Dixon Mitchell Investment Counsel Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Dixon Mitchell Investment Counsel Inc. reported 145 stock positions worth $3.0 billion. Its top holding was iShares Core MSCI Eafe ETF (IEFA) at 8.2% of the portfolio, followed by Alphabet Class A (GOOGL, 5.7%) and Microsoft (MSFT, 5.2%). Compared with Q3 2025, it opened 71 new positions, sold out of 1, added to 38 and reduced 21. The biggest buy was a new position in Boyd Group Services (BGSI) and the biggest sale iShares 0-3 Month Treasury B (SGOV, shares −99%).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001993485
Portfolio Value
$3.0B (Q4 2025)
SEC Filing
0001993485-26-000002 ↗ filed Feb 13, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.0B Q1 2024 Q2 2024: $2.0B Q2 2024 Q3 2024: $2.2B Q3 2024 Q4 2024: $2.2B Q4 2024 Q1 2025: $2.2B Q1 2025 Q2 2025: $2.6B Q2 2025 Q3 2025: $2.8B Q3 2025 Q4 2025: $3.0B $3.0B Q4 2025 Q1 2026: $2.9B Q1 2026 Q2 2026: $3.1B Q2 2026

Holdings 145 stocks · $3.0B
IEFA iShares Core MSCI Eafe ETF 8.19% 2,775,067 $248.3M Reduce -2.3%
GOOGL Alphabet Inc. Class A 5.68% 549,018 $172.1M Add +0.3%
MSFT Microsoft Corp. 5.17% 323,967 $156.8M Add +13.7%
TD Toronto-Dominion Bank 4.99% 1,602,059 $151.2M Reduce -3.0%
RY Royal Bank of Canada 4.91% 871,668 $148.8M Reduce -2.1%
V Visa Inc. Class A 4.45% 384,299 $134.9M Add +0.2%
TMO Thermo Fisher Scientific Inc. 4.03% 210,751 $122.2M Reduce -0.2%
ICE Intercontinental Exchange Inc. 3.77% 705,283 $114.3M Add +7.0%
BRK.B Berkshire Hathaway Inc. Class B 3.65% 219,977 $110.7M Add +0.2%
WPM Wheaton Precious Metals Corp. 3.62% 935,270 $109.8M Add +11.5%
BN Brookfield Corp. 3.58% 2,363,922 $108.7M Reduce -1.9%
BGSI Boyd Group Services Inc. 3.26% 620,108 $99.0M New
TFII Tfi International Inc. 3.11% 905,699 $94.2M Reduce -0.7%
BIP Brookfield Infrastructure Pa 2.81% 2,448,770 $85.2M Reduce -2.1%
AME Ametek Inc. 2.72% 401,739 $82.5M Add +0.1%
MEOH Methanex Corp. 2.68% 2,048,214 $81.4M Add +0.4%
CNQ Canadian Natural Resources 2.41% 2,126,037 $73.0M Reduce -1.2%
AMZN Amazon.com Inc. 2.27% 297,440 $68.7M Add +2.8%
HEI Heico Corp. 2.18% 203,825 $66.0M Add +0.2%
ROP Roper Technologies Inc. 2.17% 147,404 $65.6M Add +54.1%
DPZ Domino's Pizza Inc. 1.83% 132,914 $55.4M Add +0.2%
LOW Lowe's Cos Inc. 1.69% 212,480 $51.3M Reduce -18.7%
CNI Canadian Natl Railway Co. 1.64% 502,525 $49.8M Reduce -0.6%
TXN Texas Instruments Inc. 1.47% 257,515 $44.7M Add +0.3%
META Meta Platforms Inc. Class A 1.42% 65,190 $43.0M Add +1.4%
DHR Danaher Corp. 1.41% 186,417 $42.8M Add +2.1%
HCA HCA Healthcare Inc. 1.17% 75,803 $35.4M Add +2.3%
AAPL Apple Inc. 1.12% 124,938 $34.0M Add +0.3%
JPM JPMorgan Chase & Co. 0.96% 90,589 $29.2M Add +2.5%
DSGX The Descartes Systems Grp 0.96% 331,971 $29.2M Reduce -2.2%
CSL Carlisle Cos Inc. 0.95% 89,714 $28.7M Add +4.3%
TRI Thomson Reuters Corp. 0.92% 210,645 $27.8M Reduce -1.2%
FTNT Fortinet Inc. 0.89% 340,939 $27.1M Add +2.2%
MIDD Middleby Corp. 0.74% 151,057 $22.5M Add +1.2%
CP Canadian Pacific Kansas City 0.72% 296,953 $21.9M Add +1.7%
