Nicola Wealth Management LTD.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 31, 2024), Nicola Wealth Management LTD. reported 108 stock positions worth $1.1 billion. Its top holding was Bank of Nova Scotia (BNS) at 12.9% of the portfolio, followed by Suncor Energy (SU, 2.9%) and TC Energy (TRP, 2.6%). Compared with Q1 2024, it opened 8 new positions, sold out of 13, added to 40 and reduced 27. The biggest buy was Bank of Nova Scotia (BNS, shares +53%) and the biggest sale an exit from Canadian Pacific Kansas City (CP).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001734493
Portfolio Value
$1.1B (Q2 2024)
SEC Filing
0001734493-24-000006 ↗ filed Jul 31, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.0B Q1 2024 Q2 2024: $1.1B $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 108 stocks · $1.1B
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 12.86% 2,300,000 $143.9M Add +53.3%
SU Suncor Energy Inc. 2.85% 611,722 $31.9M No change
TRP TC Energy Corp. 2.63% 566,596 $29.4M No change
RY Royal Bank of Canada 2.59% 198,935 $29.0M No change
ADBE Adobe Inc. 2.51% 50,500 $28.1M Add +32.9%
T AT&T Inc. 2.34% 1,368,700 $26.2M Reduce -6.8%
MSFT Microsoft Corp. 2.32% 58,160 $26.0M No change
TD Toronto-Dominion Bank 2.30% 342,002 $25.7M No change
SHOP Shopify Inc. Class A 2.11% 261,100 $23.6M New
H Hyatt Hotels Corp. Class A 2.07% 152,500 $23.2M No change
SHEL Shell PLC-ADR 2.06% 320,000 $23.1M Reduce -10.4%
EA Electronic Arts Inc. 2.02% 162,400 $22.6M No change
V Visa Inc. Class A 2.01% 85,500 $22.4M Reduce -10.9%
GOOGL Alphabet Inc. Class A 2.00% 122,900 $22.4M No change
TSM Taiwan Semiconductor-SP ADR 1.93% 91,000 $21.6M Reduce -7.1%
CNI Canadian Natl Railway Co. 1.92% 133,200 $21.5M Add +22.9%
CASY Casey's General Stores Inc. 1.88% 55,000 $21.0M No change
META Meta Platforms Inc. Class A 1.76% 39,000 $19.7M Add +34.5%
UNP Union Pacific Corp. 1.71% 84,800 $19.2M Add +3.7%
WMT Walmart Inc. 1.70% 280,200 $19.0M No change
GIB Cgi Inc. 1.69% 138,900 $19.0M Add +107.9%
DE Deere & Co. 1.66% 49,800 $18.6M Add +13.7%
PLD Prologis Inc. 1.60% 153,818 $17.9M Reduce -8.1%
WCC Wesco International Inc. 1.53% 108,300 $17.2M Add +6.4%
CCK Crown Holdings Inc. 1.47% 221,000 $16.4M No change
TU Telus Corp. 1.45% 781,819 $16.2M No change
CUBE Cubesmart 1.43% 354,000 $16.0M Reduce -4.8%
UNH Unitedhealth Group Inc. 1.38% 30,400 $15.5M Add +9.0%
BAM Brookfield Asset Mgmt-A 1.30% 279,558 $14.6M No change
INFY Infosys Ltd.-SP ADR 1.27% 559,000 $14.2M No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 1.18% 106,184 $13.2M Add +11.6%
CNQ Canadian Natural Resources 1.16% 266,126 $13.0M Reduce -26.9%
AMZN Amazon.com Inc. 1.14% 66,000 $12.8M Add +22.2%
BDX Becton Dickinson and Co. 1.09% 52,000 $12.2M No change
HDB HDFC Bank Ltd.-ADR 1.05% 134,000 $11.8M Add +94.2%
ROST Ross Stores Inc. 1.03% 79,300 $11.5M No change
