Scotia Capital Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Scotia Capital Inc. reported 901 stock positions worth $23.5 billion. Its top holding was Royal Bank of Canada (RY) at 5.7% of the portfolio, followed by Microsoft (MSFT, 4.4%) and Bank of Nova Scotia (BNS, 3.9%). Compared with Q2 2025, it opened 99 new positions, sold out of 54, added to 450 and reduced 298. The biggest buy was Alphabet Class A (GOOGL, shares +1%) and the biggest sale Salesforce (CRM, shares −14%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335644
- Portfolio Value
- $23.5B (Q3 2025)
- SEC Filing
- 0001335644-25-000004 ↗ filed Nov 14, 2025
Holdings Value
Holdings 901 stocks · $23.5B
| RY Royal Bank of Canada | 5.69% | 9,085,281 | $1.3B | Add +0.2% |
| MSFT Microsoft Corp. | 4.42% | 2,004,252 | $1.0B | Add +2.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.88% | 14,095,456 | $910.8M | Reduce -1.0% |
| TD Toronto-Dominion Bank | 3.65% | 10,746,880 | $858.8M | Reduce -0.1% |
| AAPL Apple Inc. | 3.59% | 3,314,976 | $844.1M | Add +1.4% |
| ENB Enbridge Inc. | 3.08% | 14,369,949 | $723.4M | Add +2.1% |
| AMZN Amazon.com Inc. | 2.83% | 3,033,822 | $666.1M | Add +4.3% |
| NVDA Nvidia Corp. | 2.57% | 3,237,585 | $604.1M | Add +1.5% |
| V Visa Inc. Class A | 2.28% | 1,568,634 | $535.5M | Add +3.3% |
| GOOGL Alphabet Inc. Class A | 2.26% | 2,181,085 | $530.2M | Add +0.5% |
| JPM JPMorgan Chase & Co. | 2.19% | 1,633,321 | $515.2M | Add +1.3% |
| BN Brookfield Corp. | 2.13% | 7,343,989 | $501.4M | Add +1.6% |
| TRP TC Energy Corp. | 2.10% | 9,155,004 | $493.5M | Add +3.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.97% | 3,571,761 | $462.7M | Reduce -0.1% |
| FTS Fortis Inc. | 1.96% | 9,163,354 | $461.7M | Add +3.7% |
| GOOG Alphabet Inc. Class C | 1.53% | 1,479,147 | $360.3M | Reduce -0.1% |
| COST Costco Wholesale Corp. | 1.52% | 385,425 | $356.8M | Add +3.6% |
| MFC Manulife Financial Corp. | 1.51% | 11,437,252 | $355.9M | Add +3.1% |
| CNI Canadian Natl Railway Co. | 1.49% | 3,703,622 | $349.1M | Add +5.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.43% | 4,206,661 | $336.0M | Reduce -4.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.40% | 656,480 | $330.0M | Add +7.5% |
| TU Telus Corp. | 1.32% | 19,687,766 | $310.1M | Add +4.5% |
| CP Canadian Pacific Kansas City | 1.26% | 3,983,469 | $295.4M | Add +7.6% |
| META Meta Platforms Inc. Class A | 1.25% | 400,535 | $294.1M | Add +8.4% |
| CNQ Canadian Natural Resources | 1.14% | 8,372,021 | $267.7M | Add +17.4% |
| PBA Pembina Pipeline Corp. | 1.10% | 6,425,487 | $258.7M | Add +12.6% |
| JNJ Johnson & Johnson | 1.05% | 1,333,650 | $247.3M | Reduce -1.6% |
| BIP Brookfield Infrastructure Pa | 1.03% | 7,367,383 | $242.0M | Add +6.2% |
