Empire Life Investments Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Empire Life Investments Inc. reported 110 stock positions worth $1.5 billion. Its top holding was Microsoft (MSFT) at 6.2% of the portfolio, followed by Amazon.com (AMZN, 4.5%) and Vanguard S&P 500 ETF (VOO, 4.4%). Compared with Q4 2024, it opened 13 new positions, sold out of 6, added to 35 and reduced 60. The biggest buy was a new position in Evercore Class A (EVR) and the biggest sale an exit from Danaher (DHR).

Most Recent 13F
Q2 2026
Location
Toronto, A6
CIK
0001640951
Portfolio Value
$1.5B (Q1 2025)
SEC Filing
0001213900-25-041275 ↗ filed May 9, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $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 $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 110 stocks · $1.5B
MSFT Microsoft Corp. 6.25% 255,762 $96.0M Reduce -1.4%
AMZN Amazon.com Inc. 4.54% 367,013 $69.8M Add +5.8%
VOO Vanguard S&P 500 ETF 4.35% 130,084 $66.9M Reduce -9.6%
GOOG Alphabet Inc. Class C 3.02% 296,572 $46.3M Add +2.2%
ELV Elevance Health Inc. 2.69% 95,002 $41.3M Add +0.5%
V Visa Inc. Class A 2.66% 116,533 $40.8M Reduce -27.0%
NEM Newmont Corp. 2.58% 819,897 $39.6M Reduce -0.3%
PNC PNC Financial Services Group 2.49% 217,875 $38.3M Reduce -5.8%
AAPL Apple Inc. 2.21% 153,046 $34.0M Add +9.8%
NOC Northrop Grumman Corp. 2.12% 63,642 $32.6M Add +0.5%
VST Vistra Corp. 2.01% 262,710 $30.9M Add +34.1%
JNJ Johnson & Johnson 1.98% 183,275 $30.4M Reduce -5.0%
IEFA iShares Core MSCI Eafe ETF 1.90% 385,469 $29.2M Add +5.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.87% 236,339 $28.8M Reduce -11.7%
MA Mastercard Inc. Class A 1.86% 52,097 $28.6M Reduce -19.9%
CVX Chevron Corp. 1.84% 169,199 $28.3M Add +0.9%
EOG EOG Resources Inc. 1.84% 220,360 $28.3M Reduce -0.6%
AME Ametek Inc. 1.74% 154,944 $26.7M Add +0.3%
TYL Tyler Technologies Inc. 1.70% 44,886 $26.1M Reduce -18.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.62% 596,738 $24.9M Reduce -6.4%
MSI Motorola Solutions Inc. 1.58% 55,518 $24.3M Reduce -5.0%
ROST Ross Stores Inc. 1.55% 185,791 $23.7M Reduce -8.6%
FISV Fiserv Inc. 1.53% 106,249 $23.5M Reduce -35.0%
AZO AutoZone Inc. 1.47% 5,940 $22.6M Reduce -2.2%
CME Cme Group Inc. 1.42% 82,399 $21.9M Reduce -2.3%
WEC WEC Energy Group Inc. 1.41% 198,772 $21.7M Reduce -9.6%
LRCX Lam Research Corp. 1.34% 282,241 $20.5M Reduce -0.1%
MO Altria Group Inc. 1.31% 336,145 $20.2M Reduce -9.1%
ZTS Zoetis Inc. 1.24% 115,475 $19.0M Reduce -4.3%
NVDA Nvidia Corp. 1.20% 170,763 $18.5M Add +178.5%
COST Costco Wholesale Corp. 1.13% 18,359 $17.4M Reduce -13.6%
PEP Pepsico Inc. 1.09% 111,814 $16.8M Reduce -0.6%
MRK Merck & Co. Inc. 1.06% 181,452 $16.3M Reduce -45.5%
CMCSA Comcast Corp. Class A 1.05% 437,819 $16.2M Reduce -8.5%
TDW Tidewater Inc. 1.04% 379,797 $16.1M Reduce -0.3%
FIS Fidelity National Info Serv 1.03% 211,873 $15.8M Reduce -4.8%
WSC Willscot Holdings Corp. 1.02% 561,725 $15.6M Reduce -0.9%
AEE Ameren Corporation 1.01% 154,678 $15.5M Reduce -15.8%
