Scotia Capital Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Scotia Capital Inc. reported 889 stock positions worth $24.8 billion. Its top holding was Royal Bank of Canada (RY) at 6.2% of the portfolio, followed by Bank of Nova Scotia (BNS, 4.1%) and Toronto-Dominion Bank (TD, 4.1%). Compared with Q3 2025, it opened 69 new positions, sold out of 83, added to 432 and reduced 342. The biggest buy was Palo Alto Networks (PANW, shares +148%) and the biggest sale Telus (TU, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001335644
- Portfolio Value
- $24.8B (Q4 2025)
- SEC Filing
- 0001335644-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 889 stocks · $24.8B
| RY Royal Bank of Canada | 6.23% | 9,071,802 | $1.5B | Reduce -0.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.10% | 13,816,974 | $1.0B | Reduce -2.0% |
| TD Toronto-Dominion Bank | 4.05% | 10,685,530 | $1.0B | Reduce -0.6% |
| MSFT Microsoft Corp. | 3.96% | 2,031,965 | $982.6M | Add +1.4% |
| AAPL Apple Inc. | 3.59% | 3,280,097 | $891.6M | Reduce -1.1% |
| AMZN Amazon.com Inc. | 2.85% | 3,061,463 | $706.6M | Add +0.9% |
| ENB Enbridge Inc. | 2.83% | 14,716,110 | $702.8M | Add +2.4% |
| GOOGL Alphabet Inc. Class A | 2.58% | 2,046,183 | $640.4M | Reduce -6.2% |
| NVDA Nvidia Corp. | 2.45% | 3,264,967 | $608.9M | Add +0.8% |
| V Visa Inc. Class A | 2.24% | 1,586,702 | $556.4M | Add +1.1% |
| JPM JPMorgan Chase & Co. | 2.21% | 1,701,574 | $548.2M | Add +4.2% |
| BN Brookfield Corp. | 2.07% | 11,213,519 | $514.0M | Add +1.8% |
| TRP TC Energy Corp. | 2.06% | 9,308,517 | $510.3M | Add +1.7% |
| FTS Fortis Inc. | 1.96% | 9,372,669 | $486.9M | Add +2.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.87% | 3,577,883 | $464.5M | Add +0.2% |
| GOOG Alphabet Inc. Class C | 1.80% | 1,424,581 | $447.0M | Reduce -3.7% |
| MFC Manulife Financial Corp. | 1.63% | 11,154,123 | $404.7M | Reduce -2.5% |
| CNI Canadian Natl Railway Co. | 1.53% | 3,839,951 | $379.6M | Add +3.7% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.53% | 4,182,725 | $378.8M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.43% | 705,086 | $354.4M | Add +7.4% |
| COST Costco Wholesale Corp. | 1.37% | 393,682 | $339.5M | Add +2.1% |
| META Meta Platforms Inc. Class A | 1.27% | 476,109 | $314.3M | Add +18.9% |
| CNQ Canadian Natural Resources | 1.23% | 9,052,806 | $306.4M | Add +8.1% |
| CP Canadian Pacific Kansas City | 1.18% | 3,981,072 | $293.0M | Reduce -0.1% |
| JNJ Johnson & Johnson | 1.10% | 1,321,256 | $273.4M | Reduce -0.9% |
| BIP Brookfield Infrastructure Pa | 1.06% | 7,610,855 | $264.2M | Add +3.3% |
| PBA Pembina Pipeline Corp. | 1.05% | 6,878,969 | $261.7M | Add +7.1% |
| EMA Emera Inc. | 0.92% | 4,633,997 | $227.9M | Add +1.8% |
