Intact Investment Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Intact Investment Management Inc. reported 322 stock positions worth $3.0 billion. Its top holding was Toronto-Dominion Bank (TD) at 4.9% of the portfolio, followed by Rogers Communications Class B (RCI, 3.3%) and Royal Bank of Canada (RY, 3.2%). Compared with Q1 2025, it opened 46 new positions, sold out of 30, added to 101 and reduced 148. The biggest buy was a new position in Emera (EMA) and the biggest sale Can Imperial BK of Commerce (CM, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001443077
- Portfolio Value
- $3.0B (Q2 2025)
- SEC Filing
- 0001062993-25-014357 ↗ filed Aug 14, 2025
Holdings Value
Holdings 322 stocks · $3.0B
| TD Toronto-Dominion Bank | 4.93% | 1,979,735 | $145.6M | Reduce -18.7% |
| RCI Rogers Communications Inc. Class B | 3.26% | 3,247,331 | $96.3M | Add +11.4% |
| RY Royal Bank of Canada | 3.23% | 723,268 | $95.3M | Add +17.2% |
| PBA Pembina Pipeline Corp. | 2.65% | 2,084,864 | $78.3M | Add +7.2% |
| EMA Emera Inc. | 2.61% | 1,687,330 | $77.1M | New |
| MFC Manulife Financial Corp. | 2.48% | 2,293,115 | $73.3M | Reduce -9.3% |
| BCE Bce Inc. | 2.40% | 3,200,190 | $71.0M | Add +34.8% |
| NTR Nutrien Ltd. | 2.34% | 1,189,285 | $69.3M | Add +6.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.04% | 1,092,122 | $60.4M | Reduce -0.3% |
| GIL Gildan Activewear Inc. | 1.89% | 1,134,563 | $55.9M | Reduce -4.7% |
| CP Canadian Pacific Kansas City | 1.89% | 702,401 | $55.8M | Add +16.5% |
| CNI Canadian Natl Railway Co. | 1.76% | 498,493 | $51.9M | Reduce -19.4% |
| SHOP Shopify Inc. Class A | 1.68% | 430,694 | $49.7M | Add +31.6% |
| CNQ Canadian Natural Resources | 1.67% | 1,574,670 | $49.5M | Reduce -13.4% |
| SU Suncor Energy Inc. | 1.62% | 1,275,844 | $47.8M | Reduce -1.0% |
| B Barrick Mining Corp. | 1.56% | 2,210,210 | $46.0M | Reduce -2.0% |
| BIP Brookfield Infrastructure Pa | 1.55% | 1,367,954 | $45.8M | Reduce -16.7% |
| QSR Restaurant Brands Intern | 1.54% | 686,591 | $45.5M | Reduce -2.1% |
| TRP TC Energy Corp. | 1.51% | 913,234 | $44.6M | Add +111.3% |
| GRTUF Granite Real Estate Investme | 1.49% | 864,470 | $43.9M | Add +9.7% |
| MGA Magna International Inc. | 1.41% | 1,076,338 | $41.6M | Add +10.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.28% | 532,163 | $37.8M | Reduce -65.6% |
| ENB Enbridge Inc. | 1.23% | 801,573 | $36.3M | Reduce -45.0% |
| TU Telus Corp. | 1.21% | 2,220,362 | $35.6M | Add +15.5% |
| FTS Fortis Inc. | 1.16% | 719,010 | $34.3M | Add +63.3% |
| MSFT Microsoft Corp. | 1.07% | 63,500 | $31.6M | Reduce -18.1% |
| CVE Cenovus Energy Inc. | 0.99% | 2,155,288 | $29.3M | Reduce -30.8% |
| RBA RB Global Inc. | 0.97% | 269,822 | $28.7M | Add +0.4% |
| AEM Agnico Eagle Mines Ltd. | 0.95% | 234,850 | $28.0M | Reduce -20.8% |
| AQN Algonquin Power & Utilities | 0.89% | 4,622,619 | $26.4M | Reduce -12.5% |
| SLF Sun Life Financial Inc. | 0.88% | 388,877 | $25.9M | Reduce -70.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.87% | 231,550 | $25.7M | Reduce -20.4% |
