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

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.3B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.5B $1.5B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.7B Q2 2025 Q3 2025: $1.7B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.8B Q1 2026 Q2 2026: $2.1B Q2 2026

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%
ABBV Abbvie Inc. 0.09% 7,194 $1.3M Add +3.0%
VB Vanguard Most SM-Cap ETF-Usd 0.08% 5,046 $1.2M No change
DCBO Docebo Inc. 0.08% 26,957 $1.2M No change
VTI VG Morningstar TS MKT ETF-US 0.08% 4,155 $1.2M No change
BMY Bristol-Myers Squibb Co. 0.08% 20,980 $1.2M Add +5.7%
MRK Merck & Co. Inc. 0.08% 11,314 $1.1M Add +7.5%
PEP Pepsico Inc. 0.07% 7,257 $1.1M Add +5.7%
LMT Lockheed Martin Corp. 0.07% 2,223 $1.1M Add +0.5%
COF Capital One Financial Corp. 0.07% 6,019 $1.1M Reduce -6.3%
EWJ iShares MSCI Japan ETF 0.07% 15,678 $1.1M Reduce -6.7%
AEM Agnico Eagle Mines Ltd. 0.07% 13,299 $1.0M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.07% 9,322 $1.0M No change
MO Altria Group Inc. 0.07% 19,750 $1.0M Reduce -3.0%
CI The Cigna Group 0.07% 3,595 $993K Add +5.9%
MS Morgan Stanley 0.07% 7,828 $984K Reduce -4.0%
ORCL Oracle Corp. 0.07% 5,869 $978K Reduce -5.2%
MPC Marathon Petroleum Corp. 0.07% 6,923 $966K Add +13.5%
MCD McDonald's Corp. 0.06% 3,259 $945K Add +2.4%
QCOM Qualcomm Inc. 0.06% 6,077 $934K Add +4.6%
RTX RTX Corp. 0.06% 7,974 $923K Add +4.1%
GILD Gilead Sciences Inc. 0.06% 9,720 $898K No change
DE Deere & Co. 0.06% 2,105 $892K Add +3.1%
VLO Valero Energy Corp. 0.06% 7,134 $875K Add +8.2%
HON Honeywell International Inc. 0.06% 3,865 $874K Add +1.6%
KO The Coca-Cola Co. 0.06% 13,949 $868K Add +1.5%
MPWR Monolithic Power Systems Inc. 0.06% 1,459 $863K Add +434.4%
BCE Bce Inc. 0.06% 36,638 $849K Add +7.2%
ELV Elevance Health Inc. 0.06% 2,297 $847K Add +11.5%
CAT Caterpillar Inc. 0.06% 2,329 $845K Reduce -5.8%
MMM 3M Co. 0.06% 6,440 $831K Reduce -6.3%
CHTR Charter Communications Inc. Class A 0.06% 2,404 $824K Add +5.8%
CARR Carrier Global Corp. 0.06% 12,070 $824K Reduce -1.4%
AMGN Amgen Inc. 0.06% 3,143 $819K No change
ACN Accenture PLC Class A 0.06% 2,325 $818K Add +5.4%
TGT Target Corp. 0.05% 6,006 $812K Add +4.1%
EXE Expand Energy Corp. 0.05% 7,881 $785K New
LUMN Lumen Technologies Inc. 0.05% 146,739 $779K Reduce -24.1%
AXP American Express Co. 0.05% 2,618 $777K Reduce -11.5%
UPS United Parcel Service Class B 0.05% 6,121 $772K Add +13.9%
RELX Relx PLC - Spon ADR 0.05% 16,666 $757K Add +6.5%
MDT Medtronic PLC 0.05% 9,405 $751K No change
PSX Phillips 66 0.05% 6,571 $749K Add +5.4%
FDX FedEx Corp. 0.05% 2,611 $735K Add +3.2%
KR Kroger Co. 0.05% 12,004 $734K Reduce -2.3%
TXN Texas Instruments Inc. 0.05% 3,899 $731K No change
VGK Vanguard Ftse Europe ETF 0.05% 11,385 $723K No change
