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

0$500.0M$1.0B$1.5B Q1 2024: $928.9M Q1 2024 Q2 2024: $895.5M Q2 2024 Q3 2024: $984.9M Q3 2024 Q4 2024: $947.3M Q4 2024 Q1 2025: $937.3M Q1 2025 Q2 2025: $1.0B Q2 2025 Q3 2025: $1.1B $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.2B Q2 2026

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%
BKNG Booking Holdings Inc. 0.06% 118 $637K Add +35.6%
MDLZ Mondelez International Inc. Class A 0.06% 9,919 $620K Reduce -23.9%
MS Morgan Stanley 0.06% 3,830 $609K No change
TSM Taiwan Semiconductor-SP ADR 0.05% 1,904 $532K Add +1.4%
KO The Coca-Cola Co. 0.05% 7,818 $518K Reduce -0.1%
GIL Gildan Activewear Inc. 0.05% 8,651 $500K Add +1.8%
GRTUF Granite Real Estate Investme 0.04% 8,175 $456K Reduce -7.4%
UBER Uber Technologies Inc. 0.04% 3,839 $376K New
BEPC Brookfield Renewable Corp. 0.03% 10,852 $374K Add +43.7%
HWM Howmet Aerospace Inc. 0.03% 1,805 $354K New
LLY Eli Lilly & Co. 0.03% 447 $341K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.03% 4,437 $340K New
BAM Brookfield Asset Mgmt-A 0.03% 5,850 $333K Add +2.0%
HCA HCA Healthcare Inc. 0.03% 677 $289K New
YUMC Yum China Holdings Inc. 0.02% 6,087 $261K No change
ICE Intercontinental Exchange Inc. 0.02% 1,516 $255K Add +2.4%
CVE Cenovus Energy Inc. 0.02% 14,907 $253K No change
ELV Elevance Health Inc. 0.02% 778 $251K New
ZTS Zoetis Inc. 0.02% 1,707 $250K Add +0.9%
DHI D.R. Horton Inc. 0.02% 1,384 $235K New
ASML ASML Holding NV-NY Reg SHS 0.02% 230 $223K New
VXUS Vanguard Total Intl Stock 0.02% 3,000 $220K No change
CL Colgate-Palmolive Co. 0.02% 2,733 $218K No change
PFE Pfizer Inc. 0.02% 8,418 $214K No change
BAH Booz Allen Hamilton Holdings 0.02% 2,129 $213K New
FISV Fiserv Inc. 0.02% 1,604 $207K New
BX Blackstone Inc. 0.02% 1,195 $204K New
AQN Algonquin Power & Utilities 0.01% 24,500 $132K No change
VET Vermilion Energy Inc. 0.01% 10,000 $78K No change
BB Blackberry Ltd. 0.01% 16,000 $78K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 173$1.2BRY, TD, BMO, TRP, ENB
Q1 2026 161$1.2BRY, TD, BMO, TRP, ENB
Q4 2025 164$1.1BRY, TD, BMO, TRP, ENB
Q3 2025 130$1.1BRY, BMO, TD, ENB, TRP
Q2 2025 125$1.0BRY, BMO, TD, ENB, MSFT
Q1 2025 129$937.3MRY, BMO, TD, ENB, TRP
Q4 2024 131$947.3MRY, BMO, TD, ENB, TRP
Q3 2024 139$984.9MRY, TD, BMO, TRP, ENB
Q2 2024 133$895.5MRY, TD, MSFT, BMO, ENB
Q1 2024 139$928.9MRY, TD, BMO, MSFT, CNI