Nicola Wealth Management LTD.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), Nicola Wealth Management LTD. reported 107 stock positions worth $1.1 billion. Its top holding was Toronto-Dominion Bank (TD) at 3.7% of the portfolio, followed by Shopify Class A (SHOP, 3.5%) and Canadian Natl Railway (CNI, 3.3%). Compared with Q3 2024, it opened 11 new positions, sold out of 8, added to 23 and reduced 43. The biggest buy was iShares Global REIT ETF (REET, shares +57%) and the biggest sale an exit from Bank of Nova Scotia (BNS).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001734493
Portfolio Value
$1.1B (Q4 2024)
SEC Filing
0001734493-25-000003 ↗ filed Feb 6, 2025

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 Q3 2024 Q4 2024: $1.1B $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 107 stocks · $1.1B
TD Toronto-Dominion Bank 3.70% 510,002 $39.0M Add +15.5%
SHOP Shopify Inc. Class A 3.49% 240,571 $36.8M Reduce -18.7%
CNI Canadian Natl Railway Co. 3.31% 239,600 $35.0M Add +24.5%
REET iShares Global REIT ETF 3.19% 978,300 $33.7M Add +57.0%
MSFT Microsoft Corp. 2.76% 69,160 $29.2M No change
V Visa Inc. Class A 2.45% 82,000 $25.9M Reduce -13.7%
META Meta Platforms Inc. Class A 2.41% 43,500 $25.5M No change
WMT Walmart Inc. 2.40% 280,200 $25.3M No change
AVGO Broadcom Inc. 2.39% 109,000 $25.3M No change
SU Suncor Energy Inc. 2.35% 483,822 $24.8M Reduce -19.2%
CASY Casey's General Stores Inc. 2.33% 62,100 $24.6M No change
RY Royal Bank of Canada 2.27% 138,535 $24.0M Reduce -24.6%
T AT&T Inc. 2.25% 1,041,200 $23.7M Reduce -23.9%
GOOGL Alphabet Inc. Class A 2.20% 122,900 $23.3M No change
UNH Unitedhealth Group Inc. 2.17% 45,400 $23.0M Add +24.7%
DE Deere & Co. 2.06% 51,300 $21.7M Reduce -2.8%
EA Electronic Arts Inc. 2.04% 147,400 $21.6M No change
TU Telus Corp. 2.02% 1,093,119 $21.3M Add +3.0%
GIB Cgi Inc. 2.00% 134,500 $21.2M No change
AMZN Amazon.com Inc. 1.93% 93,000 $20.4M Add +40.9%
UNP Union Pacific Corp. 1.83% 84,800 $19.3M No change
ATS Ats Corp. 1.77% 427,300 $18.7M Add +12.1%
H Hyatt Hotels Corp. Class A 1.73% 116,500 $18.3M Reduce -9.3%
ADBE Adobe Inc. 1.73% 41,100 $18.3M Reduce -18.6%
PLD Prologis Inc. 1.73% 162,545 $18.3M Add +3.3%
BAM Brookfield Asset Mgmt-A 1.61% 218,658 $17.0M Reduce -18.5%
CCK Crown Holdings Inc. 1.51% 193,000 $16.0M Reduce -12.7%
TRP TC Energy Corp. 1.47% 232,196 $15.6M Reduce -58.2%
EFX Equifax Inc. 1.45% 60,000 $15.3M Add +27.7%
NFLX Netflix Inc. 1.43% 17,000 $15.2M No change
NOW ServiceNow Inc. 1.41% 14,000 $14.8M No change
KLAC KLA Corp. 1.31% 22,000 $13.9M New
WCC Wesco International Inc. 1.29% 75,300 $13.6M Reduce -30.5%
BCE Bce Inc. 1.22% 387,800 $12.9M New
CP Canadian Pacific Kansas City 1.20% 121,800 $12.7M New
CUBE Cubesmart 1.17% 289,000 $12.4M Reduce -18.4%
