Cidel Asset Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Cidel Asset Management Inc. reported 365 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 5.4% of the portfolio, followed by Astrazeneca PLC-Spons ADR (AZN, 3.7%) and Royal Bank of Canada (RY, 3.5%). Compared with Q3 2025, it opened 22 new positions, sold out of 15, added to 118 and reduced 144. The biggest buy was Visa Class A (V, shares +3%) and the biggest sale RB Global (RBA, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001621915
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001621915-26-000001 ↗ filed Jan 21, 2026
Holdings Value
Holdings 365 stocks · $1.4B
| MSFT Microsoft Corp. | 5.38% | 157,288 | $76.1M | Reduce -6.2% |
| AZN Astrazeneca PLC-Spons ADR | 3.66% | 562,431 | $51.7M | Reduce -6.0% |
| RY Royal Bank of Canada | 3.54% | 293,353 | $50.1M | Reduce -50.7% |
| V Visa Inc. Class A | 3.39% | 136,679 | $47.9M | Add +2.6% |
| WTW Willis Towers Watson PLC | 3.03% | 130,190 | $42.8M | Reduce -4.1% |
| J Jacobs Solutions Inc. | 2.91% | 310,471 | $41.1M | Reduce -6.2% |
| ABT Abbott Laboratories | 2.86% | 322,225 | $40.4M | Reduce -4.0% |
| RBA RB Global Inc. | 2.42% | 332,419 | $34.3M | Reduce -53.1% |
| NVDA Nvidia Corp. | 2.30% | 174,535 | $32.6M | Reduce -18.0% |
| SAP Sap SE-Sponsored ADR | 2.20% | 127,902 | $31.1M | Reduce -8.2% |
| FTS Fortis Inc. | 1.98% | 537,541 | $28.0M | Reduce -44.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.95% | 304,082 | $27.6M | Reduce -40.2% |
| JPM JPMorgan Chase & Co. | 1.94% | 85,015 | $27.4M | Reduce -7.5% |
| LLY Eli Lilly & Co. | 1.91% | 25,133 | $27.0M | Reduce -6.0% |
| CNI Canadian Natl Railway Co. | 1.88% | 267,907 | $26.5M | Reduce -40.5% |
| QSR Restaurant Brands Intern | 1.87% | 386,561 | $26.4M | Reduce -43.8% |
| MAR Marriott International Class A | 1.75% | 79,769 | $24.7M | Reduce -9.0% |
| CMS CMS Energy Corp. | 1.69% | 341,790 | $23.9M | Reduce -1.4% |
| CL Colgate-Palmolive Co. | 1.68% | 301,187 | $23.8M | Reduce -4.3% |
| WEC WEC Energy Group Inc. | 1.51% | 202,967 | $21.4M | Reduce -1.7% |
| AAPL Apple Inc. | 1.48% | 77,102 | $21.0M | Reduce -1.3% |
| TD Toronto-Dominion Bank | 1.35% | 201,604 | $19.0M | Reduce -64.4% |
| MELI MercadoLibre Inc. | 1.33% | 9,319 | $18.8M | Reduce -9.6% |
| OTEX Open Text Corp. | 1.28% | 557,011 | $18.2M | Reduce -42.8% |
| UNP Union Pacific Corp. | 1.28% | 78,235 | $18.1M | Reduce -7.5% |
| CBOE Cboe Global Markets Inc. | 1.26% | 70,967 | $17.8M | Reduce -14.3% |
| AQN Algonquin Power & Utilities | 1.08% | 2,487,838 | $15.3M | Reduce -23.5% |
| RSP Invesco S&P 500 Equal Weight | 1.06% | 78,090 | $15.0M | No change |
| MFC Manulife Financial Corp. | 1.06% | 410,817 | $14.9M | Reduce -15.5% |
