Nicola Wealth Management LTD.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 6, 2024), Nicola Wealth Management LTD. reported 104 stock positions worth $1.3 billion. Its top holding was Bank of Nova Scotia (BNS) at 11.7% of the portfolio, followed by Toronto-Dominion Bank (TD, 3.0%) and TC Energy (TRP, 2.8%). Compared with Q2 2024, it opened 4 new positions, sold out of 8, added to 43 and reduced 24. The biggest buy was a new position in Broadcom (AVGO) and the biggest sale an exit from Canadian Natural Resources (CNQ).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001734493
Portfolio Value
$1.3B (Q3 2024)
SEC Filing
0001734493-24-000008 ↗ filed Nov 6, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.0B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.3B $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 104 stocks · $1.3B
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 11.70% 2,000,000 $147.4M Reduce -13.0%
TD Toronto-Dominion Bank 3.00% 441,602 $37.8M Add +29.1%
TRP TC Energy Corp. 2.84% 555,796 $35.7M Reduce -1.9%
SHOP Shopify Inc. Class A 2.55% 296,000 $32.1M Add +13.4%
RY Royal Bank of Canada 2.46% 183,635 $31.0M Reduce -7.7%
CNI Canadian Natl Railway Co. 2.42% 192,500 $30.5M Add +44.5%
T AT&T Inc. 2.39% 1,368,700 $30.1M No change
SU Suncor Energy Inc. 2.37% 599,022 $29.9M Reduce -2.1%
MSFT Microsoft Corp. 2.36% 69,160 $29.8M Add +18.9%
ADBE Adobe Inc. 2.08% 50,500 $26.1M No change
V Visa Inc. Class A 2.07% 95,000 $26.1M Add +11.1%
META Meta Platforms Inc. Class A 1.98% 43,500 $24.9M Add +11.5%
TU Telus Corp. 1.91% 1,060,819 $24.1M Add +35.7%
CASY Casey's General Stores Inc. 1.85% 62,100 $23.3M Add +12.9%
WMT Walmart Inc. 1.80% 280,200 $22.6M No change
REET iShares Global REIT ETF 1.79% 623,300 $22.5M Add +102.8%
DE Deere & Co. 1.75% 52,800 $22.0M Add +6.0%
TSM Taiwan Semiconductor-SP ADR 1.70% 91,000 $21.4M No change
UNH Unitedhealth Group Inc. 1.69% 36,400 $21.3M Add +19.7%
CCK Crown Holdings Inc. 1.68% 221,000 $21.2M No change
EA Electronic Arts Inc. 1.68% 147,400 $21.1M Reduce -9.2%
GIB Cgi Inc. 1.66% 134,500 $20.9M Reduce -3.2%
UNP Union Pacific Corp. 1.66% 84,800 $20.9M No change
PLD Prologis Inc. 1.64% 157,418 $20.7M Add +2.3%
GOOGL Alphabet Inc. Class A 1.62% 122,900 $20.4M No change
H Hyatt Hotels Corp. Class A 1.55% 128,500 $19.6M Reduce -15.7%
CUBE Cubesmart 1.51% 354,000 $19.1M No change
AVGO Broadcom Inc. 1.49% 109,000 $18.8M New
WCC Wesco International Inc. 1.44% 108,300 $18.2M No change
BAM Brookfield Asset Mgmt-A 1.36% 268,358 $17.2M Reduce -4.0%
SHEL Shell PLC-ADR 1.36% 260,000 $17.1M Reduce -18.8%
INFY Infosys Ltd.-SP ADR 1.34% 559,000 $16.8M No change
