Addenda Capital Inc. 13F Portfolio & Position Changes

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$3.6B

Reporting period: 2026-03-31 · Number of holdings: 129

Addenda Capital Inc. disclosed 129 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.6B and a quarterly turnover rate of 17.5%.

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Personality snowflake

Concentration: 8.76
Portfolio Stability: 17.49
Momentum/Contrarian: 100
Sector conviction: 50.03
Diversification: 100
Sizing Uniformity: 86.44

Recent moves

Add KGC
+3855.5%　$56.8M
Trim SHOP
+4.9%　-$32.7M
Add CNQ
-5.3%　$34.0M
Trim GIB
-66.2%　-$27.6M
Add SU
-1.8%　$22.4M
Trim BN
+0.5%　-$13.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AEM	Agnico Eagle Mines LTD	Stock-Materials	5.00%	+0.44%	-5.76%
2	TD	Toronto-dominion Bank	Stock-Financials	4.76%	—	-0.21%
3	RY	Royal Bank Of Canada	Stock-Financials	4.72%	-0.11%	+6.11%
4	BMO	Bank Of Montreal	Stock-Financials	3.58%	—	-7.07%
5	CNQ	Canadian Natural Resources	Stock-Energy	3.49%	+0.85%	-5.27%
6	AGI	Alamos Gold Inc-class A	Stock-Materials	3.46%	—	-10.76%
7	BN	Brookfield CORP	Stock-Financials	3.44%	-0.55%	+0.49%
8	SHOP	Shopify INC - Class A	Stock-Tech	3.33%	-1.10%	+4.94%
9	WPM	Wheaton Precious Metals CORP	Stock-Materials	3.18%	+0.48%	+8.22%
10	ENB	Enbridge INC	Stock-Energy	2.99%	+0.26%	-0.50%
11	BNS	Bank Of Nova Scotia	Stock-Financials	2.92%	-0.26%	+0.25%
12	CCJ	Cameco CORP	Stock-Energy	2.35%	+0.37%	+2.36%
13	TRP	Tc Energy CORP	Stock-Energy	2.25%	+0.19%	-1.10%
14	CP	Canadian Pacific Kansas City	Stock-Industrials	2.16%	+0.02%	-2.67%
15	FNV	Franco-nevada CORP	Stock-Materials	2.15%	+0.45%	+8.93%
16	SU	Suncor Energy INC	Stock-Energy	1.94%	+0.58%	-1.81%
17	CNI	Canadian Natl Railway Co	Stock-Industrials	1.85%	+0.04%	+1.32%
18	KGC	Kinross Gold CORP	Stock-Materials	1.64%	+1.60%	+3855.51%
19	AAPL	Apple INC	Stock-Tech	1.63%	—	+4.99%
