Heathbridge Capital Management Ltd. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Heathbridge Capital Management Ltd. reported 25 stock positions worth $248.9 million . Its top holding was American Electric Power (AEP) at 9.3% of the portfolio, followed by Toronto-Dominion Bank (TD, 8.7% ) and Verizon Communications (VZ, 8.3% ). Compared with Q1 2025, it opened 1 new position, sold out of 4, added to 2 and reduced 16. The biggest buy was a new position in South Bow (SOBO) and the biggest sale an exit from Novo-Nordisk A/S-Spons ADR (NVO).
Location TORONTO, A6
CIK 0001503269
Portfolio Value $248.9M (Q2 2025) Holdings 25 stocks · $248.9M 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 Q1 2025 AEP American Electric Power 222,350 $23.1M Reduce -1.4% TD Toronto-Dominion Bank 294,800 $21.6M Reduce -0.8% VZ Verizon Communications Inc. 478,600 $20.7M Reduce -1.3% TRP TC Energy Corp. 406,600 $19.8M Reduce -0.6% MSFT Microsoft Corp. 36,220 $18.0M Reduce -1.2% AEM Agnico Eagle Mines Ltd. 144,550 $17.2M Reduce -1.2% MFC Manulife Financial Corp. 470,850 $15.0M Add +0.9% TU Telus Corp. 778,400 $12.5M Reduce -0.8% CAE Cae Inc. 386,050 $11.3M Reduce -0.6% HLN Haleon PLC-ADR 1,071,500 $11.1M Reduce -1.2% RY Royal Bank of Canada 82,500 $10.9M No change CNQ Canadian Natural Resources 305,700 $9.6M Add +0.0% CP Canadian Pacific Kansas City 120,725 $9.6M Reduce -0.8% ZTS Zoetis Inc. 60,700 $9.5M Reduce -1.0% GOOGL Alphabet Inc. Class A 52,400 $9.2M Reduce -1.1% ADP Automatic Data Processing 27,725 $8.6M Reduce -16.7% TECK Teck Resources Ltd.-CLS B 142,600 $5.8M Reduce -0.3% MGA Magna International Inc. 145,925 $5.6M Reduce -0.7% SOBO South Bow Corp. 207,600 $5.4M New HBM Hudbay Minerals Inc. 263,825 $2.8M Reduce -2.8% NEM Newmont Corp. 10,300 $600K No change FITB Fifth Third Bancorp 12,200 $502K No change UNP Union Pacific Corp. 1,050 $242K No change MA Mastercard Inc. Class A 425 $239K No change DNN Denison Mines Corp. 100,000 $183K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $319 (not counted above) Security Class Shares / Principal Value Change ORGNW Origin Materials -CW26 *W EXP 06/25/202 16,600 $319 No change
Total filed on the 13F, all lines: $248.9M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −3.33 ATS Ats Corp. Sold out 0.00% −3.28 AEP American Electric Power Reduce -1.4% 9.27% −0.73 ADP Automatic Data Processing Reduce -16.7% 3.43% −0.70 VZ Verizon Communications Inc. Reduce -1.3% 8.32% −0.61 ZTS Zoetis Inc. Reduce -1.0% 3.80% −0.30 SLF Sun Life Financial Inc. Sold out 0.00% −0.09 VRSK Verisk Analytics Inc. Sold out 0.00% −0.09 HLN Haleon PLC-ADR Reduce -1.2% 4.46% −0.07 TRP TC Energy Corp. Reduce -0.6% 7.96% +0.11 TECK Teck Resources Ltd.-CLS B Reduce -0.3% 2.31% +0.19 MGA Magna International Inc. Reduce -0.7% 2.26% +0.23 HBM Hudbay Minerals Inc. Reduce -2.8% 1.12% +0.29 CP Canadian Pacific Kansas City Reduce -0.8% 3.85% +0.37 GOOGL Alphabet Inc. Class A Reduce -1.1% 3.71% +0.38 TU Telus Corp. Reduce -0.8% 5.01% +0.44 AEM Agnico Eagle Mines Ltd. Reduce -1.2% 6.91% +0.46 CAE Cae Inc. Reduce -0.6% 4.54% +0.66 TD Toronto-Dominion Bank Reduce -0.8% 8.69% +1.46 MSFT Microsoft Corp. Reduce -1.2% 7.24% +1.65
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ SOBO South Bow Corp. New 2.16% +2.16 MFC Manulife Financial Corp. Add +0.9% 6.04% +0.12 CNQ Canadian Natural Resources Add +0.0% 3.85% +0.03
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