Empire Life Investments Inc.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 30, 2024), Empire Life Investments Inc. reported 94 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 7.3% of the portfolio, followed by Merck (MRK, 3.8%) and Visa Class A (V, 3.4%). Compared with Q4 2023, it opened 3 new positions, sold out of 6, added to 22 and reduced 58. The biggest buy was a new position in Bentley Systems Class B (BSY) and the biggest sale an exit from Adobe (ADBE).

Most Recent 13F
Q2 2026
Location
Toronto, A6
CIK
0001640951
Portfolio Value
$1.6B (Q1 2024)
SEC Filing
0000950123-24-003673 ↗ filed Apr 30, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.6B $1.6B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.6B Q3 2024 Q4 2024: $1.6B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.6B Q2 2025 Q3 2025: $1.7B Q3 2025 Q4 2025: $1.8B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 94 stocks · $1.6B
MSFT Microsoft Corp. 7.30% 282,811 $119.0M Reduce -1.5%
MRK Merck & Co. Inc. 3.79% 468,462 $61.8M Reduce -2.2%
V Visa Inc. Class A 3.39% 197,656 $55.2M Reduce -8.8%
VOO Vanguard S&P 500 ETF 3.34% 113,311 $54.5M Reduce -5.3%
ELV Elevance Health Inc. 3.30% 103,607 $53.7M Reduce -3.1%
AMZN Amazon.com Inc. 3.26% 294,003 $53.0M Add +7.6%
MA Mastercard Inc. Class A 3.25% 110,033 $53.0M Reduce -9.1%
PNC PNC Financial Services Group 3.07% 309,637 $50.0M Reduce -3.1%
GOOG Alphabet Inc. Class C 2.84% 303,947 $46.3M Add +2.7%
ROST Ross Stores Inc. 2.67% 296,199 $43.5M Reduce -3.0%
FISV Fiserv Inc. 2.61% 266,400 $42.6M Reduce -3.1%
CVX Chevron Corp. 2.38% 245,787 $38.8M Reduce -3.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.35% 377,691 $38.3M Reduce -8.8%
EOG EOG Resources Inc. 2.26% 288,322 $36.9M Reduce -3.1%
NOC Northrop Grumman Corp. 2.13% 72,603 $34.8M Add +6.6%
JNJ Johnson & Johnson 2.12% 218,300 $34.5M Reduce -4.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.05% 880,567 $33.4M Reduce -3.1%
CMCSA Comcast Corp. Class A 1.75% 656,831 $28.5M Reduce -3.0%
BMY Bristol-Myers Squibb Co. 1.72% 517,557 $28.1M Reduce -3.0%
AEE Ameren Corporation 1.72% 378,800 $28.0M Reduce -3.0%
TYL Tyler Technologies Inc. 1.62% 62,218 $26.4M Reduce -0.3%
MO Altria Group Inc. 1.60% 596,711 $26.0M Reduce -3.1%
PEP Pepsico Inc. 1.59% 147,858 $25.9M Reduce -3.0%
AME Ametek Inc. 1.50% 133,833 $24.5M Add +98.3%
TXN Texas Instruments Inc. 1.40% 131,170 $22.9M Reduce -3.0%
MSI Motorola Solutions Inc. 1.28% 58,810 $20.9M Reduce -0.3%
T AT&T Inc. 1.28% 1,182,541 $20.8M Reduce -3.0%
VNT Vontier Corp. 1.26% 453,213 $20.6M Reduce -2.8%
WEC WEC Energy Group Inc. 1.25% 248,147 $20.4M Reduce -2.9%
TDW Tidewater Inc. 1.19% 209,930 $19.3M Add +17.8%
