduce -1.8% |
| ENB Enbridge Inc. | 4.37% | 979,329 | $44.4M | Add +0.9% |
| MSFT Microsoft Corp. | 4.11% | 84,020 | $41.8M | Reduce -0.2% |
| TRP TC Energy Corp. | 4.03% | 838,447 | $40.9M | Add +0.7% |
| TU Telus Corp. | 3.48% | 2,201,159 | $35.4M | Add +7.6% |
| CNI Canadian Natl Railway Co. | 2.73% | 266,265 | $27.7M | Add +2.9% |
| BN Brookfield Corp. | 2.48% | 407,762 | $25.2M | Add +0.8% |
| MFC Manulife Financial Corp. | 2.45% | 778,048 | $24.9M | Reduce -0.3% |
| CNQ Canadian Natural Resources | 2.39% | 772,886 | $24.3M | Reduce -0.5% |
| CP Canadian Pacific Kansas City | 2.27% | 291,632 | $23.1M | Add +1.7% |
| WCN Waste Connections Inc. | 2.10% | 114,219 | $21.3M | Add +2.0% |
| SLF Sun Life Financial Inc. | 2.03% | 310,147 | $20.6M | Add +2.1% |
| V Visa Inc. Class A | 1.90% | 54,307 | $19.3M | Reduce -0.0% |
| QSR Restaurant Brands Intern | 1.90% | 290,751 | $19.3M | Add +0.2% |
| JPM JPMorgan Chase & Co. | 1.86% | 65,261 | $18.9M | Add +0.8% |
| SU Suncor Energy Inc. | 1.85% | 500,924 | $18.8M | Reduce -2.3% |
| COST Costco Wholesale Corp. | 1.84% | 18,848 | $18.7M | Reduce -0.5% |
| FTS Fortis Inc. | 1.80% | 382,535 | $18.3M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 1.68% | 96,851 | $17.1M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 1.58% | 73,291 | $16.1M | Add +1.6% |
| BCE Bce Inc. | 1.52% | 696,858 | $15.4M | Reduce -26.1% |
| PBA Pembina Pipeline Corp. | 1.42% | 383,368 | $14.4M | Add +6.0% |
| AAPL Apple Inc. | 1.40% | 69,545 | $14.3M | Add +0.6% |
| JNJ Johnson & Johnson | 1.27% | 84,442 | $12.9M | Reduce -1.4% |
| NTR Nutrien Ltd. | 1.24% | 216,921 | $12.6M | Reduce -1.6% |
| TRI Thomson Reuters Corp. | 1.23% | 61,959 | $12.5M | Reduce -3.1% |
| GIB Cgi Inc. | 1.22% | 117,932 | $12.4M | Add +7.2% |
| FNV Franco-Nevada Corp. | 1.18% | 72,973 | $12.0M | Add +2.1% |
| MA Mastercard Inc. Class A | 1.11% | 20,127 | $11.3M | Reduce -1.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.10% | 201,799 | $11.2M | Reduce -5.9% |
| TEL Te Connectivity PLC | 1.04% | 62,909 | $10.6M | Reduce -0.7% |
| MDT Medtronic PLC | 0.96% | 111,420 | $9.7M | Add +0.9% |
| DHR Danaher Corp. | 0.90% | 46,291 | $9.1M | Add +8.8% |
| CRM Salesforce Inc. | 0.90% | 33,513 | $9.1M | Add +7.4% |
| RBA RB Global Inc. | 0.78% | 74,316 | $7.9M | Add +4.7% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.74% | 106,008 | $7.5M | Reduce -4.2% |
| CME Cme Group Inc. | 0.74% | 27,105 | $7.5M | Add +5.0% |
| HON Honeywell International Inc. | 0.73% | 31,908 | $7.4M | Reduce -32.5% |
| LIN Linde PLC | 0.64% | 13,789 | $6.5M | Add +13.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.61% | 50,012 | $6.2M | Add +1.9% |
| SHOP Shopify Inc. Class A | 0.60% | 52,841 | $6.1M | Reduce -2.1% |
| STN Stantec Inc. | 0.58% | 54,336 | $5.9M | Reduce -0.7% |
| DSGX The Descartes Systems Grp | 0.52% | 52,087 | $5.3M | Add +1.0% |
| ABT Abbott Laboratories | 0.51% | 38,218 | $5.2M | Add +16.8% |
| CMCSA Comcast Corp. Class A | 0.48% | 135,924 | $4.9M | Add +2.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.46% | 38,007 | $4.7M | Reduce -7.2% |