F Ford Motor Co. filed as FORD MTR CO 0.05% 72,121 $714K Add +3.1%
USB US Bancorp 0.05% 14,731 $705K Reduce -3.2%
TSM Taiwan Semiconductor-SP ADR 0.05% 3,547 $700K Reduce -7.7%
DUK Duke Energy Corp. 0.05% 6,482 $698K No change
SYF Synchrony Financial 0.05% 10,589 $688K Reduce -14.4%
MA Mastercard Inc. Class A 0.05% 1,301 $685K No change
USMV iShares MSCI USA Min Vol Fac 0.05% 7,710 $685K No change
TMO Thermo Fisher Scientific Inc. 0.05% 1,313 $683K Add +3.0%
SBUX Starbucks Corp. 0.05% 7,460 $681K Add +5.6%
BLK BlackRock Inc. 0.04% 634 $650K Reduce -3.4%
AIG American International Group 0.04% 8,711 $634K Add +2.1%
CB Chubb Ltd. 0.04% 2,273 $628K Reduce -5.6%
TRV The Travelers Cos Inc. 0.04% 2,588 $623K Reduce -5.8%
PNC PNC Financial Services Group 0.04% 3,171 $612K Reduce -6.8%
SO The Southern Co. 0.04% 7,346 $605K No change
SYK Stryker Corp. 0.04% 1,676 $603K No change
EOG EOG Resources Inc. 0.04% 4,748 $582K Add +10.9%
WBA Walgreens Boots Alliance Inc. 0.04% 61,847 $577K Add +29.8%
ADM Archer-Daniels-Midland Co. 0.04% 11,281 $570K Add +16.4%
BKNG Booking Holdings Inc. 0.04% 114 $566K Reduce -6.6%
IMO Imperial Oil Ltd. 0.04% 9,000 $554K No change
LSPD Lightspeed Commerce Inc. 0.04% 36,229 $552K No change
MET Metlife Inc. 0.04% 6,700 $549K Reduce -5.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.04% 7,073 $543K Reduce -8.2%
PWR Quanta Services Inc. 0.04% 1,701 $538K Reduce -2.6%
PYPL PayPal Holdings Inc. 0.04% 6,274 $535K No change
DFS Discover Financial Services 0.04% 3,090 $535K Reduce -12.4%
TMUS T-Mobile US Inc. 0.04% 2,414 $533K Reduce -5.6%
ALL Allstate Corp. 0.04% 2,758 $532K Reduce -8.4%
GD General Dynamics Corp. 0.04% 2,005 $528K No change
KMI Kinder Morgan Inc. 0.04% 19,148 $525K Reduce -4.9%
MDLZ Mondelez International Inc. Class A 0.04% 8,701 $520K Add +6.4%
CNC Centene Corp. 0.03% 8,517 $516K Add +14.7%
DUOL Duolingo 0.03% 1,576 $511K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.03% 4,228 $511K No change
FNDA Schwab Fndmntl US SM Co. ETF 0.03% 17,152 $509K No change
AMAT Applied Materials Inc. 0.03% 3,092 $503K Add +5.7%
CHD Church & Dwight Co. Inc. 0.03% 4,760 $498K Reduce -21.4%
GIS General Mills Inc. 0.03% 7,723 $492K Add +4.0%
NKE Nike Inc. Class B 0.03% 6,465 $489K Add +14.6%
TFC Truist Financial Corp. 0.03% 11,111 $482K Reduce -3.1%
NOC Northrop Grumman Corp. 0.03% 1,020 $479K Add +8.7%
SU Suncor Energy Inc. 0.03% 13,314 $475K Reduce -93.2%
HUM Humana Inc. 0.03% 1,870 $474K Add +18.4%
CSX CSX Corp. 0.03% 14,679 $474K Add +3.4%
GLD SPDR Gold Shares 0.03% 1,921 $465K Add +0.4%
HPE Hewlett Packard Enterprise 0.03% 21,465 $458K Reduce -6.0%
BRAG Bragg Gaming Group Inc. 0.03% 126,985 $456K No change
DOW Dow Inc. 0.03% 11,316 $454K Add +16.0%
HCA HCA Healthcare Inc. 0.03% 1,509 $453K No change
EXC Exelon Corp. 0.03% 11,813 $445K Add +3.9%
