Cidel Asset Management Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), Cidel Asset Management Inc. reported 324 stock positions worth $1.3 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Royal Bank of Canada (RY, 4.3%) and RB Global (RBA, 3.8%). Compared with Q4 2023, it opened 22 new positions, sold out of 9, added to 116 and reduced 133. The biggest buy was Astrazeneca PLC-Spons ADR (AZN, shares +16%) and the biggest sale Shopify Class A (SHOP, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001621915
- Portfolio Value
- $1.3B (Q1 2024)
- SEC Filing
- 0001085146-24-002308 ↗ filed May 8, 2024
Holdings Value
Holdings 324 stocks · $1.3B
| MSFT Microsoft Corp. | 5.66% | 176,464 | $74.2M | Reduce -1.2% |
| RY Royal Bank of Canada | 4.26% | 553,786 | $55.9M | Reduce -62.2% |
| RBA RB Global Inc. | 3.84% | 660,189 | $50.3M | Reduce -50.3% |
| V Visa Inc. Class A | 3.64% | 171,050 | $47.7M | Reduce -0.7% |
| AZN Astrazeneca PLC-Spons ADR | 3.36% | 651,121 | $44.1M | Add +16.4% |
| OTEX Open Text Corp. | 3.27% | 1,105,605 | $42.9M | Reduce -46.3% |
| TD Toronto-Dominion Bank | 3.08% | 669,956 | $40.5M | Reduce -63.6% |
| QSR Restaurant Brands Intern | 2.77% | 456,611 | $36.3M | Reduce -50.2% |
| J Jacobs Solutions Inc. | 2.64% | 225,616 | $34.7M | Add +16.6% |
| CNI Canadian Natl Railway Co. | 2.50% | 249,270 | $32.9M | Reduce -62.8% |
| GIB Cgi Inc. | 2.13% | 252,685 | $27.9M | Reduce -57.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.95% | 261,505 | $25.6M | Reduce -64.6% |
| MAR Marriott International Class A | 1.74% | 90,350 | $22.8M | Add +8.3% |
| COP Conocophillips | 1.73% | 178,059 | $22.7M | Reduce -1.6% |
| CL Colgate-Palmolive Co. | 1.70% | 247,929 | $22.3M | Add +0.1% |
| WEC WEC Energy Group Inc. | 1.69% | 269,897 | $22.2M | Reduce -0.6% |
| FMX Fomento Economico Mex-SP ADR | 1.67% | 168,259 | $21.9M | Reduce -3.1% |
| FTS Fortis Inc. | 1.65% | 549,084 | $21.7M | Reduce -53.8% |
| ADI Analog Devices Inc. | 1.62% | 107,542 | $21.3M | Reduce -22.9% |
| SAP Sap SE-Sponsored ADR | 1.56% | 104,993 | $20.5M | New |
| CRM Salesforce Inc. | 1.45% | 63,244 | $19.0M | Reduce -0.8% |
| CBOE Cboe Global Markets Inc. | 1.44% | 103,159 | $19.0M | Reduce -0.2% |
| TRI Thomson Reuters Corp. | 1.43% | 120,613 | $18.8M | Reduce -62.1% |
| WCN Waste Connections Inc. | 1.41% | 107,305 | $18.5M | Reduce -52.8% |
| ZTS Zoetis Inc. | 1.38% | 107,351 | $18.2M | Reduce -0.6% |
| CHD Church & Dwight Co. Inc. | 1.35% | 169,299 | $17.7M | Reduce -0.6% |
| STN Stantec Inc. | 1.32% | 209,216 | $17.4M | Reduce -31.1% |
| CNQ Canadian Natural Resources | 1.30% | 223,515 | $17.1M | Reduce -82.0% |
| BN Brookfield Corp. | 1.26% | 394,678 | $16.5M | Reduce -70.6% |
| CIGI Colliers Intl GR-Subord Vot | 1.16% | 124,344 | $15.2M | Reduce -0.9% |
| ENB Enbridge Inc. | 1.16% | 419,489 | $15.2M | Reduce -76.4% |
| MELI MercadoLibre Inc. | 1.14% | 9,938 | $15.0M | Reduce -5.5% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.14% | 289,445 | $15.0M | Reduce -69.8% |
