Nicola Wealth Management LTD.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Nicola Wealth Management LTD. reported 113 stock positions worth $1.0 billion. Its top holding was Bank of Nova Scotia (BNS) at 10.2% of the portfolio, followed by TC Energy (TRP, 3.0%) and Suncor Energy (SU, 3.0%). Compared with Q4 2023, it opened 14 new positions, sold out of 15, added to 28 and reduced 33. The biggest buy was a new position in Bank of Nova Scotia (BNS) and the biggest sale an exit from S&P Global (SPGI).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001734493
Portfolio Value
$1.0B (Q1 2024)
SEC Filing
0001734493-24-000004 ↗ filed May 10, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.0B $1.0B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.3B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $833.0M Q1 2026 Q2 2026: $868.4M Q2 2026

Holdings 113 stocks · $1.0B
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 10.19% 1,500,000 $105.1M New
TRP TC Energy Corp. 2.99% 566,596 $30.8M No change
SU Suncor Energy Inc. 2.96% 611,722 $30.6M No change
TD Toronto-Dominion Bank 2.71% 342,002 $28.0M Add +9.9%
RY Royal Bank of Canada 2.63% 198,935 $27.2M Reduce -4.4%
V Visa Inc. Class A 2.60% 96,000 $26.8M Reduce -9.4%
T AT&T Inc. 2.50% 1,468,700 $25.8M No change
MSFT Microsoft Corp. 2.37% 58,160 $24.5M No change
H Hyatt Hotels Corp. Class A 2.36% 152,500 $24.3M No change
SHEL Shell PLC-ADR 2.32% 357,000 $23.9M Reduce -4.0%
PLD Prologis Inc. 2.24% 167,413 $23.1M Reduce -2.3%
EA Electronic Arts Inc. 2.09% 162,400 $21.5M No change
UNP Union Pacific Corp. 1.95% 81,800 $20.1M Reduce -9.9%
CNI Canadian Natl Railway Co. 1.87% 108,400 $19.3M No change
ADBE Adobe Inc. 1.86% 38,000 $19.2M Add +31.0%
CNQ Canadian Natural Resources 1.82% 181,963 $18.8M Reduce -30.2%
GOOGL Alphabet Inc. Class A 1.80% 122,900 $18.5M Add +33.7%
TSM Taiwan Semiconductor-SP ADR 1.75% 98,000 $18.1M Reduce -19.0%
DE Deere & Co. 1.74% 43,800 $18.0M Add +12.9%
CCK Crown Holdings Inc. 1.70% 221,000 $17.5M Add +16.3%
CASY Casey's General Stores Inc. 1.70% 55,000 $17.5M New
WCC Wesco International Inc. 1.69% 101,800 $17.4M No change
CUBE Cubesmart 1.66% 371,713 $17.1M Add +1.7%
TU Telus Corp. 1.64% 781,819 $16.9M No change
WMT Walmart Inc. 1.63% 280,200 $16.9M Reduce -32.5%
BAM Brookfield Asset Mgmt-A 1.54% 279,558 $15.9M Reduce -19.4%
CP Canadian Pacific Kansas City 1.45% 124,966 $14.9M Reduce -49.8%
META Meta Platforms Inc. Class A 1.36% 29,000 $14.1M New
UNH Unitedhealth Group Inc. 1.34% 27,900 $13.8M No change
INFY Infosys Ltd.-SP ADR 1.32% 559,000 $13.6M Add +176.7%
BDX Becton Dickinson and Co. 1.25% 52,000 $12.9M Add +48.6%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 1.23% 95,184 $12.7M Add +36.2%
ROST Ross Stores Inc. 1.13% 79,300 $11.6M Reduce -53.7%
GILD Gilead Sciences Inc. 1.11% 156,000 $11.4M Reduce -18.3%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.00% 41,100 $10.3M No change
GIB Cgi Inc. 0.97% 66,800 $10.0M No change
GRP.U Granite Real Estate Investme 0.95% 127,400 $9.8M No change