NFLX Netflix Inc. 1.03% 17,000 $11.5M Add +142.9%
EFX Equifax Inc. 1.02% 47,000 $11.4M Add +291.7%
NOW ServiceNow Inc. 0.98% 14,000 $11.0M Add +27.3%
GILD Gilead Sciences Inc. 0.96% 156,000 $10.7M No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.95% 41,100 $10.7M No change
REET iShares Global REIT ETF 0.87% 307,300 $9.8M Add +149.2%
BIIB Biogen Inc. 0.82% 39,500 $9.2M No change
GRP.U Granite Real Estate Investme 0.77% 127,400 $8.6M No change
BBDC Barings BDC Inc. 0.73% 614,000 $8.2M No change
BSX Boston Scientific Corp. 0.70% 102,300 $7.9M Reduce -19.4%
COKE Coca-Cola Consolidated Inc. 0.67% 5,060 $7.5M No change
STN Stantec Inc. 0.58% 56,894 $6.5M Reduce -14.4%
LOW Lowe's Cos Inc. 0.51% 26,000 $5.7M No change
BHE Benchmark Electronics Inc. 0.50% 104,600 $5.6M No change
KREF KKR Real Estate Finance Trus 0.50% 453,000 $5.6M No change
ABBV Abbvie Inc. 0.46% 30,000 $5.1M No change
EPC Edgewell Personal Care Co. 0.44% 90,200 $5.0M Add +21.6%
AB Alliancebernstein Holding LP 0.44% 107,000 $4.9M Add +20.2%
SANM Sanmina Corp. 0.44% 54,100 $4.9M No change
ISRG Intuitive Surgical Inc. 0.44% 11,000 $4.9M New
IONS Ionis Pharmaceuticals Inc. 0.43% 74,000 $4.8M Add +32.1%
SLGN Silgan Holdings Inc. 0.40% 77,900 $4.5M No change
PDCO Patterson Cos Inc. 0.39% 130,800 $4.3M Add +26.0%
REZI Resideo Technologies Inc. 0.36% 152,600 $4.1M No change
JBL Jabil Inc. 0.34% 25,500 $3.8M Add +13.3%
DLR Digital Realty Trust Inc. 0.34% 18,202 $3.8M Add +4.9%
ITRI Itron Inc. 0.34% 38,000 $3.8M Reduce -13.6%
BEP Brookfield Renewable Partner 0.33% 148,000 $3.7M Reduce -24.4%
CEG Constellation Energy 0.32% 18,000 $3.6M Reduce -36.8%
BCO The Brink's Co. 0.32% 25,600 $3.6M No change
PRGO Perrigo Co. PLC 0.31% 100,000 $3.5M Add +11.1%
WELL Welltower Inc. 0.31% 23,995 $3.4M Add +35.6%
EQIX Equinix Inc. 0.28% 3,041 $3.1M Add +5.2%
CRI Carter's Inc. 0.28% 37,100 $3.1M No change
FSLR First Solar Inc. 0.27% 13,500 $3.0M Reduce -43.8%
ORA Ormat Technologies Inc. 0.26% 40,000 $2.9M Reduce -13.0%
PSA Public Storage 0.26% 7,250 $2.9M New
XYL Xylem Inc. 0.25% 21,000 $2.8M Reduce -22.2%
HASI Ha Sustainable Infrastructur filed as HANNON ARMSTRONG SUST INFR C 0.25% 95,000 $2.8M Reduce -13.6%
NEE Nextera Energy Inc. 0.24% 38,500 $2.7M New
PDS Precision Drilling Corp. 0.24% 28,000 $2.7M Add +75.0%
INVH Invitation Homes Inc. 0.23% 51,348 $2.5M Add +1.4%
AWK American Water Works Co. Inc. 0.22% 19,000 $2.5M Reduce -32.1%
AVB Avalonbay Communities Inc. 0.22% 8,550 $2.4M Add +10.3%
ENPH Enphase Energy Inc. 0.20% 23,000 $2.3M Reduce -8.0%
NBR Nabors Industries Ltd. 0.20% 23,200 $2.3M Add +182.9%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.18% 21,328 $2.0M Add +9.2%
MBLY Mobileye Global Inc. Class A 0.18% 72,000 $2.0M Add +22.0%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.18% 50,285 $2.0M Reduce -14.5%
