Cidel Asset Management Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 4, 2024), Cidel Asset Management Inc. reported 343 stock positions worth $1.4 billion. Its top holding was Royal Bank of Canada (RY) at 5.1% of the portfolio, followed by Microsoft (MSFT, 4.8%) and RB Global (RBA, 3.9%). Compared with Q2 2024, it opened 32 new positions, sold out of 3, added to 113 and reduced 110. The biggest buy was Abbott Laboratories (ABT, shares +2870%) and the biggest sale Fomento Economico Mex-SP ADR (FMX, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001621915
- Portfolio Value
- $1.4B (Q3 2024)
- SEC Filing
- 0001085146-24-005320 ↗ filed Nov 4, 2024
Holdings Value
Holdings 343 stocks · $1.4B
| RY Royal Bank of Canada | 5.05% | 572,071 | $71.5M | Add +3.3% |
| MSFT Microsoft Corp. | 4.81% | 158,025 | $68.0M | Reduce -4.8% |
| RBA RB Global Inc. | 3.87% | 678,868 | $54.7M | Add +1.0% |
| AZN Astrazeneca PLC-Spons ADR | 3.64% | 660,846 | $51.5M | Add +0.1% |
| CNI Canadian Natl Railway Co. | 3.06% | 368,941 | $43.3M | Add +46.6% |
| FTS Fortis Inc. | 3.00% | 932,266 | $42.4M | Add +19.1% |
| QSR Restaurant Brands Intern | 2.69% | 527,473 | $38.1M | Add +5.8% |
| GIB Cgi Inc. | 2.46% | 302,564 | $34.9M | Add +18.8% |
| TD Toronto-Dominion Bank | 2.45% | 546,635 | $34.6M | Add +9.2% |
| V Visa Inc. Class A | 2.34% | 120,305 | $33.1M | Reduce -29.8% |
| OTEX Open Text Corp. | 2.16% | 917,905 | $30.6M | Reduce -17.1% |
| J Jacobs Solutions Inc. | 2.11% | 227,493 | $29.8M | Add +13.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.79% | 412,057 | $25.3M | Add +298.2% |
| CL Colgate-Palmolive Co. | 1.74% | 237,656 | $24.7M | Reduce -3.5% |
| SAP Sap SE-Sponsored ADR | 1.73% | 106,655 | $24.4M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 1.62% | 137,945 | $22.9M | Add +5.1% |
| ZTS Zoetis Inc. | 1.61% | 116,318 | $22.7M | Reduce -13.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.59% | 248,971 | $22.5M | Reduce -1.6% |
| ABT Abbott Laboratories | 1.59% | 197,197 | $22.5M | Add +2869.8% |
| MAR Marriott International Class A | 1.52% | 86,445 | $21.5M | Add +13.0% |
| TRI Thomson Reuters Corp. | 1.52% | 125,526 | $21.4M | Add +1.7% |
| JPM JPMorgan Chase & Co. | 1.46% | 98,214 | $20.7M | Reduce -0.0% |
| MELI MercadoLibre Inc. | 1.45% | 9,989 | $20.5M | Add +0.3% |
| WCN Waste Connections Inc. | 1.41% | 111,663 | $20.0M | Add +1.6% |
| CIGI Colliers Intl GR-Subord Vot | 1.38% | 128,068 | $19.5M | Add +0.1% |
| CBOE Cboe Global Markets Inc. | 1.29% | 89,318 | $18.3M | Reduce -12.0% |
| AAPL Apple Inc. | 1.29% | 78,395 | $18.3M | Reduce -0.4% |
| WEC WEC Energy Group Inc. | 1.29% | 189,479 | $18.2M | Add +0.4% |
| ADI Analog Devices Inc. | 1.27% | 78,040 | $18.0M | Reduce -27.1% |
| CMS CMS Energy Corp. | 1.20% | 241,051 | $17.0M | Add +0.3% |
| COP Conocophillips | 1.18% | 158,308 | $16.7M | Reduce -9.5% |
