Intact Investment Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Intact Investment Management Inc. reported 310 stock positions worth $3.5 billion. Its top holding was Toronto-Dominion Bank (TD) at 6.3% of the portfolio, followed by Royal Bank of Canada (RY, 3.8%) and Sun Life Financial (SLF, 3.6%). Compared with Q3 2025, it opened 79 new positions, sold out of 24, added to 100 and reduced 105. The biggest buy was Sun Life Financial (SLF, shares +58%) and the biggest sale Bank of Nova Scotia (BNS, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001443077
- Portfolio Value
- $3.5B (Q4 2025)
- SEC Filing
- 0001062993-26-000526 ↗ filed Feb 2, 2026
Holdings Value
Holdings 310 stocks · $3.5B
| TD Toronto-Dominion Bank | 6.26% | 2,309,626 | $217.7M | Add +4.7% |
| RY Royal Bank of Canada | 3.79% | 772,259 | $131.6M | Reduce -6.0% |
| SLF Sun Life Financial Inc. | 3.61% | 2,012,083 | $125.6M | Add +58.3% |
| BCE Bce Inc. | 2.64% | 3,848,390 | $91.8M | Add +23.3% |
| B Barrick Mining Corp. | 2.57% | 2,048,320 | $89.2M | Reduce -16.7% |
| MFC Manulife Financial Corp. | 2.46% | 2,351,965 | $85.4M | Add +55.5% |
| RCI Rogers Communications Inc. Class B | 2.42% | 2,229,401 | $84.2M | Reduce -31.4% |
| MGA Magna International Inc. | 2.41% | 1,574,620 | $83.9M | Add +0.7% |
| BIP Brookfield Infrastructure Pa | 2.39% | 2,395,384 | $83.3M | Add +1.3% |
| PBA Pembina Pipeline Corp. | 2.38% | 2,170,014 | $82.7M | Add +4.9% |
| SU Suncor Energy Inc. | 2.16% | 1,695,160 | $75.2M | Add +36.3% |
| GRTUF Granite Real Estate Investme | 2.04% | 1,194,147 | $71.1M | Add +5.7% |
| GIL Gildan Activewear Inc. | 1.95% | 1,085,535 | $67.8M | Reduce -5.9% |
| NTR Nutrien Ltd. | 1.88% | 1,056,505 | $65.2M | Reduce -6.1% |
| CVE Cenovus Energy Inc. | 1.64% | 3,366,588 | $57.0M | Reduce -7.9% |
| CNI Canadian Natl Railway Co. | 1.61% | 565,920 | $56.0M | Add +29.7% |
| FTS Fortis Inc. | 1.38% | 921,744 | $47.9M | Reduce -2.5% |
| ENB Enbridge Inc. | 1.36% | 987,976 | $47.3M | Add +22.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.28% | 490,870 | $44.5M | Add +33.4% |
| EMA Emera Inc. | 1.24% | 875,905 | $43.2M | Reduce -24.0% |
| SHOP Shopify Inc. Class A | 1.23% | 265,754 | $42.8M | Reduce -31.5% |
| FNV Franco-Nevada Corp. | 1.23% | 206,208 | $42.7M | Add +83.9% |
| BAM Brookfield Asset Mgmt-A | 1.18% | 782,558 | $41.0M | Add +32.5% |
| CAE Cae Inc. | 1.05% | 1,202,355 | $36.6M | Add +2.7% |
| AEM Agnico Eagle Mines Ltd. | 1.01% | 206,558 | $35.0M | Reduce -0.0% |
| QSR Restaurant Brands Intern | 0.99% | 504,261 | $34.4M | Reduce -33.6% |
