Intact Investment Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 22, 2025), Intact Investment Management Inc. reported 314 stock positions worth $2.9 billion. Its top holding was Toronto-Dominion Bank (TD) at 5.0% of the portfolio, followed by Can Imperial BK of Commerce (CM, 3.0%) and Manulife Financial (MFC, 2.7%). Compared with Q4 2024, it opened 54 new positions, sold out of 46, added to 101 and reduced 101. The biggest buy was Royal Bank of Canada (RY, shares +85%) and the biggest sale Bank of Montreal (BMO, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001443077
- Portfolio Value
- $2.9B (Q1 2025)
- SEC Filing
- 0001062993-25-007750 ↗ filed Apr 22, 2025
Holdings Value
Holdings 314 stocks · $2.9B
| TD Toronto-Dominion Bank | 5.00% | 2,434,985 | $145.9M | Reduce -20.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 2.99% | 1,548,123 | $87.1M | Reduce -0.8% |
| MFC Manulife Financial Corp. | 2.70% | 2,527,925 | $78.8M | Add +17.2% |
| RCI Rogers Communications Inc. Class B | 2.67% | 2,913,921 | $77.8M | Add +55.7% |
| PBA Pembina Pipeline Corp. | 2.67% | 1,944,474 | $77.8M | Add +13.0% |
| SLF Sun Life Financial Inc. | 2.57% | 1,308,817 | $74.9M | Reduce -31.5% |
| RY Royal Bank of Canada | 2.38% | 617,316 | $69.5M | Add +84.5% |
| ENB Enbridge Inc. | 2.21% | 1,456,653 | $64.5M | Reduce -0.2% |
| CNI Canadian Natl Railway Co. | 2.06% | 618,479 | $60.2M | Add +48.9% |
| CNQ Canadian Natural Resources | 1.92% | 1,818,610 | $56.0M | Add +86.4% |
| NTR Nutrien Ltd. | 1.90% | 1,115,348 | $55.4M | Add +29.1% |
| BCE Bce Inc. | 1.87% | 2,374,910 | $54.5M | Add +22.1% |
| GIL Gildan Activewear Inc. | 1.81% | 1,190,773 | $52.7M | Add +12.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.78% | 1,095,762 | $52.0M | Reduce -10.3% |
| SU Suncor Energy Inc. | 1.71% | 1,288,324 | $49.9M | Reduce -39.5% |
| BIP Brookfield Infrastructure Pa | 1.68% | 1,642,084 | $48.9M | Reduce -6.0% |
| QSR Restaurant Brands Intern | 1.60% | 701,691 | $46.8M | Add +12.1% |
| B Barrick Gold Corp. | 1.50% | 2,254,840 | $43.8M | Add +53.6% |
| CVE Cenovus Energy Inc. | 1.48% | 3,114,698 | $43.3M | Add +19.3% |
| CP Canadian Pacific Kansas City | 1.45% | 603,041 | $42.3M | Add +189.3% |
| VRN Veren Inc. | 1.30% | 5,749,216 | $38.0M | Add +78.6% |
| GRTUF Granite Real Estate Investme | 1.26% | 788,110 | $36.7M | Add +26.2% |
| MGA Magna International Inc. | 1.13% | 973,038 | $33.1M | Add +130.5% |
| AEM Agnico Eagle Mines Ltd. | 1.10% | 296,489 | $32.1M | Add +23.6% |
| SHOP Shopify Inc. Class A | 1.07% | 327,284 | $31.1M | Add +19.8% |
| MSFT Microsoft Corp. | 1.00% | 77,500 | $29.1M | Add +7.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.95% | 291,070 | $27.8M | Reduce -63.5% |
| TU Telus Corp. | 0.95% | 1,921,762 | $27.6M | Add +3.5% |
| AQN Algonquin Power & Utilities | 0.93% | 5,281,319 | $27.1M | Reduce -0.9% |
| RBA RB Global Inc. | 0.93% | 268,788 | $27.0M | Reduce -57.9% |
| AAPL Apple Inc. | 0.86% | 112,400 | $25.0M | Reduce -0.2% |
| BN Brookfield Corp. | 0.82% | 458,700 | $24.0M | Reduce -31.4% |
