Nicola Wealth Management LTD. 13F Portfolio & Position Changes

CIK: 0001734493

Diversified strategyContrarianQuality / disciplined sizing

Total reported value

$833.0M

Reporting period: 2026-03-31 · Number of holdings: 62

NICOLA WEALTH MANAGEMENT LTD. disclosed 62 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $833.0M and a quarterly turnover rate of 48.5%.

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Personality snowflake

Concentration: 8.1
Portfolio Stability: 48.49
Momentum/Contrarian: 0
Sector conviction: 43.96
Diversification: 100
Sizing Uniformity: 94.91

Nicola Wealth Management LTD.'s disclosed holdings carry a Herfindahl concentration index of 0.020 — mathematically equivalent to about 49 equally-sized positions, close to its 62 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.51), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add TTE
+78.5%　$16.0M
Add STN
+213.9%　$11.4M
Add NFLX
+33.4%　$5.8M
Add BAM
+72.3%　$6.1M
Add WCN
+12.5%　$1.4M
Trim TD
-49.4%　-$17.1M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	WCN	Waste Connections INC	Stock-Industrials	4.07%	+1.11%	+12.51%
2	PBA	Pembina Pipeline CORP	Stock-Energy	3.57%	+0.15%	-32.73%
3	SLF	Sun Life Financial INC	Stock-Financials	2.97%	+0.89%	+7.50%
4	TTE	Totalenergies Se	Stock-Other	2.89%	+2.15%	+78.47%
5	T	At&t INC	Stock-Comm Services	2.64%	—	-17.24%
6	V	Visa Inc-class A Shares	Stock-Financials	2.58%	+0.31%	—
7	NVDA	Nvidia CORP	Stock-Tech	2.58%	+0.49%	—
8	NFLX	Netflix INC	Stock-Comm Services	2.57%	+1.15%	+33.35%
9	UNP	Union Pacific CORP	Stock-Industrials	2.53%	+0.17%	-22.32%
10	ISRG	Intuitive Surgical INC	Stock-Healthcare	2.37%	+0.16%	—
11	LIN	Linde plc	Stock-Materials	2.37%	+0.83%	—
12	MSFT	Microsoft CORP	Stock-Tech	2.36%	-0.57%	-20.28%
13	BAM	Brookfield Asset Mgmt-a	Stock-Financials	2.31%	+1.11%	+72.29%
14	META	Meta Platforms Inc-class A	Stock-Comm Services	2.28%	+0.38%	+4.73%
15	BCE	Bce INC	Stock-Comm Services	2.21%	+0.63%	—
16	STN	Stantec INC	Stock-Other	2.10%	+1.55%	+213.93%
17	AMZN	Amazon.com INC	Stock-Consumer Disc	2.10%	-0.12%	-20.79%
18	CNI	Canadian Natl Railway Co	Stock-Industrials	2.08%	+0.29%	-15.19%
19	TD	Toronto-dominion Bank	Stock-Financials	2.06%	-1.06%	-49.41%
20	CNQ	Canadian Natural Resources	Stock-Energy	1.97%	+0.64%	-22.36%
21	SNPS	Synopsys INC	Stock-Tech	1.94%	+0.69%	+39.38%
22	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	1.91%	+0.06%	-29.85%
23	NOW	Servicenow INC	Stock-Tech	1.90%	-0.02%	+9.78%
24	TU	Telus CORP	Stock-Other	1.89%	—	—
25	AAPL	Apple INC	Stock-Tech	1.86%	+1.86%	NEW
26	INFY	Infosys Ltd-sp Adr	Stock-Tech	1.85%	+0.31%	+20.36%
27	H	Hyatt Hotels CORP - Cl A	Stock-Consumer Disc	1.82%	+0.02%	-14.57%
28	DE	Deere & Co	Stock-Industrials	1.76%	-0.17%	-42.64%
29	HDB	Hdfc Bank Ltd-adr	Stock-Financials	1.61%	+0.27%	+33.50%
30	CCK	Crown Holdings INC	Stock-Consumer Disc	1.59%	—	—
31	WMT	Walmart INC	Stock-Consumer Staples	1.57%	-0.22%	-40.30%
32	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	1.55%	+0.77%	+63.64%
33	KO	Coca-cola Co/the	Stock-Consumer Staples	1.55%	+0.47%	—
34	TTEK	Tetra Tech INC	Stock-Industrials	1.49%	—	+12.60%
35	TFII	Tfi International INC	Stock-Other	1.46%	+0.27%	-11.85%
36	FSV	Firstservice CORP	Stock-Other	1.44%	+0.73%	+70.85%
37	PLD	Prologis INC	Stock-Real Estate	1.41%	—	—
38	AVGO	Broadcom INC	Stock-Tech	1.39%	—	+19.05%
39	CUBE	Cubesmart	Stock-Real Estate	1.36%	—	—
40	MCO	Moody's CORP	Stock-Financials	1.31%	+1.31%	NEW
41	ADBE	Adobe INC	Stock-Tech	1.29%	-0.12%	—
42	MSA	Msa Safety INC	Stock-Industrials	1.29%	+0.24%	-9.67%
43	MSI	Motorola Solutions INC	Stock-Tech	1.20%	+1.20%	NEW
44	AJG	Arthur J Gallagher & Co	Stock-Financials	1.12%	+0.11%	—
45	TJX	Tjx Companies INC	Stock-Consumer Disc	1.07%	—	—
46	GIB	Cgi INC	Stock-Tech	1.07%	+0.04%	—
47	IDXX	Idexx Laboratories INC	Stock-Healthcare	1.00%	+0.09%	—
48	AMG	Affiliated Managers Group	Stock-Financials	0.96%	—	—
49	EPC	Edgewell Personal Care Co	Stock-Other	0.79%	+0.31%	—
50	SANM	Sanmina CORP	Stock-Tech	0.78%	+0.03%	-9.07%