20	GOOG	Alphabet Inc-cl C	Stock-Comm Services	1.49%	-0.17%	+2.60%
21	AVGO	Broadcom INC	Stock-Tech	1.46%	-0.24%	-0.35%
22	WCN	Waste Connections INC	Stock-Industrials	1.39%	-0.17%	-0.84%
23	MSFT	Microsoft CORP	Stock-Tech	1.36%	-0.45%	+2.27%
24	NVDA	Nvidia CORP	Stock-Tech	1.30%	—	+7.88%
25	CM	Can Imperial Bk Of Commerce	Stock-Financials	1.18%	-0.39%	-26.08%
26	BIP	Brookfield Infrastructure Partners L.P.	Stock-Utilities	1.09%	—	-3.00%
27	PBA	Pembina Pipeline CORP	Stock-Energy	1.06%	+0.11%	-2.17%
28	MFC	Manulife Financial CORP	Stock-Financials	1.03%	—	-0.80%
29	AMZN	Amazon.com INC	Stock-Consumer Disc	0.97%	-0.12%	+2.67%
30	QSR	Restaurant Brands Intern	Stock-Consumer Disc	0.91%	—	-2.51%
31	EMA	Emera INC	Stock-Other	0.86%	—	-8.75%
32	V	Visa Inc-class A Shares	Stock-Financials	0.84%	-0.15%	+2.01%
33	JPM	Jpmorgan Chase & Co	Stock-Financials	0.73%	—	+2.55%
34	TJX	Tjx Companies INC	Stock-Consumer Disc	0.72%	—	+2.76%
35	WAB	Wabtec CORP	Stock-Industrials	0.70%	+0.09%	+2.52%
36	CIGI	Colliers Intl Gr-subord Vot	Stock-Other	0.70%	-0.31%	-1.98%
37	APH	Amphenol Corp-cl A	Stock-Tech	0.69%	—	-2.49%
38	CVE	Cenovus Energy INC	Stock-Energy	0.67%	+0.22%	-2.05%
39	FFIV	F5 INC	Stock-Tech	0.59%	—	-3.89%
40	TFII	Tfi International INC	Stock-Other	0.58%	—	-3.21%
41	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.55%	-0.16%	+2.58%
42	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	0.55%	—	+33.82%
43	SCHW	Schwab (charles) CORP	Stock-Financials	0.54%	—	+2.58%
44	LIN	Linde plc	Stock-Materials	0.53%	+0.06%	+2.55%
45	HBM	Hudbay Minerals INC	Stock-Other	0.51%	+0.50%	+4298.85%
46	RMD	Resmed INC	Stock-Healthcare	0.50%	—	+2.59%
47	COST	Costco Wholesale CORP	Stock-Consumer Staples	0.49%	+0.06%	+2.75%
48	LOW	Lowe's Cos INC	Stock-Consumer Disc	0.48%	—	+2.58%
49	BCE	Bce INC	Stock-Comm Services	0.47%	—	+1.70%
50	SPGI	S&p Global INC	Stock-Financials	0.46%	-0.11%	+3.19%

