Cidel Asset Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Cidel Asset Management Inc. reported 340 stock positions worth $1.5 billion. Its top holding was RB Global (RBA) at 4.4% of the portfolio, followed by Royal Bank of Canada (RY, 4.2%) and Microsoft (MSFT, 3.7%). Compared with Q4 2024, it opened 28 new positions, sold out of 23, added to 116 and reduced 119. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale Brookfield (BN, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001621915
- Portfolio Value
- $1.5B (Q1 2025)
- SEC Filing
- 0001085146-25-002377 ↗ filed Apr 28, 2025
Holdings Value
Holdings 340 stocks · $1.5B
| RBA RB Global Inc. | 4.45% | 677,719 | $68.0M | Reduce -0.5% |
| RY Royal Bank of Canada | 4.25% | 576,740 | $65.0M | Add +0.3% |
| MSFT Microsoft Corp. | 3.66% | 149,050 | $56.0M | Reduce -6.0% |
| WTW Willis Towers Watson PLC | 3.20% | 144,802 | $48.9M | Add +5.6% |
| QSR Restaurant Brands Intern | 2.85% | 654,957 | $43.7M | Add +17.9% |
| ABT Abbott Laboratories | 2.82% | 325,520 | $43.2M | Add +1.3% |
| AZN Astrazeneca PLC-Spons ADR | 2.75% | 571,705 | $42.0M | Add +8.8% |
| FTS Fortis Inc. | 2.73% | 917,901 | $41.8M | Reduce -1.3% |
| V Visa Inc. Class A | 2.66% | 116,301 | $40.8M | Reduce -1.9% |
| J Jacobs Solutions Inc. | 2.56% | 324,325 | $39.2M | Add +18.7% |
| CNI Canadian Natl Railway Co. | 2.49% | 391,333 | $38.1M | Add +0.6% |
| TD Toronto-Dominion Bank | 2.11% | 538,161 | $32.2M | Add +0.2% |
| GIB Cgi Inc. | 2.08% | 318,390 | $31.8M | Add +5.3% |
| GOOGL Alphabet Inc. Class A | 2.05% | 203,136 | $31.4M | Reduce -10.9% |
| SAP Sap SE-Sponsored ADR | 1.85% | 105,633 | $28.4M | Reduce -1.5% |
| CL Colgate-Palmolive Co. | 1.77% | 289,647 | $27.1M | Add +22.8% |
| WCN Waste Connections Inc. | 1.69% | 132,651 | $25.9M | Add +18.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.63% | 443,822 | $25.0M | Reduce -1.1% |
| JPM JPMorgan Chase & Co. | 1.61% | 100,543 | $24.7M | Add +3.4% |
| CBOE Cboe Global Markets Inc. | 1.57% | 106,052 | $24.0M | Add +19.8% |
| OTEX Open Text Corp. | 1.51% | 912,578 | $23.0M | Add +2.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.48% | 237,194 | $22.6M | Add +1.4% |
| TRI Thomson Reuters Corp. | 1.42% | 125,969 | $21.7M | Add +0.3% |
| WEC WEC Energy Group Inc. | 1.41% | 197,795 | $21.6M | Add +34.7% |
| CMS CMS Energy Corp. | 1.36% | 276,943 | $20.8M | Add +45.2% |
| UNP Union Pacific Corp. | 1.32% | 85,482 | $20.2M | Add +2.6% |
| UBER Uber Technologies Inc. | 1.29% | 271,719 | $19.8M | Add +21.3% |
| MELI MercadoLibre Inc. | 1.28% | 10,050 | $19.6M | Add +0.6% |
| ZTS Zoetis Inc. | 1.25% | 116,314 | $19.2M | Add +0.8% |
| AAPL Apple Inc. | 1.16% | 80,110 | $17.8M | Reduce -2.9% |
| NVDA Nvidia Corp. | 1.15% | 161,793 | $17.5M | New |
| MAR Marriott International Class A | 1.09% | 70,193 | $16.7M | Reduce -19.4% |
| COP Conocophillips | 1.05% | 152,816 | $16.0M | Reduce -0.3% |
| CRM Salesforce Inc. | 1.03% | 58,835 | $15.8M | Add +0.4% |
| CIGI Colliers Intl GR-Subord Vot | 1.01% | 127,524 | $15.4M | Reduce -0.2% |
| MFC Manulife Financial Corp. | 0.98% | 482,482 | $15.0M | Reduce -2.5% |
| LOW Lowe's Cos Inc. | 0.92% | 60,428 | $14.1M | Reduce -10.7% |
| ADBE Adobe Inc. | 0.92% | 36,524 | $14.0M | Reduce -18.9% |
| RSP Invesco S&P 500 Equal Weight | 0.88% | 78,090 | $13.5M | No change |
| STN Stantec Inc. | 0.87% | 159,922 | $13.3M | Reduce -1.2% |
| PG The Procter & Gamble Co. | 0.85% | 76,747 | $13.1M | Reduce -2.5% |