1–50 of 62

Portfolio Performance

Performance for Q3 2026

+1.1%

Performance Last 4 Quarters

+21.5%

Based on 77% of reported portfolio value with available pricing

Stdev: +14.7%
Beta: +0.94
Alpha: -4.8%
Max Drawdown: -13.1%
Annualized Perf: +12.2%
Batting Avg vs S&P: +38.9%
Sortino: +1.44
Stutzer: +0.25
Treynor: +0.13
Sterling: +0.64
Calmar: +0.94
Information Ratio: -0.73
Tracking Error: +8%
Stdev Down: +8.8%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +31.9%
Worst 12 Months: +4.8%
Efficiency Ratio: +0.31
Sharpe: +0.86
Stdev Sectors: +6.8%
Skewness: -0.23
Kurtosis: -0.78
Upside Potential: +3.21

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	62	$833.0M	48	1WCN 2PBA 3SLF Top holdings2026-03-31 1.WCN 2.PBA 3.SLF 4.TTE 5.T 6.V 7.NVDA 8.NFLX 9.UNP 10.ISRG
2025-12-31	65	$1.1B	29	1TRP 2BNS 3PBA Top holdings2025-12-31 1.TRP 2.BNS 3.PBA 4.TD 5.WCN 6.MSFT 7.UNP 8.V 9.AMZN 10.ISRG
2025-09-30	65	$1.1B	95	1TRP 2CM 3MSFT Top holdings2025-09-30 1.TRP 2.CM 3.MSFT 4.TD 5.TU 6.BNS 7.WCN 8.PBA 9.META 10.UNP
2025-06-30	104	$1.1B	0	1BNS 2TD 3MSFT Top holdings2025-06-30 1.BNS 2.TD 3.MSFT 4.TU 5.AVGO 6.META 7.AMZN 8.V 9.WMT 10.NOW
2025-03-31	111	$1.0B	0	1BNS 2TD 3MSFT Top holdings2025-03-31 1.BNS 2.TD 3.MSFT 4.REET 5.V 6.UNH 7.CASY 8.CNI 9.META 10.AVGO
2024-12-31	107	$1.1B	0	1TD 2SHOP 3CNI Top holdings2024-12-31 1.TD 2.SHOP 3.CNI 4.REET 5.MSFT 6.V 7.META 8.WMT 9.AVGO 10.SU
2024-09-30	104	$1.3B	0	1BNS 2TD 3TRP Top holdings2024-09-30 1.BNS 2.TD 3.TRP 4.SHOP 5.RY 6.CNI 7.T 8.SU 9.MSFT 10.ADBE
2024-06-30	108	$1.1B	0	1BNS 2SU 3TRP Top holdings2024-06-30 1.BNS 2.SU 3.TRP 4.RY 5.ADBE 6.T 7.MSFT 8.TD 9.SHOP 10.H
2024-03-31	113	$1.0B	0	1BNS 2TRP 3SU Top holdings2024-03-31 1.BNS 2.TRP 3.SU 4.TD 5.RY 6.V 7.T 8.MSFT 9.H 10.SHEL
2023-12-31	114	$953.0M	0	1TRP 2RY 3V Top holdings2023-12-31 1.TRP 2.RY 3.V 4.TD 5.CP 6.SU 7.T 8.SHEL 9.PLD 10.ROST
2023-09-30	110	$927.1M	0	1SU 2TD 3CP Top holdings2023-09-30 1.SU 2.TD 3.CP 4.TRP 5.CNQ 6.RY 7.V 8.SHEL 9.WMT 10.T
2023-06-30	103	$1.0B	0	1BNS 2WMT 3V Top holdings2023-06-30 1.BNS 2.WMT 3.V 4.CP 5.TRP 6.RY 7.SU 8.EA 9.TD 10.GOOGL
2023-03-31	110	$1.0B	0	1BNS 2TRP 3WMT Top holdings2023-03-31 1.BNS 2.TRP 3.WMT 4.V 5.RY 6.MSFT 7.SU 8.SHEL 9.T 10.EA
2022-12-31	116	$986.3M	0	1BNS 2WMT 3RY Top holdings2022-12-31 1.BNS 2.WMT 3.RY 4.SHEL 5.SU 6.V 7.ROST 8.T 9.BLKCHF 10.TRP
2022-09-30	126	$910.9M	0	1BNS 2WMT 3RY Top holdings2022-09-30 1.BNS 2.WMT 3.RY 4.SU 5.MSFT 6.SHEL 7.V 8.TD 9.ARCC 10.GOOGL
