Bank of Nova Scotia Trust Co.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Bank of Nova Scotia Trust Co. reported 164 stock positions worth $1.1 billion. Its top holding was Royal Bank of Canada (RY) at 9.3% of the portfolio, followed by Toronto-Dominion Bank (TD, 6.2%) and Bank of Montreal (BMO, 5.8%). Compared with Q3 2025, it opened 38 new positions, sold out of 5, added to 69 and reduced 50. The biggest buy was Royal Bank of Canada (RY, shares −0%) and the biggest sale Suncor Energy (SU, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335382
- Portfolio Value
- $1.1B (Q4 2025)
- SEC Filing
- 0001335382-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 164 stocks · $1.1B
| RY Royal Bank of Canada | 9.33% | 628,786 | $107.2M | Add +0.0% |
| TD Toronto-Dominion Bank | 6.23% | 759,986 | $71.6M | Add +1.9% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 5.77% | 511,456 | $66.4M | Add +1.2% |
| TRP TC Energy Corp. | 4.19% | 876,271 | $48.2M | Add +3.0% |
| ENB Enbridge Inc. | 4.14% | 994,053 | $47.5M | Add +0.8% |
| MSFT Microsoft Corp. | 3.56% | 84,570 | $40.9M | Add +1.6% |
| TU Telus Corp. | 2.70% | 2,359,479 | $31.1M | Add +2.2% |
| GOOGL Alphabet Inc. Class A | 2.67% | 98,176 | $30.7M | Reduce -1.7% |
| CNQ Canadian Natural Resources | 2.61% | 885,404 | $30.0M | Add +12.1% |
| BN Brookfield Corp. | 2.61% | 652,930 | $30.0M | Add +6.0% |
| MFC Manulife Financial Corp. | 2.52% | 798,952 | $29.0M | Add +0.5% |
| CNI Canadian Natl Railway Co. | 2.52% | 292,771 | $28.9M | Add +7.0% |
| CP Canadian Pacific Kansas City | 1.97% | 307,056 | $22.6M | Add +7.0% |
| QSR Restaurant Brands Intern | 1.95% | 328,140 | $22.4M | Add +9.8% |
| JPM JPMorgan Chase & Co. | 1.78% | 63,514 | $20.5M | Add +0.3% |
| FTS Fortis Inc. | 1.77% | 391,593 | $20.3M | Reduce -1.5% |
| WCN Waste Connections Inc. | 1.76% | 115,208 | $20.2M | Add +3.2% |
| AAPL Apple Inc. | 1.69% | 71,278 | $19.4M | Add +2.9% |
| SLF Sun Life Financial Inc. | 1.68% | 310,263 | $19.4M | Reduce -0.6% |
| V Visa Inc. Class A | 1.64% | 53,751 | $18.9M | Add +0.3% |
| AMZN Amazon.com Inc. | 1.61% | 80,429 | $18.6M | Add +7.5% |
| PBA Pembina Pipeline Corp. | 1.60% | 482,533 | $18.4M | Add +14.9% |
| JNJ Johnson & Johnson | 1.51% | 84,072 | $17.4M | Reduce -0.7% |
| SU Suncor Energy Inc. | 1.45% | 375,512 | $16.7M | Reduce -27.8% |
| COST Costco Wholesale Corp. | 1.41% | 18,805 | $16.2M | Reduce -0.0% |
| FNV Franco-Nevada Corp. | 1.41% | 78,202 | $16.2M | Add +5.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.35% | 211,386 | $15.6M | Add +5.2% |
| TEL Te Connectivity PLC | 1.26% | 63,562 | $14.5M | Reduce -0.0% |
| NTR Nutrien Ltd. | 1.20% | 222,701 | $13.7M | Reduce -0.5% |
