Cidel Asset Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Cidel Asset Management Inc. reported 360 stock positions worth $1.7 billion. Its top holding was Microsoft (MSFT) at 4.8% of the portfolio, followed by Royal Bank of Canada (RY, 4.6%) and RB Global (RBA, 4.4%). Compared with Q1 2025, it opened 28 new positions, sold out of 8, added to 152 and reduced 108. The biggest buy was Microsoft (MSFT, shares +7%) and the biggest sale Alphabet Class A (GOOGL, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001621915
- Portfolio Value
- $1.7B (Q2 2025)
- SEC Filing
- 0001085146-25-004247 ↗ filed Jul 29, 2025
Holdings Value
Holdings 360 stocks · $1.7B
| MSFT Microsoft Corp. | 4.78% | 159,887 | $79.5M | Add +7.3% |
| RY Royal Bank of Canada | 4.63% | 586,633 | $77.2M | Add +1.7% |
| RBA RB Global Inc. | 4.39% | 689,600 | $73.1M | Add +1.8% |
| V Visa Inc. Class A | 2.87% | 134,456 | $47.7M | Add +15.6% |
| ABT Abbott Laboratories | 2.69% | 329,181 | $44.8M | Add +1.1% |
| FTS Fortis Inc. | 2.68% | 937,252 | $44.7M | Add +2.1% |
| QSR Restaurant Brands Intern | 2.66% | 669,683 | $44.3M | Add +2.3% |
| J Jacobs Solutions Inc. | 2.62% | 331,662 | $43.6M | Add +2.3% |
| AZN Astrazeneca PLC-Spons ADR | 2.52% | 599,997 | $41.9M | Add +5.0% |
| WTW Willis Towers Watson PLC | 2.50% | 135,728 | $41.6M | Reduce -6.3% |
| CNI Canadian Natl Railway Co. | 2.49% | 399,269 | $41.5M | Add +2.0% |
| TD Toronto-Dominion Bank | 2.42% | 548,715 | $40.3M | Add +2.0% |
| SAP Sap SE-Sponsored ADR | 2.32% | 127,005 | $38.6M | Add +20.2% |
| GIB Cgi Inc. | 2.26% | 358,422 | $37.6M | Add +12.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.93% | 453,232 | $32.1M | Add +2.1% |
| CL Colgate-Palmolive Co. | 1.80% | 329,060 | $29.9M | Add +13.6% |
| OTEX Open Text Corp. | 1.63% | 931,450 | $27.2M | Add +2.1% |
| JPM JPMorgan Chase & Co. | 1.62% | 92,869 | $26.9M | Reduce -7.6% |
| MELI MercadoLibre Inc. | 1.61% | 10,248 | $26.8M | Add +2.0% |
| NVDA Nvidia Corp. | 1.57% | 165,234 | $26.1M | Add +2.1% |
| TRI Thomson Reuters Corp. | 1.56% | 129,042 | $25.9M | Add +2.4% |
| WCN Waste Connections Inc. | 1.53% | 136,991 | $25.5M | Add +3.3% |
| CBOE Cboe Global Markets Inc. | 1.53% | 108,906 | $25.4M | Add +2.7% |
| MAR Marriott International Class A | 1.45% | 88,167 | $24.1M | Add +25.6% |
| UNP Union Pacific Corp. | 1.39% | 100,561 | $23.1M | Add +17.6% |
| CMS CMS Energy Corp. | 1.34% | 322,658 | $22.4M | Add +16.5% |
| WEC WEC Energy Group Inc. | 1.26% | 200,914 | $20.9M | Add +1.6% |
| ZTS Zoetis Inc. | 1.12% | 119,049 | $18.6M | Add +2.4% |
| AQN Algonquin Power & Utilities | 1.09% | 3,178,346 | $18.1M | Add +25.2% |
| STN Stantec Inc. | 1.06% | 161,848 | $17.6M | Add +1.2% |
| UBER Uber Technologies Inc. | 1.03% | 184,115 | $17.2M | Reduce -32.2% |
| CIGI Colliers Intl GR-Subord Vot | 1.01% | 129,280 | $16.9M | Add +1.4% |
| LLY Eli Lilly & Co. | 0.99% | 21,135 | $16.5M | Add +35.0% |
| AAPL Apple Inc. | 0.97% | 78,574 | $16.1M | Reduce -1.9% |
| MFC Manulife Financial Corp. | 0.95% | 496,570 | $15.8M | Add +2.9% |
| DSGX The Descartes Systems Grp | 0.87% | 142,322 | $14.4M | Add +31.9% |
| RSP Invesco S&P 500 Equal Weight | 0.85% | 78,090 | $14.2M | No change |
| COP Conocophillips | 0.84% | 156,247 | $14.0M | Add +2.3% |
| LOW Lowe's Cos Inc. | 0.83% | 62,100 | $13.8M | Add +2.8% |
| ASML ASML Holding NV-NY Reg SHS | 0.82% | 17,076 | $13.7M | Add +4478.0% |