AMZN Amazon.com Inc. 0.94% 54,000 $9.7M New
BSX Boston Scientific Corp. 0.84% 127,000 $8.7M Reduce -40.9%
BIIB Biogen Inc. 0.83% 39,500 $8.5M Add +58.0%
NOW ServiceNow Inc. 0.81% 11,000 $8.4M New
BBDC Barings BDC Inc. 0.75% 614,000 $7.7M No change
STN Stantec Inc. 0.72% 66,494 $7.5M Reduce -16.7%
LOW Lowe's Cos Inc. 0.64% 26,000 $6.6M No change
KREF KKR Real Estate Finance Trus 0.60% 453,000 $6.2M No change
COKE Coca-Cola Consolidated Inc. 0.56% 5,060 $5.8M No change
ABBV Abbvie Inc. 0.53% 30,000 $5.5M Reduce -50.0%
CEG Constellation Energy 0.51% 28,500 $5.3M Reduce -34.5%
HDB HDFC Bank Ltd.-ADR 0.51% 69,000 $5.2M New
TECK Teck Resources Ltd.-CLS B 0.50% 82,800 $5.1M No change
SLGN Silgan Holdings Inc. 0.50% 77,900 $5.1M No change
WFG West Fraser Timber Co. Ltd. 0.47% 41,700 $4.9M No change
REZI Resideo Technologies Inc. 0.45% 152,600 $4.6M No change
SANM Sanmina Corp. 0.44% 54,100 $4.6M No change
BEP Brookfield Renewable Partner 0.44% 195,800 $4.6M Reduce -6.8%
CSL Carlisle Cos Inc. 0.42% 11,000 $4.3M No change
CRI Carter's Inc. 0.41% 37,100 $4.3M No change
NFLX Netflix Inc. 0.41% 7,000 $4.3M No change
BHE Benchmark Electronics Inc. 0.41% 104,600 $4.3M No change
AB Alliancebernstein Holding LP 0.41% 89,000 $4.2M No change
JBL Jabil Inc. 0.40% 22,500 $4.1M No change
ITRI Itron Inc. 0.39% 44,000 $4.1M Reduce -2.2%
FSLR First Solar Inc. 0.39% 24,000 $4.1M Add +65.5%
XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP 0.38% 132,000 $4.0M Add +4.8%
REET iShares Global REIT ETF 0.38% 123,300 $4.0M New
PRGO Perrigo Co. PLC 0.38% 90,000 $3.9M No change
PDCO Patterson Cos Inc. 0.38% 103,800 $3.9M No change
EPC Edgewell Personal Care Co. 0.38% 74,200 $3.9M No change
XYL Xylem Inc. 0.34% 27,000 $3.5M Reduce -35.7%
AWK American Water Works Co. Inc. 0.33% 28,000 $3.4M Reduce -12.5%
DLR Digital Realty Trust Inc. 0.33% 17,352 $3.4M Add +9.2%
IONS Ionis Pharmaceuticals Inc. 0.32% 56,000 $3.3M No change
EQIX Equinix Inc. 0.31% 2,892 $3.2M Reduce -13.2%
EFX Equifax Inc. 0.31% 12,000 $3.2M No change
BCO The Brink's Co. 0.31% 25,600 $3.2M No change
HASI Ha Sustainable Infrastructur filed as HANNON ARMSTRONG SUST INFR C 0.30% 110,000 $3.1M Reduce -4.3%
ORA Ormat Technologies Inc. 0.30% 46,000 $3.0M Add +4.5%
ENPH Enphase Energy Inc. 0.29% 25,000 $3.0M Add +19.1%
ARRY Array Technologies Inc. 0.29% 200,000 $3.0M Add +60.0%
ILMN Illumina Inc. 0.28% 21,000 $2.9M New
INVH Invitation Homes Inc. 0.24% 50,648 $2.4M Add +65.8%
RUN Sunrun Inc. 0.23% 180,000 $2.4M Add +63.6%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.23% 58,785 $2.4M Add +39.4%
EXR Extra Space Storage Inc. 0.23% 11,760 $2.3M Reduce -19.2%
WELL Welltower Inc. 0.22% 17,695 $2.2M Add +34.1%
AVB Avalonbay Communities Inc. 0.19% 7,750 $1.9M Reduce -26.5%
MBLY Mobileye Global Inc. Class A 0.18% 59,000 $1.9M Add +43.9%
EPRT Essential Properties Realty 0.18% 51,161 $1.8M Add +65.2%
AMRC Ameresco Inc. Class A 0.17% 72,000 $1.7M Add +30.9%
ARE Alexandria Real Estate Equit 0.16% 9,662 $1.7M Reduce -4.0%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.16% 19,528 $1.7M Add +29.1%
