Scotia Capital Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Scotia Capital Inc. reported 856 stock positions worth $21.2 billion. Its top holding was Royal Bank of Canada (RY) at 5.6% of the portfolio, followed by Microsoft (MSFT, 4.6%) and Toronto-Dominion Bank (TD, 3.7%). Compared with Q1 2025, it opened 75 new positions, sold out of 61, added to 395 and reduced 333. The biggest buy was a new position in Emera (EMA) and the biggest sale Unitedhealth (UNH, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335644
- Portfolio Value
- $21.2B (Q2 2025)
- SEC Filing
- 0001085146-25-004980 ↗ filed Aug 13, 2025
Holdings Value
Holdings 856 stocks · $21.2B
| RY Royal Bank of Canada | 5.63% | 9,065,967 | $1.2B | Add +1.6% |
| MSFT Microsoft Corp. | 4.60% | 1,959,879 | $974.8M | Add +0.8% |
| TD Toronto-Dominion Bank | 3.73% | 10,757,525 | $790.2M | Reduce -0.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.72% | 14,231,690 | $786.7M | Add +0.6% |
| AAPL Apple Inc. | 3.17% | 3,268,070 | $670.5M | Reduce -1.7% |
| AMZN Amazon.com Inc. | 3.01% | 2,908,045 | $638.0M | Add +4.4% |
| ENB Enbridge Inc. | 3.00% | 14,069,558 | $635.8M | Add +0.3% |
| V Visa Inc. Class A | 2.55% | 1,518,178 | $539.0M | Reduce -0.1% |
| NVDA Nvidia Corp. | 2.38% | 3,190,197 | $504.0M | Add +8.8% |
| JPM JPMorgan Chase & Co. | 2.21% | 1,611,715 | $467.2M | Add +2.6% |
| BN Brookfield Corp. | 2.11% | 7,226,323 | $446.2M | Add +4.0% |
| TRP TC Energy Corp. | 2.03% | 8,824,310 | $428.9M | Add +2.6% |
| FTS Fortis Inc. | 1.99% | 8,837,142 | $421.8M | Reduce -0.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.87% | 3,577,139 | $395.8M | Add +3.3% |
| GOOGL Alphabet Inc. Class A | 1.81% | 2,170,231 | $382.4M | Add +8.4% |
| COST Costco Wholesale Corp. | 1.74% | 371,849 | $368.1M | Reduce -0.8% |
| CNI Canadian Natl Railway Co. | 1.72% | 3,498,724 | $363.3M | Add +9.8% |
| MFC Manulife Financial Corp. | 1.67% | 11,090,459 | $354.5M | Add +3.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.48% | 4,419,888 | $312.9M | Add +1.5% |
| TU Telus Corp. | 1.43% | 18,842,084 | $302.5M | Add +1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.40% | 610,814 | $296.7M | Add +5.2% |
| CP Canadian Pacific Kansas City | 1.39% | 3,701,787 | $293.2M | Add +4.8% |
| META Meta Platforms Inc. Class A | 1.29% | 369,423 | $272.7M | Add +1.8% |
| GOOG Alphabet Inc. Class C | 1.24% | 1,480,337 | $262.6M | Add +3.1% |
| BIP Brookfield Infrastructure Pa | 1.10% | 6,935,826 | $232.2M | Add +3.4% |
| CNQ Canadian Natural Resources | 1.06% | 7,129,824 | $223.9M | Add +14.8% |
| PBA Pembina Pipeline Corp. | 1.01% | 5,707,714 | $214.2M | Add +9.1% |
| JNJ Johnson & Johnson | 0.98% | 1,355,244 | $207.0M | Add +3.7% |
| EMA Emera Inc. | 0.97% | 4,513,408 | $206.2M | New |
| SLF Sun Life Financial Inc. | 0.97% | 3,107,058 | $205.5M | Add +0.9% |
| HD Home Depot Inc. | 0.97% | 559,897 | $205.3M | Add +10.5% |