ROP Roper Technologies Inc. 1.01% 26,327 $15.5M Reduce -0.7%
META Meta Platforms Inc. Class A 1.00% 26,654 $15.4M Add +350.8%
EVR Evercore Inc. Class A 0.97% 74,851 $14.9M New
T AT&T Inc. 0.91% 494,090 $14.0M Reduce -7.5%
STZ Constellation Brands Inc. Class A 0.89% 74,476 $13.7M Add +2.0%
QQQM Invesco Nasdaq 100 ETF 0.84% 67,000 $12.9M No change
HUBS HubSpot Inc. 0.84% 22,519 $12.9M Add +58.6%
EXAS Exact Sciences Corp. 0.83% 293,878 $12.7M Add +21.1%
PM Philip Morris International 0.79% 76,564 $12.2M Reduce -18.9%
BKNG Booking Holdings Inc. 0.78% 2,596 $12.0M New
VLO Valero Energy Corp. 0.71% 83,157 $11.0M Add +46.6%
URTH iShares MSCI World ETF 0.70% 70,200 $10.8M Reduce -52.7%
TXN Texas Instruments Inc. 0.68% 58,518 $10.5M Reduce -4.6%
AVGO Broadcom Inc. 0.67% 61,523 $10.3M Add +796.0%
NOW ServiceNow Inc. 0.66% 12,668 $10.1M Add +251.2%
KEX Kirby Corp. 0.65% 98,460 $9.9M Reduce -0.2%
MU Micron Technology Inc. 0.63% 110,774 $9.6M Reduce -2.2%
BTU Peabody Energy Corp. 0.60% 679,655 $9.2M Add +16.9%
VZ Verizon Communications Inc. 0.60% 202,110 $9.2M Reduce -8.6%
CTAS Cintas Corp. 0.59% 44,342 $9.1M Reduce -16.7%
HBAN Huntington Bancshares Inc. 0.58% 593,637 $8.9M Add +306.9%
PVAL Putnam Focused LRG Cap Value 0.51% 205,130 $7.8M Add +3.3%
JPEF JPMorgan Equity Focus ETF 0.50% 121,530 $7.7M Reduce -0.7%
BSY Bentley Systems Inc. Class B 0.47% 181,950 $7.2M Reduce -22.7%
RRX Regal Rexnord Corp. 0.46% 62,542 $7.1M Reduce -0.1%
PGR Progressive Corp. 0.46% 24,963 $7.1M Reduce -19.9%
UNH Unitedhealth Group Inc. 0.42% 12,322 $6.5M Add +1.9%
DLTR Dollar Tree Inc. 0.42% 85,943 $6.5M New
LEGN Legend Biotech Corp.-ADR 0.37% 165,661 $5.6M Add +21.2%
DXCM Dexcom Inc. 0.37% 82,208 $5.6M Reduce -7.9%
SITE Siteone Landscape Supply Inc. 0.36% 46,131 $5.6M Reduce -7.3%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.36% 169,619 $5.5M Add +59.9%
DHI D.R. Horton Inc. 0.35% 42,371 $5.4M New
KO The Coca-Cola Co. 0.33% 71,128 $5.1M Add +63.7%
EFG iShares MSCI Eafe Growth ETF 0.31% 48,336 $4.8M Add +29.8%
VONG Vanguard Russell 1000 Growth 0.31% 51,929 $4.8M Reduce -14.6%
IWY iShares Russell Top 200 Grow 0.28% 20,300 $4.3M Add +3.6%
REGN Regeneron Pharmaceuticals 0.27% 6,424 $4.1M Add +57.5%
VEEV Veeva Systems Inc. Class A 0.26% 17,397 $4.0M New
JGRO JPMorgan Active Growth ETF 0.23% 47,600 $3.5M Reduce -1.4%
TSLA Tesla Inc. 0.21% 12,324 $3.2M Add +118.3%
EVI Evi Industries Inc. 0.20% 186,453 $3.1M Reduce -15.9%
USMV iShares MSCI USA Min Vol Fac 0.20% 32,400 $3.0M New
LVHI Franklin International Low V 0.19% 90,100 $2.9M New
ARCT Arcturus Therapeutics Holdin 0.18% 264,909 $2.8M Reduce -5.2%
LIN Linde PLC 0.18% 5,853 $2.7M Reduce -10.0%
QCOM Qualcomm Inc. 0.17% 17,010 $2.6M Reduce -7.7%
CDE Coeur Mining Inc. 0.15% 383,373 $2.3M New
ISRG Intuitive Surgical Inc. 0.14% 4,398 $2.2M Reduce -9.2%
MORN Morningstar Inc. 0.14% 7,061 $2.1M Add +3.8%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.13% 10,866 $2.0M Add +3.7%
BURL Burlington Stores Inc. 0.12% 7,802 $1.9M Reduce -2.3%