2022-06-30	152	$1.0B	0	1BNS 2TRP 3SU Top holdings2022-06-30 1.BNS 2.TRP 3.SU 4.MSFT 5.RY 6.WMT 7.V 8.ARCC 9.ENB 10.TD
2022-03-31	126	$1.1B	0	1TRP 2MSFT 3RY Top holdings2022-03-31 1.TRP 2.MSFT 3.RY 4.SU 5.V 6.TD 7.ENB 8.CNQ 9.GOOGL 10.BNS
2021-12-31	126	$1.1B	0	1BNS 2RY 3TD Top holdings2021-12-31 1.BNS 2.RY 3.TD 4.MSFT 5.V 6.WMT 7.ENB 8.SU 9.PEP 10.CM
2021-09-30	122	$972.0M	0	1BNS 2RY 3TD Top holdings2021-09-30 1.BNS 2.RY 3.TD 4.WMT 5.MSFT 6.V 7.ENB 8.CM 9.PEP 10.SU
2021-06-30	122	$975.4M	100	1RY 2TD 3WMT Top holdings2021-06-30 1.RY 2.TD 3.WMT 4.MSFT 5.CM 6.ENB 7.BNS 8.V 9.PEP 10.SU
2021-03-31	120	$894.5M	27	1TD 2RY 3WMT Top holdings2021-03-31 1.TD 2.RY 3.WMT 4.PEP 5.ENB 6.BNS 7.MSFT 8.VZ 9.ARCC 10.CM
2020-12-31	113	$804.1M	37	1RY 2TD 3MSFT Top holdings2020-12-31 1.RY 2.TD 3.MSFT 4.BNS 5.ENB 6.V 7.VZ 8.CM 9.WMT 10.C
2020-09-30	119	$702.1M	30	1RY 2TD 3VZ Top holdings2020-09-30 1.RY 2.TD 3.VZ 4.PEP 5.ENB 6.MSFT 7.AXP 8.V 9.BNS 10.CM
2020-06-30	122	$722.4M	39	1RY 2MSFT 3ENB Top holdings2020-06-30 1.RY 2.MSFT 3.ENB 4.TD 5.VZ 6.DE 7.UNP 8.DLTR 9.PEP 10.BNS
2020-03-31	118	$665.2M	52	1RY 2ENB 3TD Top holdings2020-03-31 1.RY 2.ENB 3.TD 4.BNS 5.MSFT 6.WMT 7.VZ 8.DE 9.SJR-BEUR 10.TRP
2019-12-31	101	$664.8M	30	1TD 2ENB 3BNS Top holdings2019-12-31 1.TD 2.ENB 3.BNS 4.RY 5.MSFT 6.V 7.SU 8.CNQ 9.GOOGL 10.MEOH
2019-09-30	99	$638.3M	22	1TD 2RY 3V Top holdings2019-09-30 1.TD 2.RY 3.V 4.ENB 5.CNQ 6.MSFT 7.SU 8.MEOH 9.CNI 10.PG
2019-06-30	98	$602.9M	34	1TD 2RY 3CNQ Top holdings2019-06-30 1.TD 2.RY 3.CNQ 4.ENB 5.SU 6.V 7.MSFT 8.CNI 9.VLO 10.GOOGL
2019-03-31	110	$669.3M	32	1TD 2RY 3BNS Top holdings2019-03-31 1.TD 2.RY 3.BNS 4.CNQ 5.SU 6.ENB 7.AAPL 8.TDF 9.V 10.MSFT
2018-12-31	112	$607.0M	39	1TD 2RY 3C Top holdings2018-12-31 1.TD 2.RY 3.C 4.TDF 5.CNQ 6.SU 7.BNS 8.V 9.ENB 10.SLF
2018-09-30	104	$582.2M	33	1TD 2RY 3CNQ Top holdings2018-09-30 1.TD 2.RY 3.CNQ 4.TDF 5.V 6.SLF 7.BNS 8.MFC 9.CM 10.SU
2018-06-30	103	$514.9M	39	1TD 2RY 3TDF Top holdings2018-06-30 1.TD 2.RY 3.TDF 4.V 5.CNQ 6.C 7.ENB 8.MFC 9.SLF 10.CM
2018-03-31	113	$497.2M	—	1TD 2RY 3BNS Top holdings2018-03-31 1.TD 2.RY 3.BNS 4.MFC 5.SLF 6.CM 7.V 8.CNQ 9.ENB 10.MSFT

Holding changes this quarter

Nicola Wealth Management LTD.'s most significant position changes for 2026-03-31: Sold out: Tc Energy CORP (TRP); Sold out: Bank Of Nova Scotia (BNS); New buy: Apple INC (AAPL); New buy: Moody's CORP (MCO); Sold out: Canadian Pacific Kansas City (CP).