| TU Telus Corp. | 0.89% | 16,744,613 | $220.3M | Reduce -14.9% |
| SLF Sun Life Financial Inc. | 0.82% | 3,274,447 | $204.2M | Reduce -0.9% |
| WMT Walmart Inc. | 0.80% | 1,789,011 | $199.3M | Add +4.6% |
| SU Suncor Energy Inc. | 0.79% | 4,413,804 | $195.6M | Add +0.2% |
| HD Home Depot Inc. | 0.79% | 567,856 | $195.4M | Reduce -1.8% |
| SHOP Shopify Inc. Class A | 0.75% | 1,161,177 | $186.7M | Add +2.2% |
| AVGO Broadcom Inc. | 0.73% | 523,946 | $181.3M | Add +1.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.70% | 255,730 | $174.4M | Add +2.9% |
| WM Waste Management Inc. | 0.68% | 767,043 | $168.5M | Add +5.0% |
| RCI Rogers Communications Inc. Class B | 0.60% | 3,957,597 | $149.2M | Reduce -1.9% |
| AEM Agnico Eagle Mines Ltd. | 0.55% | 806,664 | $136.7M | Add +8.7% |
| BLK BlackRock Inc. | 0.50% | 115,478 | $123.6M | Add +4.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.50% | 404,523 | $122.9M | Add +15.0% |
| EMR Emerson Electric Co. | 0.43% | 802,214 | $106.5M | Add +8.7% |
| LLY Eli Lilly & Co. | 0.42% | 96,950 | $104.2M | Add +4.9% |
| ACN Accenture PLC Class A | 0.42% | 386,691 | $103.7M | Reduce -8.3% |
| VOO Vanguard S&P 500 ETF | 0.41% | 162,506 | $101.9M | Add +3.7% |
| MCD McDonald's Corp. | 0.41% | 330,949 | $101.1M | Add +1.2% |
| QSR Restaurant Brands Intern | 0.40% | 1,457,477 | $99.1M | Reduce -2.9% |
| PLD Prologis Inc. | 0.40% | 771,052 | $98.4M | Add +4.3% |
| MA Mastercard Inc. Class A | 0.38% | 165,224 | $94.3M | Add +1.9% |
| UBER Uber Technologies Inc. | 0.37% | 1,134,571 | $92.7M | Add +30.6% |
| BCE Bce Inc. | 0.37% | 3,863,473 | $92.0M | Reduce -8.9% |
| DHR Danaher Corp. | 0.37% | 399,303 | $91.4M | Add +0.2% |
| PANW Palo Alto Networks Inc. | 0.36% | 487,452 | $89.8M | Add +147.7% |
| CCJ Cameco Corp. | 0.36% | 979,158 | $89.5M | Add +3.7% |
| WPM Wheaton Precious Metals Corp. | 0.35% | 741,466 | $86.5M | Add +9.0% |
| PG The Procter & Gamble Co. | 0.35% | 602,762 | $86.4M | Add +2.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.34% | 78,855 | $84.4M | Reduce -4.5% |
| MDT Medtronic PLC | 0.34% | 868,034 | $83.4M | Reduce -7.9% |
| PEP Pepsico Inc. | 0.33% | 577,537 | $82.9M | Reduce -26.6% |
| WCN Waste Connections Inc. | 0.33% | 470,499 | $81.7M | Add +8.8% |
| TMO Thermo Fisher Scientific Inc. | 0.32% | 136,496 | $79.1M | Add +6.2% |
| BEP Brookfield Renewable Partner | 0.31% | 2,829,649 | $76.3M | Add +2.8% |
| GLD SPDR Gold Shares | 0.30% | 188,628 | $74.8M | Add +6.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.29% | 117,886 | $72.4M | Add +13.8% |
| NTR Nutrien Ltd. | 0.28% | 1,133,430 | $69.8M | Reduce -0.3% |
| ORCL Oracle Corp. | 0.28% | 356,475 | $69.5M | Add +16.7% |
| GS Goldman Sachs Group Inc. | 0.28% | 77,904 | $68.5M | Add +0.8% |
