Scotia Capital Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Scotia Capital Inc. reported 842 stock positions worth $18.6 billion. Its top holding was Royal Bank of Canada (RY) at 5.4% of the portfolio, followed by Apple (AAPL, 4.0%) and Microsoft (MSFT, 3.9%). Compared with Q4 2024, it opened 76 new positions, sold out of 88, added to 365 and reduced 355. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +4%) and the biggest sale Apple (AAPL, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335644
- Portfolio Value
- $18.6B (Q1 2025)
- SEC Filing
- 0001085146-25-002858 ↗ filed May 9, 2025
Holdings Value
Holdings 842 stocks · $18.6B
| RY Royal Bank of Canada | 5.38% | 8,924,206 | $1.0B | Add +0.4% |
| AAPL Apple Inc. | 3.96% | 3,325,183 | $738.6M | Reduce -1.6% |
| MSFT Microsoft Corp. | 3.91% | 1,943,711 | $729.7M | Add +1.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.60% | 14,141,532 | $670.5M | Add +0.8% |
| TD Toronto-Dominion Bank | 3.47% | 10,801,856 | $647.2M | Reduce -2.2% |
| ENB Enbridge Inc. | 3.32% | 14,031,969 | $619.2M | Reduce -3.2% |
| V Visa Inc. Class A | 2.86% | 1,519,770 | $532.6M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 2.84% | 2,786,359 | $530.1M | Reduce -0.5% |
| TRP TC Energy Corp. | 2.17% | 8,599,400 | $404.9M | Reduce -0.8% |
| FTS Fortis Inc. | 2.16% | 8,893,643 | $403.5M | Reduce -2.8% |
| JPM JPMorgan Chase & Co. | 2.07% | 1,570,653 | $385.3M | Add +2.7% |
| BN Brookfield Corp. | 1.94% | 6,946,261 | $362.5M | Add +1.3% |
| COST Costco Wholesale Corp. | 1.90% | 374,659 | $354.3M | Reduce -2.8% |
| MFC Manulife Financial Corp. | 1.78% | 10,683,604 | $332.7M | Reduce -1.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.77% | 3,463,496 | $330.0M | Reduce -0.9% |
| NVDA Nvidia Corp. | 1.70% | 2,932,353 | $317.8M | Reduce -3.1% |
| GOOGL Alphabet Inc. Class A | 1.66% | 2,001,485 | $309.5M | Reduce -3.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.66% | 580,760 | $309.3M | Add +4.3% |
| CNI Canadian Natl Railway Co. | 1.66% | 3,186,189 | $308.9M | Add +5.8% |
| TU Telus Corp. | 1.43% | 18,553,552 | $266.1M | Add +4.7% |
| CP Canadian Pacific Kansas City | 1.32% | 3,533,994 | $247.0M | Add +1.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.31% | 4,354,471 | $244.5M | Reduce -0.2% |
| UNH Unitedhealth Group Inc. | 1.29% | 460,027 | $240.9M | Reduce -2.3% |
| GOOG Alphabet Inc. Class C | 1.20% | 1,435,601 | $224.3M | Add +0.1% |
| JNJ Johnson & Johnson | 1.16% | 1,307,306 | $216.8M | Add +0.4% |
| META Meta Platforms Inc. Class A | 1.12% | 362,868 | $209.1M | Reduce -3.0% |
| PBA Pembina Pipeline Corp. | 1.12% | 5,230,781 | $208.9M | Add +5.3% |
| BIP Brookfield Infrastructure Pa | 1.06% | 6,709,573 | $197.8M | Add +4.3% |
| CNQ Canadian Natural Resources | 1.02% | 6,211,533 | $191.1M | Add +4.0% |
| HD Home Depot Inc. | 1.00% | 506,798 | $185.7M | Add +5.5% |
| SLF Sun Life Financial Inc. | 0.94% | 3,080,459 | $176.0M | Add +3.6% |
| SU Suncor Energy Inc. | 0.92% | 4,426,094 | $171.2M | Reduce -0.3% |