Position changes disclosed by Nicola Wealth Management LTD. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	TTE	Totalenergies Se	+2.2%	+78.47%	Add
2	STN	Stantec INC	+1.6%	+213.93%	Add
3	NFLX	Netflix INC	+1.2%	+33.35%	Add
4	BAM	Brookfield Asset Mgmt-a	+1.1%	+72.29%	Add
5	WCN	Waste Connections INC	+1.1%	+12.51%	Add
6	SLF	Sun Life Financial INC	+0.9%	+7.50%	Add
7	LIN	Linde plc	+0.8%	—	Unchanged
8	GOOGL	Alphabet Inc-cl A	+0.8%	+63.64%	Add
9	FSV	Firstservice CORP	+0.7%	+70.85%	Add
10	SNPS	Synopsys INC	+0.7%	+39.38%	Add
11	CNQ	Canadian Natural Resources	+0.6%	-22.36%	Trim
12	BCE	Bce INC	+0.6%	—	Unchanged
13	NVDA	Nvidia CORP	+0.5%	—	Unchanged
14	KO	Coca-cola Co/the	+0.5%	—	Unchanged
15	META	Meta Platforms Inc-class A	+0.4%	+4.73%	Add
16	V	Visa Inc-class A Shares	+0.3%	—	Unchanged
17	INFY	Infosys Ltd-sp Adr	+0.3%	+20.36%	Add
18	EPC	Edgewell Personal Care Co	+0.3%	—	Unchanged
19	CNI	Canadian Natl Railway Co	+0.3%	-15.19%	Trim
20	HDB	Hdfc Bank Ltd-adr	+0.3%	+33.50%	Add
21	TFII	Tfi International INC	+0.3%	-11.85%	Trim
22	MSA	Msa Safety INC	+0.2%	-9.67%	Trim
23	UNP	Union Pacific CORP	+0.2%	-22.32%	Trim
24	ISRG	Intuitive Surgical INC	+0.2%	—	Unchanged
25	PBA	Pembina Pipeline CORP	+0.2%	-32.73%	Trim
26	AJG	Arthur J Gallagher & Co	+0.1%	—	Unchanged
27	IDXX	Idexx Laboratories INC	+0.1%	—	Unchanged
28	PLXS	Plexus CORP	+0.1%	-36.96%	Trim
29	TSM	Taiwan Semiconductor-sp Adr	+0.1%	-29.85%	Trim
30	GIB	Cgi INC	0%	—	Unchanged
31	SANM	Sanmina CORP	0%	-9.07%	Trim
32	H	Hyatt Hotels CORP - Cl A	0%	-14.57%	Trim
33	NOW	Servicenow INC	0%	+9.78%	Add
34	AMZN	Amazon.com INC	-0.1%	-20.79%	Trim
35	ADBE	Adobe INC	-0.1%	—	Unchanged
36	IONS	Ionis Pharmaceuticals INC	-0.2%	-40.23%	Trim
37	DE	Deere & Co	-0.2%	-42.64%	Trim
38	WMT	Walmart INC	-0.2%	-40.30%	Trim
39	MSFT	Microsoft CORP	-0.6%	-20.28%	Trim
40	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	-0.8%	-89.04%	Trim
41	TD	Toronto-dominion Bank	-1.1%	-49.41%	Trim
42	TRP	Tc Energy CORP	—	EXIT	Sold out
43	BNS	Bank Of Nova Scotia	—	EXIT	Sold out
44	AAPL	Apple INC	—	NEW	New buy
45	MCO	Moody's CORP	—	NEW	New buy
46	CP	Canadian Pacific Kansas City	—	EXIT	Sold out
47	CPRT	Copart INC	—	EXIT	Sold out
48	MSI	Motorola Solutions INC	—	NEW	New buy
49	IT	Gartner INC	—	EXIT	Sold out
50	WSO	Watsco INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-02-09	13F-HR	View on EDGAR
2025-09-30	2025-10-31	13F-HR	View on EDGAR
2025-06-30	2025-08-11	13F-HR	View on EDGAR
2025-03-31	2025-06-06	Amendment	View on EDGAR
2025-03-31	2025-05-08	13F-HR	View on EDGAR
2024-12-31	2025-02-06	13F-HR	View on EDGAR
2024-09-30	2024-11-06	13F-HR	View on EDGAR
2024-06-30	2024-07-31	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-02-08	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-10	13F-HR	View on EDGAR
2023-03-31	2023-05-10	13F-HR	View on EDGAR
2022-12-31	2023-02-09	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-11	13F-HR	View on EDGAR
2022-03-31	2022-05-09	13F-HR	View on EDGAR
2021-12-31	2022-02-09	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-12	13F-HR	View on EDGAR
2021-03-31	2021-05-07	13F-HR	View on EDGAR
2020-12-31	2021-02-09	13F-HR	View on EDGAR
2020-09-30	2020-11-09	13F-HR	View on EDGAR
2020-06-30	2020-08-12	13F-HR	View on EDGAR
2020-03-31	2020-05-11	13F-HR	View on EDGAR
2019-12-31	2020-02-13	Amendment	View on EDGAR
2019-12-31	2020-02-12	13F-HR	View on EDGAR
2019-09-30	2019-11-08	13F-HR	View on EDGAR
2019-06-30	2019-08-09	13F-HR	View on EDGAR
2019-03-31	2019-05-09	13F-HR	View on EDGAR
2018-12-31	2019-02-11	13F-HR	View on EDGAR
2018-09-30	2018-11-07	13F-HR	View on EDGAR
2018-06-30	2018-08-08	Amendment	View on EDGAR
2018-06-30	2018-08-07	Amendment	View on EDGAR
2018-06-30	2018-08-03	13F-HR	View on EDGAR
2018-03-31	2018-06-04	13F-HR	View on EDGAR

FAQ

What is Nicola Wealth Management LTD. and what type of investor is it?

Nicola Wealth Management LTD. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $833.0M, spread across 62 disclosed positions.

What are Nicola Wealth Management LTD.'s largest equity positions?