| CRM Salesforce Inc. | 1.12% | 58,056 | $15.9M | Add +0.7% |
| MFC Manulife Financial Corp. | 1.02% | 489,507 | $14.5M | Add +2.8% |
| STGW Stagwell Inc. | 1.01% | 2,039,680 | $14.3M | No change |
| AQN Algonquin Power & Utilities | 0.97% | 2,500,011 | $13.7M | Add +7339.2% |
| PG The Procter & Gamble Co. | 0.95% | 77,369 | $13.4M | Add +1.5% |
| BN Brookfield Corp. | 0.94% | 249,954 | $13.3M | Reduce -33.9% |
| STN Stantec Inc. | 0.93% | 163,807 | $13.2M | Reduce -23.9% |
| CP Canadian Pacific Kansas City | 0.93% | 152,847 | $13.1M | Add +1.4% |
| UBER Uber Technologies Inc. | 0.91% | 171,442 | $12.9M | New |
| GRP.U Granite Real Estate Investme | 0.88% | 206,439 | $12.5M | Add +21.5% |
| LLY Eli Lilly & Co. | 0.80% | 12,689 | $11.2M | Add +26.6% |
| DSGX The Descartes Systems Grp | 0.78% | 107,204 | $11.0M | Add +2.9% |
| PBA Pembina Pipeline Corp. | 0.73% | 251,518 | $10.4M | Add +0.8% |
| IBN Icici Bank Ltd.-Spon ADR | 0.69% | 325,363 | $9.7M | Reduce -9.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.67% | 173,071 | $9.4M | Reduce -39.6% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 0.66% | 422,740 | $9.3M | Add +4.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.65% | 129,203 | $9.2M | Add +1.9% |
| CNQ Canadian Natural Resources | 0.52% | 220,407 | $7.3M | Reduce -47.1% |
| SU Suncor Energy Inc. | 0.51% | 196,916 | $7.3M | Reduce -14.1% |
| TSLA Tesla Inc. | 0.49% | 26,477 | $6.9M | Reduce -1.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.49% | 10 | $6.9M | Reduce -99.9% |
| VIG Vanguard Dividend Apprec ETF | 0.46% | 33,060 | $6.5M | New |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.44% | 86,831 | $6.2M | Add +2.3% |
| VEA Vanguard Ftse Developed ETF | 0.38% | 101,546 | $5.4M | Add +278.3% |
| VOO Vanguard S&P 500 ETF | 0.37% | 9,906 | $5.2M | Add +119.8% |
| XOM Exxon Mobil Corp. | 0.35% | 42,721 | $5.0M | Add +6.6% |
| PRF Invesco Rafi US 1000 ETF | 0.35% | 121,330 | $4.9M | Add +3.4% |
| AMZN Amazon.com Inc. | 0.33% | 24,714 | $4.6M | Add +1.4% |
| GOOG Alphabet Inc. Class C | 0.31% | 26,036 | $4.4M | Add +1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.31% | 9,418 | $4.3M | New |
| NGG National Grid PLC-SP ADR | 0.28% | 56,562 | $3.9M | New |
| META Meta Platforms Inc. Class A | 0.28% | 6,817 | $3.9M | Reduce -8.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.25% | 90,482 | $3.6M | Reduce -3.8% |
| CCJ Cameco Corp. | 0.25% | 75,000 | $3.6M | No change |
| CVX Chevron Corp. | 0.24% | 22,572 | $3.3M | Add +6.0% |
| WMT Walmart Inc. | 0.22% | 38,663 | $3.1M | Reduce -5.1% |
| NEE Nextera Energy Inc. | 0.21% | 35,939 | $3.0M | Add +1.6% |
| VZ Verizon Communications Inc. | 0.21% | 67,395 | $3.0M | Reduce -4.1% |
| AWK American Water Works Co. Inc. | 0.21% | 20,419 | $3.0M | Add +2.8% |
| IVV iShares Core S&P 500 ETF | 0.21% | 5,096 | $2.9M | New |
| T AT&T Inc. | 0.21% | 133,243 | $2.9M | Reduce -8.3% |
