Manufacturers Life Insurance Company, The
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Manufacturers Life Insurance Company, The reported 2,800 stock positions worth $120.4 billion. Its top holding was Microsoft (MSFT) at 4.3% of the portfolio, followed by Nvidia (NVDA, 3.3%) and Amazon.com (AMZN, 3.2%). Compared with Q3 2025, it opened 75 new positions, sold out of 126, added to 730 and reduced 1,973. The biggest buy was Toronto-Dominion Bank (TD, shares +11%) and the biggest sale Enbridge (ENB, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- CANADA, A6
- CIK
- 0000928047
- Portfolio Value
- $120.4B (Q4 2025)
- SEC Filing
- 0001145443-26-000040 ↗ filed Feb 13, 2026
Holdings Value
Holdings 2,800 stocks · $120.4B
| MSFT Microsoft Corp. | 4.34% | 10,812,255 | $5.2B | Add +10.9% |
| NVDA Nvidia Corp. | 3.25% | 20,989,009 | $3.9B | Add +0.8% |
| AMZN Amazon.com Inc. | 3.18% | 16,601,010 | $3.8B | Reduce -0.6% |
| AAPL Apple Inc. | 2.83% | 12,545,302 | $3.4B | Reduce -7.7% |
| GOOGL Alphabet Inc. Class A | 2.81% | 10,810,629 | $3.4B | Reduce -17.6% |
| RY Royal Bank of Canada | 1.69% | 11,879,653 | $2.0B | Add +2.1% |
| META Meta Platforms Inc. Class A | 1.42% | 2,580,087 | $1.7B | Add +12.1% |
| TD Toronto-Dominion Bank | 1.33% | 17,014,836 | $1.6B | Add +10.6% |
| AVGO Broadcom Inc. | 1.26% | 4,381,960 | $1.5B | Reduce -1.6% |
| LLY Eli Lilly & Co. | 1.25% | 1,400,295 | $1.5B | Reduce -11.0% |
| SHOP Shopify Inc. Class A | 1.04% | 7,758,705 | $1.3B | Reduce -4.3% |
| TSLA Tesla Inc. | 0.91% | 2,443,650 | $1.1B | Add +1.6% |
| GOOG Alphabet Inc. Class C | 0.84% | 3,230,629 | $1.0B | Reduce -1.4% |
| CNQ Canadian Natural Resources | 0.81% | 28,899,810 | $980.9M | Reduce -4.7% |
| BND Vanguard Total Bond Market | 0.79% | 12,887,730 | $954.6M | Reduce -5.2% |
| KKR KKR & Co. Inc. | 0.74% | 7,037,057 | $897.1M | Add +11.0% |
| VOO Vanguard S&P 500 ETF | 0.74% | 1,429,571 | $896.5M | Add +3.5% |
| TMO Thermo Fisher Scientific Inc. | 0.73% | 1,522,618 | $882.8M | Reduce -14.6% |
| JPM JPMorgan Chase & Co. | 0.69% | 2,592,792 | $835.5M | Add +0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.69% | 1,224,092 | $834.7M | Reduce -0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.69% | 1,649,306 | $829.0M | Reduce -4.0% |
| LNG Cheniere Energy Inc. | 0.67% | 4,170,530 | $810.7M | Reduce -10.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.67% | 8,897,236 | $808.3M | Add +24.0% |
| ELV Elevance Health Inc. | 0.66% | 2,275,342 | $797.5M | Add +2.8% |
| MCK McKesson Corp. | 0.66% | 966,628 | $792.9M | Reduce -3.4% |
| UNH Unitedhealth Group Inc. | 0.65% | 2,365,828 | $781.6M | Reduce -8.8% |
| JNJ Johnson & Johnson | 0.65% | 3,764,544 | $779.1M | Add +2.4% |
| CP Canadian Pacific Kansas City | 0.64% | 10,470,156 | $772.5M | Reduce -0.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.62% | 2,447,682 | $743.5M | Add +0.3% |
| SU Suncor Energy Inc. | 0.62% | 16,681,623 | $741.8M | Reduce -26.2% |
| VEA Vanguard Ftse Developed ETF | 0.60% | 11,558,138 | $722.2M | Reduce -0.5% |
| HOLX Hologic Inc. | 0.58% | 9,441,848 | $703.3M | Reduce -9.7% |
| CRM Salesforce Inc. | 0.57% | 2,587,228 | $685.5M | Reduce -1.4% |
| ABBV Abbvie Inc. | 0.57% | 2,984,900 | $682.4M | Add +1.0% |
| V Visa Inc. Class A | 0.55% | 1,881,835 | $660.8M | Add +7.5% |
| B Barrick Mining Corp. | 0.54% | 14,817,450 | $646.6M | Add +73.0% |
| AEM Agnico Eagle Mines Ltd. | 0.53% | 3,753,351 | $637.7M | Reduce -8.3% |
| LEN Lennar Corp. Class A | 0.52% | 6,089,621 | $626.0M | Reduce -7.0% |
| WDAY Workday Inc. Class A | 0.49% | 2,772,669 | $595.5M | Add +4.4% |
| URI United Rentals Inc. | 0.49% | 724,074 | $586.0M | Reduce -14.8% |
| WMT Walmart Inc. | 0.47% | 5,115,070 | $569.9M | Add +0.1% |
| ADBE Adobe Inc. | 0.47% | 1,623,200 | $568.1M | Reduce -3.9% |
| TXN Texas Instruments Inc. | 0.46% | 3,215,015 | $558.0M | Reduce -4.6% |
| DHR Danaher Corp. | 0.45% | 2,358,856 | $540.3M | Reduce -12.8% |
| ENB Enbridge Inc. | 0.44% | 11,137,052 | $534.0M | Reduce -49.5% |
| JHEM John Hancock Multi Em MRK Et | 0.44% | 16,093,119 | $529.5M | Reduce -4.3% |
