Nicola Wealth Management LTD.

Name: NICOLA WEALTH MANAGEMENT LTD. 13F holdings, Q1 2025
Creator: NICOLA WEALTH MANAGEMENT LTD.
Published: 2025-06-06

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed June 6, 2025), Nicola Wealth Management LTD. reported 111 stock positions worth $1.0 billion. Its top holding was Bank of Nova Scotia (BNS) at 10.6% of the portfolio, followed by Toronto-Dominion Bank (TD, 3.0%) and Microsoft (MSFT, 2.7%). Compared with Q4 2024, it opened 17 new positions, sold out of 13, added to 27 and reduced 34. The biggest buy was a new position in Bank of Nova Scotia (BNS) and the biggest sale an exit from Royal Bank of Canada (RY).

Most Recent 13F: Q2 2026
Location: VANCOUVER, A1
CIK: 0001734493
Portfolio Value: $1.0B (Q1 2025)
SEC Filing: 0001734493-25-000007 ↗ filed Jun 6, 2025

Holdings Value

Holdings 111 stocks · $1.0B


BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	10.64%	2,300,000	$109.1M	New
TD Toronto-Dominion Bank	2.98%	510,002	$30.6M	No change
MSFT Microsoft Corp.	2.69%	73,560	$27.6M	Add +6.4%
REET iShares Global REIT ETF	2.67%	1,128,300	$27.4M	Add +15.3%
V Visa Inc. Class A	2.43%	71,000	$24.9M	Reduce -13.4%
UNH Unitedhealth Group Inc.	2.37%	46,400	$24.3M	Add +2.2%
CASY Casey's General Stores Inc.	2.28%	53,900	$23.4M	Reduce -13.2%
CNI Canadian Natl Railway Co.	2.27%	239,600	$23.3M	No change
META Meta Platforms Inc. Class A	2.22%	39,500	$22.8M	Reduce -9.2%
AVGO Broadcom Inc.	2.10%	128,800	$21.6M	Add +18.2%
T AT&T Inc.	2.08%	755,400	$21.4M	Reduce -27.4%
WMT Walmart Inc.	2.06%	240,200	$21.1M	Reduce -14.3%
SHOP Shopify Inc. Class A	2.01%	216,383	$20.6M	Reduce -10.1%
DE Deere & Co.	1.99%	43,500	$20.4M	Reduce -15.2%
UNP Union Pacific Corp.	1.94%	84,200	$19.9M	Reduce -0.7%
EA Electronic Arts Inc.	1.93%	136,900	$19.8M	Reduce -7.1%
PLD Prologis Inc.	1.73%	158,339	$17.7M	Reduce -2.6%
AMZN Amazon.com Inc.	1.73%	93,000	$17.7M	No change
GOOGL Alphabet Inc. Class A	1.72%	113,900	$17.6M	Reduce -7.3%
NOW ServiceNow Inc.	1.71%	22,000	$17.5M	Add +57.1%
H Hyatt Hotels Corp. Class A	1.65%	138,500	$17.0M	Add +18.9%
ADBE Adobe Inc.	1.65%	44,200	$17.0M	Add +7.5%
IDXX Idexx Laboratories Inc.	1.61%	39,300	$16.5M	New
NFLX Netflix Inc.	1.55%	17,000	$15.9M	No change
SU Suncor Energy Inc.	1.53%	404,922	$15.7M	Reduce -16.3%
TU Telus Corp.	1.53%	1,093,119	$15.7M	No change
