Cidel Asset Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 28, 2025), Cidel Asset Management Inc. reported 335 stock positions worth $1.5 billion. Its top holding was Royal Bank of Canada (RY) at 4.7% of the portfolio, followed by Microsoft (MSFT, 4.5%) and RB Global (RBA, 4.1%). Compared with Q3 2024, it opened 13 new positions, sold out of 21, added to 112 and reduced 124. The biggest buy was a new position in Willis Towers Watson (WTW) and the biggest sale Astrazeneca PLC-Spons ADR (AZN, shares −20%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001621915
- Portfolio Value
- $1.5B (Q4 2024)
- SEC Filing
- 0001085146-25-000538 ↗ filed Jan 28, 2025
Holdings Value
Holdings 335 stocks · $1.5B
| RY Royal Bank of Canada | 4.67% | 575,309 | $69.3M | Add +0.6% |
| MSFT Microsoft Corp. | 4.51% | 158,606 | $66.9M | Add +0.4% |
| RBA RB Global Inc. | 4.14% | 681,212 | $61.5M | Add +0.3% |
| GOOGL Alphabet Inc. Class A | 2.91% | 228,015 | $43.2M | Add +65.3% |
| WTW Willis Towers Watson PLC | 2.90% | 137,160 | $43.0M | New |
| CNI Canadian Natl Railway Co. | 2.66% | 388,919 | $39.5M | Add +5.4% |
| FTS Fortis Inc. | 2.60% | 930,325 | $38.6M | Reduce -0.2% |
| V Visa Inc. Class A | 2.53% | 118,549 | $37.5M | Reduce -1.5% |
| J Jacobs Solutions Inc. | 2.46% | 273,159 | $36.5M | Add +20.1% |
| ABT Abbott Laboratories | 2.45% | 321,220 | $36.3M | Add +62.9% |
| QSR Restaurant Brands Intern | 2.44% | 555,574 | $36.2M | Add +5.3% |
| AZN Astrazeneca PLC-Spons ADR | 2.32% | 525,672 | $34.4M | Reduce -20.4% |
| GIB Cgi Inc. | 2.23% | 302,347 | $33.1M | Reduce -0.1% |
| TD Toronto-Dominion Bank | 1.93% | 537,024 | $28.6M | Reduce -1.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.91% | 448,789 | $28.4M | Add +8.9% |
| SAP Sap SE-Sponsored ADR | 1.78% | 107,243 | $26.4M | Add +0.6% |
| OTEX Open Text Corp. | 1.70% | 893,824 | $25.3M | Reduce -2.6% |
| MAR Marriott International Class A | 1.64% | 87,114 | $24.3M | Add +0.8% |
| JPM JPMorgan Chase & Co. | 1.57% | 97,247 | $23.3M | Reduce -1.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.53% | 233,896 | $22.7M | Reduce -6.0% |
| CL Colgate-Palmolive Co. | 1.45% | 235,804 | $21.4M | Reduce -0.8% |
| AAPL Apple Inc. | 1.39% | 82,471 | $20.7M | Add +5.2% |
| TRI Thomson Reuters Corp. | 1.36% | 125,658 | $20.2M | Add +0.1% |
| ADBE Adobe Inc. | 1.35% | 45,041 | $20.0M | Add +5274.8% |
| CRM Salesforce Inc. | 1.32% | 58,618 | $19.6M | Add +1.0% |
| WCN Waste Connections Inc. | 1.29% | 111,827 | $19.2M | Add +0.1% |
| UNP Union Pacific Corp. | 1.28% | 83,302 | $19.0M | Add +2148.4% |
| ZTS Zoetis Inc. | 1.27% | 115,405 | $18.8M | Reduce -0.8% |
| CIGI Colliers Intl GR-Subord Vot | 1.17% | 127,811 | $17.4M | Reduce -0.2% |
| CBOE Cboe Global Markets Inc. | 1.17% | 88,501 | $17.3M | Reduce -0.9% |
| MELI MercadoLibre Inc. | 1.14% | 9,987 | $17.0M | Reduce -0.0% |
| LOW Lowe's Cos Inc. | 1.13% | 67,702 | $16.7M | Add +1611.4% |