| GOOGL Alphabet Inc. Class A | 0.81% | 153,000 | $23.7M | Add +2.3% |
| ABBV Abbvie Inc. | 0.80% | 110,900 | $23.2M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.74% | 473,700 | $21.5M | Reduce -0.0% |
| PEP Pepsico Inc. | 0.71% | 139,000 | $20.8M | Add +13.4% |
| BEP Brookfield Renewable Partner | 0.71% | 938,767 | $20.8M | Reduce -27.5% |
| TRP TC Energy Corp. | 0.70% | 432,104 | $20.4M | Add +23.9% |
| CAE Cae Inc. | 0.69% | 820,290 | $20.2M | Add +51.3% |
| FTS Fortis Inc. | 0.69% | 440,370 | $20.1M | Add +151.9% |
| MRK Merck & Co. Inc. | 0.67% | 216,100 | $19.4M | Add +1.6% |
| PFE Pfizer Inc. | 0.65% | 744,400 | $18.9M | No change |
| PM Philip Morris International | 0.64% | 118,000 | $18.7M | Reduce -25.1% |
| CSCO Cisco Systems Inc. | 0.63% | 297,400 | $18.4M | Reduce -2.8% |
| KO The Coca-Cola Co. | 0.61% | 249,200 | $17.8M | Add +1.2% |
| SOBO South Bow Corp. | 0.61% | 697,060 | $17.8M | Add +122.4% |
| AVGO Broadcom Inc. | 0.59% | 103,400 | $17.3M | Add +3.3% |
| MO Altria Group Inc. | 0.58% | 281,500 | $16.9M | Add +39.3% |
| HD Home Depot Inc. | 0.57% | 45,500 | $16.7M | Add +1.1% |
| MCD McDonald's Corp. | 0.57% | 53,261 | $16.6M | No change |
| AGI Alamos Gold Inc. Class A | 0.56% | 615,810 | $16.5M | Reduce -31.8% |
| STN Stantec Inc. | 0.53% | 186,118 | $15.4M | Add +781.2% |
| OTEX Open Text Corp. | 0.52% | 606,440 | $15.3M | Add +136.7% |
| CVS CVS Health Corp. | 0.51% | 218,900 | $14.8M | Reduce -20.1% |
| T AT&T Inc. | 0.50% | 518,500 | $14.7M | Reduce -0.1% |
| JNJ Johnson & Johnson | 0.50% | 87,289 | $14.5M | Add +3.2% |
| DUK Duke Energy Corp. | 0.49% | 117,100 | $14.3M | No change |
| PRMB Primo Brands Corp. | 0.46% | 375,510 | $13.3M | Add +164.4% |
| TMUS T-Mobile US Inc. | 0.45% | 49,400 | $13.2M | No change |
| MEOH Methanex Corp. | 0.45% | 373,900 | $13.1M | Add +45.1% |
| KGC Kinross Gold Corp. | 0.45% | 1,037,430 | $13.1M | Reduce -31.3% |
| RTX RTX Corp. | 0.44% | 95,900 | $12.7M | Reduce -6.3% |
| ABT Abbott Laboratories | 0.43% | 94,100 | $12.5M | Reduce -4.4% |
| CMCSA Comcast Corp. Class A | 0.43% | 337,100 | $12.4M | Add +0.1% |
| PG The Procter & Gamble Co. | 0.43% | 72,900 | $12.4M | Add +0.1% |
| IAG Iamgold Corp. | 0.41% | 1,922,153 | $12.0M | Reduce -29.7% |
| JPM JPMorgan Chase & Co. | 0.40% | 48,000 | $11.8M | Reduce -0.8% |
| MDLZ Mondelez International Inc. Class A | 0.40% | 170,400 | $11.6M | Add +49.6% |
| CCI Crown Castle Inc. | 0.39% | 108,900 | $11.4M | Reduce -6.9% |
| AMGN Amgen Inc. | 0.39% | 36,400 | $11.3M | Reduce -1.9% |
| CVX Chevron Corp. | 0.38% | 66,000 | $11.0M | Reduce -8.3% |
| META Meta Platforms Inc. Class A | 0.36% | 18,100 | $10.4M | Add +1.1% |
| TFII Tfi International Inc. | 0.35% | 133,723 | $10.4M | Add +2629.0% |
| MS Morgan Stanley | 0.35% | 88,500 | $10.3M | Add +0.7% |
| DGT SS SPDR Global Dow ETF | 0.35% | 73,266 | $10.2M | No change |
| UPS United Parcel Service Class B | 0.35% | 92,400 | $10.2M | Reduce -13.2% |
| ACN Accenture PLC Class A | 0.33% | 31,250 | $9.8M | No change |
