Nicola Wealth Management LTD.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Nicola Wealth Management LTD. reported 104 stock positions worth $1.1 billion. Its top holding was Bank of Nova Scotia (BNS) at 13.1% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.3%) and Microsoft (MSFT, 3.4%). Compared with Q1 2025, it opened 9 new positions, sold out of 16, added to 31 and reduced 33. The biggest buy was Bank of Nova Scotia (BNS, shares +10%) and the biggest sale an exit from Unitedhealth (UNH).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001734493
Portfolio Value
$1.1B (Q2 2025)
SEC Filing
0001734493-25-000009 ↗ filed Aug 11, 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 Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B $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 · $1.1B
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 13.14% 2,535,100 $140.2M Add +10.2%
TD Toronto-Dominion Bank 4.26% 617,602 $45.4M Add +21.1%
MSFT Microsoft Corp. 3.43% 73,560 $36.6M No change
TU Telus Corp. 3.09% 2,053,419 $33.0M Add +87.8%
AVGO Broadcom Inc. 3.07% 118,800 $32.7M Reduce -7.8%
META Meta Platforms Inc. Class A 2.73% 39,500 $29.2M No change
AMZN Amazon.com Inc. 2.38% 115,800 $25.4M Add +24.5%
V Visa Inc. Class A 2.36% 71,000 $25.2M No change
WMT Walmart Inc. 2.20% 240,200 $23.5M No change
NOW ServiceNow Inc. 2.12% 22,000 $22.6M No change
REET iShares Global REIT ETF 2.09% 903,300 $22.3M Reduce -19.9%
DE Deere & Co. 2.07% 43,500 $22.1M No change
WCN Waste Connections Inc. 2.06% 117,400 $21.9M New
UNP Union Pacific Corp. 2.03% 94,200 $21.7M Add +11.9%
T AT&T Inc. 1.92% 709,400 $20.5M Reduce -6.1%
GOOGL Alphabet Inc. Class A 1.88% 113,900 $20.1M No change
H Hyatt Hotels Corp. Class A 1.81% 138,500 $19.3M No change
LIN Linde PLC 1.75% 39,800 $18.7M Add +19.5%
IDXX Idexx Laboratories Inc. 1.75% 34,800 $18.7M Reduce -11.4%
SLF Sun Life Financial Inc. 1.73% 277,300 $18.4M Add +59.2%
PLD Prologis Inc. 1.71% 173,544 $18.2M Add +9.6%
CNI Canadian Natl Railway Co. 1.71% 174,600 $18.2M Reduce -27.1%
CNQ Canadian Natural Resources 1.70% 575,900 $18.1M New
CCK Crown Holdings Inc. 1.69% 175,000 $18.0M No change
ADBE Adobe Inc. 1.60% 44,200 $17.1M No change
NFLX Netflix Inc. 1.51% 12,000 $16.1M Reduce -29.4%
TSM Taiwan Semiconductor-SP ADR 1.42% 67,000 $15.2M No change
ISRG Intuitive Surgical Inc. 1.36% 26,600 $14.5M Add +20.9%
BCE Bce Inc. 1.31% 632,400 $14.0M Add +27.2%
CUBE Cubesmart 1.28% 320,300 $13.6M Add +10.8%
GIB Cgi Inc. 1.20% 122,000 $12.8M Reduce -9.3%
INFY Infosys Ltd.-SP ADR 1.18% 680,000 $12.6M Add +21.6%
TRP TC Energy Corp. 1.18% 257,696 $12.6M Add +11.0%
EA Electronic Arts Inc. 1.17% 77,900 $12.4M Reduce -43.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.11% 96,000 $11.9M New
