Nicola Wealth Management LTD.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Nicola Wealth Management LTD. reported 65 stock positions worth $1.1 billion. Its top holding was TC Energy (TRP) at 10.0% of the portfolio, followed by Bank of Nova Scotia (BNS, 9.1%) and Pembina Pipeline (PBA, 3.4%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 13 and reduced 17. The biggest buy was Bank of Nova Scotia (BNS, shares +163%) and the biggest sale an exit from Can Imperial BK of Commerce (CM).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001734493
Portfolio Value
$1.1B (Q4 2025)
SEC Filing
0001734493-26-000002 ↗ filed Feb 9, 2026

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 Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B $1.1B Q4 2025 Q1 2026: $833.0M Q1 2026 Q2 2026: $868.4M Q2 2026

Holdings 65 stocks · $1.1B
TRP TC Energy Corp. 10.02% 2,000,000 $110.1M Reduce -13.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 9.14% 1,361,500 $100.4M Add +163.2%
PBA Pembina Pipeline Corp. 3.42% 987,800 $37.6M Add +28.0%
TD Toronto-Dominion Bank 3.12% 363,302 $34.2M Reduce -15.0%
WCN Waste Connections Inc. 2.96% 185,400 $32.5M Reduce -1.4%
MSFT Microsoft Corp. 2.93% 66,560 $32.2M No change
UNP Union Pacific Corp. 2.36% 112,000 $25.9M No change
V Visa Inc. Class A 2.27% 71,000 $24.9M No change
AMZN Amazon.com Inc. 2.22% 105,800 $24.4M Reduce -8.6%
ISRG Intuitive Surgical Inc. 2.21% 42,900 $24.3M Reduce -23.1%
NVDA Nvidia Corp. 2.09% 123,000 $22.9M No change
SLF Sun Life Financial Inc. 2.08% 366,900 $22.9M Add +2.8%
T AT&T Inc. 2.07% 916,400 $22.8M Add +16.1%
DE Deere & Co. 1.93% 45,500 $21.2M No change
NOW ServiceNow Inc. 1.92% 138,000 $21.1M No change
META Meta Platforms Inc. Class A 1.90% 31,700 $20.9M Reduce -22.7%
TSM Taiwan Semiconductor-SP ADR 1.85% 67,000 $20.4M No change
H Hyatt Hotels Corp. Class A 1.80% 123,500 $19.8M Reduce -10.8%
CNI Canadian Natl Railway Co. 1.79% 198,800 $19.7M No change
WMT Walmart Inc. 1.79% 176,200 $19.6M Reduce -7.4%
BCE Bce Inc. 1.58% 729,000 $17.4M Add +15.3%
LIN Linde PLC 1.54% 39,800 $17.0M No change
INFY Infosys Ltd.-SP ADR 1.54% 948,000 $16.9M Add +15.3%
TU Telus Corp. 1.47% 1,223,219 $16.1M Reduce -42.5%
NFLX Netflix Inc. 1.42% 167,000 $15.7M Add +39.2%
ADBE Adobe Inc. 1.41% 44,200 $15.5M No change
HDB HDFC Bank Ltd.-ADR 1.34% 403,000 $14.7M Add +29.2%
CNQ Canadian Natural Resources 1.33% 432,900 $14.7M Reduce -24.8%
SNPS Synopsys Inc. 1.25% 29,200 $13.7M No change
CCK Crown Holdings Inc. 1.24% 132,000 $13.6M No change
BAM Brookfield Asset Mgmt-A 1.20% 251,758 $13.2M Add +16.3%
TFII Tfi International Inc. 1.19% 126,600 $13.1M Add +56.3%
TTEK Tetra Tech Inc. 1.11% 365,000 $12.2M New
KO The Coca-Cola Co. 1.08% 170,000 $11.9M Reduce -8.1%
MSA Msa Safety Inc. 1.05% 72,375 $11.6M No change
PLD Prologis Inc. 1.03% 89,000 $11.4M Reduce -37.3%
GIB Cgi Inc. 1.03% 122,000 $11.3M No change
CUBE Cubesmart 1.01% 309,000 $11.1M No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.01% 42,900 $11.1M No change
AVGO Broadcom Inc. 0.99% 31,500 $10.9M No change
CP Canadian Pacific Kansas City 0.95% 141,500 $10.4M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.92% 125,000 $10.1M No change
IDXX Idexx Laboratories Inc. 0.91% 14,800 $10.0M Reduce -21.3%
CPRT Copart Inc. 0.91% 255,000 $10.0M No change
IT Gartner Inc. 0.81% 35,500 $9.0M New
GOOGL Alphabet Inc. Class A 0.78% 27,500 $8.6M Reduce -43.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.78% 56,000 $8.6M Reduce -18.8%
AMG Affiliated Managers Group 0.76% 29,000 $8.4M No change
SANM Sanmina Corp. 0.75% 55,100 $8.3M No change
TTE Totalenergies SE 0.73% 144,000 $8.0M New
FSV Firstservice Corp. 0.71% 50,390 $7.8M New
IONS Ionis Pharmaceuticals Inc. 0.63% 87,000 $6.9M No change
PLXS Plexus Corp. 0.62% 46,000 $6.8M No change
COKE Coca-Cola Consolidated Inc. 0.57% 40,600 $6.2M No change
STN Stantec Inc. 0.55% 64,600 $6.1M Reduce -20.4%
CRI Carter's Inc. 0.53% 179,100 $5.8M No change
BCO The Brink's Co. 0.51% 47,600 $5.6M Add +14.4%
REZI Resideo Technologies Inc. 0.50% 157,600 $5.5M No change
SLGN Silgan Holdings Inc. 0.50% 136,900 $5.5M Add +29.3%
BHE Benchmark Electronics Inc. 0.48% 124,600 $5.3M No change
EPC Edgewell Personal Care Co. 0.48% 308,200 $5.3M Add +54.7%
PRGO Perrigo Co. PLC 0.36% 281,000 $3.9M No change
WSO Watsco Inc. 0.25% 8,000 $2.7M Reduce -52.9%
PDS Precision Drilling Corp. 0.18% 28,000 $2.0M No change
NBR Nabors Industries Ltd. 0.11% 23,200 $1.3M No change