| GIB Cgi Inc. | 1.06% | 132,319 | $12.2M | Add +7.1% |
| MA Mastercard Inc. Class A | 1.00% | 20,216 | $11.5M | Reduce -2.3% |
| DHR Danaher Corp. | 0.98% | 49,294 | $11.3M | Add +3.1% |
| MDT Medtronic PLC | 0.96% | 115,036 | $11.1M | Add +3.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.84% | 105,964 | $9.6M | Add +7.0% |
| SHOP Shopify Inc. Class A | 0.81% | 57,828 | $9.3M | Add +8.0% |
| CRM Salesforce Inc. | 0.80% | 34,603 | $9.2M | Reduce -0.8% |
| RCI Rogers Communications Inc. Class B | 0.76% | 232,193 | $8.8M | Add +607.8% |
| CME Cme Group Inc. | 0.66% | 27,805 | $7.6M | Add +2.9% |
| RBA RB Global Inc. | 0.62% | 69,638 | $7.2M | Add +3.0% |
| LIN Linde PLC | 0.60% | 16,204 | $6.9M | Add +12.0% |
| GOOG Alphabet Inc. Class C | 0.55% | 19,987 | $6.3M | Reduce -3.5% |
| TRI Thomson Reuters Corp. | 0.52% | 45,505 | $6.0M | Reduce -12.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.52% | 52,335 | $6.0M | Add +2.0% |
| EMR Emerson Electric Co. | 0.51% | 44,325 | $5.9M | Add +0.8% |
| ABT Abbott Laboratories | 0.50% | 46,070 | $5.8M | Add +14.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.48% | 35,899 | $5.5M | Add +4.0% |
| HON Honeywell International Inc. | 0.41% | 24,358 | $4.8M | Add +12.6% |
| BCE Bce Inc. | 0.39% | 189,079 | $4.5M | Reduce -37.6% |
| UNH Unitedhealth Group Inc. | 0.38% | 13,159 | $4.3M | Add +14.2% |
| CMCSA Comcast Corp. Class A | 0.37% | 140,673 | $4.2M | Add +1.6% |
| AEM Agnico Eagle Mines Ltd. | 0.35% | 23,559 | $4.0M | Add +0.3% |
| STN Stantec Inc. | 0.33% | 39,964 | $3.8M | Reduce -18.0% |
| XOM Exxon Mobil Corp. | 0.33% | 31,214 | $3.8M | Add +4.3% |
| NVDA Nvidia Corp. | 0.32% | 19,797 | $3.7M | Add +1.0% |
| CAE Cae Inc. | 0.31% | 117,602 | $3.6M | Add +206.3% |
| HD Home Depot Inc. | 0.30% | 10,048 | $3.5M | Reduce -1.3% |
| FTV Fortive Corp. | 0.30% | 61,866 | $3.4M | Add +6.8% |
| EMA Emera Inc. | 0.29% | 67,373 | $3.3M | Reduce -0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.29% | 4,863 | $3.3M | Add +28.9% |
| MKC McCormick & Co.-Non VTG SHRS | 0.28% | 47,802 | $3.3M | Add +30.7% |
| PLD Prologis Inc. | 0.26% | 22,964 | $2.9M | Add +20.9% |
| META Meta Platforms Inc. Class A | 0.25% | 4,306 | $2.8M | Add +34.9% |
| WPM Wheaton Precious Metals Corp. | 0.25% | 24,171 | $2.8M | Reduce -1.1% |
| BIP Brookfield Infrastructure Pa | 0.23% | 75,366 | $2.6M | Add +53.5% |
| ACN Accenture PLC Class A | 0.21% | 9,033 | $2.4M | Reduce -9.1% |
| TECK Teck Resources Ltd.-CLS B | 0.19% | 45,524 | $2.2M | Reduce -13.5% |
| DSGX The Descartes Systems Grp | 0.19% | 24,542 | $2.2M | Reduce -52.6% |
| SHW The Sherwin-Williams Co. | 0.19% | 6,625 | $2.1M | Add +5.9% |