COST Costco Wholesale Corp. 1.17% 25,986 $19.0M Add +2.2%
FIS Fidelity National Info Serv 1.15% 253,250 $18.8M Reduce -3.1%
CME Cme Group Inc. 1.13% 85,590 $18.4M Reduce -3.1%
RRX Regal Rexnord Corp. 1.12% 101,191 $18.2M Reduce -3.0%
EXAS Exact Sciences Corp. 1.11% 261,123 $18.0M Reduce -1.0%
BTU Peabody Energy Corp. 1.06% 712,651 $17.3M Reduce -0.6%
VLO Valero Energy Corp. 1.06% 101,060 $17.2M Reduce -41.2%
ROP Roper Technologies Inc. 1.05% 30,594 $17.2M Reduce -3.1%
CROX Crocs Inc. 1.04% 118,293 $17.0M Add +1.2%
DHR Danaher Corp. 1.03% 67,249 $16.8M Reduce -2.0%
STZ Constellation Brands Inc. Class A 1.02% 61,389 $16.7M Add +35.2%
VZ Verizon Communications Inc. 0.91% 353,439 $14.8M Reduce -3.1%
GNTX Gentex Corp. 0.89% 402,043 $14.5M Reduce -2.9%
IEFA iShares Core MSCI Eafe ETF 0.89% 194,230 $14.4M Reduce -6.9%
LRCX Lam Research Corp. 0.88% 14,806 $14.4M Reduce -25.9%
BSY Bentley Systems Inc. Class B 0.85% 264,740 $13.8M New
ZTS Zoetis Inc. 0.85% 81,451 $13.8M Add +208.8%
URTH iShares MSCI World ETF 0.80% 90,300 $13.1M Reduce -15.3%
QQQM Invesco Nasdaq 100 ETF 0.79% 70,500 $12.9M Add +0.1%
NEM Newmont Corp. 0.76% 346,215 $12.4M Reduce -3.0%
PM Philip Morris International 0.76% 135,248 $12.4M Reduce -7.0%
PGR Progressive Corp. 0.76% 59,874 $12.4M Reduce -21.6%
WSC Willscot Holdings Corp. 0.68% 236,763 $11.0M New
CTAS Cintas Corp. 0.60% 14,164 $9.7M Reduce -3.0%
MDB Mongodb Inc. 0.53% 23,877 $8.6M New
SITE Siteone Landscape Supply Inc. 0.50% 46,211 $8.1M Add +0.2%
UNH Unitedhealth Group Inc. 0.46% 15,217 $7.5M Reduce -3.0%
ADP Automatic Data Processing 0.46% 29,892 $7.5M Add +4.5%
EVI Evi Industries Inc. 0.37% 244,216 $6.1M Reduce -1.3%
QUAL iShares MSCI USA Quality Fac 0.37% 36,947 $6.1M Add +15.7%
MSCI MSCI Inc. 0.31% 8,986 $5.0M Reduce -2.1%
HUBS HubSpot Inc. 0.24% 6,204 $3.9M Reduce -1.4%
HBAN Huntington Bancshares Inc. 0.23% 262,770 $3.7M Reduce -3.1%
ACAD Acadia Pharmaceuticals Inc. 0.19% 169,835 $3.1M Reduce -2.9%
USMV iShares MSCI USA Min Vol Fac 0.18% 34,886 $2.9M Reduce -18.3%
EFG iShares MSCI Eafe Growth ETF 0.18% 27,936 $2.9M Add +61.1%
AAPL Apple Inc. 0.17% 16,126 $2.8M Add +31.5%
VLTO Veralto Corp. 0.17% 30,410 $2.7M Reduce -3.0%
VONG Vanguard Russell 1000 Growth 0.15% 27,775 $2.4M Add +38.4%
TDVG T Rowe Price Dividend Growth 0.14% 59,448 $2.3M Reduce -19.2%
VONV Vanguard Russell 1000 Value 0.13% 26,891 $2.1M Add +19.6%
MORN Morningstar Inc. 0.13% 6,659 $2.1M No change
RJF Raymond James Financial Inc. 0.12% 14,825 $1.9M No change
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.11% 10,253 $1.8M No change
ANSS Ansys Inc. 0.11% 5,012 $1.7M No change
CDW CDW Corp. 0.10% 6,447 $1.6M No change