| WFC Wells Fargo & Co. | 0.20% | 49,981 | $2.8M | Reduce -5.9% |
| UNH Unitedhealth Group Inc. | 0.20% | 4,804 | $2.8M | Add +1.4% |
| ENB Enbridge Inc. | 0.19% | 66,572 | $2.7M | Reduce -61.3% |
| CMCSA Comcast Corp. Class A | 0.19% | 63,719 | $2.7M | Add +4.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.18% | 21,903 | $2.6M | Add +2.1% |
| JNJ Johnson & Johnson | 0.18% | 15,898 | $2.6M | Reduce -3.2% |
| C Citigroup Inc. | 0.16% | 37,188 | $2.3M | Reduce -9.2% |
| MU Micron Technology Inc. | 0.16% | 22,165 | $2.3M | Reduce -2.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.14% | 9,218 | $2.0M | Reduce -4.5% |
| HD Home Depot Inc. | 0.14% | 4,892 | $2.0M | No change |
| CSCO Cisco Systems Inc. | 0.14% | 36,323 | $1.9M | Add +5.0% |
| PFE Pfizer Inc. | 0.14% | 65,951 | $1.9M | Add +11.8% |
| COST Costco Wholesale Corp. | 0.13% | 2,108 | $1.9M | Reduce -6.0% |
| CVS CVS Health Corp. | 0.13% | 29,602 | $1.9M | Add +3.1% |
| INTC Intel Corp. | 0.13% | 76,718 | $1.8M | Add +18.8% |
| IWF iShares Russell 1000 Growth | 0.12% | 4,485 | $1.7M | No change |
| PXF Invesco Rafi Developed Marke | 0.12% | 31,466 | $1.6M | Add +0.7% |
| SLF Sun Life Financial Inc. | 0.11% | 26,800 | $1.6M | Add +40.6% |
| APH Amphenol Corp. Class A | 0.11% | 23,123 | $1.5M | Add +1.9% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.11% | 40,303 | $1.5M | No change |
| GM General Motors Co. | 0.10% | 32,231 | $1.4M | Reduce -4.8% |
| ABBV Abbvie Inc. | 0.10% | 6,981 | $1.4M | No change |
| LUMN Lumen Technologies Inc. | 0.10% | 193,365 | $1.4M | Reduce -14.2% |
| TRP TC Energy Corp. | 0.10% | 28,456 | $1.4M | Add +37.8% |
| PM Philip Morris International | 0.09% | 10,980 | $1.3M | Reduce -2.0% |
| LMT Lockheed Martin Corp. | 0.09% | 2,213 | $1.3M | Reduce -7.6% |
| AVGO Broadcom Inc. | 0.09% | 7,431 | $1.3M | Reduce -11.5% |
| GS Goldman Sachs Group Inc. | 0.09% | 2,449 | $1.2M | Reduce -7.1% |
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 | 9,081 | $1.0M | No change |
| AGG iShares Core U.S. Aggregate | CORE US AGGBD ET · principal | 9,214 | $933K | Add +10.3% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | IBOXX INV CP ETF · principal | 6,320 | $714K | Add +0.4% |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | 6,635 | $323K | Reduce -5.7% |
| MBB iShares MBS ETF | MBS ETF · principal | 2,969 | $284K | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q2 2024 → Q3 2024
| FMX Fomento Economico Mex-SP ADR | Reduce -96.2% | 0.04% | −1.35 |
| V Visa Inc. Class A | Reduce -29.8% | 2.34% | −1.14 |
| MSFT Microsoft Corp. | Reduce -4.8% | 4.81% | −0.94 |
| CNQ Canadian Natural Resources | Reduce -47.1% | 0.52% | −0.63 |
| ADI Analog Devices Inc. | Reduce -27.1% | 1.27% | −0.62 |
| ROK Rockwell Automation Inc. | Reduce -92.9% | 0.04% | −0.60 |
| NVEI Nuvei Corp.-Subordinate VTG | Reduce -92.1% | 0.04% | −0.56 |