| AQN Algonquin Power & Utilities | 0.85% | 2,539,346 | $13.0M | Add +1.8% |
| LLY Eli Lilly & Co. | 0.85% | 15,659 | $12.9M | Add +0.6% |
| STGW Stagwell Inc. | 0.81% | 2,039,680 | $12.3M | No change |
| GNTX Gentex Corp. | 0.79% | 520,131 | $12.1M | Add +26.5% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 0.74% | 518,521 | $11.3M | Add +9.0% |
| DSGX The Descartes Systems Grp | 0.71% | 107,911 | $10.9M | Add +0.4% |
| CP Canadian Pacific Kansas City | 0.69% | 150,998 | $10.6M | Add +0.3% |
| PBA Pembina Pipeline Corp. | 0.64% | 243,435 | $9.7M | Reduce -4.0% |
| GRTUF Granite Real Estate Investme | 0.60% | 196,969 | $9.2M | Reduce -3.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.54% | 173,390 | $8.2M | Add +0.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.52% | 10 | $8.0M | Reduce -99.9% |
| RIO Rio Tinto PLC-Spon ADR | 0.47% | 120,005 | $7.2M | Reduce -3.1% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.41% | 264,213 | $6.2M | Add +1.4% |
| VIG Vanguard Dividend Apprec ETF | 0.40% | 31,355 | $6.1M | Reduce -5.2% |
| TSLA Tesla Inc. | 0.38% | 22,331 | $5.8M | Reduce -10.8% |
| XOM Exxon Mobil Corp. | 0.35% | 45,551 | $5.4M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.34% | 9,775 | $5.2M | New |
| VEA Vanguard Ftse Developed ETF | 0.34% | 101,546 | $5.2M | No change |
| VOO Vanguard S&P 500 ETF | 0.33% | 9,906 | $5.1M | No change |
| CNQ Canadian Natural Resources | 0.31% | 153,079 | $4.7M | Reduce -29.5% |
| PRF Invesco Rafi US 1000 ETF | 0.31% | 115,905 | $4.7M | Reduce -3.3% |
| GOOG Alphabet Inc. Class C | 0.29% | 28,528 | $4.5M | New |
| CVX Chevron Corp. | 0.27% | 24,302 | $4.1M | Add +3.9% |
| AMZN Amazon.com Inc. | 0.26% | 21,181 | $4.0M | Reduce -0.2% |
| AWK American Water Works Co. Inc. | 0.25% | 26,127 | $3.9M | Add +6.6% |
| NGG National Grid PLC-SP ADR | 0.25% | 57,253 | $3.8M | Reduce -3.3% |
| META Meta Platforms Inc. Class A | 0.23% | 6,135 | $3.5M | Reduce -6.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.22% | 81,942 | $3.4M | Reduce -4.9% |
| T AT&T Inc. | 0.21% | 114,602 | $3.2M | Reduce -7.3% |
| CCJ Cameco Corp. | 0.20% | 75,000 | $3.1M | No change |
| VZ Verizon Communications Inc. | 0.20% | 67,706 | $3.1M | No change |
| MKC McCormick & Co.-Non VTG SHRS | 0.20% | 36,433 | $3.0M | New |
| WFC Wells Fargo & Co. | 0.19% | 41,017 | $2.9M | Reduce -8.1% |
| IVV iShares Core S&P 500 ETF | 0.19% | 5,096 | $2.9M | No change |
| UNH Unitedhealth Group Inc. | 0.18% | 5,393 | $2.8M | Add +7.6% |
| WMT Walmart Inc. | 0.18% | 31,910 | $2.8M | Reduce -12.1% |
| JNJ Johnson & Johnson | 0.17% | 16,070 | $2.7M | Reduce -1.6% |
| CMCSA Comcast Corp. Class A | 0.17% | 68,807 | $2.5M | Add +4.2% |
| CVS CVS Health Corp. | 0.15% | 34,563 | $2.3M | Add +8.2% |
| NEE Nextera Energy Inc. | 0.15% | 32,824 | $2.3M | Reduce -7.8% |
| ENB Enbridge Inc. | 0.15% | 51,966 | $2.3M | Reduce -12.7% |
| INTC Intel Corp. | 0.15% | 99,235 | $2.3M | Add +9.1% |
| C Citigroup Inc. | 0.14% | 30,469 | $2.2M | Reduce -9.1% |
| CSCO Cisco Systems Inc. | 0.14% | 34,346 | $2.1M | Reduce -5.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.14% | 8,455 | $2.1M | Reduce -4.1% |
| PFE Pfizer Inc. | 0.12% | 74,404 | $1.9M | Reduce -0.8% |
| MU Micron Technology Inc. | 0.12% | 21,565 | $1.9M | Reduce -2.7% |
| COST Costco Wholesale Corp. | 0.12% | 1,962 | $1.9M | Reduce -1.6% |
| HD Home Depot Inc. | 0.12% | 4,825 | $1.8M | Add +1.0% |