| COP Conocophillips | 1.02% | 153,310 | $15.2M | Reduce -3.2% |
| MFC Manulife Financial Corp. | 1.02% | 494,733 | $15.2M | Add +1.1% |
| BN Brookfield Corp. | 0.96% | 248,974 | $14.3M | Reduce -0.4% |
| WEC WEC Energy Group Inc. | 0.93% | 146,845 | $13.8M | Reduce -22.5% |
| RSP Invesco S&P 500 Equal Weight | 0.92% | 78,090 | $13.7M | New |
| UBER Uber Technologies Inc. | 0.91% | 224,039 | $13.5M | Add +30.7% |
| STGW Stagwell Inc. | 0.90% | 2,039,680 | $13.4M | No change |
| PG The Procter & Gamble Co. | 0.89% | 78,740 | $13.2M | Add +1.8% |
| CMS CMS Energy Corp. | 0.86% | 190,789 | $12.7M | Reduce -20.9% |
| STN Stantec Inc. | 0.86% | 161,899 | $12.7M | Reduce -1.2% |
| DSGX The Descartes Systems Grp | 0.82% | 107,468 | $12.2M | Add +0.3% |
| LLY Eli Lilly & Co. | 0.81% | 15,563 | $12.0M | Add +22.6% |
| GNTX Gentex Corp. | 0.80% | 411,232 | $11.8M | New |
| BRK.A Berkshire Hathaway Inc. Class A | 0.77% | 10,152 | $11.4M | Add +101420.0% |
| AQN Algonquin Power & Utilities | 0.75% | 2,493,771 | $11.1M | Reduce -0.3% |
| CP Canadian Pacific Kansas City | 0.73% | 150,599 | $10.9M | Reduce -1.5% |
| TSLA Tesla Inc. | 0.68% | 25,036 | $10.1M | Reduce -5.4% |
| GRTUF Granite Real Estate Investme | 0.66% | 203,035 | $9.8M | Reduce -1.6% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 0.66% | 475,838 | $9.7M | Add +12.6% |
| PBA Pembina Pipeline Corp. | 0.63% | 253,715 | $9.4M | Add +0.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.63% | 172,986 | $9.3M | Reduce -0.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.49% | 123,885 | $7.3M | Reduce -4.1% |
| CNQ Canadian Natural Resources | 0.45% | 217,165 | $6.7M | Reduce -1.5% |
| VIG Vanguard Dividend Apprec ETF | 0.44% | 33,060 | $6.5M | No change |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.42% | 260,493 | $6.2M | No change |
| VOO Vanguard S&P 500 ETF | 0.36% | 9,906 | $5.3M | No change |
| XOM Exxon Mobil Corp. | 0.33% | 45,829 | $4.9M | Add +7.3% |
| VEA Vanguard Ftse Developed ETF | 0.33% | 101,546 | $4.9M | No change |
| PRF Invesco Rafi US 1000 ETF | 0.33% | 119,893 | $4.8M | Reduce -1.2% |
| AMZN Amazon.com Inc. | 0.31% | 21,222 | $4.7M | Reduce -14.1% |
| CCJ Cameco Corp. | 0.26% | 75,000 | $3.9M | No change |
| META Meta Platforms Inc. Class A | 0.26% | 6,568 | $3.8M | Reduce -3.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.26% | 86,134 | $3.8M | Reduce -4.8% |
| NGG National Grid PLC-SP ADR | 0.24% | 59,177 | $3.5M | Add +4.6% |
| CVX Chevron Corp. | 0.23% | 23,401 | $3.4M | Add +3.7% |
| WMT Walmart Inc. | 0.22% | 36,307 | $3.3M | Reduce -6.1% |
| WFC Wells Fargo & Co. | 0.21% | 44,634 | $3.1M | Reduce -10.7% |
| AWK American Water Works Co. Inc. | 0.21% | 24,508 | $3.1M | Add +20.0% |
| IVV iShares Core S&P 500 ETF | 0.20% | 5,096 | $3.0M | No change |
| T AT&T Inc. | 0.19% | 123,678 | $2.8M | Reduce -7.2% |
| VZ Verizon Communications Inc. | 0.18% | 67,706 | $2.7M | Add +0.5% |