PBA Pembina Pipeline Corp. 1.07% 305,400 $11.5M New
KO The Coca-Cola Co. 0.86% 130,000 $9.2M New
HDB HDFC Bank Ltd.-ADR 0.83% 115,000 $8.8M Reduce -29.4%
NVDA Nvidia Corp. 0.79% 53,000 $8.4M No change
KLAC KLA Corp. 0.76% 9,000 $8.1M Reduce -59.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.75% 25,000 $8.0M Reduce -21.9%
CP Canadian Pacific Kansas City 0.72% 96,400 $7.7M Reduce -37.7%
URI United Rentals Inc. 0.65% 9,200 $6.9M New
STN Stantec Inc. 0.60% 59,100 $6.4M No change
SLGN Silgan Holdings Inc. 0.54% 105,900 $5.7M No change
BAM Brookfield Asset Mgmt-A 0.52% 100,558 $5.6M Reduce -25.3%
PRGO Perrigo Co. PLC 0.51% 203,000 $5.4M No change
SANM Sanmina Corp. 0.51% 55,100 $5.4M No change
CASY Casey's General Stores Inc. 0.50% 10,400 $5.3M Reduce -80.7%
REZI Resideo Technologies Inc. 0.47% 229,600 $5.1M No change
JBL Jabil Inc. 0.46% 22,500 $4.9M Reduce -32.8%
BHE Benchmark Electronics Inc. 0.45% 124,600 $4.8M Add +34.6%
AB Alliancebernstein Holding LP 0.44% 114,000 $4.7M Reduce -26.4%
GRTUF Granite Real Estate Investme 0.43% 90,500 $4.6M No change
COKE Coca-Cola Consolidated Inc. 0.42% 40,600 $4.5M Reduce -19.8%
AMG Affiliated Managers Group 0.41% 22,000 $4.3M No change
BCO The Brink's Co. 0.35% 41,600 $3.7M No change
IONS Ionis Pharmaceuticals Inc. 0.32% 87,000 $3.4M No change
WELL Welltower Inc. 0.30% 20,642 $3.2M Add +5.8%
DLR Digital Realty Trust Inc. 0.29% 17,732 $3.1M Add +69.7%
XYL Xylem Inc. 0.27% 22,000 $2.8M Add +33.3%
BEP Brookfield Renewable Partner 0.26% 110,000 $2.8M Reduce -8.3%
EQIX Equinix Inc. 0.26% 3,486 $2.8M Reduce -11.3%
CEG Constellation Energy 0.26% 8,500 $2.7M Reduce -26.1%
ORA Ormat Technologies Inc. 0.26% 32,500 $2.7M Add +8.3%
AWK American Water Works Co. Inc. 0.25% 19,500 $2.7M Add +34.5%
NEE Nextera Energy Inc. 0.25% 38,500 $2.7M Add +16.7%
PWR Quanta Services Inc. 0.25% 7,000 $2.6M Reduce -26.3%
EPC Edgewell Personal Care Co. 0.24% 110,200 $2.6M No change
ITRI Itron Inc. 0.23% 18,500 $2.4M Reduce -22.9%
DNB Dun & Bradstreet Holdings Inc. 0.23% 267,000 $2.4M No change
HASI Ha Sustainable Infrastructur 0.23% 90,000 $2.4M Add +5.9%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.22% 34,943 $2.4M Add +4.2%
FSLR First Solar Inc. 0.22% 14,000 $2.3M No change
CCJ Cameco Corp. 0.22% 31,000 $2.3M Reduce -24.4%
FL Foot Locker Inc. 0.21% 91,000 $2.2M No change
WBA Walgreens Boots Alliance Inc. 0.20% 190,000 $2.2M No change
CRI Carter's Inc. 0.20% 71,100 $2.1M No change
INVH Invitation Homes Inc. 0.19% 61,231 $2.0M Add +11.1%
CPT Camden Property Trust 0.16% 15,471 $1.7M Add +6.7%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.16% 52,537 $1.7M Reduce -1.2%
PSA Public Storage 0.15% 5,480 $1.6M Reduce -38.4%
VTR Ventas Inc. 0.14% 23,770 $1.5M Add +39.8%
