Heathbridge Capital Management Ltd. In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 26, 2024), Heathbridge Capital Management Ltd. reported 29 stock positions worth $258.7 million . Its top holding was TC Energy (TRP) at 9.6% of the portfolio, followed by Verizon Communications (VZ, 7.6% ) and Manulife Financial (MFC, 6.7% ). Compared with Q4 2023, it opened 2 new positions, sold out of 2, added to 8 and reduced 13. The biggest buy was a new position in Cae (CAE) and the biggest sale Hudbay Minerals (HBM, shares −67% ).
Location TORONTO, A6
CIK 0001503269
Portfolio Value $258.7M (Q1 2024) Holdings 29 stocks · $258.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 TRP TC Energy Corp. 618,775 $24.9M Reduce -2.5% VZ Verizon Communications Inc. 467,750 $19.6M Add +6.8% MFC Manulife Financial Corp. 699,050 $17.5M Reduce -2.3% MSFT Microsoft Corp. 41,145 $17.3M Reduce -0.5% TD Toronto-Dominion Bank 276,930 $16.7M Reduce -0.1% AEM Agnico Eagle Mines Ltd. 274,850 $16.4M Reduce -2.9% AEP American Electric Power 171,250 $14.7M Reduce -3.2% TU Telus Corp. 891,100 $14.3M Add +25.9% KHC The Kraft Heinz Co. 373,850 $13.8M Add +42.8% CNQ Canadian Natural Resources 171,700 $13.1M Reduce -2.6% CP Canadian Pacific Kansas City 132,575 $11.7M Reduce -2.0% HLN Haleon PLC-ADR 1,227,000 $10.4M Reduce -1.1% TECK Teck Resources Ltd.-CLS B 222,600 $10.2M Add +675.6% CAE Cae Inc. 490,900 $10.1M New RY Royal Bank of Canada 91,500 $9.2M Reduce -0.7% ADP Automatic Data Processing 36,173 $9.0M Reduce -1.2% MGA Magna International Inc. 164,825 $9.0M Add +1.0% OTEX Open Text Corp. 186,350 $7.2M Reduce -4.8% TXN Texas Instruments Inc. 38,050 $6.6M Add +5.1% HBM Hudbay Minerals Inc. 581,815 $4.1M Reduce -67.5% FITB Fifth Third Bancorp 20,100 $748K No change ERF Enerplus Corp. 23,500 $462K Add +0.3% NEM Newmont Corp. 10,100 $362K Add +2.0% DNN Denison Mines Corp. 160,300 $314K No change UNP Union Pacific Corp. 1,150 $283K No change MA Mastercard Inc. Class A 475 $229K No change VRSK Verisk Analytics Inc. 925 $218K No change SLF Sun Life Financial Inc. 3,800 $207K New NGD New Gold Inc. 25,000 $42K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $324 (not counted above) Security Class Shares / Principal Value Change ORGNW Origin Materials -CW26 *W EXP 06/25/202 16,600 $324 No change
Total filed on the 13F, all lines: $258.7M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ HBM Hudbay Minerals Inc. Reduce -67.5% 1.57% −2.66 TD Toronto-Dominion Bank Reduce -0.1% 6.46% −1.24 TRP TC Energy Corp. Reduce -2.5% 9.61% −1.05 TCN Tricon Residential Inc. Sold out 0.00% −0.95 OTEX Open Text Corp. Reduce -4.8% 2.79% −0.74 AEP American Electric Power Reduce -3.2% 5.70% −0.46 RY Royal Bank of Canada Reduce -0.7% 3.57% −0.44 HLN Haleon PLC-ADR Reduce -1.1% 4.03% −0.35 AEM Agnico Eagle Mines Ltd. Reduce -2.9% 6.33% −0.33 ADP Automatic Data Processing Reduce -1.2% 3.49% −0.17 CP Canadian Pacific Kansas City Reduce -2.0% 4.52% −0.08 MFC Manulife Financial Corp. Reduce -2.3% 6.75% −0.05 DANIMER SCIENTIFIC INC Sold out 0.00% −0.01 MSFT Microsoft Corp. Reduce -0.5% 6.69% +0.03 CNQ Canadian Natural Resources Reduce -2.6% 5.06% +0.10
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ CAE Cae Inc. New 3.92% +3.92 TECK Teck Resources Ltd.-CLS B Add +675.6% 3.94% +3.42 KHC The Kraft Heinz Co. Add +42.8% 5.33% +1.18 VZ Verizon Communications Inc. Add +6.8% 7.59% +0.51 TU Telus Corp. Add +25.9% 5.51% +0.10 SLF Sun Life Financial Inc. New 0.08% +0.08 ERF Enerplus Corp. Add +0.3% 0.18% +0.02 NEM Newmont Corp. Add +2.0% 0.14% −0.04 TXN Texas Instruments Inc. Add +5.1% 2.56% −0.08 MGA Magna International Inc. Add +1.0% 3.47% −0.67
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 28 $292.4M TD, VZ, TRP, MFC, AEP Q1 2026 28 $275.2M VZ, AEP, TD, AEM, TRP Q4 2025 28 $261.7M TD, VZ, TRP, AEP, MFC Q3 2025 27 $260.5M AEP, TRP, VZ, TD, AEM Q2 2025 25 $248.9M AEP, TD, VZ, TRP, MSFT Q1 2025 28 $246.2M AEP, VZ, TRP, TD, AEM Q4 2024 28 $251.3M AEP, VZ, TRP, TD, MSFT Q3 2024 28 $263.2M TRP, AEP, VZ, AEM, MFC Q2 2024 27 $236.0M TRP, AEP, VZ, MFC, MSFT Q1 2024 29 $258.7M TRP, VZ, MFC, MSFT, TD