CTRE Caretrust REIT Inc. 0.16% 50,405 $1.7M New
FLNC Fluence Energy Inc. 0.16% 95,000 $1.6M Reduce -5.0%
BE Bloom Energy Corp. Class A 0.16% 145,000 $1.6M Reduce -3.3%
PK Park Hotels & Resorts Inc. 0.15% 66,000 $1.6M Add +106.3%
REXR Rexford Industrial Realty Inc. 0.15% 22,510 $1.5M Add +59.5%
AHR American Healthcare REIT Inc. 0.15% 75,000 $1.5M New
HP Helmerich & Payne 0.14% 25,900 $1.5M No change
PDS Precision Drilling Corp. 0.14% 16,000 $1.5M No change
ESS Essex Property Trust Inc. 0.14% 4,300 $1.4M New
ADC Agree Realty Corp. 0.12% 16,100 $1.2M Add +5.9%
AMT American Tower Corp. 0.12% 4,496 $1.2M Reduce -10.0%
SBAC SBA Communications Corp. 0.10% 3,600 $1.1M Reduce -16.3%
PWR Quanta Services Inc. 0.10% 4,000 $1.0M New
CCJ Cameco Corp. 0.10% 23,000 $996K New
PDO PIMCO Dynamic Income Opport 0.09% 54,000 $963K No change
NBR Nabors Industries Ltd. 0.09% 8,200 $956K No change
KIM Kimco Realty Corp. 0.09% 34,000 $903K Reduce -56.1%
STEM Stem Inc. 0.08% 400,000 $876K Reduce -25.2%
LXP LXP Industrial Trust 0.08% 71,331 $871K New
KRG Kite Realty Group Trust 0.07% 24,064 $706K Reduce -40.8%
HUDSON PAC PPTYS INC 0.07% 80,809 $706K Add +78.8%
CHPT Chargepoint Holdings Inc. 0.05% 250,000 $475K Reduce -24.2%

Portfolio Sells Q4 2023 → Q1 2024
SPGI S&P Global Inc. Sold out 0.00% −1.45
ROST Ross Stores Inc. Reduce -53.7% 1.13% −1.36
LNG Cheniere Energy Inc. Sold out 0.00% −1.35
CP Canadian Pacific Kansas City Reduce -49.8% 1.45% −1.29
IFF Intl Flavors & Fragrances Sold out 0.00% −1.16
NXPI NXP Semiconductors NV Sold out 0.00% −1.14
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −1.03
BLK BlackRock Finance Inc. Sold out 0.00% −0.89
COST Costco Wholesale Corp. Sold out 0.00% −0.76
WMT Walmart Inc. Reduce -32.5% 1.63% −0.66
WM Waste Management Inc. Sold out 0.00% −0.55
CNQ Canadian Natural Resources Reduce -30.2% 1.82% −0.55
CPT Camden Property Trust Sold out 0.00% −0.52
GILD Gilead Sciences Inc. Reduce -18.3% 1.11% −0.52
BSX Boston Scientific Corp. Reduce -40.9% 0.84% −0.46
ABBV Abbvie Inc. Reduce -50.0% 0.53% −0.45
BAM Brookfield Asset Mgmt-A Reduce -19.4% 1.54% −0.40
UNP Union Pacific Corp. Reduce -9.9% 1.95% −0.39
PLD Prologis Inc. Reduce -2.3% 2.24% −0.30
V Visa Inc. Class A Reduce -9.4% 2.60% −0.30
RY Royal Bank of Canada Reduce -4.4% 2.63% −0.29
O Realty Income Corp. Sold out 0.00% −0.28
SHEL Shell PLC-ADR Reduce -4.0% 2.32% −0.25
HR Healthcare Realty Trust Inc. Sold out 0.00% −0.17
STN Stantec Inc. Reduce -16.7% 0.72% −0.17
VTR Ventas Inc. Sold out 0.00% −0.17
XYL Xylem Inc. Reduce -35.7% 0.34% −0.17
KIM Kimco Realty Corp. Reduce -56.1% 0.09% −0.14
PLUG Plug Power Inc. Sold out 0.00% −0.14
BEP Brookfield Renewable Partner Reduce -6.8% 0.44% −0.14
STEM Stem Inc. Reduce -25.2% 0.08% −0.13
TCN Tricon Residential Inc. Sold out 0.00% −0.13
AWK American Water Works Co. Inc. Reduce -12.5% 0.33% −0.11
BLDP Ballard Power Systems Inc. Sold out 0.00% −0.11
EXR Extra Space Storage Inc. Reduce -19.2% 0.23% −0.10
FLNC Fluence Energy Inc. Reduce -5.0% 0.16% −0.09