Based on the latest 13F filing, Nicola Wealth Management LTD.'s top holdings by market value are: 1. Waste Connections INC (WCN) — $33.9M (4.1%) 2. Pembina Pipeline CORP (PBA) — $29.7M (3.6%) 3. Sun Life Financial INC (SLF) — $24.7M (3.0%) 4. Totalenergies Se (TTE) — $24.0M (2.9%) 5. At&t INC (T) — $22.0M (2.6%)

What changes did Nicola Wealth Management LTD. make in its most recent portfolio filing?

In the latest reported quarter, Nicola Wealth Management LTD. made 39 notable position adjustments: 3 new positions were initiated, 13 existing holdings were added to, 17 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Tc Energy CORP (TRP); Sold out: Bank Of Nova Scotia (BNS); New buy: Apple INC (AAPL); New buy: Moody's CORP (MCO); Sold out: Canadian Pacific Kansas City (CP)

What sectors does Nicola Wealth Management LTD. focus on?

Nicola Wealth Management LTD. is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 23.8% • Financials: 17.1% • Industrials: 16.5% • Communication Services: 12.9% • Consumer Discretionary: 8.3% • Energy: 6.3%

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Nicola Wealth Management LTD. 13F Portfolio & Position Changes

CIK: 0001734493

Diversified strategyContrarianQuality / disciplined sizing

Total reported value

$833.0M

Reporting period: 2026-03-31 · Number of holdings: 62

NICOLA WEALTH MANAGEMENT LTD. disclosed 62 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $833.0M and a quarterly turnover rate of 48.5%.

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Personality snowflake

Concentration: 8.1
Portfolio Stability: 48.49
Momentum/Contrarian: 0
Sector conviction: 43.96
Diversification: 100
Sizing Uniformity: 94.91

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.51), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add TTE
+78.5%　$16.0M
Add STN
+213.9%　$11.4M
Add NFLX
+33.4%　$5.8M
Add BAM
+72.3%　$6.1M
Add WCN
+12.5%　$1.4M
Trim TD
-49.4%　-$17.1M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	WCN	Waste Connections INC	Stock-Industrials	4.07%	+1.11%	+12.51%
2	PBA	Pembina Pipeline CORP	Stock-Energy	3.57%	+0.15%	-32.73%
3	SLF	Sun Life Financial INC	Stock-Financials	2.97%	+0.89%	+7.50%
4	TTE	Totalenergies Se	Stock-Other	2.89%	+2.15%	+78.47%
5	T	At&t INC	Stock-Comm Services	2.64%	—	-17.24%
6	V	Visa Inc-class A Shares	Stock-Financials	2.58%	+0.31%	—
7	NVDA	Nvidia CORP	Stock-Tech	2.58%	+0.49%	—
8	NFLX	Netflix INC	Stock-Comm Services	2.57%	+1.15%	+33.35%
9	UNP	Union Pacific CORP	Stock-Industrials	2.53%	+0.17%	-22.32%
10	ISRG	Intuitive Surgical INC	Stock-Healthcare	2.37%	+0.16%	—
11	LIN	Linde plc	Stock-Materials	2.37%	+0.83%	—
12	MSFT	Microsoft CORP	Stock-Tech	2.36%	-0.57%	-20.28%
13	BAM	Brookfield Asset Mgmt-a	Stock-Financials	2.31%	+1.11%	+72.29%
14	META	Meta Platforms Inc-class A	Stock-Comm Services	2.28%	+0.38%	+4.73%
15	BCE	Bce INC	Stock-Comm Services	2.21%	+0.63%	—
16	STN	Stantec INC	Stock-Other	2.10%	+1.55%	+213.93%
17	AMZN	Amazon.com INC	Stock-Consumer Disc	2.10%	-0.12%	-20.79%
18	CNI	Canadian Natl Railway Co	Stock-Industrials	2.08%	+0.29%	-15.19%
19	TD	Toronto-dominion Bank	Stock-Financials	2.06%	-1.06%	-49.41%
20	CNQ	Canadian Natural Resources	Stock-Energy	1.97%	+0.64%	-22.36%
21	SNPS	Synopsys INC	Stock-Tech	1.94%	+0.69%	+39.38%
22	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	1.91%	+0.06%	-29.85%
23	NOW	Servicenow INC	Stock-Tech	1.90%	-0.02%	+9.78%
24	TU	Telus CORP	Stock-Other	1.89%	—	—
25	AAPL	Apple INC	Stock-Tech	1.86%	+1.86%	NEW
26	INFY	Infosys Ltd-sp Adr	Stock-Tech	1.85%	+0.31%	+20.36%
27	H	Hyatt Hotels CORP - Cl A	Stock-Consumer Disc	1.82%	+0.02%	-14.57%
28	DE	Deere & Co	Stock-Industrials	1.76%	-0.17%	-42.64%
29	HDB	Hdfc Bank Ltd-adr	Stock-Financials	1.61%	+0.27%	+33.50%
30	CCK	Crown Holdings INC	Stock-Consumer Disc	1.59%	—	—
31	WMT	Walmart INC	Stock-Consumer Staples	1.57%	-0.22%	-40.30%
32	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	1.55%	+0.77%	+63.64%
33	KO	Coca-cola Co/the	Stock-Consumer Staples	1.55%	+0.47%	—
34	TTEK	Tetra Tech INC	Stock-Industrials	1.49%	—	+12.60%
35	TFII	Tfi International INC	Stock-Other	1.46%	+0.27%	-11.85%
36	FSV	Firstservice CORP	Stock-Other	1.44%	+0.73%	+70.85%
37	PLD	Prologis INC	Stock-Real Estate	1.41%	—	—
38	AVGO	Broadcom INC	Stock-Tech	1.39%	—	+19.05%
39	CUBE	Cubesmart	Stock-Real Estate	1.36%	—	—
40	MCO	Moody's CORP	Stock-Financials	1.31%	+1.31%	NEW
41	ADBE	Adobe INC	Stock-Tech	1.29%	-0.12%	—
42	MSA	Msa Safety INC	Stock-Industrials	1.29%	+0.24%	-9.67%
43	MSI	Motorola Solutions INC	Stock-Tech	1.20%	+1.20%	NEW
44	AJG	Arthur J Gallagher & Co	Stock-Financials	1.12%	+0.11%	—
45	TJX	Tjx Companies INC	Stock-Consumer Disc	1.07%	—	—
46	GIB	Cgi INC	Stock-Tech	1.07%	+0.04%	—
47	IDXX	Idexx Laboratories INC	Stock-Healthcare	1.00%	+0.09%	—
48	AMG	Affiliated Managers Group	Stock-Financials	0.96%	—	—
49	EPC	Edgewell Personal Care Co	Stock-Other	0.79%	+0.31%	—
50	SANM	Sanmina CORP	Stock-Tech	0.78%	+0.03%	-9.07%