1–50 of 129

Portfolio Performance

Performance for Q3 2026

-0.9%

Performance Last 4 Quarters

+23.2%

Based on 80% of reported portfolio value with available pricing

Stdev: +13.6%
Beta: +0.82
Alpha: +1.8%
Max Drawdown: -8.6%
Annualized Perf: +17.4%
Batting Avg vs S&P: +52.8%
Sortino: +2.35
Stutzer: +0.36
Treynor: +0.21
Sterling: +1.04
Calmar: +2.01
Information Ratio: -0.17
Tracking Error: +8.7%
Stdev Down: +7.2%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +38.8%
Worst 12 Months: +5.6%
Efficiency Ratio: +0.49
Sharpe: +1.25
Stdev Sectors: +8.2%
Skewness: -0.15
Kurtosis: -0.69
Upside Potential: +4.1

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	129	$3.6B	17	1AEM 2TD 3RY Top holdings2026-03-31 1.AEM 2.TD 3.RY 4.BMO 5.CNQ 6.AGI 7.BN 8.SHOP 9.WPM 10.ENB
2025-12-31	125	$3.4B	13	1TD 2RY 3AEM Top holdings2025-12-31 1.TD 2.RY 3.AEM 4.SHOP 5.BN 6.BMO 7.AGI 8.BNS 9.ENB 10.WPM
2025-09-30	126	$3.4B	33	1AEM 2TD 3RY Top holdings2025-09-30 1.AEM 2.TD 3.RY 4.SHOP 5.BMO 6.BN 7.AGI 8.ENB 9.BNS 10.CNQ
2025-06-30	120	$2.8B	0	1TD 2RY 3BN Top holdings2025-06-30 1.TD 2.RY 3.BN 4.AEM 5.SHOP 6.CNQ 7.BMO 8.CP 9.ENB 10.BNS
2025-03-31	123	$2.7B	100	1BN 2TD 3RY Top holdings2025-03-31 1.BN 2.TD 3.RY 4.AEM 5.SHOP 6.WPM 7.CNQ 8.BMO 9.ENB 10.CP
2024-12-31	123	$2.8B	0	1BN 2SHOP 3RY Top holdings2024-12-31 1.BN 2.SHOP 3.RY 4.WPM 5.TD 6.BMO 7.CNQ 8.ENB 9.BNS 10.CP
2024-09-30	125	$2.8B	0	1BN 2TD 3RY Top holdings2024-09-30 1.BN 2.TD 3.RY 4.CNQ 5.WPM 6.SHOP 7.CP 8.ENB 9.BMO 10.BNS
2024-06-30	128	$2.6B	0	1RY 2TD 3CNQ Top holdings2024-06-30 1.RY 2.TD 3.CNQ 4.BN 5.BMO 6.WPM 7.CP 8.SHOP 9.ENB 10.BNS
2024-03-31	131	$2.6B	0	1TD 2CNQ 3BMO Top holdings2024-03-31 1.TD 2.CNQ 3.BMO 4.RY 5.BN 6.CP 7.SHOP 8.BNS 9.ENB 10.CNI
2023-12-31	130	$2.6B	0	1TD 2CNQ 3RY Top holdings2023-12-31 1.TD 2.CNQ 3.RY 4.BMO 5.BN 6.CP 7.ENB 8.BNS 9.SHOP 10.CNI
2023-09-30	131	$2.3B	0	1TD 2CNQ 3RY Top holdings2023-09-30 1.TD 2.CNQ 3.RY 4.BMO 5.CP 6.BN 7.ENB 8.BNS 9.CNI 10.GIB
2023-06-30	132	$2.4B	0	1TD 2RY 3CNQ Top holdings2023-06-30 1.TD 2.RY 3.CNQ 4.CP 5.BMO 6.BN 7.ENB 8.BNS 9.CNI 10.GIB
2023-03-31	136	$2.4B	0	1TD 2RY 3CNQ Top holdings2023-03-31 1.TD 2.RY 3.CNQ 4.BMO 5.CP 6.ENB 7.BN 8.BNS 9.CNI 10.TRP
2022-12-31	144	$2.3B	0	1TD 2RY 3CNQ Top holdings2022-12-31 1.TD 2.RY 3.CNQ 4.BMO 5.ENB 6.NTR 7.BN 8.BNS 9.CP 10.CNI