| AVGO Broadcom Inc. | 0.82% | 87,900 | $24.2M | Reduce -15.0% |
| GOOGL Alphabet Inc. Class A | 0.80% | 134,700 | $23.7M | Reduce -12.0% |
| CAE Cae Inc. | 0.78% | 790,400 | $23.2M | Reduce -3.6% |
| AAPL Apple Inc. | 0.73% | 105,100 | $21.6M | Reduce -6.5% |
| PM Philip Morris International | 0.73% | 118,000 | $21.5M | No change |
| BEP Brookfield Renewable Partner | 0.73% | 842,667 | $21.5M | Reduce -10.2% |
| BN Brookfield Corp. | 0.71% | 337,630 | $20.9M | Reduce -26.4% |
| SOBO South Bow Corp. | 0.70% | 800,360 | $20.8M | Add +14.8% |
| KGC Kinross Gold Corp. | 0.65% | 1,229,100 | $19.2M | Add +18.5% |
| ABBV Abbvie Inc. | 0.65% | 102,700 | $19.1M | Reduce -7.4% |
| CSCO Cisco Systems Inc. | 0.61% | 259,500 | $18.0M | Reduce -12.7% |
| OTEX Open Text Corp. | 0.60% | 603,140 | $17.6M | Reduce -0.5% |
| VZ Verizon Communications Inc. | 0.59% | 405,700 | $17.6M | Reduce -14.4% |
| AGI Alamos Gold Inc. Class A | 0.57% | 633,366 | $16.8M | Add +2.9% |
| KO The Coca-Cola Co. | 0.56% | 235,200 | $16.6M | Reduce -5.6% |
| PFE Pfizer Inc. | 0.55% | 668,600 | $16.2M | Reduce -10.2% |
| CCJ Cameco Corp. | 0.54% | 214,890 | $16.0M | Add +39.9% |
| MRK Merck & Co. Inc. | 0.53% | 198,500 | $15.7M | Reduce -8.1% |
| PRMB Primo Brands Corp. | 0.51% | 504,960 | $15.0M | Add +34.5% |
| IAG Iamgold Corp. | 0.50% | 2,016,081 | $14.8M | Add +4.9% |
| NVDA Nvidia Corp. | 0.49% | 92,100 | $14.6M | Add +11.0% |
| MEOH Methanex Corp. | 0.49% | 436,500 | $14.4M | Add +16.7% |
| BAM Brookfield Asset Mgmt-A | 0.49% | 259,590 | $14.4M | Add +95.3% |
| ASTL Algoma Steel Group Inc. | 0.47% | 2,007,006 | $13.9M | Add +37.1% |
| CVS CVS Health Corp. | 0.46% | 198,800 | $13.7M | Reduce -9.2% |
| META Meta Platforms Inc. Class A | 0.46% | 18,300 | $13.5M | Add +1.1% |
| PG The Procter & Gamble Co. | 0.45% | 83,600 | $13.3M | Add +14.7% |
| PEP Pepsico Inc. | 0.45% | 99,700 | $13.2M | Reduce -28.3% |
| HD Home Depot Inc. | 0.45% | 35,900 | $13.2M | Reduce -21.1% |
| T AT&T Inc. | 0.43% | 443,100 | $12.8M | Reduce -14.5% |
| MCD McDonald's Corp. | 0.41% | 41,861 | $12.2M | Reduce -21.4% |
| TXN Texas Instruments Inc. | 0.41% | 58,100 | $12.1M | Add +22.3% |
| JPM JPMorgan Chase & Co. | 0.40% | 40,500 | $11.7M | Reduce -15.6% |
| RTX RTX Corp. | 0.39% | 79,400 | $11.6M | Reduce -17.2% |
| TFII Tfi International Inc. | 0.38% | 125,813 | $11.3M | Reduce -5.9% |
| STN Stantec Inc. | 0.38% | 102,658 | $11.2M | Reduce -44.8% |
| DGT SS SPDR Global Dow ETF | 0.37% | 73,266 | $11.0M | No change |
| JNJ Johnson & Johnson | 0.37% | 71,389 | $10.9M | Reduce -18.2% |
| MO Altria Group Inc. | 0.37% | 185,500 | $10.9M | Reduce -34.1% |
| MS Morgan Stanley | 0.35% | 73,400 | $10.3M | Reduce -17.1% |
| TMUS T-Mobile US Inc. | 0.33% | 41,500 | $9.9M | Reduce -16.0% |
| DUK Duke Energy Corp. | 0.33% | 82,700 | $9.8M | Reduce -29.4% |
| MDLZ Mondelez International Inc. Class A | 0.32% | 141,700 | $9.6M | Reduce -16.8% |
| CCI Crown Castle Inc. | 0.30% | 86,200 | $8.9M | Reduce -20.8% |