| MCD McDonald's Corp. | 0.89% | 533,348 | $166.6M | Add +6.4% |
| WM Waste Management Inc. | 0.83% | 666,791 | $154.4M | Add +3.5% |
| PEP Pepsico Inc. | 0.62% | 776,167 | $116.4M | Add +11.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.61% | 204,940 | $114.6M | Reduce -2.3% |
| ACN Accenture PLC Class A | 0.58% | 347,923 | $108.6M | Add +12.2% |
| RCI Rogers Communications Inc. Class B | 0.58% | 4,068,135 | $108.5M | Add +10.0% |
| BCE Bce Inc. | 0.57% | 4,681,095 | $107.2M | Reduce -5.0% |
| SHOP Shopify Inc. Class A | 0.55% | 1,084,224 | $102.9M | Reduce -3.0% |
| QSR Restaurant Brands Intern | 0.52% | 1,481,072 | $97.3M | Reduce -4.1% |
| HON Honeywell International Inc. | 0.51% | 452,895 | $95.9M | Add +4.5% |
| BLK BlackRock Inc. | 0.51% | 99,913 | $94.6M | Add +5.8% |
| PG The Procter & Gamble Co. | 0.48% | 527,757 | $89.9M | Add +12.7% |
| MDT Medtronic PLC | 0.47% | 975,261 | $87.6M | Reduce -7.2% |
| MA Mastercard Inc. Class A | 0.47% | 158,968 | $87.1M | Reduce -6.0% |
| DHR Danaher Corp. | 0.46% | 420,311 | $86.2M | Add +12.4% |
| WMT Walmart Inc. | 0.46% | 974,833 | $85.6M | Reduce -5.8% |
| AVGO Broadcom Inc. | 0.41% | 451,251 | $75.6M | Reduce -9.0% |
| LLY Eli Lilly & Co. | 0.40% | 89,242 | $73.7M | Add +9.7% |
| WCN Waste Connections Inc. | 0.39% | 371,532 | $72.5M | Add +9.2% |
| NTR Nutrien Ltd. | 0.38% | 1,446,172 | $71.7M | Reduce -3.6% |
| PLD Prologis Inc. | 0.37% | 622,175 | $69.6M | Add +27.8% |
| ADBE Adobe Inc. | 0.35% | 171,348 | $65.7M | Reduce -13.5% |
| GIB Cgi Inc. | 0.32% | 600,989 | $59.9M | Add +7.6% |
| BEP Brookfield Renewable Partner | 0.32% | 2,683,317 | $59.3M | Reduce -1.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.29% | 323,728 | $53.7M | Reduce -6.3% |
| EMR Emerson Electric Co. | 0.28% | 480,135 | $52.6M | Add +13.8% |
| VOO Vanguard S&P 500 ETF | 0.28% | 100,796 | $51.8M | Add +4.2% |
| GLD SPDR Gold Shares | 0.28% | 178,487 | $51.4M | Add +39.7% |
| BAM Brookfield Asset Mgmt-A | 0.28% | 1,074,952 | $51.3M | Add +0.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.27% | 1,219,068 | $50.9M | Add +5.0% |
| AEM Agnico Eagle Mines Ltd. | 0.27% | 468,918 | $50.7M | Add +22.7% |
| UBER Uber Technologies Inc. | 0.27% | 694,402 | $50.6M | Add +10.4% |
| ASML ASML Holding NV-NY Reg SHS | 0.26% | 72,459 | $48.0M | Add +10.3% |
| VCIT Vanguard Int-Term Corporate | 0.26% | 582,863 | $47.7M | Add +22.4% |
| CCJ Cameco Corp. | 0.26% | 1,158,878 | $47.6M | Add +14.5% |
| CRM Salesforce Inc. | 0.25% | 175,169 | $47.0M | Add +5.0% |
| BIPC Brookfield Infrastructure-A | 0.25% | 1,304,699 | $46.3M | Add +4.6% |
| SOBO South Bow Corp. | 0.24% | 1,734,937 | $44.2M | Add +1.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.23% | 443,360 | $43.8M | Reduce -16.7% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 87,540 | $43.6M | Add +37.7% |
| TRI Thomson Reuters Corp. | 0.23% | 250,380 | $43.3M | Add +2.4% |
| BOND PIMCO Active Bond Exchange-T | 0.23% | 459,317 | $42.5M | Add +23.9% |