| APH Amphenol Corp. Class A | 0.11% | 24,719 | $1.6M | Add +8.4% |
| PXF Invesco Rafi Developed Marke | 0.11% | 31,116 | $1.6M | Reduce -0.8% |
| PM Philip Morris International | 0.10% | 9,710 | $1.5M | Reduce -9.0% |
| ABBV Abbvie Inc. | 0.10% | 7,299 | $1.5M | Add +1.5% |
| SLF Sun Life Financial Inc. | 0.10% | 26,700 | $1.5M | Add +1.2% |
| SGOV iShares 0-3 Month Treasury B | 0.10% | 14,910 | $1.5M | New |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.10% | 40,303 | $1.5M | No change |
| AEM Agnico Eagle Mines Ltd. | 0.09% | 13,299 | $1.4M | No change |
| SCHW Schwab (charles) Corp. | 0.09% | 18,297 | $1.4M | No change |
| BMY Bristol-Myers Squibb Co. | 0.09% | 21,820 | $1.3M | Add +4.0% |
Portfolio Sells Q4 2024 → Q1 2025
| BN Brookfield Corp. | Reduce -92.9% | 0.06% | −0.90 |
| GOOGL Alphabet Inc. Class A | Reduce -10.9% | 2.05% | −0.86 |
| MSFT Microsoft Corp. | Reduce -6.0% | 3.66% | −0.85 |
| MAR Marriott International Class A | Reduce -19.4% | 1.09% | −0.55 |
| ADBE Adobe Inc. | Reduce -18.9% | 0.92% | −0.43 |
| TSLA Tesla Inc. | Reduce -10.8% | 0.38% | −0.30 |
| CM Can Imperial BK of Commerce | Reduce -1.1% | 1.63% | −0.28 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -99.9% | 0.52% | −0.25 |
| AAPL Apple Inc. | Reduce -2.9% | 1.16% | −0.23 |
| LOW Lowe's Cos Inc. | Reduce -10.7% | 0.92% | −0.21 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -0.2% | 1.01% | −0.16 |
| CNQ Canadian Natural Resources | Reduce -29.5% | 0.31% | −0.14 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −0.12 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.12 |
| GRTUF Granite Real Estate Investme | Reduce -3.0% | 0.60% | −0.06 |
| ADI Analog Devices Inc. | Reduce -51.2% | 0.05% | −0.06 |
| AMZN Amazon.com Inc. | Reduce -0.2% | 0.26% | −0.05 |
| MFC Manulife Financial Corp. | Reduce -2.5% | 0.98% | −0.04 |
| VIG Vanguard Dividend Apprec ETF | Reduce -5.2% | 0.40% | −0.04 |
| WMT Walmart Inc. | Reduce -12.1% | 0.18% | −0.04 |
| AVGO Broadcom Inc. | Reduce -7.2% | 0.07% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -2.5% | 0.85% | −0.04 |
| CHD Church & Dwight Co. Inc. | Sold out | 0.00% | −0.03 |
| BAC Bank of America Corp. | Reduce -4.9% | 0.22% | −0.03 |
| DCBO Docebo Inc. | Reduce -1.8% | 0.05% | −0.03 |
| META Meta Platforms Inc. Class A | Reduce -6.6% | 0.23% | −0.03 |
| FLNC Fluence Energy Inc. | Sold out | 0.00% | −0.02 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −0.02 |
| LUMN Lumen Technologies Inc. | Reduce -22.1% | 0.03% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.02 |
| TRP TC Energy Corp. | Reduce -23.0% | 0.07% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -7.8% | 0.15% | −0.02 |
| PRF Invesco Rafi US 1000 ETF | Reduce -3.3% | 0.31% | −0.02 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -3.1% | 0.47% | −0.02 |
| ENB Enbridge Inc. | Reduce -12.7% | 0.15% | −0.02 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -8.1% | 0.19% | −0.02 |
| C Citigroup Inc. | Reduce -9.1% | 0.14% | −0.02 |
| VST Vistra Corp. | Sold out | 0.00% | −0.02 |
| ORCL Oracle Corp. | Reduce -7.0% | 0.05% | −0.02 |
| FMX Fomento Economico Mex-SP ADR | Sold out | 0.00% | −0.02 |
| WDC Western Digital Corp. | Sold out | 0.00% | −0.02 |
| FITB Fifth Third Bancorp | Sold out | 0.00% | −0.02 |
| EIX Edison International | Sold out | 0.00% | −0.01 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.01 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.01 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.01 |