| SU Suncor Energy Inc. | 0.78% | 4,415,281 | $165.3M | Reduce -0.2% |
| WMT Walmart Inc. | 0.74% | 1,611,150 | $157.5M | Add +65.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.72% | 248,208 | $153.3M | Add +21.1% |
| WM Waste Management Inc. | 0.71% | 657,647 | $150.5M | Reduce -1.4% |
| AVGO Broadcom Inc. | 0.64% | 491,796 | $135.6M | Add +9.0% |
| SHOP Shopify Inc. Class A | 0.61% | 1,115,494 | $128.6M | Add +2.9% |
| RCI Rogers Communications Inc. Class B | 0.57% | 4,093,776 | $121.2M | Add +0.6% |
| ACN Accenture PLC Class A | 0.53% | 378,304 | $113.1M | Add +8.7% |
| BLK BlackRock Inc. | 0.52% | 104,385 | $109.5M | Add +4.5% |
| PEP Pepsico Inc. | 0.49% | 789,887 | $104.3M | Add +1.8% |
| QSR Restaurant Brands Intern | 0.47% | 1,498,889 | $99.1M | Add +1.2% |
| MCD McDonald's Corp. | 0.47% | 337,496 | $98.6M | Reduce -36.7% |
| BCE Bce Inc. | 0.46% | 4,388,086 | $97.2M | Reduce -6.3% |
| PG The Procter & Gamble Co. | 0.43% | 571,338 | $91.0M | Add +8.3% |
| MA Mastercard Inc. Class A | 0.42% | 159,590 | $89.7M | Add +0.4% |
| DHR Danaher Corp. | 0.42% | 445,480 | $88.0M | Add +6.0% |
| EMR Emerson Electric Co. | 0.41% | 644,905 | $86.0M | Add +34.3% |
| AEM Agnico Eagle Mines Ltd. | 0.39% | 702,891 | $83.4M | Add +49.9% |
| MDT Medtronic PLC | 0.38% | 926,447 | $80.8M | Reduce -5.0% |
| CCJ Cameco Corp. | 0.38% | 1,083,443 | $80.1M | Reduce -6.5% |
| WCN Waste Connections Inc. | 0.38% | 427,530 | $79.6M | Add +15.1% |
| LLY Eli Lilly & Co. | 0.36% | 97,106 | $75.7M | Add +8.8% |
| PLD Prologis Inc. | 0.35% | 712,011 | $74.8M | Add +14.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.35% | 329,096 | $74.5M | Add +1.7% |
| UBER Uber Technologies Inc. | 0.35% | 784,044 | $73.1M | Add +12.9% |
| NTR Nutrien Ltd. | 0.34% | 1,255,043 | $72.8M | Reduce -13.2% |
| GIB Cgi Inc. | 0.33% | 668,046 | $69.9M | Add +11.2% |
| BEP Brookfield Renewable Partner | 0.32% | 2,684,100 | $68.0M | Add +0.0% |
| HON Honeywell International Inc. | 0.31% | 283,240 | $66.0M | Reduce -37.5% |
| ADBE Adobe Inc. | 0.31% | 168,517 | $65.2M | Reduce -1.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.31% | 117,923 | $65.0M | Add +42.0% |
| ORCL Oracle Corp. | 0.30% | 292,787 | $64.0M | Reduce -1.5% |
| BAM Brookfield Asset Mgmt-A | 0.30% | 1,164,066 | $64.0M | Add +8.3% |
| ASML ASML Holding NV-NY Reg SHS | 0.29% | 76,580 | $61.4M | Add +5.7% |
| VOO Vanguard S&P 500 ETF | 0.28% | 104,739 | $59.5M | Add +3.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.27% | 1,201,829 | $56.9M | Reduce -1.4% |
| VCIT Vanguard Int-Term Corporate | 0.27% | 682,891 | $56.6M | Add +17.2% |
| WPM Wheaton Precious Metals Corp. | 0.27% | 631,973 | $56.6M | Add +38.1% |
| BIPC Brookfield Infrastructure-A | 0.26% | 1,332,140 | $55.0M | Add +2.1% |
| CRM Salesforce Inc. | 0.25% | 193,246 | $52.7M | Add +10.3% |
| UNH Unitedhealth Group Inc. | 0.25% | 168,420 | $52.5M | Reduce -63.4% |
| GLD SPDR Gold Shares | 0.24% | 169,343 | $51.6M | Reduce -5.1% |