| STN Stantec Inc. | Reduce -23.9% | 0.93% | −0.46 |
| OTEX Open Text Corp. | Reduce -17.1% | 2.16% | −0.41 |
| COP Conocophillips | Reduce -9.5% | 1.18% | −0.37 |
| BNS Bank of Nova Scotia | Reduce -39.6% | 0.67% | −0.35 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -99.9% | 0.49% | −0.29 |
| ENB Enbridge Inc. | Reduce -61.3% | 0.19% | −0.28 |
| BN Brookfield Corp. | Reduce -33.9% | 0.94% | −0.28 |
| BAM Brookfield Asset Mgmt-A | Sold out | 0.00% | −0.28 |
| ZTS Zoetis Inc. | Reduce -13.4% | 1.61% | −0.20 |
| SU Suncor Energy Inc. | Reduce -14.1% | 0.51% | −0.16 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -9.1% | 0.69% | −0.11 |
| CL Colgate-Palmolive Co. | Reduce -3.5% | 1.74% | −0.11 |
| NVS Novartis AG-Sponsored ADR | Reduce -86.2% | 0.02% | −0.10 |
| MPWR Monolithic Power Systems Inc. | Reduce -82.7% | 0.02% | −0.08 |
| JPM JPMorgan Chase & Co. | Reduce -0.0% | 1.46% | −0.08 |
| MU Micron Technology Inc. | Reduce -2.0% | 0.16% | −0.07 |
| BMO Bank of Montreal | Reduce -1.6% | 1.59% | −0.05 |
| WFC Wells Fargo & Co. | Reduce -5.9% | 0.20% | −0.04 |
| CBOE Cboe Global Markets Inc. | Reduce -12.0% | 1.29% | −0.04 |
| C Citigroup Inc. | Reduce -9.2% | 0.16% | −0.04 |
| BAC Bank of America Corp. | Reduce -3.8% | 0.25% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -3.3% | 0.07% | −0.02 |
| WRK Westrock Co. | Sold out | 0.00% | −0.02 |
| GM General Motors Co. | Reduce -4.8% | 0.10% | −0.02 |
| ACWI iShares MSCI Acwi ETF | Sold out | 0.00% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -6.0% | 0.13% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -8.6% | 0.28% | −0.02 |
| TU Telus Corp. | Reduce -35.7% | 0.03% | −0.01 |
| AVGO Broadcom Inc. | Reduce -11.5% | 0.09% | −0.01 |
| RELX Relx PLC - Spon ADR | Reduce -15.7% | 0.05% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -4.1% | 0.21% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.3% | 0.05% | −0.01 |
| CHD Church & Dwight Co. Inc. | Reduce -8.4% | 0.04% | −0.01 |
| NTR Nutrien Ltd. | Reduce -14.8% | 0.02% | −0.01 |
| T AT&T Inc. | Reduce -8.3% | 0.21% | −0.01 |
| BA The Boeing Co. | Reduce -5.0% | 0.02% | −0.01 |
| WDC Western Digital Corp. | Reduce -9.4% | 0.02% | −0.01 |
| AMGN Amgen Inc. | Reduce -2.9% | 0.07% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -7.1% | 0.09% | −0.01 |
| ALLY Ally Financial Inc. | Reduce -9.0% | 0.02% | −0.01 |
| PRU Prudential Financial Inc. | Reduce -7.9% | 0.03% | −0.01 |
| SYF Synchrony Financial | Reduce -5.8% | 0.04% | −0.00 |
| TGT Target Corp. | Reduce -2.7% | 0.06% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| ABT Abbott Laboratories | Add +2869.8% | 1.59% | +1.54 |
| CM Can Imperial BK of Commerce | Add +298.2% | 1.79% | +1.41 |
| AQN Algonquin Power & Utilities | Add +7339.2% | 0.97% | +0.95 |
| UBER Uber Technologies Inc. | New | 0.91% | +0.91 |
| CNI Canadian Natl Railway Co. | Add +46.6% | 3.06% | +0.76 |