| SYK Stryker Corp. | 0.44% | 1,490,728 | $524.5M | Add +17.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.43% | 6,969,396 | $515.1M | Add +27.6% |
| ACN Accenture PLC Class A | 0.43% | 1,918,502 | $514.9M | Add +72.7% |
| MDT Medtronic PLC | 0.43% | 5,350,057 | $514.0M | Add +1.7% |
| BN Brookfield Corp. | 0.42% | 11,091,478 | $510.0M | Reduce -12.5% |
| KLAC KLA Corp. | 0.40% | 398,388 | $484.2M | Reduce -22.6% |
| SLF Sun Life Financial Inc. | 0.40% | 7,651,567 | $478.6M | Reduce -4.0% |
| BDX Becton Dickinson and Co. | 0.38% | 2,384,372 | $462.9M | Reduce -7.5% |
| MA Mastercard Inc. Class A | 0.38% | 798,913 | $457.0M | Add +24.2% |
| NDAQ Nasdaq Inc. | 0.38% | 4,662,676 | $452.9M | Reduce -8.0% |
| CNI Canadian Natl Railway Co. | 0.37% | 4,452,495 | $441.3M | Add +9.9% |
| WCN Waste Connections Inc. | 0.37% | 2,505,148 | $440.2M | Reduce -10.3% |
| AMT American Tower Corp. | 0.37% | 2,506,569 | $440.1M | Add +107.8% |
| FSV Firstservice Corp. | 0.36% | 2,775,353 | $432.2M | Add +493.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 7,705,680 | $423.9M | Reduce -0.0% |
| MS Morgan Stanley | 0.35% | 2,358,594 | $418.9M | Reduce -37.2% |
| ORCL Oracle Corp. | 0.35% | 2,133,705 | $416.4M | Reduce -22.7% |
| ADI Analog Devices Inc. | 0.35% | 1,532,455 | $415.6M | Reduce -36.5% |
| CCI Crown Castle Inc. | 0.34% | 4,610,319 | $409.7M | Add +121.6% |
| XOM Exxon Mobil Corp. | 0.34% | 3,400,785 | $409.4M | Add +1.3% |
| AMGN Amgen Inc. | 0.32% | 1,192,290 | $390.2M | Add +28.0% |
| ABT Abbott Laboratories | 0.32% | 3,057,084 | $383.1M | Add +3.2% |
| PBA Pembina Pipeline Corp. | 0.31% | 9,828,960 | $375.2M | Add +1.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.30% | 2,804,743 | $365.0M | Reduce -4.0% |
| GIL Gildan Activewear Inc. | 0.30% | 5,797,077 | $363.1M | Add +27.6% |
| FWONK Liberty Media Corp. Class C | 0.30% | 3,684,043 | $362.9M | Reduce -28.0% |
| LOW Lowe's Cos Inc. | 0.30% | 1,494,250 | $360.4M | Reduce -3.4% |
| JHMD John Hancock MF Dev Intl ETF | 0.29% | 8,504,305 | $353.2M | Add +0.0% |
| OTEX Open Text Corp. | 0.29% | 10,734,420 | $350.0M | Add +11.7% |
| MU Micron Technology Inc. | 0.27% | 1,155,280 | $329.8M | Reduce -8.6% |
| WPM Wheaton Precious Metals Corp. | 0.27% | 2,778,152 | $327.3M | Reduce -30.3% |
| REGN Regeneron Pharmaceuticals | 0.27% | 421,229 | $325.3M | Add +10.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.27% | 2,845,560 | $323.9M | Reduce -4.8% |
| WFC Wells Fargo & Co. | 0.27% | 3,435,930 | $320.4M | Reduce -0.5% |
| NFLX Netflix Inc. | 0.27% | 3,406,666 | $319.4M | Reduce -4.1% |
| AMD Advanced Micro Devices | 0.26% | 1,467,689 | $314.4M | Reduce -0.7% |
| LMT Lockheed Martin Corp. | 0.26% | 643,189 | $311.1M | Reduce -4.6% |
| FTV Fortive Corp. | 0.26% | 5,626,871 | $310.8M | Add +70.0% |
| COR Cencora Inc. | 0.26% | 919,553 | $310.7M | Reduce -21.3% |
| IVV iShares Core S&P 500 ETF | 0.25% | 440,466 | $301.7M | Reduce -32.6% |
| PG The Procter & Gamble Co. | 0.25% | 2,082,341 | $298.5M | Add +4.7% |
| RACE Ferrari NV | 0.24% | 790,374 | $292.4M | Add +103.3% |
| GE General Electric filed as GE AEROSPACE | 0.24% | 922,029 | $285.0M | Add +2.7% |
| NTR Nutrien Ltd. | 0.24% | 4,607,607 | $284.9M | Reduce -3.5% |
| GEHC GE Healthcare Technology | 0.24% | 3,453,891 | $283.3M | Reduce -7.2% |
| MRSH Marsh & McLennan Cos | 0.24% | 1,526,227 | $283.3M | Add +107.4% |
| CLS Celestica Inc. | 0.23% | 941,481 | $279.0M | Reduce -7.0% |
| GS Goldman Sachs Group Inc. | 0.23% | 313,206 | $275.4M | Reduce -60.9% |
| CSCO Cisco Systems Inc. | 0.23% | 3,568,746 | $274.9M | Reduce -4.3% |
| AMAT Applied Materials Inc. | 0.23% | 1,061,121 | $272.9M | Reduce -10.6% |
| PLTR Palantir Technologies Inc. Class A | 0.22% | 1,521,011 | $270.6M | Reduce -0.4% |
| COST Costco Wholesale Corp. | 0.22% | 312,558 | $269.5M | Add +12.1% |
| CCJ Cameco Corp. | 0.22% | 2,911,918 | $267.2M | Add +7.4% |
| TRP TC Energy Corp. | 0.22% | 4,820,775 | $266.1M | Add +2.7% |