| HD Home Depot Inc. | 1.00% | 578,187 | $234.3M | Add +3.3% |
| EMA Emera Inc. | 0.92% | 4,551,186 | $216.8M | Add +0.8% |
| SLF Sun Life Financial Inc. | 0.84% | 3,303,733 | $197.7M | Add +6.3% |
| SU Suncor Energy Inc. | 0.78% | 4,403,931 | $184.1M | Reduce -0.3% |
| WMT Walmart Inc. | 0.75% | 1,709,638 | $176.2M | Add +6.1% |
| AVGO Broadcom Inc. | 0.72% | 515,413 | $170.0M | Add +4.8% |
| SHOP Shopify Inc. Class A | 0.72% | 1,136,539 | $168.4M | Add +1.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.70% | 248,468 | $165.5M | Add +0.1% |
| WM Waste Management Inc. | 0.69% | 730,196 | $161.3M | Add +11.0% |
| RCI Rogers Communications Inc. Class B | 0.59% | 4,035,223 | $138.9M | Reduce -1.4% |
| BLK BlackRock Inc. | 0.55% | 110,197 | $128.5M | Add +5.6% |
| AEM Agnico Eagle Mines Ltd. | 0.53% | 741,808 | $124.8M | Add +5.5% |
| PEP Pepsico Inc. | 0.47% | 787,244 | $110.6M | Reduce -0.3% |
| ACN Accenture PLC Class A | 0.44% | 421,489 | $103.9M | Add +11.4% |
| MCD McDonald's Corp. | 0.42% | 327,054 | $99.4M | Reduce -3.1% |
| BCE Bce Inc. | 0.42% | 4,239,737 | $99.1M | Reduce -3.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.42% | 351,706 | $98.2M | Add +6.9% |
| EMR Emerson Electric Co. | 0.41% | 737,978 | $96.8M | Add +14.4% |
| QSR Restaurant Brands Intern | 0.41% | 1,500,597 | $96.2M | Add +0.1% |
| VOO Vanguard S&P 500 ETF | 0.41% | 156,689 | $96.0M | Add +49.6% |
| MA Mastercard Inc. Class A | 0.39% | 162,064 | $92.2M | Add +1.6% |
| PG The Procter & Gamble Co. | 0.38% | 585,636 | $90.0M | Add +2.5% |
| MDT Medtronic PLC | 0.38% | 942,341 | $89.8M | Add +1.7% |
| ORCL Oracle Corp. | 0.37% | 305,521 | $85.9M | Add +4.3% |
| UBER Uber Technologies Inc. | 0.36% | 868,711 | $85.1M | Add +10.8% |
| PLD Prologis Inc. | 0.36% | 739,166 | $84.7M | Add +3.8% |
| ASML ASML Holding NV-NY Reg SHS | 0.34% | 82,533 | $79.9M | Add +7.8% |
| CCJ Cameco Corp. | 0.34% | 944,388 | $79.2M | Reduce -12.8% |
| DHR Danaher Corp. | 0.34% | 398,680 | $79.0M | Reduce -10.5% |
| WCN Waste Connections Inc. | 0.32% | 432,490 | $76.0M | Add +1.2% |
| WPM Wheaton Precious Metals Corp. | 0.32% | 680,487 | $75.6M | Add +7.7% |
| BEP Brookfield Renewable Partner | 0.30% | 2,751,581 | $70.8M | Add +2.5% |
| LLY Eli Lilly & Co. | 0.30% | 92,459 | $70.5M | Reduce -4.8% |
| VCIT Vanguard Int-Term Corporate | 0.30% | 830,465 | $69.9M | Add +21.6% |
| BAM Brookfield Asset Mgmt-A | 0.28% | 1,168,965 | $66.5M | Add +0.4% |
| NTR Nutrien Ltd. | 0.28% | 1,137,404 | $66.3M | Reduce -9.4% |
| GIB Cgi Inc. | 0.28% | 735,916 | $65.3M | Add +10.2% |
| GLD SPDR Gold Shares | 0.27% | 176,598 | $62.8M | Add +4.3% |
| TMO Thermo Fisher Scientific Inc. | 0.27% | 128,534 | $62.3M | Add +10.1% |