2022-09-30	138	$2.2B	0	1TD 2RY 3BAM Top holdings2022-09-30 1.TD 2.RY 3.BAM 4.NTR 5.ENB 6.BMO 7.CNQ 8.BNS 9.CP 10.CNI
2022-06-30	102	$2.1B	0	1TD 2BNS 3BAM Top holdings2022-06-30 1.TD 2.BNS 3.BAM 4.RY 5.ENB 6.NTR 7.CNQ 8.BMO 9.CNI 10.CP
2022-03-31	98	$2.4B	0	1TD 2BAM 3BNS Top holdings2022-03-31 1.TD 2.BAM 3.BNS 4.RY 5.ENB 6.NTR 7.CNQ 8.BMO 9.CP 10.CNI
2021-12-31	96	$2.3B	0	1TD 2BAM 3BNS Top holdings2021-12-31 1.TD 2.BAM 3.BNS 4.RY 5.SHOP 6.ENB 7.CNI 8.CP 9.MFC 10.BMO
2021-09-30	96	$2.1B	0	1TD 2BAM 3RY Top holdings2021-09-30 1.TD 2.BAM 3.RY 4.BNS 5.SHOP 6.ENB 7.CNI 8.MFC 9.TRP 10.CNQ
2021-06-30	99	$2.1B	96	1TD 2RY 3BNS Top holdings2021-06-30 1.TD 2.RY 3.BNS 4.BAM 5.SHOP 6.ENB 7.CNI 8.MFC 9.TRP 10.RCI
2021-03-31	98	$2.0B	21	1TD 2RY 3BAM Top holdings2021-03-31 1.TD 2.RY 3.BAM 4.BNS 5.SHOP 6.CNI 7.ENB 8.MFC 9.ABX 10.BCE
2020-12-31	103	$1.6B	18	1TD 2RY 3BAM Top holdings2020-12-31 1.TD 2.RY 3.BAM 4.BNS 5.SHOP 6.CNI 7.ENB 8.MFC 9.ABX 10.BCE
2020-09-30	97	$1.4B	14	1TD 2RY 3BAM Top holdings2020-09-30 1.TD 2.RY 3.BAM 4.CNI 5.BNS 6.ENB 7.SHOP 8.ABX 9.BCE 10.MFC
2020-06-30	96	$1.4B	31	1TD 2RY 3BAM Top holdings2020-06-30 1.TD 2.RY 3.BAM 4.ENB 5.BNS 6.CNI 7.ABX 8.SHOP 9.BCE 10.AEM
2020-03-31	95	$1.2B	32	1RY 2TD 3BAM Top holdings2020-03-31 1.RY 2.TD 3.BAM 4.BNS 5.BCE 6.ENB 7.CNI 8.TRP 9.MFC 10.FTS
2019-12-31	104	$1.5B	19	1RY 2TD 3BAM Top holdings2019-12-31 1.RY 2.TD 3.BAM 4.BNS 5.ENB 6.MFC 7.BCE 8.CNI 9.CNQ 10.SU
2019-09-30	108	$1.4B	12	1TD 2RY 3BNS Top holdings2019-09-30 1.TD 2.RY 3.BNS 4.BAM 5.ENB 6.FNV 7.BCE 8.MFC 9.CNI 10.SU
2019-06-30	113	$1.4B	17	1TD 2RY 3BNS Top holdings2019-06-30 1.TD 2.RY 3.BNS 4.ENB 5.BAM 6.MFC 7.CNI 8.SU 9.BCE 10.TRP
2019-03-31	113	$1.4B	26	1TD 2RY 3BNS Top holdings2019-03-31 1.TD 2.RY 3.BNS 4.BAM 5.ENB 6.CNI 7.SU 8.MFC 9.CNQ 10.TCPA
2018-12-31	120	$1.1B	29	1TD 2RY 3BNS Top holdings2018-12-31 1.TD 2.RY 3.BNS 4.BAM 5.ENB 6.MFC 7.SU 8.CNI 9.CNQ 10.TCPA
2018-09-30	108	$1.2B	10	1TD 2RY 3SU Top holdings2018-09-30 1.TD 2.RY 3.SU 4.MFC 5.BAM 6.CNQ 7.CNI 8.ENB 9.TCPA 10.SPY
2018-06-30	109	$1.2B	23	1TD 2RY 3SU Top holdings2018-06-30 1.TD 2.RY 3.SU 4.CNQ 5.MFC 6.ENB 7.BAM 8.CNI 9.TCPA 10.SPY
2018-03-31	121	$1.3B	17	1TD 2RY 3BNS Top holdings2018-03-31 1.TD 2.RY 3.BNS 4.MFC 5.SU 6.BAM 7.ENB 8.CNQ 9.CNI 10.TCPA