Other holdings (50): bonds, preferreds, convertibles and warrants · $1.3B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 3,518,672 | $171.1M | Reduce -2.5% |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | 2,038,727 | $101.5M | New |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 77,995,000 | $85.5M | Reduce -0.5% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 57,446 | $69.9M | Reduce -0.3% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 43,258 | $54.2M | Reduce -0.1% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 52,700,000 | $52.6M | New |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 775,620 | $51.3M | Reduce -2.1% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 32,400,000 | $50.4M | Reduce -15.9% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 1,175,187 | $48.3M | Add +5.3% |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 35,700,000 | $48.0M | Reduce -4.0% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 549,000 | $38.2M | Add +0.6% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 42,400,000 | $38.1M | No change |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 22,500,000 | $34.8M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 7,150,000 | $32.8M | Reduce -42.8% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 28,238,000 | $29.3M | No change |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 8,500,000 | $28.7M | Reduce -12.4% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 18,800,000 | $27.7M | No change |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | 27,950,000 | $26.9M | New |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 12,150,000 | $24.9M | No change |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 25,000,000 | $24.9M | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 16,600,000 | $23.4M | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 21,085,000 | $21.8M | No change |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 21,700,000 | $21.7M | No change |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 370,600 | $20.6M | Reduce -3.8% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 13,665,000 | $20.3M | No change |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 16,800,000 | $18.3M | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 14,600,000 | $17.4M | No change |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | 15,200,000 | $16.7M | New |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 14,250,000 | $13.1M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 7,000,000 | $9.1M | No change |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 153,500 | $7.9M | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 8,700,000 | $7.6M | No change |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 137,070 | $7.1M | No change |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 7,000,000 | $7.0M | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 6,300,000 | $6.5M | No change |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 6,200,000 | $6.3M | No change |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 4,179,000 | $4.2M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 4,000,000 | $4.0M | Add +100.0% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,750,000 | $3.7M | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 2,098,000 | $2.6M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 2,000,000 | $2.0M | No change |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 1,200,000 | $1.8M | No change |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 1,150,000 | $1.3M | No change |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,250,000 | $1.3M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 1,000,000 | $1.1M | Reduce -37.5% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 750,000 | $748K | No change |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 9,117 | $429K | Reduce -13.9% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 12,800 | $383K | Reduce -49.0% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 13,846 | $345K | Reduce -4.3% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 5,798 | $340K | Reduce -16.2% |
Total filed on the 13F, all lines: $121.7B.