| MSI Motorola Solutions Inc. | 1.05% | 38,838 | $14.9M | Add +21.1% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 1.04% | 569,521 | $14.7M | Reduce -0.7% |
| ASML ASML Holding NV-NY Reg SHS | 1.03% | 13,632 | $14.6M | Reduce -22.3% |
| COP Conocophillips | 0.99% | 149,129 | $14.0M | Reduce -5.3% |
| GIB Cgi Inc. | 0.97% | 148,332 | $13.7M | Reduce -64.4% |
| UBER Uber Technologies Inc. | 0.94% | 163,206 | $13.3M | Reduce -10.3% |
| ZTS Zoetis Inc. | 0.91% | 101,862 | $12.8M | Reduce -13.9% |
| WCN Waste Connections Inc. | 0.84% | 67,753 | $11.9M | Reduce -58.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.76% | 144,976 | $10.7M | Reduce -17.2% |
| PG The Procter & Gamble Co. | 0.74% | 73,051 | $10.5M | Reduce -5.5% |
| GOOGL Alphabet Inc. Class A | 0.74% | 33,314 | $10.4M | Reduce -4.6% |
| STGW Stagwell Inc. | 0.71% | 2,039,680 | $10.0M | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.68% | 120,431 | $9.6M | Add +0.2% |
| TSLA Tesla Inc. | 0.68% | 21,343 | $9.6M | Reduce -3.4% |
| PBA Pembina Pipeline Corp. | 0.67% | 249,275 | $9.5M | Add +0.8% |
| GNTX Gentex Corp. | 0.66% | 401,190 | $9.3M | Reduce -11.0% |
| BGSI Boyd Group Services Inc. | 0.64% | 56,718 | $9.0M | New |
| CP Canadian Pacific Kansas City | 0.59% | 113,864 | $8.4M | Reduce -45.7% |
| GOOG Alphabet Inc. Class C | 0.58% | 26,256 | $8.2M | Reduce -4.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.53% | 10 | $7.5M | No change |
| VIG Vanguard Dividend Apprec ETF | 0.49% | 31,400 | $6.9M | Add +0.1% |
| GRTUF Granite Real Estate Investme | 0.49% | 115,424 | $6.9M | Reduce -1.7% |
| CCJ Cameco Corp. | 0.49% | 75,000 | $6.9M | No change |
| CIGI Colliers Intl GR-Subord Vot | 0.46% | 44,176 | $6.5M | Reduce -67.1% |
| TRI Thomson Reuters Corp. | 0.45% | 48,285 | $6.4M | Reduce -63.9% |
| AMZN Amazon.com Inc. | 0.44% | 26,714 | $6.2M | Add +19.4% |
| VEA Vanguard Ftse Developed ETF | 0.43% | 98,204 | $6.1M | Reduce -3.3% |
| VOO Vanguard S&P 500 ETF | 0.43% | 9,759 | $6.1M | Reduce -0.1% |
| STN Stantec Inc. | 0.42% | 63,212 | $6.0M | Reduce -59.4% |
| XOM Exxon Mobil Corp. | 0.41% | 48,194 | $5.8M | Add +1.0% |
| MU Micron Technology Inc. | 0.40% | 20,042 | $5.7M | Reduce -6.0% |
| CNQ Canadian Natural Resources | 0.40% | 167,451 | $5.7M | Add +9.7% |
| NGG National Grid PLC-SP ADR | 0.39% | 71,157 | $5.5M | Add +17.9% |
| PRF Invesco Rafi US 1000 ETF | 0.39% | 117,039 | $5.5M | Add +1.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.36% | 10,031 | $5.0M | Reduce -2.6% |
| TFII Tfi International Inc. | 0.34% | 46,270 | $4.8M | New |
| DSGX The Descartes Systems Grp | 0.34% | 54,048 | $4.7M | Reduce -63.5% |
| CVX Chevron Corp. | 0.31% | 28,993 | $4.4M | Add +4.4% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.30% | 155,097 | $4.2M | Reduce -14.4% |
