Bank of Nova Scotia Trust Co.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Bank of Nova Scotia Trust Co. reported 130 stock positions worth $1.1 billion. Its top holding was Royal Bank of Canada (RY) at 8.6% of the portfolio, followed by Bank of Montreal (BMO, 6.1%) and Toronto-Dominion Bank (TD, 5.5%). Compared with Q2 2025, it opened 11 new positions, sold out of 6, added to 65 and reduced 42. The biggest buy was Alphabet Class A (GOOGL, shares +3%) and the biggest sale Bce (BCE, shares −57%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335382
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001335382-25-000003 ↗ filed Nov 14, 2025
Holdings Value
Holdings 130 stocks · $1.1B
| RY Royal Bank of Canada | 8.61% | 628,780 | $92.6M | Reduce -1.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 6.12% | 505,499 | $65.8M | Reduce -0.9% |
| TD Toronto-Dominion Bank | 5.54% | 745,855 | $59.6M | Reduce -0.5% |
| ENB Enbridge Inc. | 4.63% | 986,348 | $49.8M | Add +0.7% |
| TRP TC Energy Corp. | 4.30% | 850,763 | $46.3M | Add +1.5% |
| MSFT Microsoft Corp. | 4.01% | 83,208 | $43.1M | Reduce -1.0% |
| TU Telus Corp. | 3.38% | 2,308,791 | $36.4M | Add +4.9% |
| BN Brookfield Corp. | 2.62% | 410,464 | $28.1M | Add +0.7% |
| CNI Canadian Natl Railway Co. | 2.40% | 273,754 | $25.8M | Add +2.8% |
| CNQ Canadian Natural Resources | 2.35% | 789,937 | $25.2M | Add +2.2% |
| MFC Manulife Financial Corp. | 2.30% | 794,989 | $24.8M | Add +2.2% |
| GOOGL Alphabet Inc. Class A | 2.26% | 99,842 | $24.3M | Add +3.1% |
| SU Suncor Energy Inc. | 2.02% | 519,893 | $21.7M | Add +3.8% |
| CP Canadian Pacific Kansas City | 1.99% | 286,937 | $21.4M | Reduce -1.6% |
| FTS Fortis Inc. | 1.88% | 397,724 | $20.2M | Add +4.0% |
| JPM JPMorgan Chase & Co. | 1.86% | 63,314 | $20.0M | Reduce -3.0% |
| WCN Waste Connections Inc. | 1.82% | 111,624 | $19.6M | Reduce -2.3% |
| QSR Restaurant Brands Intern | 1.78% | 298,954 | $19.2M | Add +2.8% |
| SLF Sun Life Financial Inc. | 1.74% | 312,076 | $18.7M | Add +0.6% |
| V Visa Inc. Class A | 1.70% | 53,582 | $18.3M | Reduce -1.3% |
| AAPL Apple Inc. | 1.64% | 69,271 | $17.6M | Reduce -0.4% |
| COST Costco Wholesale Corp. | 1.62% | 18,811 | $17.4M | Reduce -0.2% |
| PBA Pembina Pipeline Corp. | 1.58% | 420,123 | $17.0M | Add +9.6% |
| FNV Franco-Nevada Corp. | 1.54% | 74,320 | $16.6M | Add +1.9% |
| AMZN Amazon.com Inc. | 1.53% | 74,809 | $16.4M | Add +2.1% |
| JNJ Johnson & Johnson | 1.46% | 84,640 | $15.7M | Add +0.2% |
| TEL Te Connectivity PLC | 1.30% | 63,585 | $14.0M | Add +1.1% |
| NTR Nutrien Ltd. | 1.22% | 223,787 | $13.1M | Add +3.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.21% | 201,035 | $13.0M | Reduce -0.4% |
| MA Mastercard Inc. Class A | 1.09% | 20,684 | $11.8M | Add +2.8% |
| GIB Cgi Inc. | 1.02% | 123,550 | $11.0M | Add +4.8% |
| MDT Medtronic PLC | 0.99% | 111,669 | $10.6M | Add +0.2% |
| DHR Danaher Corp. | 0.88% | 47,812 | $9.5M | Add +3.3% |
| CRM Salesforce Inc. | 0.77% | 34,891 | $8.3M | Add +4.1% |
| TRI Thomson Reuters Corp. | 0.75% | 51,788 | $8.0M | Reduce -16.4% |
| SHOP Shopify Inc. Class A | 0.74% | 53,545 | $8.0M | Add +1.3% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.73% | 98,996 | $7.9M | Reduce -6.6% |
| RBA RB Global Inc. | 0.68% | 67,587 | $7.3M | Reduce -9.1% |