| CIGI Colliers Intl GR-Subord Vot | 0.18% | 14,439 | $2.1M | Add +20.5% |
| TFII Tfi International Inc. | 0.18% | 20,223 | $2.1M | Add +28.5% |
| BGSI Boyd Group Services Inc. | 0.17% | 12,389 | $2.0M | New |
| MCD McDonald's Corp. | 0.17% | 6,416 | $2.0M | Reduce -1.6% |
| WMT Walmart Inc. | 0.17% | 17,451 | $1.9M | Reduce -5.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.16% | 3,691 | $1.9M | Add +17.3% |
| ORCL Oracle Corp. | 0.16% | 9,150 | $1.8M | Add +31.6% |
| KGC Kinross Gold Corp. | 0.15% | 61,046 | $1.7M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.15% | 2,882 | $1.7M | Reduce -1.3% |
| OTEX Open Text Corp. | 0.14% | 50,069 | $1.6M | Add +67.7% |
| Q Qnity Electronics Inc. | 0.14% | 19,849 | $1.6M | Add +10.9% |
| AVGO Broadcom Inc. | 0.14% | 4,488 | $1.6M | Add +64.9% |
| PGR Progressive Corp. | 0.13% | 6,699 | $1.5M | Add +45.5% |
| FSV Firstservice Corp. | 0.13% | 9,484 | $1.5M | Add +24.1% |
| VLO Valero Energy Corp. | 0.12% | 8,756 | $1.4M | Reduce -0.2% |
| RTX RTX Corp. | 0.12% | 7,770 | $1.4M | Add +5.4% |
| DOO BRP Inc./Ca- Sub Voting | 0.11% | 17,521 | $1.2M | Add +25.7% |
| BIPC Brookfield Infrastructure-A | 0.10% | 25,301 | $1.1M | Reduce -7.3% |
| WM Waste Management Inc. | 0.10% | 5,097 | $1.1M | Reduce -7.6% |
| PANW Palo Alto Networks Inc. | 0.09% | 5,812 | $1.1M | New |
| BLK BlackRock Inc. | 0.09% | 967 | $1.0M | Reduce -5.5% |
| UL Unilever PLC-Sponsored ADR | 0.09% | 15,628 | $1.0M | Add +11.0% |
| NKE Nike Inc. Class B | 0.09% | 15,972 | $1.0M | Reduce -70.2% |
| GIL Gildan Activewear Inc. | 0.09% | 15,732 | $983K | Add +81.8% |
| CSCO Cisco Systems Inc. | 0.08% | 12,471 | $961K | New |
| CCJ Cameco Corp. | 0.08% | 10,407 | $952K | Reduce -2.0% |
| PG The Procter & Gamble Co. | 0.08% | 6,082 | $872K | Reduce -1.1% |
| ATS Ats Corp. | 0.07% | 30,514 | $840K | Add +21.7% |
| ECL Ecolab Inc. | 0.07% | 2,900 | $761K | No change |
| SYK Stryker Corp. | 0.07% | 2,147 | $755K | Reduce -0.1% |
| TXN Texas Instruments Inc. | 0.06% | 4,081 | $708K | Reduce -0.7% |
| WFG West Fraser Timber Co. Ltd. | 0.06% | 10,728 | $656K | Add +2.5% |
Portfolio Sells Q3 2025 → Q4 2025
| SU Suncor Energy Inc. | Reduce -27.8% | 1.45% | −0.57 |
| BEP Brookfield Renewable Partner | Reduce -95.2% | 0.03% | −0.51 |
| BCE Bce Inc. | Reduce -37.6% | 0.39% | −0.27 |
| DSGX The Descartes Systems Grp | Reduce -52.6% | 0.19% | −0.27 |
| NKE Nike Inc. Class B | Reduce -70.2% | 0.09% | −0.26 |
| TRI Thomson Reuters Corp. | Reduce -12.1% | 0.52% | −0.23 |
| DD Dupont DE Nemours Inc. | Reduce -60.3% | 0.05% | −0.21 |
| COST Costco Wholesale Corp. | Reduce -0.0% | 1.41% | −0.21 |