1–50 of 62

Portfolio Performance

Performance for Q3 2026

+1.1%

Performance Last 4 Quarters

+21.5%

Based on 77% of reported portfolio value with available pricing

Stdev: +14.7%
Beta: +0.94
Alpha: -4.8%
Max Drawdown: -13.1%
Annualized Perf: +12.2%
Batting Avg vs S&P: +38.9%
Sortino: +1.44
Stutzer: +0.25
Treynor: +0.13
Sterling: +0.64
Calmar: +0.94
Information Ratio: -0.73
Tracking Error: +8%
Stdev Down: +8.8%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +31.9%
Worst 12 Months: +4.8%
Efficiency Ratio: +0.31
Sharpe: +0.86
Stdev Sectors: +6.8%
Skewness: -0.23
Kurtosis: -0.78
Upside Potential: +3.21

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	62	$833.0M	48	1WCN 2PBA 3SLF Top holdings2026-03-31 1.WCN 2.PBA 3.SLF 4.TTE 5.T 6.V 7.NVDA 8.NFLX 9.UNP 10.ISRG
2025-12-31	65	$1.1B	29	1TRP 2BNS 3PBA Top holdings2025-12-31 1.TRP 2.BNS 3.PBA 4.TD 5.WCN 6.MSFT 7.UNP 8.V 9.AMZN 10.ISRG
2025-09-30	65	$1.1B	95	1TRP 2CM 3MSFT Top holdings2025-09-30 1.TRP 2.CM 3.MSFT 4.TD 5.TU 6.BNS 7.WCN 8.PBA 9.META 10.UNP
2025-06-30	104	$1.1B	0	1BNS 2TD 3MSFT Top holdings2025-06-30 1.BNS 2.TD 3.MSFT 4.TU 5.AVGO 6.META 7.AMZN 8.V 9.WMT 10.NOW
2025-03-31	111	$1.0B	0	1BNS 2TD 3MSFT Top holdings2025-03-31 1.BNS 2.TD 3.MSFT 4.REET 5.V 6.UNH 7.CASY 8.CNI 9.META 10.AVGO
2024-12-31	107	$1.1B	0	1TD 2SHOP 3CNI Top holdings2024-12-31 1.TD 2.SHOP 3.CNI 4.REET 5.MSFT 6.V 7.META 8.WMT 9.AVGO 10.SU
2024-09-30	104	$1.3B	0	1BNS 2TD 3TRP Top holdings2024-09-30 1.BNS 2.TD 3.TRP 4.SHOP 5.RY 6.CNI 7.T 8.SU 9.MSFT 10.ADBE
2024-06-30	108	$1.1B	0	1BNS 2SU 3TRP Top holdings2024-06-30 1.BNS 2.SU 3.TRP 4.RY 5.ADBE 6.T 7.MSFT 8.TD 9.SHOP 10.H
2024-03-31	113	$1.0B	0	1BNS 2TRP 3SU Top holdings2024-03-31 1.BNS 2.TRP 3.SU 4.TD 5.RY 6.V 7.T 8.MSFT 9.H 10.SHEL
2023-12-31	114	$953.0M	0	1TRP 2RY 3V Top holdings2023-12-31 1.TRP 2.RY 3.V 4.TD 5.CP 6.SU 7.T 8.SHEL 9.PLD 10.ROST
2023-09-30	110	$927.1M	0	1SU 2TD 3CP Top holdings2023-09-30 1.SU 2.TD 3.CP 4.TRP 5.CNQ 6.RY 7.V 8.SHEL 9.WMT 10.T
2023-06-30	103	$1.0B	0	1BNS 2WMT 3V Top holdings2023-06-30 1.BNS 2.WMT 3.V 4.CP 5.TRP 6.RY 7.SU 8.EA 9.TD 10.GOOGL
2023-03-31	110	$1.0B	0	1BNS 2TRP 3WMT Top holdings2023-03-31 1.BNS 2.TRP 3.WMT 4.V 5.RY 6.MSFT 7.SU 8.SHEL 9.T 10.EA
2022-12-31	116	$986.3M	0	1BNS 2WMT 3RY Top holdings2022-12-31 1.BNS 2.WMT 3.RY 4.SHEL 5.SU 6.V 7.ROST 8.T 9.BLKCHF 10.TRP