Portfolio Sells Q3 2025 → Q4 2025
| ENB Enbridge Inc. | Reduce -49.5% | 0.44% | −0.48 |
| VYM Vanguard High DVD Yield ETF | Reduce -99.0% | 0.00% | −0.31 |
| GS Goldman Sachs Group Inc. | Reduce -60.9% | 0.23% | −0.30 |
| ORCL Oracle Corp. | Reduce -22.7% | 0.35% | −0.30 |
| IVW iShares S&P 500 Growth ETF | Sold out | 0.00% | −0.29 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Sold out | 0.00% | −0.27 |
| LNG Cheniere Energy Inc. | Reduce -10.0% | 0.67% | −0.23 |
| OSG Octave Specialty Group Inc. | Reduce -99.0% | 0.00% | −0.19 |
| URI United Rentals Inc. | Reduce -14.8% | 0.49% | −0.19 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -93.9% | 0.01% | −0.19 |
| SU Suncor Energy Inc. | Reduce -26.2% | 0.62% | −0.17 |
| LEN Lennar Corp. Class A | Reduce -7.0% | 0.52% | −0.17 |
| MS Morgan Stanley | Reduce -37.2% | 0.35% | −0.15 |
| ADI Analog Devices Inc. | Reduce -36.5% | 0.35% | −0.15 |
| FWONK Liberty Media Corp. Class C | Reduce -28.0% | 0.30% | −0.14 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -35.3% | 0.21% | −0.12 |
| VYMI Vanguard Int High DVD YLD Inc. | Reduce -94.2% | 0.01% | −0.12 |
| EMB iShares JP Morgan Usd Emergi | Reduce -89.7% | 0.01% | −0.11 |
| IVV iShares Core S&P 500 ETF | Reduce -32.6% | 0.25% | −0.11 |
| IEMG iShares Core MSCI Emerging | Sold out | 0.00% | −0.11 |
| ACGL Arch Capital Group Ltd. | Reduce -71.4% | 0.05% | −0.11 |
| XLC SS Comm Select Sector SPDR | Reduce -99.5% | 0.00% | −0.10 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -70.4% | 0.04% | −0.10 |
| WPM Wheaton Precious Metals Corp. | Reduce -30.3% | 0.27% | −0.10 |
| UNH Unitedhealth Group Inc. | Reduce -8.8% | 0.65% | −0.09 |
| BX Blackstone Inc. | Reduce -59.4% | 0.05% | −0.09 |
| BKNG Booking Holdings Inc. | Reduce -40.9% | 0.13% | −0.09 |
| NFLX Netflix Inc. | Reduce -4.1% | 0.27% | −0.09 |
| FNV Franco-Nevada Corp. | Reduce -26.7% | 0.18% | −0.08 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -90.8% | 0.01% | −0.08 |
| IEF iShares 7-10 Year Treasury B | Reduce -90.8% | 0.01% | −0.08 |
| VCIT Vanguard Int-Term Corporate | Reduce -97.3% | 0.00% | −0.08 |
| AZO AutoZone Inc. | Reduce -20.4% | 0.13% | −0.08 |
| UPS United Parcel Service Class B | Reduce -63.6% | 0.06% | −0.07 |
| JNK SS SPDR BB High Yield Bond | Reduce -99.4% | 0.00% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -15.4% | 0.15% | −0.06 |
| EBAY eBay Inc. | Reduce -33.4% | 0.11% | −0.06 |
| KLAC KLA Corp. | Reduce -22.6% | 0.40% | −0.06 |
| BN Brookfield Corp. | Reduce -12.5% | 0.42% | −0.06 |
| GD General Dynamics Corp. | Reduce -37.0% | 0.09% | −0.06 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -50.2% | 0.05% | −0.05 |
| IYC iShares US Consumer Discreti | Reduce -49.9% | 0.05% | −0.05 |
| VNQ Vanguard Real Estate ETF | Reduce -42.1% | 0.07% | −0.05 |
| LHX L3HARRIS Technologies Inc. | Reduce -26.8% | 0.13% | −0.05 |
| STN Stantec Inc. | Reduce -21.8% | 0.11% | −0.05 |
| TXN Texas Instruments Inc. | Reduce -4.6% | 0.46% | −0.05 |
| AJG Arthur J Gallagher & Co. | Reduce -21.6% | 0.09% | −0.05 |
| WRB WR Berkley Corp. | Reduce -59.1% | 0.03% | −0.05 |
| BND Vanguard Total Bond Market | Reduce -5.2% | 0.79% | −0.05 |