WCN Waste Connections Inc. 0.65% 111,967 $19.7M Add +0.2%
TFPM Triple Flag Precious Met 0.62% 563,989 $18.8M No change
NFLX Netflix Inc. 0.58% 187,184 $17.6M Add +3.3%
UBER Uber Technologies Inc. 0.57% 212,170 $17.3M New
ACWX iShares MSCI Acwi Ex US ETF 0.56% 254,500 $17.1M Add +72.5%
BLD Topbuild Corp. 0.48% 35,028 $14.7M Reduce -57.7%
MA Mastercard Inc. Class A 0.46% 24,259 $13.9M Add +2.5%
CERT Certara Inc. 0.45% 1,546,299 $13.6M Add +78.5%
SHOP Shopify Inc. Class A 0.44% 82,336 $13.3M Add +4.5%
CIGI Colliers Intl GR-Subord Vot 0.36% 74,011 $10.9M No change
MELI MercadoLibre Inc. 0.28% 4,250 $8.6M Add +474.3%
SE Sea Ltd.-ADR 0.20% 47,000 $6.0M New
ATS Ats Corp. 0.19% 211,025 $5.8M Reduce -3.4%
AGG iShares Core U.S. Aggregate 0.05% 16,497 $1.6M No change
GOOG Alphabet Inc. Class C 0.04% 3,996 $1.3M Add +0.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 1,552 $1.1M Add +274.0%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.02% 9,309 $726K Add +63.5%
MFC Manulife Financial Corp. 0.02% 14,468 $542K Reduce -97.7%
MU Micron Technology Inc. 0.02% 1,842 $526K New
AVGO Broadcom Inc. 0.02% 1,495 $517K New
AEM Agnico Eagle Mines Ltd. 0.02% 3,024 $513K New
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.02% 3,662 $476K New
LLY Eli Lilly & Co. 0.01% 408 $438K New
MDB Mongodb Inc. 0.01% 1,023 $429K New
NTR Nutrien Ltd. 0.01% 6,542 $408K Reduce -96.9%
KGC Kinross Gold Corp. 0.01% 13,857 $391K New
ENB Enbridge Inc. 0.01% 7,821 $383K Add +6945.9%
NVDA Nvidia Corp. 0.01% 1,992 $372K New
TRP TC Energy Corp. 0.01% 6,117 $341K New
SLF Sun Life Financial Inc. 0.01% 5,301 $331K Add +167.6%
FHN First Horizon Corp. 0.01% 13,410 $323K New
BKNG Booking Holdings Inc. 0.01% 39 $278K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 2,376 $272K New
CDNS Cadence Design SYS Inc. 0.01% 813 $254K New
SU Suncor Energy Inc. 0.01% 5,184 $230K Add +1301.1%
EXE Expand Energy Corp. 0.01% 2,046 $226K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 1,455 $224K New
ACM Aecom 0.01% 2,220 $212K New
WMS Advanced Drainage Systems Inc. 0.01% 1,413 $205K New
SGOV iShares 0-3 Month Treasury B 0.01% 2,038 $205K Reduce -99.0%
TMUS T-Mobile US Inc. 0.01% 978 $199K New
GEV GE Vernova Inc. 0.01% 300 $196K New
ALC Alcon Inc. filed as ALCON AG 0.01% 2,481 $196K New
INTC Intel Corp. 0.01% 5,025 $185K New
TTWO Take-Two Interactive Softwre 0.01% 705 $181K New
UNH Unitedhealth Group Inc. 0.01% 534 $176K New
MRSH Marsh & McLennan Cos 0.01% 948 $176K New
ORCL Oracle Corp. 0.01% 240 $174K Reduce -30.6%
AMD Advanced Micro Devices 0.01% 807 $173K New
GIB Cgi Inc. 0.01% 1,843 $170K New
BIO Bio-Rad Laboratories-A 0.01% 549 $166K New
APO Apollo Global Management Inc. 0.01% 1,113 $161K New
TECK Teck Resources Ltd.-CLS B 0.01% 3,156 $151K New
CCJ Cameco Corp. 0.01% 1,647 $151K New
APTV Aptiv PLC 0.00% 1,941 $148K New
ADSK Autodesk Inc. 0.00% 498 $147K New
NOW ServiceNow Inc. 0.00% 960 $147K New
PBA Pembina Pipeline Corp. 0.00% 3,851 $147K New
RIVN Rivian Automotive Inc. Class A 0.00% 7,434 $147K New
IR Ingersoll-Rand Inc. 0.00% 1,845 $146K New
