Heathbridge Capital Management Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Heathbridge Capital Management Ltd. reported 28 stock positions worth $261.7 million. Its top holding was Toronto-Dominion Bank (TD) at 8.8% of the portfolio, followed by Verizon Communications (VZ, 8.3%) and TC Energy (TRP, 8.1%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 4 and reduced 15. The biggest buy was South Bow (SOBO, shares +104%) and the biggest sale an exit from Magna International (MGA).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001503269
Portfolio Value
$261.7M (Q4 2025)
SEC Filing
0001062993-26-000635 ↗ filed Feb 5, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $258.7M Q1 2024 Q2 2024: $236.0M Q2 2024 Q3 2024: $263.2M Q3 2024 Q4 2024: $251.3M Q4 2024 Q1 2025: $246.2M Q1 2025 Q2 2025: $248.9M Q2 2025 Q3 2025: $260.5M Q3 2025 Q4 2025: $261.7M $261.7M Q4 2025 Q1 2026: $275.2M Q1 2026 Q2 2026: $292.4M Q2 2026

Holdings 28 stocks · $261.7M
TD Toronto-Dominion Bank 8.84% 245,100 $23.1M Reduce -1.8%
VZ Verizon Communications Inc. 8.28% 531,800 $21.7M Add +12.2%
TRP TC Energy Corp. 8.11% 385,100 $21.2M Reduce -4.5%
AEP American Electric Power 7.75% 175,800 $20.3M Reduce -20.1%
MFC Manulife Financial Corp. 6.38% 459,350 $16.7M Reduce -1.8%
AEM Agnico Eagle Mines Ltd. 6.04% 93,135 $15.8M Reduce -20.1%
TU Telus Corp. 5.85% 1,160,500 $15.3M Add +50.2%
RY Royal Bank of Canada 5.38% 82,500 $14.1M No change
MSFT Microsoft Corp. 5.24% 28,380 $13.7M Reduce -2.2%
GOOGL Alphabet Inc. Class A 4.47% 37,400 $11.7M Reduce -27.8%
SOBO South Bow Corp. 4.42% 419,950 $11.6M Add +104.1%
CAE Cae Inc. 4.39% 377,600 $11.5M Reduce -1.5%
CNQ Canadian Natural Resources 4.38% 338,100 $11.5M Reduce -1.2%
TECK Teck Resources Ltd.-CLS B 4.25% 232,300 $11.1M Reduce -0.8%
HLN Haleon PLC-ADR 4.06% 1,050,050 $10.6M Reduce -1.3%
CP Canadian Pacific Kansas City 3.31% 117,675 $8.7M Reduce -1.6%
ADP Automatic Data Processing 2.96% 30,090 $7.7M Add +9.9%
ZTS Zoetis Inc. 2.86% 59,425 $7.5M Reduce -1.0%
HBM Hudbay Minerals Inc. 1.61% 211,910 $4.2M Reduce -19.4%
NEM Newmont Corp. 0.26% 6,850 $684K Reduce -18.0%
OKE Oneok Inc. 0.24% 8,550 $628K New
FITB Fifth Third Bancorp 0.22% 12,050 $564K No change
VRSK Verisk Analytics Inc. 0.19% 2,210 $494K New
XOM Exxon Mobil Corp. 0.12% 2,675 $322K No change
TMO Thermo Fisher Scientific Inc. 0.11% 475 $275K No change
DNN Denison Mines Corp. 0.10% 100,000 $266K No change
UNP Union Pacific Corp. 0.09% 1,000 $231K No change
MA Mastercard Inc. Class A 0.09% 400 $228K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $78 (not counted above)
SecurityClassShares / PrincipalValueChange
ORGNW Origin Materials -CW26 *W EXP 06/25/202 16,600$78No change

Total filed on the 13F, all lines: $261.7M.

Portfolio Sells Q3 2025 → Q4 2025
MGA Magna International Inc. Sold out 0.00% −2.63
AEP American Electric Power Reduce -20.1% 7.75% −1.76
AEM Agnico Eagle Mines Ltd. Reduce -20.1% 6.04% −1.49
MSFT Microsoft Corp. Reduce -2.2% 5.24% −0.53
ZTS Zoetis Inc. Reduce -1.0% 2.86% −0.52
GOOGL Alphabet Inc. Class A Reduce -27.8% 4.47% −0.36
TRP TC Energy Corp. Reduce -4.5% 8.11% −0.30
CP Canadian Pacific Kansas City Reduce -1.6% 3.31% −0.10
NEM Newmont Corp. Reduce -18.0% 0.26% −0.01
CAE Cae Inc. Reduce -1.5% 4.39% +0.04
HBM Hudbay Minerals Inc. Reduce -19.4% 1.61% +0.08
CNQ Canadian Natural Resources Reduce -1.2% 4.38% +0.18
TECK Teck Resources Ltd.-CLS B Reduce -0.8% 4.25% +0.32
HLN Haleon PLC-ADR Reduce -1.3% 4.06% +0.39
MFC Manulife Financial Corp. Reduce -1.8% 6.38% +0.79
TD Toronto-Dominion Bank Reduce -1.8% 8.84% +1.18

Portfolio Buys Q3 2025 → Q4 2025
SOBO South Bow Corp. Add +104.1% 4.42% +2.19
TU Telus Corp. Add +50.2% 5.85% +1.18
VZ Verizon Communications Inc. Add +12.2% 8.28% +0.28
OKE Oneok Inc. New 0.24% +0.24
VRSK Verisk Analytics Inc. New 0.19% +0.19
ADP Automatic Data Processing Add +9.9% 2.96% −0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 28$292.4MTD, VZ, TRP, MFC, AEP
Q1 2026 28$275.2MVZ, AEP, TD, AEM, TRP
Q4 2025 28$261.7MTD, VZ, TRP, AEP, MFC
Q3 2025 27$260.5MAEP, TRP, VZ, TD, AEM
Q2 2025 25$248.9MAEP, TD, VZ, TRP, MSFT
Q1 2025 28$246.2MAEP, VZ, TRP, TD, AEM
Q4 2024 28$251.3MAEP, VZ, TRP, TD, MSFT
Q3 2024 28$263.2MTRP, AEP, VZ, AEM, MFC
Q2 2024 27$236.0MTRP, AEP, VZ, MFC, MSFT
Q1 2024 29$258.7MTRP, VZ, MFC, MSFT, TD