| TRI Thomson Reuters Corp. | 0.24% | 251,948 | $50.7M | Add +0.6% |
| NFLX Netflix Inc. | 0.23% | 36,222 | $48.5M | Add +23.9% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 116,720 | $47.3M | Add +33.3% |
| GS Goldman Sachs Group Inc. | 0.22% | 66,280 | $46.9M | Add +8.6% |
| SOBO South Bow Corp. | 0.21% | 1,764,327 | $45.5M | Add +1.7% |
| BEPC Brookfield Renewable Corp. | 0.21% | 1,372,631 | $44.5M | Reduce -5.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 358,701 | $44.5M | Reduce -19.1% |
| AGG iShares Core U.S. Aggregate | 0.20% | 436,900 | $43.3M | Add +58.0% |
| BKNG Booking Holdings Inc. | 0.20% | 7,369 | $42.7M | Reduce -7.8% |
| SYK Stryker Corp. | 0.20% | 105,346 | $41.7M | Add +6.0% |
| IDV iShares International Select | 0.19% | 1,173,562 | $40.5M | Add +0.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 317,163 | $39.2M | Add +1.3% |
| KO The Coca-Cola Co. | 0.17% | 504,599 | $35.7M | Reduce -3.7% |
| TFII Tfi International Inc. | 0.17% | 393,631 | $35.2M | Add +31.8% |
| BOND PIMCO Active Bond Exchange-T | 0.16% | 377,199 | $34.8M | Reduce -17.9% |
| AEP American Electric Power | 0.16% | 331,342 | $34.4M | Add +30.5% |
| CSCO Cisco Systems Inc. | 0.15% | 468,439 | $32.5M | Reduce -11.1% |
| TSLA Tesla Inc. | 0.15% | 98,012 | $31.1M | Add +2.0% |
| CAT Caterpillar Inc. | 0.15% | 79,116 | $30.7M | Add +9.2% |
| IJH iShares Core S&P Midcap ETF | 0.14% | 490,041 | $30.4M | Reduce -0.2% |
| PANW Palo Alto Networks Inc. | 0.14% | 145,131 | $29.7M | Add +8.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.14% | 413,285 | $28.9M | Add +36.2% |
| MS Morgan Stanley | 0.13% | 200,761 | $28.3M | Add +58.6% |
| SGOV iShares 0-3 Month Treasury B | 0.13% | 275,629 | $27.8M | Add +26.4% |
| SHY iShares 1-3 Year Treasury Bo | 0.13% | 331,793 | $27.5M | Add +62.8% |
| NOW ServiceNow Inc. | 0.13% | 26,155 | $26.9M | Add +6.5% |
| NEE Nextera Energy Inc. | 0.13% | 383,349 | $26.6M | Add +44.4% |
Options reported separately and not counted above: SPY calls ($618K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $2.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,106 | $1.3M | Reduce -9.4% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 607 | $713K | Add +3.1% |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | 10,342 | $84K | New |
Total filed on the 13F, all lines: $21.2B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -63.4% | 0.25% | −1.04 |
| AAPL Apple Inc. | Reduce -1.7% | 3.17% | −0.79 |
| MCD McDonald's Corp. | Reduce -36.7% | 0.47% | −0.43 |
| V Visa Inc. Class A | Reduce -0.1% | 2.55% | −0.31 |
| HON Honeywell International Inc. | Reduce -37.5% | 0.31% | −0.20 |
| FTS Fortis Inc. | Reduce -0.6% | 1.99% | −0.17 |
| COST Costco Wholesale Corp. | Reduce -0.8% | 1.74% | −0.16 |
| SU Suncor Energy Inc. | Reduce -0.2% | 0.78% | −0.14 |
| WM Waste Management Inc. | Reduce -1.4% | 0.71% | −0.12 |