| CRM Salesforce Inc. | 0.81% | 49,392 | $13.5M | Reduce -16.1% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 0.77% | 550,560 | $12.9M | Add +6.2% |
| PG The Procter & Gamble Co. | 0.74% | 77,266 | $12.3M | Add +0.7% |
| CP Canadian Pacific Kansas City | 0.73% | 153,973 | $12.2M | Add +2.0% |
| ADBE Adobe Inc. | 0.66% | 28,574 | $11.1M | Reduce -21.8% |
| GRTUF Granite Real Estate Investme | 0.60% | 197,396 | $10.0M | Add +0.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.58% | 176,053 | $9.7M | Add +1.5% |
| PBA Pembina Pipeline Corp. | 0.55% | 246,497 | $9.2M | Add +1.3% |
| STGW Stagwell Inc. | 0.55% | 2,039,680 | $9.2M | No change |
| GNTX Gentex Corp. | 0.52% | 396,452 | $8.7M | Reduce -23.8% |
| MSI Motorola Solutions Inc. | 0.47% | 18,749 | $7.9M | New |
| BRK.A Berkshire Hathaway Inc. Class A | 0.44% | 10 | $7.3M | No change |
| TSLA Tesla Inc. | 0.42% | 22,142 | $7.0M | Reduce -0.8% |
| RIO Rio Tinto PLC-Spon ADR | 0.42% | 119,603 | $7.0M | Reduce -0.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.40% | 60,021 | $6.6M | Reduce -74.7% |
| VIG Vanguard Dividend Apprec ETF | 0.39% | 31,355 | $6.4M | No change |
| GOOGL Alphabet Inc. Class A | 0.38% | 36,082 | $6.4M | Reduce -82.2% |
| VEA Vanguard Ftse Developed ETF | 0.35% | 101,546 | $5.8M | No change |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.34% | 230,749 | $5.7M | Reduce -12.7% |
| VOO Vanguard S&P 500 ETF | 0.34% | 9,906 | $5.6M | No change |
| CCJ Cameco Corp. | 0.33% | 75,000 | $5.6M | No change |
| NGG National Grid PLC-SP ADR | 0.31% | 69,633 | $5.2M | Add +21.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.30% | 10,446 | $5.1M | Add +6.9% |
| GOOG Alphabet Inc. Class C | 0.30% | 28,456 | $5.0M | Reduce -0.3% |
| XOM Exxon Mobil Corp. | 0.30% | 46,469 | $5.0M | Add +2.0% |
| AMZN Amazon.com Inc. | 0.30% | 22,406 | $4.9M | Add +5.8% |
| PRF Invesco Rafi US 1000 ETF | 0.29% | 115,656 | $4.9M | Reduce -0.2% |
| CNQ Canadian Natural Resources | 0.29% | 153,713 | $4.8M | Add +0.4% |
| META Meta Platforms Inc. Class A | 0.27% | 6,169 | $4.6M | Add +0.6% |
| MKC McCormick & Co.-Non VTG SHRS | 0.24% | 53,126 | $4.0M | Add +45.8% |
| AWK American Water Works Co. Inc. | 0.23% | 28,032 | $3.9M | Add +7.3% |
| CVX Chevron Corp. | 0.22% | 25,796 | $3.7M | Add +6.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.22% | 76,470 | $3.6M | Reduce -6.7% |
| IVV iShares Core S&P 500 ETF | 0.19% | 5,009 | $3.1M | Reduce -1.7% |
| WFC Wells Fargo & Co. | 0.19% | 38,560 | $3.1M | Reduce -6.0% |
| T AT&T Inc. | 0.18% | 103,942 | $3.0M | Reduce -9.3% |
| VZ Verizon Communications Inc. | 0.17% | 66,118 | $2.9M | Reduce -2.4% |
| WMT Walmart Inc. | 0.17% | 29,109 | $2.8M | Reduce -8.8% |
| MU Micron Technology Inc. | 0.16% | 21,832 | $2.7M | Add +1.2% |
| CMCSA Comcast Corp. Class A | 0.15% | 70,670 | $2.5M | Add +2.7% |
| C Citigroup Inc. | 0.15% | 28,539 | $2.4M | Reduce -6.3% |
| CVS CVS Health Corp. | 0.14% | 34,883 | $2.4M | Add +0.9% |
| JNJ Johnson & Johnson | 0.14% | 15,696 | $2.4M | Reduce -2.3% |
| APH Amphenol Corp. Class A | 0.14% | 23,965 | $2.4M | Reduce -3.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.14% | 8,018 | $2.4M | Reduce -5.2% |
| ENB Enbridge Inc. | 0.14% | 51,989 | $2.4M | Add +0.0% |
| INTC Intel Corp. | 0.14% | 104,224 | $2.3M | Add +5.0% |