ATS Ats Corp. 1.19% 381,100 $15.0M New
SUI Sun Communities Inc. filed as SUN CMNTYS INC 1.17% 106,184 $14.8M No change
EFX Equifax Inc. 1.10% 47,000 $13.8M No change
GILD Gilead Sciences Inc. 1.04% 156,000 $13.1M No change
BDX Becton Dickinson and Co. 1.00% 52,000 $12.5M No change
NOW ServiceNow Inc. 0.99% 14,000 $12.5M No change
AMZN Amazon.com Inc. 0.98% 66,000 $12.3M No change
NFLX Netflix Inc. 0.96% 17,000 $12.1M No change
ROST Ross Stores Inc. 0.95% 79,300 $11.9M No change
HDB HDFC Bank Ltd.-ADR 0.90% 134,000 $11.3M No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.84% 37,600 $10.6M Reduce -8.5%
GRP.U Granite Real Estate Investme 0.83% 127,400 $10.4M No change
COKE Coca-Cola Consolidated Inc. 0.72% 5,060 $9.0M No change
BSX Boston Scientific Corp. 0.68% 102,300 $8.6M No change
BBDC Barings BDC Inc. 0.65% 614,000 $8.1M No change
AB Alliancebernstein Holding LP 0.58% 155,000 $7.3M Add +44.9%
LOW Lowe's Cos Inc. 0.56% 26,000 $7.0M No change
SLGN Silgan Holdings Inc. 0.55% 96,900 $6.9M Add +24.4%
BCO The Brink's Co. 0.52% 41,600 $6.5M Add +62.5%
LW Lamb Weston Holdings Inc. 0.51% 100,000 $6.5M New
JBL Jabil Inc. 0.51% 39,500 $6.4M Add +54.9%
BHE Benchmark Electronics Inc. 0.50% 104,600 $6.3M No change
CRI Carter's Inc. 0.50% 71,100 $6.2M Add +91.6%
SANM Sanmina Corp. 0.45% 61,100 $5.7M Add +12.9%
PRGO Perrigo Co. PLC 0.45% 159,000 $5.6M Add +59.0%
REZI Resideo Technologies Inc. 0.44% 205,600 $5.6M Add +34.7%
EPC Edgewell Personal Care Co. 0.43% 110,200 $5.4M Add +22.2%
ISRG Intuitive Surgical Inc. 0.43% 11,000 $5.4M No change
PDCO Patterson Cos Inc. 0.41% 176,800 $5.2M Add +35.2%
IONS Ionis Pharmaceuticals Inc. 0.37% 87,000 $4.7M Add +17.6%
DLR Digital Realty Trust Inc. 0.36% 20,752 $4.5M Add +14.0%
PSA Public Storage 0.33% 8,550 $4.2M Add +17.9%
BEP Brookfield Renewable Partner 0.32% 144,000 $4.1M Reduce -2.7%
CEG Constellation Energy 0.32% 15,500 $4.0M Reduce -13.9%
EQIX Equinix Inc. 0.31% 3,301 $4.0M Add +8.6%
FSLR First Solar Inc. 0.31% 15,500 $3.9M Add +14.8%
ITRI Itron Inc. 0.31% 36,000 $3.8M Reduce -5.3%
WELL Welltower Inc. 0.27% 19,795 $3.4M Reduce -17.5%
NEE Nextera Energy Inc. 0.27% 40,500 $3.4M Add +5.2%
ORA Ormat Technologies Inc. 0.27% 44,000 $3.4M Add +10.0%
HASI Ha Sustainable Infrastructur 0.26% 95,000 $3.3M No change
AVB Avalonbay Communities Inc. 0.23% 9,450 $2.9M Add +10.5%
XYL Xylem Inc. 0.23% 21,000 $2.8M No change
PWR Quanta Services Inc. 0.21% 9,000 $2.7M Add +20.0%
AMT American Tower Corp. 0.21% 8,281 $2.6M Add +20.4%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.20% 54,985 $2.5M Add +9.3%
PDS Precision Drilling Corp. 0.19% 28,000 $2.3M No change
ADC Agree Realty Corp. 0.18% 22,400 $2.3M Add +6.7%