| BEP Brookfield Renewable Partner | 0.45% | 177,937 | $4.5M | Add +19.2% |
| EMR Emerson Electric Co. | 0.38% | 28,652 | $3.8M | Add +363.9% |
| GOOG Alphabet Inc. Class C | 0.37% | 21,166 | $3.8M | Add +2.7% |
| UNH Unitedhealth Group Inc. | 0.37% | 11,970 | $3.7M | Reduce -36.8% |
| NKE Nike Inc. Class B | 0.37% | 52,274 | $3.7M | Add +2.1% |
| HD Home Depot Inc. | 0.36% | 9,974 | $3.7M | Reduce -9.5% |
| XOM Exxon Mobil Corp. | 0.33% | 31,081 | $3.4M | Add +33.2% |
| EMA Emera Inc. | 0.30% | 66,218 | $3.0M | New |
| FTV Fortive Corp. | 0.29% | 55,644 | $2.9M | Add +4.5% |
| NVDA Nvidia Corp. | 0.28% | 17,971 | $2.8M | Add +60.8% |
| ACN Accenture PLC Class A | 0.28% | 9,361 | $2.8M | Add +0.7% |
| AEM Agnico Eagle Mines Ltd. | 0.27% | 22,755 | $2.7M | Add +14.0% |
| MKC McCormick & Co.-Non VTG SHRS | 0.26% | 34,765 | $2.6M | Add +5.4% |
| DD Dupont DE Nemours Inc. | 0.23% | 34,771 | $2.4M | Add +2.7% |
| SHW The Sherwin-Williams Co. | 0.23% | 6,935 | $2.4M | Add +17.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 3,785 | $2.3M | Reduce -0.3% |
| MCD McDonald's Corp. | 0.22% | 7,683 | $2.2M | Reduce -30.2% |
| TECK Teck Resources Ltd.-CLS B | 0.20% | 50,893 | $2.1M | Add +7.9% |
| ORCL Oracle Corp. | 0.20% | 9,313 | $2.0M | Reduce -0.3% |
| META Meta Platforms Inc. Class A | 0.20% | 2,722 | $2.0M | Reduce -5.6% |
| PLD Prologis Inc. | 0.19% | 17,908 | $1.9M | Add +2.2% |
| WMT Walmart Inc. | 0.18% | 18,441 | $1.8M | Add +250.4% |
| CIGI Colliers Intl GR-Subord Vot | 0.16% | 12,561 | $1.6M | Add +7.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.16% | 19,351 | $1.6M | No change |
| BIP Brookfield Infrastructure Pa | 0.16% | 47,475 | $1.6M | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 3,149 | $1.5M | Add +1.8% |
| TMO Thermo Fisher Scientific Inc. | 0.14% | 3,465 | $1.4M | Add +8.9% |
| WPM Wheaton Precious Metals Corp. | 0.14% | 15,566 | $1.4M | Add +17.9% |
| TFII Tfi International Inc. | 0.14% | 15,571 | $1.4M | Add +15.8% |
| FSV Firstservice Corp. | 0.13% | 7,559 | $1.3M | Add +2.2% |
| PG The Procter & Gamble Co. | 0.12% | 7,824 | $1.2M | Add +9.1% |
| CAE Cae Inc. | 0.11% | 38,986 | $1.1M | Reduce -3.0% |
| WM Waste Management Inc. | 0.11% | 4,952 | $1.1M | Add +0.8% |
| RTX RTX Corp. | 0.11% | 7,370 | $1.1M | No change |
| SYK Stryker Corp. | 0.10% | 2,685 | $1.1M | Add +0.4% |
| BLK BlackRock Inc. | 0.10% | 938 | $984K | Add +1.1% |
| KGC Kinross Gold Corp. | 0.09% | 61,046 | $954K | No change |
| VLO Valero Energy Corp. | 0.09% | 7,075 | $951K | No change |
| OTEX Open Text Corp. | 0.09% | 32,055 | $936K | Add +0.4% |
| PEP Pepsico Inc. | 0.09% | 6,999 | $924K | Add +3.4% |
| ECL Ecolab Inc. | 0.09% | 3,400 | $916K | Reduce -5.6% |
| ADBE Adobe Inc. | 0.09% | 2,351 | $910K | Reduce -2.0% |
| NEE Nextera Energy Inc. | 0.09% | 12,878 | $894K | Add +0.4% |
| MDLZ Mondelez International Inc. Class A | 0.09% | 13,026 | $878K | Add +0.4% |
| BIPC Brookfield Infrastructure-A | 0.09% | 21,051 | $876K | Reduce -4.1% |
| TXN Texas Instruments Inc. | 0.08% | 4,078 | $847K | Reduce -20.9% |
| UL Unilever PLC | 0.08% | 13,825 | $846K | No change |