| ORCL Oracle Corp. | 0.22% | 297,268 | $41.6M | Add +14.3% |
| BEPC Brookfield Renewable Corp. | 0.21% | 1,444,156 | $39.8M | Add +4.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.21% | 83,045 | $38.9M | Reduce -2.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.20% | 312,991 | $38.1M | Add +6.0% |
| KO The Coca-Cola Co. | 0.20% | 524,148 | $37.5M | Reduce -3.2% |
| SYK Stryker Corp. | 0.20% | 99,335 | $37.0M | Add +5.2% |
| BKNG Booking Holdings Inc. | 0.20% | 7,990 | $36.8M | Add +1.7% |
| IDV iShares International Select | 0.19% | 1,165,068 | $36.1M | Reduce -5.4% |
| WPM Wheaton Precious Metals Corp. | 0.19% | 457,647 | $35.5M | Add +208.1% |
| GS Goldman Sachs Group Inc. | 0.18% | 61,030 | $33.3M | Reduce -0.3% |
| CSCO Cisco Systems Inc. | 0.17% | 526,778 | $32.5M | Reduce -4.3% |
| SDY SS SPDR S&P Dividend ETF | 0.17% | 235,349 | $31.9M | Reduce -1.7% |
| XOM Exxon Mobil Corp. | 0.17% | 267,115 | $31.8M | Add +2.6% |
| IJH iShares Core S&P Midcap ETF | 0.15% | 490,836 | $28.6M | Add +135.6% |
| AEP American Electric Power | 0.15% | 253,835 | $27.7M | Add +25.4% |
| ABBV Abbvie Inc. | 0.15% | 131,535 | $27.6M | Reduce -2.5% |
| AGG iShares Core U.S. Aggregate | 0.15% | 276,473 | $27.3M | Add +32.5% |
| DEO Diageo PLC-Sponsored ADR | 0.15% | 260,736 | $27.3M | Reduce -13.3% |
| NFLX Netflix Inc. | 0.15% | 29,222 | $27.3M | Reduce -12.2% |
| NKE Nike Inc. Class B | 0.15% | 428,584 | $27.2M | Reduce -2.3% |
| SBUX Starbucks Corp. | 0.14% | 274,683 | $26.9M | Add +3.1% |
| ANGL Vaneck Fallen Angel High YLD | 0.14% | 884,839 | $25.5M | Add +40.6% |
| MRK Merck & Co. Inc. | 0.14% | 284,066 | $25.5M | Reduce -10.3% |
| LH Labcorp Holdings Inc. | 0.14% | 108,986 | $25.4M | Add +5.6% |
| MRSH Marsh & McLennan Cos | 0.13% | 103,096 | $25.2M | Add +6.6% |
| VIG Vanguard Dividend Apprec ETF | 0.13% | 128,383 | $24.9M | Reduce -2.2% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,221 | $1.5M | Reduce -18.0% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 589 | $707K | Reduce -29.4% |
Total filed on the 13F, all lines: $18.6B.
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -1.6% | 3.96% | −0.50 |
| NVDA Nvidia Corp. | Reduce -3.1% | 1.70% | −0.44 |
| GOOGL Alphabet Inc. Class A | Reduce -3.2% | 1.66% | −0.40 |
| AMZN Amazon.com Inc. | Reduce -0.5% | 2.84% | −0.39 |
| AVGO Broadcom Inc. | Reduce -9.0% | 0.41% | −0.20 |
| CM Can Imperial BK of Commerce | Reduce -0.2% | 1.31% | −0.14 |
| TFII Tfi International Inc. | Reduce -13.6% | 0.12% | −0.12 |
| ADBE Adobe Inc. | Reduce -13.5% | 0.35% | −0.11 |
| IWM iShares Russell 2000 ETF | Reduce -78.2% | 0.02% | −0.10 |
| TSLA Tesla Inc. | Reduce -6.8% | 0.13% | −0.09 |
| DIS The Walt Disney Co. | Reduce -16.7% | 0.23% | −0.08 |
| SHOP Shopify Inc. Class A | Reduce -3.0% | 0.55% | −0.07 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -6.3% | 0.29% | −0.07 |
| BERY Berry Global Group Inc. | Reduce -95.8% | 0.00% | −0.06 |
| DEO Diageo PLC-Sponsored ADR | Reduce -13.3% | 0.15% | −0.05 |
