Nicola Wealth Management LTD.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Nicola Wealth Management LTD. reported 65 stock positions worth $1.1 billion. Its top holding was TC Energy (TRP) at 11.1% of the portfolio, followed by Can Imperial BK of Commerce (CM, 6.8%) and Microsoft (MSFT, 3.1%). Compared with Q2 2025, it opened 8 new positions, sold out of 47, added to 24 and reduced 12. The biggest buy was TC Energy (TRP, shares +794%) and the biggest sale Bank of Nova Scotia (BNS, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0001734493
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001734493-25-000010 ↗ filed Oct 31, 2025
Holdings Value
Holdings 65 stocks · $1.1B
| TRP TC Energy Corp. | 11.15% | 2,302,996 | $125.2M | Add +793.7% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 6.76% | 950,000 | $75.9M | New |
| MSFT Microsoft Corp. | 3.07% | 66,560 | $34.5M | Reduce -9.5% |
| TD Toronto-Dominion Bank | 3.04% | 427,202 | $34.2M | Reduce -30.8% |
| TU Telus Corp. | 2.98% | 2,125,419 | $33.5M | Add +3.5% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.98% | 517,300 | $33.5M | Reduce -79.6% |
| WCN Waste Connections Inc. | 2.94% | 188,100 | $33.1M | Add +60.2% |
| PBA Pembina Pipeline Corp. | 2.78% | 771,500 | $31.2M | Add +152.6% |
| META Meta Platforms Inc. Class A | 2.68% | 41,000 | $30.1M | Add +3.8% |
| UNP Union Pacific Corp. | 2.36% | 112,000 | $26.5M | Add +18.9% |
| AMZN Amazon.com Inc. | 2.26% | 115,800 | $25.4M | No change |
| NOW ServiceNow Inc. | 2.26% | 27,600 | $25.4M | Add +25.4% |
| ISRG Intuitive Surgical Inc. | 2.22% | 55,800 | $25.0M | Add +109.8% |
| V Visa Inc. Class A | 2.16% | 71,000 | $24.2M | No change |
| NVDA Nvidia Corp. | 2.04% | 123,000 | $22.9M | Add +132.1% |
| T AT&T Inc. | 1.98% | 789,400 | $22.3M | Add +11.3% |
| SLF Sun Life Financial Inc. | 1.91% | 356,800 | $21.4M | Add +28.7% |
| DE Deere & Co. | 1.85% | 45,500 | $20.8M | Add +4.6% |
| H Hyatt Hotels Corp. Class A | 1.75% | 138,500 | $19.7M | No change |
| WMT Walmart Inc. | 1.74% | 190,200 | $19.6M | Reduce -20.8% |
| LIN Linde PLC | 1.68% | 39,800 | $18.9M | No change |
| CNI Canadian Natl Railway Co. | 1.67% | 198,800 | $18.7M | Add +13.9% |
| TSM Taiwan Semiconductor-SP ADR | 1.67% | 67,000 | $18.7M | No change |
| CNQ Canadian Natural Resources | 1.64% | 575,900 | $18.4M | No change |
| PLD Prologis Inc. | 1.45% | 142,000 | $16.3M | Reduce -18.2% |
| ADBE Adobe Inc. | 1.39% | 44,200 | $15.6M | No change |
| BCE Bce Inc. | 1.32% | 632,400 | $14.8M | No change |
| SNPS Synopsys Inc. | 1.28% | 29,200 | $14.4M | New |
| NFLX Netflix Inc. | 1.28% | 12,000 | $14.4M | No change |
| INFY Infosys Ltd.-SP ADR | 1.19% | 822,000 | $13.4M | Add +20.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.18% | 42,900 | $13.3M | Add +71.6% |
| CCK Crown Holdings Inc. | 1.14% | 132,000 | $12.7M | Reduce -24.6% |
| CUBE Cubesmart | 1.12% | 309,000 | $12.6M | Reduce -3.5% |
| MSA Msa Safety Inc. | 1.11% | 72,375 | $12.5M | New |
| BAM Brookfield Asset Mgmt-A | 1.10% | 216,558 | $12.3M | Add +115.4% |
| KO The Coca-Cola Co. | 1.09% | 185,000 | $12.3M | Add +42.3% |
| IDXX Idexx Laboratories Inc. | 1.07% | 18,800 | $12.0M | Reduce -46.0% |
| GOOGL Alphabet Inc. Class A | 1.05% | 48,500 | $11.8M | Reduce -57.4% |