| META Meta Platforms Inc. Class A | 0.27% | 5,805 | $3.8M | Add +0.0% |
| HLN Haleon PLC-ADR | 0.26% | 364,453 | $3.7M | Reduce -19.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.25% | 65,463 | $3.6M | Reduce -2.4% |
| IVV iShares Core S&P 500 ETF | 0.24% | 5,009 | $3.4M | No change |
| WFC Wells Fargo & Co. | 0.22% | 33,993 | $3.2M | Reduce -3.6% |
| INTC Intel Corp. | 0.22% | 84,315 | $3.1M | Reduce -11.4% |
| UNH Unitedhealth Group Inc. | 0.21% | 9,192 | $3.0M | Add +16.1% |
| JNJ Johnson & Johnson | 0.21% | 14,583 | $3.0M | Reduce -6.0% |
| WMT Walmart Inc. | 0.21% | 27,085 | $3.0M | Reduce -2.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.20% | 21,295 | $2.8M | Reduce -63.7% |
| VZ Verizon Communications Inc. | 0.20% | 67,973 | $2.8M | Add +2.8% |
| CVS CVS Health Corp. | 0.19% | 34,098 | $2.7M | Reduce -2.3% |
| C Citigroup Inc. | 0.19% | 22,496 | $2.6M | Reduce -10.9% |
| T AT&T Inc. | 0.17% | 97,317 | $2.4M | Reduce -0.9% |
| NEE Nextera Energy Inc. | 0.17% | 29,177 | $2.3M | Add +17.3% |
| GM General Motors Co. | 0.16% | 28,525 | $2.3M | Add +0.8% |
| AEM Agnico Eagle Mines Ltd. | 0.16% | 13,299 | $2.3M | No change |
| ENB Enbridge Inc. | 0.16% | 46,095 | $2.2M | Reduce -9.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 7,329 | $2.2M | Reduce -7.0% |
| CSCO Cisco Systems Inc. | 0.15% | 27,012 | $2.1M | Reduce -7.1% |
| APH Amphenol Corp. Class A | 0.14% | 15,122 | $2.0M | Reduce -19.9% |
| PXF Invesco Rafi Developed Marke | 0.14% | 30,279 | $2.0M | Add +1.8% |
| MKC McCormick & Co.-Non VTG SHRS | 0.14% | 29,053 | $2.0M | Reduce -45.1% |
| AWK American Water Works Co. Inc. | 0.14% | 14,947 | $2.0M | Reduce -33.8% |
| PFE Pfizer Inc. | 0.14% | 77,953 | $1.9M | Reduce -1.0% |
| CMCSA Comcast Corp. Class A | 0.14% | 64,571 | $1.9M | Reduce -13.0% |
| COST Costco Wholesale Corp. | 0.13% | 2,197 | $1.9M | Add +4.9% |
| SCHW Schwab (charles) Corp. | 0.13% | 18,028 | $1.8M | No change |
| MRK Merck & Co. Inc. | 0.13% | 17,060 | $1.8M | Add +1.8% |
| HD Home Depot Inc. | 0.12% | 5,051 | $1.7M | Add +7.4% |
| COF Capital One Financial Corp. | 0.12% | 7,087 | $1.7M | Reduce -1.0% |
| ABBV Abbvie Inc. | 0.12% | 7,483 | $1.7M | Reduce -2.5% |
Portfolio Sells Q3 2025 → Q4 2025
| RBA RB Global Inc. | Reduce -53.1% | 2.42% | −1.98 |
| RY Royal Bank of Canada | Reduce -50.7% | 3.54% | −1.50 |
| TD Toronto-Dominion Bank | Reduce -64.4% | 1.35% | −1.25 |
| GIB Cgi Inc. | Reduce -64.4% | 0.97% | −1.16 |
| FTS Fortis Inc. | Reduce -44.2% | 1.98% | −0.83 |
| WCN Waste Connections Inc. | Reduce -58.6% | 0.84% | −0.81 |
| OTEX Open Text Corp. | Reduce -42.8% | 1.28% | −0.80 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -67.1% | 0.46% | −0.74 |