LULU Lululemon Athletica Inc. 1.16% 32,000 $12.2M New
ROST Ross Stores Inc. 1.14% 79,300 $12.0M No change
BDX Becton Dickinson and Co. 1.06% 49,500 $11.2M Reduce -4.8%
LW Lamb Weston Holdings Inc. 1.06% 167,300 $11.2M Add +67.3%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.01% 37,600 $10.7M No change
COKE Coca-Cola Consolidated Inc. 0.87% 5,060 $9.2M No change
BSX Boston Scientific Corp. 0.87% 102,300 $9.1M No change
AB Alliancebernstein Holding LP 0.78% 155,000 $8.3M No change
SLGN Silgan Holdings Inc. 0.75% 105,900 $7.9M Add +9.3%
PDCO Patterson Cos Inc. 0.74% 176,800 $7.8M No change
GRTUF Granite Real Estate Investme 0.73% 110,500 $7.7M Reduce -13.3%
REZI Resideo Technologies Inc. 0.72% 229,600 $7.6M Add +11.7%
JBL Jabil Inc. 0.66% 33,500 $6.9M Reduce -15.2%
LOW Lowe's Cos Inc. 0.61% 26,000 $6.4M No change
BHE Benchmark Electronics Inc. 0.57% 92,600 $6.0M Reduce -11.5%
SANM Sanmina Corp. 0.57% 55,100 $6.0M Reduce -9.8%
PRGO Perrigo Co. PLC 0.56% 159,000 $5.9M No change
ISRG Intuitive Surgical Inc. 0.54% 11,000 $5.7M No change
BCO The Brink's Co. 0.53% 41,600 $5.5M No change
CRI Carter's Inc. 0.52% 71,100 $5.5M No change
EPC Edgewell Personal Care Co. 0.50% 110,200 $5.3M No change
EQIX Equinix Inc. 0.46% 3,561 $4.8M Add +7.9%
DLR Digital Realty Trust Inc. 0.44% 18,352 $4.7M Reduce -11.6%
IONS Ionis Pharmaceuticals Inc. 0.41% 87,000 $4.4M No change
AMG Affiliated Managers Group 0.40% 16,000 $4.3M New
PSA Public Storage 0.34% 8,290 $3.6M Reduce -3.0%
WELL Welltower Inc. 0.32% 18,695 $3.4M Reduce -5.6%
AVB Avalonbay Communities Inc. 0.32% 10,650 $3.4M Add +12.7%
NEE Nextera Energy Inc. 0.31% 46,000 $3.3M Add +13.6%
ITRI Itron Inc. 0.31% 30,000 $3.3M Reduce -16.7%
CEG Constellation Energy 0.30% 14,000 $3.1M Reduce -9.7%
BEP Brookfield Renewable Partner 0.29% 135,000 $3.1M Reduce -6.3%
DNB Dun & Bradstreet Holdings Inc. 0.27% 160,000 $2.9M New
FL Foot Locker Inc. 0.27% 91,000 $2.8M New
INVH Invitation Homes Inc. 0.26% 60,048 $2.8M Add +29.6%
HASI Ha Sustainable Infrastructur 0.25% 100,000 $2.7M Add +5.3%
ORA Ormat Technologies Inc. 0.25% 38,500 $2.6M Reduce -12.5%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.25% 25,198 $2.6M Add +59.2%
TTEK Tetra Tech Inc. 0.25% 65,000 $2.6M Add +36.8%
PWR Quanta Services Inc. 0.24% 8,000 $2.5M Reduce -11.1%
FSLR First Solar Inc. 0.23% 14,000 $2.5M Reduce -9.7%
PDS Precision Drilling Corp. 0.23% 28,000 $2.5M No change
BE Bloom Energy Corp. Class A 0.23% 110,000 $2.4M Reduce -37.1%
REG Regency Centers Corp. 0.23% 22,500 $2.4M New
XYL Xylem Inc. 0.22% 20,000 $2.3M Reduce -4.8%
ADC Agree Realty Corp. 0.20% 21,346 $2.2M Reduce -4.7%
ENPH Enphase Energy Inc. 0.20% 31,000 $2.1M Add +55.0%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.20% 50,085 $2.1M Reduce -8.9%