| CME Cme Group Inc. | 0.68% | 27,011 | $7.3M | Reduce -0.3% |
| BCE Bce Inc. | 0.66% | 303,012 | $7.1M | Reduce -56.5% |
| LIN Linde PLC | 0.64% | 14,469 | $6.9M | Add +4.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.55% | 51,317 | $5.9M | Add +2.6% |
| EMR Emerson Electric Co. | 0.54% | 43,997 | $5.8M | Add +53.6% |
| BEP Brookfield Renewable Partner | 0.53% | 222,477 | $5.7M | Add +25.0% |
| ABT Abbott Laboratories | 0.50% | 40,082 | $5.4M | Add +4.9% |
| STN Stantec Inc. | 0.49% | 48,711 | $5.3M | Reduce -10.3% |
| GOOG Alphabet Inc. Class C | 0.47% | 20,703 | $5.0M | Reduce -2.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.46% | 34,530 | $5.0M | Reduce -9.2% |
| DSGX The Descartes Systems Grp | 0.45% | 51,818 | $4.9M | Reduce -0.5% |
| HON Honeywell International Inc. | 0.42% | 21,637 | $4.6M | Reduce -32.2% |
| CMCSA Comcast Corp. Class A | 0.40% | 138,498 | $4.4M | Add +1.9% |
| HD Home Depot Inc. | 0.38% | 10,175 | $4.1M | Add +2.0% |
| UNH Unitedhealth Group Inc. | 0.37% | 11,524 | $4.0M | Reduce -3.7% |
| AEM Agnico Eagle Mines Ltd. | 0.37% | 23,497 | $4.0M | Add +3.3% |
| NKE Nike Inc. Class B | 0.35% | 53,628 | $3.7M | Add +2.6% |
| NVDA Nvidia Corp. | 0.34% | 19,596 | $3.7M | Add +9.0% |
| XOM Exxon Mobil Corp. | 0.31% | 29,916 | $3.4M | Reduce -3.8% |
| EMA Emera Inc. | 0.30% | 67,433 | $3.2M | Add +1.8% |
| FTV Fortive Corp. | 0.26% | 57,924 | $2.8M | Add +4.1% |
| DD Dupont DE Nemours Inc. | 0.26% | 35,804 | $2.8M | Add +3.0% |
| WPM Wheaton Precious Metals Corp. | 0.25% | 24,428 | $2.7M | Add +56.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 3,773 | $2.5M | Reduce -0.3% |
| ACN Accenture PLC Class A | 0.23% | 9,941 | $2.5M | Add +6.2% |
| MKC McCormick & Co.-Non VTG SHRS | 0.23% | 36,569 | $2.4M | Add +5.2% |
| META Meta Platforms Inc. Class A | 0.22% | 3,191 | $2.3M | Add +17.2% |
| TECK Teck Resources Ltd.-CLS B | 0.21% | 52,609 | $2.3M | Add +3.4% |
| PLD Prologis Inc. | 0.20% | 18,991 | $2.2M | Add +6.0% |
| SHW The Sherwin-Williams Co. | 0.20% | 6,258 | $2.2M | Reduce -9.8% |
| MCD McDonald's Corp. | 0.18% | 6,518 | $2.0M | Reduce -15.2% |
| ORCL Oracle Corp. | 0.18% | 6,954 | $2.0M | Reduce -25.3% |
| WMT Walmart Inc. | 0.18% | 18,421 | $1.9M | Reduce -0.1% |
| CIGI Colliers Intl GR-Subord Vot | 0.17% | 11,983 | $1.9M | Reduce -4.6% |
| BIP Brookfield Infrastructure Pa | 0.15% | 49,098 | $1.6M | Add +3.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 3,146 | $1.6M | Reduce -0.1% |
| KGC Kinross Gold Corp. | 0.14% | 61,046 | $1.5M | No change |
| VLO Valero Energy Corp. | 0.14% | 8,771 | $1.5M | Add +24.0% |
| FSV Firstservice Corp. | 0.14% | 7,642 | $1.5M | Add +1.1% |
| TMO Thermo Fisher Scientific Inc. | 0.13% | 2,920 | $1.4M | Reduce -15.7% |
| TFII Tfi International Inc. | 0.13% | 15,738 | $1.4M | Add +1.1% |
| RTX RTX Corp. | 0.11% | 7,370 | $1.2M | No change |
| WM Waste Management Inc. | 0.11% | 5,514 | $1.2M | Add +11.3% |
| BLK BlackRock Inc. | 0.11% | 1,023 | $1.2M | Add +9.1% |
| CAE Cae Inc. | 0.11% | 38,390 | $1.1M | Reduce -1.5% |
| PGR Progressive Corp. | 0.11% | 4,605 | $1.1M | New |
| RCI Rogers Communications Inc. Class B | 0.11% | 32,806 | $1.1M | Add +15.3% |
| BIPC Brookfield Infrastructure-A | 0.10% | 27,302 | $1.1M | Add +29.7% |
