Intact Investment Management Inc.

Name: INTACT INVESTMENT MANAGEMENT INC. 13F holdings, Q3 2025
Creator: INTACT INVESTMENT MANAGEMENT INC.
Published: 2025-10-31

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
DNN Denison Mines Corp.	0.19%	2,261,100	$6.2M	Reduce -17.1%
CGAU Centerra Gold Inc.	0.18%	567,900	$6.1M	Add +41.5%
SRE Sempra	0.18%	67,600	$6.1M	Add +1.4%
FRT Federal Realty Invs Trust	0.18%	59,300	$6.0M	Add +1.4%
CMS CMS Energy Corp.	0.18%	81,700	$6.0M	Add +9.5%
UPS United Parcel Service Class B	0.18%	71,300	$6.0M	Reduce -13.4%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW	0.18%	543,929	$5.9M	Add +6.9%
NKE Nike Inc. Class B	0.17%	79,900	$5.6M	Add +27.2%
DD Dupont DE Nemours Inc.	0.17%	71,500	$5.6M	Add +27.7%
HON Honeywell International Inc.	0.17%	26,400	$5.6M	Add +4.8%
DG Dollar General Corp.	0.17%	52,900	$5.5M	Add +153.1%
FITB Fifth Third Bancorp	0.16%	119,400	$5.3M	Add +24.5%
C Citigroup Inc.	0.16%	51,800	$5.3M	Reduce -18.4%
EQIX Equinix Inc.	0.16%	6,700	$5.2M	Add +109.6%
EXK Endeavour Silver Corp.	0.16%	669,100	$5.2M	Add +7.8%
EXC Exelon Corp.	0.16%	115,200	$5.2M	Reduce -1.5%
GLW Corning Inc.	0.16%	62,800	$5.2M	No change
KEY Keycorp	0.15%	274,000	$5.1M	Reduce -0.9%
EMN Eastman Chemical Co.	0.15%	80,600	$5.1M	Add +33.7%
EFXT Enerflex Ltd.	0.15%	468,500	$5.1M	New
BKR Baker Hughes Co.	0.15%	102,900	$5.0M	No change
TER Teradyne Inc.	0.15%	36,000	$5.0M	Add +35.3%
EIX Edison International	0.15%	87,800	$4.9M	Add +18.2%
EMR Emerson Electric Co.	0.15%	36,800	$4.8M	Add +0.6%
AMAT Applied Materials Inc.	0.14%	23,300	$4.8M	Reduce -17.1%
XOM Exxon Mobil Corp.	0.14%	41,400	$4.7M	No change
GILD Gilead Sciences Inc.	0.14%	41,800	$4.6M	Add +0.7%
WFC Wells Fargo & Co.	0.14%	55,300	$4.6M	Reduce -42.2%
TFC Truist Financial Corp.	0.14%	98,500	$4.5M	Reduce -38.3%
MKC McCormick & Co.-Non VTG SHRS	0.13%	65,800	$4.4M	No change
TASEKO MINES LTD	0.13%	1,035,500	$4.4M	Add +17.8%
QCOM Qualcomm Inc.	0.13%	25,700	$4.3M	No change
NEM Newmont Corp.	0.13%	50,500	$4.3M	Add +164.4%
HPE Hewlett Packard Enterprise	0.13%	171,500	$4.2M	New
LSPD Lightspeed Commerce Inc.	0.13%	363,600	$4.2M	Add +5.8%
SII Sprott Inc.	0.12%	48,600	$4.0M	Add +81.3%
USAS Americas Gold and Silver Cor	0.12%	1,074,640	$4.0M	Reduce -43.3%
CTRA Coterra Energy Inc.	0.12%	168,200	$4.0M	Add +30.0%
WM Waste Management Inc.	0.12%	17,600	$3.9M	Add +19.7%
OKE Oneok Inc.	0.11%	51,500	$3.8M	Add +45.5%
VTR Ventas Inc.	0.11%	53,300	$3.7M	No change
WAB Wabtec Corp.	0.11%	17,980	$3.6M	Add +160.6%
