Cidel Asset Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Cidel Asset Management Inc. reported 357 stock positions worth $1.7 billion. Its top holding was Royal Bank of Canada (RY) at 5.0% of the portfolio, followed by Microsoft (MSFT, 5.0%) and RB Global (RBA, 4.4%). Compared with Q2 2025, it opened 20 new positions, sold out of 23, added to 124 and reduced 112. The biggest buy was Nvidia (NVDA, shares +29%) and the biggest sale Salesforce (CRM, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001621915
- Portfolio Value
- $1.7B (Q3 2025)
- SEC Filing
- 0001621915-25-000005 ↗ filed Nov 7, 2025
Holdings Value
Holdings 357 stocks · $1.7B
| RY Royal Bank of Canada | 5.04% | 595,378 | $87.8M | Add +1.5% |
| MSFT Microsoft Corp. | 4.99% | 167,763 | $86.9M | Add +4.9% |
| RBA RB Global Inc. | 4.41% | 708,463 | $76.8M | Add +2.7% |
| J Jacobs Solutions Inc. | 2.85% | 330,862 | $49.6M | Reduce -0.2% |
| FTS Fortis Inc. | 2.81% | 963,061 | $48.9M | Add +2.8% |
| WTW Willis Towers Watson PLC | 2.69% | 135,738 | $46.9M | Add +0.0% |
| AZN Astrazeneca PLC-Spons ADR | 2.64% | 598,309 | $45.9M | Reduce -0.3% |
| V Visa Inc. Class A | 2.61% | 133,211 | $45.5M | Reduce -0.9% |
| TD Toronto-Dominion Bank | 2.60% | 566,193 | $45.3M | Add +3.2% |
| ABT Abbott Laboratories | 2.58% | 335,841 | $45.0M | Add +2.0% |
| QSR Restaurant Brands Intern | 2.53% | 688,129 | $44.2M | Add +2.8% |
| CNI Canadian Natl Railway Co. | 2.44% | 450,643 | $42.5M | Add +12.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 2.33% | 508,370 | $40.6M | Add +12.2% |
| NVDA Nvidia Corp. | 2.28% | 212,766 | $39.7M | Add +28.8% |
| SAP Sap SE-Sponsored ADR | 2.14% | 139,273 | $37.2M | Add +9.7% |
| GIB Cgi Inc. | 2.13% | 416,802 | $37.1M | Add +16.3% |
| OTEX Open Text Corp. | 2.09% | 973,317 | $36.4M | Add +4.5% |
| JPM JPMorgan Chase & Co. | 1.66% | 91,912 | $29.0M | Reduce -1.0% |
| WCN Waste Connections Inc. | 1.65% | 163,675 | $28.8M | Add +19.5% |
| CMS CMS Energy Corp. | 1.46% | 346,729 | $25.4M | Add +7.5% |
| CL Colgate-Palmolive Co. | 1.44% | 314,644 | $25.2M | Reduce -4.4% |
| MELI MercadoLibre Inc. | 1.38% | 10,311 | $24.1M | Add +0.6% |
| WEC WEC Energy Group Inc. | 1.36% | 206,513 | $23.7M | Add +2.8% |
| MAR Marriott International Class A | 1.31% | 87,685 | $22.8M | Reduce -0.6% |
| CIGI Colliers Intl GR-Subord Vot | 1.20% | 134,127 | $21.0M | Add +3.8% |
| TRI Thomson Reuters Corp. | 1.19% | 133,790 | $20.8M | Add +3.7% |
| LLY Eli Lilly & Co. | 1.17% | 26,726 | $20.4M | Add +26.4% |
| CBOE Cboe Global Markets Inc. | 1.17% | 82,859 | $20.3M | Reduce -23.9% |
| UNP Union Pacific Corp. | 1.15% | 84,551 | $20.0M | Reduce -15.9% |
| AAPL Apple Inc. | 1.14% | 78,124 | $19.9M | Reduce -0.6% |
| UBER Uber Technologies Inc. | 1.02% | 182,007 | $17.8M | Reduce -1.1% |
| AQN Algonquin Power & Utilities | 1.00% | 3,253,612 | $17.5M | Add +2.4% |
| ZTS Zoetis Inc. | 0.99% | 118,375 | $17.3M | Reduce -0.6% |
| ASML ASML Holding NV-NY Reg SHS | 0.98% | 17,551 | $17.0M | Add +2.8% |
| STN Stantec Inc. | 0.96% | 155,530 | $16.8M | Reduce -3.9% |
| CP Canadian Pacific Kansas City | 0.90% | 209,780 | $15.6M | Add +36.2% |
| MFC Manulife Financial Corp. | 0.87% | 486,143 | $15.1M | Reduce -2.1% |
| COP Conocophillips | 0.86% | 157,455 | $14.9M | Add +0.8% |
| RSP Invesco S&P 500 Equal Weight | 0.85% | 78,090 | $14.8M | No change |