ADC Agree Realty Corp. 0.14% 20,296 $1.5M Add +6.6%
HLT Hilton Worldwide Holdings Inc. 0.14% 5,440 $1.4M Add +47.8%
CBRE CBRE Group Inc. Class A 0.13% 10,055 $1.4M Add +10.2%
SPG Simon Property Group Inc. 0.13% 8,550 $1.4M New
SNDA Sonida Senior Living Inc. 0.13% 54,977 $1.4M Reduce -8.8%
PDS Precision Drilling Corp. 0.12% 28,000 $1.3M No change
REG Regency Centers Corp. 0.12% 17,900 $1.3M No change
VRT Vertiv Holdings Co. Class A 0.11% 9,000 $1.2M Reduce -43.8%
ENPH Enphase Energy Inc. 0.10% 28,000 $1.1M Add +21.7%
TTEK Tetra Tech Inc. 0.10% 30,000 $1.1M Reduce -51.6%
AMT American Tower Corp. 0.10% 4,881 $1.1M Reduce -33.0%
EGP Eastgroup Properties Inc. 0.10% 6,200 $1.0M Add +55.0%
NNN NNN REIT Inc. 0.09% 21,506 $929K Add +4.4%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.09% 17,000 $924K Reduce -32.0%
BE Bloom Energy Corp. Class A 0.08% 35,000 $837K Reduce -52.0%
BRX Brixmor Property Group Inc. 0.07% 29,060 $757K Reduce -7.7%
SLG SL Green Realty Corp. 0.07% 11,596 $718K New
NBR Nabors Industries Ltd. 0.06% 23,200 $650K No change
HIW Highwoods Properties Inc. 0.06% 19,160 $596K Reduce -3.2%
HP Helmerich & Payne 0.04% 25,900 $393K No change
HUDSON PAC PPTYS INC 0.04% 143,100 $392K New

Portfolio Sells Q1 2025 → Q2 2025
UNH Unitedhealth Group Inc. Sold out 0.00% −2.37
SHOP Shopify Inc. Class A Sold out 0.00% −2.01
CASY Casey's General Stores Inc. Reduce -80.7% 0.50% −1.78
SU Suncor Energy Inc. Sold out 0.00% −1.53
EFX Equifax Inc. Sold out 0.00% −1.43
ATS Ats Corp. Sold out 0.00% −1.27
WCC Wesco International Inc. Sold out 0.00% −1.14
ROST Ross Stores Inc. Sold out 0.00% −0.99
LULU Lululemon Athletica Inc. Sold out 0.00% −0.97
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.87
EA Electronic Arts Inc. Reduce -43.1% 1.17% −0.76
KLAC KLA Corp. Reduce -59.1% 0.76% −0.70
REET iShares Global REIT ETF Reduce -19.9% 2.09% −0.58
CNI Canadian Natl Railway Co. Reduce -27.1% 1.71% −0.57
PDCO Patterson Cos Inc. Sold out 0.00% −0.54
CP Canadian Pacific Kansas City Reduce -37.7% 0.72% −0.34
DCBO Docebo Inc. Sold out 0.00% −0.33
AJG Arthur J Gallagher & Co. Reduce -21.9% 0.75% −0.33
COKE Coca-Cola Consolidated Inc. Reduce -19.8% 0.42% −0.24
HDB HDFC Bank Ltd.-ADR Reduce -29.4% 0.83% −0.23
T AT&T Inc. Reduce -6.1% 1.92% −0.16
AB Alliancebernstein Holding LP Reduce -26.4% 0.44% −0.14
SUI Sun Communities Inc. Sold out 0.00% −0.14
BAM Brookfield Asset Mgmt-A Reduce -25.3% 0.52% −0.11
GIB Cgi Inc. Reduce -9.3% 1.20% −0.11
PSA Public Storage Reduce -38.4% 0.15% −0.11
RUN Sunrun Inc. Sold out 0.00% −0.09
FR First Industrial Realty TR Sold out 0.00% −0.08
MAC The Macerich Co. Sold out 0.00% −0.08
TTEK Tetra Tech Inc. Reduce -51.6% 0.10% −0.08
BE Bloom Energy Corp. Class A Reduce -52.0% 0.08% −0.06
SHO Sunstone Hotel Investors Inc. Sold out 0.00% −0.05