PWR Quanta Services Inc. 0.17% 7,500 $1.9M Add +87.5%
ESS Essex Property Trust Inc. 0.17% 5,000 $1.9M Add +16.3%
KIM Kimco Realty Corp. 0.17% 69,909 $1.9M Add +105.6%
AMT American Tower Corp. 0.16% 6,881 $1.8M Add +53.0%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.16% 39,000 $1.8M New
ADC Agree Realty Corp. 0.16% 21,000 $1.8M Add +30.4%
RUN Sunrun Inc. 0.16% 150,000 $1.8M Reduce -16.7%
BE Bloom Energy Corp. Class A 0.16% 145,000 $1.8M No change
AMRC Ameresco Inc. Class A 0.16% 61,000 $1.8M Reduce -15.3%
REXR Rexford Industrial Realty Inc. 0.15% 28,310 $1.7M Add +25.8%
TTEK Tetra Tech Inc. 0.14% 7,500 $1.5M New
CCJ Cameco Corp. 0.14% 31,000 $1.5M Add +34.8%
EPRT Essential Properties Realty 0.13% 37,961 $1.4M Reduce -25.8%
SNDA Sonida Senior Living Inc. 0.12% 35,686 $1.3M New
AHR American Healthcare REIT Inc. 0.12% 65,300 $1.3M Reduce -12.9%
LXP LXP Industrial Trust 0.12% 103,731 $1.3M Add +45.4%
KRG Kite Realty Group Trust 0.11% 41,867 $1.3M Add +74.0%
HP Helmerich & Payne 0.11% 25,900 $1.3M No change
ARRY Array Technologies Inc. 0.10% 113,000 $1.2M Reduce -43.5%
CBRE CBRE Group Inc. Class A 0.09% 8,624 $1.1M New
PK Park Hotels & Resorts Inc. 0.09% 50,678 $1.0M Reduce -23.2%
CTRE Caretrust REIT Inc. 0.08% 26,205 $900K Reduce -48.0%
FLNC Fluence Energy Inc. 0.08% 50,000 $867K Reduce -47.4%

Portfolio Sells Q1 2024 → Q2 2024
CP Canadian Pacific Kansas City Sold out 0.00% −1.45
CNQ Canadian Natural Resources Reduce -26.9% 1.16% −0.66
PLD Prologis Inc. Reduce -8.1% 1.60% −0.64
V Visa Inc. Class A Reduce -10.9% 2.01% −0.59
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.50
WFG West Fraser Timber Co. Ltd. Sold out 0.00% −0.47
CSL Carlisle Cos Inc. Sold out 0.00% −0.42
XIFR XPLR Infrastructure LP Sold out 0.00% −0.38
ILMN Illumina Inc. Sold out 0.00% −0.28
SHEL Shell PLC-ADR Reduce -10.4% 2.06% −0.26
CUBE Cubesmart Reduce -4.8% 1.43% −0.23
EXR Extra Space Storage Inc. Sold out 0.00% −0.23
CEG Constellation Energy Reduce -36.8% 0.32% −0.19
ARRY Array Technologies Inc. Reduce -43.5% 0.10% −0.19
T AT&T Inc. Reduce -6.8% 2.34% −0.17
ARE Alexandria Real Estate Equit Sold out 0.00% −0.16
STN Stantec Inc. Reduce -14.4% 0.58% −0.14
BSX Boston Scientific Corp. Reduce -19.4% 0.70% −0.14
FSLR First Solar Inc. Reduce -43.8% 0.27% −0.12
BEP Brookfield Renewable Partner Reduce -24.4% 0.33% −0.11
AWK American Water Works Co. Inc. Reduce -32.1% 0.22% −0.11
SBAC SBA Communications Corp. Sold out 0.00% −0.10
PDO PIMCO Dynamic Income Opport Sold out 0.00% −0.09
ENPH Enphase Energy Inc. Reduce -8.0% 0.20% −0.09
STEM Stem Inc. Sold out 0.00% −0.08
XYL Xylem Inc. Reduce -22.2% 0.25% −0.08
FLNC Fluence Energy Inc. Reduce -47.4% 0.08% −0.08
CTRE Caretrust REIT Inc. Reduce -48.0% 0.08% −0.08
RUN Sunrun Inc. Reduce -16.7% 0.16% −0.07
HUDSON PAC PPTYS INC Sold out 0.00% −0.07
PK Park Hotels & Resorts Inc. Reduce -23.2% 0.09% −0.06