DD Dupont DE Nemours Inc. 0.03% 5,693 $434K Add +5.7%
AFL Aflac Inc. 0.03% 4,174 $432K Reduce -2.8%
NSC Norfolk Southern Corp. 0.03% 1,836 $431K No change
PGR Progressive Corp. 0.03% 1,792 $429K Reduce -9.4%
NEM Newmont Corp. 0.03% 11,530 $429K Reduce -4.9%
PRU Prudential Financial Inc. 0.03% 3,609 $428K Reduce -8.7%
NFLX Netflix Inc. 0.03% 471 $420K Reduce -5.4%
VTV Vanguard Mrngstr Val ETF-Aui 0.03% 2,475 $419K No change
DHR Danaher Corp. 0.03% 1,810 $415K Add +5.8%
BDX Becton Dickinson and Co. 0.03% 1,815 $412K Add +5.5%
TSN Tyson Foods Inc. Class A 0.03% 7,167 $412K No change
CTSH Cognizant Tech Solutions-A 0.03% 5,338 $410K Add +3.5%
NUE Nucor Corp. 0.03% 3,495 $408K Add +12.4%
HPQ HP Inc. 0.03% 12,291 $401K Reduce -6.0%
D Dominion Energy Inc. 0.03% 7,413 $399K No change
CMI Cummins Inc. 0.03% 1,119 $390K Reduce -8.4%
IYW iShares Ustechnology ETF 0.03% 2,423 $387K Reduce -0.1%
AEP American Electric Power 0.03% 4,108 $379K No change
SPGI S&P Global Inc. 0.03% 754 $376K Add +9.0%
EBAY eBay Inc. 0.03% 6,010 $372K Reduce -8.7%
WMB Williams Cos Inc. 0.02% 6,759 $366K Reduce -5.0%
LRCX Lam Research Corp. 0.02% 4,977 $359K Add +12.1%
EMR Emerson Electric Co. 0.02% 2,847 $353K Reduce -9.7%
FLNC Fluence Energy Inc. 0.02% 22,032 $350K New
GEHC GE Healthcare Technology 0.02% 4,474 $350K Add +42.3%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.02% 1,760 $349K No change
ROK Rockwell Automation Inc. 0.02% 1,216 $348K Reduce -42.9%
APD Air Products & Chemicals Inc. 0.02% 1,196 $347K No change
ITW Illinois Tool Works 0.02% 1,358 $344K No change
XYZ Block Inc. 0.02% 4,003 $340K No change
BBY Best Buy Co. Inc. 0.02% 3,948 $339K Reduce -6.5%
DGRW Wisdomtree U.S. Quality Divi 0.02% 4,159 $337K Add +7.0%
ADP Automatic Data Processing 0.02% 1,138 $333K No change
IP International Paper Co. 0.02% 6,139 $330K Reduce -7.6%
BA The Boeing Co. 0.02% 1,861 $329K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.02% 562 $329K No change
LYB Lyondellbasell Indu Class A 0.02% 4,419 $328K Add +12.5%
QQQM Invesco Nasdaq 100 ETF 0.02% 1,558 $328K Add +2.5%
SHLS Shoals Technologies Group -A 0.02% 58,870 $326K New
JCI Johnson Controls Internation 0.02% 4,121 $325K Reduce -8.5%
ENPH Enphase Energy Inc. 0.02% 4,732 $325K Reduce -28.7%
WM Waste Management Inc. 0.02% 1,597 $322K No change
SFM Sprouts Farmers Market Inc. 0.02% 2,521 $320K Reduce -6.8%
LHX L3HARRIS Technologies Inc. 0.02% 1,523 $320K No change
DHI D.R. Horton Inc. 0.02% 2,267 $317K No change
OXY Occidental Petroleum Corp. 0.02% 6,389 $316K Add +15.7%
RCI Rogers Communications Inc. Class B 0.02% 10,158 $312K No change
PCAR Paccar Inc. 0.02% 2,998 $312K Add +5.2%
BKR Baker Hughes Co. 0.02% 7,601 $312K Reduce -9.4%
FNV Franco-Nevada Corp. 0.02% 2,599 $305K Add +2.2%
IBIT iShares Bitcoin Trust ETF 0.02% 5,700 $302K No change