| NEE Nextera Energy Inc. | 0.17% | 35,619 | $2.6M | Reduce -0.9% |
| UNH Unitedhealth Group Inc. | 0.17% | 5,013 | $2.5M | Add +4.3% |
| ENB Enbridge Inc. | 0.17% | 59,490 | $2.5M | Reduce -10.6% |
| CMCSA Comcast Corp. Class A | 0.17% | 66,067 | $2.5M | Add +3.7% |
| JNJ Johnson & Johnson | 0.16% | 16,338 | $2.4M | Add +2.8% |
| C Citigroup Inc. | 0.16% | 33,501 | $2.4M | Reduce -9.9% |
| CSCO Cisco Systems Inc. | 0.14% | 36,323 | $2.2M | No change |
| PFE Pfizer Inc. | 0.13% | 74,980 | $2.0M | Add +13.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.13% | 8,817 | $1.9M | Reduce -4.3% |
| MU Micron Technology Inc. | 0.13% | 22,165 | $1.9M | No change |
| HD Home Depot Inc. | 0.13% | 4,777 | $1.9M | Reduce -2.4% |
| COST Costco Wholesale Corp. | 0.12% | 1,994 | $1.8M | Reduce -5.4% |
| INTC Intel Corp. | 0.12% | 90,923 | $1.8M | Add +18.5% |
| IWF iShares Russell 1000 Growth | 0.12% | 4,485 | $1.8M | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.12% | 20,591 | $1.8M | Reduce -6.0% |
| APH Amphenol Corp. Class A | 0.11% | 22,794 | $1.6M | Reduce -1.4% |
| SLF Sun Life Financial Inc. | 0.11% | 26,384 | $1.6M | Reduce -1.6% |
| AVGO Broadcom Inc. | 0.10% | 6,658 | $1.5M | Reduce -10.4% |
| ADI Analog Devices Inc. | 0.10% | 7,145 | $1.5M | Reduce -90.8% |
| PXF Invesco Rafi Developed Marke | 0.10% | 31,381 | $1.5M | Reduce -0.3% |
| GM General Motors Co. | 0.10% | 27,956 | $1.5M | Reduce -13.3% |
| CVS CVS Health Corp. | 0.10% | 31,943 | $1.4M | Add +7.9% |
| SCHW Schwab (charles) Corp. | 0.09% | 18,297 | $1.4M | No change |
| GS Goldman Sachs Group Inc. | 0.09% | 2,339 | $1.3M | Reduce -4.5% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.09% | 40,303 | $1.3M | No change |
| TRP TC Energy Corp. | 0.09% | 28,307 | $1.3M | Reduce -0.5% |
| PM Philip Morris International | 0.09% | 10,673 | $1.3M | Reduce -2.8% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $3.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SHV iShares 0-1 Year Treasury Bo | TRUST ISHARE 0-1 · principal | 8,795 | $968K | Reduce -3.1% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | IBOXX INV CP ETF · principal | 7,873 | $841K | Add +24.6% |
| AGG iShares Core U.S. Aggregate | CORE US AGGBD ET · principal | 8,497 | $823K | Reduce -7.8% |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | 6,354 | $304K | Reduce -4.2% |
| MBB iShares MBS ETF | MBS ETF · principal | 2,969 | $272K | No change |
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q3 2024 → Q4 2024
| AZN Astrazeneca PLC-Spons ADR | Reduce -20.4% | 2.32% | −1.32 |
| ADI Analog Devices Inc. | Reduce -90.8% | 0.10% | −1.17 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -97.8% | 0.01% | −0.67 |
| TD Toronto-Dominion Bank | Reduce -1.8% | 1.93% | −0.52 |
| SU Suncor Energy Inc. | Reduce -93.2% | 0.03% | −0.48 |
| OTEX Open Text Corp. | Reduce -2.6% | 1.70% | −0.46 |
| FTS Fortis Inc. | Reduce -0.2% | 2.60% | −0.39 |
| WEC WEC Energy Group Inc. | Reduce -22.5% | 0.93% | −0.36 |
