Nexus Investment Management ULC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Nexus Investment Management ULC reported 70 stock positions worth $733.8 million. Its top holding was Alphabet Class C (GOOG) at 8.9% of the portfolio, followed by JPMorgan Chase (JPM, 8.3%) and Cisco Systems (CSCO, 6.8%). Compared with Q3 2025, it sold out of 1, added to 9 and reduced 19. The biggest buy was United Parcel Service Class B (UPS, shares +2%) and the biggest sale Meta Platforms Class A (META, shares −2%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001476329
Portfolio Value
$733.8M (Q4 2025)
SEC Filing
0000945621-26-000062 ↗ filed Jan 21, 2026

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 Q4 2024 Q1 2025: $883.6M Q1 2025 Q2 2025: $669.2M Q2 2025 Q3 2025: $704.4M Q3 2025 Q4 2025: $733.8M $733.8M Q4 2025 Q1 2026: $715.1M Q1 2026 Q2 2026: $766.9M Q2 2026

Holdings 70 stocks · $733.8M
GOOG Alphabet Inc. Class C 8.85% 207,020 $65.0M Reduce -3.5%
JPM JPMorgan Chase & Co. 8.31% 189,336 $61.0M Reduce -1.7%
CSCO Cisco Systems Inc. 6.76% 643,507 $49.6M Reduce -0.9%
C Citigroup Inc. 6.21% 390,203 $45.5M Reduce -19.1%
AEP American Electric Power 6.18% 393,044 $45.3M Reduce -0.4%
ROST Ross Stores Inc. 6.09% 248,172 $44.7M Reduce -0.6%
META Meta Platforms Inc. Class A 5.91% 65,662 $43.3M Reduce -2.1%
TMO Thermo Fisher Scientific Inc. 5.31% 67,297 $39.0M Reduce -0.4%
DG Dollar General Corp. 5.15% 284,874 $37.8M Reduce -0.5%
MSFT Microsoft Corp. 4.99% 75,652 $36.6M Reduce -1.3%
GILD Gilead Sciences Inc. 4.31% 257,824 $31.6M Reduce -0.5%
MDT Medtronic PLC 3.85% 293,848 $28.2M Add +0.1%
PFE Pfizer Inc. 3.36% 991,225 $24.7M Add +2.0%
FERG Ferguson Enterprises Inc. 3.04% 100,321 $22.3M Add +0.4%
UPS United Parcel Service Class B 2.99% 221,491 $22.0M Add +1.6%
EOG EOG Resources Inc. 2.99% 208,873 $21.9M Add +0.2%
V Visa Inc. Class A 2.85% 59,536 $20.9M Reduce -0.5%
MS Morgan Stanley 2.83% 117,027 $20.8M Reduce -11.4%
TXN Texas Instruments Inc. 2.53% 107,091 $18.6M Add +0.7%
KMX Carmax Inc. 2.38% 452,800 $17.5M Add +0.9%
GLW Corning Inc. 0.88% 74,000 $6.5M Reduce -8.6%
HON Honeywell International Inc. 0.81% 30,474 $5.9M No change
EFA iShares MSCI Eafe ETF 0.47% 36,150 $3.5M Reduce -4.2%
KR Kroger Co. 0.41% 48,565 $3.0M Add +1.5%
UNP Union Pacific Corp. 0.37% 11,706 $2.7M Add +3.5%
GOOGL Alphabet Inc. Class A 0.29% 6,915 $2.2M Reduce -1.4%
JNJ Johnson & Johnson 0.27% 9,431 $2.0M No change
DHR Danaher Corp. 0.23% 7,355 $1.7M Reduce -5.2%
CVX Chevron Corp. 0.16% 7,641 $1.2M No change
LLY Eli Lilly & Co. 0.12% 799 $859K No change
ABBV Abbvie Inc. 0.11% 3,456 $790K No change
XOM Exxon Mobil Corp. 0.10% 5,794 $697K No change
VZ Verizon Communications Inc. 0.09% 15,610 $636K No change
CSX CSX Corp. 0.08% 15,840 $574K No change
EXC Exelon Corp. 0.08% 12,857 $560K No change
T AT&T Inc. 0.06% 17,210 $427K No change
MRK Merck & Co. Inc. 0.05% 3,735 $393K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.05% 3,740 $383K No change
SOLS Solstice Adv Materials Inc. 0.05% 7,616 $370K No change
ABT Abbott Laboratories 0.04% 2,490 $312K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.04% 5,350 $294K No change
KMB Kimberly-Clark Corp. 0.04% 2,584 $261K No change
PG The Procter & Gamble Co. 0.04% 1,800 $258K No change
EIX Edison International 0.03% 3,719 $223K No change
VEA Vanguard Ftse Developed ETF 0.03% 3,024 $189K No change
BIIB Biogen Inc. 0.02% 920 $162K No change
FSV Firstservice Corp. 0.02% 1,000 $156K No change
VWO Vanguard Ftse Emerging Marke 0.02% 2,457 $132K No change
PRAA Pra Group Inc. 0.02% 6,450 $114K No change
MA Mastercard Inc. Class A 0.02% 195 $111K No change
COST Costco Wholesale Corp. 0.01% 100 $86K No change
ORCL Oracle Corp. 0.01% 400 $78K No change
CL Colgate-Palmolive Co. 0.01% 966 $76K No change
NEM Newmont Corp. 0.01% 650 $65K No change
WMT Walmart Inc. 0.01% 555 $62K No change
BHC Bausch Health Cos Inc. 0.01% 8,500 $59K Reduce -34.6%
VLTO Veralto Corp. 0.01% 534 $53K Reduce -19.9%
FNV Franco-Nevada Corp. 0.01% 250 $52K No change
BMY Bristol-Myers Squibb Co. 0.01% 953 $51K No change
SLV iShares Silver Trust 0.01% 750 $48K No change
AXP American Express Co. 0.01% 125 $46K No change
B Barrick Mining Corp. 0.01% 2,300 $43K No change
GDXJ Vaneck Junior Gold Miners 0.01% 350 $40K No change
BRK.B Berkshire Hathaway Inc. Class B 0.00% 61 $31K No change
NVS Novartis AG-Sponsored ADR 0.00% 220 $30K No change
BDX Becton Dickinson and Co. 0.00% 150 $29K No change
PEP Pepsico Inc. 0.00% 125 $18K No change
ACN Accenture PLC Class A 0.00% 65 $17K No change
AAPL Apple Inc. 0.00% 60 $16K No change
CB144A Appvion Esc Npv 0.00% 1 $2K No change