2022-09-30	126	$910.9M	0	1BNS 2WMT 3RY Top holdings2022-09-30 1.BNS 2.WMT 3.RY 4.SU 5.MSFT 6.SHEL 7.V 8.TD 9.ARCC 10.GOOGL
2022-06-30	152	$1.0B	0	1BNS 2TRP 3SU Top holdings2022-06-30 1.BNS 2.TRP 3.SU 4.MSFT 5.RY 6.WMT 7.V 8.ARCC 9.ENB 10.TD
2022-03-31	126	$1.1B	0	1TRP 2MSFT 3RY Top holdings2022-03-31 1.TRP 2.MSFT 3.RY 4.SU 5.V 6.TD 7.ENB 8.CNQ 9.GOOGL 10.BNS
2021-12-31	126	$1.1B	0	1BNS 2RY 3TD Top holdings2021-12-31 1.BNS 2.RY 3.TD 4.MSFT 5.V 6.WMT 7.ENB 8.SU 9.PEP 10.CM
2021-09-30	122	$972.0M	0	1BNS 2RY 3TD Top holdings2021-09-30 1.BNS 2.RY 3.TD 4.WMT 5.MSFT 6.V 7.ENB 8.CM 9.PEP 10.SU
2021-06-30	122	$975.4M	100	1RY 2TD 3WMT Top holdings2021-06-30 1.RY 2.TD 3.WMT 4.MSFT 5.CM 6.ENB 7.BNS 8.V 9.PEP 10.SU
2021-03-31	120	$894.5M	27	1TD 2RY 3WMT Top holdings2021-03-31 1.TD 2.RY 3.WMT 4.PEP 5.ENB 6.BNS 7.MSFT 8.VZ 9.ARCC 10.CM
2020-12-31	113	$804.1M	37	1RY 2TD 3MSFT Top holdings2020-12-31 1.RY 2.TD 3.MSFT 4.BNS 5.ENB 6.V 7.VZ 8.CM 9.WMT 10.C
2020-09-30	119	$702.1M	30	1RY 2TD 3VZ Top holdings2020-09-30 1.RY 2.TD 3.VZ 4.PEP 5.ENB 6.MSFT 7.AXP 8.V 9.BNS 10.CM
2020-06-30	122	$722.4M	39	1RY 2MSFT 3ENB Top holdings2020-06-30 1.RY 2.MSFT 3.ENB 4.TD 5.VZ 6.DE 7.UNP 8.DLTR 9.PEP 10.BNS
2020-03-31	118	$665.2M	52	1RY 2ENB 3TD Top holdings2020-03-31 1.RY 2.ENB 3.TD 4.BNS 5.MSFT 6.WMT 7.VZ 8.DE 9.SJR-BEUR 10.TRP
2019-12-31	101	$664.8M	30	1TD 2ENB 3BNS Top holdings2019-12-31 1.TD 2.ENB 3.BNS 4.RY 5.MSFT 6.V 7.SU 8.CNQ 9.GOOGL 10.MEOH
2019-09-30	99	$638.3M	22	1TD 2RY 3V Top holdings2019-09-30 1.TD 2.RY 3.V 4.ENB 5.CNQ 6.MSFT 7.SU 8.MEOH 9.CNI 10.PG
2019-06-30	98	$602.9M	34	1TD 2RY 3CNQ Top holdings2019-06-30 1.TD 2.RY 3.CNQ 4.ENB 5.SU 6.V 7.MSFT 8.CNI 9.VLO 10.GOOGL
2019-03-31	110	$669.3M	32	1TD 2RY 3BNS Top holdings2019-03-31 1.TD 2.RY 3.BNS 4.CNQ 5.SU 6.ENB 7.AAPL 8.TDF 9.V 10.MSFT
2018-12-31	112	$607.0M	39	1TD 2RY 3C Top holdings2018-12-31 1.TD 2.RY 3.C 4.TDF 5.CNQ 6.SU 7.BNS 8.V 9.ENB 10.SLF
2018-09-30	104	$582.2M	33	1TD 2RY 3CNQ Top holdings2018-09-30 1.TD 2.RY 3.CNQ 4.TDF 5.V 6.SLF 7.BNS 8.MFC 9.CM 10.SU
2018-06-30	103	$514.9M	39	1TD 2RY 3TDF Top holdings2018-06-30 1.TD 2.RY 3.TDF 4.V 5.CNQ 6.C 7.ENB 8.MFC 9.SLF 10.CM
2018-03-31	113	$497.2M	—	1TD 2RY 3BNS Top holdings2018-03-31 1.TD 2.RY 3.BNS 4.MFC 5.SLF 6.CM 7.V 8.CNQ 9.ENB 10.MSFT