| CMS CMS Energy Corp. | Reduce -20.9% | 0.86% | −0.35 |
| ZTS Zoetis Inc. | Reduce -0.8% | 1.27% | −0.34 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.31 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.31 |
| MELI MercadoLibre Inc. | Reduce -0.0% | 1.14% | −0.30 |
| CL Colgate-Palmolive Co. | Reduce -0.8% | 1.45% | −0.30 |
| GIB Cgi Inc. | Reduce -0.1% | 2.23% | −0.24 |
| AQN Algonquin Power & Utilities | Reduce -0.3% | 0.75% | −0.22 |
| GRTUF Granite Real Estate Investme | Reduce -1.6% | 0.66% | −0.22 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -0.2% | 1.17% | −0.20 |
| CP Canadian Pacific Kansas City | Reduce -1.5% | 0.73% | −0.19 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -4.1% | 0.49% | −0.16 |
| COP Conocophillips | Reduce -3.2% | 1.02% | −0.15 |
| CBOE Cboe Global Markets Inc. | Reduce -0.9% | 1.17% | −0.13 |
| STN Stantec Inc. | Reduce -1.2% | 0.86% | −0.08 |
| CNQ Canadian Natural Resources | Reduce -1.5% | 0.45% | −0.07 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -6.0% | 0.12% | −0.07 |
| BMO Bank of Montreal | Reduce -6.0% | 1.53% | −0.06 |
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −0.04 |
| LUMN Lumen Technologies Inc. | Reduce -24.1% | 0.05% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -0.9% | 0.17% | −0.04 |
| BNS Bank of Nova Scotia | Reduce -0.1% | 0.63% | −0.04 |
| SWN Southwestern Energy Co. | Sold out | 0.00% | −0.04 |
| ENPH Enphase Energy Inc. | Reduce -28.7% | 0.02% | −0.03 |
| FMX Fomento Economico Mex-SP ADR | Reduce -58.2% | 0.02% | −0.03 |
| ATS Ats Corp. | Reduce -59.2% | 0.02% | −0.02 |
| PRF Invesco Rafi US 1000 ETF | Reduce -1.2% | 0.33% | −0.02 |
| ENB Enbridge Inc. | Reduce -10.6% | 0.17% | −0.02 |
| T AT&T Inc. | Reduce -7.2% | 0.19% | −0.02 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.02 |
| ROK Rockwell Automation Inc. | Reduce -42.9% | 0.02% | −0.02 |
| NEM Newmont Corp. | Reduce -4.9% | 0.03% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -3.6% | 0.26% | −0.02 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.02 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.02 |
| FE Firstenergy Corp. | Sold out | 0.00% | −0.02 |
| WKC World Kinect Corp. | Sold out | 0.00% | −0.02 |
| ES Eversource Energy | Sold out | 0.00% | −0.01 |
| HD Home Depot Inc. | Reduce -2.4% | 0.13% | −0.01 |
| UHS Universal Health Services-B | Sold out | 0.00% | −0.01 |
| PXF Invesco Rafi Developed Marke | Reduce -0.3% | 0.10% | −0.01 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| WTW Willis Towers Watson PLC | New | 2.90% | +2.90 |
| ADBE Adobe Inc. | Add +5274.8% | 1.35% | +1.32 |
| GOOGL Alphabet Inc. Class A | Add +65.3% | 2.91% | +1.29 |
| UNP Union Pacific Corp. | Add +2148.4% | 1.28% | +1.22 |
| LOW Lowe's Cos Inc. | Add +1611.4% | 1.13% | +1.05 |
| RSP Invesco S&P 500 Equal Weight | New | 0.92% | +0.92 |
| ABT Abbott Laboratories | Add +62.9% | 2.45% | +0.86 |