| STN Stantec Inc. | Reduce -18.0% | 0.33% | −0.16 |
| FTS Fortis Inc. | Reduce -1.5% | 1.77% | −0.11 |
| MA Mastercard Inc. Class A | Reduce -2.3% | 1.00% | −0.09 |
| HD Home Depot Inc. | Reduce -1.3% | 0.30% | −0.08 |
| PEP Pepsico Inc. | Reduce -73.6% | 0.03% | −0.08 |
| SLF Sun Life Financial Inc. | Reduce -0.6% | 1.68% | −0.06 |
| TEL Te Connectivity PLC | Reduce -0.0% | 1.26% | −0.04 |
| HWM Howmet Aerospace Inc. | Sold out | 0.00% | −0.03 |
| ADBE Adobe Inc. | Reduce -26.1% | 0.06% | −0.03 |
| NTR Nutrien Ltd. | Reduce -0.5% | 1.20% | −0.03 |
| TECK Teck Resources Ltd.-CLS B | Reduce -13.5% | 0.19% | −0.02 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.02 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.02 |
| BLK BlackRock Inc. | Reduce -5.5% | 0.09% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -17.8% | 0.04% | −0.02 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.02 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.02 |
| ACN Accenture PLC Class A | Reduce -9.1% | 0.21% | −0.02 |
| WM Waste Management Inc. | Reduce -7.6% | 0.10% | −0.02 |
| VLO Valero Energy Corp. | Reduce -0.2% | 0.12% | −0.01 |
| MCD McDonald's Corp. | Reduce -1.6% | 0.17% | −0.01 |
| MS Morgan Stanley | Reduce -25.7% | 0.04% | −0.01 |
| EMA Emera Inc. | Reduce -0.1% | 0.29% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 0.08% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -0.7% | 0.06% | −0.01 |
| SYK Stryker Corp. | Reduce -0.1% | 0.07% | −0.01 |
| BAM Brookfield Asset Mgmt-A | Reduce -12.7% | 0.02% | −0.01 |
| WMT Walmart Inc. | Reduce -5.3% | 0.17% | −0.01 |
| WPM Wheaton Precious Metals Corp. | Reduce -1.1% | 0.25% | −0.01 |
| SOBO South Bow Corp. | Reduce -0.6% | 0.06% | −0.01 |
| BIPC Brookfield Infrastructure-A | Reduce -7.3% | 0.10% | −0.00 |
| BEPC Brookfield Renewable Corp. | Reduce -14.5% | 0.03% | −0.00 |
| CL Colgate-Palmolive Co. | Reduce -4.5% | 0.02% | −0.00 |
| PFE Pfizer Inc. | Reduce -3.6% | 0.02% | −0.00 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -13.0% | 0.02% | −0.00 |
| GRTUF Granite Real Estate Investme | Reduce -2.6% | 0.04% | −0.00 |
| KO The Coca-Cola Co. | Reduce -0.0% | 0.05% | −0.00 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -3.0% | 0.05% | −0.00 |
| AQN Algonquin Power & Utilities | Reduce -8.2% | 0.01% | −0.00 |
| YUMC Yum China Holdings Inc. | Reduce -4.5% | 0.02% | −0.00 |
| CCJ Cameco Corp. | Reduce -2.0% | 0.08% | 0.00 |
| HCA HCA Healthcare Inc. | Reduce -0.9% | 0.03% | +0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| RY Royal Bank of Canada | Add +0.0% | 9.33% | +0.72 |
| TD Toronto-Dominion Bank | Add +1.9% | 6.23% | +0.69 |