| UNP Union Pacific Corp. | 0.30% | 38,300 | $8.8M | Add +345.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.29% | 184,100 | $8.7M | Reduce -0.9% |
| ABT Abbott Laboratories | 0.29% | 62,600 | $8.5M | Reduce -33.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.28% | 28,400 | $8.4M | Reduce -13.2% |
| ACN Accenture PLC Class A | 0.28% | 28,000 | $8.4M | Reduce -10.4% |
| UPS United Parcel Service Class B | 0.28% | 82,300 | $8.3M | Reduce -10.9% |
| CIGI Colliers Intl GR-Subord Vot | 0.28% | 63,040 | $8.2M | New |
| CL Colgate-Palmolive Co. | 0.27% | 89,300 | $8.1M | Reduce -13.0% |
| BLK BlackRock Inc. | 0.27% | 7,600 | $8.0M | Reduce -14.1% |
| CMCSA Comcast Corp. Class A | 0.27% | 223,200 | $8.0M | Reduce -33.8% |
| LMT Lockheed Martin Corp. | 0.27% | 17,100 | $7.9M | Reduce -12.1% |
| CVX Chevron Corp. | 0.26% | 53,600 | $7.7M | Reduce -18.8% |
| WPM Wheaton Precious Metals Corp. | 0.26% | 85,350 | $7.7M | Reduce -9.8% |
| WFC Wells Fargo & Co. | 0.26% | 95,700 | $7.7M | Reduce -6.9% |
| TAC Transalta Corp. | 0.25% | 692,550 | $7.5M | Add +26.1% |
| VET Vermilion Energy Inc. | 0.25% | 1,016,500 | $7.4M | Add +49.5% |
| USB US Bancorp | 0.25% | 160,900 | $7.3M | Reduce -11.1% |
| AMGN Amgen Inc. | 0.24% | 25,600 | $7.1M | Reduce -29.7% |
| TFC Truist Financial Corp. | 0.23% | 159,700 | $6.9M | Reduce -19.4% |
| AMZN Amazon.com Inc. | 0.23% | 31,200 | $6.8M | Add +15.1% |
| BTE Baytex Energy Corp. | 0.23% | 3,819,100 | $6.8M | Add +222.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 10,985 | $6.8M | No change |
| CRM Salesforce Inc. | 0.22% | 23,900 | $6.5M | Reduce -12.8% |
| NEE Nextera Energy Inc. | 0.22% | 93,800 | $6.5M | Add +6.2% |
Portfolio Sells Q1 2025 → Q2 2025
| CM Can Imperial BK of Commerce | Reduce -65.6% | 1.28% | −1.71 |
| SLF Sun Life Financial Inc. | Reduce -70.3% | 0.88% | −1.69 |
| VRN Veren Inc. | Sold out | 0.00% | −1.30 |
| ENB Enbridge Inc. | Reduce -45.0% | 1.23% | −0.98 |
| CVE Cenovus Energy Inc. | Reduce -30.8% | 0.99% | −0.49 |
| CNI Canadian Natl Railway Co. | Reduce -19.4% | 1.76% | −0.31 |
| PEP Pepsico Inc. | Reduce -28.3% | 0.45% | −0.27 |
| CNQ Canadian Natural Resources | Reduce -13.4% | 1.67% | −0.24 |
| MFC Manulife Financial Corp. | Reduce -9.3% | 2.48% | −0.22 |
| CSX CSX Corp. | Sold out | 0.00% | −0.22 |
| MO Altria Group Inc. | Reduce -34.1% | 0.37% | −0.21 |
| SLB SLB Ltd. | Reduce -98.5% | 0.00% | −0.21 |
| CLX Clorox Company | Reduce -98.1% | 0.00% | −0.16 |
| DUK Duke Energy Corp. | Reduce -29.4% | 0.33% | −0.16 |
| CMCSA Comcast Corp. Class A | Reduce -33.8% | 0.27% | −0.16 |
| MCD McDonald's Corp. | Reduce -21.4% | 0.41% | −0.16 |
| AEM Agnico Eagle Mines Ltd. | Reduce -20.8% | 0.95% | −0.15 |
| ABBV Abbvie Inc. | Reduce -7.4% | 0.65% | −0.15 |
| STN Stantec Inc. | Reduce -44.8% | 0.38% | −0.15 |
| AMGN Amgen Inc. | Reduce -29.7% | 0.24% | −0.15 |
| VZ Verizon Communications Inc. | Reduce -14.4% | 0.59% | −0.14 |
| ABT Abbott Laboratories | Reduce -33.5% | 0.29% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -8.1% | 0.53% | −0.13 |
| JNJ Johnson & Johnson | Reduce -18.2% | 0.37% | −0.13 |