CCK Crown Holdings Inc.	1.52%	175,000	$15.6M	Reduce -9.3%
LIN Linde PLC	1.51%	33,300	$15.5M	New
KLAC KLA Corp.	1.46%	22,000	$15.0M	No change
EFX Equifax Inc.	1.43%	60,000	$14.6M	No change
GIB Cgi Inc.	1.31%	134,500	$13.4M	No change
ATS Ats Corp.	1.27%	523,300	$13.0M	Add +22.5%
CUBE Cubesmart	1.20%	289,000	$12.3M	No change
WCC Wesco International Inc.	1.14%	75,300	$11.7M	No change
BCE Bce Inc.	1.11%	497,200	$11.4M	Add +28.2%
TSM Taiwan Semiconductor-SP ADR	1.08%	67,000	$11.1M	No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	1.08%	32,000	$11.0M	Reduce -14.9%
TRP TC Energy Corp.	1.07%	232,196	$11.0M	No change
ISRG Intuitive Surgical Inc.	1.06%	22,000	$10.9M	Add +100.0%
CP Canadian Pacific Kansas City	1.06%	154,800	$10.9M	Add +27.1%
HDB HDFC Bank Ltd.-ADR	1.06%	163,000	$10.8M	No change
INFY Infosys Ltd.-SP ADR	0.99%	559,000	$10.2M	No change
ROST Ross Stores Inc.	0.99%	79,300	$10.1M	No change
LULU Lululemon Athletica Inc.	0.97%	35,300	$10.0M	Add +10.3%
SLF Sun Life Financial Inc.	0.97%	174,200	$10.0M	New
LW Lamb Weston Holdings Inc.	0.87%	167,300	$8.9M	No change
COKE Coca-Cola Consolidated Inc.	0.67%	5,060	$6.8M	No change
BAM Brookfield Asset Mgmt-A	0.64%	134,558	$6.5M	Reduce -38.5%
AB Alliancebernstein Holding LP	0.58%	155,000	$5.9M	No change
NVDA Nvidia Corp.	0.56%	53,000	$5.7M	New
PRGO Perrigo Co. PLC	0.56%	203,000	$5.7M	Add +27.7%
PDCO Patterson Cos Inc.	0.54%	176,800	$5.5M	No change
SLGN Silgan Holdings Inc.	0.53%	105,900	$5.4M	No change
STN Stantec Inc.	0.48%	59,100	$4.9M	New
JBL Jabil Inc.	0.44%	33,500	$4.6M	No change
GRTUF Granite Real Estate Investme	0.41%	90,500	$4.2M	Reduce -18.1%
SANM Sanmina Corp.	0.41%	55,100	$4.2M	No change
REZI Resideo Technologies Inc.	0.40%	229,600	$4.1M	No change
AMG Affiliated Managers Group	0.36%	22,000	$3.7M	Add +37.5%
BCO The Brink's Co.	0.35%	41,600	$3.6M	No change
BHE Benchmark Electronics Inc.	0.34%	92,600	$3.5M	No change
EPC Edgewell Personal Care Co.	0.34%	110,200	$3.4M	No change
DCBO Docebo Inc.	0.33%	119,000	$3.4M	New
EQIX Equinix Inc.	0.31%	3,931	$3.2M	Add +10.4%
WELL Welltower Inc.	0.29%	19,502	$3.0M	Add +4.3%
CRI Carter's Inc.	0.28%	71,100	$2.9M	No change
PSA Public Storage	0.26%	8,890	$2.7M	Add +7.2%
BEP Brookfield Renewable Partner	0.26%	120,000	$2.7M	Reduce -11.1%
IONS Ionis Pharmaceuticals Inc.	0.26%	87,000	$2.6M	No change
ITRI Itron Inc.	0.25%	24,000	$2.5M	Reduce -20.0%