ENPH Enphase Energy Inc. 0.18% 20,000 $2.3M Reduce -13.0%
TTEK Tetra Tech Inc. 0.18% 47,500 $2.2M Add +26.7%
INVH Invitation Homes Inc. 0.18% 46,348 $2.2M Reduce -9.7%
KIM Kimco Realty Corp. 0.17% 69,909 $2.2M No change
CCJ Cameco Corp. 0.17% 45,500 $2.2M Add +46.8%
SNDA Sonida Senior Living Inc. 0.17% 58,286 $2.1M Add +63.3%
NBR Nabors Industries Ltd. 0.16% 23,200 $2.0M No change
AMRC Ameresco Inc. Class A 0.16% 53,000 $2.0M Reduce -13.1%
AHR American Healthcare REIT Inc. 0.15% 55,000 $1.9M Reduce -15.8%
REXR Rexford Industrial Realty Inc. 0.15% 28,310 $1.9M No change
NXT Nextpower Inc. filed as NEXTRACKER INC 0.15% 51,000 $1.9M Add +30.8%
EPRT Essential Properties Realty 0.15% 41,061 $1.9M Add +8.2%
BE Bloom Energy Corp. Class A 0.15% 175,000 $1.8M Add +20.7%
RUN Sunrun Inc. 0.15% 102,000 $1.8M Reduce -32.0%
FLNC Fluence Energy Inc. 0.15% 81,000 $1.8M Add +62.0%
AWK American Water Works Co. Inc. 0.15% 12,500 $1.8M Reduce -34.2%
CBRE CBRE Group Inc. Class A 0.13% 10,024 $1.7M Add +16.2%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.13% 15,828 $1.6M Reduce -25.8%
LXP LXP Industrial Trust 0.11% 100,431 $1.4M Reduce -3.2%
CTRE Caretrust REIT Inc. 0.10% 30,305 $1.3M Add +15.7%
KRG Kite Realty Group Trust 0.10% 34,167 $1.2M Reduce -18.4%
HP Helmerich & Payne 0.08% 25,900 $1.1M No change
LINE Lineage Inc. 0.07% 8,400 $890K New
PK Park Hotels & Resorts Inc. 0.04% 29,578 $564K Reduce -41.6%

Portfolio Sells Q2 2024 → Q3 2024
CNQ Canadian Natural Resources Sold out 0.00% −1.16
BNS Bank of Nova Scotia Reduce -13.0% 11.70% −1.16
BIIB Biogen Inc. Sold out 0.00% −0.82
SHEL Shell PLC-ADR Reduce -18.8% 1.36% −0.70
STN Stantec Inc. Sold out 0.00% −0.58
H Hyatt Hotels Corp. Class A Reduce -15.7% 1.55% −0.52
KREF KKR Real Estate Finance Trus Sold out 0.00% −0.50
SU Suncor Energy Inc. Reduce -2.1% 2.37% −0.48
ABBV Abbvie Inc. Sold out 0.00% −0.46
EA Electronic Arts Inc. Reduce -9.2% 1.68% −0.34
MBLY Mobileye Global Inc. Class A Sold out 0.00% −0.18
ESS Essex Property Trust Inc. Sold out 0.00% −0.17
RY Royal Bank of Canada Reduce -7.7% 2.46% −0.13
AJG Arthur J Gallagher & Co. Reduce -8.5% 0.84% −0.11
ARRY Array Technologies Inc. Sold out 0.00% −0.10
AWK American Water Works Co. Inc. Reduce -34.2% 0.15% −0.07
VMRK Vivmark Residential Reduce -25.8% 0.13% −0.05
INVH Invitation Homes Inc. Reduce -9.7% 0.18% −0.05
PK Park Hotels & Resorts Inc. Reduce -41.6% 0.04% −0.05
WELL Welltower Inc. Reduce -17.5% 0.27% −0.03
GIB Cgi Inc. Reduce -3.2% 1.66% −0.03
ITRI Itron Inc. Reduce -5.3% 0.31% −0.03
ENPH Enphase Energy Inc. Reduce -13.0% 0.18% −0.03
KRG Kite Realty Group Trust Reduce -18.4% 0.10% −0.02
RUN Sunrun Inc. Reduce -32.0% 0.15% −0.01
