Intact Investment Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Intact Investment Management Inc. reported 254 stock positions worth $3.3 billion. Its top holding was Toronto-Dominion Bank (TD) at 5.3% of the portfolio, followed by Royal Bank of Canada (RY, 3.7%) and Rogers Communications Class B (RCI, 3.4%). Compared with Q2 2025, it opened 23 new positions, sold out of 91, added to 107 and reduced 88. The biggest buy was Sun Life Financial (SLF, shares +227%) and the biggest sale Canadian Pacific Kansas City (CP, shares −78%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001443077
- Portfolio Value
- $3.3B (Q3 2025)
- SEC Filing
- 0001062993-25-016410 ↗ filed Oct 31, 2025
Holdings Value
Holdings 254 stocks · $3.3B
| TD Toronto-Dominion Bank | 5.34% | 2,206,477 | $176.4M | Add +11.4% |
| RY Royal Bank of Canada | 3.66% | 821,808 | $121.1M | Add +13.6% |
| RCI Rogers Communications Inc. Class B | 3.38% | 3,247,481 | $111.8M | Add +0.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.22% | 1,645,842 | $106.4M | Add +50.7% |
| PBA Pembina Pipeline Corp. | 2.53% | 2,068,624 | $83.6M | Reduce -0.8% |
| B Barrick Mining Corp. | 2.44% | 2,458,490 | $80.8M | Add +11.2% |
| BIP Brookfield Infrastructure Pa | 2.36% | 2,365,634 | $78.0M | Add +72.9% |
| SLF Sun Life Financial Inc. | 2.31% | 1,270,947 | $76.3M | Add +226.8% |
| MGA Magna International Inc. | 2.24% | 1,563,738 | $74.1M | Add +45.3% |
| BCE Bce Inc. | 2.21% | 3,120,530 | $72.9M | Reduce -2.5% |
| GIL Gildan Activewear Inc. | 2.02% | 1,153,759 | $66.7M | Add +1.7% |
| NTR Nutrien Ltd. | 2.00% | 1,125,045 | $66.1M | Reduce -5.4% |
| GRTUF Granite Real Estate Investme | 1.90% | 1,129,647 | $62.8M | Add +30.7% |
| CVE Cenovus Energy Inc. | 1.88% | 3,655,878 | $62.1M | Add +69.6% |
| SHOP Shopify Inc. Class A | 1.74% | 387,834 | $57.6M | Reduce -9.9% |
| EMA Emera Inc. | 1.67% | 1,152,105 | $55.3M | Reduce -31.7% |
| CNQ Canadian Natural Resources | 1.66% | 1,718,220 | $54.9M | Add +9.1% |
| SU Suncor Energy Inc. | 1.57% | 1,244,050 | $52.1M | Reduce -2.5% |
| QSR Restaurant Brands Intern | 1.47% | 759,391 | $48.7M | Add +10.6% |
| FTS Fortis Inc. | 1.45% | 945,005 | $47.9M | Add +31.4% |
| MFC Manulife Financial Corp. | 1.43% | 1,512,145 | $47.1M | Reduce -34.1% |
| OTEX Open Text Corp. | 1.33% | 1,175,680 | $44.0M | Add +94.9% |
| CNI Canadian Natl Railway Co. | 1.25% | 436,470 | $41.2M | Reduce -12.4% |
| ENB Enbridge Inc. | 1.23% | 804,813 | $40.6M | Add +0.4% |
| TU Telus Corp. | 1.16% | 2,432,862 | $38.3M | Add +9.6% |
| AEM Agnico Eagle Mines Ltd. | 1.05% | 206,620 | $34.8M | Reduce -12.0% |
| CAE Cae Inc. | 1.05% | 1,171,125 | $34.7M | Add +48.2% |
| BAM Brookfield Asset Mgmt-A | 1.02% | 590,560 | $33.6M | Add +127.5% |
| MSFT Microsoft Corp. | 0.99% | 63,100 | $32.7M | Reduce -0.6% |
| TRP TC Energy Corp. | 0.95% | 576,854 | $31.4M | Reduce -36.8% |
| AVGO Broadcom Inc. | 0.93% | 93,200 | $30.7M | Add +6.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.89% | 368,043 | $29.4M | Reduce -30.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.86% | 217,230 | $28.3M | Reduce -6.2% |