| MSI Motorola Solutions Inc. | 0.84% | 32,061 | $14.7M | Add +71.0% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 0.84% | 573,516 | $14.6M | Add +4.2% |
| DSGX The Descartes Systems Grp | 0.80% | 147,860 | $13.9M | Add +3.9% |
| GNTX Gentex Corp. | 0.73% | 450,780 | $12.8M | Add +13.7% |
| PG The Procter & Gamble Co. | 0.68% | 77,275 | $11.9M | Add +0.0% |
| STGW Stagwell Inc. | 0.66% | 2,039,680 | $11.5M | No change |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.65% | 175,152 | $11.3M | Reduce -0.5% |
| PBA Pembina Pipeline Corp. | 0.57% | 247,244 | $10.0M | Add +0.3% |
| TSLA Tesla Inc. | 0.56% | 22,087 | $9.8M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 0.49% | 34,906 | $8.5M | Reduce -3.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.46% | 120,151 | $7.9M | Add +0.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.44% | 58,693 | $7.6M | Reduce -2.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.43% | 10 | $7.5M | No change |
| VIG Vanguard Dividend Apprec ETF | 0.39% | 31,355 | $6.8M | No change |
| GOOG Alphabet Inc. Class C | 0.39% | 27,613 | $6.7M | Reduce -3.0% |
| GRTUF Granite Real Estate Investme | 0.37% | 117,469 | $6.5M | Reduce -40.5% |
| CCJ Cameco Corp. | 0.36% | 75,000 | $6.3M | No change |
| VEA Vanguard Ftse Developed ETF | 0.35% | 101,546 | $6.1M | No change |
| VOO Vanguard S&P 500 ETF | 0.34% | 9,772 | $6.0M | Reduce -1.4% |
| XOM Exxon Mobil Corp. | 0.31% | 47,722 | $5.4M | Add +2.7% |
| PRF Invesco Rafi US 1000 ETF | 0.30% | 115,480 | $5.2M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.30% | 10,299 | $5.2M | Reduce -1.4% |
| AMZN Amazon.com Inc. | 0.28% | 22,378 | $4.9M | Reduce -0.1% |
| CNQ Canadian Natural Resources | 0.28% | 152,604 | $4.9M | Reduce -0.7% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.27% | 181,293 | $4.8M | Reduce -21.4% |
| NGG National Grid PLC-SP ADR | 0.25% | 60,327 | $4.4M | Reduce -13.4% |
| CVX Chevron Corp. | 0.25% | 27,768 | $4.3M | Add +7.6% |
| META Meta Platforms Inc. Class A | 0.24% | 5,803 | $4.3M | Reduce -5.9% |
| HLN Haleon PLC-ADR | 0.23% | 450,689 | $4.0M | New |
| MU Micron Technology Inc. | 0.20% | 21,309 | $3.6M | Reduce -2.4% |
| MKC McCormick & Co.-Non VTG SHRS | 0.20% | 52,968 | $3.5M | Reduce -0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.20% | 67,043 | $3.5M | Reduce -12.3% |
| IVV iShares Core S&P 500 ETF | 0.19% | 5,009 | $3.4M | No change |
| INTC Intel Corp. | 0.18% | 95,167 | $3.2M | Reduce -8.7% |
| AWK American Water Works Co. Inc. | 0.18% | 22,570 | $3.1M | Reduce -19.5% |
| WFC Wells Fargo & Co. | 0.17% | 35,270 | $3.0M | Reduce -8.5% |
| VZ Verizon Communications Inc. | 0.17% | 66,118 | $2.9M | No change |
| JNJ Johnson & Johnson | 0.17% | 15,518 | $2.9M | Reduce -1.1% |
| WMT Walmart Inc. | 0.16% | 27,869 | $2.9M | Reduce -4.3% |
| T AT&T Inc. | 0.16% | 98,192 | $2.8M | Reduce -5.5% |
| UNH Unitedhealth Group Inc. | 0.16% | 7,914 | $2.7M | Add +21.6% |
| CVS CVS Health Corp. | 0.15% | 34,883 | $2.6M | No change |
| C Citigroup Inc. | 0.15% | 25,258 | $2.6M | Reduce -11.5% |
| ENB Enbridge Inc. | 0.15% | 50,734 | $2.6M | Reduce -2.4% |
| APH Amphenol Corp. Class A | 0.13% | 18,882 | $2.3M | Reduce -21.2% |
| CMCSA Comcast Corp. Class A | 0.13% | 74,225 | $2.3M | Add +5.0% |
| AEM Agnico Eagle Mines Ltd. | 0.13% | 13,299 | $2.2M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.13% | 7,881 | $2.2M | Reduce -1.7% |
