Bank of Nova Scotia Trust Co.

Name: BANK OF NOVA SCOTIA TRUST CO 13F holdings, Q2 2025
Creator: BANK OF NOVA SCOTIA TRUST CO
Published: 2025-08-13

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

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%
AVGO Broadcom Inc.	0.06%	2,070	$571K	Add +0.1%
KO The Coca-Cola Co.	0.05%	7,822	$553K	Reduce -30.3%
MS Morgan Stanley	0.05%	3,830	$539K	Reduce -0.7%
BKNG Booking Holdings Inc.	0.05%	87	$504K	Reduce -1.1%
GRTUF Granite Real Estate Investme	0.04%	8,831	$448K	Add +1.2%
TSM Taiwan Semiconductor-SP ADR	0.04%	1,878	$425K	Reduce -2.5%
GIL Gildan Activewear Inc.	0.04%	8,499	$418K	Add +2.5%
DE Deere & Co.	0.04%	800	$407K	Reduce -13.5%
LLY Eli Lilly & Co.	0.03%	447	$348K	Reduce -9.2%
BAM Brookfield Asset Mgmt-A	0.03%	5,737	$317K	Add +6.1%
WFG West Fraser Timber Co. Ltd.	0.03%	4,009	$294K	Add +9.2%
YUMC Yum China Holdings Inc.	0.03%	6,087	$272K	Reduce -1.4%
ICE Intercontinental Exchange Inc.	0.03%	1,480	$272K	Reduce -0.3%
ZTS Zoetis Inc.	0.03%	1,692	$264K	Add +4.6%
CL Colgate-Palmolive Co.	0.02%	2,733	$248K	Reduce -1.4%
BEPC Brookfield Renewable Corp.	0.02%	7,552	$248K	Reduce -7.3%
MRSH Marsh & McLennan Cos	0.02%	949	$207K	Add +6.8%
MKTX Marketaxess Holdings Inc.	0.02%	929	$207K	Reduce -1.4%
VXUS Vanguard Total Intl Stock	0.02%	3,000	$207K	New
VRSK Verisk Analytics Inc.	0.02%	662	$206K	Reduce -1.9%
PFE Pfizer Inc.	0.02%	8,418	$204K	Add +2.0%
CVE Cenovus Energy Inc.	0.02%	14,907	$203K	Reduce -8.6%
AQN Algonquin Power & Utilities	0.01%	24,500	$140K	No change
BB Blackberry Ltd.	0.01%	16,000	$73K	No change
VET Vermilion Energy Inc.	0.01%	10,000	$73K	No change

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