| AAPL Apple Inc. | Reduce -6.5% | 0.73% | −0.13 |
| HD Home Depot Inc. | Reduce -21.1% | 0.45% | −0.13 |
| LSPD Lightspeed Commerce Inc. | Reduce -60.7% | 0.14% | −0.13 |
| BIP Brookfield Infrastructure Pa | Reduce -16.7% | 1.55% | −0.12 |
| CVX Chevron Corp. | Reduce -18.8% | 0.26% | −0.12 |
| NKE Nike Inc. Class B | Reduce -49.3% | 0.15% | −0.12 |
| TMUS T-Mobile US Inc. | Reduce -16.0% | 0.33% | −0.12 |
| BN Brookfield Corp. | Reduce -26.4% | 0.71% | −0.12 |
| BTG B2GOLD Corp. | Reduce -47.8% | 0.22% | −0.11 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.11 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.11 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.10 |
| DOW Dow Inc. | Reduce -38.5% | 0.09% | −0.10 |
| PFE Pfizer Inc. | Reduce -10.2% | 0.55% | −0.10 |
| WM Waste Management Inc. | Reduce -44.9% | 0.11% | −0.10 |
| SU Suncor Energy Inc. | Reduce -1.0% | 1.62% | −0.09 |
| BIPC Brookfield Infrastructure-A | Reduce -90.9% | 0.01% | −0.09 |
| CCI Crown Castle Inc. | Reduce -20.8% | 0.30% | −0.09 |
| PDS Precision Drilling Corp. | Sold out | 0.00% | −0.09 |
| MAG Mag Silver Corp. | Reduce -73.0% | 0.05% | −0.09 |
| BMO Bank of Montreal | Reduce -20.4% | 0.87% | −0.08 |
| ADI Analog Devices Inc. | Reduce -43.6% | 0.15% | −0.08 |
| TD Toronto-Dominion Bank | Reduce -18.7% | 4.93% | −0.08 |
| MDLZ Mondelez International Inc. Class A | Reduce -16.8% | 0.32% | −0.07 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −0.07 |
| T AT&T Inc. | Reduce -14.5% | 0.43% | −0.07 |
Portfolio Buys Q1 2025 → Q2 2025
| EMA Emera Inc. | New | 2.61% | +2.61 |
| RY Royal Bank of Canada | Add +17.2% | 3.23% | +0.84 |
| TRP TC Energy Corp. | Add +111.3% | 1.51% | +0.81 |
| SHOP Shopify Inc. Class A | Add +31.6% | 1.68% | +0.61 |
| RCI Rogers Communications Inc. Class B | Add +11.4% | 3.26% | +0.59 |
| BCE Bce Inc. | Add +34.8% | 2.40% | +0.53 |
| FTS Fortis Inc. | Add +63.3% | 1.16% | +0.47 |
| NTR Nutrien Ltd. | Add +6.6% | 2.34% | +0.45 |
| CP Canadian Pacific Kansas City | Add +16.5% | 1.89% | +0.44 |
| CCJ Cameco Corp. | Add +39.9% | 0.54% | +0.32 |
| CIGI Colliers Intl GR-Subord Vot | New | 0.28% | +0.28 |
| MGA Magna International Inc. | Add +10.6% | 1.41% | +0.27 |
| BAM Brookfield Asset Mgmt-A | Add +95.3% | 0.49% | +0.27 |
| TU Telus Corp. | Add +15.5% | 1.21% | +0.26 |
| UNP Union Pacific Corp. | Add +345.4% | 0.30% | +0.23 |
| GRTUF Granite Real Estate Investme | Add +9.7% | 1.49% | +0.23 |
| DOO BRP Inc./Ca- Sub Voting | Add +0.0% | 0.21% | +0.21 |
| DSGX The Descartes Systems Grp | Add +4254.3% | 0.21% | +0.20 |
| KGC Kinross Gold Corp. | Add +18.5% | 0.65% | +0.20 |
| ASTL Algoma Steel Group Inc. | Add +37.1% | 0.47% | +0.20 |
| NVDA Nvidia Corp. | Add +11.0% | 0.49% | +0.18 |
| MU Micron Technology Inc. | Add +630.2% | 0.19% | +0.17 |
| MKC McCormick & Co.-Non VTG SHRS | New | 0.17% | +0.17 |
| GIB Cgi Inc. | Add +489.1% | 0.18% | +0.15 |
| BTE Baytex Energy Corp. | Add +222.4% | 0.23% | +0.14 |
| BKR Baker Hughes Co. | New | 0.13% | +0.13 |