HASI Ha Sustainable Infrastructur	0.24%	85,000	$2.5M	Reduce -15.0%
PWR Quanta Services Inc.	0.24%	9,500	$2.4M	Add +18.8%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.23%	33,528	$2.4M	Add +33.1%
DNB Dun & Bradstreet Holdings Inc.	0.23%	267,000	$2.4M	Add +66.9%
NEE Nextera Energy Inc.	0.23%	33,000	$2.3M	Reduce -28.3%
CEG Constellation Energy	0.23%	11,500	$2.3M	Reduce -17.9%
AWK American Water Works Co. Inc.	0.21%	14,500	$2.1M	Add +16.0%
ORA Ormat Technologies Inc.	0.21%	30,000	$2.1M	Reduce -22.1%
WBA Walgreens Boots Alliance Inc.	0.21%	190,000	$2.1M	New
XYL Xylem Inc.	0.19%	16,500	$2.0M	Reduce -17.5%
INVH Invitation Homes Inc.	0.19%	55,118	$1.9M	Reduce -8.2%
TTEK Tetra Tech Inc.	0.18%	62,000	$1.8M	Reduce -4.6%
CPT Camden Property Trust	0.17%	14,500	$1.8M	New
FSLR First Solar Inc.	0.17%	14,000	$1.8M	No change
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.17%	53,185	$1.7M	Add +6.2%
CCJ Cameco Corp.	0.16%	41,000	$1.7M	Add +13.9%
AMT American Tower Corp.	0.15%	7,281	$1.6M	Reduce -2.7%
DLR Digital Realty Trust Inc.	0.15%	10,452	$1.5M	Reduce -43.0%
ADC Agree Realty Corp.	0.14%	19,046	$1.5M	Reduce -10.8%
BE Bloom Energy Corp. Class A	0.14%	73,000	$1.4M	Reduce -33.6%
ENPH Enphase Energy Inc.	0.14%	23,000	$1.4M	Reduce -25.8%
SUI Sun Communities Inc. filed as SUN CMNTYS INC	0.14%	10,984	$1.4M	Add +26.5%
SNDA Sonida Senior Living Inc.	0.14%	60,269	$1.4M	Add +3.4%
REG Regency Centers Corp.	0.13%	17,900	$1.3M	Reduce -20.4%
PDS Precision Drilling Corp.	0.13%	28,000	$1.3M	No change
FL Foot Locker Inc.	0.13%	91,000	$1.3M	No change
CBRE CBRE Group Inc. Class A	0.12%	9,124	$1.2M	Add +5.8%
VTR Ventas Inc.	0.11%	17,000	$1.2M	New
VRT Vertiv Holdings Co. Class A	0.11%	16,000	$1.2M	New
NXT Nextpower Inc. filed as NEXTRACKER INC	0.10%	25,000	$1.1M	Reduce -47.9%
NBR Nabors Industries Ltd.	0.09%	23,200	$968K	No change
NNN NNN REIT Inc.	0.09%	20,600	$879K	New
RUN Sunrun Inc.	0.09%	149,000	$873K	Reduce -5.7%
FR First Industrial Realty TR	0.08%	15,620	$843K	New
HLT Hilton Worldwide Holdings Inc.	0.08%	3,680	$837K	New
BRX Brixmor Property Group Inc.	0.08%	31,490	$836K	New
MAC The Macerich Co.	0.08%	47,764	$820K	Add +19.8%
EGP Eastgroup Properties Inc.	0.07%	4,000	$705K	New
HP Helmerich & Payne	0.07%	25,900	$677K	No change
HIW Highwoods Properties Inc.	0.06%	19,800	$587K	New
SHO Sunstone Hotel Investors Inc.	0.05%	59,381	$559K	Reduce -35.4%