DOC Healthpeak Properties Inc.	0.11%	188,200	$3.6M	No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL	0.11%	35,200	$3.6M	New
GM General Motors Co.	0.11%	57,900	$3.5M	Reduce -9.0%
STT State Street Corp.	0.11%	30,300	$3.5M	No change
CMCSA Comcast Corp. Class A	0.11%	111,700	$3.5M	Reduce -50.0%
RF Regions Financial Corp.	0.11%	133,000	$3.5M	No change
TRI Thomson Reuters Corp.	0.11%	22,444	$3.5M	New
OR Or Royalties Inc.	0.10%	86,100	$3.5M	Reduce -27.0%
WY Weyerhaeuser Co.	0.10%	137,400	$3.4M	New
AMT American Tower Corp.	0.10%	17,500	$3.4M	Add +82.3%
NTAP Netapp Inc.	0.10%	28,300	$3.4M	Reduce -2.4%
SYY Sysco Corp.	0.10%	40,100	$3.3M	No change
SJM The JM Smucker Co. filed as SMUCKER J M CO	0.10%	30,100	$3.3M	Reduce -2.6%
AMH American Homes 4 Rent- A	0.09%	93,710	$3.1M	New
AES AES Corp.	0.09%	233,800	$3.1M	Reduce -47.0%
O Realty Income Corp.	0.09%	49,700	$3.0M	No change
TECK Teck Resources Ltd.-CLS B	0.09%	68,840	$3.0M	Add +9.3%
SO The Southern Co.	0.09%	31,200	$3.0M	Reduce -20.8%
MCHP Microchip Technology Inc.	0.09%	44,000	$2.8M	No change
SANG Sangoma Technologies Corp.	0.08%	553,125	$2.7M	Add +6.6%
AVB Avalonbay Communities Inc.	0.08%	14,100	$2.7M	Reduce -53.9%
LLY Eli Lilly & Co.	0.08%	3,490	$2.7M	Add +3.3%
ADI Analog Devices Inc.	0.08%	10,800	$2.7M	Reduce -41.6%
BMY Bristol-Myers Squibb Co.	0.08%	56,200	$2.5M	No change
TSLA Tesla Inc.	0.07%	5,400	$2.4M	Add +12.5%
UHS Universal Health Services-B	0.07%	11,450	$2.3M	Add +780.8%
DXCM Dexcom Inc.	0.07%	33,890	$2.3M	Add +102.9%
ADP Automatic Data Processing	0.07%	7,500	$2.2M	Add +1.4%
GOOG Alphabet Inc. Class C	0.07%	9,000	$2.2M	Reduce -8.2%
TPR Tapestry Inc.	0.07%	19,200	$2.2M	Reduce -46.1%
V Visa Inc. Class A	0.06%	6,200	$2.1M	Add +138.5%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.06%	64,300	$2.1M	Reduce -62.0%
STZ Constellation Brands Inc. Class A	0.06%	15,300	$2.1M	Add +1.3%
FCX Freeport-McMoran Inc.	0.06%	52,500	$2.1M	Add +348.7%
APD Air Products & Chemicals Inc.	0.06%	7,400	$2.0M	Reduce -61.3%
WPM Wheaton Precious Metals Corp.	0.06%	17,600	$2.0M	Reduce -79.4%
EXR Extra Space Storage Inc.	0.06%	13,600	$1.9M	No change
GS Goldman Sachs Group Inc.	0.06%	2,400	$1.9M	Reduce -38.5%
BA The Boeing Co.	0.06%	8,700	$1.9M	Add +58.2%
NOW ServiceNow Inc.	0.06%	1,990	$1.8M	No change
DELL Dell Technologies -C	0.05%	12,800	$1.8M	Add +4.9%
CMG Chipotle Mexican Grill Inc.	0.05%	46,200	$1.8M	Add +40.9%
DCBO Docebo Inc.	0.05%	64,400	$1.8M	Reduce -25.7%