AVB Avalonbay Communities Inc. Reduce -26.5% 0.19% −0.09
BE Bloom Energy Corp. Class A Reduce -3.3% 0.16% −0.07
KRG Kite Realty Group Trust Reduce -40.8% 0.07% −0.06
EQIX Equinix Inc. Reduce -13.2% 0.31% −0.06
SBAC SBA Communications Corp. Reduce -16.3% 0.10% −0.05
CHPT Chargepoint Holdings Inc. Reduce -24.2% 0.05% −0.04
AMT American Tower Corp. Reduce -10.0% 0.12% −0.03
HASI Ha Sustainable Infrastructur Reduce -4.3% 0.30% −0.03
CEG Constellation Energy Reduce -34.5% 0.51% −0.02
ARE Alexandria Real Estate Equit Reduce -4.0% 0.16% −0.01
TSM Taiwan Semiconductor-SP ADR Reduce -19.0% 1.75% +0.00
ITRI Itron Inc. Reduce -2.2% 0.39% +0.04

Portfolio Buys Q4 2023 → Q1 2024
BNS Bank of Nova Scotia New 10.19% +10.19
CASY Casey's General Stores Inc. New 1.70% +1.70
META Meta Platforms Inc. Class A New 1.36% +1.36
AMZN Amazon.com Inc. New 0.94% +0.94
NOW ServiceNow Inc. New 0.81% +0.81
INFY Infosys Ltd.-SP ADR Add +176.7% 1.32% +0.80
HDB HDFC Bank Ltd.-ADR New 0.51% +0.51
GOOGL Alphabet Inc. Class A Add +33.7% 1.80% +0.45
REET iShares Global REIT ETF New 0.38% +0.38
BDX Becton Dickinson and Co. Add +48.6% 1.25% +0.35
ILMN Illumina Inc. New 0.28% +0.28
SUI Sun Communities Inc. Add +36.2% 1.23% +0.20
CTRE Caretrust REIT Inc. New 0.16% +0.16
BIIB Biogen Inc. Add +58.0% 0.83% +0.15
AHR American Healthcare REIT Inc. New 0.15% +0.15
ESS Essex Property Trust Inc. New 0.14% +0.14
FSLR First Solar Inc. Add +65.5% 0.39% +0.13
DE Deere & Co. Add +12.9% 1.74% +0.12
PWR Quanta Services Inc. New 0.10% +0.10
CCJ Cameco Corp. New 0.10% +0.10
INVH Invitation Homes Inc. Add +65.8% 0.24% +0.09
LXP LXP Industrial Trust New 0.08% +0.08
PK Park Hotels & Resorts Inc. Add +106.3% 0.15% +0.08
EPRT Essential Properties Realty Add +65.2% 0.18% +0.07
ARRY Array Technologies Inc. Add +60.0% 0.29% +0.07
WELL Welltower Inc. Add +34.1% 0.22% +0.05
VICI Vici Properties Inc. Add +39.4% 0.23% +0.04
ADBE Adobe Inc. Add +31.0% 1.86% +0.04
REXR Rexford Industrial Realty Inc. Add +59.5% 0.15% +0.04
VMRK Vivmark Residential Add +29.1% 0.16% +0.03
DLR Digital Realty Trust Inc. Add +9.2% 0.33% +0.03
HUDSON PAC PPTYS INC Add +78.8% 0.07% +0.01
RUN Sunrun Inc. Add +63.6% 0.23% +0.00
ENPH Enphase Energy Inc. Add +19.1% 0.29% +0.00
MBLY Mobileye Global Inc. Class A Add +43.9% 0.18% −0.00
ADC Agree Realty Corp. Add +5.9% 0.12% −0.01
AMRC Ameresco Inc. Class A Add +30.9% 0.17% −0.01
XIFR XPLR Infrastructure LP Add +4.8% 0.38% −0.02
ORA Ormat Technologies Inc. Add +4.5% 0.30% −0.05
TD Toronto-Dominion Bank Add +9.9% 2.71% −0.09
CCK Crown Holdings Inc. Add +16.3% 1.70% −0.14
CUBE Cubesmart Add +1.7% 1.66% −0.14

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 61$868.4MWCN, PBA, NVDA, MSFT, TSM
Q1 2026 62$833.0MWCN, PBA, SLF, TTE, T
Q4 2025 65$1.1BTRP, BNS, PBA, TD, WCN
Q3 2025 65$1.1BTRP, CM, MSFT, TD, TU
Q2 2025 104$1.1BBNS, TD, MSFT, TU, AVGO
Q1 2025Amended 111$1.0BBNS, TD, MSFT, REET, V
Q4 2024 107$1.1BTD, SHOP, CNI, REET, MSFT
Q3 2024 104$1.3BBNS, TD, TRP, SHOP, RY
Q2 2024 108$1.1BBNS, SU, TRP, RY, ADBE
Q1 2024 113$1.0BBNS, TRP, SU, TD, RY