| GOOGL Alphabet Inc. Class A | 0.84% | 114,800 | $27.9M | Reduce -14.8% |
| AQN Algonquin Power & Utilities | 0.76% | 4,652,119 | $25.0M | Add +0.6% |
| FNV Franco-Nevada Corp. | 0.76% | 112,120 | $25.0M | Add +186.5% |
| ABBV Abbvie Inc. | 0.74% | 105,200 | $24.4M | Add +2.4% |
| PM Philip Morris International | 0.71% | 143,900 | $23.3M | Add +21.9% |
| MEOH Methanex Corp. | 0.70% | 578,400 | $23.0M | Add +32.5% |
| AGI Alamos Gold Inc. Class A | 0.69% | 657,696 | $22.9M | Add +3.8% |
| SOBO South Bow Corp. | 0.69% | 806,260 | $22.8M | Add +0.7% |
| AAPL Apple Inc. | 0.68% | 88,000 | $22.4M | Reduce -16.3% |
| WCN Waste Connections Inc. | 0.63% | 118,817 | $20.9M | Add +271.6% |
| META Meta Platforms Inc. Class A | 0.63% | 28,400 | $20.9M | Add +55.2% |
| IAG Iamgold Corp. | 0.63% | 1,611,841 | $20.8M | Reduce -20.1% |
| BEP Brookfield Renewable Partner | 0.62% | 795,767 | $20.5M | Reduce -5.6% |
| NVDA Nvidia Corp. | 0.60% | 106,450 | $19.9M | Add +15.6% |
| VZ Verizon Communications Inc. | 0.53% | 399,500 | $17.6M | Reduce -1.5% |
| HD Home Depot Inc. | 0.52% | 42,700 | $17.3M | Add +18.9% |
| CSCO Cisco Systems Inc. | 0.52% | 252,400 | $17.3M | Reduce -2.7% |
| PFE Pfizer Inc. | 0.52% | 671,700 | $17.1M | Add +0.5% |
| MRK Merck & Co. Inc. | 0.51% | 200,700 | $16.8M | Add +1.1% |
| RBA RB Global Inc. | 0.50% | 153,092 | $16.6M | Reduce -43.3% |
| KO The Coca-Cola Co. | 0.50% | 247,100 | $16.4M | Add +5.1% |
| CCJ Cameco Corp. | 0.43% | 171,240 | $14.4M | Reduce -20.3% |
| PEP Pepsico Inc. | 0.43% | 102,200 | $14.4M | Add +2.5% |
| BN Brookfield Corp. | 0.42% | 200,100 | $13.7M | Reduce -40.7% |
| CVS CVS Health Corp. | 0.41% | 177,800 | $13.4M | Reduce -10.6% |
| CVX Chevron Corp. | 0.39% | 83,162 | $12.9M | Add +55.1% |
| MCD McDonald's Corp. | 0.39% | 41,961 | $12.8M | Add +0.2% |
| PG The Procter & Gamble Co. | 0.38% | 82,800 | $12.7M | Reduce -1.0% |
| JPM JPMorgan Chase & Co. | 0.38% | 40,300 | $12.7M | Reduce -0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.38% | 245,900 | $12.7M | Add +33.6% |
| TXN Texas Instruments Inc. | 0.38% | 68,500 | $12.6M | Add +17.9% |
| T AT&T Inc. | 0.38% | 443,100 | $12.5M | No change |
| UNP Union Pacific Corp. | 0.37% | 51,400 | $12.1M | Add +34.2% |
| RTX RTX Corp. | 0.36% | 71,500 | $12.0M | Reduce -9.9% |
| DGT SS SPDR Global Dow ETF | 0.36% | 73,266 | $11.9M | No change |
| CIGI Colliers Intl GR-Subord Vot | 0.36% | 75,180 | $11.8M | Add +19.3% |
| MS Morgan Stanley | 0.36% | 73,900 | $11.7M | Add +0.7% |
| KGC Kinross Gold Corp. | 0.35% | 471,930 | $11.7M | Reduce -61.6% |
| CP Canadian Pacific Kansas City | 0.35% | 153,949 | $11.5M | Reduce -78.1% |
| JNJ Johnson & Johnson | 0.32% | 57,129 | $10.6M | Reduce -20.0% |
| USB US Bancorp | 0.32% | 218,400 | $10.6M | Add +35.7% |
| DUK Duke Energy Corp. | 0.31% | 82,100 | $10.2M | Reduce -0.7% |
| TMUS T-Mobile US Inc. | 0.30% | 41,500 | $9.9M | No change |