| BNTX Biontech SE-ADR | Reduce -37.2% | 0.05% | −0.05 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -25.8% | 0.08% | −0.05 |
| XLV SS Health Care Select Sector | Reduce -43.3% | 0.07% | −0.05 |
| MGA Magna International Inc. | Reduce -21.0% | 0.08% | −0.04 |
| LULU Lululemon Athletica Inc. | Reduce -0.1% | 0.12% | −0.04 |
| AMD Advanced Micro Devices | Reduce -17.8% | 0.09% | −0.03 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.03 |
| ANET Arista Networks Inc. | Reduce -43.4% | 0.02% | −0.03 |
| WMT Walmart Inc. | Reduce -5.8% | 0.46% | −0.03 |
| NOW ServiceNow Inc. | Reduce -0.7% | 0.10% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.3% | 0.61% | −0.03 |
| META Meta Platforms Inc. Class A | Reduce -3.0% | 1.12% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -10.3% | 0.14% | −0.03 |
| NKE Nike Inc. Class B | Reduce -2.3% | 0.15% | −0.03 |
| WFG West Fraser Timber Co. Ltd. | Reduce -55.0% | 0.02% | −0.03 |
| TAC Transalta Corp. | Reduce -43.6% | 0.02% | −0.03 |
| PHM Pultegroup Inc. | Reduce -94.2% | 0.00% | −0.03 |
| BCE Bce Inc. | Reduce -5.0% | 0.57% | −0.03 |
| STZ Constellation Brands Inc. Class A | Reduce -52.5% | 0.02% | −0.03 |
| TBIL F/M US Treasury 3 Month Bill | Sold out | 0.00% | −0.02 |
| XLE SS Energy Select Sector | Reduce -41.5% | 0.04% | −0.02 |
| CVE Cenovus Energy Inc. | Reduce -19.3% | 0.07% | −0.02 |
| HSY The Hershey Co. | Reduce -80.7% | 0.01% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -28.4% | 0.06% | −0.02 |
| PYPL PayPal Holdings Inc. | Reduce -12.9% | 0.04% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -2.4% | 0.21% | −0.02 |
| XLY SS Consumer Disc Select Sect | Reduce -79.8% | 0.00% | −0.02 |
| CAT Caterpillar Inc. | Reduce -6.1% | 0.13% | −0.02 |
| AVY Avery Dennison Corp. | Sold out | 0.00% | −0.02 |
| TAN Invesco Solar ETF | Sold out | 0.00% | −0.02 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -93.7% | 0.00% | −0.02 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -27.7% | 0.06% | −0.02 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -9.5% | 0.11% | −0.01 |
| PWR Quanta Services Inc. | Reduce -14.0% | 0.03% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BRK.B Berkshire Hathaway Inc. Class B | Add +4.3% | 1.66% | +0.33 |
| JNJ Johnson & Johnson | Add +0.4% | 1.16% | +0.17 |
| TU Telus Corp. | Add +4.7% | 1.43% | +0.16 |
| PBA Pembina Pipeline Corp. | Add +5.3% | 1.12% | +0.15 |
| WPM Wheaton Precious Metals Corp. | Add +208.1% | 0.19% | +0.15 |
| WM Waste Management Inc. | Add +3.5% | 0.83% | +0.14 |
| JPM JPMorgan Chase & Co. | Add +2.7% | 2.07% | +0.14 |
| MCD McDonald's Corp. | Add +6.4% | 0.89% | +0.13 |
| AEM Agnico Eagle Mines Ltd. | Add +22.7% | 0.27% | +0.11 |
| GLD SPDR Gold Shares | Add +39.7% | 0.28% | +0.11 |
| PLD Prologis Inc. | Add +27.8% | 0.37% | +0.10 |
| IJH iShares Core S&P Midcap ETF | Add +135.6% | 0.15% | +0.09 |
| WCN Waste Connections Inc. | Add +9.2% | 0.39% | +0.08 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +317.3% | 0.10% | +0.08 |