| BTG B2GOLD Corp. | 0.33% | 3,385,400 | $9.6M | Reduce -51.4% |
| CL Colgate-Palmolive Co. | 0.33% | 102,600 | $9.6M | Add +26.2% |
| NVDA Nvidia Corp. | 0.31% | 83,000 | $9.0M | Add +35.2% |
| LMT Lockheed Martin Corp. | 0.30% | 19,457 | $8.7M | Add +131.6% |
| TXN Texas Instruments Inc. | 0.29% | 47,500 | $8.5M | Reduce -21.5% |
| BLK BlackRock Inc. | 0.29% | 8,850 | $8.4M | No change |
| TFC Truist Financial Corp. | 0.28% | 198,200 | $8.2M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.28% | 32,700 | $8.1M | No change |
| ASTL Algoma Steel Group Inc. | 0.27% | 1,463,761 | $7.9M | Add +24.6% |
| NKE Nike Inc. Class B | 0.27% | 123,900 | $7.9M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.27% | 185,800 | $7.8M | Add +0.1% |
| LSPD Lightspeed Commerce Inc. | 0.26% | 873,927 | $7.6M | Reduce -48.8% |
| USB US Bancorp | 0.26% | 181,000 | $7.6M | Add +62.0% |
| COP Conocophillips | 0.26% | 71,500 | $7.5M | Add +32.2% |
| WFC Wells Fargo & Co. | 0.25% | 102,800 | $7.4M | Reduce -45.0% |
| CRM Salesforce Inc. | 0.25% | 27,400 | $7.4M | Reduce -0.7% |
| WPM Wheaton Precious Metals Corp. | 0.25% | 94,570 | $7.3M | Add +53.5% |
| HON Honeywell International Inc. | 0.23% | 31,400 | $6.6M | Add +115.1% |
| ADI Analog Devices Inc. | 0.23% | 32,800 | $6.6M | Reduce -4.7% |
| BAM Brookfield Asset Mgmt-A | 0.22% | 132,900 | $6.4M | New |
| CCJ Cameco Corp. | 0.22% | 153,640 | $6.3M | Reduce -37.8% |
| EXC Exelon Corp. | 0.22% | 137,100 | $6.3M | Reduce -1.3% |
| CSX CSX Corp. | 0.22% | 213,500 | $6.3M | New |
Portfolio Sells Q4 2024 → Q1 2025
| BMO Bank of Montreal | Reduce -63.5% | 0.95% | −1.75 |
| SLF Sun Life Financial Inc. | Reduce -31.5% | 2.57% | −1.39 |
| RBA RB Global Inc. | Reduce -57.9% | 0.93% | −1.09 |
| SU Suncor Energy Inc. | Reduce -39.5% | 1.71% | −0.95 |
| TD Toronto-Dominion Bank | Reduce -20.1% | 5.00% | −0.67 |
| LSPD Lightspeed Commerce Inc. | Reduce -48.8% | 0.26% | −0.65 |
| BN Brookfield Corp. | Reduce -31.4% | 0.82% | −0.52 |
| BNS Bank of Nova Scotia | Reduce -10.3% | 1.78% | −0.51 |
| TAC Transalta Corp. | Reduce -59.1% | 0.18% | −0.49 |
| CM Can Imperial BK of Commerce | Reduce -0.8% | 2.99% | −0.46 |
| TRI Thomson Reuters Corp. | Sold out | 0.00% | −0.42 |
| ATS Ats Corp. | Sold out | 0.00% | −0.42 |
| FNV Franco-Nevada Corp. | Reduce -82.4% | 0.10% | −0.35 |
| BEP Brookfield Renewable Partner | Reduce -27.5% | 0.71% | −0.32 |
| UNP Union Pacific Corp. | Reduce -81.2% | 0.07% | −0.30 |
| BTG B2GOLD Corp. | Reduce -51.4% | 0.33% | −0.27 |
| BIP Brookfield Infrastructure Pa | Reduce -6.0% | 1.68% | −0.26 |
| CCJ Cameco Corp. | Reduce -37.8% | 0.22% | −0.23 |
| LYB Lyondellbasell Indu Class A | Reduce -64.1% | 0.11% | −0.21 |
| WFC Wells Fargo & Co. | Reduce -45.0% | 0.25% | −0.21 |
| KMB Kimberly-Clark Corp. | Reduce -72.7% | 0.07% | −0.18 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.18 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.16 |
| BB Blackberry Ltd. | Sold out | 0.00% | −0.15 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.14 |
