Nexus Investment Management ULC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 15, 2025), Nexus Investment Management ULC reported 69 stock positions worth $999.7 million. Its top holding was Royal Bank of Canada (RY) at 5.4% of the portfolio, followed by JPMorgan Chase (JPM, 4.8%) and Meta Platforms Class A (META, 4.6%). Compared with Q3 2024, it sold out of 4, added to 12 and reduced 39. The biggest buy was Canadian Natl Railway (CNI, shares +542%) and the biggest sale Toronto-Dominion Bank (TD, shares −2%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001476329
Portfolio Value
$999.7M (Q4 2024)
SEC Filing
0000945621-25-000062 ↗ filed Jan 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.0B Q1 2024 Q2 2024: $952.1M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $999.7M $999.7M Q4 2024 Q1 2025: $883.6M Q1 2025 Q2 2025: $669.2M Q2 2025 Q3 2025: $704.4M Q3 2025 Q4 2025: $733.8M Q4 2025 Q1 2026: $715.1M Q1 2026 Q2 2026: $766.9M Q2 2026

Holdings 69 stocks · $999.7M
RY Royal Bank of Canada 5.40% 448,759 $54.0M Reduce -4.8%
JPM JPMorgan Chase & Co. 4.77% 198,907 $47.7M Reduce -6.7%
META Meta Platforms Inc. Class A 4.62% 78,959 $46.2M Reduce -14.1%
GOOG Alphabet Inc. Class C 4.02% 211,135 $40.2M Add +0.3%
TD Toronto-Dominion Bank 3.95% 743,742 $39.5M Reduce -1.7%
CSCO Cisco Systems Inc. 3.88% 656,007 $38.8M Reduce -4.1%
CAE Cae Inc. 3.76% 1,483,125 $37.6M Reduce -0.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 3.74% 698,537 $37.4M Reduce -3.0%
BIP Brookfield Infrastructure Pa 3.65% 1,149,797 $36.5M Reduce -3.0%
AEP American Electric Power 3.65% 395,075 $36.4M Reduce -0.1%
ROST Ross Stores Inc. 3.61% 238,460 $36.1M Reduce -3.4%
C Citigroup Inc. 3.53% 500,670 $35.2M Reduce -4.2%
MSFT Microsoft Corp. 3.24% 76,740 $32.3M Reduce -1.2%
TU Telus Corp. 3.01% 2,225,265 $30.1M Add +1.8%
GM General Motors Co. 2.94% 551,327 $29.4M Reduce -8.9%
ENB Enbridge Inc. 2.91% 687,192 $29.1M Reduce -4.1%
KMX Carmax Inc. 2.87% 350,815 $28.7M Reduce -7.1%
CNI Canadian Natl Railway Co. 2.82% 278,462 $28.2M Add +542.0%
TRP TC Energy Corp. 2.80% 601,890 $28.0M Reduce -2.9%
UPS United Parcel Service Class B 2.66% 210,600 $26.6M Add +3.7%
EOG EOG Resources Inc. 2.41% 196,598 $24.1M Reduce -1.0%
GILD Gilead Sciences Inc. 2.22% 239,813 $22.2M Reduce -15.3%
DG Dollar General Corp. 2.17% 286,535 $21.7M Add +1.9%
PFE Pfizer Inc. 2.17% 818,287 $21.7M Add +1.7%
TXN Texas Instruments Inc. 1.89% 100,665 $18.9M Add +3.3%
SU Suncor Energy Inc. 1.85% 519,355 $18.5M Add +0.5%
MDT Medtronic PLC 1.80% 225,279 $18.0M Add +3.6%
CVS CVS Health Corp. 1.78% 395,292 $17.7M Reduce -0.5%
V Visa Inc. Class A 1.74% 55,176 $17.4M Reduce -2.1%