| RTX RTX Corp. | Reduce -33.5% | 0.12% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| TD Toronto-Dominion Bank | Add +10.6% | 1.33% | +0.31 |
| B Barrick Mining Corp. | Add +73.0% | 0.54% | +0.30 |
| FSV Firstservice Corp. | Add +493.4% | 0.36% | +0.28 |
| RY Royal Bank of Canada | Add +2.1% | 1.69% | +0.26 |
| ACN Accenture PLC Class A | Add +72.7% | 0.43% | +0.20 |
| CM Can Imperial BK of Commerce | Add +24.0% | 0.67% | +0.20 |
| CCI Crown Castle Inc. | Add +121.6% | 0.34% | +0.17 |
| AMT American Tower Corp. | Add +107.8% | 0.37% | +0.17 |
| MSFT Microsoft Corp. | Add +10.9% | 4.34% | +0.15 |
| TU Telus Corp. | Add +258.3% | 0.22% | +0.14 |
| EWC iShares MSCI Canada ETF | Add +1675.5% | 0.14% | +0.13 |
| BNS Bank of Nova Scotia | Add +27.6% | 0.43% | +0.13 |
| SHY iShares 1-3 Year Treasury Bo | Add +534.2% | 0.15% | +0.13 |
| FTV Fortive Corp. | Add +70.0% | 0.26% | +0.12 |
| TTE Totalenergies SE | New | 0.12% | +0.12 |
| MRSH Marsh & McLennan Cos | Add +107.4% | 0.24% | +0.11 |
| AMGN Amgen Inc. | Add +28.0% | 0.32% | +0.11 |
| EWJ iShares MSCI Japan ETF | Add +511.5% | 0.12% | +0.10 |
| TFII Tfi International Inc. | Add +231.3% | 0.13% | +0.10 |
| WM Waste Management Inc. | Add +241.4% | 0.14% | +0.10 |
| GIB Cgi Inc. | Add +78.4% | 0.20% | +0.09 |
| REGN Regeneron Pharmaceuticals | Add +10.6% | 0.27% | +0.09 |
| RACE Ferrari NV | Add +103.3% | 0.24% | +0.09 |
| INDA iShares MSCI India ETF | New | 0.08% | +0.08 |
| CPRT Copart Inc. | Add +516.1% | 0.10% | +0.08 |
| GIL Gildan Activewear Inc. | Add +27.6% | 0.30% | +0.08 |
| JNJ Johnson & Johnson | Add +2.4% | 0.65% | +0.08 |
| MA Mastercard Inc. Class A | Add +24.2% | 0.38% | +0.08 |
| ELV Elevance Health Inc. | Add +2.8% | 0.66% | +0.07 |
| KKR KKR & Co. Inc. | Add +11.0% | 0.74% | +0.06 |
| CVNA Carvana Co. | Add +49.0% | 0.15% | +0.06 |
| IYM iShares U.S. Basic Materials | New | 0.06% | +0.06 |
| SCHW Schwab (charles) Corp. | Add +43.6% | 0.16% | +0.06 |
| ROP Roper Technologies Inc. | Add +67.1% | 0.16% | +0.05 |
| V Visa Inc. Class A | Add +7.5% | 0.55% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.3% | 0.62% | +0.05 |
| PAAS Pan American Silver Corp. | Add +24.0% | 0.13% | +0.05 |
| CAT Caterpillar Inc. | Add +17.2% | 0.17% | +0.05 |
| CNI Canadian Natl Railway Co. | Add +9.9% | 0.37% | +0.05 |
| CVE Cenovus Energy Inc. | Add +28.6% | 0.22% | +0.05 |
| EQX Equinox Gold Corp. | Add +163.4% | 0.07% | +0.05 |
| CFG Citizens Financial Group | Add +66.5% | 0.11% | +0.05 |
| ISRG Intuitive Surgical Inc. | Add +1.7% | 0.21% | +0.05 |
| EWT iShares MSCI Taiwan ETF | New | 0.05% | +0.05 |
| DIA SS SPDR Dow Jones Indus Avg | Add +112.7% | 0.08% | +0.05 |
| SYK Stryker Corp. | Add +17.0% | 0.44% | +0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Add +9.3% | 0.21% | +0.04 |
| BBIO Bridgebio Pharma Inc. | Add +3.2% | 0.13% | +0.04 |
| VOO Vanguard S&P 500 ETF | Add +3.5% | 0.74% | +0.04 |
| MRK Merck & Co. Inc. | Add +7.4% | 0.16% | +0.04 |
Notes & Other Activity Q3 2025 → Q4 2025