AMT American Tower Corp. 0.19% 7,481 $2.0M Reduce -9.7%
SNDA Sonida Senior Living Inc. 0.18% 58,286 $1.9M No change
NBR Nabors Industries Ltd. 0.18% 23,200 $1.9M No change
CCJ Cameco Corp. 0.18% 36,000 $1.9M Reduce -20.9%
EPRT Essential Properties Realty 0.17% 39,417 $1.8M Reduce -4.0%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.17% 48,000 $1.8M Reduce -5.9%
CBRE CBRE Group Inc. Class A 0.15% 8,624 $1.6M Reduce -14.0%
SHO Sunstone Hotel Investors Inc. 0.15% 91,924 $1.6M New
AWK American Water Works Co. Inc. 0.15% 12,500 $1.6M No change
RHP Ryman Hospitality Properties 0.15% 10,305 $1.5M New
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.15% 8,684 $1.5M Reduce -91.8%
RUN Sunrun Inc. 0.14% 158,000 $1.5M Add +54.9%
AMRC Ameresco Inc. Class A 0.12% 55,000 $1.3M Add +3.8%
REXR Rexford Industrial Realty Inc. 0.12% 22,010 $1.2M Reduce -22.3%
HP Helmerich & Payne 0.11% 25,900 $1.2M No change
FLNC Fluence Energy Inc. 0.11% 75,000 $1.2M Reduce -7.4%
MAC The Macerich Co. 0.11% 39,884 $1.1M New
LXP LXP Industrial Trust 0.09% 83,031 $969K Reduce -17.3%
CTRE Caretrust REIT Inc. 0.09% 24,505 $953K Reduce -19.1%
KIM Kimco Realty Corp. 0.06% 17,509 $590K Reduce -75.0%
HDB HDFC Bank Ltd.-ADR 0.00% 163,000 $0 Add +21.6%
INFY Infosys Ltd.-SP ADR 0.00% 559,000 $0 No change
TSM Taiwan Semiconductor-SP ADR 0.00% 67,000 $0 Reduce -26.4%

Portfolio Sells Q3 2024 → Q4 2024
BNS Bank of Nova Scotia Sold out 0.00% −11.70
TSM Taiwan Semiconductor-SP ADR Reduce -26.4% 0.00% −1.70
TRP TC Energy Corp. Reduce -58.2% 1.47% −1.36
SHEL Shell PLC-ADR Sold out 0.00% −1.36
GILD Gilead Sciences Inc. Sold out 0.00% −1.04
SUI Sun Communities Inc. Reduce -91.8% 0.15% −1.03
BBDC Barings BDC Inc. Sold out 0.00% −0.65
ADBE Adobe Inc. Reduce -18.6% 1.73% −0.35
CUBE Cubesmart Reduce -18.4% 1.17% −0.34
RY Royal Bank of Canada Reduce -24.6% 2.27% −0.19
CCK Crown Holdings Inc. Reduce -12.7% 1.51% −0.17
WCC Wesco International Inc. Reduce -30.5% 1.29% −0.15
AHR American Healthcare REIT Inc. Sold out 0.00% −0.15
T AT&T Inc. Reduce -23.9% 2.25% −0.15
KIM Kimco Realty Corp. Reduce -75.0% 0.06% −0.12
KRG Kite Realty Group Trust Sold out 0.00% −0.10
GRTUF Granite Real Estate Investme Reduce -13.3% 0.73% −0.10
FSLR First Solar Inc. Reduce -9.7% 0.23% −0.07
LINE Lineage Inc. Sold out 0.00% −0.07
PK Park Hotels & Resorts Inc. Sold out 0.00% −0.04
REXR Rexford Industrial Realty Inc. Reduce -22.3% 0.12% −0.04
FLNC Fluence Energy Inc. Reduce -7.4% 0.11% −0.03
BEP Brookfield Renewable Partner Reduce -6.3% 0.29% −0.03
SU Suncor Energy Inc. Reduce -19.2% 2.35% −0.02
CEG Constellation Energy Reduce -9.7% 0.30% −0.02
ORA Ormat Technologies Inc. Reduce -12.5% 0.25% −0.02
AMT American Tower Corp. Reduce -9.7% 0.19% −0.02
