Nicola Wealth Management LTD.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Nicola Wealth Management LTD. reported 62 stock positions worth $833.0 million. Its top holding was Waste Connections (WCN) at 4.1% of the portfolio, followed by Pembina Pipeline (PBA, 3.6%) and Sun Life Financial (SLF, 3.0%). Compared with Q4 2025, it opened 3 new positions, sold out of 6, added to 16 and reduced 21. The biggest buy was Totalenergies (TTE, shares +78%) and the biggest sale an exit from TC Energy (TRP).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001734493
Portfolio Value
$833.0M (Q1 2026)
SEC Filing
0001734493-26-000004 ↗ filed May 7, 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 Q4 2025 Q1 2026: $833.0M $833.0M Q1 2026 Q2 2026: $868.4M Q2 2026

Holdings 62 stocks · $833.0M
WCN Waste Connections Inc. 4.07% 208,600 $33.9M Add +12.5%
PBA Pembina Pipeline Corp. 3.57% 664,500 $29.7M Reduce -32.7%
SLF Sun Life Financial Inc. 2.97% 394,400 $24.7M Add +7.5%
TTE Totalenergies SE 2.88% 257,000 $24.0M Add +78.5%
T AT&T Inc. 2.64% 758,400 $22.0M Reduce -17.2%
V Visa Inc. Class A 2.58% 71,000 $21.5M No change
NVDA Nvidia Corp. 2.58% 123,000 $21.5M No change
NFLX Netflix Inc. 2.57% 222,700 $21.4M Add +33.4%
UNP Union Pacific Corp. 2.53% 87,000 $21.1M Reduce -22.3%
ISRG Intuitive Surgical Inc. 2.37% 42,900 $19.8M No change
LIN Linde PLC 2.37% 39,800 $19.7M No change
MSFT Microsoft Corp. 2.36% 53,060 $19.6M Reduce -20.3%
BAM Brookfield Asset Mgmt-A 2.31% 433,758 $19.3M Add +72.3%
META Meta Platforms Inc. Class A 2.28% 33,200 $19.0M Add +4.7%
BCE Bce Inc. 2.21% 729,000 $18.4M No change
STN Stantec Inc. 2.10% 202,800 $17.5M Add +213.9%
AMZN Amazon.com Inc. 2.10% 83,800 $17.5M Reduce -20.8%
CNI Canadian Natl Railway Co. 2.08% 168,600 $17.3M Reduce -15.2%
TD Toronto-Dominion Bank 2.06% 183,802 $17.2M Reduce -49.4%
CNQ Canadian Natural Resources 1.97% 336,100 $16.4M Reduce -22.4%
SNPS Synopsys Inc. 1.94% 40,700 $16.1M Add +39.4%
TSM Taiwan Semiconductor-SP ADR 1.91% 47,000 $15.9M Reduce -29.9%
NOW ServiceNow Inc. 1.90% 151,500 $15.8M Add +9.8%
TU Telus Corp. 1.89% 1,223,219 $15.7M No change
AAPL Apple Inc. 1.86% 61,000 $15.5M New
INFY Infosys Ltd.-SP ADR 1.85% 1,141,000 $15.4M Add +20.4%
H Hyatt Hotels Corp. Class A 1.82% 105,500 $15.2M Reduce -14.6%
DE Deere & Co. 1.76% 26,100 $14.7M Reduce -42.6%
HDB HDFC Bank Ltd.-ADR 1.61% 538,000 $13.4M Add +33.5%
CCK Crown Holdings Inc. 1.59% 132,000 $13.2M No change
WMT Walmart Inc. 1.57% 105,200 $13.1M Reduce -40.3%
GOOGL Alphabet Inc. Class A 1.55% 45,000 $12.9M Add +63.6%
KO The Coca-Cola Co. 1.55% 170,000 $12.9M No change
TTEK Tetra Tech Inc. 1.49% 411,000 $12.4M Add +12.6%
TFII Tfi International Inc. filed as TRANSFORCE INC 1.46% 111,600 $12.1M Reduce -11.8%
FSV Firstservice Corp. 1.44% 86,090 $12.0M Add +70.8%
PLD Prologis Inc. 1.41% 89,000 $11.8M No change
AVGO Broadcom Inc. 1.39% 37,500 $11.6M Add +19.1%
CUBE Cubesmart 1.36% 309,000 $11.3M No change
MCO Moody's Corp. 1.31% 25,100 $10.9M New
ADBE Adobe Inc. 1.29% 44,200 $10.7M No change
MSA Msa Safety Inc. 1.29% 65,375 $10.7M Reduce -9.7%
MSI Motorola Solutions Inc. 1.20% 23,000 $10.0M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.12% 42,900 $9.3M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.07% 56,000 $8.9M No change
GIB Cgi Inc. 1.07% 122,000 $8.9M No change
IDXX Idexx Laboratories Inc. 1.00% 14,800 $8.3M No change
AMG Affiliated Managers Group 0.96% 29,000 $8.0M No change
EPC Edgewell Personal Care Co. 0.79% 308,200 $6.6M No change
SANM Sanmina Corp. 0.78% 50,100 $6.5M Reduce -9.1%
PLXS Plexus Corp. 0.71% 29,000 $5.9M Reduce -37.0%
BHE Benchmark Electronics Inc. 0.68% 101,600 $5.7M Reduce -18.5%
COKE Coca-Cola Consolidated Inc. 0.68% 29,600 $5.7M Reduce -27.1%
REZI Resideo Technologies Inc. 0.64% 157,600 $5.3M No change
SLGN Silgan Holdings Inc. 0.64% 136,900 $5.3M No change
CRI Carter's Inc. 0.61% 141,100 $5.0M Reduce -21.2%
BCO The Brink's Co. 0.59% 47,600 $4.9M No change
PRGO Perrigo Co. PLC 0.47% 364,000 $3.9M Add +29.5%
IONS Ionis Pharmaceuticals Inc. 0.47% 52,000 $3.9M Reduce -40.2%
PDS Precision Drilling Corp. 0.33% 28,000 $2.8M No change
NBR Nabors Industries Ltd. 0.24% 23,200 $2.0M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.13% 13,700 $1.1M Reduce -89.0%