2017-12-31	125	$1.4B	8	1TD 2RY 3BNS Top holdings2017-12-31 1.TD 2.RY 3.BNS 4.MFC 5.ENB 6.SU 7.BAM 8.CNQ 9.CNI 10.TCPA
2017-09-30	116	$1.4B	17	1TD 2RY 3BNS Top holdings2017-09-30 1.TD 2.RY 3.BNS 4.MFC 5.ENB 6.SU 7.BAM 8.CNQ 9.TCPA 10.CNI
2017-06-30	117	$1.3B	12	1TD 2RY 3BNS Top holdings2017-06-30 1.TD 2.RY 3.BNS 4.ENB 5.MFC 6.BAM 7.SU 8.TCPA 9.CNQ 10.CNI
2017-03-31	119	$1.3B	18	1TD 2RY 3BNS Top holdings2017-03-31 1.TD 2.RY 3.BNS 4.ENB 5.MFC 6.SU 7.BAM 8.TCPA 9.CNQ 10.MEOH
2016-12-31	122	$1.3B	20	1TD 2RY 3BNS Top holdings2016-12-31 1.TD 2.RY 3.BNS 4.ENB 5.MFC 6.SU 7.BAM 8.TCPA 9.CNQ 10.SPY
2016-09-30	126	$1.2B	0	1TD 2RY 3BNS Top holdings2016-09-30 1.TD 2.RY 3.BNS 4.BAM 5.MFC 6.TCPA 7.SU 8.ENB 9.CNQ 10.WPM
2016-06-30	125	$1.2B	21	1TD 2RY 3BNS Top holdings2016-06-30 1.TD 2.RY 3.BNS 4.BAM 5.MFC 6.TCPA 7.SU 8.ENB 9.CNQ 10.WPM
2016-03-31	121	$1.1B	24	1TD 2BNS 3BAM Top holdings2016-03-31 1.TD 2.BNS 3.BAM 4.MFC 5.RY 6.CNI 7.BMO 8.TCPA 9.SU 10.ENB
2015-12-31	124	$1.1B	11	1TD 2BNS 3MFC Top holdings2015-12-31 1.TD 2.BNS 3.MFC 4.BMO 5.BAM 6.CNI 7.RY 8.SU 9.TCPA 10.GIL
2015-09-30	124	$1.0B	17	1TD 2BNS 3MFC Top holdings2015-09-30 1.TD 2.BNS 3.MFC 4.BAM 5.BMO 6.RY 7.CNI 8.TCPA 9.SU 10.GIL
2015-06-30	126	$1.2B	9	1TD 2BNS 3MFC Top holdings2015-06-30 1.TD 2.BNS 3.MFC 4.BAM 5.BMO 6.RY 7.CNI 8.TCPA 9.CNQ 10.GIL
2015-03-31	124	$1.2B	18	1TD 2BNS 3MFC Top holdings2015-03-31 1.TD 2.BNS 3.MFC 4.BAM 5.CNI 6.BMO 7.RY 8.TCPA 9.CNQ 10.SU
2014-12-31	125	$1.3B	30	1TD 2BNS 3MFC Top holdings2014-12-31 1.TD 2.BNS 3.MFC 4.CNI 5.RY 6.BAM 7.BMO 8.TCPA 9.CNQ 10.SU
2014-09-30	136	$1.1B	19	1TD 2BNS 3SU Top holdings2014-09-30 1.TD 2.BNS 3.SU 4.RY 5.CNI 6.CNQ 7.MFC 8.BAM 9.TCPA 10.CM
2014-06-30	136	$1.2B	22	1TD 2BNS 3SU Top holdings2014-06-30 1.TD 2.BNS 3.SU 4.CNQ 5.RY 6.BAM 7.CNI 8.MFC 9.TCPA 10.CM
2014-03-31	140	$1.1B	21	1TD 2SU 3RY Top holdings2014-03-31 1.TD 2.SU 3.RY 4.BNS 5.CNQ 6.BAM 7.CM 8.CNI 9.MFC 10.TCPA
2013-12-31	135	$1.1B	16	1TD 2SU 3RY Top holdings2013-12-31 1.TD 2.SU 3.RY 4.CM 5.BNS 6.CNQ 7.BAM 8.MFC 9.TCPA 10.CNI
2013-09-30	132	$1.1B	17	1TD 2SU 3RY Top holdings2013-09-30 1.TD 2.SU 3.RY 4.CM 5.BNS 6.BAM 7.CNQ 8.CVE 9.MFC 10.TCPA
2013-06-30	129	$1.0B	0	1TD 2RY 3SU Top holdings2013-06-30 1.TD 2.RY 3.SU 4.BNS 5.CM 6.BAM 7.POT1EUR 8.CVE 9.TCPA 10.CNQ