| JCI Johnson Controls Internation | Reduce -98.2% | 0.00% | −0.13 |
| WCN Waste Connections Inc. | Reduce -57.7% | 0.12% | −0.13 |
| AAPL Apple Inc. | Reduce -0.2% | 0.86% | −0.13 |
| UPS United Parcel Service Class B | Reduce -13.2% | 0.35% | −0.12 |
| GIB Cgi Inc. | Reduce -76.6% | 0.03% | −0.11 |
| WMB Williams Cos Inc. | Reduce -60.5% | 0.08% | −0.11 |
| TXN Texas Instruments Inc. | Reduce -21.5% | 0.29% | −0.10 |
| GLW Corning Inc. | Reduce -43.0% | 0.11% | −0.09 |
| ORCL Oracle Corp. | Reduce -53.8% | 0.06% | −0.09 |
| IAG Iamgold Corp. | Reduce -29.7% | 0.41% | −0.08 |
| CRM Salesforce Inc. | Reduce -0.7% | 0.25% | −0.07 |
| V Visa Inc. Class A | Reduce -53.2% | 0.07% | −0.07 |
| TECK Teck Resources Ltd.-CLS B | Reduce -49.3% | 0.05% | −0.06 |
| DNN Denison Mines Corp. | Reduce -12.9% | 0.09% | −0.06 |
| EQX Equinox Gold Corp. | Sold out | 0.00% | −0.06 |
| AMZN Amazon.com Inc. | Reduce -9.7% | 0.18% | −0.05 |
| KHC The Kraft Heinz Co. | Reduce -30.1% | 0.11% | −0.05 |
| DE Deere & Co. | Reduce -89.7% | 0.01% | −0.05 |
| SYY Sysco Corp. | Reduce -24.5% | 0.12% | −0.05 |
| LAR Lithium Americas Argentina C | Sold out | 0.00% | −0.04 |
| VBNK Versabank | Sold out | 0.00% | −0.04 |
| KGC Kinross Gold Corp. | Reduce -31.3% | 0.45% | −0.04 |
| EQIX Equinix Inc. | Reduce -11.0% | 0.12% | −0.04 |
| ROST Ross Stores Inc. | Reduce -32.5% | 0.05% | −0.04 |
| NGD New Gold Inc. | Reduce -46.6% | 0.13% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| RY Royal Bank of Canada | Add +84.5% | 2.38% | +0.98 |
| CP Canadian Pacific Kansas City | Add +189.3% | 1.45% | +0.92 |
| CNQ Canadian Natural Resources | Add +86.4% | 1.92% | +0.87 |
| VRN Veren Inc. | Add +78.6% | 1.30% | +0.73 |
| B Barrick Gold Corp. | Add +53.6% | 1.50% | +0.71 |
| RCI Rogers Communications Inc. Class B | Add +55.7% | 2.67% | +0.66 |
| CNI Canadian Natl Railway Co. | Add +48.9% | 2.06% | +0.59 |
| NTR Nutrien Ltd. | Add +29.1% | 1.90% | +0.55 |
| MGA Magna International Inc. | Add +130.5% | 1.13% | +0.52 |
| STN Stantec Inc. | Add +781.2% | 0.53% | +0.47 |
| AEM Agnico Eagle Mines Ltd. | Add +23.6% | 1.10% | +0.45 |
| PBA Pembina Pipeline Corp. | Add +13.0% | 2.67% | +0.45 |
| FTS Fortis Inc. | Add +151.9% | 0.69% | +0.43 |
| MFC Manulife Financial Corp. | Add +17.2% | 2.70% | +0.39 |
| SOBO South Bow Corp. | Add +122.4% | 0.61% | +0.35 |
| TFII Tfi International Inc. | Add +2629.0% | 0.35% | +0.33 |
| PRMB Primo Brands Corp. | Add +164.4% | 0.46% | +0.30 |
| BCE Bce Inc. | Add +22.1% | 1.87% | +0.29 |
| OTEX Open Text Corp. | Add +136.7% | 0.52% | +0.27 |
| BAM Brookfield Asset Mgmt-A | New | 0.22% | +0.22 |
| CSX CSX Corp. | New | 0.22% | +0.22 |
| CAE Cae Inc. | Add +51.3% | 0.69% | +0.21 |
| MO Altria Group Inc. | Add +39.3% | 0.58% | +0.21 |
| GRTUF Granite Real Estate Investme | Add +26.2% | 1.26% | +0.20 |
| DOW Dow Inc. | New | 0.18% | +0.18 |
| QSR Restaurant Brands Intern | Add +12.1% | 1.60% | +0.18 |
| GM General Motors Co. | New | 0.17% | +0.17 |
| CLX Clorox Company | Add +7950.0% | 0.16% | +0.16 |
| MDLZ Mondelez International Inc. Class A | Add +49.6% | 0.40% | +0.16 |