| TRI Thomson Reuters Corp. | Reduce -63.9% | 0.45% | −0.74 |
| QSR Restaurant Brands Intern | Reduce -43.8% | 1.87% | −0.67 |
| CNI Canadian Natl Railway Co. | Reduce -40.5% | 1.88% | −0.56 |
| STN Stantec Inc. | Reduce -59.4% | 0.42% | −0.54 |
| DSGX The Descartes Systems Grp | Reduce -63.5% | 0.34% | −0.46 |
| CM Can Imperial BK of Commerce | Reduce -40.2% | 1.95% | −0.38 |
| CP Canadian Pacific Kansas City | Reduce -45.7% | 0.59% | −0.30 |
| BMO Bank of Montreal | Reduce -63.7% | 0.20% | −0.24 |
| ZTS Zoetis Inc. | Reduce -13.9% | 0.91% | −0.09 |
| UBER Uber Technologies Inc. | Reduce -10.3% | 0.94% | −0.08 |
| GNTX Gentex Corp. | Reduce -11.0% | 0.66% | −0.07 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -45.1% | 0.14% | −0.06 |
| MELI MercadoLibre Inc. | Reduce -9.6% | 1.33% | −0.06 |
| MPWR Monolithic Power Systems Inc. | Sold out | 0.00% | −0.05 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.05 |
| AWK American Water Works Co. Inc. | Reduce -33.8% | 0.14% | −0.04 |
| DCBO Docebo Inc. | Sold out | 0.00% | −0.04 |
| LSPD Lightspeed Commerce Inc. | Sold out | 0.00% | −0.03 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.02 |
| BCE Bce Inc. | Reduce -53.6% | 0.03% | −0.02 |
| TU Telus Corp. | Sold out | 0.00% | −0.02 |
| VST Vistra Corp. | Sold out | 0.00% | −0.01 |
| BA The Boeing Co. | Sold out | 0.00% | −0.01 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.01 |
| DTE DTE Energy Company | Sold out | 0.00% | −0.01 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.01 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.01 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.01 |
| EZU iShares MSCI Eurozone ETF | Sold out | 0.00% | −0.01 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.01 |
| MO Altria Group Inc. | Reduce -23.7% | 0.05% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -24.5% | 0.08% | −0.01 |
| ADBE Adobe Inc. | Reduce -33.9% | 0.04% | −0.01 |
| PM Philip Morris International | Reduce -27.2% | 0.07% | −0.01 |
| CRM Salesforce Inc. | Reduce -38.0% | 0.05% | −0.01 |
| RELX Relx PLC - Spon ADR | Reduce -16.1% | 0.04% | −0.01 |
| TRP TC Energy Corp. | Reduce -21.2% | 0.07% | −0.00 |
| WPM Wheaton Precious Metals Corp. | Reduce -21.4% | 0.01% | +0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -18.6% | 0.02% | +0.00 |
| APD Air Products & Chemicals Inc. | Reduce -5.7% | 0.02% | +0.00 |
| PPL PPL Corp. | Reduce -7.9% | 0.01% | +0.00 |
| SU Suncor Energy Inc. | Reduce -19.9% | 0.02% | +0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| V Visa Inc. Class A | Add +2.6% | 3.39% | +0.78 |
| BGSI Boyd Group Services Inc. | New | 0.64% | +0.64 |