| BAM Brookfield Asset Mgmt-A | 0.27% | 1,262,879 | $66.1M | Add +8.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.26% | 1,194,774 | $65.7M | Add +0.9% |
| GIB Cgi Inc. | 0.26% | 686,752 | $63.4M | Reduce -6.7% |
| BIPC Brookfield Infrastructure-A | 0.25% | 1,371,718 | $62.1M | Add +0.4% |
| HON Honeywell International Inc. | 0.23% | 290,773 | $56.7M | Reduce -0.9% |
| SOBO South Bow Corp. | 0.23% | 2,053,500 | $56.4M | Add +14.3% |
| VCIT Vanguard Int-Term Corporate | 0.22% | 662,433 | $55.5M | Reduce -20.2% |
| TSLA Tesla Inc. | 0.22% | 122,303 | $55.0M | Add +12.8% |
| UNH Unitedhealth Group Inc. | 0.22% | 163,314 | $53.9M | Reduce -9.4% |
| BEPC Brookfield Renewable Corp. | 0.20% | 1,323,055 | $50.6M | Reduce -4.7% |
| TRI Thomson Reuters Corp. | 0.19% | 367,317 | $48.4M | Add +27.3% |
| ADBE Adobe Inc. | 0.19% | 137,597 | $48.2M | Reduce -20.9% |
| AGG iShares Core U.S. Aggregate | 0.19% | 469,464 | $46.9M | Add +7.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.19% | 301,503 | $46.3M | Add +4.6% |
| SYK Stryker Corp. | 0.18% | 128,537 | $45.2M | Add +9.7% |
| CSCO Cisco Systems Inc. | 0.18% | 579,931 | $44.7M | Add +22.4% |
| AEP American Electric Power | 0.18% | 384,348 | $44.3M | Add +7.9% |
| ABBV Abbvie Inc. | 0.17% | 188,204 | $43.0M | Add +16.1% |
| BKNG Booking Holdings Inc. | 0.17% | 8,029 | $43.0M | Reduce -2.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.17% | 377,565 | $43.0M | Add +8.9% |
| CRM Salesforce Inc. | 0.17% | 161,908 | $42.9M | Reduce -3.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.17% | 461,554 | $42.4M | Add +2.8% |
| IDV iShares International Select | 0.17% | 1,047,218 | $41.3M | Reduce -3.3% |
| NFLX Netflix Inc. | 0.16% | 430,496 | $40.4M | Reduce -1.4% |
| TFII Tfi International Inc. | 0.16% | 375,421 | $38.7M | Reduce -7.1% |
| KO The Coca-Cola Co. | 0.15% | 528,965 | $37.0M | Add +1.4% |
| AMD Advanced Micro Devices | 0.15% | 169,913 | $36.4M | Reduce -6.6% |
| CAT Caterpillar Inc. | 0.15% | 63,399 | $36.3M | Add +6.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.15% | 396,674 | $36.2M | Reduce -17.2% |
| MS Morgan Stanley | 0.15% | 203,933 | $36.2M | Add +6.0% |
| IEFA iShares Core MSCI Eafe ETF | 0.13% | 368,112 | $32.9M | Add +35.4% |
| C Citigroup Inc. | 0.13% | 275,525 | $32.1M | Reduce -3.5% |
| FNV Franco-Nevada Corp. | 0.13% | 155,449 | $32.1M | Reduce -4.1% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,010 | $1.3M | Reduce -14.3% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 270 | $327K | Reduce -40.4% |
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | 71,500 | $67K | No change |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 66,487 | $55K | New |
Total filed on the 13F, all lines: $24.8B.