| TU Telus Corp. | 0.92% | 2,438,662 | $32.1M | Add +0.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.92% | 433,662 | $32.0M | Reduce -73.7% |
| MSFT Microsoft Corp. | 0.90% | 64,900 | $31.4M | Add +2.9% |
| CNQ Canadian Natural Resources | 0.90% | 925,590 | $31.3M | Reduce -46.1% |
| BEP Brookfield Renewable Partner | 0.90% | 1,156,587 | $31.3M | Add +45.3% |
| BTE Baytex Energy Corp. | 0.82% | 8,868,370 | $28.7M | Add +214.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.79% | 212,320 | $27.6M | Reduce -2.3% |
| MEOH Methanex Corp. | 0.77% | 677,610 | $26.9M | Add +17.1% |
| RBA RB Global Inc. | 0.77% | 260,152 | $26.8M | Add +69.9% |
| SOBO South Bow Corp. | 0.76% | 964,360 | $26.5M | Add +19.6% |
| TRP TC Energy Corp. | 0.76% | 477,305 | $26.3M | Reduce -17.3% |
| BGSI Boyd Group Services Inc. | 0.74% | 161,780 | $25.8M | New |
| AQN Algonquin Power & Utilities | 0.72% | 4,066,619 | $25.0M | Reduce -12.6% |
| OTEX Open Text Corp. | 0.68% | 728,740 | $23.7M | Reduce -38.0% |
| AVGO Broadcom Inc. | 0.65% | 65,400 | $22.6M | Reduce -29.8% |
| GOOGL Alphabet Inc. Class A | 0.64% | 71,100 | $22.3M | Reduce -38.1% |
| PM Philip Morris International | 0.64% | 138,100 | $22.2M | Reduce -4.0% |
| CGAU Centerra Gold Inc. | 0.63% | 1,514,820 | $21.8M | Add +166.7% |
| ABBV Abbvie Inc. | 0.58% | 87,790 | $20.1M | Reduce -16.6% |
| HD Home Depot Inc. | 0.57% | 57,800 | $19.9M | Add +35.4% |
| AAPL Apple Inc. | 0.57% | 72,700 | $19.8M | Reduce -17.4% |
| MRK Merck & Co. Inc. | 0.55% | 183,100 | $19.3M | Reduce -8.8% |
| PG The Procter & Gamble Co. | 0.51% | 124,200 | $17.8M | Add +50.0% |
| IAG Iamgold Corp. | 0.51% | 1,072,681 | $17.7M | Reduce -33.5% |
| META Meta Platforms Inc. Class A | 0.49% | 26,000 | $17.2M | Reduce -8.4% |
| JPM JPMorgan Chase & Co. | 0.49% | 52,700 | $17.0M | Add +30.8% |
| CSCO Cisco Systems Inc. | 0.45% | 205,000 | $15.8M | Reduce -18.8% |
| CCJ Cameco Corp. | 0.45% | 169,740 | $15.5M | Reduce -0.9% |
| NVDA Nvidia Corp. | 0.44% | 82,800 | $15.4M | Reduce -22.2% |
| PFE Pfizer Inc. | 0.44% | 618,600 | $15.4M | Reduce -7.9% |
| KO The Coca-Cola Co. | 0.43% | 216,000 | $15.1M | Reduce -12.6% |
| WPM Wheaton Precious Metals Corp. | 0.43% | 127,980 | $15.0M | Add +627.2% |
| CVX Chevron Corp. | 0.43% | 97,062 | $14.8M | Add +16.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.42% | 265,400 | $14.6M | Add +7.9% |
| UNH Unitedhealth Group Inc. | 0.41% | 43,600 | $14.4M | New |
| BN Brookfield Corp. | 0.41% | 311,305 | $14.3M | Add +3.7% |
| VZ Verizon Communications Inc. | 0.40% | 344,200 | $14.0M | Reduce -13.8% |