| MO Altria Group Inc. | 0.29% | 146,090 | $9.7M | Reduce -21.3% |
| MDLZ Mondelez International Inc. Class A | 0.28% | 146,900 | $9.2M | Add +3.7% |
| MDT Medtronic PLC | 0.27% | 93,500 | $8.9M | Add +132.6% |
| ORCL Oracle Corp. | 0.27% | 31,300 | $8.8M | Add +172.2% |
| BLK BlackRock Inc. | 0.26% | 7,500 | $8.7M | Reduce -1.3% |
| COP Conocophillips | 0.26% | 92,400 | $8.7M | Add +46.7% |
| LMT Lockheed Martin Corp. | 0.26% | 17,100 | $8.5M | No change |
| VET Vermilion Energy Inc. | 0.26% | 1,080,500 | $8.4M | Add +6.3% |
| NEE Nextera Energy Inc. | 0.26% | 111,700 | $8.4M | Add +19.1% |
| PRMB Primo Brands Corp. | 0.25% | 371,430 | $8.2M | Reduce -26.4% |
| MU Micron Technology Inc. | 0.24% | 47,900 | $8.0M | Add +4.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 28,400 | $8.0M | No change |
| AMZN Amazon.com Inc. | 0.24% | 36,340 | $8.0M | Add +16.5% |
| TAC Transalta Corp. | 0.24% | 579,950 | $7.9M | Reduce -16.3% |
| ABT Abbott Laboratories | 0.23% | 57,100 | $7.6M | Reduce -8.8% |
| CRM Salesforce Inc. | 0.22% | 31,200 | $7.4M | Add +30.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 10,985 | $7.3M | No change |
| CL Colgate-Palmolive Co. | 0.22% | 89,500 | $7.2M | Add +0.2% |
| ACN Accenture PLC Class A | 0.22% | 28,900 | $7.1M | Add +3.2% |
| CCI Crown Castle Inc. | 0.21% | 72,500 | $7.0M | Reduce -15.9% |
| TFII Tfi International Inc. | 0.21% | 77,203 | $6.8M | Reduce -38.6% |
| XEL Xcel Energy Inc. | 0.20% | 83,100 | $6.7M | Add +23.1% |
| BTE Baytex Energy Corp. | 0.20% | 2,824,100 | $6.6M | Reduce -26.1% |
| AMGN Amgen Inc. | 0.19% | 22,400 | $6.3M | Reduce -12.5% |
Portfolio Sells Q2 2025 → Q3 2025
| CP Canadian Pacific Kansas City | Reduce -78.1% | 0.35% | −1.54 |
| MFC Manulife Financial Corp. | Reduce -34.1% | 1.43% | −1.06 |
| EMA Emera Inc. | Reduce -31.7% | 1.67% | −0.94 |
| TRP TC Energy Corp. | Reduce -36.8% | 0.95% | −0.56 |
| CNI Canadian Natl Railway Co. | Reduce -12.4% | 1.25% | −0.51 |
| ASTL Algoma Steel Group Inc. | Sold out | 0.00% | −0.47 |
| RBA RB Global Inc. | Reduce -43.3% | 0.50% | −0.47 |
| CM Can Imperial BK of Commerce | Reduce -30.8% | 0.89% | −0.39 |
| STN Stantec Inc. | Sold out | 0.00% | −0.38 |
| NTR Nutrien Ltd. | Reduce -5.4% | 2.00% | −0.35 |
| KGC Kinross Gold Corp. | Reduce -61.6% | 0.35% | −0.30 |
| BN Brookfield Corp. | Reduce -40.7% | 0.42% | −0.29 |
| PRMB Primo Brands Corp. | Reduce -26.4% | 0.25% | −0.26 |
| BTG B2GOLD Corp. | Reduce -98.2% | 0.00% | −0.21 |
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −0.21 |
| DOO BRP Inc./Ca- Sub Voting | Sold out | 0.00% | −0.21 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.20 |
| WPM Wheaton Precious Metals Corp. | Reduce -79.4% | 0.06% | −0.20 |
| BCE Bce Inc. | Reduce -2.5% | 2.21% | −0.20 |
| TFII Tfi International Inc. | Reduce -38.6% | 0.21% | −0.18 |
| CMCSA Comcast Corp. Class A | Reduce -50.0% | 0.11% | −0.16 |
| HES Hess Corp. | Sold out | 0.00% | −0.16 |
| GIB Cgi Inc. | Reduce -77.4% | 0.03% | −0.15 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −0.13 |