RJF Raymond James Financial Inc. 0.12% 13,353 $1.9M Reduce -11.9%
ANSS Ansys Inc. 0.11% 5,314 $1.7M Add +3.7%
EFX Equifax Inc. 0.11% 6,889 $1.7M New
BLK BlackRock Inc. 0.10% 1,627 $1.5M New
NFLX Netflix Inc. 0.09% 1,530 $1.4M Reduce -28.2%
SKX Skechers USA Inc. Class A 0.09% 23,183 $1.3M Reduce -7.1%
CHD Church & Dwight Co. Inc. 0.08% 11,077 $1.2M Add +3.7%
CUBE Cubesmart 0.08% 28,044 $1.2M Add +3.7%
IMTM iShares MSCI Intl Momentum F 0.07% 27,700 $1.1M Reduce -0.7%
VONV Vanguard Russell 1000 Value 0.07% 12,600 $1.0M New
QUAL iShares MSCI USA Quality Fac 0.07% 5,947 $1.0M Reduce -75.5%
CRWD CrowdStrike Holdings Inc. Class A 0.06% 2,464 $869K Reduce -7.9%
HD Home Depot Inc. 0.05% 2,145 $786K New
VT Vanguard Tot World STK ETF 0.05% 6,390 $741K Add +48.0%
AMD Advanced Micro Devices 0.04% 5,501 $565K Reduce -7.4%
FFOG Franklin Focused Dynamic Gro 0.04% 15,500 $541K Reduce -46.0%
FFLG Fidelity Fndmntl L/C GRW ETF 0.04% 24,300 $538K Reduce -46.9%
IEV iShares Europe ETF 0.01% 3,519 $205K Add +20.6%
FITB Fifth Third Bancorp 0.01% 4,729 $185K New
VLTO Veralto Corp. 0.00% 616 $60K No change

Portfolio Sells Q4 2024 → Q1 2025
DHR Danaher Corp. Sold out 0.00% −1.12
MRK Merck & Co. Inc. Reduce -45.5% 1.06% −1.02
VNT Vontier Corp. Sold out 0.00% −0.88
URTH iShares MSCI World ETF Reduce -52.7% 0.70% −0.75
MSFT Microsoft Corp. Reduce -1.4% 6.25% −0.62
FISV Fiserv Inc. Reduce -35.0% 1.53% −0.58
VOO Vanguard S&P 500 ETF Reduce -9.6% 4.35% −0.52
V Visa Inc. Class A Reduce -27.0% 2.66% −0.51
MDB Mongodb Inc. Sold out 0.00% −0.43
ROST Ross Stores Inc. Reduce -8.6% 1.55% −0.39
MSCI MSCI Inc. Sold out 0.00% −0.33
PNC PNC Financial Services Group Reduce -5.8% 2.49% −0.31
MA Mastercard Inc. Class A Reduce -19.9% 1.86% −0.29
TYL Tyler Technologies Inc. Reduce -18.0% 1.70% −0.28
TDW Tidewater Inc. Reduce -0.3% 1.04% −0.26
BSY Bentley Systems Inc. Class B Reduce -22.7% 0.47% −0.22
QUAL iShares MSCI USA Quality Fac Reduce -75.5% 0.07% −0.20
WSC Willscot Holdings Corp. Reduce -0.9% 1.02% −0.17
TJX TJX Companies Inc. Reduce -11.7% 1.87% −0.16
RRX Regal Rexnord Corp. Reduce -0.1% 0.46% −0.15
BAC Bank of America Corp. Reduce -6.4% 1.62% −0.14
MTUM iShares MSCI USA Momentum Fa Sold out 0.00% −0.13
ADBE Adobe Inc. Sold out 0.00% −0.12
ARCT Arcturus Therapeutics Holdin Reduce -5.2% 0.18% −0.12
MSI Motorola Solutions Inc. Reduce -5.0% 1.58% −0.11
FIS Fidelity National Info Serv Reduce -4.8% 1.03% −0.10
COST Costco Wholesale Corp. Reduce -13.6% 1.13% −0.09
VONG Vanguard Russell 1000 Growth Reduce -14.6% 0.31% −0.08
CMCSA Comcast Corp. Class A Reduce -8.5% 1.05% −0.08
DXCM Dexcom Inc. Reduce -7.9% 0.37% −0.07
SITE Siteone Landscape Supply Inc. Reduce -7.3% 0.36% −0.05
TXN Texas Instruments Inc. Reduce -4.6% 0.68% −0.04
FFLG Fidelity Fndmntl L/C GRW ETF Reduce -46.9% 0.04% −0.04
FFOG Franklin Focused Dynamic Gro Reduce -46.0% 0.04% −0.04
RJF Raymond James Financial Inc. Reduce -11.9% 0.12% −0.03
NFLX Netflix Inc. Reduce -28.2% 0.09% −0.03