| RCI Rogers Communications Inc. Class B | Add +607.8% | 0.76% | +0.66 |
| CNQ Canadian Natural Resources | Add +12.1% | 2.61% | +0.26 |
| MFC Manulife Financial Corp. | Add +0.5% | 2.52% | +0.22 |
| CAE Cae Inc. | Add +206.3% | 0.31% | +0.21 |
| BGSI Boyd Group Services Inc. | New | 0.17% | +0.17 |
| QSR Restaurant Brands Intern | Add +9.8% | 1.95% | +0.17 |
| BNS Bank of Nova Scotia | Add +5.2% | 1.35% | +0.15 |
| CNI Canadian Natl Railway Co. | Add +7.0% | 2.52% | +0.12 |
| DHR Danaher Corp. | Add +3.1% | 0.98% | +0.10 |
| CM Can Imperial BK of Commerce | Add +7.0% | 0.84% | +0.10 |
| PANW Palo Alto Networks Inc. | New | 0.09% | +0.09 |
| AMZN Amazon.com Inc. | Add +7.5% | 1.61% | +0.09 |
| CSCO Cisco Systems Inc. | New | 0.08% | +0.08 |
| BIP Brookfield Infrastructure Pa | Add +53.5% | 0.23% | +0.08 |
| SHOP Shopify Inc. Class A | Add +8.0% | 0.81% | +0.07 |
| MKC McCormick & Co.-Non VTG SHRS | Add +30.7% | 0.28% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +28.9% | 0.29% | +0.05 |
| TFII Tfi International Inc. | Add +28.5% | 0.18% | +0.05 |
| PLD Prologis Inc. | Add +20.9% | 0.26% | +0.05 |
| AVGO Broadcom Inc. | Add +64.9% | 0.14% | +0.05 |
| MGA Magna International Inc. | New | 0.05% | +0.05 |
| BDX Becton Dickinson and Co. | New | 0.05% | +0.05 |
| AAPL Apple Inc. | Add +2.9% | 1.69% | +0.05 |
| MEOH Methanex Corp. | New | 0.05% | +0.05 |
| BAC Bank of America Corp. | New | 0.04% | +0.04 |
| BSX Boston Scientific Corp. | New | 0.04% | +0.04 |
| IBKR Interactive Brokers Gro Class A | New | 0.04% | +0.04 |
| GIB Cgi Inc. | Add +7.1% | 1.06% | +0.04 |
| GIL Gildan Activewear Inc. | Add +81.8% | 0.09% | +0.04 |
| OTEX Open Text Corp. | Add +67.7% | 0.14% | +0.04 |
| AFG American Financial Group Inc. | New | 0.03% | +0.03 |
| FTV Fortive Corp. | Add +6.8% | 0.30% | +0.03 |
| AME Ametek Inc. | New | 0.03% | +0.03 |
| MNST Monster Beverage Corp. | New | 0.03% | +0.03 |
| IQV Iqvia Holdings Inc. | New | 0.03% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.03% | +0.03 |
| META Meta Platforms Inc. Class A | Add +34.9% | 0.25% | +0.03 |
| DOO BRP Inc./Ca- Sub Voting | Add +25.7% | 0.11% | +0.03 |
| ETR Entergy Corp. | New | 0.03% | +0.03 |
| PGR Progressive Corp. | Add +45.5% | 0.13% | +0.03 |
| GWRE Guidewire Software Inc. | New | 0.03% | +0.03 |
| MRK Merck & Co. Inc. | New | 0.03% | +0.03 |
| PM Philip Morris International | New | 0.02% | +0.02 |
| AX Axos Financial Inc. | New | 0.02% | +0.02 |
| CVX Chevron Corp. | New | 0.02% | +0.02 |
| PEG Public Service Enterprise GP | New | 0.02% | +0.02 |
| CNP Centerpoint Energy Inc. | New | 0.02% | +0.02 |
| OZK Bank Ozk | New | 0.02% | +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 |