| OTEX Open Text Corp. | 0.10% | 29,860 | $1.1M | Reduce -6.8% |
| PEP Pepsico Inc. | 0.10% | 7,755 | $1.1M | Add +10.8% |
| PG The Procter & Gamble Co. | 0.09% | 6,151 | $945K | Reduce -21.4% |
| UL Unilever PLC | 0.09% | 15,850 | $940K | Add +14.7% |
| AVGO Broadcom Inc. | 0.08% | 2,722 | $898K | Add +31.5% |
| ADBE Adobe Inc. | 0.08% | 2,534 | $894K | Add +7.8% |
| CCJ Cameco Corp. | 0.08% | 10,622 | $891K | Reduce -1.6% |
| DOO BRP Inc./Ca- Sub Voting | 0.08% | 13,940 | $847K | Reduce -0.4% |
| ECL Ecolab Inc. | 0.07% | 2,900 | $794K | Reduce -14.7% |
| SYK Stryker Corp. | 0.07% | 2,148 | $794K | Reduce -20.0% |
| TXN Texas Instruments Inc. | 0.07% | 4,110 | $755K | Add +0.8% |
| WFG West Fraser Timber Co. Ltd. | 0.07% | 10,467 | $712K | Add +161.1% |
| SOBO South Bow Corp. | 0.06% | 23,741 | $672K | Reduce -5.9% |
| ATS Ats Corp. | 0.06% | 25,075 | $657K | Add +15.0% |
Portfolio Sells Q2 2025 → Q3 2025
| BCE Bce Inc. | Reduce -56.5% | 0.66% | −0.86 |
| TRI Thomson Reuters Corp. | Reduce -16.4% | 0.75% | −0.48 |
| HON Honeywell International Inc. | Reduce -32.2% | 0.42% | −0.31 |
| CP Canadian Pacific Kansas City | Reduce -1.6% | 1.99% | −0.29 |
| WCN Waste Connections Inc. | Reduce -2.3% | 1.82% | −0.27 |
| COST Costco Wholesale Corp. | Reduce -0.2% | 1.62% | −0.22 |
| V Visa Inc. Class A | Reduce -1.3% | 1.70% | −0.20 |
| IEFA iShares Core MSCI Eafe ETF | Sold out | 0.00% | −0.16 |
| MSFT Microsoft Corp. | Reduce -1.0% | 4.01% | −0.11 |
| RBA RB Global Inc. | Reduce -9.1% | 0.68% | −0.10 |
| STN Stantec Inc. | Reduce -10.3% | 0.49% | −0.09 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.09 |
| DSGX The Descartes Systems Grp | Reduce -0.5% | 0.45% | −0.07 |
| CME Cme Group Inc. | Reduce -0.3% | 0.68% | −0.06 |
| DE Deere & Co. | Sold out | 0.00% | −0.04 |
| MCD McDonald's Corp. | Reduce -15.2% | 0.18% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -21.4% | 0.09% | −0.03 |
| SHW The Sherwin-Williams Co. | Reduce -9.8% | 0.20% | −0.03 |
| SYK Stryker Corp. | Reduce -20.0% | 0.07% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -23.9% | 0.06% | −0.03 |
| MKTX Marketaxess Holdings Inc. | Sold out | 0.00% | −0.02 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.02 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.02 |
| ORCL Oracle Corp. | Reduce -25.3% | 0.18% | −0.02 |
| ECL Ecolab Inc. | Reduce -14.7% | 0.07% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -3.8% | 0.31% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -15.7% | 0.13% | −0.01 |
| CAE Cae Inc. | Reduce -1.5% | 0.11% | −0.01 |
| KO The Coca-Cola Co. | Reduce -0.1% | 0.05% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -3.0% | 1.86% | −0.01 |
| CM Can Imperial BK of Commerce | Reduce -6.6% | 0.73% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 0.15% | −0.00 |
| SOBO South Bow Corp. | Reduce -5.9% | 0.06% | −0.00 |
| GRTUF Granite Real Estate Investme | Reduce -7.4% | 0.04% | −0.00 |
| WMT Walmart Inc. | Reduce -0.1% | 0.18% | −0.00 |
| TJX TJX Companies Inc. | Reduce -9.2% | 0.46% | +0.00 |
| UNH Unitedhealth Group Inc. | Reduce -3.7% | 0.37% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.3% | 0.23% | +0.00 |
| CCJ Cameco Corp. | Reduce -1.6% | 0.08% | +0.00 |