| UNH Unitedhealth Group Inc. | 0.27% | 180,352 | $62.3M | Add +7.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.26% | 103,599 | $62.2M | Reduce -12.2% |
| HON Honeywell International Inc. | 0.26% | 293,363 | $61.8M | Add +3.6% |
| GS Goldman Sachs Group Inc. | 0.26% | 77,314 | $61.6M | Add +16.6% |
| ADBE Adobe Inc. | 0.26% | 173,884 | $61.3M | Add +3.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.26% | 1,183,925 | $61.1M | Reduce -1.5% |
| BIPC Brookfield Infrastructure-A | 0.24% | 1,366,054 | $55.9M | Add +2.5% |
| NFLX Netflix Inc. | 0.22% | 43,655 | $52.3M | Add +20.5% |
| SOBO South Bow Corp. | 0.21% | 1,797,254 | $50.4M | Add +1.9% |
| TSLA Tesla Inc. | 0.21% | 108,372 | $48.2M | Add +10.6% |
| BEPC Brookfield Renewable Corp. | 0.20% | 1,387,794 | $47.5M | Add +1.1% |
| TRI Thomson Reuters Corp. | 0.19% | 288,657 | $44.7M | Add +14.6% |
| BKNG Booking Holdings Inc. | 0.19% | 8,258 | $44.6M | Add +12.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.19% | 479,182 | $44.0M | Add +126.3% |
| AGG iShares Core U.S. Aggregate | 0.19% | 435,571 | $43.7M | Reduce -0.3% |
| SYK Stryker Corp. | 0.18% | 117,220 | $43.3M | Add +11.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 288,336 | $41.7M | Reduce -9.1% |
| AEP American Electric Power | 0.17% | 356,350 | $40.1M | Add +7.5% |
| PANW Palo Alto Networks Inc. | 0.17% | 196,818 | $40.1M | Add +35.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.17% | 346,654 | $39.7M | Reduce -3.4% |
| CRM Salesforce Inc. | 0.17% | 166,974 | $39.6M | Reduce -13.6% |
| IDV iShares International Select | 0.17% | 1,082,548 | $39.6M | Reduce -7.8% |
| ABBV Abbvie Inc. | 0.16% | 162,150 | $37.5M | Add +16.2% |
| SGOV iShares 0-3 Month Treasury B | 0.15% | 361,094 | $36.4M | Add +31.0% |
| FNV Franco-Nevada Corp. | 0.15% | 162,069 | $36.1M | Add +5.8% |
| TFII Tfi International Inc. | 0.15% | 404,225 | $35.5M | Add +2.7% |
| KO The Coca-Cola Co. | 0.15% | 521,759 | $34.6M | Add +3.4% |
| AZN Astrazeneca PLC-Spons ADR | 0.15% | 449,037 | $34.5M | Add +8.7% |
| CSCO Cisco Systems Inc. | 0.14% | 473,938 | $32.4M | Add +1.2% |
| MS Morgan Stanley | 0.13% | 192,320 | $30.6M | Reduce -4.2% |
| VIG Vanguard Dividend Apprec ETF | 0.13% | 138,861 | $30.0M | Add +7.7% |
| BOND PIMCO Active Bond Exchange-T | 0.13% | 318,934 | $29.8M | Reduce -15.4% |
| AMD Advanced Micro Devices | 0.13% | 181,907 | $29.4M | Add +16.1% |
Options reported separately and not counted above: SPY calls ($7.3M).
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 | 1,178 | $1.5M | Add +6.5% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 453 | $559K | Reduce -25.4% |
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | 71,500 | $31K | New |
Total filed on the 13F, all lines: $23.5B.