| ROK Rockwell Automation Inc. | 1.07% | 48,278 | $14.1M | Reduce -0.8% |
| CP Canadian Pacific Kansas City | 1.04% | 155,025 | $13.7M | Reduce -78.9% |
| STGW Stagwell Inc. | 0.97% | 2,039,680 | $12.7M | No change |
| AAPL Apple Inc. | 0.95% | 72,594 | $12.4M | Reduce -4.8% |
| MFC Manulife Financial Corp. | 0.92% | 484,153 | $12.1M | Reduce -76.9% |
| PG The Procter & Gamble Co. | 0.91% | 73,589 | $11.9M | Reduce -0.2% |
| TCN Tricon Residential Inc. | 0.79% | 933,421 | $10.4M | Add +2.7% |
| GRP.U Granite Real Estate Investme | 0.72% | 164,293 | $9.4M | Reduce -1.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.69% | 342,015 | $9.0M | Add +2.5% |
| PBA Pembina Pipeline Corp. | 0.65% | 242,843 | $8.6M | Add +0.7% |
| SU Suncor Energy Inc. | 0.64% | 226,536 | $8.4M | Reduce -76.8% |
| NVEI Nuvei Corp.-Subordinate VTG | 0.63% | 260,153 | $8.2M | Reduce -68.3% |
| DSGX The Descartes Systems Grp | 0.61% | 87,417 | $8.0M | Add +4.0% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 0.56% | 377,055 | $7.3M | Reduce -0.7% |
| TSLA Tesla Inc. | 0.55% | 40,871 | $7.2M | Add +0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.48% | 10 | $6.3M | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.44% | 90,403 | $5.8M | Add +0.3% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.44% | 84,871 | $5.7M | Reduce -1.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO | 0.42% | 109,399 | $5.6M | Reduce -81.9% |
| JPM JPMorgan Chase & Co. | 0.41% | 26,959 | $5.4M | Reduce -8.5% |
| AMZN Amazon.com Inc. | 0.34% | 24,983 | $4.5M | Reduce -8.0% |
| GOOGL Alphabet Inc. Class A | 0.34% | 29,359 | $4.4M | Reduce -1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.33% | 10,152 | $4.3M | Reduce -13.6% |
| BAM Brookfield Asset Mgmt-A | 0.31% | 97,234 | $4.1M | Reduce -71.3% |
| XOM Exxon Mobil Corp. | 0.31% | 34,870 | $4.1M | Add +8.8% |
| PRF Invesco Rafi US 1000 ETF | 0.31% | 105,308 | $4.1M | Reduce -4.0% |
| META Meta Platforms Inc. Class A | 0.31% | 8,248 | $4.0M | Reduce -19.0% |
| GOOG Alphabet Inc. Class C | 0.30% | 25,633 | $3.9M | Reduce -2.4% |
| C Citigroup Inc. | 0.28% | 58,332 | $3.7M | Reduce -1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.26% | 90,153 | $3.4M | Add +2.2% |
| WFC Wells Fargo & Co. | 0.25% | 56,692 | $3.3M | Reduce -1.8% |
| GLD SPDR Gold Shares | 0.25% | 15,914 | $3.3M | No change |
| CCJ Cameco Corp. | 0.25% | 75,000 | $3.2M | Reduce -6.3% |
| CVX Chevron Corp. | 0.25% | 20,489 | $3.2M | Add +4.9% |
| VZ Verizon Communications Inc. | 0.22% | 69,354 | $2.9M | Add +1.9% |
| INTC Intel Corp. | 0.22% | 64,208 | $2.8M | Reduce -10.7% |
| MU Micron Technology Inc. | 0.21% | 23,342 | $2.8M | Reduce -1.1% |
| T AT&T Inc. | 0.20% | 148,366 | $2.6M | Add +2.1% |
| CMCSA Comcast Corp. Class A | 0.19% | 58,542 | $2.5M | Add +0.4% |
| WMT Walmart Inc. | 0.19% | 41,921 | $2.5M | Reduce -1.6% |
| JNJ Johnson & Johnson | 0.19% | 15,779 | $2.5M | Reduce -6.9% |
| NEE Nextera Energy Inc. | 0.18% | 37,130 | $2.4M | Add +18.2% |