EVI Evi Industries Inc. Reduce -15.9% 0.20% −0.03
BURL Burlington Stores Inc. Reduce -2.3% 0.12% −0.02
SKX Skechers USA Inc. Class A Reduce -7.1% 0.09% −0.02
JGRO JPMorgan Active Growth ETF Reduce -1.4% 0.23% −0.02
CTAS Cintas Corp. Reduce -16.7% 0.59% −0.02
AEE Ameren Corporation Reduce -15.8% 1.01% −0.02
ISRG Intuitive Surgical Inc. Reduce -9.2% 0.14% −0.02
JPEF JPMorgan Equity Focus ETF Reduce -0.7% 0.50% −0.01
PGR Progressive Corp. Reduce -19.9% 0.46% −0.01
KEX Kirby Corp. Reduce -0.2% 0.65% −0.01
AMD Advanced Micro Devices Reduce -7.4% 0.04% −0.01
QCOM Qualcomm Inc. Reduce -7.7% 0.17% −0.01
CRWD CrowdStrike Holdings Inc. Class A Reduce -7.9% 0.06% −0.00
ZTS Zoetis Inc. Reduce -4.3% 1.24% +0.00

Portfolio Buys Q4 2024 → Q1 2025
EVR Evercore Inc. Class A New 0.97% +0.97
META Meta Platforms Inc. Class A Add +350.8% 1.00% +0.78
BKNG Booking Holdings Inc. New 0.78% +0.78
NVDA Nvidia Corp. Add +178.5% 1.20% +0.69
AVGO Broadcom Inc. Add +796.0% 0.67% +0.57
ELV Elevance Health Inc. Add +0.5% 2.69% +0.50
HBAN Huntington Bancshares Inc. Add +306.9% 0.58% +0.43
DLTR Dollar Tree Inc. New 0.42% +0.42
NOW ServiceNow Inc. Add +251.2% 0.66% +0.42
DHI D.R. Horton Inc. New 0.35% +0.35
CVX Chevron Corp. Add +0.9% 1.84% +0.32
VST Vistra Corp. Add +34.1% 2.01% +0.31
IEFA iShares Core MSCI Eafe ETF Add +5.9% 1.90% +0.29
VLO Valero Energy Corp. Add +46.6% 0.71% +0.28
VEEV Veeva Systems Inc. Class A New 0.26% +0.26
NOC Northrop Grumman Corp. Add +0.5% 2.12% +0.25
HUBS HubSpot Inc. Add +58.6% 0.84% +0.22
USMV iShares MSCI USA Min Vol Fac New 0.20% +0.20
LVHI Franklin International Low V New 0.19% +0.19
VICI Vici Properties Inc. Add +59.9% 0.36% +0.17
KO The Coca-Cola Co. Add +63.7% 0.33% +0.16
CDE Coeur Mining Inc. New 0.15% +0.15
EFX Equifax Inc. New 0.11% +0.11
BLK BlackRock Inc. New 0.10% +0.10
EFG iShares MSCI Eafe Growth ETF Add +29.8% 0.31% +0.09
LEGN Legend Biotech Corp.-ADR Add +21.2% 0.37% +0.09
REGN Regeneron Pharmaceuticals Add +57.5% 0.27% +0.08
VONV Vanguard Russell 1000 Value New 0.07% +0.07
TSLA Tesla Inc. Add +118.3% 0.21% +0.06
HD Home Depot Inc. New 0.05% +0.05
PVAL Putnam Focused LRG Cap Value Add +3.3% 0.51% +0.05
UNH Unitedhealth Group Inc. Add +1.9% 0.42% +0.04
AAPL Apple Inc. Add +9.8% 2.21% +0.02
VT Vanguard Tot World STK ETF Add +48.0% 0.05% +0.02
JKHY Jack Henry & Associates Inc. Add +3.7% 0.13% +0.01
FITB Fifth Third Bancorp New 0.01% +0.01
CHD Church & Dwight Co. Inc. Add +3.7% 0.08% +0.01
CUBE Cubesmart Add +3.7% 0.08% +0.01
IEV iShares Europe ETF Add +20.6% 0.01% +0.00
ANSS Ansys Inc. Add +3.7% 0.11% +0.00
MORN Morningstar Inc. Add +3.8% 0.14% −0.01
IWY iShares Russell Top 200 Grow Add +3.6% 0.28% −0.01
AME Ametek Inc. Add +0.3% 1.74% −0.01
EXAS Exact Sciences Corp. Add +21.1% 0.83% −0.03
STZ Constellation Brands Inc. Class A Add +2.0% 0.89% −0.12
BTU Peabody Energy Corp. Add +16.9% 0.60% −0.17
AMZN Amazon.com Inc. Add +5.8% 4.54% −0.23
GOOG Alphabet Inc. Class C Add +2.2% 3.02% −0.46

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