Portfolio Sells Q2 2025 → Q3 2025
| CRM Salesforce Inc. | Reduce -13.6% | 0.17% | −0.08 |
| DHR Danaher Corp. | Reduce -10.5% | 0.34% | −0.08 |
| TD Toronto-Dominion Bank | Reduce -0.1% | 3.65% | −0.08 |
| NTR Nutrien Ltd. | Reduce -9.4% | 0.28% | −0.06 |
| LLY Eli Lilly & Co. | Reduce -4.8% | 0.30% | −0.06 |
| CM Can Imperial BK of Commerce | Reduce -4.8% | 1.43% | −0.05 |
| MCD McDonald's Corp. | Reduce -3.1% | 0.42% | −0.04 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -12.2% | 0.26% | −0.04 |
| CCJ Cameco Corp. | Reduce -12.8% | 0.34% | −0.04 |
| DIS The Walt Disney Co. | Reduce -3.4% | 0.17% | −0.04 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -23.2% | 0.09% | −0.04 |
| IJH iShares Core S&P Midcap ETF | Reduce -23.7% | 0.10% | −0.04 |
| BOND PIMCO Active Bond Exchange-T | Reduce -15.4% | 0.13% | −0.04 |
| BCE Bce Inc. | Reduce -3.4% | 0.42% | −0.04 |
| AXP American Express Co. | Reduce -37.5% | 0.04% | −0.03 |
| NICE Nice Ltd. - Spon ADR | Reduce -67.3% | 0.01% | −0.03 |
| IT Gartner Inc. | Reduce -79.5% | 0.00% | −0.03 |
| XLV SS Health Care Select Sector | Reduce -45.0% | 0.03% | −0.03 |
| CRH CRH PLC | Reduce -83.5% | 0.01% | −0.03 |
| IBKR Interactive Brokers Gro Class A | Reduce -76.2% | 0.01% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Reduce -13.1% | 0.08% | −0.03 |
| MRSH Marsh & McLennan Cos | Reduce -8.5% | 0.09% | −0.03 |
| UPS United Parcel Service Class B | Reduce -30.1% | 0.03% | −0.03 |
| CAT Caterpillar Inc. | Reduce -24.8% | 0.12% | −0.02 |
| IBM Intl Business Machines Corp. | Reduce -7.1% | 0.09% | −0.02 |
| IDV iShares International Select | Reduce -7.8% | 0.17% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -12.8% | 0.04% | −0.02 |
| PEP Pepsico Inc. | Reduce -0.3% | 0.47% | −0.02 |
| FTNT Fortinet Inc. | Reduce -12.5% | 0.04% | −0.02 |
| NTAP Netapp Inc. | Reduce -87.7% | 0.00% | −0.02 |
| RELX Relx PLC - Spon ADR | Reduce -29.4% | 0.03% | −0.02 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −0.02 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −0.02 |
| T AT&T Inc. | Reduce -19.5% | 0.05% | −0.02 |
| SBUX Starbucks Corp. | Reduce -7.9% | 0.06% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -13.2% | 0.06% | −0.02 |
| AGG iShares Core U.S. Aggregate | Reduce -0.3% | 0.19% | −0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -2.9% | 0.06% | −0.02 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.02 |
| BP BP PLC-Spons ADR | Reduce -40.1% | 0.03% | −0.02 |
| CAH Cardinal Health Inc. | Reduce -20.7% | 0.03% | −0.02 |
| AIG American International Group | Reduce -5.9% | 0.06% | −0.02 |
| NSC Norfolk Southern Corp. | Reduce -72.8% | 0.01% | −0.02 |
| GOVT iShares US Treasury Bond ETF | Reduce -31.1% | 0.03% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -9.2% | 0.09% | −0.01 |
| OTIS Otis Worldwide Corp. | Reduce -71.8% | 0.00% | −0.01 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.01 |
| EWJ iShares MSCI Japan ETF | Reduce -29.9% | 0.03% | −0.01 |
| EWC iShares MSCI Canada ETF | Reduce -47.4% | 0.01% | −0.01 |
| SN Sharkninja Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +0.5% | 2.26% | +0.45 |
| AAPL Apple Inc. | Add +1.4% | 3.59% | +0.42 |
| NVDA Nvidia Corp. | Add +1.5% | 2.57% | +0.19 |