| AWK American Water Works Co. Inc. | 0.18% | 19,215 | $2.3M | Add +12.4% |
| UNH Unitedhealth Group Inc. | 0.17% | 4,540 | $2.2M | Add +3.0% |
| VOO Vanguard S&P 500 ETF | 0.17% | 4,506 | $2.2M | Reduce -6.8% |
| CVS CVS Health Corp. | 0.16% | 25,926 | $2.1M | Add +5.4% |
| COST Costco Wholesale Corp. | 0.15% | 2,708 | $2.0M | Reduce -9.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 10,046 | $1.9M | Reduce -4.4% |
| AIG American International Group | 0.14% | 23,658 | $1.8M | No change |
| HD Home Depot Inc. | 0.14% | 4,820 | $1.8M | Reduce -11.5% |
| CSCO Cisco Systems Inc. | 0.13% | 33,117 | $1.7M | Reduce -0.3% |
| GM General Motors Co. | 0.12% | 34,623 | $1.6M | Add +4.9% |
| APD Air Products & Chemicals Inc. | 0.12% | 6,393 | $1.5M | Reduce -90.7% |
| IWF iShares Russell 1000 Growth | 0.12% | 4,485 | $1.5M | No change |
| PFE Pfizer Inc. | 0.11% | 51,732 | $1.4M | Add +14.6% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.11% | 40,303 | $1.4M | No change |
| VEA Vanguard Ftse Developed ETF | 0.10% | 26,846 | $1.3M | No change |
| BCE Bce Inc. | 0.10% | 39,430 | $1.3M | Reduce -8.7% |
| MRK Merck & Co. Inc. | 0.10% | 9,920 | $1.3M | No change |
| SCHW Schwab (charles) Corp. | 0.10% | 18,051 | $1.3M | Add +2.2% |
| SLF Sun Life Financial Inc. | 0.10% | 23,746 | $1.3M | Reduce -91.9% |
| AVGO Broadcom Inc. | 0.10% | 975 | $1.3M | Reduce -10.8% |
| PXF Invesco Rafi Developed Marke | 0.09% | 24,751 | $1.2M | Add +1.4% |
| ABBV Abbvie Inc. | 0.09% | 6,612 | $1.2M | Add +1.8% |
| EWJ iShares MSCI Japan ETF | 0.09% | 16,746 | $1.2M | Add +6.8% |
| CI The Cigna Group | 0.09% | 3,264 | $1.2M | Add +3.5% |
| LMT Lockheed Martin Corp. | 0.09% | 2,587 | $1.2M | Reduce -95.7% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $3.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SHV iShares 0-1 Year Treasury Bo | TRUST ISHARE 0-1 · principal | 9,635 | $1.1M | No change |
| AGG iShares Core U.S. Aggregate | CORE US AGGBD ET · principal | 8,457 | $828K | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | IBOXX INV CP ETF · principal | 6,830 | $744K | Add +7.8% |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | 7,876 | $374K | Add +14.5% |
| MBB iShares MBS ETF | MBS ETF · principal | 2,969 | $274K | Reduce -9.8% |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q4 2023 → Q1 2024
| SHOP Shopify Inc. Class A | Reduce -99.6% | 0.02% | −2.80 |
| CNQ Canadian Natural Resources | Reduce -82.0% | 1.30% | −2.21 |
| RY Royal Bank of Canada | Reduce -62.2% | 4.26% | −2.12 |
| TD Toronto-Dominion Bank | Reduce -63.6% | 3.08% | −2.04 |
| ENB Enbridge Inc. | Reduce -76.4% | 1.16% | −1.60 |
| AEM Agnico Eagle Mines Ltd. | Reduce -97.6% | 0.07% | −1.48 |
| CP Canadian Pacific Kansas City | Reduce -78.9% | 1.04% | −1.47 |
| BMO Bank of Montreal | Reduce -64.6% | 1.95% | −1.21 |
| CNI Canadian Natl Railway Co. | Reduce -62.8% | 2.50% | −1.12 |
| MFC Manulife Financial Corp. | Reduce -76.9% | 0.92% | −1.08 |
| LMT Lockheed Martin Corp. | Reduce -95.7% | 0.09% | −1.08 |
| BN Brookfield Corp. | Reduce -70.6% | 1.26% | −1.06 |