PH Parker Hannifin Corp. 0.00% 159 $140K New
FTS Fortis Inc. 0.00% 2,640 $137K New
OEF iShares S&P 100 ETF 0.00% 399 $137K No change
PGR Progressive Corp. 0.00% 592 $135K New
SLB SLB Ltd. filed as SLB LIMITED 0.00% 3,210 $124K New
IJH iShares Core S&P Midcap ETF 0.00% 1,750 $116K No change
DVN Devon Energy Corp. 0.00% 3,027 $111K New
BCE Bce Inc. 0.00% 4,164 $101K New
RRX Regal Rexnord Corp. 0.00% 699 $98K New
PINS Pinterest Inc. Class A 0.00% 3,285 $85K New
CMS CMS Energy Corp. 0.00% 1,194 $83K New
DT Dynatrace Inc. 0.00% 1,878 $81K New
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.00% 3,033 $75K New
LIN Linde PLC 0.00% 165 $70K New
ZTS Zoetis Inc. 0.00% 541 $68K Reduce -99.4%
QQQ Invesco QQQ Trust Series 1 0.00% 109 $67K No change
MAS Masco Corp. 0.00% 1,050 $67K New
KO The Coca-Cola Co. 0.00% 910 $64K Reduce -40.2%
CMCSA Comcast Corp. Class A 0.00% 1,241 $60K Reduce -99.7%
MSA Msa Safety Inc. 0.00% 354 $57K New
BSV Vanguard Short-Term Bond ETF 0.00% 707 $56K No change
GIL Gildan Activewear Inc. 0.00% 322 $34K No change
LSPD Lightspeed Commerce Inc. 0.00% 2,500 $30K No change
GBTC Grayscale Bitcoin Trust ETF 0.00% 425 $29K No change
SPGI S&P Global Inc. 0.00% 3 $19K No change
RCI Rogers Communications Inc. Class B 0.00% 335 $18K Add +91.4%
FNV Franco-Nevada Corp. 0.00% 50 $10K New
ARKK ARK Innovation ETF 0.00% 127 $10K No change
MICC The Magnum Ice Cream Co. NV 0.00% 606 $10K New
OTEX Open Text Corp. 0.00% 260 $8K Add +79.3%
APH Amphenol Corp. Class A 0.00% 45 $6K New
BSX Boston Scientific Corp. 0.00% 60 $6K New
ASML ASML Holding NV-NY Reg SHS 0.00% 5 $5K New
AGI Alamos Gold Inc. Class A 0.00% 125 $5K New
CRWD CrowdStrike Holdings Inc. Class A 0.00% 10 $5K New
GE General Electric filed as GE AEROSPACE 0.00% 15 $5K New
B Barrick Mining Corp. 0.00% 105 $5K New
MGA Magna International Inc. 0.00% 80 $4K New
BAM Brookfield Asset Mgmt-A 0.00% 80 $4K New
EQT Eqt Corp. 0.00% 75 $4K New
BX Blackstone Inc. 0.00% 25 $4K New
TU Telus Corp. 0.00% 261 $4K Add +1.6%
BTC Grayscale Bitcoin Mini ETF 0.00% 85 $3K No change
ISRG Intuitive Surgical Inc. 0.00% 5 $3K New
RTX RTX Corp. 0.00% 15 $3K New
NVO Novo-Nordisk A/S-Spons ADR 0.00% 50 $3K New
WCC Wesco International Inc. 0.00% 10 $2K New
CVE Cenovus Energy Inc. 0.00% 140 $2K New
LDOS Leidos Holdings Inc. 0.00% 10 $2K New
MOGO INC 0.00% 713 $775 No change

Portfolio Sells Q3 2025 → Q4 2025
SGOV iShares 0-3 Month Treasury B Reduce -99.0% 0.01% −0.70
MFC Manulife Financial Corp. Reduce -97.7% 0.02% −0.68
BLD Topbuild Corp. Reduce -57.7% 0.48% −0.67
LOW Lowe's Cos Inc. Reduce -18.7% 1.69% −0.65
IEFA iShares Core MSCI Eafe ETF Reduce -2.3% 8.19% −0.63
ZTS Zoetis Inc. Reduce -99.4% 0.00% −0.49
NTR Nutrien Ltd. Reduce -96.9% 0.01% −0.43
CMCSA Comcast Corp. Class A Reduce -99.7% 0.00% −0.42
BN Brookfield Corp. Reduce -1.9% 3.58% −0.33
TRI Thomson Reuters Corp. Reduce -1.2% 0.92% −0.26
DSGX The Descartes Systems Grp Reduce -2.2% 0.96% −0.17
BIP Brookfield Infrastructure Pa Reduce -2.1% 2.81% −0.12
CNQ Canadian Natural Resources Reduce -1.2% 2.41% −0.07