| RCI Rogers Communications Inc. Class B | 0.08% | 28,444 | $844K | Reduce -46.4% |
| CCJ Cameco Corp. | 0.08% | 10,796 | $801K | Add +3.8% |
| ATS Ats Corp. | 0.07% | 21,802 | $695K | Add +23.1% |
| DOO BRP Inc./Ca- Sub Voting | 0.07% | 13,996 | $678K | Reduce -2.1% |
| SOBO South Bow Corp. | 0.06% | 25,218 | $653K | Reduce -12.2% |
Portfolio Sells Q1 2025 → Q2 2025
| BCE Bce Inc. | Reduce -26.1% | 1.52% | −0.79 |
| UNH Unitedhealth Group Inc. | Reduce -36.8% | 0.37% | −0.69 |
| HON Honeywell International Inc. | Reduce -32.5% | 0.73% | −0.34 |
| SU Suncor Energy Inc. | Reduce -2.3% | 1.85% | −0.27 |
| JNJ Johnson & Johnson | Reduce -1.4% | 1.27% | −0.25 |
| CNQ Canadian Natural Resources | Reduce -0.5% | 2.39% | −0.17 |
| MFC Manulife Financial Corp. | Reduce -0.3% | 2.45% | −0.15 |
| MCD McDonald's Corp. | Reduce -30.2% | 0.22% | −0.15 |
| V Visa Inc. Class A | Reduce -0.0% | 1.90% | −0.13 |
| VRN Veren Inc. | Sold out | 0.00% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -1.1% | 1.11% | −0.08 |
| COST Costco Wholesale Corp. | Reduce -0.5% | 1.84% | −0.08 |
| FTS Fortis Inc. | Reduce -0.4% | 1.80% | −0.07 |
| HD Home Depot Inc. | Reduce -9.5% | 0.36% | −0.07 |
| LH Labcorp Holdings Inc. | Sold out | 0.00% | −0.07 |
| TJX TJX Companies Inc. | Reduce -7.2% | 0.46% | −0.07 |
| RCI Rogers Communications Inc. Class B | Reduce -46.4% | 0.08% | −0.07 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.07 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.03 |
| KO The Coca-Cola Co. | Reduce -30.3% | 0.05% | −0.03 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.02 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -20.9% | 0.08% | −0.02 |
| SOBO South Bow Corp. | Reduce -12.2% | 0.06% | −0.01 |
| LLY Eli Lilly & Co. | Reduce -9.2% | 0.03% | −0.01 |
| ADBE Adobe Inc. | Reduce -2.0% | 0.09% | −0.01 |
| YUMC Yum China Holdings Inc. | Reduce -1.4% | 0.03% | −0.01 |
| ECL Ecolab Inc. | Reduce -5.6% | 0.09% | −0.01 |
| DE Deere & Co. | Reduce -13.5% | 0.04% | −0.01 |
| CVE Cenovus Energy Inc. | Reduce -8.6% | 0.02% | −0.00 |
| CL Colgate-Palmolive Co. | Reduce -1.4% | 0.02% | −0.00 |
| MKTX Marketaxess Holdings Inc. | Reduce -1.4% | 0.02% | −0.00 |
| VRSK Verisk Analytics Inc. | Reduce -1.9% | 0.02% | −0.00 |
| ICE Intercontinental Exchange Inc. | Reduce -0.3% | 0.03% | −0.00 |
| BEPC Brookfield Renewable Corp. | Reduce -7.3% | 0.02% | +0.00 |
| BIPC Brookfield Infrastructure-A | Reduce -4.1% | 0.09% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.3% | 0.23% | +0.00 |
| MS Morgan Stanley | Reduce -0.7% | 0.05% | +0.01 |
| BKNG Booking Holdings Inc. | Reduce -1.1% | 0.05% | +0.01 |
| CAE Cae Inc. | Reduce -3.0% | 0.11% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -2.5% | 0.04% | +0.01 |
| BNS Bank of Nova Scotia | Reduce -5.9% | 1.10% | +0.01 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -2.1% | 0.07% | +0.02 |
| META Meta Platforms Inc. Class A | Reduce -5.6% | 0.20% | +0.02 |
| TRI Thomson Reuters Corp. | Reduce -3.1% | 1.23% | +0.05 |
| SHOP Shopify Inc. Class A | Reduce -2.1% | 0.60% | +0.05 |