| COF Capital One Financial Corp. | 0.14% | 10,561 | $2.2M | Add +85.7% |
| CSCO Cisco Systems Inc. | 0.13% | 31,285 | $2.2M | Reduce -8.9% |
| NEE Nextera Energy Inc. | 0.12% | 29,861 | $2.1M | Reduce -9.0% |
| UNH Unitedhealth Group Inc. | 0.12% | 6,511 | $2.0M | Add +20.7% |
| COST Costco Wholesale Corp. | 0.12% | 2,044 | $2.0M | Add +4.2% |
| PFE Pfizer Inc. | 0.11% | 76,777 | $1.9M | Add +3.2% |
| FISV Fiserv Inc. | 0.11% | 10,791 | $1.9M | Add +675.2% |
| SLF Sun Life Financial Inc. | 0.11% | 27,066 | $1.8M | Add +1.4% |
| PXF Invesco Rafi Developed Marke | 0.11% | 31,072 | $1.8M | Reduce -0.1% |
| HD Home Depot Inc. | 0.10% | 4,703 | $1.7M | Reduce -2.5% |
| SCHW Schwab (charles) Corp. | 0.10% | 18,297 | $1.7M | No change |
| AEM Agnico Eagle Mines Ltd. | 0.10% | 13,299 | $1.6M | No change |
| PM Philip Morris International | 0.09% | 8,660 | $1.6M | Reduce -10.8% |
Portfolio Sells Q1 2025 → Q2 2025
| GOOGL Alphabet Inc. Class A | Reduce -82.2% | 0.38% | −1.67 |
| BMO Bank of Montreal | Reduce -74.7% | 0.40% | −1.08 |
| WTW Willis Towers Watson PLC | Reduce -6.3% | 2.50% | −0.70 |
| GNTX Gentex Corp. | Reduce -23.8% | 0.52% | −0.27 |
| UBER Uber Technologies Inc. | Reduce -32.2% | 1.03% | −0.26 |
| ADBE Adobe Inc. | Reduce -21.8% | 0.66% | −0.25 |
| CRM Salesforce Inc. | Reduce -16.1% | 0.81% | −0.22 |
| AAPL Apple Inc. | Reduce -1.9% | 0.97% | −0.19 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.10 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Reduce -12.7% | 0.34% | −0.07 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -0.3% | 0.42% | −0.05 |
| T AT&T Inc. | Reduce -9.3% | 0.18% | −0.03 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.03 |
| JNJ Johnson & Johnson | Reduce -2.3% | 0.14% | −0.03 |
| BN Brookfield Corp. | Reduce -53.1% | 0.03% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -2.4% | 0.17% | −0.03 |
| NEE Nextera Energy Inc. | Reduce -9.0% | 0.12% | −0.03 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.02 |
| X United States Steel Corp. | Sold out | 0.00% | −0.02 |
| PFG Principal Financial Group | Sold out | 0.00% | −0.01 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.01 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.01 |
| DTE DTE Energy Company | Sold out | 0.00% | −0.01 |
| PRF Invesco Rafi US 1000 ETF | Reduce -0.2% | 0.29% | −0.01 |
| GILD Gilead Sciences Inc. | Reduce -9.9% | 0.06% | −0.01 |
| WMT Walmart Inc. | Reduce -8.8% | 0.17% | −0.01 |
| HD Home Depot Inc. | Reduce -2.5% | 0.10% | −0.01 |
| MCD McDonald's Corp. | Reduce -3.7% | 0.06% | −0.01 |
| MO Altria Group Inc. | Reduce -6.0% | 0.06% | −0.01 |
| LUMN Lumen Technologies Inc. | Reduce -39.0% | 0.02% | −0.01 |
| AGG iShares Core U.S. Aggregate | Reduce -10.9% | 0.05% | −0.01 |
| MMM 3M Co. | Reduce -13.9% | 0.04% | −0.01 |
| TMUS T-Mobile US Inc. | Reduce -5.9% | 0.03% | −0.01 |
| SBUX Starbucks Corp. | Reduce -5.9% | 0.04% | −0.01 |
| EXC Exelon Corp. | Reduce -12.6% | 0.03% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -8.9% | 0.13% | −0.01 |
| TRV The Travelers Cos Inc. | Reduce -14.2% | 0.03% | −0.01 |
| BCE Bce Inc. | Reduce -4.0% | 0.05% | −0.01 |
| KO The Coca-Cola Co. | Reduce -3.3% | 0.06% | −0.01 |
| IP International Paper Co. | Reduce -12.1% | 0.02% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -6.0% | 0.19% | −0.01 |
| SU Suncor Energy Inc. | Reduce -14.0% | 0.02% | −0.01 |
