Heathbridge Capital Management Ltd. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 15, 2025), Heathbridge Capital Management Ltd. reported 27 stock positions worth $260.5 million . Its top holding was American Electric Power (AEP) at 9.5% of the portfolio, followed by TC Energy (TRP, 8.4% ) and Verizon Communications (VZ, 8.0% ). Compared with Q2 2025, it opened 2 new positions, added to 2 and reduced 21. The biggest buy was Teck Resources Ltd.-CLS B (TECK, shares +64% ) and the biggest sale Microsoft (MSFT, shares −20% ).
Location TORONTO, A6
CIK 0001503269
Portfolio Value $260.5M (Q3 2025) Holdings 27 stocks · $260.5M 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 Q2 2025 AEP American Electric Power 220,050 $24.8M Reduce -1.0% TRP TC Energy Corp. 403,400 $21.9M Reduce -0.8% VZ Verizon Communications Inc. 474,000 $20.8M Reduce -1.0% TD Toronto-Dominion Bank 249,550 $19.9M Reduce -15.3% AEM Agnico Eagle Mines Ltd. 116,550 $19.6M Reduce -19.4% MSFT Microsoft Corp. 29,025 $15.0M Reduce -19.9% MFC Manulife Financial Corp. 467,550 $14.6M Reduce -0.7% GOOGL Alphabet Inc. Class A 51,775 $12.6M Reduce -1.2% TU Telus Corp. 772,800 $12.2M Reduce -0.7% RY Royal Bank of Canada 82,500 $12.2M No change CAE Cae Inc. 383,450 $11.3M Reduce -0.7% CNQ Canadian Natural Resources 342,300 $10.9M Add +12.0% TECK Teck Resources Ltd.-CLS B 234,050 $10.3M Add +64.1% HLN Haleon PLC-ADR 1,064,000 $9.5M Reduce -0.7% CP Canadian Pacific Kansas City 119,525 $8.9M Reduce -1.0% ZTS Zoetis Inc. 60,050 $8.8M Reduce -1.1% ADP Automatic Data Processing 27,375 $8.0M Reduce -1.3% MGA Magna International Inc. 144,775 $6.9M Reduce -0.8% SOBO South Bow Corp. 205,800 $5.8M Reduce -0.9% HBM Hudbay Minerals Inc. 263,000 $4.0M Reduce -0.3% NEM Newmont Corp. 8,350 $704K Reduce -18.9% FITB Fifth Third Bancorp 12,050 $537K Reduce -1.2% XOM Exxon Mobil Corp. 2,675 $302K New DNN Denison Mines Corp. 100,000 $275K No change UNP Union Pacific Corp. 1,000 $236K Reduce -4.8% TMO Thermo Fisher Scientific Inc. 475 $230K New MA Mastercard Inc. Class A 400 $228K Reduce -5.9%
Other holdings (1): bonds, preferreds, convertibles and warrants · $242 (not counted above) Security Class Shares / Principal Value Change ORGNW Origin Materials -CW26 *W EXP 06/25/202 16,600 $242 No change
Total filed on the 13F, all lines: $260.5M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ MSFT Microsoft Corp. Reduce -19.9% 5.77% −1.47 TD Toronto-Dominion Bank Reduce -15.3% 7.65% −1.04 HLN Haleon PLC-ADR Reduce -0.7% 3.66% −0.80 MFC Manulife Financial Corp. Reduce -0.7% 5.59% −0.45 CP Canadian Pacific Kansas City Reduce -1.0% 3.41% −0.43 ZTS Zoetis Inc. Reduce -1.1% 3.37% −0.43 ADP Automatic Data Processing Reduce -1.3% 3.08% −0.35 TU Telus Corp. Reduce -0.7% 4.67% −0.34 VZ Verizon Communications Inc. Reduce -1.0% 8.00% −0.32 CAE Cae Inc. Reduce -0.7% 4.36% −0.18 MA Mastercard Inc. Class A Reduce -5.9% 0.09% −0.01 UNP Union Pacific Corp. Reduce -4.8% 0.09% −0.01 FITB Fifth Third Bancorp Reduce -1.2% 0.21% +0.00 NEM Newmont Corp. Reduce -18.9% 0.27% +0.03 SOBO South Bow Corp. Reduce -0.9% 2.23% +0.07 AEP American Electric Power Reduce -1.0% 9.50% +0.23 MGA Magna International Inc. Reduce -0.8% 2.63% +0.37 HBM Hudbay Minerals Inc. Reduce -0.3% 1.53% +0.41 TRP TC Energy Corp. Reduce -0.8% 8.41% +0.45 AEM Agnico Eagle Mines Ltd. Reduce -19.4% 7.53% +0.62 GOOGL Alphabet Inc. Class A Reduce -1.2% 4.83% +1.12
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ TECK Teck Resources Ltd.-CLS B Add +64.1% 3.94% +1.63 CNQ Canadian Natural Resources Add +12.0% 4.20% +0.35 XOM Exxon Mobil Corp. New 0.12% +0.12 TMO Thermo Fisher Scientific Inc. New 0.09% +0.09
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