SPYG SS SPDR P S&P 500 Growth ETF 0.10% 21,488 $1.6M Reduce -18.6%
ICE Intercontinental Exchange Inc. 0.09% 10,968 $1.5M Add +31.5%
BURL Burlington Stores Inc. 0.09% 5,979 $1.4M No change
ALB Albemarle Corp. 0.07% 9,244 $1.2M No change
CUBE Cubesmart 0.07% 26,459 $1.2M No change
FFLG Fidelity Fndmntl L/C GRW ETF 0.07% 53,700 $1.2M Reduce -7.4%
TWLO Twilio Inc. Class A 0.07% 18,834 $1.2M Add +3.9%
CHD Church & Dwight Co. Inc. 0.07% 10,457 $1.1M Reduce -30.4%
PLNT Planet Fitness Inc. Class A 0.06% 15,478 $969K Reduce -36.6%
TCHP T Rowe Price Blue Chip Growt 0.06% 26,020 $919K Add +20.9%
IRDM Iridium Communications Inc. 0.05% 33,177 $868K Reduce -35.4%
IWY iShares Russell Top 200 Grow 0.05% 4,400 $858K Add +100.0%
LAZ Lazard Inc. 0.05% 19,252 $806K No change
EQAL Invesco Russell 1000 Equal W 0.04% 14,400 $665K Reduce -24.2%
VIGI Vanguard Int Div App Indx FD 0.03% 6,400 $522K Reduce -34.0%
IEV iShares Europe ETF 0.02% 6,256 $348K Add +15.8%
URI United Rentals Inc. 0.01% 233 $168K No change
OMER Omeros Corp. 0.00% 8,878 $31K No change

Portfolio Sells Q4 2023 → Q1 2024
ADBE Adobe Inc. Sold out 0.00% −1.61
RTX RTX Corp. Sold out 0.00% −1.26
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −0.51
VLO Valero Energy Corp. Reduce -41.2% 1.06% −0.38
V Visa Inc. Class A Reduce -8.8% 3.39% −0.25
BHP BHP Group Ltd.-Spon ADR Sold out 0.00% −0.21
JNJ Johnson & Johnson Reduce -4.7% 2.12% −0.20
NEM Newmont Corp. Reduce -3.0% 0.76% −0.19
CMCSA Comcast Corp. Class A Reduce -3.0% 1.75% −0.17
ACAD Acadia Pharmaceuticals Inc. Reduce -2.9% 0.19% −0.16
TJX TJX Companies Inc. Reduce -8.8% 2.35% −0.16
EXAS Exact Sciences Corp. Reduce -1.0% 1.11% −0.15
KVUE Kenvue Inc. Sold out 0.00% −0.15
WEC WEC Energy Group Inc. Reduce -2.9% 1.25% −0.14
LRCX Lam Research Corp. Reduce -25.9% 0.88% −0.13
PM Philip Morris International Reduce -7.0% 0.76% −0.12
PNC PNC Financial Services Group Reduce -3.1% 3.07% −0.12
URTH iShares MSCI World ETF Reduce -15.3% 0.80% −0.11
AEE Ameren Corporation Reduce -3.0% 1.72% −0.10
TXN Texas Instruments Inc. Reduce -3.0% 1.40% −0.09
IRDM Iridium Communications Inc. Reduce -35.4% 0.05% −0.08
PEP Pepsico Inc. Reduce -3.0% 1.59% −0.08
MA Mastercard Inc. Class A Reduce -9.1% 3.25% −0.08
UNH Unitedhealth Group Inc. Reduce -3.0% 0.46% −0.07
CME Cme Group Inc. Reduce -3.1% 1.13% −0.07
BTU Peabody Energy Corp. Reduce -0.6% 1.06% −0.06
IEFA iShares Core MSCI Eafe ETF Reduce -6.9% 0.89% −0.06
CVX Chevron Corp. Reduce -3.1% 2.38% −0.06
TYL Tyler Technologies Inc. Reduce -0.3% 1.62% −0.06
EOG EOG Resources Inc. Reduce -3.1% 2.26% −0.06
ROST Ross Stores Inc. Reduce -3.0% 2.67% −0.06
ROP Roper Technologies Inc. Reduce -3.1% 1.05% −0.06