TU Telus Corp. 0.02% 22,224 $301K No change
ROST Ross Stores Inc. 0.02% 1,974 $299K No change
FISV Fiserv Inc. 0.02% 1,451 $298K No change
CBRE CBRE Group Inc. Class A 0.02% 2,262 $297K No change
SRE Sempra 0.02% 3,373 $296K No change
XEL Xcel Energy Inc. 0.02% 4,366 $295K Add +5.0%
FCX Freeport-McMoran Inc. 0.02% 7,722 $294K Add +5.7%
GLW Corning Inc. 0.02% 6,179 $294K Reduce -10.1%
AMP Ameriprise Financial Inc. 0.02% 550 $293K Reduce -10.0%
PARAA Paramount Global Class B 0.02% 27,782 $291K Add +12.5%
ETR Entergy Corp. 0.02% 3,790 $287K No change
OKE Oneok Inc. 0.02% 2,860 $287K Reduce -7.7%
B Barrick Gold Corp. 0.02% 18,500 $287K No change
GE General Electric filed as GE AEROSPACE 0.02% 1,715 $286K Reduce -15.7%
VWO Vanguard Ftse Emerging Marke 0.02% 6,483 $286K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.02% 2,502 $283K No change
LEN Lennar Corp. Class A 0.02% 2,072 $283K No change
HIG Hartford Insurance Group Inc. 0.02% 2,524 $276K Reduce -7.0%
NTR Nutrien Ltd. 0.02% 6,150 $275K Reduce -5.0%
BIP Brookfield Infrastructure Pa 0.02% 8,578 $272K New
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.02% 7,053 $270K Add +8.3%
AMT American Tower Corp. 0.02% 1,469 $269K Add +6.4%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.02% 250 $264K Reduce -3.9%
ED Consolidated Edison Inc. 0.02% 2,935 $262K No change
PHM Pultegroup Inc. 0.02% 2,389 $260K No change
BX Blackstone Inc. 0.02% 1,491 $257K Reduce -7.6%
DG Dollar General Corp. 0.02% 3,379 $256K Add +23.2%
PPL PPL Corp. 0.02% 7,764 $252K No change
STT State Street Corp. 0.02% 2,550 $250K No change
INTU Intuit Inc. 0.02% 390 $245K Add +9.6%
PH Parker Hannifin Corp. 0.02% 384 $244K Reduce -5.2%
MCK McKesson Corp. 0.02% 425 $242K No change
KHC The Kraft Heinz Co. 0.02% 7,858 $241K Add +12.1%
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.02% 5,790 $241K No change
ORLY O'reilly Automotive Inc. 0.02% 203 $241K No change
WFG West Fraser Timber Co. Ltd. 0.02% 2,765 $239K No change
VST Vistra Corp. 0.02% 1,733 $239K Reduce -26.3%
PEG Public Service Enterprise GP 0.02% 2,799 $236K Reduce -8.0%
REGN Regeneron Pharmaceuticals 0.02% 331 $236K Add +11.4%
KMB Kimberly-Clark Corp. 0.02% 1,796 $235K No change
DVN Devon Energy Corp. 0.02% 7,184 $235K Add +24.4%
VTRS Viatris Inc. 0.02% 18,756 $234K No change
ATS Ats Corp. 0.02% 7,636 $233K Reduce -59.2%
STLD Steel Dynamics Inc. 0.02% 2,036 $232K Add +6.2%
ANSS Ansys Inc. 0.02% 686 $231K No change
BIIB Biogen Inc. 0.02% 1,512 $231K Add +14.5%
FMX Fomento Economico Mex-SP ADR 0.02% 2,695 $230K Reduce -58.2%
WDC Western Digital Corp. 0.02% 3,847 $229K Reduce -6.5%
WBD Warner Bros Discovery Inc. 0.02% 21,651 $229K Add +4.7%
PAYX Paychex Inc. 0.02% 1,632 $229K Add +5.8%
GDX Vaneck Gold Miners ETF 0.02% 6,729 $228K No change
FITB Fifth Third Bancorp 0.02% 5,386 $228K Reduce -11.4%