| ORCL Oracle Corp. | Reduce -0.3% | 0.20% | +0.06 |
| CM Can Imperial BK of Commerce | Reduce -4.2% | 0.74% | +0.07 |
| NTR Nutrien Ltd. | Reduce -1.6% | 1.24% | +0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -0.1% | 1.68% | +0.08 |
Portfolio Buys Q1 2025 → Q2 2025
| BMO Bank of Montreal | Add +0.8% | 5.55% | +0.40 |
| TU Telus Corp. | Add +7.6% | 3.48% | +0.35 |
| EMR Emerson Electric Co. | Add +363.9% | 0.38% | +0.30 |
| EMA Emera Inc. | New | 0.30% | +0.30 |
| BN Brookfield Corp. | Add +0.8% | 2.48% | +0.22 |
| SLF Sun Life Financial Inc. | Add +2.1% | 2.03% | +0.17 |
| JPM JPMorgan Chase & Co. | Add +0.8% | 1.86% | +0.17 |
| NVDA Nvidia Corp. | Add +60.8% | 0.28% | +0.15 |
| WMT Walmart Inc. | Add +250.4% | 0.18% | +0.13 |
| CP Canadian Pacific Kansas City | Add +1.7% | 2.27% | +0.13 |
| AMZN Amazon.com Inc. | Add +1.6% | 1.58% | +0.12 |
| BEP Brookfield Renewable Partner | Add +19.2% | 0.45% | +0.09 |
| DIS The Walt Disney Co. | Add +1.9% | 0.61% | +0.09 |
| ABT Abbott Laboratories | Add +16.8% | 0.51% | +0.05 |
| GIB Cgi Inc. | Add +7.2% | 1.22% | +0.04 |
| CNI Canadian Natl Railway Co. | Add +2.9% | 2.73% | +0.04 |
| AEM Agnico Eagle Mines Ltd. | Add +14.0% | 0.27% | +0.04 |
| LIN Linde PLC | Add +13.7% | 0.64% | +0.03 |
| XOM Exxon Mobil Corp. | Add +33.2% | 0.33% | +0.03 |
| CCJ Cameco Corp. | Add +3.8% | 0.08% | +0.03 |
| WPM Wheaton Precious Metals Corp. | Add +17.9% | 0.14% | +0.03 |
| TFII Tfi International Inc. | Add +15.8% | 0.14% | +0.03 |
| GOOG Alphabet Inc. Class C | Add +2.7% | 0.37% | +0.03 |
| ATS Ats Corp. | Add +23.1% | 0.07% | +0.02 |
| VXUS Vanguard Total Intl Stock | New | 0.02% | +0.02 |
| AVGO Broadcom Inc. | Add +0.1% | 0.06% | +0.02 |
| TECK Teck Resources Ltd.-CLS B | Add +7.9% | 0.20% | +0.02 |
| NKE Nike Inc. Class B | Add +2.1% | 0.37% | +0.02 |
| RBA RB Global Inc. | Add +4.7% | 0.78% | +0.02 |
| SHW The Sherwin-Williams Co. | Add +17.2% | 0.23% | +0.01 |
| CIGI Colliers Intl GR-Subord Vot | Add +7.2% | 0.16% | +0.01 |
| BIP Brookfield Infrastructure Pa | Add +1.5% | 0.16% | +0.01 |
| OTEX Open Text Corp. | Add +0.4% | 0.09% | +0.01 |
| CRM Salesforce Inc. | Add +7.4% | 0.90% | +0.01 |
| CME Cme Group Inc. | Add +5.0% | 0.74% | +0.00 |
| BAM Brookfield Asset Mgmt-A | Add +6.1% | 0.03% | +0.00 |
| BLK BlackRock Inc. | Add +1.1% | 0.10% | +0.00 |
| GIL Gildan Activewear Inc. | Add +2.5% | 0.04% | +0.00 |
| GRTUF Granite Real Estate Investme | Add +1.2% | 0.04% | +0.00 |
| FSV Firstservice Corp. | Add +2.2% | 0.13% | −0.00 |
| WFG West Fraser Timber Co. Ltd. | Add +9.2% | 0.03% | −0.00 |
| SYK Stryker Corp. | Add +0.4% | 0.10% | −0.00 |
| PFE Pfizer Inc. | Add +2.0% | 0.02% | −0.00 |
| ZTS Zoetis Inc. | Add +4.6% | 0.03% | −0.00 |
| MRSH Marsh & McLennan Cos | Add +6.8% | 0.02% | −0.00 |
| MDLZ Mondelez International Inc. Class A | Add +0.4% | 0.09% | −0.01 |
| PG The Procter & Gamble Co. | Add +9.1% | 0.12% | −0.01 |
| NEE Nextera Energy Inc. | Add +0.4% | 0.09% | −0.01 |
| WM Waste Management Inc. | Add +0.8% | 0.11% | −0.01 |
| PEP Pepsico Inc. | Add +3.4% | 0.09% | −0.02 |
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 |