UBER Uber Technologies Inc.	0.05%	17,500	$1.7M	Add +49.6%
BRK.B Berkshire Hathaway Inc. Class B	0.05%	3,200	$1.6M	Reduce -11.1%
SKE Skeena Resources Ltd.	0.05%	86,700	$1.6M	New
SBUX Starbucks Corp.	0.05%	18,500	$1.6M	No change
REGN Regeneron Pharmaceuticals	0.05%	2,770	$1.6M	Add +21.5%
COF Capital One Financial Corp.	0.05%	7,300	$1.6M	Add +14.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.05%	13,300	$1.5M	Reduce -21.8%
TFPM Triple Flag Precious Met	0.05%	52,000	$1.5M	No change
PLD Prologis Inc.	0.05%	13,200	$1.5M	Reduce -66.8%
ELV Elevance Health Inc.	0.05%	4,610	$1.5M	Add +31.7%
ROST Ross Stores Inc.	0.04%	9,400	$1.4M	Reduce -63.7%
SNPS Synopsys Inc.	0.04%	2,800	$1.4M	Add +40.0%
APH Amphenol Corp. Class A	0.04%	11,090	$1.4M	New
ADBE Adobe Inc.	0.04%	3,810	$1.3M	Add +0.7%
DHR Danaher Corp.	0.04%	6,700	$1.3M	New
PLTR Palantir Technologies Inc. Class A	0.04%	7,280	$1.3M	New
APP AppLovin Corp. Class A	0.04%	1,800	$1.3M	New
BSX Boston Scientific Corp.	0.04%	13,200	$1.3M	Add +14.8%
FSLR First Solar Inc.	0.04%	5,780	$1.3M	New
MA Mastercard Inc. Class A	0.04%	2,236	$1.3M	Reduce -58.1%
SPGI S&P Global Inc.	0.04%	2,600	$1.3M	Reduce -8.6%
GEV GE Vernova Inc.	0.04%	2,010	$1.2M	Add +1315.5%
XYL Xylem Inc.	0.04%	8,300	$1.2M	New
UUUU Energy Fuels Inc.	0.04%	77,200	$1.2M	New
LOW Lowe's Cos Inc.	0.04%	4,700	$1.2M	Reduce -44.7%
SYF Synchrony Financial	0.04%	16,400	$1.2M	New
KMB Kimberly-Clark Corp.	0.04%	9,300	$1.2M	No change
CCL Carnival Corp.	0.03%	39,780	$1.2M	New
APO Apollo Global Management Inc.	0.03%	8,600	$1.1M	No change
MET Metlife Inc.	0.03%	13,700	$1.1M	Add +19.1%
ETN Eaton Corp. PLC	0.03%	2,900	$1.1M	No change
GIB Cgi Inc.	0.03%	11,700	$1.0M	Reduce -77.4%
J Jacobs Solutions Inc.	0.03%	6,600	$989K	Reduce -12.0%
QXO Qxo Inc.	0.03%	51,500	$982K	New
RJF Raymond James Financial Inc.	0.03%	5,500	$949K	No change
BEPC Brookfield Renewable Corp.	0.03%	26,400	$909K	Reduce -45.0%
SBAC SBA Communications Corp.	0.03%	4,500	$870K	Reduce -16.7%
WMT Walmart Inc.	0.03%	8,300	$855K	Reduce -52.8%
NFLX Netflix Inc.	0.03%	700	$839K	No change
CAH Cardinal Health Inc.	0.03%	5,300	$832K	Add +1225.0%
CMA Comerica Inc.	0.03%	12,100	$829K	No change
GMED Globus Medical Inc. Class A	0.02%	13,900	$796K	Reduce -6.1%
LHX L3HARRIS Technologies Inc.	0.02%	2,600	$794K	No change
BITF Bitfarms Ltd./Canada	0.02%	272,100	$768K	New
ICE Intercontinental Exchange Inc.	0.02%	4,500	$758K	Reduce -4.3%
KKR KKR & Co. Inc.	0.02%	5,800	$754K	Add +38.1%