Portfolio Sells Q3 2025 → Q4 2025
META Meta Platforms Inc. Class A Reduce -2.1% 5.91% −1.09
C Citigroup Inc. Reduce -19.1% 6.21% −0.74
MSFT Microsoft Corp. Reduce -1.3% 4.99% −0.65
JPM JPMorgan Chase & Co. Reduce -1.7% 8.31% −0.31
MS Morgan Stanley Reduce -11.4% 2.83% −0.15
AEP American Electric Power Reduce -0.4% 6.18% −0.13
OTEX Open Text Corp. Sold out 0.00% −0.09
GLW Corning Inc. Reduce -8.6% 0.88% −0.06
V Visa Inc. Class A Reduce -0.5% 2.85% −0.06
EFA iShares MSCI Eafe ETF Reduce -4.2% 0.47% −0.03
BHC Bausch Health Cos Inc. Reduce -34.6% 0.01% −0.00
VLTO Veralto Corp. Reduce -19.9% 0.01% −0.00
DHR Danaher Corp. Reduce -5.2% 0.23% +0.01
GOOGL Alphabet Inc. Class A Reduce -1.4% 0.29% +0.05
GILD Gilead Sciences Inc. Reduce -0.5% 4.31% +0.23
CSCO Cisco Systems Inc. Reduce -0.9% 6.76% +0.45
TMO Thermo Fisher Scientific Inc. Reduce -0.4% 5.31% +0.66
ROST Ross Stores Inc. Reduce -0.6% 6.09% +0.69
DG Dollar General Corp. Reduce -0.5% 5.15% +0.95
GOOG Alphabet Inc. Class C Reduce -3.5% 8.85% +1.43

Portfolio Buys Q3 2025 → Q4 2025
UPS United Parcel Service Class B Add +1.6% 2.99% +0.41
UNP Union Pacific Corp. Add +3.5% 0.37% −0.01
KR Kroger Co. Add +1.5% 0.41% −0.04
MDT Medtronic PLC Add +0.1% 3.85% −0.12
FERG Ferguson Enterprises Inc. Add +0.4% 3.04% −0.14
PFE Pfizer Inc. Add +2.0% 3.36% −0.15
TXN Texas Instruments Inc. Add +0.7% 2.53% −0.24
EOG EOG Resources Inc. Add +0.2% 2.99% −0.33
KMX Carmax Inc. Add +0.9% 2.38% −0.47

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