| GNTX Gentex Corp. | New | 0.80% | +0.80 |
| J Jacobs Solutions Inc. | Add +20.1% | 2.46% | +0.35 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +101420.0% | 0.77% | +0.28 |
| RBA RB Global Inc. | Add +0.3% | 4.14% | +0.27 |
| CRM Salesforce Inc. | Add +1.0% | 1.32% | +0.20 |
| CM Can Imperial BK of Commerce | Add +8.9% | 1.91% | +0.12 |
| MAR Marriott International Class A | Add +0.8% | 1.64% | +0.12 |
| AAPL Apple Inc. | Add +5.2% | 1.39% | +0.10 |
| EXE Expand Energy Corp. | New | 0.05% | +0.05 |
| SAP Sap SE-Sponsored ADR | Add +0.6% | 1.78% | +0.05 |
| DSGX The Descartes Systems Grp | Add +0.3% | 0.82% | +0.04 |
| MPWR Monolithic Power Systems Inc. | Add +434.4% | 0.06% | +0.04 |
| FLNC Fluence Energy Inc. | New | 0.02% | +0.02 |
| SHLS Shoals Technologies Group -A | New | 0.02% | +0.02 |
| BIP Brookfield Infrastructure Pa | New | 0.02% | +0.02 |
| LLY Eli Lilly & Co. | Add +22.6% | 0.81% | +0.01 |
| GPN Global Payments Inc. | New | 0.01% | +0.01 |
| VFC VF Corp. | New | 0.01% | +0.01 |
| EQIX Equinix Inc. | New | 0.01% | +0.01 |
| LH Labcorp Holdings Inc. | New | 0.01% | +0.01 |
| WBA Walgreens Boots Alliance Inc. | Add +29.8% | 0.04% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Add +5.7% | 0.08% | +0.01 |
| GT Goodyear Tire & Rubber Co. | New | 0.01% | +0.01 |
| CHTR Charter Communications Inc. Class A | Add +5.8% | 0.06% | +0.00 |
| WBD Warner Bros Discovery Inc. | Add +4.7% | 0.02% | +0.00 |
| HON Honeywell International Inc. | Add +1.6% | 0.06% | +0.00 |
| HTZ Hertz Global Hldgs Inc. | New | 0.00% | +0.00 |
| GEHC GE Healthcare Technology | Add +42.3% | 0.02% | +0.00 |
| EOG EOG Resources Inc. | Add +10.9% | 0.04% | +0.00 |
| OXY Occidental Petroleum Corp. | Add +15.7% | 0.02% | +0.00 |
| PCAR Paccar Inc. | Add +5.2% | 0.02% | +0.00 |
| PARAA Paramount Global Class B | Add +12.5% | 0.02% | +0.00 |
| DG Dollar General Corp. | Add +23.2% | 0.02% | +0.00 |
| INTU Intuit Inc. | Add +9.6% | 0.02% | +0.00 |
| PXH Inves Rafi Emer MRKT-Usd Inc. | Add +12.6% | 0.66% | +0.00 |
| PAYX Paychex Inc. | Add +5.8% | 0.02% | +0.00 |
| XEL Xcel Energy Inc. | Add +5.0% | 0.02% | +0.00 |
| FDX FedEx Corp. | Add +3.2% | 0.05% | +0.00 |
| QQQM Invesco Nasdaq 100 ETF | Add +2.5% | 0.02% | +0.00 |
| UPS United Parcel Service Class B | Add +13.9% | 0.05% | +0.00 |
| SPGI S&P Global Inc. | Add +9.0% | 0.03% | 0.00 |
| ACN Accenture PLC Class A | Add +5.4% | 0.06% | 0.00 |
| DE Deere & Co. | Add +3.1% | 0.06% | −0.00 |
Notes & Other Activity Q3 2024 → Q4 2024
| SHV iShares 0-1 Year Treasury Bo | TRUST ISHARE 0-1 · principal | Reduce -3.1% | 8,795 | $968K |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | IBOXX INV CP ETF · principal | Add +24.6% | 7,873 | $841K |
| AGG iShares Core U.S. Aggregate | CORE US AGGBD ET · principal | Reduce -7.8% | 8,497 | $823K |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Reduce -4.2% | 6,354 | $304K |
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 |