Heathbridge Capital Management Ltd. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Heathbridge Capital Management Ltd. reported 28 stock positions worth $246.2 million . Its top holding was American Electric Power (AEP) at 10.0% of the portfolio, followed by Verizon Communications (VZ, 8.9% ) and TC Energy (TRP, 7.9% ). Compared with Q4 2024, it added to 1 and reduced 25. The biggest buy was Newmont (NEM, shares +20% ) and the biggest sale Alphabet Class A (GOOGL, shares −4% ).
Location TORONTO, A6
CIK 0001503269
Portfolio Value $246.2M (Q1 2025) Holdings 28 stocks · $246.2M 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 2024 AEP American Electric Power 225,400 $24.6M Reduce -2.3% VZ Verizon Communications Inc. 484,700 $22.0M Reduce -1.7% TRP TC Energy Corp. 409,100 $19.3M Reduce -1.7% TD Toronto-Dominion Bank 297,050 $17.8M Reduce -1.7% AEM Agnico Eagle Mines Ltd. 146,300 $15.9M Reduce -22.1% MFC Manulife Financial Corp. 466,850 $14.6M Reduce -1.7% MSFT Microsoft Corp. 36,645 $13.8M Reduce -1.4% TU Telus Corp. 784,500 $11.3M Reduce -2.0% HLN Haleon PLC-ADR 1,084,800 $11.2M Reduce -2.2% ADP Automatic Data Processing 33,300 $10.2M Reduce -2.6% ZTS Zoetis Inc. 61,325 $10.1M Reduce -2.0% CAE Cae Inc. 388,300 $9.6M Reduce -13.8% CNQ Canadian Natural Resources 305,650 $9.4M Reduce -1.6% RY Royal Bank of Canada 82,500 $9.3M Reduce -9.6% CP Canadian Pacific Kansas City 121,725 $8.6M Reduce -1.7% GOOGL Alphabet Inc. Class A 52,975 $8.2M Reduce -3.8% NVO Novo-Nordisk A/S-Spons ADR 117,950 $8.2M Reduce -1.9% ATS Ats Corp. 323,300 $8.1M Reduce -1.7% TECK Teck Resources Ltd.-CLS B 143,050 $5.2M Reduce -0.5% MGA Magna International Inc. 146,975 $5.0M Reduce -2.2% HBM Hudbay Minerals Inc. 271,525 $2.1M Reduce -7.8% NEM Newmont Corp. 10,300 $497K Add +19.8% FITB Fifth Third Bancorp 12,200 $478K Reduce -8.6% UNP Union Pacific Corp. 1,050 $248K Reduce -8.7% MA Mastercard Inc. Class A 425 $233K Reduce -10.5% SLF Sun Life Financial Inc. 4,000 $229K No change VRSK Verisk Analytics Inc. 750 $223K Reduce -18.9% DNN Denison Mines Corp. 100,000 $131K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $837 (not counted above) Security Class Shares / Principal Value Change ORGNW Origin Materials -CW26 *W EXP 06/25/202 16,600 $837 No change
Total filed on the 13F, all lines: $246.2M.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ GOOGL Alphabet Inc. Class A Reduce -3.8% 3.33% −0.82 NVO Novo-Nordisk A/S-Spons ADR Reduce -1.9% 3.33% −0.79 ATS Ats Corp. Reduce -1.7% 3.28% −0.71 CAE Cae Inc. Reduce -13.8% 3.88% −0.67 MSFT Microsoft Corp. Reduce -1.4% 5.59% −0.65 RY Royal Bank of Canada Reduce -9.6% 3.78% −0.60 MGA Magna International Inc. Reduce -2.2% 2.03% −0.47 TECK Teck Resources Ltd.-CLS B Reduce -0.5% 2.12% −0.20 HBM Hudbay Minerals Inc. Reduce -7.8% 0.84% −0.11 CP Canadian Pacific Kansas City Reduce -1.7% 3.47% −0.09 FITB Fifth Third Bancorp Reduce -8.6% 0.19% −0.03 VRSK Verisk Analytics Inc. Reduce -18.9% 0.09% −0.01 MA Mastercard Inc. Class A Reduce -10.5% 0.09% −0.00 UNP Union Pacific Corp. Reduce -8.7% 0.10% −0.00 CNQ Canadian Natural Resources Reduce -1.6% 3.82% +0.01 ZTS Zoetis Inc. Reduce -2.0% 4.10% +0.05 MFC Manulife Financial Corp. Reduce -1.7% 5.91% +0.11 TRP TC Energy Corp. Reduce -1.7% 7.85% +0.15 ADP Automatic Data Processing Reduce -2.6% 4.13% +0.15 TU Telus Corp. Reduce -2.0% 4.57% +0.26 HLN Haleon PLC-ADR Reduce -2.2% 4.53% +0.32 AEM Agnico Eagle Mines Ltd. Reduce -22.1% 6.44% +0.60 TD Toronto-Dominion Bank Reduce -1.7% 7.24% +0.84 VZ Verizon Communications Inc. Reduce -1.7% 8.93% +1.08 AEP American Electric Power Reduce -2.3% 10.00% +1.53
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ NEM Newmont Corp. Add +19.8% 0.20% +0.07
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