Holding changes this quarter

Addenda Capital Inc.'s most significant position changes for 2026-03-31: New buy: Celestica INC (CLS); Sold out: Iqvia Holdings INC (IQV); New buy: Sunbelt Rentals Holdings INC (SUNB); New buy: Berkshire Hathaway Inc-cl B (BRK-B); Sold out: Granite Real Estate Investme (GRTUF).

Position changes disclosed by Addenda Capital Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	KGC	Kinross Gold CORP	+1.6%	+3855.51%	Add
2	CNQ	Canadian Natural Resources	+0.9%	-5.27%	Trim
3	SU	Suncor Energy INC	+0.6%	-1.81%	Trim
4	HBM	Hudbay Minerals INC	+0.5%	+4298.85%	Add
5	WPM	Wheaton Precious Metals CORP	+0.5%	+8.22%	Add
6	FNV	Franco-nevada CORP	+0.5%	+8.93%	Add
7	AEM	Agnico Eagle Mines LTD	+0.4%	-5.76%	Trim
8	CCJ	Cameco CORP	+0.4%	+2.36%	Add
9	ENB	Enbridge INC	+0.3%	-0.50%	Trim
10	CVE	Cenovus Energy INC	+0.2%	-2.05%	Trim
11	TSM	Taiwan Semiconductor-sp Adr	+0.2%	+112.24%	Add
12	TRP	Tc Energy CORP	+0.2%	-1.10%	Trim
13	STE	STERIS plc	+0.2%	+158.69%	Add
14	MEOH	Methanex CORP	+0.1%	—	Unchanged
15	DOW	Dow INC	+0.1%	—	Unchanged
16	PBA	Pembina Pipeline CORP	+0.1%	-2.17%	Trim
17	WAB	Wabtec CORP	+0.1%	+2.52%	Add
18	LIN	Linde plc	+0.1%	+2.55%	Add
19	COST	Costco Wholesale CORP	+0.1%	+2.75%	Add
20	CNI	Canadian Natl Railway Co	0%	+1.32%	Add
21	CP	Canadian Pacific Kansas City	0%	-2.67%	Trim
22	AGI	Alamos Gold Inc-class A	—	-10.76%	Trim
23	RY	Royal Bank Of Canada	-0.1%	+6.11%	Add
24	SPGI	S&p Global INC	-0.1%	+3.19%	Add
25	BGSI	THE Boyd Group INC	-0.1%	-2.42%	Trim
26	ADBE	Adobe INC	-0.1%	-14.70%	Trim
27	AMZN	Amazon.com INC	-0.1%	+2.67%	Add
28	BR	Broadridge Financial Solutio	-0.1%	+2.55%	Add
29	BAM	Brookfield Asset Mgmt-a	-0.2%	-10.00%	Trim
30	V	Visa Inc-class A Shares	-0.2%	+2.01%	Add
31	BKNG	Booking Holdings INC	-0.2%	+2.58%	Add
32	WCN	Waste Connections INC	-0.2%	-0.84%	Trim
33	GOOG	Alphabet Inc-cl C	-0.2%	+2.60%	Add
34	INTU	Intuit INC	-0.2%	+2.60%	Add
35	AVGO	Broadcom INC	-0.2%	-0.35%	Trim
36	PEP	Pepsico INC	-0.3%	-57.81%	Trim
37	BNS	Bank Of Nova Scotia	-0.3%	+0.25%	Add
38	CIGI	Colliers Intl Gr-subord Vot	-0.3%	-1.98%	Trim
39	CM	Can Imperial Bk Of Commerce	-0.4%	-26.08%	Trim
40	MSFT	Microsoft CORP	-0.5%	+2.27%	Add
41	BN	Brookfield CORP	-0.6%	+0.49%	Add
42	GIB	Cgi INC	-0.8%	-66.23%	Trim
43	SHOP	Shopify INC - Class A	-1.1%	+4.94%	Add
44	CLS	Celestica INC	—	NEW	New buy
45	IQV	Iqvia Holdings INC	—	EXIT	Sold out
46	SUNB	Sunbelt Rentals Holdings INC	—	NEW	New buy
47	BRK-B	Berkshire Hathaway Inc-cl B	—	NEW	New buy
48	GRTUF	Granite Real Estate Investme	—	EXIT	Sold out
49	PANW	Palo Alto Networks INC	—	NEW	New buy
50	MKC	Mccormick & Co-non Vtg Shrs	—	EXIT	Sold out

FAQ

What is Addenda Capital Inc. and what type of investor is it?

Addenda Capital Inc. 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 $3.6B, spread across 129 disclosed positions.

What are Addenda Capital Inc.'s largest equity positions?

Based on the latest 13F filing, Addenda Capital Inc.'s top holdings by market value are: 1. Agnico Eagle Mines LTD (AEM) — $177.6M (5.0%) 2. Toronto-dominion Bank (TD) — $169.0M (4.8%) 3. Royal Bank Of Canada (RY) — $167.7M (4.7%) 4. Bank Of Montreal (BMO) — $127.0M (3.6%) 5. Canadian Natural Resources (CNQ) — $124.1M (3.5%)

What changes did Addenda Capital Inc. make in its most recent portfolio filing?

