Heathbridge Capital Management Ltd. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 30, 2025), Heathbridge Capital Management Ltd. reported 28 stock positions worth $251.3 million . Its top holding was American Electric Power (AEP) at 8.5% of the portfolio, followed by Verizon Communications (VZ, 7.8% ) and TC Energy (TRP, 7.7% ). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 2 and reduced 20. The biggest buy was a new position in Alphabet Class A (GOOGL) and the biggest sale an exit from Kraft Heinz (KHC).
Location TORONTO, A6
CIK 0001503269
Portfolio Value $251.3M (Q4 2024) Holdings 28 stocks · $251.3M 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 Q3 2024 AEP American Electric Power 230,750 $21.3M Reduce -0.8% VZ Verizon Communications Inc. 493,100 $19.7M Add +0.8% TRP TC Energy Corp. 416,062 $19.4M Reduce -19.1% TD Toronto-Dominion Bank 302,200 $16.1M Add +19.2% MSFT Microsoft Corp. 37,170 $15.7M Reduce -1.3% AEM Agnico Eagle Mines Ltd. 187,800 $14.7M Reduce -25.1% MFC Manulife Financial Corp. 474,950 $14.6M Reduce -26.2% CAE Cae Inc. 450,700 $11.4M Reduce -0.9% RY Royal Bank of Canada 91,300 $11.0M Reduce -0.2% TU Telus Corp. 800,600 $10.8M Reduce -0.9% HLN Haleon PLC-ADR 1,109,300 $10.6M Reduce -1.4% GOOGL Alphabet Inc. Class A 55,050 $10.4M New NVO Novo-Nordisk A/S-Spons ADR 120,200 $10.3M New ZTS Zoetis Inc. 62,550 $10.2M Reduce -0.5% ATS Ats Corp. 329,000 $10.0M New ADP Automatic Data Processing 34,175 $10.0M Reduce -1.7% CNQ Canadian Natural Resources 310,750 $9.6M Reduce -1.4% CP Canadian Pacific Kansas City 123,875 $9.0M Reduce -0.9% MGA Magna International Inc. 150,325 $6.3M Reduce -1.3% TECK Teck Resources Ltd.-CLS B 143,800 $5.8M Reduce -17.0% HBM Hudbay Minerals Inc. 294,615 $2.4M Reduce -7.8% FITB Fifth Third Bancorp 13,350 $564K Reduce -16.0% NEM Newmont Corp. 8,600 $320K Reduce -16.5% UNP Union Pacific Corp. 1,150 $262K No change VRSK Verisk Analytics Inc. 925 $255K No change MA Mastercard Inc. Class A 475 $250K No change SLF Sun Life Financial Inc. 4,000 $237K Reduce -4.8% DNN Denison Mines Corp. 100,000 $181K Reduce -37.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above) Security Class Shares / Principal Value Change ORGNW Origin Materials -CW26 *W EXP 06/25/202 16,600 $2K No change
Total filed on the 13F, all lines: $251.3M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ KHC The Kraft Heinz Co. Sold out 0.00% −4.60 AEM Agnico Eagle Mines Ltd. Reduce -25.1% 5.84% −1.84 TRP TC Energy Corp. Reduce -19.1% 7.71% −1.59 MFC Manulife Financial Corp. Reduce -26.2% 5.80% −1.43 TECK Teck Resources Ltd.-CLS B Reduce -17.0% 2.32% −1.12 TU Telus Corp. Reduce -0.9% 4.32% −0.84 ZTS Zoetis Inc. Reduce -0.5% 4.06% −0.61 AEP American Electric Power Reduce -0.8% 8.47% −0.60 CP Canadian Pacific Kansas City Reduce -0.9% 3.57% −0.50 HLN Haleon PLC-ADR Reduce -1.4% 4.21% −0.31 HBM Hudbay Minerals Inc. Reduce -7.8% 0.95% −0.17 CNQ Canadian Natural Resources Reduce -1.4% 3.81% −0.16 NEM Newmont Corp. Reduce -16.5% 0.13% −0.08 DNN Denison Mines Corp. Reduce -37.6% 0.07% −0.04 FITB Fifth Third Bancorp Reduce -16.0% 0.22% −0.03 NGD New Gold Inc. Sold out 0.00% −0.03 DANIMER SCIENTIFIC INC Sold out 0.00% −0.00 SLF Sun Life Financial Inc. Reduce -4.8% 0.09% +0.00 RY Royal Bank of Canada Reduce -0.2% 4.38% +0.04 MSFT Microsoft Corp. Reduce -1.3% 6.23% +0.08 MGA Magna International Inc. Reduce -1.3% 2.50% +0.12 ADP Automatic Data Processing Reduce -1.7% 3.98% +0.32 CAE Cae Inc. Reduce -0.9% 4.55% +1.31
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ GOOGL Alphabet Inc. Class A New 4.15% +4.15 NVO Novo-Nordisk A/S-Spons ADR New 4.11% +4.11 ATS Ats Corp. New 3.99% +3.99 TD Toronto-Dominion Bank Add +19.2% 6.40% +0.30 VZ Verizon Communications Inc. Add +0.8% 7.85% −0.50
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