| AVB Avalonbay Communities Inc. | Reduce -53.9% | 0.08% | −0.13 |
| VICI Vici Properties Inc. | Reduce -62.0% | 0.06% | −0.12 |
| APD Air Products & Chemicals Inc. | Reduce -61.3% | 0.06% | −0.12 |
| INTU Intuit Inc. | Reduce -91.7% | 0.01% | −0.12 |
| WFC Wells Fargo & Co. | Reduce -42.2% | 0.14% | −0.12 |
| NGD New Gold Inc. | Reduce -97.0% | 0.00% | −0.12 |
| PBA Pembina Pipeline Corp. | Reduce -0.8% | 2.53% | −0.12 |
| NOA North American Construction | Reduce -89.3% | 0.01% | −0.12 |
| TGT Target Corp. | Sold out | 0.00% | −0.11 |
| BEP Brookfield Renewable Partner | Reduce -5.6% | 0.62% | −0.11 |
| CCJ Cameco Corp. | Reduce -20.3% | 0.43% | −0.11 |
| UPS United Parcel Service Class B | Reduce -13.4% | 0.18% | −0.10 |
| LRCX Lam Research Corp. | Sold out | 0.00% | −0.10 |
| TFC Truist Financial Corp. | Reduce -38.3% | 0.14% | −0.10 |
| PLD Prologis Inc. | Reduce -66.8% | 0.05% | −0.10 |
| CCI Crown Castle Inc. | Reduce -15.9% | 0.21% | −0.09 |
| CSCO Cisco Systems Inc. | Reduce -2.7% | 0.52% | −0.09 |
| DOW Dow Inc. | Sold out | 0.00% | −0.09 |
| MSFT Microsoft Corp. | Reduce -0.6% | 0.99% | −0.08 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.08 |
| MO Altria Group Inc. | Reduce -21.3% | 0.29% | −0.08 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −0.07 |
| ADI Analog Devices Inc. | Reduce -41.6% | 0.08% | −0.07 |
| ROST Ross Stores Inc. | Reduce -63.7% | 0.04% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -1.0% | 0.38% | −0.07 |
| AES AES Corp. | Reduce -47.0% | 0.09% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| SLF Sun Life Financial Inc. | Add +226.8% | 2.31% | +1.43 |
| BNS Bank of Nova Scotia | Add +50.7% | 3.22% | +1.18 |
| B Barrick Mining Corp. | Add +11.2% | 2.44% | +0.89 |
| CVE Cenovus Energy Inc. | Add +69.6% | 1.88% | +0.89 |
| MGA Magna International Inc. | Add +45.3% | 2.24% | +0.83 |
| BIP Brookfield Infrastructure Pa | Add +72.9% | 2.36% | +0.81 |
| OTEX Open Text Corp. | Add +94.9% | 1.33% | +0.73 |
| FNV Franco-Nevada Corp. | Add +186.5% | 0.76% | +0.54 |
| BAM Brookfield Asset Mgmt-A | Add +127.5% | 1.02% | +0.53 |
| RY Royal Bank of Canada | Add +13.6% | 3.66% | +0.44 |
| WCN Waste Connections Inc. | Add +271.6% | 0.63% | +0.43 |
| GRTUF Granite Real Estate Investme | Add +30.7% | 1.90% | +0.41 |
| TD Toronto-Dominion Bank | Add +11.4% | 5.34% | +0.41 |
| FTS Fortis Inc. | Add +31.4% | 1.45% | +0.29 |
| CAE Cae Inc. | Add +48.2% | 1.05% | +0.27 |
| MEOH Methanex Corp. | Add +32.5% | 0.70% | +0.21 |
| ORCL Oracle Corp. | Add +172.2% | 0.27% | +0.18 |
| META Meta Platforms Inc. Class A | Add +55.2% | 0.63% | +0.17 |
| EFXT Enerflex Ltd. | New | 0.15% | +0.15 |
| MDT Medtronic PLC | Add +132.6% | 0.27% | +0.15 |
| CVX Chevron Corp. | Add +55.1% | 0.39% | +0.13 |
| HPE Hewlett Packard Enterprise | New | 0.13% | +0.13 |
| GIL Gildan Activewear Inc. | Add +1.7% | 2.02% | +0.12 |
| AGI Alamos Gold Inc. Class A | Add +3.8% | 0.69% | +0.12 |