| OTEX Open Text Corp. | Reduce -6.8% | 0.10% | +0.01 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -0.4% | 0.08% | +0.01 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -4.6% | 0.17% | +0.01 |
| GOOG Alphabet Inc. Class C | Reduce -2.2% | 0.47% | +0.10 |
| BNS Bank of Nova Scotia | Reduce -0.4% | 1.21% | +0.11 |
| TD Toronto-Dominion Bank | Reduce -0.5% | 5.54% | +0.13 |
| AAPL Apple Inc. | Reduce -0.4% | 1.64% | +0.24 |
| RY Royal Bank of Canada | Reduce -1.6% | 8.61% | +0.34 |
| BMO Bank of Montreal | Reduce -0.9% | 6.12% | +0.56 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +3.1% | 2.26% | +0.58 |
| FNV Franco-Nevada Corp. | Add +1.9% | 1.54% | +0.36 |
| TRP TC Energy Corp. | Add +1.5% | 4.30% | +0.28 |
| ENB Enbridge Inc. | Add +0.7% | 4.63% | +0.26 |
| TEL Te Connectivity PLC | Add +1.1% | 1.30% | +0.25 |
| JNJ Johnson & Johnson | Add +0.2% | 1.46% | +0.19 |
| SU Suncor Energy Inc. | Add +3.8% | 2.02% | +0.17 |
| PBA Pembina Pipeline Corp. | Add +9.6% | 1.58% | +0.16 |
| EMR Emerson Electric Co. | Add +53.6% | 0.54% | +0.16 |
| SHOP Shopify Inc. Class A | Add +1.3% | 0.74% | +0.14 |
| BN Brookfield Corp. | Add +0.7% | 2.62% | +0.13 |
| WPM Wheaton Precious Metals Corp. | Add +56.9% | 0.25% | +0.12 |
| PGR Progressive Corp. | New | 0.11% | +0.11 |
| AEM Agnico Eagle Mines Ltd. | Add +3.3% | 0.37% | +0.10 |
| BEP Brookfield Renewable Partner | Add +25.0% | 0.53% | +0.09 |
| FTS Fortis Inc. | Add +4.0% | 1.88% | +0.08 |
| NVDA Nvidia Corp. | Add +9.0% | 0.34% | +0.06 |
| VLO Valero Energy Corp. | Add +24.0% | 0.14% | +0.05 |
| WFG West Fraser Timber Co. Ltd. | Add +161.1% | 0.07% | +0.04 |
| UBER Uber Technologies Inc. | New | 0.04% | +0.04 |
| HWM Howmet Aerospace Inc. | New | 0.03% | +0.03 |
| MDT Medtronic PLC | Add +0.2% | 0.99% | +0.03 |
| WRB WR Berkley Corp. | New | 0.03% | +0.03 |
| AVGO Broadcom Inc. | Add +31.5% | 0.08% | +0.03 |
| HCA HCA Healthcare Inc. | New | 0.03% | +0.03 |
| DD Dupont DE Nemours Inc. | Add +3.0% | 0.26% | +0.02 |
| ELV Elevance Health Inc. | New | 0.02% | +0.02 |
| HD Home Depot Inc. | Add +2.0% | 0.38% | +0.02 |
| RCI Rogers Communications Inc. Class B | Add +15.3% | 0.11% | +0.02 |
| DHI D.R. Horton Inc. | New | 0.02% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.02% | +0.02 |
| META Meta Platforms Inc. Class A | Add +17.2% | 0.22% | +0.02 |
| BAH Booz Allen Hamilton Holdings | New | 0.02% | +0.02 |
| FISV Fiserv Inc. | New | 0.02% | +0.02 |
| BX Blackstone Inc. | New | 0.02% | +0.02 |
| BIPC Brookfield Infrastructure-A | Add +29.7% | 0.10% | +0.02 |
| PLD Prologis Inc. | Add +6.0% | 0.20% | +0.02 |
| BLK BlackRock Inc. | Add +9.1% | 0.11% | +0.01 |
| TECK Teck Resources Ltd.-CLS B | Add +3.4% | 0.21% | +0.01 |
| BEPC Brookfield Renewable Corp. | Add +43.7% | 0.03% | +0.01 |
| PEP Pepsico Inc. | Add +10.8% | 0.10% | +0.01 |
| BKNG Booking Holdings Inc. | Add +35.6% | 0.06% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.4% | 0.05% | +0.01 |
| FSV Firstservice Corp. | Add +1.1% | 0.14% | +0.01 |
| GIL Gildan Activewear Inc. | Add +1.8% | 0.05% | +0.01 |
| UL Unilever PLC | Add +14.7% | 0.09% | +0.00 |
| LIN Linde PLC | Add +4.9% | 0.64% | +0.00 |
| EMA Emera Inc. | Add +1.8% | 0.30% | +0.00 |
| WM Waste Management Inc. | Add +11.3% | 0.11% | +0.00 |
| BAM Brookfield Asset Mgmt-A | Add +2.0% | 0.03% | −0.00 |
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 |