MGA Magna International Inc. 1.66% 398,160 $16.6M Reduce -15.3%
MS Morgan Stanley 1.66% 132,027 $16.6M Reduce -27.5%
CVE Cenovus Energy Inc. 1.59% 1,051,805 $15.9M Reduce -0.2%
HON Honeywell International Inc. 0.66% 29,415 $6.6M Add +5.0%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.47% 74,142 $4.7M Add +0.9%
GLW Corning Inc. 0.44% 93,400 $4.4M Reduce -7.9%
KR Kroger Co. 0.29% 48,115 $2.9M Add +0.4%
SOBO South Bow Corp. 0.28% 119,342 $2.8M Reduce -3.8%
PRAA Pra Group Inc. 0.28% 132,333 $2.8M Reduce -8.1%
FTS Fortis Inc. 0.26% 61,765 $2.6M Reduce -26.3%
EFA iShares MSCI Eafe ETF 0.24% 31,550 $2.4M No change
UNP Union Pacific Corp. 0.24% 10,460 $2.4M Reduce -12.5%
FSV Firstservice Corp. 0.21% 11,495 $2.1M No change
DHR Danaher Corp. 0.20% 8,655 $2.0M No change
OTEX Open Text Corp. 0.18% 63,130 $1.8M No change
BN Brookfield Corp. 0.16% 27,901 $1.6M Reduce -4.5%
GOOGL Alphabet Inc. Class A 0.14% 7,330 $1.4M Reduce -20.1%
CNQ Canadian Natural Resources 0.13% 40,550 $1.2M No change
JNJ Johnson & Johnson 0.12% 8,526 $1.2M No change
CVX Chevron Corp. 0.10% 6,600 $956K Reduce -0.8%
TRI Thomson Reuters Corp. 0.09% 5,635 $903K No change
IMO Imperial Oil Ltd. 0.07% 11,846 $728K No change
LLY Eli Lilly & Co. 0.06% 809 $625K No change
ABBV Abbvie Inc. 0.06% 3,456 $614K No change
DFS Discover Financial Services 0.05% 3,043 $527K No change
VZ Verizon Communications Inc. 0.05% 13,050 $522K Reduce -63.6%
CSX CSX Corp. 0.05% 15,840 $511K No change
XOM Exxon Mobil Corp. 0.05% 4,355 $468K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.04% 3,740 $423K Reduce -8.8%
T AT&T Inc. 0.04% 17,800 $405K Reduce -8.7%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.04% 3,854 $373K Reduce -76.3%
EXC Exelon Corp. 0.04% 9,900 $373K Reduce -8.3%
PG The Procter & Gamble Co. 0.03% 1,800 $302K No change
ABT Abbott Laboratories 0.03% 2,490 $282K Reduce -24.3%
MRK Merck & Co. Inc. 0.03% 2,625 $261K No change
KMB Kimberly-Clark Corp. 0.02% 1,900 $249K Reduce -22.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 5,350 $235K No change
BAM Brookfield Asset Mgmt-A 0.02% 4,104 $222K Reduce -27.1%
TFII Tfi International Inc. 0.02% 1,500 $202K No change
BHC Bausch Health Cos Inc. 0.02% 23,300 $188K No change

Portfolio Sells Q3 2024 → Q4 2024
TD Toronto-Dominion Bank Reduce -1.7% 3.95% −0.74
CVS CVS Health Corp. Reduce -0.5% 1.78% −0.67
META Meta Platforms Inc. Class A Reduce -14.1% 4.62% −0.54
BIP Brookfield Infrastructure Pa Reduce -3.0% 3.65% −0.44
RY Royal Bank of Canada Reduce -4.8% 5.40% −0.37
AEP American Electric Power Reduce -0.1% 3.65% −0.33
MGA Magna International Inc. Reduce -15.3% 1.66% −0.23
MS Morgan Stanley Reduce -27.5% 1.66% −0.20