| CLS Celestica Inc. | 0.40% | 47,150 | $13.9M | Add +4186.4% |
| TXN Texas Instruments Inc. | 0.38% | 76,300 | $13.2M | Add +11.4% |
| CVS CVS Health Corp. | 0.38% | 165,300 | $13.1M | Reduce -7.0% |
| UNP Union Pacific Corp. | 0.36% | 54,400 | $12.6M | Add +5.8% |
| TMUS T-Mobile US Inc. | 0.35% | 60,600 | $12.3M | Add +46.0% |
| DGT SS SPDR Global Dow ETF | 0.35% | 73,266 | $12.2M | No change |
| ORCL Oracle Corp. | 0.35% | 62,200 | $12.1M | Add +98.7% |
| CIGI Colliers Intl GR-Subord Vot | 0.34% | 80,950 | $11.9M | Add +7.7% |
| JNJ Johnson & Johnson | 0.33% | 54,729 | $11.3M | Reduce -4.2% |
| NEE Nextera Energy Inc. | 0.31% | 135,200 | $10.9M | Add +21.0% |
| NGD New Gold Inc. | 0.31% | 1,234,560 | $10.8M | Add +5411.4% |
| T AT&T Inc. | 0.30% | 422,400 | $10.5M | Reduce -4.7% |
| MS Morgan Stanley | 0.30% | 58,500 | $10.4M | Reduce -20.8% |
| GILD Gilead Sciences Inc. | 0.30% | 84,400 | $10.4M | Add +101.9% |
| MDLZ Mondelez International Inc. Class A | 0.29% | 188,800 | $10.2M | Add +28.5% |
| AMZN Amazon.com Inc. | 0.29% | 43,330 | $10.0M | Add +19.2% |
| DUK Duke Energy Corp. | 0.28% | 82,800 | $9.7M | Add +0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 84,900 | $9.7M | Add +538.4% |
| USB US Bancorp | 0.27% | 173,900 | $9.3M | Reduce -20.4% |
| VET Vermilion Energy Inc. | 0.26% | 1,089,100 | $9.1M | Add +0.8% |
| BLK BlackRock Inc. | 0.26% | 8,400 | $9.0M | Add +12.0% |
| MDT Medtronic PLC | 0.26% | 93,500 | $9.0M | No change |
| PEP Pepsico Inc. | 0.25% | 61,400 | $8.8M | Reduce -39.9% |
| SBUX Starbucks Corp. | 0.25% | 101,800 | $8.6M | Add +450.3% |
| LMT Lockheed Martin Corp. | 0.24% | 17,100 | $8.3M | No change |
| COP Conocophillips | 0.24% | 88,200 | $8.3M | Reduce -4.5% |
| CRM Salesforce Inc. | 0.24% | 30,900 | $8.2M | Reduce -1.0% |
| KGC Kinross Gold Corp. | 0.23% | 288,460 | $8.1M | Reduce -38.9% |
| CCI Crown Castle Inc. | 0.23% | 89,400 | $7.9M | Add +23.3% |
| MO Altria Group Inc. | 0.23% | 137,700 | $7.9M | Reduce -5.7% |
| SII Sprott Inc. | 0.22% | 78,800 | $7.7M | Add +62.1% |
| KDP Keurig Dr Pepper Inc. | 0.22% | 273,900 | $7.7M | New |
| PNC PNC Financial Services Group | 0.22% | 36,300 | $7.6M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 10,985 | $7.5M | No change |
| BTG B2GOLD Corp. | 0.21% | 1,642,400 | $7.4M | Add +5130.6% |
| ABT Abbott Laboratories | 0.20% | 56,900 | $7.1M | Reduce -0.3% |
| EQIX Equinix Inc. | 0.20% | 9,300 | $7.1M | Add +38.8% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $11K (not counted above)
Total filed on the 13F, all lines: $3.5B.