Portfolio Sells Q3 2025 → Q4 2025
| TU Telus Corp. | Reduce -14.9% | 0.89% | −0.43 |
| HD Home Depot Inc. | Reduce -1.8% | 0.79% | −0.21 |
| PEP Pepsico Inc. | Reduce -26.6% | 0.33% | −0.14 |
| BOND PIMCO Active Bond Exchange-T | Reduce -63.0% | 0.04% | −0.08 |
| CP Canadian Pacific Kansas City | Reduce -0.1% | 1.18% | −0.08 |
| VCIT Vanguard Int-Term Corporate | Reduce -20.2% | 0.22% | −0.07 |
| SGOV iShares 0-3 Month Treasury B | Reduce -41.4% | 0.09% | −0.07 |
| ADBE Adobe Inc. | Reduce -20.9% | 0.19% | −0.07 |
| NFLX Netflix Inc. | Reduce -1.4% | 0.16% | −0.06 |
| ZTS Zoetis Inc. | Reduce -89.2% | 0.01% | −0.05 |
| BCE Bce Inc. | Reduce -8.9% | 0.37% | −0.05 |
| LQDH iShares Int Hedg Corp. BD ETF | Reduce -91.2% | 0.00% | −0.05 |
| UNH Unitedhealth Group Inc. | Reduce -9.4% | 0.22% | −0.05 |
| MDT Medtronic PLC | Reduce -7.9% | 0.34% | −0.05 |
| IJH iShares Core S&P Midcap ETF | Reduce -39.8% | 0.06% | −0.04 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -17.2% | 0.15% | −0.04 |
| SAP Sap SE-Sponsored ADR | Reduce -23.5% | 0.07% | −0.04 |
| HON Honeywell International Inc. | Reduce -0.9% | 0.23% | −0.03 |
| MSCI MSCI Inc. | Reduce -93.5% | 0.00% | −0.03 |
| TBIL F/M US Treasury 3 Month Bill | Reduce -25.3% | 0.08% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -54.8% | 0.02% | −0.03 |
| BX Blackstone Inc. | Reduce -21.7% | 0.06% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Reduce -23.3% | 0.05% | −0.03 |
| XLF SS Financial Select Sector | Reduce -23.7% | 0.08% | −0.03 |
| ANGL Vaneck Fallen Angel High YLD | Reduce -21.2% | 0.07% | −0.03 |
| FNV Franco-Nevada Corp. | Reduce -4.1% | 0.13% | −0.02 |
| ACN Accenture PLC Class A | Reduce -8.3% | 0.42% | −0.02 |
| DPZ Domino's Pizza Inc. | Sold out | 0.00% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -55.0% | 0.02% | −0.02 |
| LII Lennox International Inc. | Sold out | 0.00% | −0.02 |
| GIB Cgi Inc. | Reduce -6.7% | 0.26% | −0.02 |
| FINX Global X Fintech ETF | Sold out | 0.00% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -46.6% | 0.02% | −0.02 |
| STN Stantec Inc. | Reduce -7.1% | 0.07% | −0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -24.5% | 0.04% | −0.02 |
| SLF Sun Life Financial Inc. | Reduce -0.9% | 0.82% | −0.02 |
| SPOT Spotify Technology SA | Reduce -16.6% | 0.03% | −0.02 |
| BALL Ball Corp. | Reduce -90.1% | 0.00% | −0.02 |
| ANET Arista Networks Inc. | Reduce -4.4% | 0.08% | −0.02 |
| CEMB iShares JP Morgan Em Corpora | Reduce -80.8% | 0.00% | −0.02 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −0.02 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -72.2% | 0.01% | −0.02 |
| BKNG Booking Holdings Inc. | Reduce -2.8% | 0.17% | −0.02 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.02 |
| ETN Eaton Corp. PLC | Reduce -0.8% | 0.06% | −0.02 |
| LH Labcorp Holdings Inc. | Reduce -3.7% | 0.06% | −0.02 |
| FXI iShares China Large-Cap ETF | Reduce -3.4% | 0.08% | −0.01 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -0.5% | 0.10% | −0.01 |
| MRSH Marsh & McLennan Cos | Reduce -3.0% | 0.07% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| PANW Palo Alto Networks Inc. | Add +147.7% | 0.36% | +0.19 |