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Reduce -2.5% | 3,518,672 | $171.1M |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | New | 2,038,727 | $101.5M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -0.5% | 77,995,000 | $85.5M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -0.3% | 57,446 | $69.9M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Sold out | 59,035,000 | $65.8Mbefore exit |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -0.1% | 43,258 | $54.2M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | New | 52,700,000 | $52.6M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -2.1% | 775,620 | $51.3M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Reduce -15.9% | 32,400,000 | $50.4M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +5.3% | 1,175,187 | $48.3M |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | Reduce -4.0% | 35,700,000 | $48.0M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +0.6% | 549,000 | $38.2M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -42.8% | 7,150,000 | $32.8M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Sold out | 30,596,000 | $29.2Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -12.4% | 8,500,000 | $28.7M |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | New | 27,950,000 | $26.9M |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | New | 25,000,000 | $24.9M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Reduce -3.8% | 370,600 | $20.6M |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | New | 15,200,000 | $16.7M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +100.0% | 4,000,000 | $4.0M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 1,950,000 | $2.4Mbefore exit |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Sold out | 2,105,000 | $2.2Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 1,800,000 | $1.9Mbefore exit |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Sold out | 1,230,000 | $1.6Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Sold out | 1,340,000 | $1.6Mbefore exit |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Reduce -37.5% | 1,000,000 | $1.1M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 930,000 | $956Kbefore exit |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Sold out | 500,000 | $531Kbefore exit |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Reduce -13.9% | 9,117 | $429K |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -49.0% | 12,800 | $383K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Reduce -4.3% | 13,846 | $345K |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Reduce -16.2% | 5,798 | $340K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 2,825 | $126.6B | MSFT, NVDA, AMZN, GOOGL, AAPL |
| Q1 2026 | 2,760 | $115.0B | MSFT, NVDA, AMZN, GOOGL, AAPL |
| Q4 2025 | 2,800 | $120.4B | MSFT, NVDA, AMZN, AAPL, GOOGL |
| Q3 2025 | 2,850 | $120.5B | MSFT, NVDA, AMZN, AAPL, GOOGL |
| Q2 2025 | 2,854 | $110.7B | MSFT, AMZN, NVDA, AAPL, GOOGL |
| Q1 2025 | 2,840 | $104.4B | AAPL, MSFT, AMZN, NVDA, GOOGL |
| Q4 2024 | 2,917 | $113.8B | AAPL, AMZN, MSFT, NVDA, GOOGL |
| Q3 2024 | 2,948 | $113.0B | AAPL, MSFT, AMZN, NVDA, GOOGL |
| Q2 2024 | 2,943 | $106.6B | MSFT, AAPL, AMZN, NVDA, GOOGL |
| Q1 2024 | 2,931 | $107.4B | MSFT, AMZN, AAPL, GOOGL, NVDA |