| CPRT Copart Inc. | 1.02% | 255,000 | $11.5M | New |
| GIB Cgi Inc. | 0.97% | 122,000 | $10.9M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.95% | 312,000 | $10.7M | Add +35.6% |
| CP Canadian Pacific Kansas City | 0.94% | 141,500 | $10.5M | Add +46.8% |
| AVGO Broadcom Inc. | 0.93% | 31,500 | $10.4M | Reduce -73.5% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.90% | 125,000 | $10.1M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.89% | 69,000 | $10.0M | Reduce -28.1% |
| STN Stantec Inc. | 0.78% | 81,200 | $8.8M | Add +37.4% |
| TFII Tfi International Inc. | 0.63% | 81,000 | $7.1M | New |
| AMG Affiliated Managers Group | 0.62% | 29,000 | $6.9M | Add +31.8% |
| WSO Watsco Inc. | 0.61% | 17,000 | $6.9M | New |
| REZI Resideo Technologies Inc. | 0.61% | 157,600 | $6.8M | Reduce -31.4% |
| PLXS Plexus Corp. | 0.59% | 46,000 | $6.7M | New |
| SANM Sanmina Corp. | 0.56% | 55,100 | $6.3M | No change |
| PRGO Perrigo Co. PLC | 0.56% | 281,000 | $6.3M | Add +38.4% |
| IONS Ionis Pharmaceuticals Inc. | 0.51% | 87,000 | $5.7M | No change |
| CRI Carter's Inc. | 0.45% | 179,100 | $5.1M | Add +151.9% |
| GRTUF Granite Real Estate Investme | 0.45% | 90,500 | $5.0M | No change |
| BCO The Brink's Co. | 0.43% | 41,600 | $4.9M | No change |
| BHE Benchmark Electronics Inc. | 0.43% | 124,600 | $4.8M | No change |
| COKE Coca-Cola Consolidated Inc. | 0.42% | 40,600 | $4.8M | No change |
| SLGN Silgan Holdings Inc. | 0.41% | 105,900 | $4.6M | No change |
| AB Alliancebernstein Holding LP | 0.39% | 114,000 | $4.4M | No change |
| EPC Edgewell Personal Care Co. | 0.36% | 199,200 | $4.1M | Add +80.8% |
| PDS Precision Drilling Corp. | 0.14% | 28,000 | $1.6M | No change |
| NBR Nabors Industries Ltd. | 0.08% | 23,200 | $948K | No change |
| HP Helmerich & Payne | 0.05% | 25,900 | $572K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BNS Bank of Nova Scotia | Reduce -79.6% | 2.98% | −10.16 |
| AVGO Broadcom Inc. | Reduce -73.5% | 0.93% | −2.14 |
| REET iShares Global REIT ETF | Sold out | 0.00% | −2.09 |
| TD Toronto-Dominion Bank | Reduce -30.8% | 3.04% | −1.22 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −1.17 |
| GOOGL Alphabet Inc. Class A | Reduce -57.4% | 1.05% | −0.83 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.76 |
| IDXX Idexx Laboratories Inc. | Reduce -46.0% | 1.07% | −0.68 |
| URI United Rentals Inc. | Sold out | 0.00% | −0.65 |
| CCK Crown Holdings Inc. | Reduce -24.6% | 1.14% | −0.55 |
| CASY Casey's General Stores Inc. | Sold out | 0.00% | −0.50 |
| JBL Jabil Inc. | Sold out | 0.00% | −0.46 |
| WMT Walmart Inc. | Reduce -20.8% | 1.74% | −0.46 |
| MSFT Microsoft Corp. | Reduce -9.5% | 3.07% | −0.36 |
| WELL Welltower Inc. | Sold out | 0.00% | −0.30 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.29 |
| XYL Xylem Inc. | Sold out | 0.00% | −0.27 |
| BEP Brookfield Renewable Partner | Sold out | 0.00% | −0.26 |
| PLD Prologis Inc. | Reduce -18.2% | 1.45% | −0.26 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.26 |
| CEG Constellation Energy | Sold out | 0.00% | −0.26 |
| ORA Ormat Technologies Inc. | Sold out | 0.00% | −0.26 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.25 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.25 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.25 |