Portfolio Sells Q4 2025 → Q1 2026
TRP TC Energy Corp. Sold out 0.00% −10.02
BNS Bank of Nova Scotia Sold out 0.00% −9.14
TD Toronto-Dominion Bank Reduce -49.4% 2.06% −1.06
CP Canadian Pacific Kansas City Sold out 0.00% −0.95
CPRT Copart Inc. Sold out 0.00% −0.91
IT Gartner Inc. Sold out 0.00% −0.81
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -89.0% 0.13% −0.79
MSFT Microsoft Corp. Reduce -20.3% 2.36% −0.57
WSO Watsco Inc. Sold out 0.00% −0.25
WMT Walmart Inc. Reduce -40.3% 1.57% −0.22
DE Deere & Co. Reduce -42.6% 1.76% −0.16
IONS Ionis Pharmaceuticals Inc. Reduce -40.2% 0.47% −0.16
AMZN Amazon.com Inc. Reduce -20.8% 2.10% −0.13
H Hyatt Hotels Corp. Class A Reduce -14.6% 1.82% +0.02
SANM Sanmina Corp. Reduce -9.1% 0.78% +0.03
TSM Taiwan Semiconductor-SP ADR Reduce -29.9% 1.91% +0.05
CRI Carter's Inc. Reduce -21.2% 0.61% +0.08
PLXS Plexus Corp. Reduce -37.0% 0.71% +0.09
COKE Coca-Cola Consolidated Inc. Reduce -27.1% 0.68% +0.11
PBA Pembina Pipeline Corp. Reduce -32.7% 3.57% +0.15
UNP Union Pacific Corp. Reduce -22.3% 2.53% +0.18
BHE Benchmark Electronics Inc. Reduce -18.5% 0.68% +0.20
MSA Msa Safety Inc. Reduce -9.7% 1.29% +0.23
TFII Tfi International Inc. Reduce -11.8% 1.46% +0.27
CNI Canadian Natl Railway Co. Reduce -15.2% 2.08% +0.29
T AT&T Inc. Reduce -17.2% 2.64% +0.57
CNQ Canadian Natural Resources Reduce -22.4% 1.97% +0.63

Portfolio Buys Q4 2025 → Q1 2026
TTE Totalenergies SE Add +78.5% 2.88% +2.16
AAPL Apple Inc. New 1.86% +1.86
STN Stantec Inc. Add +213.9% 2.10% +1.55
MCO Moody's Corp. New 1.31% +1.31
MSI Motorola Solutions Inc. New 1.20% +1.20
NFLX Netflix Inc. Add +33.4% 2.57% +1.15
BAM Brookfield Asset Mgmt-A Add +72.3% 2.31% +1.11
WCN Waste Connections Inc. Add +12.5% 4.07% +1.11
SLF Sun Life Financial Inc. Add +7.5% 2.97% +0.88
GOOGL Alphabet Inc. Class A Add +63.6% 1.55% +0.77
FSV Firstservice Corp. Add +70.8% 1.44% +0.72
SNPS Synopsys Inc. Add +39.4% 1.94% +0.69
AVGO Broadcom Inc. Add +19.1% 1.39% +0.40
META Meta Platforms Inc. Class A Add +4.7% 2.28% +0.38
TTEK Tetra Tech Inc. Add +12.6% 1.49% +0.37
INFY Infosys Ltd.-SP ADR Add +20.4% 1.85% +0.31
HDB HDFC Bank Ltd.-ADR Add +33.5% 1.61% +0.27
PRGO Perrigo Co. PLC Add +29.5% 0.47% +0.11
NOW ServiceNow Inc. Add +9.8% 1.90% −0.02

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