Portfolio Sells Q4 2024 → Q1 2025


RY Royal Bank of Canada	Sold out	0.00%	−2.27
SHOP Shopify Inc. Class A	Reduce -10.1%	2.01%	−1.48
BDX Becton Dickinson and Co.	Sold out	0.00%	−1.06
BAM Brookfield Asset Mgmt-A	Reduce -38.5%	0.64%	−0.98
BSX Boston Scientific Corp.	Sold out	0.00%	−0.87
SU Suncor Energy Inc.	Reduce -16.3%	1.53%	−0.82
LOW Lowe's Cos Inc.	Sold out	0.00%	−0.61
GOOGL Alphabet Inc. Class A	Reduce -7.3%	1.72%	−0.49
WMT Walmart Inc.	Reduce -14.3%	2.06%	−0.34
AVB Avalonbay Communities Inc.	Sold out	0.00%	−0.32
GRTUF Granite Real Estate Investme	Reduce -18.1%	0.41%	−0.32
DLR Digital Realty Trust Inc.	Reduce -43.0%	0.15%	−0.30
META Meta Platforms Inc. Class A	Reduce -9.2%	2.22%	−0.19
EPRT Essential Properties Realty	Sold out	0.00%	−0.17
T AT&T Inc.	Reduce -27.4%	2.08%	−0.16
RHP Ryman Hospitality Properties	Sold out	0.00%	−0.15
AMRC Ameresco Inc. Class A	Sold out	0.00%	−0.12
REXR Rexford Industrial Realty Inc.	Sold out	0.00%	−0.12
FLNC Fluence Energy Inc.	Sold out	0.00%	−0.11
EA Electronic Arts Inc.	Reduce -7.1%	1.93%	−0.11
REG Regency Centers Corp.	Reduce -20.4%	0.13%	−0.10
SHO Sunstone Hotel Investors Inc.	Reduce -35.4%	0.05%	−0.09
LXP LXP Industrial Trust	Sold out	0.00%	−0.09
BE Bloom Energy Corp. Class A	Reduce -33.6%	0.14%	−0.09
CTRE Caretrust REIT Inc.	Sold out	0.00%	−0.09
NEE Nextera Energy Inc.	Reduce -28.3%	0.23%	−0.08
INVH Invitation Homes Inc.	Reduce -8.2%	0.19%	−0.07
CEG Constellation Energy	Reduce -17.9%	0.23%	−0.07
TTEK Tetra Tech Inc.	Reduce -4.6%	0.18%	−0.07
DE Deere & Co.	Reduce -15.2%	1.99%	−0.07
NXT Nextpower Inc.	Reduce -47.9%	0.10%	−0.06
ITRI Itron Inc.	Reduce -20.0%	0.25%	−0.06
ENPH Enphase Energy Inc.	Reduce -25.8%	0.14%	−0.06
ADC Agree Realty Corp.	Reduce -10.8%	0.14%	−0.06
KIM Kimco Realty Corp.	Sold out	0.00%	−0.06
RUN Sunrun Inc.	Reduce -5.7%	0.09%	−0.05
CASY Casey's General Stores Inc.	Reduce -13.2%	2.28%	−0.05
ORA Ormat Technologies Inc.	Reduce -22.1%	0.21%	−0.04
AMT American Tower Corp.	Reduce -2.7%	0.15%	−0.03
BEP Brookfield Renewable Partner	Reduce -11.1%	0.26%	−0.03
XYL Xylem Inc.	Reduce -17.5%	0.19%	−0.03
V Visa Inc. Class A	Reduce -13.4%	2.43%	−0.03
HASI Ha Sustainable Infrastructur	Reduce -15.0%	0.24%	−0.01
PLD Prologis Inc.	Reduce -2.6%	1.73%	−0.00
CCK Crown Holdings Inc.	Reduce -9.3%	1.52%	+0.01
AJG Arthur J Gallagher & Co.	Reduce -14.9%	1.08%	+0.07
UNP Union Pacific Corp.	Reduce -0.7%	1.94%	+0.11