| BNS Bank of Nova Scotia | Reduce -69.8% | 1.14% | −0.87 |
| CM Can Imperial BK of Commerce | Reduce -81.9% | 0.42% | −0.83 |
| TECK Teck Resources Ltd.-CLS B | Reduce -98.1% | 0.03% | −0.74 |
| SU Suncor Energy Inc. | Reduce -76.8% | 0.64% | −0.71 |
| NTR Nutrien Ltd. | Reduce -96.7% | 0.04% | −0.70 |
| WPM Wheaton Precious Metals Corp. | Sold out | 0.00% | −0.70 |
| APD Air Products & Chemicals Inc. | Reduce -90.7% | 0.12% | −0.69 |
| GIB Cgi Inc. | Reduce -57.0% | 2.13% | −0.59 |
| TRI Thomson Reuters Corp. | Reduce -62.1% | 1.43% | −0.57 |
| SLF Sun Life Financial Inc. | Reduce -91.9% | 0.10% | −0.56 |
| B Barrick Gold Corp. | Reduce -95.9% | 0.04% | −0.53 |
| OTEX Open Text Corp. | Reduce -46.3% | 3.27% | −0.46 |
| FTS Fortis Inc. | Reduce -53.8% | 1.65% | −0.45 |
| CVE Cenovus Energy Inc. | Reduce -98.1% | 0.02% | −0.38 |
| QSR Restaurant Brands Intern | Reduce -50.2% | 2.77% | −0.32 |
| NVEI Nuvei Corp.-Subordinate VTG | Reduce -68.3% | 0.63% | −0.30 |
| MGA Magna International Inc. | Sold out | 0.00% | −0.29 |
| BAM Brookfield Asset Mgmt-A | Reduce -71.3% | 0.31% | −0.28 |
| WFG West Fraser Timber Co. Ltd. | Reduce -94.6% | 0.02% | −0.23 |
| ACWI iShares MSCI Acwi ETF | Reduce -89.4% | 0.02% | −0.06 |
| WCN Waste Connections Inc. | Reduce -52.8% | 1.41% | −0.06 |
| ERF Enerplus Corp. | Sold out | 0.00% | −0.04 |
| SHLS Shoals Technologies Group -A | Sold out | 0.00% | −0.02 |
| PLD Prologis Inc. | Sold out | 0.00% | −0.01 |
| X United States Steel Corp. | Sold out | 0.00% | −0.01 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −0.01 |
| AQN Algonquin Power & Utilities | Reduce -58.6% | 0.02% | −0.01 |
| DISH Dish Network Corp. Class A | Sold out | 0.00% | −0.00 |
| TU Telus Corp. | Reduce -39.7% | 0.06% | −0.00 |
| ACB Aurora Cannabis Inc. | Sold out | 0.00% | −0.00 |
| URI United Rentals Inc. | Reduce -55.2% | 0.02% | 0.00 |
| LYG Lloyds Banking Group PLC-ADR | Reduce -25.5% | 0.00% | +0.00 |
| BA The Boeing Co. | Reduce -8.7% | 0.03% | +0.00 |
| CMS CMS Energy Corp. | Reduce -30.7% | 0.02% | +0.01 |
| PPG PPG Industries Inc. | Reduce -3.8% | 0.02% | +0.01 |
| PHM Pultegroup Inc. | Reduce -36.2% | 0.03% | +0.01 |
| RBA RB Global Inc. | Reduce -50.3% | 3.84% | +0.01 |
| BX Blackstone Inc. | Reduce -4.0% | 0.02% | +0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| AZN Astrazeneca PLC-Spons ADR | Add +16.4% | 3.36% | +1.75 |
| J Jacobs Solutions Inc. | Add +16.6% | 2.64% | +1.56 |
| SAP Sap SE-Sponsored ADR | New | 1.56% | +1.56 |
| MAR Marriott International Class A | Add +8.3% | 1.74% | +0.93 |
| CL Colgate-Palmolive Co. | Add +0.1% | 1.70% | +0.85 |
| TCN Tricon Residential Inc. | Add +2.7% | 0.79% | +0.44 |
| IBN Icici Bank Ltd.-Spon ADR | Add +2.5% | 0.69% | +0.35 |
| DSGX The Descartes Systems Grp | Add +4.0% | 0.61% | +0.31 |
| PBA Pembina Pipeline Corp. | Add +0.7% | 0.65% | +0.30 |
| XOM Exxon Mobil Corp. | Add +8.8% | 0.31% | +0.17 |
| RIO Rio Tinto PLC-Spon ADR | Add +0.3% | 0.44% | +0.15 |