Portfolio Sells Q3 2025 → Q4 2025
| BNS Bank of Nova Scotia | Reduce -73.7% | 0.92% | −2.30 |
| RCI Rogers Communications Inc. Class B | Reduce -31.4% | 2.42% | −0.96 |
| CNQ Canadian Natural Resources | Reduce -46.1% | 0.90% | −0.76 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.69 |
| OTEX Open Text Corp. | Reduce -38.0% | 0.68% | −0.65 |
| SHOP Shopify Inc. Class A | Reduce -31.5% | 1.23% | −0.51 |
| QSR Restaurant Brands Intern | Reduce -33.6% | 0.99% | −0.48 |
| WCN Waste Connections Inc. | Reduce -66.9% | 0.20% | −0.43 |
| EMA Emera Inc. | Reduce -24.0% | 1.24% | −0.43 |
| AVGO Broadcom Inc. | Reduce -29.8% | 0.65% | −0.28 |
| CP Canadian Pacific Kansas City | Reduce -71.4% | 0.09% | −0.25 |
| RTX RTX Corp. | Reduce -69.0% | 0.12% | −0.24 |
| CVE Cenovus Energy Inc. | Reduce -7.9% | 1.64% | −0.24 |
| MCD McDonald's Corp. | Reduce -53.9% | 0.17% | −0.22 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.21 |
| GOOGL Alphabet Inc. Class A | Reduce -38.1% | 0.64% | −0.20 |
| TRP TC Energy Corp. | Reduce -17.3% | 0.76% | −0.19 |
| PEP Pepsico Inc. | Reduce -39.9% | 0.25% | −0.18 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.17 |
| MU Micron Technology Inc. | Reduce -79.8% | 0.08% | −0.16 |
| CL Colgate-Palmolive Co. | Reduce -72.7% | 0.06% | −0.16 |
| ABBV Abbvie Inc. | Reduce -16.6% | 0.58% | −0.16 |
| NVDA Nvidia Corp. | Reduce -22.2% | 0.44% | −0.16 |
| KEY Keycorp | Sold out | 0.00% | −0.15 |
| META Meta Platforms Inc. Class A | Reduce -8.4% | 0.49% | −0.14 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.14 |
| VZ Verizon Communications Inc. | Reduce -13.8% | 0.40% | −0.13 |
| EMR Emerson Electric Co. | Reduce -85.0% | 0.02% | −0.13 |
| NEM Newmont Corp. | Reduce -97.2% | 0.00% | −0.12 |
| NTR Nutrien Ltd. | Reduce -6.1% | 1.88% | −0.12 |
| IAG Iamgold Corp. | Reduce -33.5% | 0.51% | −0.12 |
| KGC Kinross Gold Corp. | Reduce -38.9% | 0.23% | −0.12 |
| C Citigroup Inc. | Reduce -74.7% | 0.04% | −0.12 |
| PRMB Primo Brands Corp. | Reduce -21.6% | 0.14% | −0.11 |
| AAPL Apple Inc. | Reduce -17.4% | 0.57% | −0.11 |
| OR Or Royalties Inc. | Sold out | 0.00% | −0.10 |
| DNN Denison Mines Corp. | Reduce -42.3% | 0.10% | −0.09 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.09 |
| TAC Transalta Corp. | Reduce -26.1% | 0.16% | −0.08 |
| TRI Thomson Reuters Corp. | Reduce -71.9% | 0.02% | −0.08 |
| T AT&T Inc. | Reduce -4.7% | 0.30% | −0.08 |
| PFE Pfizer Inc. | Reduce -7.9% | 0.44% | −0.07 |
| TECK Teck Resources Ltd.-CLS B | Reduce -80.0% | 0.02% | −0.07 |
| FTS Fortis Inc. | Reduce -2.5% | 1.38% | −0.07 |
| PM Philip Morris International | Reduce -4.0% | 0.64% | −0.07 |
| CSCO Cisco Systems Inc. | Reduce -18.8% | 0.45% | −0.07 |
| GIL Gildan Activewear Inc. | Reduce -5.9% | 1.95% | −0.07 |
| UHS Universal Health Services-B | Reduce -90.4% | 0.01% | −0.06 |
| MO Altria Group Inc. | Reduce -5.7% | 0.23% | −0.06 |
| BMO Bank of Montreal | Reduce -2.3% | 0.79% | −0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| SLF Sun Life Financial Inc. | Add +58.3% | 3.61% | +1.30 |