| FTS Fortis Inc. | Add +19.1% | 3.00% | +0.64 |
| GIB Cgi Inc. | Add +18.8% | 2.46% | +0.50 |
| RY Royal Bank of Canada | Add +3.3% | 5.05% | +0.49 |
| VIG Vanguard Dividend Apprec ETF | New | 0.46% | +0.46 |
| TD Toronto-Dominion Bank | Add +9.2% | 2.45% | +0.32 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.31% | +0.31 |
| NGG National Grid PLC-SP ADR | New | 0.28% | +0.28 |
| VEA Vanguard Ftse Developed ETF | Add +278.3% | 0.38% | +0.28 |
| CIGI Colliers Intl GR-Subord Vot | Add +0.1% | 1.38% | +0.27 |
| GRP.U Granite Real Estate Investme | Add +21.5% | 0.88% | +0.23 |
| IVV iShares Core S&P 500 ETF | New | 0.21% | +0.21 |
| VOO Vanguard S&P 500 ETF | Add +119.8% | 0.37% | +0.20 |
| MELI MercadoLibre Inc. | Add +0.3% | 1.45% | +0.18 |
| WEC WEC Energy Group Inc. | Add +0.4% | 1.29% | +0.14 |
| CMS CMS Energy Corp. | Add +0.3% | 1.20% | +0.10 |
| LLY Eli Lilly & Co. | Add +26.6% | 0.80% | +0.09 |
| MAR Marriott International Class A | Add +13.0% | 1.52% | +0.09 |
| SAP Sap SE-Sponsored ADR | Add +0.5% | 1.73% | +0.07 |
| MFC Manulife Financial Corp. | Add +2.8% | 1.02% | +0.04 |
| SLF Sun Life Financial Inc. | Add +40.6% | 0.11% | +0.04 |
| TRP TC Energy Corp. | Add +37.8% | 0.10% | +0.04 |
| DCBO Docebo Inc. | Add +52.5% | 0.08% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.02% | +0.02 |
| SFM Sprouts Farmers Market Inc. | New | 0.02% | +0.02 |
| GEHC GE Healthcare Technology | New | 0.02% | +0.02 |
| NEE Nextera Energy Inc. | Add +1.6% | 0.21% | +0.02 |
| PXH Inves Rafi Emer MRKT-Usd Inc. | Add +4.3% | 0.66% | +0.02 |
| WFG West Fraser Timber Co. Ltd. | New | 0.02% | +0.02 |
| FERG Ferguson Enterprises Inc. | New | 0.02% | +0.02 |
| EIX Edison International | New | 0.02% | +0.02 |
| WY Weyerhaeuser Co. | New | 0.02% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +14.1% | 0.07% | +0.02 |
| PBA Pembina Pipeline Corp. | Add +0.8% | 0.73% | +0.02 |
| BCE Bce Inc. | Add +26.1% | 0.08% | +0.02 |
| STT State Street Corp. | New | 0.02% | +0.02 |
| WELL Welltower Inc. | New | 0.02% | +0.02 |
| FE Firstenergy Corp. | New | 0.02% | +0.02 |
| WKC World Kinect Corp. | New | 0.02% | +0.02 |
| PFG Principal Financial Group | New | 0.02% | +0.02 |
| ES Eversource Energy | New | 0.01% | +0.01 |
| UHS Universal Health Services-B | New | 0.01% | +0.01 |
| CTVA Corteva Inc. | New | 0.01% | +0.01 |
| MAA Mid-America Apartment Comm | New | 0.01% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | New | 0.01% | +0.01 |
| PAYX Paychex Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q2 2024 → Q3 2024
| AGG iShares Core U.S. Aggregate | CORE US AGGBD ET · principal | Add +10.3% | 9,214 | $933K |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | IBOXX INV CP ETF · principal | Add +0.4% | 6,320 | $714K |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Reduce -5.7% | 6,635 | $323K |
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 |