| PFE Pfizer Inc. | 0.12% | 78,767 | $2.0M | Add +2.6% |
| CSCO Cisco Systems Inc. | 0.11% | 29,088 | $2.0M | Reduce -7.0% |
| COST Costco Wholesale Corp. | 0.11% | 2,094 | $1.9M | Add +2.5% |
| HD Home Depot Inc. | 0.11% | 4,703 | $1.9M | No change |
| NEE Nextera Energy Inc. | 0.11% | 24,878 | $1.9M | Reduce -16.7% |
| PXF Invesco Rafi Developed Marke | 0.10% | 29,752 | $1.8M | Reduce -4.3% |
| ABBV Abbvie Inc. | 0.10% | 7,677 | $1.8M | Add +3.3% |
| GM General Motors Co. | 0.10% | 28,302 | $1.7M | No change |
| SCHW Schwab (charles) Corp. | 0.10% | 18,028 | $1.7M | Reduce -1.5% |
| AVGO Broadcom Inc. | 0.10% | 5,173 | $1.7M | Reduce -8.8% |
| SLF Sun Life Financial Inc. | 0.10% | 28,317 | $1.7M | Add +4.6% |
| MPC Marathon Petroleum Corp. | 0.09% | 8,556 | $1.6M | Add +5.6% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.09% | 37,900 | $1.6M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| CRM Salesforce Inc. | Reduce -92.0% | 0.05% | −0.76 |
| LOW Lowe's Cos Inc. | Reduce -90.2% | 0.09% | −0.74 |
| ADBE Adobe Inc. | Reduce -91.8% | 0.05% | −0.62 |
| CBOE Cboe Global Markets Inc. | Reduce -23.9% | 1.17% | −0.36 |
| CL Colgate-Palmolive Co. | Reduce -4.4% | 1.44% | −0.35 |
| V Visa Inc. Class A | Reduce -0.9% | 2.61% | −0.26 |
| UNP Union Pacific Corp. | Reduce -15.9% | 1.15% | −0.24 |
| GRTUF Granite Real Estate Investme | Reduce -40.5% | 0.37% | −0.23 |
| MAR Marriott International Class A | Reduce -0.6% | 1.31% | −0.14 |
| ZTS Zoetis Inc. | Reduce -0.6% | 0.99% | −0.12 |
| FISV Fiserv Inc. | Reduce -84.3% | 0.01% | −0.10 |
| STN Stantec Inc. | Reduce -3.9% | 0.96% | −0.09 |
| MFC Manulife Financial Corp. | Reduce -2.1% | 0.87% | −0.08 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Reduce -21.4% | 0.27% | −0.07 |
| NGG National Grid PLC-SP ADR | Reduce -13.4% | 0.25% | −0.06 |
| AWK American Water Works Co. Inc. | Reduce -19.5% | 0.18% | −0.05 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.05 |
| BRAG Bragg Gaming Group Inc. | Sold out | 0.00% | −0.05 |
| COF Capital One Financial Corp. | Reduce -32.2% | 0.09% | −0.05 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.04 |
| DUOL Duolingo | Sold out | 0.00% | −0.04 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.04 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -0.3% | 0.20% | −0.04 |
| META Meta Platforms Inc. Class A | Reduce -5.9% | 0.24% | −0.03 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.02 |
| T AT&T Inc. | Reduce -5.5% | 0.16% | −0.02 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −0.02 |
| BAC Bank of America Corp. | Reduce -12.3% | 0.20% | −0.02 |
| XYZ Block Inc. | Sold out | 0.00% | −0.02 |
| PM Philip Morris International | Reduce -5.3% | 0.08% | −0.02 |
| ATS Ats Corp. | Sold out | 0.00% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -16.7% | 0.11% | −0.02 |
| CSCO Cisco Systems Inc. | Reduce -7.0% | 0.11% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -8.5% | 0.17% | −0.02 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.01 |
| XYL Xylem Inc. | Sold out | 0.00% | −0.01 |
| IBM Intl Business Machines Corp. | Reduce -1.7% | 0.13% | −0.01 |
| PHYS Sprott Physical Gold Trust | Sold out | 0.00% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -0.1% | 0.28% | −0.01 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.01 |