CNI Canadian Natl Railway Co. Reduce -0.6% 1.64% −0.05
ATS Ats Corp. Reduce -3.4% 0.19% −0.01
ORCL Oracle Corp. Reduce -30.6% 0.01% −0.00
KO The Coca-Cola Co. Reduce -40.2% 0.00% −0.00
BTE Baytex Energy Corp. Sold out 0.00% −0.00
TFII Tfi International Inc. Reduce -0.7% 3.11% +0.24
RY Royal Bank of Canada Reduce -2.1% 4.91% +0.24
TD Toronto-Dominion Bank Reduce -3.0% 4.99% +0.29
TMO Thermo Fisher Scientific Inc. Reduce -0.2% 4.03% +0.39

Portfolio Buys Q3 2025 → Q4 2025
BGSI Boyd Group Services Inc. New 3.26% +3.26
GOOGL Alphabet Inc. Class A Add +0.3% 5.68% +0.94
UBER Uber Technologies Inc. New 0.57% +0.57
ROP Roper Technologies Inc. Add +54.1% 2.17% +0.47
WPM Wheaton Precious Metals Corp. Add +11.5% 3.62% +0.29
ACWX iShares MSCI Acwi Ex US ETF Add +72.5% 0.56% +0.22
MELI MercadoLibre Inc. Add +474.3% 0.28% +0.22
SE Sea Ltd.-ADR New 0.20% +0.20
DHR Danaher Corp. Add +2.1% 1.41% +0.12
CERT Certara Inc. Add +78.5% 0.45% +0.07
HCA HCA Healthcare Inc. Add +2.3% 1.17% +0.04
MIDD Middleby Corp. Add +1.2% 0.74% +0.03
AME Ametek Inc. Add +0.1% 2.72% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +274.0% 0.04% +0.03
SHOP Shopify Inc. Class A Add +4.5% 0.44% +0.02
MU Micron Technology Inc. New 0.02% +0.02
AVGO Broadcom Inc. New 0.02% +0.02
AEM Agnico Eagle Mines Ltd. New 0.02% +0.02
BMO Bank of Montreal New 0.02% +0.02
LLY Eli Lilly & Co. New 0.01% +0.01
MDB Mongodb Inc. New 0.01% +0.01
KGC Kinross Gold Corp. New 0.01% +0.01
NVDA Nvidia Corp. New 0.01% +0.01
ENB Enbridge Inc. Add +6945.9% 0.01% +0.01
TRP TC Energy Corp. New 0.01% +0.01
FHN First Horizon Corp. New 0.01% +0.01
BNS Bank of Nova Scotia Add +63.5% 0.02% +0.01
DIS The Walt Disney Co. New 0.01% +0.01
CDNS Cadence Design SYS Inc. New 0.01% +0.01
EXE Expand Energy Corp. New 0.01% +0.01
TJX TJX Companies Inc. New 0.01% +0.01
ACM Aecom New 0.01% +0.01
GOOG Alphabet Inc. Class C Add +0.6% 0.04% +0.01
SU Suncor Energy Inc. Add +1301.1% 0.01% +0.01
WMS Advanced Drainage Systems Inc. New 0.01% +0.01
SLF Sun Life Financial Inc. Add +167.6% 0.01% +0.01
GEV GE Vernova Inc. New 0.01% +0.01
TMUS T-Mobile US Inc. New 0.01% +0.01
ALC Alcon Inc. New 0.01% +0.01
INTC Intel Corp. New 0.01% +0.01
TTWO Take-Two Interactive Softwre New 0.01% +0.01
MRSH Marsh & McLennan Cos New 0.01% +0.01
UNH Unitedhealth Group Inc. New 0.01% +0.01
AMD Advanced Micro Devices New 0.01% +0.01
AMZN Amazon.com Inc. Add +2.8% 2.27% +0.01
GIB Cgi Inc. New 0.01% +0.01
BIO Bio-Rad Laboratories-A New 0.01% +0.01
APO Apollo Global Management Inc. New 0.01% +0.01
CCJ Cameco Corp. New 0.01% +0.01
TECK Teck Resources Ltd.-CLS B New 0.01% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 144$3.1BTD, RY, GOOGL, V, BRK.B
Q1 2026 140$2.9BIEFA, TD, RY, MSFT, GOOGL
Q4 2025 145$3.0BIEFA, GOOGL, MSFT, TD, RY
Q3 2025 75$2.8BIEFA, MSFT, GOOGL, TD, RY
Q2 2025 70$2.6BIEFA, MSFT, V, TD, ICE
Q1 2025 103$2.2BIEFA, V, ICE, BRK.B, MSFT
Q4 2024 115$2.2BGOOGL, V, ICE, BRK.B, RY
Q3 2024 91$2.2BGOOGL, V, ICE, BRK.B, RY
Q2 2024 161$2.0BGOOGL, V, BRK.B, ICE, MSFT
Q1 2024 184$2.0BV, GOOGL, BRK.B, ICE, TFII