| TFII Tfi International Inc. | New | 0.34% | +0.34 |
| RIO Rio Tinto PLC-Spon ADR | Add +0.2% | 0.68% | +0.23 |
| MSI Motorola Solutions Inc. | Add +21.1% | 1.05% | +0.21 |
| AMZN Amazon.com Inc. | Add +19.4% | 0.44% | +0.15 |
| NGG National Grid PLC-SP ADR | Add +17.9% | 0.39% | +0.14 |
| CNQ Canadian Natural Resources | Add +9.7% | 0.40% | +0.12 |
| XOM Exxon Mobil Corp. | Add +1.0% | 0.41% | +0.10 |
| VIG Vanguard Dividend Apprec ETF | Add +0.1% | 0.49% | +0.10 |
| PBA Pembina Pipeline Corp. | Add +0.8% | 0.67% | +0.10 |
| URTH iShares MSCI World ETF | New | 0.10% | +0.10 |
| PRF Invesco Rafi US 1000 ETF | Add +1.4% | 0.39% | +0.09 |
| CVX Chevron Corp. | Add +4.4% | 0.31% | +0.07 |
| GM General Motors Co. | Add +0.8% | 0.16% | +0.07 |
| NEE Nextera Energy Inc. | Add +17.3% | 0.17% | +0.06 |
| UNH Unitedhealth Group Inc. | Add +16.1% | 0.21% | +0.06 |
| ACWI iShares MSCI Acwi ETF | Add +172.4% | 0.07% | +0.05 |
| EFA iShares MSCI Eafe ETF | New | 0.05% | +0.05 |
| MRK Merck & Co. Inc. | Add +1.8% | 0.13% | +0.05 |
| WBD Warner Bros Discovery Inc. | Add +2.6% | 0.09% | +0.04 |
| BMY Bristol-Myers Squibb Co. | Add +11.0% | 0.10% | +0.04 |
| GDX Vaneck Gold Miners ETF | Add +72.7% | 0.07% | +0.04 |
| PXF Invesco Rafi Developed Marke | Add +1.8% | 0.14% | +0.04 |
| F Ford Motor Co. | Add +4.7% | 0.10% | +0.03 |
| VZ Verizon Communications Inc. | Add +2.8% | 0.20% | +0.03 |
| ELV Elevance Health Inc. | Add +8.0% | 0.09% | +0.03 |
| META Meta Platforms Inc. Class A | Add +0.0% | 0.27% | +0.03 |
| UPS United Parcel Service Class B | Add +11.0% | 0.07% | +0.03 |
| BIZD Vaneck BDC Income ETF | New | 0.02% | +0.02 |
| FDX FedEx Corp. | Add +4.9% | 0.07% | +0.02 |
| COST Costco Wholesale Corp. | Add +4.9% | 0.13% | +0.02 |
| CI The Cigna Group | Add +10.0% | 0.10% | +0.02 |
| PEP Pepsico Inc. | Add +4.1% | 0.09% | +0.02 |
| SHLS Shoals Technologies Group -A | Add +6.4% | 0.06% | +0.02 |
| ACN Accenture PLC Class A | Add +14.6% | 0.06% | +0.02 |
| CNC Centene Corp. | Add +16.6% | 0.05% | +0.02 |
| OMC Omnicom Group | New | 0.02% | +0.02 |
| TGT Target Corp. | Add +11.9% | 0.06% | +0.02 |
| MRNA Moderna Inc. | New | 0.02% | +0.02 |
| NUE Nucor Corp. | Add +2.1% | 0.05% | +0.02 |
| CAH Cardinal Health Inc. | New | 0.02% | +0.02 |
| EXPD Expeditors Intl Wash Inc. | New | 0.02% | +0.02 |
| DIS The Walt Disney Co. | Add +5.6% | 0.08% | +0.02 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.02% | +0.02 |
| IQV Iqvia Holdings Inc. | New | 0.02% | +0.02 |
| CEF Sprott Physical Gold and Sil | New | 0.02% | +0.02 |
| DE Deere & Co. | Add +3.2% | 0.07% | +0.02 |
| KVUE Kenvue Inc. | New | 0.02% | +0.02 |
| GLD SPDR Gold Shares | Add +1.0% | 0.06% | +0.02 |
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 |