URI United Rentals Inc. 0.02% 322 $227K Reduce -6.1%
SYY Sysco Corp. 0.02% 2,948 $225K No change
ICE Intercontinental Exchange Inc. 0.02% 1,512 $225K Reduce -7.5%
NRG NRG Energy Inc. 0.01% 2,411 $218K Reduce -5.2%
EIX Edison International 0.01% 2,723 $217K No change
SPG Simon Property Group Inc. 0.01% 1,255 $216K Reduce -6.3%
GPN Global Payments Inc. 0.01% 1,926 $216K New
WY Weyerhaeuser Co. 0.01% 7,647 $215K Add +9.1%
CFG Citizens Financial Group 0.01% 4,919 $215K Reduce -8.6%
AMD Advanced Micro Devices 0.01% 1,780 $215K Add +22.2%
CTVA Corteva Inc. 0.01% 3,756 $214K Add +5.7%
KKR KKR & Co. Inc. 0.01% 1,446 $214K Reduce -14.8%
FERG Ferguson Enterprises Inc. 0.01% 1,206 $209K No change
IBN Icici Bank Ltd.-Spon ADR 0.01% 7,002 $209K Reduce -97.8%
VFC VF Corp. 0.01% 9,733 $209K New
WELL Welltower Inc. 0.01% 1,653 $208K Reduce -5.6%
EQIX Equinix Inc. 0.01% 220 $207K New
CCI Crown Castle Inc. 0.01% 2,285 $207K Add +6.4%
LH Labcorp Holdings Inc. 0.01% 892 $205K New
XYL Xylem Inc. 0.01% 1,760 $204K Reduce -5.7%
ALLY Ally Financial Inc. 0.01% 5,668 $204K Reduce -6.8%
PFG Principal Financial Group 0.01% 2,636 $204K Add +6.3%
CEG Constellation Energy 0.01% 909 $203K Reduce -8.2%
MAA Mid-America Apartment Comm 0.01% 1,312 $203K No change
ENVX Enovix Corp. 0.01% 18,126 $197K No change
KEY Keycorp 0.01% 10,765 $185K Reduce -8.4%
BTG B2GOLD Corp. 0.01% 69,000 $169K No change
HBAN Huntington Bancshares Inc. 0.01% 10,281 $167K No change
GT Goodyear Tire & Rubber Co. 0.01% 10,822 $97K New
GNW Genworth Financial Inc. 0.00% 10,250 $72K No change
HTZ Hertz Global Hldgs Inc. 0.00% 13,049 $48K New
MPT Medical Properties Trust Inc. 0.00% 10,771 $43K No change
TDUP Thredup Inc. Class A 0.00% 28,800 $40K No change
QVCG QVC Group Inc. filed as QURATE RETAIL INC 0.00% 118,074 $39K No change
LYG Lloyds Banking Group PLC-ADR 0.00% 11,202 $30K Reduce -48.1%
Other holdings (5): bonds, preferreds, convertibles and warrants · $3.2M (not counted above)
SecurityClassShares / PrincipalValueChange
SHV iShares 0-1 Year Treasury Bo TRUST ISHARE 0-1 · principal 8,795$968KReduce -3.1%
LQD Ishr Ibx Usd Invgd CB ETF-Ui IBOXX INV CP ETF · principal 7,873$841KAdd +24.6%
AGG iShares Core U.S. Aggregate CORE US AGGBD ET · principal 8,497$823KReduce -7.8%
ISTB iShares Core 1-5 Year Usd Bo CORE 1 5 YR USD · principal 6,354$304KReduce -4.2%
MBB iShares MBS ETF MBS ETF · principal 2,969$272KNo 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 479$2.1BRY, AAPL, NVDA, TD, BMO
Q1 2026 435$1.8BRY, RBA, AZN, FTS, TD
Q4 2025 365$1.4BMSFT, AZN, RY, V, WTW
Q3 2025 357$1.7BRY, MSFT, RBA, J, FTS
Q2 2025 360$1.7BMSFT, RY, RBA, V, ABT
Q1 2025 340$1.5BRBA, RY, MSFT, WTW, QSR
Q4 2024 335$1.5BRY, MSFT, RBA, GOOGL, WTW
Q3 2024 343$1.4BRY, MSFT, RBA, AZN, CNI
Q2 2024 314$1.3BMSFT, RY, AZN, RBA, V
Q1 2024 324$1.3BMSFT, RY, RBA, V, AZN