LXP LXP Industrial Trust Reduce -17.3% 0.09% −0.02
CTRE Caretrust REIT Inc. Reduce -19.1% 0.09% −0.01
XYL Xylem Inc. Reduce -4.8% 0.22% −0.01
VICI Vici Properties Inc. Reduce -8.9% 0.20% +0.00
CCJ Cameco Corp. Reduce -20.9% 0.18% +0.00
ITRI Itron Inc. Reduce -16.7% 0.31% +0.00
PSA Public Storage Reduce -3.0% 0.34% +0.00
NXT Nextpower Inc. Reduce -5.9% 0.17% +0.01
EPRT Essential Properties Realty Reduce -4.0% 0.17% +0.02
CBRE CBRE Group Inc. Class A Reduce -14.0% 0.15% +0.02
ADC Agree Realty Corp. Reduce -4.7% 0.20% +0.02
PWR Quanta Services Inc. Reduce -11.1% 0.24% +0.03
WELL Welltower Inc. Reduce -5.6% 0.32% +0.05
BDX Becton Dickinson and Co. Reduce -4.8% 1.06% +0.07
BHE Benchmark Electronics Inc. Reduce -11.5% 0.57% +0.07
DLR Digital Realty Trust Inc. Reduce -11.6% 0.44% +0.08
BE Bloom Energy Corp. Class A Reduce -37.1% 0.23% +0.08
SANM Sanmina Corp. Reduce -9.8% 0.57% +0.12
JBL Jabil Inc. Reduce -15.2% 0.66% +0.15
H Hyatt Hotels Corp. Class A Reduce -9.3% 1.73% +0.18
BAM Brookfield Asset Mgmt-A Reduce -18.5% 1.61% +0.25
DE Deere & Co. Reduce -2.8% 2.06% +0.31
V Visa Inc. Class A Reduce -13.7% 2.45% +0.38

Portfolio Buys Q3 2024 → Q4 2024
REET iShares Global REIT ETF Add +57.0% 3.19% +1.41
KLAC KLA Corp. New 1.31% +1.31
BCE Bce Inc. New 1.22% +1.22
CP Canadian Pacific Kansas City New 1.20% +1.20
LULU Lululemon Athletica Inc. New 1.16% +1.16
AMZN Amazon.com Inc. Add +40.9% 1.93% +0.96
CNI Canadian Natl Railway Co. Add +24.5% 3.31% +0.89
TD Toronto-Dominion Bank Add +15.5% 3.70% +0.70
ATS Ats Corp. Add +12.1% 1.77% +0.59
LW Lamb Weston Holdings Inc. Add +67.3% 1.06% +0.54
UNH Unitedhealth Group Inc. Add +24.7% 2.17% +0.48
AMG Affiliated Managers Group New 0.40% +0.40
EFX Equifax Inc. Add +27.7% 1.45% +0.35
REZI Resideo Technologies Inc. Add +11.7% 0.72% +0.28
DNB Dun & Bradstreet Holdings Inc. New 0.27% +0.27
FL Foot Locker Inc. New 0.27% +0.27
REG Regency Centers Corp. New 0.23% +0.23
SLGN Silgan Holdings Inc. Add +9.3% 0.75% +0.20
SHO Sunstone Hotel Investors Inc. New 0.15% +0.15
RHP Ryman Hospitality Properties New 0.15% +0.15
EQIX Equinix Inc. Add +7.9% 0.46% +0.14
VMRK Vivmark Residential Add +59.2% 0.25% +0.12
MAC The Macerich Co. New 0.11% +0.11
TU Telus Corp. Add +3.0% 2.02% +0.11
AVB Avalonbay Communities Inc. Add +12.7% 0.32% +0.09
PLD Prologis Inc. Add +3.3% 1.73% +0.09
INVH Invitation Homes Inc. Add +29.6% 0.26% +0.09
TTEK Tetra Tech Inc. Add +36.8% 0.25% +0.07
NEE Nextera Energy Inc. Add +13.6% 0.31% +0.04
ENPH Enphase Energy Inc. Add +55.0% 0.20% +0.02
HASI Ha Sustainable Infrastructur Add +5.3% 0.25% −0.01
RUN Sunrun Inc. Add +54.9% 0.14% −0.01
AMRC Ameresco Inc. Class A Add +3.8% 0.12% −0.04
HDB HDFC Bank Ltd.-ADR Add +21.6% 0.00% −0.90

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