| TDUP Thredup Inc. Class A | Sold out | 0.00% | −0.01 |
| RELX Relx PLC - Spon ADR | Reduce -8.2% | 0.04% | −0.01 |
| ARW Arrow Electronics Inc. | Sold out | 0.00% | −0.01 |
| YUM Yum! Brands Inc. | Sold out | 0.00% | −0.01 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −0.01 |
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −0.01 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −0.01 |
| KDP Keurig Dr Pepper Inc. | Sold out | 0.00% | −0.01 |
| BIP Brookfield Infrastructure Pa | Sold out | 0.00% | −0.01 |
| ENVX Enovix Corp. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +28.8% | 2.28% | +0.71 |
| OTEX Open Text Corp. | Add +4.5% | 2.09% | +0.46 |
| CM Can Imperial BK of Commerce | Add +12.2% | 2.33% | +0.40 |
| RY Royal Bank of Canada | Add +1.5% | 5.04% | +0.40 |
| MSI Motorola Solutions Inc. | Add +71.0% | 0.84% | +0.37 |
| HLN Haleon PLC-ADR | New | 0.23% | +0.23 |
| MSFT Microsoft Corp. | Add +4.9% | 4.99% | +0.21 |
| GNTX Gentex Corp. | Add +13.7% | 0.73% | +0.21 |
| WTW Willis Towers Watson PLC | Add +0.0% | 2.69% | +0.19 |
| CIGI Colliers Intl GR-Subord Vot | Add +3.8% | 1.20% | +0.19 |
| LLY Eli Lilly & Co. | Add +26.4% | 1.17% | +0.18 |
| TD Toronto-Dominion Bank | Add +3.2% | 2.60% | +0.18 |
| CP Canadian Pacific Kansas City | Add +36.2% | 0.90% | +0.16 |
| ASML ASML Holding NV-NY Reg SHS | Add +2.8% | 0.98% | +0.15 |
| FTS Fortis Inc. | Add +2.8% | 2.81% | +0.12 |
| WCN Waste Connections Inc. | Add +19.5% | 1.65% | +0.12 |
| CMS CMS Energy Corp. | Add +7.5% | 1.46% | +0.12 |
| WEC WEC Energy Group Inc. | Add +2.8% | 1.36% | +0.10 |
| PXH Inves Rafi Emer MRKT-Usd Inc. | Add +4.2% | 0.84% | +0.06 |
| RIO Rio Tinto PLC-Spon ADR | Add +0.5% | 0.46% | +0.04 |
| UNH Unitedhealth Group Inc. | Add +21.6% | 0.16% | +0.03 |
| CVX Chevron Corp. | Add +7.6% | 0.25% | +0.03 |
| WBD Warner Bros Discovery Inc. | Add +15.6% | 0.05% | +0.02 |
| SHLS Shoals Technologies Group -A | Add +9.2% | 0.04% | +0.02 |
| ABBV Abbvie Inc. | Add +3.3% | 0.10% | +0.02 |
| PBA Pembina Pipeline Corp. | Add +0.3% | 0.57% | +0.02 |
| VLO Valero Energy Corp. | Add +5.1% | 0.09% | +0.02 |
| HAL Halliburton Co. | New | 0.01% | +0.01 |
| EIX Edison International | New | 0.01% | +0.01 |
| PBF PBF Energy Inc. Class A | New | 0.01% | +0.01 |
| RBA RB Global Inc. | Add +2.7% | 4.41% | +0.01 |
| WPM Wheaton Precious Metals Corp. | New | 0.01% | +0.01 |
| MPC Marathon Petroleum Corp. | Add +5.6% | 0.09% | +0.01 |
| OVV Ovintiv Inc. | New | 0.01% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.01% | +0.01 |
| GPN Global Payments Inc. | New | 0.01% | +0.01 |
| FE Firstenergy Corp. | New | 0.01% | +0.01 |
| COP Conocophillips | Add +0.8% | 0.86% | +0.01 |
| SPG Simon Property Group Inc. | New | 0.01% | +0.01 |
| BLDR Builders Firstsource Inc. | New | 0.01% | +0.01 |
| DTE DTE Energy Company | New | 0.01% | +0.01 |
| SHOP Shopify Inc. Class A | New | 0.01% | +0.01 |
| CLS Celestica Inc. | New | 0.01% | +0.01 |
| EL Estee Lauder Companies Class A | New | 0.01% | +0.01 |
| EZU iShares MSCI Eurozone ETF | New | 0.01% | +0.01 |
| APA Apa Corp. | New | 0.01% | +0.01 |
| PFG Principal Financial Group | New | 0.01% | +0.01 |
| PCG P G & E Corp. | New | 0.01% | +0.01 |
| FNV Franco-Nevada Corp. | Add +5.7% | 0.04% | +0.01 |
| MRK Merck & Co. Inc. | Add +11.2% | 0.08% | +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 |