Holding changes this quarter

Position changes disclosed by Nicola Wealth Management LTD. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	TTE	Totalenergies Se	+2.2%	+78.47%	Add
2	STN	Stantec INC	+1.6%	+213.93%	Add
3	NFLX	Netflix INC	+1.2%	+33.35%	Add
4	BAM	Brookfield Asset Mgmt-a	+1.1%	+72.29%	Add
5	WCN	Waste Connections INC	+1.1%	+12.51%	Add
6	SLF	Sun Life Financial INC	+0.9%	+7.50%	Add
7	LIN	Linde plc	+0.8%	—	Unchanged
8	GOOGL	Alphabet Inc-cl A	+0.8%	+63.64%	Add
9	FSV	Firstservice CORP	+0.7%	+70.85%	Add
10	SNPS	Synopsys INC	+0.7%	+39.38%	Add
11	CNQ	Canadian Natural Resources	+0.6%	-22.36%	Trim
12	BCE	Bce INC	+0.6%	—	Unchanged
13	NVDA	Nvidia CORP	+0.5%	—	Unchanged
14	KO	Coca-cola Co/the	+0.5%	—	Unchanged
15	META	Meta Platforms Inc-class A	+0.4%	+4.73%	Add
16	V	Visa Inc-class A Shares	+0.3%	—	Unchanged
17	INFY	Infosys Ltd-sp Adr	+0.3%	+20.36%	Add
18	EPC	Edgewell Personal Care Co	+0.3%	—	Unchanged
19	CNI	Canadian Natl Railway Co	+0.3%	-15.19%	Trim
20	HDB	Hdfc Bank Ltd-adr	+0.3%	+33.50%	Add
21	TFII	Tfi International INC	+0.3%	-11.85%	Trim
22	MSA	Msa Safety INC	+0.2%	-9.67%	Trim
23	UNP	Union Pacific CORP	+0.2%	-22.32%	Trim
24	ISRG	Intuitive Surgical INC	+0.2%	—	Unchanged
25	PBA	Pembina Pipeline CORP	+0.2%	-32.73%	Trim
26	AJG	Arthur J Gallagher & Co	+0.1%	—	Unchanged
27	IDXX	Idexx Laboratories INC	+0.1%	—	Unchanged
28	PLXS	Plexus CORP	+0.1%	-36.96%	Trim
29	TSM	Taiwan Semiconductor-sp Adr	+0.1%	-29.85%	Trim
30	GIB	Cgi INC	0%	—	Unchanged
31	SANM	Sanmina CORP	0%	-9.07%	Trim
32	H	Hyatt Hotels CORP - Cl A	0%	-14.57%	Trim
33	NOW	Servicenow INC	0%	+9.78%	Add
34	AMZN	Amazon.com INC	-0.1%	-20.79%	Trim
35	ADBE	Adobe INC	-0.1%	—	Unchanged
36	IONS	Ionis Pharmaceuticals INC	-0.2%	-40.23%	Trim
37	DE	Deere & Co	-0.2%	-42.64%	Trim
38	WMT	Walmart INC	-0.2%	-40.30%	Trim
39	MSFT	Microsoft CORP	-0.6%	-20.28%	Trim
40	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	-0.8%	-89.04%	Trim
41	TD	Toronto-dominion Bank	-1.1%	-49.41%	Trim
42	TRP	Tc Energy CORP	—	EXIT	Sold out
43	BNS	Bank Of Nova Scotia	—	EXIT	Sold out
44	AAPL	Apple INC	—	NEW	New buy
45	MCO	Moody's CORP	—	NEW	New buy
46	CP	Canadian Pacific Kansas City	—	EXIT	Sold out
47	CPRT	Copart INC	—	EXIT	Sold out
48	MSI	Motorola Solutions INC	—	NEW	New buy
49	IT	Gartner INC	—	EXIT	Sold out
50	WSO	Watsco INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-02-09	13F-HR	View on EDGAR
2025-09-30	2025-10-31	13F-HR	View on EDGAR
2025-06-30	2025-08-11	13F-HR	View on EDGAR
2025-03-31	2025-06-06	Amendment	View on EDGAR
2025-03-31	2025-05-08	13F-HR	View on EDGAR
2024-12-31	2025-02-06	13F-HR	View on EDGAR
2024-09-30	2024-11-06	13F-HR	View on EDGAR
2024-06-30	2024-07-31	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-02-08	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-10	13F-HR	View on EDGAR
2023-03-31	2023-05-10	13F-HR	View on EDGAR
2022-12-31	2023-02-09	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-11	13F-HR	View on EDGAR
2022-03-31	2022-05-09	13F-HR	View on EDGAR
2021-12-31	2022-02-09	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-12	13F-HR	View on EDGAR
2021-03-31	2021-05-07	13F-HR	View on EDGAR
2020-12-31	2021-02-09	13F-HR	View on EDGAR
2020-09-30	2020-11-09	13F-HR	View on EDGAR
2020-06-30	2020-08-12	13F-HR	View on EDGAR
2020-03-31	2020-05-11	13F-HR	View on EDGAR
2019-12-31	2020-02-13	Amendment	View on EDGAR
2019-12-31	2020-02-12	13F-HR	View on EDGAR
2019-09-30	2019-11-08	13F-HR	View on EDGAR
2019-06-30	2019-08-09	13F-HR	View on EDGAR
2019-03-31	2019-05-09	13F-HR	View on EDGAR
2018-12-31	2019-02-11	13F-HR	View on EDGAR
2018-09-30	2018-11-07	13F-HR	View on EDGAR
2018-06-30	2018-08-08	Amendment	View on EDGAR
2018-06-30	2018-08-07	Amendment	View on EDGAR
2018-06-30	2018-08-03	13F-HR	View on EDGAR
2018-03-31	2018-06-04	13F-HR	View on EDGAR