CVE Cenovus Energy Inc. Reduce -0.2% 1.59% −0.14
FTS Fortis Inc. Reduce -26.3% 0.26% −0.12
GILD Gilead Sciences Inc. Reduce -15.3% 2.22% −0.11
BNS Bank of Nova Scotia Reduce -3.0% 3.74% −0.11
BMO Bank of Montreal Reduce -76.3% 0.04% −0.11
VZ Verizon Communications Inc. Reduce -63.6% 0.05% −0.11
TRP TC Energy Corp. Reduce -2.9% 2.80% −0.09
UNP Union Pacific Corp. Reduce -12.5% 0.24% −0.05
MSFT Microsoft Corp. Reduce -1.2% 3.24% −0.04
PBA Pembina Pipeline Corp. Sold out 0.00% −0.04
PRAA Pra Group Inc. Reduce -8.1% 0.28% −0.04
ROST Ross Stores Inc. Reduce -3.4% 3.61% −0.03
COST Costco Wholesale Corp. Sold out 0.00% −0.02
EIX Edison International Sold out 0.00% −0.02
RCI Rogers Communications Inc. Class B Sold out 0.00% −0.02
GOOGL Alphabet Inc. Class A Reduce -20.1% 0.14% −0.01
KMB Kimberly-Clark Corp. Reduce -22.4% 0.02% −0.01
ABT Abbott Laboratories Reduce -24.3% 0.03% −0.01
EXC Exelon Corp. Reduce -8.3% 0.04% −0.01
SOBO South Bow Corp. Reduce -3.8% 0.28% −0.01
GLW Corning Inc. Reduce -7.9% 0.44% −0.01
BAM Brookfield Asset Mgmt-A Reduce -27.1% 0.02% −0.00
T AT&T Inc. Reduce -8.7% 0.04% −0.00
TROW T Rowe Price Group Inc. Reduce -8.8% 0.04% −0.00
CVX Chevron Corp. Reduce -0.8% 0.10% −0.00
KMX Carmax Inc. Reduce -7.1% 2.87% +0.00
BN Brookfield Corp. Reduce -4.5% 0.16% +0.01
EOG EOG Resources Inc. Reduce -1.0% 2.41% +0.02
ENB Enbridge Inc. Reduce -4.1% 2.91% +0.05
V Visa Inc. Class A Reduce -2.1% 1.74% +0.22
GM General Motors Co. Reduce -8.9% 2.94% +0.28
CSCO Cisco Systems Inc. Reduce -4.1% 3.88% +0.31
C Citigroup Inc. Reduce -4.2% 3.53% +0.32
JPM JPMorgan Chase & Co. Reduce -6.7% 4.77% +0.36
CAE Cae Inc. Reduce -0.3% 3.76% +1.02

Portfolio Buys Q3 2024 → Q4 2024
CNI Canadian Natl Railway Co. Add +542.0% 2.82% +2.32
GOOG Alphabet Inc. Class C Add +0.3% 4.02% +0.57
HON Honeywell International Inc. Add +5.0% 0.66% +0.10
CM Can Imperial BK of Commerce Add +0.9% 0.47% +0.03
KR Kroger Co. Add +0.4% 0.29% +0.02
SU Suncor Energy Inc. Add +0.5% 1.85% −0.02
UPS United Parcel Service Class B Add +3.7% 2.66% −0.06
TXN Texas Instruments Inc. Add +3.3% 1.89% −0.09
PFE Pfizer Inc. Add +1.7% 2.17% −0.11
MDT Medtronic PLC Add +3.6% 1.80% −0.12
DG Dollar General Corp. Add +1.9% 2.17% −0.16
TU Telus Corp. Add +1.8% 3.01% −0.59

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 72$766.9MJPM, GOOG, AEP, C, ROST
Q1 2026 70$715.1MJPM, ROST, AEP, CSCO, GOOG
Q4 2025 70$733.8MGOOG, JPM, CSCO, C, AEP
Q3 2025 70$704.4MJPM, GOOG, META, C, CSCO
Q2 2025 80$669.2MMETA, JPM, CSCO, C, AEP
Q1 2025 75$883.6MJPM, META, AEP, CSCO, C
Q4 2024 69$999.7MRY, JPM, META, GOOG, TD
Q3 2024 72$1.0BRY, META, TD, JPM, BIP
Q2 2024 74$952.1MRY, JPM, META, TD, MSFT
Q1 2024 76$1.0BJPM, RY, TD, META, ROST