| LMT Lockheed Martin Corp. | Add +131.6% | 0.30% | +0.16 |
| TRP TC Energy Corp. | Add +23.9% | 0.70% | +0.13 |
| WPM Wheaton Precious Metals Corp. | Add +53.5% | 0.25% | +0.13 |
| DAL Delta Air Lines Inc. | New | 0.13% | +0.13 |
| INTU Intuit Inc. | New | 0.12% | +0.12 |
| HON Honeywell International Inc. | Add +115.1% | 0.23% | +0.11 |
| CVE Cenovus Energy Inc. | Add +19.3% | 1.48% | +0.10 |
| USAS Americas Gold and Silver Cor | New | 0.10% | +0.10 |
| FITB Fifth Third Bancorp | New | 0.10% | +0.10 |
| PDS Precision Drilling Corp. | New | 0.09% | +0.09 |
| DVN Devon Energy Corp. | New | 0.09% | +0.09 |
| ORLA Orla Mining Ltd. | Add +5.8% | 0.20% | +0.08 |
| KO The Coca-Cola Co. | Add +1.2% | 0.61% | +0.08 |
| USB US Bancorp | Add +62.0% | 0.26% | +0.08 |
| CL Colgate-Palmolive Co. | Add +26.2% | 0.33% | +0.07 |
| COP Conocophillips | Add +32.2% | 0.26% | +0.07 |
| CLS Celestica Inc. | New | 0.07% | +0.07 |
| JNJ Johnson & Johnson | Add +3.2% | 0.50% | +0.07 |
| GIL Gildan Activewear Inc. | Add +12.6% | 1.81% | +0.07 |
| TU Telus Corp. | Add +3.5% | 0.95% | +0.07 |
| PEP Pepsico Inc. | Add +13.4% | 0.71% | +0.06 |
Notes & Other Activity Q4 2024 → Q1 2025
| DOO BRP Inc./Ca- Sub Voting | COM SUN VTG | Reduce -100.0% | 0 | $0 |
| MTD Mettler-Toledo International | COM | Reduce -100.0% | 0 | $0 |
| HPE Hewlett Packard Enterprise | COM | Reduce -100.0% | 0 | $0 |
| JBHT Hunt (jb) Transprt SVCS Inc. | COM | Reduce -100.0% | 0 | $0 |
| EXPD Expeditors Intl Wash Inc. | COM | Reduce -100.0% | 0 | $0 |
| PNR Pentair PLC | SHS | Reduce -100.0% | 0 | $0 |
| BNY Bank of New York Mellon Corp. | COM | New | 0 | $0 |
| CNC Centene Corp. | COM | New | 0 | $0 |
| ED Consolidated Edison Inc. | COM | Sold out | 0 | $0before exit |
| DVA Davita Inc. | COM | Sold out | 0 | $0before exit |
| GEV GE Vernova Inc. | COM | New | 0 | $0 |
| GPC Genuine Parts Co. | COM | Sold out | 0 | $0before exit |
| HRL Hormel Foods Corp. | COM | New | 0 | $0 |
| IMO Imperial Oil Ltd. | COM NEW | New | 0 | $0 |
| INTC Intel Corp. | COM | Sold out | 0 | $0before exit |
| IPG Interpublic Group of Cos Inc. | COM | New | 0 | $0 |
| KEYS Keysight Technologies Inc. | COM | New | 0 | $0 |
| MRSH Marsh & McLennan Cos | COM | Sold out | 0 | $0before exit |
| MOS The Mosaic Co. | COM | New | 0 | $0 |
| OXY Occidental Petroleum Corp. | COM | Sold out | 0 | $0before exit |
| SPG Simon Property Group Inc. | COM | Sold out | 0 | $0before exit |
| VRSN Verisign Inc. | COM | Sold out | 0 | $0before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 207 | $3.5B | MFC, SPYM, TD, CNI, RY |
| Q1 2026 | 266 | $3.5B | RY, SU, TD, BIP, CVE |
| Q4 2025 | 310 | $3.5B | TD, RY, SLF, BCE, B |
| Q3 2025 | 254 | $3.3B | TD, RY, RCI, BNS, PBA |
| Q2 2025 | 322 | $3.0B | TD, RCI, RY, PBA, EMA |
| Q1 2025 | 314 | $2.9B | TD, CM, MFC, RCI, PBA |
| Q4 2024 | 309 | $2.9B | TD, SLF, CM, BMO, SU |
| Q3 2024 | 306 | $3.0B | TD, CM, MFC, RCI, BNS |
| Q2 2024 | 259 | $2.7B | TD, CM, MFC, SU, TU |
| Q1 2024 | 256 | $2.5B | TD, CM, MFC, TU, BMO |