AMT American Tower Corp. Reduce -33.0% 0.10% −0.05
EQIX Equinix Inc. Reduce -11.3% 0.26% −0.05
NFLX Netflix Inc. Reduce -29.4% 1.51% −0.04
ITRI Itron Inc. Reduce -22.9% 0.23% −0.02
NXT Nextpower Inc. Reduce -32.0% 0.09% −0.02
BRX Brixmor Property Group Inc. Reduce -7.7% 0.07% −0.01
VICI Vici Properties Inc. Reduce -1.2% 0.16% −0.01
SNDA Sonida Senior Living Inc. Reduce -8.8% 0.13% −0.01
VRT Vertiv Holdings Co. Class A Reduce -43.8% 0.11% −0.00
HIW Highwoods Properties Inc. Reduce -3.2% 0.06% −0.00
BEP Brookfield Renewable Partner Reduce -8.3% 0.26% +0.00
PWR Quanta Services Inc. Reduce -26.3% 0.25% +0.01
JBL Jabil Inc. Reduce -32.8% 0.46% +0.02
CEG Constellation Energy Reduce -26.1% 0.26% +0.03
CCJ Cameco Corp. Reduce -24.4% 0.22% +0.05
IDXX Idexx Laboratories Inc. Reduce -11.4% 1.75% +0.14
AVGO Broadcom Inc. Reduce -7.8% 3.07% +0.97

Portfolio Buys Q1 2025 → Q2 2025
BNS Bank of Nova Scotia Add +10.2% 13.14% +2.50
WCN Waste Connections Inc. New 2.06% +2.06
CNQ Canadian Natural Resources New 1.70% +1.70
TU Telus Corp. Add +87.8% 3.09% +1.56
TD Toronto-Dominion Bank Add +21.1% 4.26% +1.28
TJX TJX Companies Inc. New 1.11% +1.11
PBA Pembina Pipeline Corp. New 1.07% +1.07
KO The Coca-Cola Co. New 0.86% +0.86
SLF Sun Life Financial Inc. Add +59.2% 1.73% +0.76
AMZN Amazon.com Inc. Add +24.5% 2.38% +0.66
URI United Rentals Inc. New 0.65% +0.65
ISRG Intuitive Surgical Inc. Add +20.9% 1.36% +0.29
LIN Linde PLC Add +19.5% 1.75% +0.24
BCE Bce Inc. Add +27.2% 1.31% +0.20
INFY Infosys Ltd.-SP ADR Add +21.6% 1.18% +0.19
DLR Digital Realty Trust Inc. Add +69.7% 0.29% +0.14
SPG Simon Property Group Inc. New 0.13% +0.13
BHE Benchmark Electronics Inc. Add +34.6% 0.45% +0.11
TRP TC Energy Corp. Add +11.0% 1.18% +0.11
UNP Union Pacific Corp. Add +11.9% 2.03% +0.09
XYL Xylem Inc. Add +33.3% 0.27% +0.07
CUBE Cubesmart Add +10.8% 1.28% +0.07
SLG SL Green Realty Corp. New 0.07% +0.07
HLT Hilton Worldwide Holdings Inc. Add +47.8% 0.14% +0.05
ORA Ormat Technologies Inc. Add +8.3% 0.26% +0.05
AWK American Water Works Co. Inc. Add +34.5% 0.25% +0.05
HUDSON PAC PPTYS INC New 0.04% +0.04
EGP Eastgroup Properties Inc. Add +55.0% 0.10% +0.03
VTR Ventas Inc. Add +39.8% 0.14% +0.03
NEE Nextera Energy Inc. Add +16.7% 0.25% +0.02
CBRE CBRE Group Inc. Class A Add +10.2% 0.13% +0.02
WELL Welltower Inc. Add +5.8% 0.30% +0.01
NNN NNN REIT Inc. Add +4.4% 0.09% +0.00
INVH Invitation Homes Inc. Add +11.1% 0.19% +0.00
ADC Agree Realty Corp. Add +6.6% 0.14% −0.00
CPT Camden Property Trust Add +6.7% 0.16% −0.01
VMRK Vivmark Residential Add +4.2% 0.22% −0.01
HASI Ha Sustainable Infrastructur Add +5.9% 0.23% −0.02
PLD Prologis Inc. Add +9.6% 1.71% −0.02
ENPH Enphase Energy Inc. Add +21.7% 0.10% −0.04

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