| BCE Bce Inc. | Reduce -6.3% | 0.46% | −0.12 |
| MDT Medtronic PLC | Reduce -5.0% | 0.38% | −0.09 |
| VRN Veren Inc. | Sold out | 0.00% | −0.07 |
| SDY SS SPDR S&P Dividend ETF | Reduce -32.2% | 0.10% | −0.07 |
| BOND PIMCO Active Bond Exchange-T | Reduce -17.9% | 0.16% | −0.06 |
| SBUX Starbucks Corp. | Reduce -30.3% | 0.08% | −0.06 |
| LH Labcorp Holdings Inc. | Reduce -39.4% | 0.08% | −0.05 |
| NKE Nike Inc. Class B | Reduce -35.6% | 0.09% | −0.05 |
| XOM Exxon Mobil Corp. | Reduce -10.4% | 0.12% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -14.9% | 0.09% | −0.05 |
| ADBE Adobe Inc. | Reduce -1.6% | 0.31% | −0.04 |
| ANGL Vaneck Fallen Angel High YLD | Reduce -23.1% | 0.09% | −0.04 |
| BNTX Biontech SE-ADR | Reduce -77.2% | 0.01% | −0.04 |
| NTR Nutrien Ltd. | Reduce -13.2% | 0.34% | −0.04 |
| VTWO Vanguard Russell 2000 ETF | Reduce -80.4% | 0.01% | −0.04 |
| DEO Diageo PLC-Sponsored ADR | Reduce -12.5% | 0.11% | −0.04 |
| SLQD iShares 0-5 YR Inv GRD Corp. | Reduce -48.1% | 0.03% | −0.04 |
| KO The Coca-Cola Co. | Reduce -3.7% | 0.17% | −0.03 |
| GLD SPDR Gold Shares | Reduce -5.1% | 0.24% | −0.03 |
| AMT American Tower Corp. | Reduce -16.5% | 0.09% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -10.4% | 0.08% | −0.03 |
| CVX Chevron Corp. | Reduce -34.0% | 0.03% | −0.03 |
| TMUS T-Mobile US Inc. | Reduce -50.3% | 0.02% | −0.03 |
| AQN Algonquin Power & Utilities | Reduce -50.6% | 0.02% | −0.03 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -11.1% | 0.09% | −0.03 |
| DIS The Walt Disney Co. | Reduce -19.1% | 0.21% | −0.02 |
| KLAC KLA Corp. | Reduce -46.1% | 0.04% | −0.02 |
| LNG Cheniere Energy Inc. | Reduce -61.9% | 0.01% | −0.02 |
| B Barrick Mining Corp. | Reduce -41.0% | 0.03% | −0.02 |
| DOV Dover Corp. | Sold out | 0.00% | −0.02 |
| CSCO Cisco Systems Inc. | Reduce -11.1% | 0.15% | −0.02 |
| GILD Gilead Sciences Inc. | Reduce -11.2% | 0.07% | −0.02 |
| BDX Becton Dickinson and Co. | Reduce -27.8% | 0.02% | −0.02 |
| T AT&T Inc. | Reduce -12.4% | 0.07% | −0.02 |
| JPST JPMorgan Ultra-Short Income | Reduce -13.0% | 0.06% | −0.02 |
| IVOL Quadratic Int Rte Vol Infl H | Sold out | 0.00% | −0.02 |
| NOBL Proshares S&P 500 Dividend A | Reduce -75.9% | 0.00% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -9.8% | 0.06% | −0.02 |
| AMGN Amgen Inc. | Reduce -1.4% | 0.06% | −0.02 |
| STZ Constellation Brands Inc. Class A | Reduce -91.7% | 0.00% | −0.02 |
| FXI iShares China Large-Cap ETF | Reduce -5.0% | 0.09% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| EMA Emera Inc. | New | 0.97% | +0.97 |
| MSFT Microsoft Corp. | Add +0.8% | 4.60% | +0.69 |
| NVDA Nvidia Corp. | Add +8.8% | 2.38% | +0.68 |
| WMT Walmart Inc. | Add +65.3% | 0.74% | +0.29 |
| RY Royal Bank of Canada | Add +1.6% | 5.63% | +0.25 |
| AVGO Broadcom Inc. | Add +9.0% | 0.64% | +0.24 |
| AMZN Amazon.com Inc. | Add +4.4% | 3.01% | +0.17 |
| CM Can Imperial BK of Commerce | Add +1.5% | 1.48% | +0.17 |