| ALL Allstate Corp. | Reduce -8.7% | 0.03% | −0.01 |
| DUK Duke Energy Corp. | Reduce -2.4% | 0.04% | −0.01 |
| CB Chubb Ltd. | Reduce -3.1% | 0.04% | −0.01 |
| BAC Bank of America Corp. | Reduce -6.7% | 0.22% | −0.01 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -5.5% | 0.04% | −0.01 |
| PM Philip Morris International | Reduce -10.8% | 0.09% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -5.0% | 0.06% | −0.01 |
| PGR Progressive Corp. | Reduce -6.5% | 0.03% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +7.3% | 4.78% | +1.12 |
| ASML ASML Holding NV-NY Reg SHS | Add +4478.0% | 0.82% | +0.81 |
| MSI Motorola Solutions Inc. | New | 0.47% | +0.47 |
| SAP Sap SE-Sponsored ADR | Add +20.2% | 2.32% | +0.47 |
| NVDA Nvidia Corp. | Add +2.1% | 1.57% | +0.42 |
| RY Royal Bank of Canada | Add +1.7% | 4.63% | +0.39 |
| MAR Marriott International Class A | Add +25.6% | 1.45% | +0.35 |
| MELI MercadoLibre Inc. | Add +2.0% | 1.61% | +0.33 |
| TD Toronto-Dominion Bank | Add +2.0% | 2.42% | +0.31 |
| CM Can Imperial BK of Commerce | Add +2.1% | 1.93% | +0.30 |
| AQN Algonquin Power & Utilities | Add +25.2% | 1.09% | +0.24 |
| V Visa Inc. Class A | Add +15.6% | 2.87% | +0.20 |
| STN Stantec Inc. | Add +1.2% | 1.06% | +0.19 |
| GIB Cgi Inc. | Add +12.6% | 2.26% | +0.18 |
| DSGX The Descartes Systems Grp | Add +31.9% | 0.87% | +0.16 |
| LLY Eli Lilly & Co. | Add +35.0% | 0.99% | +0.14 |
| TRI Thomson Reuters Corp. | Add +2.4% | 1.56% | +0.14 |
| OTEX Open Text Corp. | Add +2.1% | 1.63% | +0.13 |
| FISV Fiserv Inc. | Add +675.2% | 0.11% | +0.09 |
| UNP Union Pacific Corp. | Add +17.6% | 1.39% | +0.07 |
| COF Capital One Financial Corp. | Add +85.7% | 0.14% | +0.07 |
| NGG National Grid PLC-SP ADR | Add +21.6% | 0.31% | +0.07 |
| EMA Emera Inc. | New | 0.06% | +0.06 |
| J Jacobs Solutions Inc. | Add +2.3% | 2.62% | +0.06 |
| BNS Bank of Nova Scotia | Add +1.5% | 0.58% | +0.05 |
| MKC McCormick & Co.-Non VTG SHRS | Add +45.8% | 0.24% | +0.05 |
| META Meta Platforms Inc. Class A | Add +0.6% | 0.27% | +0.04 |
| CP Canadian Pacific Kansas City | Add +2.0% | 0.73% | +0.04 |
| MU Micron Technology Inc. | Add +1.2% | 0.16% | +0.04 |
| PXH Inves Rafi Emer MRKT-Usd Inc. | Add +6.2% | 0.77% | +0.04 |
| GLXY Galaxy Digital Inc. Class A | New | 0.03% | +0.03 |
| AMZN Amazon.com Inc. | Add +5.8% | 0.30% | +0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 0.03% | +0.03 |
| CL Colgate-Palmolive Co. | Add +13.6% | 1.80% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.02% | +0.02 |
| NFLX Netflix Inc. | Add +25.3% | 0.05% | +0.02 |
| GEV GE Vernova Inc. | New | 0.02% | +0.02 |
| ACWI iShares MSCI Acwi ETF | New | 0.02% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +14.8% | 0.05% | +0.02 |
| VST Vistra Corp. | New | 0.02% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +1.0% | 0.09% | +0.02 |
| NRG NRG Energy Inc. | New | 0.02% | +0.02 |
| CEG Constellation Energy | New | 0.02% | +0.02 |
| JBL Jabil Inc. | New | 0.01% | +0.01 |
| FIS Fidelity National Info Serv | New | 0.01% | +0.01 |
| IQDG Wisdomtree Intl QLTY DVD GRW | New | 0.01% | +0.01 |
| WDC Western Digital Corp. | New | 0.01% | +0.01 |
| SHV iShares 0-1 Year Treasury Bo | Add +33.9% | 0.07% | +0.01 |
| SHW The Sherwin-Williams Co. | New | 0.01% | +0.01 |
| ARW Arrow Electronics Inc. | New | 0.01% | +0.01 |
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 |