Portfolio Sells Q3 2025 → Q4 2025
CM Can Imperial BK of Commerce Sold out 0.00% −6.76
TU Telus Corp. Reduce -42.5% 1.47% −1.51
TRP TC Energy Corp. Reduce -13.2% 10.02% −1.12
META Meta Platforms Inc. Class A Reduce -22.7% 1.90% −0.78
GRTUF Granite Real Estate Investme Sold out 0.00% −0.45
PLD Prologis Inc. Reduce -37.3% 1.03% −0.41
AB Alliancebernstein Holding LP Sold out 0.00% −0.39
WSO Watsco Inc. Reduce -52.9% 0.25% −0.37
CNQ Canadian Natural Resources Reduce -24.8% 1.33% −0.30
GOOGL Alphabet Inc. Class A Reduce -43.3% 0.78% −0.27
STN Stantec Inc. Reduce -20.4% 0.55% −0.22
IDXX Idexx Laboratories Inc. Reduce -21.3% 0.91% −0.16
TJX TJX Companies Inc. Reduce -18.8% 0.78% −0.10
HP Helmerich & Payne Sold out 0.00% −0.05
AMZN Amazon.com Inc. Reduce -8.6% 2.22% −0.04
KO The Coca-Cola Co. Reduce -8.1% 1.08% −0.01
ISRG Intuitive Surgical Inc. Reduce -23.1% 2.21% −0.01
WCN Waste Connections Inc. Reduce -1.4% 2.96% +0.01
WMT Walmart Inc. Reduce -7.4% 1.79% +0.04
H Hyatt Hotels Corp. Class A Reduce -10.8% 1.80% +0.05
TD Toronto-Dominion Bank Reduce -15.0% 3.12% +0.08

Portfolio Buys Q3 2025 → Q4 2025
BNS Bank of Nova Scotia Add +163.2% 9.14% +6.16
TTEK Tetra Tech Inc. New 1.11% +1.11
IT Gartner Inc. New 0.81% +0.81
TTE Totalenergies SE New 0.73% +0.73
FSV Firstservice Corp. New 0.71% +0.71
PBA Pembina Pipeline Corp. Add +28.0% 3.42% +0.65
TFII Tfi International Inc. Add +56.3% 1.19% +0.56
HDB HDFC Bank Ltd.-ADR Add +29.2% 1.34% +0.39
INFY Infosys Ltd.-SP ADR Add +15.3% 1.54% +0.35
BCE Bce Inc. Add +15.3% 1.58% +0.27
SLF Sun Life Financial Inc. Add +2.8% 2.08% +0.18
NFLX Netflix Inc. Add +39.2% 1.42% +0.14
EPC Edgewell Personal Care Co. Add +54.7% 0.48% +0.12
BAM Brookfield Asset Mgmt-A Add +16.3% 1.20% +0.10
SLGN Silgan Holdings Inc. Add +29.3% 0.50% +0.10
T AT&T Inc. Add +16.1% 2.07% +0.09
BCO The Brink's Co. Add +14.4% 0.51% +0.07

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