Portfolio Buys Q4 2024 → Q1 2025


BNS Bank of Nova Scotia	New	10.64%	+10.64
IDXX Idexx Laboratories Inc.	New	1.61%	+1.61
LIN Linde PLC	New	1.51%	+1.51
SLF Sun Life Financial Inc.	New	0.97%	+0.97
NVDA Nvidia Corp.	New	0.56%	+0.56
ISRG Intuitive Surgical Inc.	Add +100.0%	1.06%	+0.52
STN Stantec Inc.	New	0.48%	+0.48
DCBO Docebo Inc.	New	0.33%	+0.33
NOW ServiceNow Inc.	Add +57.1%	1.71%	+0.30
WBA Walgreens Boots Alliance Inc.	New	0.21%	+0.21
UNH Unitedhealth Group Inc.	Add +2.2%	2.37%	+0.20
CPT Camden Property Trust	New	0.17%	+0.17
VTR Ventas Inc.	New	0.11%	+0.11
VRT Vertiv Holdings Co. Class A	New	0.11%	+0.11
NNN NNN REIT Inc.	New	0.09%	+0.09
FR First Industrial Realty TR	New	0.08%	+0.08
HLT Hilton Worldwide Holdings Inc.	New	0.08%	+0.08
BRX Brixmor Property Group Inc.	New	0.08%	+0.08
EGP Eastgroup Properties Inc.	New	0.07%	+0.07
AWK American Water Works Co. Inc.	Add +16.0%	0.21%	+0.06
HIW Highwoods Properties Inc.	New	0.06%	+0.06
PRGO Perrigo Co. PLC	Add +27.7%	0.56%	−0.00
PWR Quanta Services Inc.	Add +18.8%	0.24%	−0.00
SUI Sun Communities Inc.	Add +26.5%	0.14%	−0.01
CCJ Cameco Corp.	Add +13.9%	0.16%	−0.01
VMRK Vivmark Residential	Add +33.1%	0.23%	−0.01
MAC The Macerich Co.	Add +19.8%	0.08%	−0.03
WELL Welltower Inc.	Add +4.3%	0.29%	−0.03
VICI Vici Properties Inc.	Add +6.2%	0.17%	−0.03
CBRE CBRE Group Inc. Class A	Add +5.8%	0.12%	−0.04
DNB Dun & Bradstreet Holdings Inc.	Add +66.9%	0.23%	−0.04
AMG Affiliated Managers Group	Add +37.5%	0.36%	−0.04
SNDA Sonida Senior Living Inc.	Add +3.4%	0.14%	−0.05
MSFT Microsoft Corp.	Add +6.4%	2.69%	−0.07
H Hyatt Hotels Corp. Class A	Add +18.9%	1.65%	−0.08
ADBE Adobe Inc.	Add +7.5%	1.65%	−0.08
PSA Public Storage	Add +7.2%	0.26%	−0.08
BCE Bce Inc.	Add +28.2%	1.11%	−0.11
CP Canadian Pacific Kansas City	Add +27.1%	1.06%	−0.14
EQIX Equinix Inc.	Add +10.4%	0.31%	−0.14
LULU Lululemon Athletica Inc.	Add +10.3%	0.97%	−0.18
AVGO Broadcom Inc.	Add +18.2%	2.10%	−0.29
ATS Ats Corp.	Add +22.5%	1.27%	−0.50
REET iShares Global REIT ETF	Add +15.3%	2.67%	−0.52

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	61	$868.4M	WCN, PBA, NVDA, MSFT, TSM
Q1 2026	62	$833.0M	WCN, PBA, SLF, TTE, T
Q4 2025	65	$1.1B	TRP, BNS, PBA, TD, WCN
Q3 2025	65	$1.1B	TRP, CM, MSFT, TD, TU
Q2 2025	104	$1.1B	BNS, TD, MSFT, TU, AVGO
Q1 2025Amended	111	$1.0B	BNS, TD, MSFT, REET, V
Q4 2024	107	$1.1B	TD, SHOP, CNI, REET, MSFT
Q3 2024	104	$1.3B	BNS, TD, TRP, SHOP, RY
Q2 2024	108	$1.1B	BNS, SU, TRP, RY, ADBE
Q1 2024	113	$1.0B	BNS, TRP, SU, TD, RY