PLNT Planet Fitness Inc. Class A Reduce -36.6% 0.06% −0.06
BMY Bristol-Myers Squibb Co. Reduce -3.0% 1.72% −0.04
T AT&T Inc. Reduce -3.0% 1.28% −0.04
USMV iShares MSCI USA Min Vol Fac Reduce -18.3% 0.18% −0.04
VOO Vanguard S&P 500 ETF Reduce -5.3% 3.34% −0.03
TDVG T Rowe Price Dividend Growth Reduce -19.2% 0.14% −0.03
MSCI MSCI Inc. Reduce -2.1% 0.31% −0.03
CHD Church & Dwight Co. Inc. Reduce -30.4% 0.07% −0.02
PGR Progressive Corp. Reduce -21.6% 0.76% −0.02
VIGI Vanguard Int Div App Indx FD Reduce -34.0% 0.03% −0.02
SPYG SS SPDR P S&P 500 Growth ETF Reduce -18.6% 0.10% −0.01
EQAL Invesco Russell 1000 Equal W Reduce -24.2% 0.04% −0.01
CCI Crown Castle Inc. Sold out 0.00% −0.01
EVI Evi Industries Inc. Reduce -1.3% 0.37% −0.01
MO Altria Group Inc. Reduce -3.1% 1.60% −0.00
VLTO Veralto Corp. Reduce -3.0% 0.17% −0.00
FFLG Fidelity Fndmntl L/C GRW ETF Reduce -7.4% 0.07% +0.00
HBAN Huntington Bancshares Inc. Reduce -3.1% 0.23% +0.00

Portfolio Buys Q4 2023 → Q1 2024
BSY Bentley Systems Inc. Class B New 0.85% +0.85
AME Ametek Inc. Add +98.3% 1.50% +0.78
WSC Willscot Holdings Corp. New 0.68% +0.68
AMZN Amazon.com Inc. Add +7.6% 3.26% +0.58
MDB Mongodb Inc. New 0.53% +0.53
ZTS Zoetis Inc. Add +208.8% 0.85% +0.51
TDW Tidewater Inc. Add +17.8% 1.19% +0.36
CROX Crocs Inc. Add +1.2% 1.04% +0.34
STZ Constellation Brands Inc. Class A Add +35.2% 1.02% +0.32
GOOG Alphabet Inc. Class C Add +2.7% 2.84% +0.15
COST Costco Wholesale Corp. Add +2.2% 1.17% +0.09
NOC Northrop Grumman Corp. Add +6.6% 2.13% +0.08
EFG iShares MSCI Eafe Growth ETF Add +61.1% 0.18% +0.07
QUAL iShares MSCI USA Quality Fac Add +15.7% 0.37% +0.07
VONG Vanguard Russell 1000 Growth Add +38.4% 0.15% +0.05
ADP Automatic Data Processing Add +4.5% 0.46% +0.03
IWY iShares Russell Top 200 Grow Add +100.0% 0.05% +0.03
QQQM Invesco Nasdaq 100 ETF Add +0.1% 0.79% +0.02
VONV Vanguard Russell 1000 Value Add +19.6% 0.13% +0.02
ICE Intercontinental Exchange Inc. Add +31.5% 0.09% +0.02
AAPL Apple Inc. Add +31.5% 0.17% +0.02
TCHP T Rowe Price Blue Chip Growt Add +20.9% 0.06% +0.01
SITE Siteone Landscape Supply Inc. Add +0.2% 0.50% +0.01
IEV iShares Europe ETF Add +15.8% 0.02% +0.00
TWLO Twilio Inc. Class A Add +3.9% 0.07% −0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 113$1.8BVOO, GOOG, LRCX, AMZN, MSFT
Q1 2026 110$1.6BVOO, GOOG, AMZN, MSFT, AAPL
Q4 2025 110$1.8BMSFT, VOO, GOOG, AMZN, AAPL
Q3 2025 107$1.7BMSFT, VOO, AMZN, GOOG, AAPL
Q2 2025 111$1.6BMSFT, VOO, AMZN, VST, GOOG
Q1 2025 110$1.5BMSFT, AMZN, VOO, GOOG, ELV
Q4 2024 103$1.6BMSFT, VOO, AMZN, GOOG, V
Q3 2024 96$1.6BMSFT, VOO, AMZN, ELV, V
Q2 2024 94$1.6BMSFT, VOO, AMZN, ELV, V
Q1 2024 94$1.6BMSFT, MRK, V, VOO, ELV