| ITRI Itron Inc. | Sold out | 0.00% | −0.23 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −0.23 |
| HASI Ha Sustainable Infrastructur | Sold out | 0.00% | −0.23 |
| TJX TJX Companies Inc. | Reduce -28.1% | 0.89% | −0.22 |
| VMRK Vivmark Residential | Sold out | 0.00% | −0.22 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.22 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.22 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.21 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.20 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −0.19 |
| CPT Camden Property Trust | Sold out | 0.00% | −0.16 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −0.16 |
| CUBE Cubesmart | Reduce -3.5% | 1.12% | −0.16 |
| PSA Public Storage | Sold out | 0.00% | −0.15 |
| VTR Ventas Inc. | Sold out | 0.00% | −0.14 |
| ADC Agree Realty Corp. | Sold out | 0.00% | −0.14 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.14 |
| CBRE CBRE Group Inc. Class A | Sold out | 0.00% | −0.13 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.13 |
| SNDA Sonida Senior Living Inc. | Sold out | 0.00% | −0.13 |
| REG Regency Centers Corp. | Sold out | 0.00% | −0.12 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.11 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.10 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.10 |
| TTEK Tetra Tech Inc. | Sold out | 0.00% | −0.10 |
Portfolio Buys Q2 2025 → Q3 2025
| TRP TC Energy Corp. | Add +793.7% | 11.15% | +9.97 |
| CM Can Imperial BK of Commerce | New | 6.76% | +6.76 |
| PBA Pembina Pipeline Corp. | Add +152.6% | 2.78% | +1.70 |
| SNPS Synopsys Inc. | New | 1.28% | +1.28 |
| NVDA Nvidia Corp. | Add +132.1% | 2.04% | +1.26 |
| MSA Msa Safety Inc. | New | 1.11% | +1.11 |
| CPRT Copart Inc. | New | 1.02% | +1.02 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.90% | +0.90 |
| WCN Waste Connections Inc. | Add +60.2% | 2.94% | +0.89 |
| ISRG Intuitive Surgical Inc. | Add +109.8% | 2.22% | +0.87 |
| TFII Tfi International Inc. | New | 0.63% | +0.63 |
| WSO Watsco Inc. | New | 0.61% | +0.61 |
| PLXS Plexus Corp. | New | 0.59% | +0.59 |
| BAM Brookfield Asset Mgmt-A | Add +115.4% | 1.10% | +0.58 |
| AJG Arthur J Gallagher & Co. | Add +71.6% | 1.18% | +0.43 |
| UNP Union Pacific Corp. | Add +18.9% | 2.36% | +0.32 |
| CRI Carter's Inc. | Add +151.9% | 0.45% | +0.25 |
| KO The Coca-Cola Co. | Add +42.3% | 1.09% | +0.23 |
| CP Canadian Pacific Kansas City | Add +46.8% | 0.94% | +0.22 |
| AMG Affiliated Managers Group | Add +31.8% | 0.62% | +0.21 |
| SLF Sun Life Financial Inc. | Add +28.7% | 1.91% | +0.18 |
| STN Stantec Inc. | Add +37.4% | 0.78% | +0.18 |
| NOW ServiceNow Inc. | Add +25.4% | 2.26% | +0.14 |
| HDB HDFC Bank Ltd.-ADR | Add +35.6% | 0.95% | +0.12 |
| EPC Edgewell Personal Care Co. | Add +80.8% | 0.36% | +0.12 |
| T AT&T Inc. | Add +11.3% | 1.98% | +0.06 |
| PRGO Perrigo Co. PLC | Add +38.4% | 0.56% | +0.05 |
| INFY Infosys Ltd.-SP ADR | Add +20.9% | 1.19% | +0.01 |
| CNI Canadian Natl Railway Co. | Add +13.9% | 1.67% | −0.04 |
| META Meta Platforms Inc. Class A | Add +3.8% | 2.68% | −0.05 |
| TU Telus Corp. | Add +3.5% | 2.98% | −0.11 |
| DE Deere & Co. | Add +4.6% | 1.85% | −0.22 |
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 |