| META Meta Platforms Inc. Class A | Add +1.8% | 1.29% | +0.17 |
| BN Brookfield Corp. | Add +4.0% | 2.11% | +0.16 |
| GOOGL Alphabet Inc. Class A | Add +8.4% | 1.81% | +0.15 |
| JPM JPMorgan Chase & Co. | Add +2.6% | 2.21% | +0.14 |
| EMR Emerson Electric Co. | Add +34.3% | 0.41% | +0.12 |
| AEM Agnico Eagle Mines Ltd. | Add +49.9% | 0.39% | +0.12 |
| BNS Bank of Nova Scotia | Add +0.6% | 3.72% | +0.12 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +21.1% | 0.72% | +0.11 |
| BMO Bank of Montreal | Add +3.3% | 1.87% | +0.10 |
| QQQ Invesco QQQ Trust Series 1 | Add +42.0% | 0.31% | +0.10 |
| BINV Brandes International ETF | New | 0.08% | +0.08 |
| NFLX Netflix Inc. | Add +23.9% | 0.23% | +0.08 |
| WPM Wheaton Precious Metals Corp. | Add +38.1% | 0.27% | +0.08 |
| UBER Uber Technologies Inc. | Add +12.9% | 0.35% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.7% | 0.35% | +0.06 |
| CP Canadian Pacific Kansas City | Add +4.8% | 1.39% | +0.06 |
| CNI Canadian Natl Railway Co. | Add +9.8% | 1.72% | +0.06 |
| AGG iShares Core U.S. Aggregate | Add +58.0% | 0.20% | +0.06 |
| KKR KKR & Co. Inc. | Add +1471.6% | 0.06% | +0.06 |
| SHOP Shopify Inc. Class A | Add +2.9% | 0.61% | +0.06 |
| MS Morgan Stanley | Add +58.6% | 0.13% | +0.05 |
| BINC iShares Flex I A ETF-Usd Inc. | Add +4249.6% | 0.06% | +0.05 |
| EFA iShares MSCI Eafe ETF | Add +217.8% | 0.07% | +0.05 |
| TBIL F/M US Treasury 3 Month Bill | New | 0.05% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +8.6% | 0.22% | +0.04 |
| TFII Tfi International Inc. | Add +31.8% | 0.17% | +0.04 |
| SHY iShares 1-3 Year Treasury Bo | Add +62.8% | 0.13% | +0.04 |
| HDB HDFC Bank Ltd.-ADR | Add +484.4% | 0.05% | +0.04 |
| ASTS Ast Spacemobile Inc. | Add +112.0% | 0.05% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +3.1% | 1.24% | +0.04 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +103.1% | 0.08% | +0.04 |
| STN Stantec Inc. | Add +31.1% | 0.11% | +0.04 |
| BIP Brookfield Infrastructure Pa | Add +3.4% | 1.10% | +0.04 |
| CNQ Canadian Natural Resources | Add +14.8% | 1.06% | +0.03 |
| IHAK iShares Cybersecurity & Tech | Add +2704.8% | 0.03% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | Add +5.7% | 0.29% | +0.03 |
| IBN Icici Bank Ltd.-Spon ADR | Add +71.2% | 0.08% | +0.03 |
| MELI MercadoLibre Inc. | Add +388.9% | 0.04% | +0.03 |
| BAM Brookfield Asset Mgmt-A | Add +8.3% | 0.30% | +0.03 |
| SLF Sun Life Financial Inc. | Add +0.9% | 0.97% | +0.03 |
| NEE Nextera Energy Inc. | Add +44.4% | 0.13% | +0.02 |
| NOW ServiceNow Inc. | Add +6.5% | 0.13% | +0.02 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 1,000 | $618K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -9.4% | 1,106 | $1.3M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +3.1% | 607 | $713K |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | New | 10,342 | $84K |
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 |