| BAC Bank of America Corp. | Add +2.2% | 0.26% | +0.13 |
| CVX Chevron Corp. | Add +4.9% | 0.25% | +0.12 |
| TSLA Tesla Inc. | Add +0.1% | 0.55% | +0.11 |
| VZ Verizon Communications Inc. | Add +1.9% | 0.22% | +0.11 |
| NEE Nextera Energy Inc. | Add +18.2% | 0.18% | +0.10 |
| T AT&T Inc. | Add +2.1% | 0.20% | +0.09 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.08% | +0.08 |
| CMCSA Comcast Corp. Class A | Add +0.4% | 0.19% | +0.08 |
| AWK American Water Works Co. Inc. | Add +12.4% | 0.18% | +0.08 |
| CVS CVS Health Corp. | Add +5.4% | 0.16% | +0.07 |
| UNH Unitedhealth Group Inc. | Add +3.0% | 0.17% | +0.07 |
| GM General Motors Co. | Add +4.9% | 0.12% | +0.07 |
| APH Amphenol Corp. Class A | Add +163.1% | 0.08% | +0.07 |
| PFE Pfizer Inc. | Add +14.6% | 0.11% | +0.05 |
| MPC Marathon Petroleum Corp. | Add +7.0% | 0.09% | +0.05 |
| CI The Cigna Group | Add +3.5% | 0.09% | +0.05 |
| ABBV Abbvie Inc. | Add +1.8% | 0.09% | +0.05 |
| EWJ iShares MSCI Japan ETF | Add +6.8% | 0.09% | +0.05 |
| VLO Valero Energy Corp. | Add +7.1% | 0.08% | +0.05 |
| SCHW Schwab (charles) Corp. | Add +2.2% | 0.10% | +0.05 |
| QCOM Qualcomm Inc. | Add +2.9% | 0.08% | +0.04 |
| PXF Invesco Rafi Developed Marke | Add +1.4% | 0.09% | +0.04 |
| TGT Target Corp. | Add +4.8% | 0.08% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +1.3% | 0.09% | +0.04 |
| MPWR Monolithic Power Systems Inc. | Add +6.0% | 0.08% | +0.04 |
| ELV Elevance Health Inc. | Add +2.4% | 0.08% | +0.04 |
| PEP Pepsico Inc. | Add +3.6% | 0.08% | +0.04 |
| LOW Lowe's Cos Inc. | Add +4.5% | 0.07% | +0.04 |
| BRAG Bragg Gaming Group Inc. | Add +6.2% | 0.06% | +0.04 |
| ENPH Enphase Energy Inc. | Add +56.6% | 0.06% | +0.03 |
| PM Philip Morris International | Add +4.0% | 0.08% | +0.03 |
| MO Altria Group Inc. | Add +4.5% | 0.07% | +0.03 |
| DCBO Docebo Inc. | Add +2.7% | 0.07% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +17.5% | 0.06% | +0.03 |
| RELX Relx PLC - Spon ADR | Add +1.3% | 0.06% | +0.03 |
| RTX RTX Corp. | Add +4.3% | 0.06% | +0.03 |
| KO The Coca-Cola Co. | Add +2.5% | 0.06% | +0.03 |
| KR Kroger Co. | Add +1.6% | 0.05% | +0.03 |
| MS Morgan Stanley | Add +8.3% | 0.06% | +0.03 |
Notes & Other Activity Q4 2023 → Q1 2024
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | IBOXX INV CP ETF · principal | Add +7.8% | 6,830 | $744K |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Add +14.5% | 7,876 | $374K |
| MBB iShares MBS ETF | MBS ETF · principal | Reduce -9.8% | 2,969 | $274K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 479 | $2.1B | RY, AAPL, NVDA, TD, BMO |
| Q1 2026 | 435 | $1.8B | RY, RBA, AZN, FTS, TD |
| Q4 2025 | 365 | $1.4B | MSFT, AZN, RY, V, WTW |
| Q3 2025 | 357 | $1.7B | RY, MSFT, RBA, J, FTS |
| Q2 2025 | 360 | $1.7B | MSFT, RY, RBA, V, ABT |
| Q1 2025 | 340 | $1.5B | RBA, RY, MSFT, WTW, QSR |
| Q4 2024 | 335 | $1.5B | RY, MSFT, RBA, GOOGL, WTW |
| Q3 2024 | 343 | $1.4B | RY, MSFT, RBA, AZN, CNI |
| Q2 2024 | 314 | $1.3B | MSFT, RY, AZN, RBA, V |
| Q1 2024 | 324 | $1.3B | MSFT, RY, RBA, V, AZN |