LXP LXP Industrial Trust Reduce -3.2% 0.11% −0.01
BEP Brookfield Renewable Partner Reduce -2.7% 0.32% −0.00
CEG Constellation Energy Reduce -13.9% 0.32% −0.00
AMRC Ameresco Inc. Class A Reduce -13.1% 0.16% +0.00
AHR American Healthcare REIT Inc. Reduce -15.8% 0.15% +0.04
BAM Brookfield Asset Mgmt-A Reduce -4.0% 1.36% +0.06
TRP TC Energy Corp. Reduce -1.9% 2.84% +0.21

Portfolio Buys Q2 2024 → Q3 2024
AVGO Broadcom Inc. New 1.49% +1.49
ATS Ats Corp. New 1.19% +1.19
REET iShares Global REIT ETF Add +102.8% 1.79% +0.91
TD Toronto-Dominion Bank Add +29.1% 3.00% +0.70
LW Lamb Weston Holdings Inc. New 0.51% +0.51
CNI Canadian Natl Railway Co. Add +44.5% 2.42% +0.50
TU Telus Corp. Add +35.7% 1.91% +0.46
SHOP Shopify Inc. Class A Add +13.4% 2.55% +0.44
UNH Unitedhealth Group Inc. Add +19.7% 1.69% +0.31
META Meta Platforms Inc. Class A Add +11.5% 1.98% +0.22
CRI Carter's Inc. Add +91.6% 0.50% +0.21
BCO The Brink's Co. Add +62.5% 0.52% +0.20
JBL Jabil Inc. Add +54.9% 0.51% +0.17
SLGN Silgan Holdings Inc. Add +24.4% 0.55% +0.14
AB Alliancebernstein Holding LP Add +44.9% 0.58% +0.14
PRGO Perrigo Co. PLC Add +59.0% 0.45% +0.13
DE Deere & Co. Add +6.0% 1.75% +0.09
REZI Resideo Technologies Inc. Add +34.7% 0.44% +0.08
PSA Public Storage Add +17.9% 0.33% +0.08
LINE Lineage Inc. New 0.07% +0.07
V Visa Inc. Class A Add +11.1% 2.07% +0.07
FLNC Fluence Energy Inc. Add +62.0% 0.15% +0.07
SNDA Sonida Senior Living Inc. Add +63.3% 0.17% +0.05
PLD Prologis Inc. Add +2.3% 1.64% +0.05
AMT American Tower Corp. Add +20.4% 0.21% +0.04
PWR Quanta Services Inc. Add +20.0% 0.21% +0.04
TTEK Tetra Tech Inc. Add +26.7% 0.18% +0.04
MSFT Microsoft Corp. Add +18.9% 2.36% +0.04
CBRE CBRE Group Inc. Class A Add +16.2% 0.13% +0.04
CCJ Cameco Corp. Add +46.8% 0.17% +0.04
FSLR First Solar Inc. Add +14.8% 0.31% +0.04
EQIX Equinix Inc. Add +8.6% 0.31% +0.03
PDCO Patterson Cos Inc. Add +35.2% 0.41% +0.03
NEE Nextera Energy Inc. Add +5.2% 0.27% +0.03
DLR Digital Realty Trust Inc. Add +14.0% 0.36% +0.02
ADC Agree Realty Corp. Add +6.7% 0.18% +0.02
EPRT Essential Properties Realty Add +8.2% 0.15% +0.02
VICI Vici Properties Inc. Add +9.3% 0.20% +0.02
CTRE Caretrust REIT Inc. Add +15.7% 0.10% +0.02
ORA Ormat Technologies Inc. Add +10.0% 0.27% +0.01
AVB Avalonbay Communities Inc. Add +10.5% 0.23% +0.01
SANM Sanmina Corp. Add +12.9% 0.45% +0.01
NXT Nextpower Inc. Add +30.8% 0.15% −0.01
BE Bloom Energy Corp. Class A Add +20.7% 0.15% −0.01
EPC Edgewell Personal Care Co. Add +22.2% 0.43% −0.01
CASY Casey's General Stores Inc. Add +12.9% 1.85% −0.02
IONS Ionis Pharmaceuticals Inc. Add +17.6% 0.37% −0.06

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