| UBER Uber Technologies Inc. | Add +10.4% | 0.27% | +0.07 |
| PG The Procter & Gamble Co. | Add +12.7% | 0.48% | +0.07 |
| LLY Eli Lilly & Co. | Add +9.7% | 0.40% | +0.06 |
| PEP Pepsico Inc. | Add +11.1% | 0.62% | +0.06 |
| PHYS Sprott Physical Gold Trust | Add +137.0% | 0.10% | +0.06 |
| TMO Thermo Fisher Scientific Inc. | Add +37.7% | 0.23% | +0.06 |
| CNQ Canadian Natural Resources | Add +4.0% | 1.02% | +0.06 |
| VCIT Vanguard Int-Term Corporate | Add +22.4% | 0.26% | +0.05 |
| CNI Canadian Natl Railway Co. | Add +5.8% | 1.66% | +0.05 |
| BOND PIMCO Active Bond Exchange-T | Add +23.9% | 0.23% | +0.05 |
| FEZ State Street SPDR Euro Stoxx | Add +3679.2% | 0.05% | +0.05 |
| AEP American Electric Power | Add +25.4% | 0.15% | +0.05 |
| SHY iShares 1-3 Year Treasury Bo | Add +94.7% | 0.09% | +0.05 |
| ANGL Vaneck Fallen Angel High YLD | Add +40.6% | 0.14% | +0.04 |
| XLF SS Financial Select Sector | Add +65.1% | 0.10% | +0.04 |
| AGG iShares Core U.S. Aggregate | Add +32.5% | 0.15% | +0.04 |
| AZN Astrazeneca PLC-Spons ADR | Add +30.9% | 0.12% | +0.04 |
| SHW The Sherwin-Williams Co. | Add +42.9% | 0.12% | +0.04 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +495.6% | 0.05% | +0.04 |
| AXP American Express Co. | Add +107.0% | 0.08% | +0.04 |
| SGOV iShares 0-3 Month Treasury B | Add +40.0% | 0.12% | +0.04 |
| FNV Franco-Nevada Corp. | Add +2.1% | 0.12% | +0.04 |
| VGK Vanguard Ftse Europe ETF | Add +52.8% | 0.08% | +0.03 |
| JPST JPMorgan Ultra-Short Income | Add +60.4% | 0.08% | +0.03 |
| IBIT iShares Bitcoin Trust ETF | Add +187.7% | 0.05% | +0.03 |
| TRI Thomson Reuters Corp. | Add +2.4% | 0.23% | +0.03 |
| VXUS Vanguard Total Intl Stock | Add +2221.6% | 0.03% | +0.03 |
| MRSH Marsh & McLennan Cos | Add +6.6% | 0.13% | +0.03 |
| CVS CVS Health Corp. | Add +17.0% | 0.06% | +0.03 |
| SCHD Schwab US DVD Equity ETF | Add +42.0% | 0.08% | +0.02 |
| SOBO South Bow Corp. | Add +1.1% | 0.24% | +0.02 |
| BX Blackstone Inc. | Add +65.7% | 0.09% | +0.02 |
| ABT Abbott Laboratories | Add +25.5% | 0.07% | +0.02 |
| XOM Exxon Mobil Corp. | Add +2.6% | 0.17% | +0.02 |
| DECK Deckers Outdoor Corp. | New | 0.02% | +0.02 |
| FXI iShares China Large-Cap ETF | Add +5.2% | 0.11% | +0.02 |
Notes & Other Activity Q4 2024 → Q1 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -18.0% | 1,221 | $1.5M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -29.4% | 589 | $707K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 913 | $26.8B | RY, TD, BNS, AAPL, MSFT |
| Q1 2026 | 911 | $24.3B | RY, TD, BNS, AAPL, MSFT |
| Q4 2025 | 889 | $24.8B | RY, BNS, TD, MSFT, AAPL |
| Q3 2025 | 901 | $23.5B | RY, MSFT, BNS, TD, AAPL |
| Q2 2025 | 856 | $21.2B | RY, MSFT, TD, BNS, AAPL |
| Q1 2025 | 842 | $18.6B | RY, AAPL, MSFT, BNS, TD |
| Q4 2024 | 853 | $19.0B | RY, AAPL, MSFT, BNS, ENB |
| Q3 2024 | 830 | $18.7B | RY, MSFT, BNS, AAPL, TD |
| Q2 2024 | 820 | $17.1B | RY, MSFT, AAPL, BNS, TD |
| Q1 2024 | 821 | $16.8B | RY, MSFT, BNS, TD, AAPL |