BHC Bausch Health Cos Inc.	0.02%	113,600	$731K	Reduce -3.3%
WFG West Fraser Timber Co. Ltd.	0.02%	10,300	$700K	Reduce -56.9%
CPAY Corpay Inc.	0.02%	2,400	$691K	Reduce -38.5%
VZLA Vizsla Silver Corp.	0.02%	159,700	$690K	New
FLS Flowserve Corp.	0.02%	12,400	$659K	New
ALL Allstate Corp.	0.02%	3,000	$644K	No change
PGR Progressive Corp.	0.02%	2,400	$593K	No change
COST Costco Wholesale Corp.	0.02%	610	$565K	Add +13.0%
AIG American International Group	0.02%	6,600	$518K	No change
CARR Carrier Global Corp.	0.01%	7,100	$424K	New
IQV Iqvia Holdings Inc.	0.01%	2,200	$418K	Reduce -57.7%
CEG Constellation Energy	0.01%	1,102	$363K	Add +83.1%
NOA North American Construction	0.01%	25,000	$355K	Reduce -89.3%
BIPC Brookfield Infrastructure-A	0.01%	7,400	$304K	No change
WTW Willis Towers Watson PLC	0.01%	800	$276K	No change
INTU Intuit Inc.	0.01%	400	$273K	Reduce -91.7%
CLS Celestica Inc.	0.01%	1,100	$271K	Reduce -91.4%
PFGC Performance Food Group Co.	0.01%	2,500	$260K	No change
AZO AutoZone Inc.	0.01%	50	$215K	New
TMO Thermo Fisher Scientific Inc.	0.01%	430	$209K	Reduce -86.6%
PANW Palo Alto Networks Inc.	0.01%	1,000	$204K	New
NGD New Gold Inc.	0.00%	22,400	$160K	Reduce -97.0%
BTG B2GOLD Corp.	0.00%	31,400	$155K	Reduce -98.2%

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	$0before exit
BX Blackstone Inc.	COM	Sold out	$0before exit
DVA Davita Inc.	COM	Sold out	$0before exit
DVN Devon Energy Corp.	COM	Sold out	$0before exit
EOG EOG Resources Inc.	COM	Sold out	$0before exit
ENPH Enphase Energy Inc.	COM	Sold out	$0before exit
ESS Essex Property Trust Inc.	COM	Sold out	$0before exit
FDX FedEx Corp.	COM	Sold out	$0before exit
FSM Fortuna Mining Corp.	COM NEW	Sold out	$0before exit
GPN Global Payments Inc.	COM	Sold out	$0before exit
HPQ HP Inc.	COM	Sold out	$0before exit
HRL Hormel Foods Corp.	COM	Sold out	$0before exit
IMO Imperial Oil Ltd.	COM NEW	Sold out	$0before exit
IR Ingersoll-Rand Inc.	COM	Sold out	$0before exit
KLAC KLA Corp.	COM NEW	Sold out	$0before exit
MPWR Monolithic Power Systems Inc.	COM	Sold out	$0before exit
NDAQ Nasdaq Inc.	COM	Sold out	$0before exit
ON On Semiconductor	COM	Sold out	$0before exit
PCG P G & E Corp.	COM	Sold out	$0before exit
ROL Rollins Inc.	COM	Sold out	$0before exit
AOS Smith (a.o.) Corp.	COM	Sold out	$0before exit
TRGP Targa Resources Corp.	COM	Sold out	$0before exit
WBA Walgreens Boots Alliance Inc.	COM	Sold out	$0before exit
WDAY Workday Inc. Class A	CL A	Sold out	$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