| AEM Agnico Eagle Mines Ltd. | Add +5.5% | 0.53% | +0.14 |
| VOO Vanguard S&P 500 ETF | Add +49.6% | 0.41% | +0.13 |
| SHOP Shopify Inc. Class A | Add +1.9% | 0.72% | +0.11 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +126.3% | 0.19% | +0.10 |
| PBA Pembina Pipeline Corp. | Add +12.6% | 1.10% | +0.09 |
| AVGO Broadcom Inc. | Add +4.8% | 0.72% | +0.08 |
| IXUS iShares Core Intl Stock ETF | New | 0.08% | +0.08 |
| CNQ Canadian Natural Resources | Add +17.4% | 1.14% | +0.08 |
| ENB Enbridge Inc. | Add +2.1% | 3.08% | +0.07 |
| TRP TC Energy Corp. | Add +3.8% | 2.10% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +6.9% | 0.42% | +0.07 |
| ORCL Oracle Corp. | Add +4.3% | 0.37% | +0.06 |
| TBIL F/M US Treasury 3 Month Bill | Add +157.6% | 0.11% | +0.06 |
| RY Royal Bank of Canada | Add +0.2% | 5.69% | +0.06 |
| TSLA Tesla Inc. | Add +10.6% | 0.21% | +0.06 |
| WPM Wheaton Precious Metals Corp. | Add +7.7% | 0.32% | +0.05 |
| ASML ASML Holding NV-NY Reg SHS | Add +7.8% | 0.34% | +0.05 |
| ANET Arista Networks Inc. | Add +64.3% | 0.09% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | Add +10.1% | 0.27% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +16.6% | 0.26% | +0.04 |
| IEFA iShares Core MSCI Eafe ETF | Add +71.4% | 0.10% | +0.04 |
| ABBV Abbvie Inc. | Add +16.2% | 0.16% | +0.04 |
| PGR Progressive Corp. | Add +139.0% | 0.07% | +0.04 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +1034.9% | 0.04% | +0.03 |
| FNV Franco-Nevada Corp. | Add +5.8% | 0.15% | +0.03 |
| C Citigroup Inc. | Add +23.3% | 0.12% | +0.03 |
| PANW Palo Alto Networks Inc. | Add +35.6% | 0.17% | +0.03 |
| VCIT Vanguard Int-Term Corporate | Add +21.6% | 0.30% | +0.03 |
| BLK BlackRock Inc. | Add +5.6% | 0.55% | +0.03 |
| BABA Alibaba Group Holding-SP ADR | Add +57.6% | 0.05% | +0.03 |
| HD Home Depot Inc. | Add +3.3% | 1.00% | +0.03 |
| SPOT Spotify Technology SA | Add +143.8% | 0.05% | +0.03 |
| GDX Vaneck Gold Miners ETF | Add +67.3% | 0.05% | +0.03 |
| BN Brookfield Corp. | Add +1.6% | 2.13% | +0.03 |
| QXO Qxo Inc. | New | 0.02% | +0.02 |
| SGOV iShares 0-3 Month Treasury B | Add +31.0% | 0.15% | +0.02 |
| GLD SPDR Gold Shares | Add +4.3% | 0.27% | +0.02 |
| VGT Vanguard Info Tech ETF | Add +27.4% | 0.10% | +0.02 |
| GRNY Fundstr Gran SH US LRG Cap | Add +389.9% | 0.03% | +0.02 |
| DELL Dell Technologies -C | Add +81.1% | 0.04% | +0.02 |
| DASH DoorDash Inc. Class A | Add +1301.8% | 0.02% | +0.02 |
| AMD Advanced Micro Devices | Add +16.1% | 0.13% | +0.02 |
| OR Or Royalties Inc. | Add +868.9% | 0.02% | +0.02 |
| PBR Petroleo Brasileiro-Spon ADR | New | 0.02% | +0.02 |
| GE General Electric | Add +25.0% | 0.07% | +0.02 |
| BINV Brandes International ETF | Add +24.8% | 0.10% | +0.02 |
| UNH Unitedhealth Group Inc. | Add +7.1% | 0.27% | +0.02 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Add +1000.0% | 11,000 | $7.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +6.5% | 1,178 | $1.5M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -25.4% | 453 | $559K |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | Sold out | 10,342 | $84Kbefore exit |
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | New | 71,500 | $31K |
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 |