ITRI Itron Inc. Reduce -13.6% 0.34% −0.06
VICI Vici Properties Inc. Reduce -14.5% 0.18% −0.05
HASI Ha Sustainable Infrastructur Reduce -13.6% 0.25% −0.05
EPRT Essential Properties Realty Reduce -25.8% 0.13% −0.05
CHPT Chargepoint Holdings Inc. Sold out 0.00% −0.05
ORA Ormat Technologies Inc. Reduce -13.0% 0.26% −0.04
AHR American Healthcare REIT Inc. Reduce -12.9% 0.12% −0.03
AMRC Ameresco Inc. Class A Reduce -15.3% 0.16% −0.01
TSM Taiwan Semiconductor-SP ADR Reduce -7.1% 1.93% +0.18

Portfolio Buys Q1 2024 → Q2 2024
BNS Bank of Nova Scotia Add +53.3% 12.86% +2.68
SHOP Shopify Inc. Class A New 2.11% +2.11
GIB Cgi Inc. Add +107.9% 1.69% +0.73
EFX Equifax Inc. Add +291.7% 1.02% +0.71
ADBE Adobe Inc. Add +32.9% 2.51% +0.65
NFLX Netflix Inc. Add +142.9% 1.03% +0.61
HDB HDFC Bank Ltd.-ADR Add +94.2% 1.05% +0.55
REET iShares Global REIT ETF Add +149.2% 0.87% +0.49
ISRG Intuitive Surgical Inc. New 0.44% +0.44
META Meta Platforms Inc. Class A Add +34.5% 1.76% +0.39
PSA Public Storage New 0.26% +0.26
NEE Nextera Energy Inc. New 0.24% +0.24
AMZN Amazon.com Inc. Add +22.2% 1.14% +0.20
NOW ServiceNow Inc. Add +27.3% 0.98% +0.17
NXT Nextpower Inc. New 0.16% +0.16
TTEK Tetra Tech Inc. New 0.14% +0.14
SNDA Sonida Senior Living Inc. New 0.12% +0.12
IONS Ionis Pharmaceuticals Inc. Add +32.1% 0.43% +0.11
NBR Nabors Industries Ltd. Add +182.9% 0.20% +0.11
PDS Precision Drilling Corp. Add +75.0% 0.24% +0.10
CBRE CBRE Group Inc. Class A New 0.09% +0.09
WELL Welltower Inc. Add +35.6% 0.31% +0.09
KIM Kimco Realty Corp. Add +105.6% 0.17% +0.08
PWR Quanta Services Inc. Add +87.5% 0.17% +0.07
EPC Edgewell Personal Care Co. Add +21.6% 0.44% +0.07
CNI Canadian Natl Railway Co. Add +22.9% 1.92% +0.05
AMT American Tower Corp. Add +53.0% 0.16% +0.05
KRG Kite Realty Group Trust Add +74.0% 0.11% +0.05
UNH Unitedhealth Group Inc. Add +9.0% 1.38% +0.05
CCJ Cameco Corp. Add +34.8% 0.14% +0.04
ADC Agree Realty Corp. Add +30.4% 0.16% +0.04
AB Alliancebernstein Holding LP Add +20.2% 0.44% +0.04
LXP LXP Industrial Trust Add +45.4% 0.12% +0.03
ESS Essex Property Trust Inc. Add +16.3% 0.17% +0.03
AVB Avalonbay Communities Inc. Add +10.3% 0.22% +0.03
VMRK Vivmark Residential Add +9.2% 0.18% +0.02
DLR Digital Realty Trust Inc. Add +4.9% 0.34% +0.01
PDCO Patterson Cos Inc. Add +26.0% 0.39% +0.01
REXR Rexford Industrial Realty Inc. Add +25.8% 0.15% +0.01
MBLY Mobileye Global Inc. Class A Add +22.0% 0.18% −0.00
INVH Invitation Homes Inc. Add +1.4% 0.23% −0.01
EQIX Equinix Inc. Add +5.2% 0.28% −0.03
SUI Sun Communities Inc. Add +11.6% 1.18% −0.05
JBL Jabil Inc. Add +13.3% 0.34% −0.06
PRGO Perrigo Co. PLC Add +11.1% 0.31% −0.07
DE Deere & Co. Add +13.7% 1.66% −0.08
WCC Wesco International Inc. Add +6.4% 1.53% −0.16
UNP Union Pacific Corp. Add +3.7% 1.71% −0.24

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