| SAND Sandstorm Gold Ltd. | Add +111.1% | 0.20% | +0.12 |
| TXN Texas Instruments Inc. | Add +22.3% | 0.41% | +0.12 |
| FNV Franco-Nevada Corp. | Add +101.0% | 0.22% | +0.11 |
| RF Regions Financial Corp. | New | 0.11% | +0.11 |
| TPR Tapestry Inc. | New | 0.11% | +0.11 |
| META Meta Platforms Inc. Class A | Add +1.1% | 0.46% | +0.10 |
| OKE Oneok Inc. | Add +4957.1% | 0.10% | +0.10 |
| SOBO South Bow Corp. | Add +14.8% | 0.70% | +0.09 |
| IAG Iamgold Corp. | Add +4.9% | 0.50% | +0.09 |
| WCN Waste Connections Inc. | Add +84.1% | 0.20% | +0.09 |
| TER Teradyne Inc. | New | 0.08% | +0.08 |
| TASEKO MINES LTD | Add +412.7% | 0.09% | +0.08 |
| ADP Automatic Data Processing | New | 0.08% | +0.08 |
| TAC Transalta Corp. | Add +26.1% | 0.25% | +0.08 |
| DNN Denison Mines Corp. | Add +32.7% | 0.17% | +0.08 |
| EXK Endeavour Silver Corp. | Add +202.0% | 0.10% | +0.07 |
| CGAU Centerra Gold Inc. | Add +200.7% | 0.10% | +0.07 |
| ROST Ross Stores Inc. | Add +135.4% | 0.11% | +0.06 |
| VET Vermilion Energy Inc. | Add +49.5% | 0.25% | +0.06 |
| AMZN Amazon.com Inc. | Add +15.1% | 0.23% | +0.05 |
| MA Mastercard Inc. Class A | Add +105.2% | 0.10% | +0.05 |
| OR Or Royalties Inc. | Add +61.6% | 0.10% | +0.05 |
| PRMB Primo Brands Corp. | Add +34.5% | 0.51% | +0.05 |
| EMN Eastman Chemical Co. | Add +71.3% | 0.15% | +0.05 |
Notes & Other Activity Q1 2025 → Q2 2025
| BDX Becton Dickinson and Co. | COM | Reduce -100.0% | 0 | $0 |
| MPWR Monolithic Power Systems Inc. | COM | Reduce -100.0% | 0 | $0 |
| DVN Devon Energy Corp. | COM | Reduce -100.0% | 0 | $0 |
| ON On Semiconductor | COM | Reduce -100.0% | 0 | $0 |
| ESS Essex Property Trust Inc. | COM | Reduce -100.0% | 0 | $0 |
| KLAC KLA Corp. | COM NEW | Reduce -100.0% | 0 | $0 |
| FDX FedEx Corp. | COM | Reduce -100.0% | 0 | $0 |
| TRGP Targa Resources Corp. | COM | Reduce -100.0% | 0 | $0 |
| NDAQ Nasdaq Inc. | COM | Reduce -100.0% | 0 | $0 |
| ROL Rollins Inc. | COM | Reduce -100.0% | 0 | $0 |
| ENPH Enphase Energy Inc. | COM | Reduce -100.0% | 0 | $0 |
| IR Ingersoll-Rand Inc. | COM | Reduce -100.0% | 0 | $0 |
| HPQ HP Inc. | COM | Reduce -100.0% | 0 | $0 |
| AOS Smith (a.o.) Corp. | COM | Reduce -100.0% | 0 | $0 |
| BNY Bank of New York Mellon Corp. | COM | Sold out | 0 | $0before exit |
| BX Blackstone Inc. | COM | New | 0 | $0 |
| DVA Davita Inc. | COM | New | 0 | $0 |
| EOG EOG Resources Inc. | COM | New | 0 | $0 |
| EXPD Expeditors Intl Wash Inc. | COM | Sold out | 0 | $0before exit |
| FSM Fortuna Mining Corp. | COM NEW | New | 0 | $0 |
| GPN Global Payments Inc. | COM | New | 0 | $0 |
| HPE Hewlett Packard Enterprise | COM | Sold out | 0 | $0before exit |
| IPG Interpublic Group of Cos Inc. | COM | Sold out | 0 | $0before exit |
| MTD Mettler-Toledo International | COM | Sold out | 0 | $0before exit |
| MOS The Mosaic Co. | COM | Sold out | 0 | $0before exit |
| PCG P G & E Corp. | COM | New | 0 | $0 |
| WBA Walgreens Boots Alliance Inc. | COM | New | 0 | $0 |
| WDAY Workday Inc. Class A | CL A | New | 0 | $0 |
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 |