| VFC VF Corp. | Sold out | 0.00% | −0.01 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | New | 1.15% | +1.15 |
| CMS CMS Energy Corp. | Add +45.2% | 1.36% | +0.50 |
| WEC WEC Energy Group Inc. | Add +34.7% | 1.41% | +0.48 |
| AZN Astrazeneca PLC-Spons ADR | Add +8.8% | 2.75% | +0.42 |
| QSR Restaurant Brands Intern | Add +17.9% | 2.85% | +0.41 |
| CBOE Cboe Global Markets Inc. | Add +19.8% | 1.57% | +0.40 |
| WCN Waste Connections Inc. | Add +18.6% | 1.69% | +0.40 |
| UBER Uber Technologies Inc. | Add +21.3% | 1.29% | +0.38 |
| ABT Abbott Laboratories | Add +1.3% | 2.82% | +0.37 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.34% | +0.34 |
| CL Colgate-Palmolive Co. | Add +22.8% | 1.77% | +0.33 |
| WTW Willis Towers Watson PLC | Add +5.6% | 3.20% | +0.30 |
| GOOG Alphabet Inc. Class C | New | 0.29% | +0.29 |
| MKC McCormick & Co.-Non VTG SHRS | New | 0.20% | +0.20 |
| TD Toronto-Dominion Bank | Add +0.2% | 2.11% | +0.18 |
| MELI MercadoLibre Inc. | Add +0.6% | 1.28% | +0.14 |
| AQN Algonquin Power & Utilities | Add +1.8% | 0.85% | +0.11 |
| J Jacobs Solutions Inc. | Add +18.7% | 2.56% | +0.10 |
| SGOV iShares 0-3 Month Treasury B | New | 0.10% | +0.10 |
| PXH Inves Rafi Emer MRKT-Usd Inc. | Add +9.0% | 0.74% | +0.08 |
| TRI Thomson Reuters Corp. | Add +0.3% | 1.42% | +0.06 |
| SHV iShares 0-1 Year Treasury Bo | New | 0.06% | +0.06 |
| CVS CVS Health Corp. | Add +8.2% | 0.15% | +0.06 |
| AGG iShares Core U.S. Aggregate | New | 0.06% | +0.06 |
| AWK American Water Works Co. Inc. | Add +6.6% | 0.25% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +3.4% | 1.61% | +0.04 |
| UNP Union Pacific Corp. | Add +2.6% | 1.32% | +0.04 |
| CVX Chevron Corp. | Add +3.9% | 0.27% | +0.04 |
| LLY Eli Lilly & Co. | Add +0.6% | 0.85% | +0.04 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | New | 0.03% | +0.03 |
| INTC Intel Corp. | Add +9.1% | 0.15% | +0.02 |
| CI The Cigna Group | Add +10.2% | 0.09% | +0.02 |
| MBB iShares MBS ETF | New | 0.02% | +0.02 |
| ISTB iShares Core 1-5 Year Usd Bo | New | 0.02% | +0.02 |
| ELV Elevance Health Inc. | Add +12.5% | 0.07% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.02% | +0.02 |
| CME Cme Group Inc. | New | 0.02% | +0.02 |
| X United States Steel Corp. | New | 0.02% | +0.02 |
| COR Cencora Inc. | New | 0.01% | +0.01 |
| MOS The Mosaic Co. | New | 0.01% | +0.01 |
| BSX Boston Scientific Corp. | New | 0.01% | +0.01 |
| KLAC KLA Corp. | New | 0.01% | +0.01 |
| PHYS Sprott Physical Gold Trust | New | 0.01% | +0.01 |
| ABBV Abbvie Inc. | Add +1.5% | 0.10% | +0.01 |
| YUM Yum! Brands Inc. | New | 0.01% | +0.01 |
| RS Reliance Inc. | New | 0.01% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +7.6% | 0.18% | +0.01 |
| DTE DTE Energy Company | New | 0.01% | +0.01 |
| ES Eversource Energy | New | 0.01% | +0.01 |
| PLD Prologis Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q4 2024 → Q1 2025
| SHV iShares 0-1 Year Treasury Bo | TRUST ISHARE 0-1 · principal | Sold out | 8,795 | $968Kbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | IBOXX INV CP ETF · principal | Sold out | 7,873 | $841Kbefore exit |
| AGG iShares Core U.S. Aggregate | CORE US AGGBD ET · principal | Sold out | 8,497 | $823Kbefore exit |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Sold out | 6,354 | $304Kbefore exit |
| MBB iShares MBS ETF | MBS ETF · principal | Sold out | 2,969 | $272Kbefore exit |
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 |