| LLY Eli Lilly & Co. | Add +4.9% | 0.42% | +0.12 |
| CNQ Canadian Natural Resources | Add +8.1% | 1.23% | +0.10 |
| TSM Taiwan Semiconductor-SP ADR | Add +15.0% | 0.50% | +0.08 |
| VCRB Vanguard Core Bond ETF | Add +7097.9% | 0.07% | +0.07 |
| TMO Thermo Fisher Scientific Inc. | Add +6.2% | 0.32% | +0.05 |
| WMT Walmart Inc. | Add +4.6% | 0.80% | +0.05 |
| PSLV Sprott Physical Silver Trust | Add +690.3% | 0.06% | +0.05 |
| CNI Canadian Natl Railway Co. | Add +3.7% | 1.53% | +0.04 |
| CSCO Cisco Systems Inc. | Add +22.4% | 0.18% | +0.04 |
| PLD Prologis Inc. | Add +4.3% | 0.40% | +0.04 |
| SHOP Shopify Inc. Class A | Add +2.2% | 0.75% | +0.04 |
| BIP Brookfield Infrastructure Pa | Add +3.3% | 1.06% | +0.03 |
| MU Micron Technology Inc. | Add +2.8% | 0.09% | +0.03 |
| GLD SPDR Gold Shares | Add +6.8% | 0.30% | +0.03 |
| DHR Danaher Corp. | Add +0.2% | 0.37% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +35.4% | 0.13% | +0.03 |
| NDAQ Nasdaq Inc. | Add +1587.8% | 0.03% | +0.03 |
| ODFL Old Dominion Freight Line | New | 0.03% | +0.03 |
| LRCX Lam Research Corp. | Add +332.7% | 0.03% | +0.03 |
| LYV Live Nation Entertainment Inc. | Add +1358.6% | 0.03% | +0.03 |
| ASTS Ast Spacemobile Inc. | Add +0.4% | 0.09% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | Add +13.8% | 0.29% | +0.03 |
| WPM Wheaton Precious Metals Corp. | Add +9.0% | 0.35% | +0.03 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +91.8% | 0.07% | +0.03 |
| CAT Caterpillar Inc. | Add +6.5% | 0.15% | +0.03 |
| AZN Astrazeneca PLC-Spons ADR | Add +2.8% | 0.17% | +0.02 |
| B Barrick Mining Corp. | Add +22.8% | 0.07% | +0.02 |
| CCJ Cameco Corp. | Add +3.7% | 0.36% | +0.02 |
| APP AppLovin Corp. Class A | Add +219.3% | 0.04% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +7.4% | 1.43% | +0.02 |
| XLV SS Health Care Select Sector | Add +61.2% | 0.05% | +0.02 |
| AEM Agnico Eagle Mines Ltd. | Add +8.7% | 0.55% | +0.02 |
| CEG Constellation Energy | Add +58.0% | 0.05% | +0.02 |
| ALB Albemarle Corp. | Add +104.0% | 0.03% | +0.02 |
| EXPE Expedia Group Inc. | Add +20.5% | 0.05% | +0.02 |
| ALLE Allegion PLC | New | 0.02% | +0.02 |
| ATR Aptargroup Inc. | New | 0.02% | +0.02 |
| OMC Omnicom Group | New | 0.02% | +0.02 |
| FSV Firstservice Corp. | Add +120.5% | 0.04% | +0.02 |
| AXON Axon Enterprise Inc. | Add +368.2% | 0.02% | +0.02 |
| EMR Emerson Electric Co. | Add +8.7% | 0.43% | +0.02 |
| TSLA Tesla Inc. | Add +12.8% | 0.22% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +4.2% | 2.21% | +0.02 |
| PHYS Sprott Physical Gold Trust | Add +7.4% | 0.13% | +0.02 |
| SRE Sempra | New | 0.02% | +0.02 |
| MS Morgan Stanley | Add +6.0% | 0.15% | +0.02 |
| EWJ iShares MSCI Japan ETF | Add +62.1% | 0.04% | +0.02 |
| LULU Lululemon Athletica Inc. | Add +4.5% | 0.11% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +18.3% | 0.12% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 11,000 | $7.3Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -14.3% | 1,010 | $1.3M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -40.4% | 270 | $327K |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | New | 66,487 | $55K |
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 |