| MFC Manulife Financial Corp. | Add +55.5% | 2.46% | +1.03 |
| TD Toronto-Dominion Bank | Add +4.7% | 6.26% | +0.92 |
| BGSI Boyd Group Services Inc. | New | 0.74% | +0.74 |
| BTE Baytex Energy Corp. | Add +214.0% | 0.82% | +0.62 |
| SU Suncor Energy Inc. | Add +36.3% | 2.16% | +0.59 |
| FNV Franco-Nevada Corp. | Add +83.9% | 1.23% | +0.47 |
| CGAU Centerra Gold Inc. | Add +166.7% | 0.63% | +0.44 |
| BCE Bce Inc. | Add +23.3% | 2.64% | +0.43 |
| UNH Unitedhealth Group Inc. | New | 0.41% | +0.41 |
| CLS Celestica Inc. | Add +4186.4% | 0.40% | +0.39 |
| CM Can Imperial BK of Commerce | Add +33.4% | 1.28% | +0.39 |
| WPM Wheaton Precious Metals Corp. | Add +627.2% | 0.43% | +0.37 |
| CNI Canadian Natl Railway Co. | Add +29.7% | 1.61% | +0.36 |
| NGD New Gold Inc. | Add +5411.4% | 0.31% | +0.30 |
| BEP Brookfield Renewable Partner | Add +45.3% | 0.90% | +0.28 |
| RBA RB Global Inc. | Add +69.9% | 0.77% | +0.27 |
| DIS The Walt Disney Co. | Add +538.4% | 0.28% | +0.23 |
| KDP Keurig Dr Pepper Inc. | New | 0.22% | +0.22 |
| PNC PNC Financial Services Group | New | 0.22% | +0.22 |
| BTG B2GOLD Corp. | Add +5130.6% | 0.21% | +0.21 |
| SBUX Starbucks Corp. | Add +450.3% | 0.25% | +0.20 |
| MGA Magna International Inc. | Add +0.7% | 2.41% | +0.17 |
| BAM Brookfield Asset Mgmt-A | Add +32.5% | 1.18% | +0.16 |
| KMB Kimberly-Clark Corp. | Add +617.2% | 0.19% | +0.16 |
| GILD Gilead Sciences Inc. | Add +101.9% | 0.30% | +0.16 |
| WFG West Fraser Timber Co. Ltd. | Add +820.9% | 0.17% | +0.15 |
| GRTUF Granite Real Estate Investme | Add +5.7% | 2.04% | +0.15 |
| BX Blackstone Inc. | New | 0.14% | +0.14 |
| ENB Enbridge Inc. | Add +22.8% | 1.36% | +0.13 |
| PG The Procter & Gamble Co. | Add +50.0% | 0.51% | +0.13 |
| OMC Omnicom Group | New | 0.13% | +0.13 |
| PPTA Perpetua Resources Corp. | New | 0.12% | +0.12 |
| FCX Freeport-McMoran Inc. | Add +130.7% | 0.18% | +0.11 |
| APD Air Products & Chemicals Inc. | Add +221.6% | 0.17% | +0.11 |
| ETN Eaton Corp. PLC | Add +424.1% | 0.14% | +0.11 |
| JPM JPMorgan Chase & Co. | Add +30.8% | 0.49% | +0.10 |
| SII Sprott Inc. | Add +62.1% | 0.22% | +0.10 |
| BMY Bristol-Myers Squibb Co. | Add +88.8% | 0.16% | +0.09 |
| ORCL Oracle Corp. | Add +98.7% | 0.35% | +0.08 |
| MEOH Methanex Corp. | Add +17.1% | 0.77% | +0.08 |
| SOBO South Bow Corp. | Add +19.6% | 0.76% | +0.07 |
| ARIS Aris Mining Corp. | New | 0.07% | +0.07 |
| WM Waste Management Inc. | Add +62.5% | 0.18% | +0.06 |
| IRM Iron Mountain Inc. | Add +103.4% | 0.17% | +0.06 |
| SKE Skeena Resources Ltd. | Add +81.3% | 0.11% | +0.06 |
| TFPM Triple Flag Precious Met | Add +107.7% | 0.10% | +0.06 |
| NEE Nextera Energy Inc. | Add +21.0% | 0.31% | +0.06 |
| OKE Oneok Inc. | Add +56.3% | 0.17% | +0.06 |
| TMUS T-Mobile US Inc. | Add +46.0% | 0.35% | +0.05 |
Notes & Other Activity Q3 2025 → Q4 2025
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 5,814 | $5K |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 5,814 | $3K |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 5,814 | $2K |
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 |