| RCI Rogers Communications Inc. Class B | Add +0.0% | 3.38% | +0.12 |
| AVGO Broadcom Inc. | Add +6.0% | 0.93% | +0.11 |
| IRM Iron Mountain Inc. | New | 0.11% | +0.11 |
| NVDA Nvidia Corp. | Add +15.6% | 0.60% | +0.11 |
| TRI Thomson Reuters Corp. | New | 0.11% | +0.11 |
| WY Weyerhaeuser Co. | New | 0.10% | +0.10 |
| AMH American Homes 4 Rent- A | New | 0.09% | +0.09 |
| ABBV Abbvie Inc. | Add +2.4% | 0.74% | +0.09 |
| NEM Newmont Corp. | Add +164.4% | 0.13% | +0.09 |
| BAC Bank of America Corp. | Add +33.6% | 0.38% | +0.09 |
| CGAU Centerra Gold Inc. | Add +41.5% | 0.18% | +0.09 |
| DG Dollar General Corp. | Add +153.1% | 0.17% | +0.08 |
| HD Home Depot Inc. | Add +18.9% | 0.52% | +0.08 |
| CIGI Colliers Intl GR-Subord Vot | Add +19.3% | 0.36% | +0.08 |
| COP Conocophillips | Add +46.7% | 0.26% | +0.07 |
| USB US Bancorp | Add +35.7% | 0.32% | +0.07 |
| EQIX Equinix Inc. | Add +109.6% | 0.16% | +0.07 |
| UNP Union Pacific Corp. | Add +34.2% | 0.37% | +0.07 |
| TER Teradyne Inc. | Add +35.3% | 0.15% | +0.07 |
| UHS Universal Health Services-B | Add +780.8% | 0.07% | +0.06 |
| WAB Wabtec Corp. | Add +160.6% | 0.11% | +0.06 |
| SII Sprott Inc. | Add +81.3% | 0.12% | +0.06 |
| EXK Endeavour Silver Corp. | Add +7.8% | 0.16% | +0.06 |
| MU Micron Technology Inc. | Add +4.1% | 0.24% | +0.05 |
| SKE Skeena Resources Ltd. | New | 0.05% | +0.05 |
| XEL Xcel Energy Inc. | Add +23.1% | 0.20% | +0.05 |
Notes & Other Activity Q2 2025 → Q3 2025
| BDX Becton Dickinson and Co. | COM | Sold out | 0 | $0before exit |
| BX Blackstone Inc. | COM | Sold out | 0 | $0before exit |
| DVA Davita Inc. | COM | Sold out | 0 | $0before exit |
| DVN Devon Energy Corp. | COM | Sold out | 0 | $0before exit |
| EOG EOG Resources Inc. | COM | Sold out | 0 | $0before exit |
| ENPH Enphase Energy Inc. | COM | Sold out | 0 | $0before exit |
| ESS Essex Property Trust Inc. | COM | Sold out | 0 | $0before exit |
| FDX FedEx Corp. | COM | Sold out | 0 | $0before exit |
| FSM Fortuna Mining Corp. | COM NEW | Sold out | 0 | $0before exit |
| GPN Global Payments Inc. | COM | Sold out | 0 | $0before exit |
| HPQ HP Inc. | COM | Sold out | 0 | $0before exit |
| HRL Hormel Foods Corp. | COM | Sold out | 0 | $0before exit |
| IMO Imperial Oil Ltd. | COM NEW | Sold out | 0 | $0before exit |
| IR Ingersoll-Rand Inc. | COM | Sold out | 0 | $0before exit |
| KLAC KLA Corp. | COM NEW | Sold out | 0 | $0before exit |
| MPWR Monolithic Power Systems Inc. | COM | Sold out | 0 | $0before exit |
| NDAQ Nasdaq Inc. | COM | Sold out | 0 | $0before exit |
| ON On Semiconductor | COM | Sold out | 0 | $0before exit |
| PCG P G & E Corp. | COM | Sold out | 0 | $0before exit |
| ROL Rollins Inc. | COM | Sold out | 0 | $0before exit |
| AOS Smith (a.o.) Corp. | COM | Sold out | 0 | $0before exit |
| TRGP Targa Resources Corp. | COM | Sold out | 0 | $0before exit |
| WBA Walgreens Boots Alliance Inc. | COM | Sold out | 0 | $0before exit |
| WDAY Workday Inc. Class A | CL A | 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 |