In the latest reported quarter, Addenda Capital Inc. made 48 notable position adjustments: 4 new positions were initiated, 23 existing holdings were added to, 18 positions were partially reduced, and 3 were completely exited. The largest of these moves: New buy: Celestica INC (CLS); Sold out: Iqvia Holdings INC (IQV); New buy: Sunbelt Rentals Holdings INC (SUNB); New buy: Berkshire Hathaway Inc-cl B (BRK-B); Sold out: Granite Real Estate Investme (GRTUF)

What sectors does Addenda Capital Inc. focus on?

Addenda Capital Inc. is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 27.3% • Materials: 18.7% • Energy: 15.5% • Information Technology: 13.7% • Industrials: 9.2% • Consumer Discretionary: 5.8%

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2026-03-31

Concentration8.8

Portfolio Stability23.6

Sector conviction46.4

4 of the top 5 holdings overlap, including Royal Bank Of Canada

View detail

Bank Of Nova Scotia Trust Co

CIK 0001335382

Total reported value

$1.2B

283 stks

2026-03-31

Concentration11.9

Portfolio Stability15.0

Sector conviction60.2

3 of the top 5 holdings overlap, including Royal Bank Of Canada

View detail

Beutel, Goodman & Co Ltd.

CIK 0001361974

Total reported value

$14.8B

170 stks

2026-03-31

Concentration8.1

Portfolio Stability27.6

Sector conviction51.1

3 of the top 5 holdings overlap, including Toronto-dominion Bank

View detail

Addenda Capital Inc. 13F Portfolio & Position Changes

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$3.6B

Reporting period: 2026-03-31 · Number of holdings: 129

Addenda Capital Inc. disclosed 129 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.6B and a quarterly turnover rate of 17.5%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "A"

Personality snowflake

Concentration: 8.76
Portfolio Stability: 17.49
Momentum/Contrarian: 100
Sector conviction: 50.03
Diversification: 100
Sizing Uniformity: 86.44

Recent moves

Add KGC
+3855.5%　$56.8M
Trim SHOP
+4.9%　-$32.7M
Add CNQ
-5.3%　$34.0M
Trim GIB
-66.2%　-$27.6M
Add SU
-1.8%　$22.4M
Trim BN
+0.5%　-$13.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AEM	Agnico Eagle Mines LTD	Stock-Materials	5.00%	+0.44%	-5.76%
2	TD	Toronto-dominion Bank	Stock-Financials	4.76%	—	-0.21%
3	RY	Royal Bank Of Canada	Stock-Financials	4.72%	-0.11%	+6.11%
4	BMO	Bank Of Montreal	Stock-Financials	3.58%	—	-7.07%
5	CNQ	Canadian Natural Resources	Stock-Energy	3.49%	+0.85%	-5.27%
6	AGI	Alamos Gold Inc-class A	Stock-Materials	3.46%	—	-10.76%
7	BN	Brookfield CORP	Stock-Financials	3.44%	-0.55%	+0.49%
8	SHOP	Shopify INC - Class A	Stock-Tech	3.33%	-1.10%	+4.94%
9	WPM	Wheaton Precious Metals CORP	Stock-Materials	3.18%	+0.48%	+8.22%
10	ENB	Enbridge INC	Stock-Energy	2.99%	+0.26%	-0.50%
11	BNS	Bank Of Nova Scotia	Stock-Financials	2.92%	-0.26%	+0.25%
12	CCJ	Cameco CORP	Stock-Energy	2.35%	+0.37%	+2.36%
13	TRP	Tc Energy CORP	Stock-Energy	2.25%	+0.19%	-1.10%
14	CP	Canadian Pacific Kansas City	Stock-Industrials	2.16%	+0.02%	-2.67%
15	FNV	Franco-nevada CORP	Stock-Materials	2.15%	+0.45%	+8.93%
16	SU	Suncor Energy INC	Stock-Energy	1.94%	+0.58%	-1.81%
17	CNI	Canadian Natl Railway Co	Stock-Industrials	1.85%	+0.04%	+1.32%
18	KGC	Kinross Gold CORP	Stock-Materials	1.64%	+1.60%	+3855.51%
19	AAPL	Apple INC	Stock-Tech	1.63%	—	+4.99%
20	GOOG	Alphabet Inc-cl C	Stock-Comm Services	1.49%	-0.17%	+2.60%
21	AVGO	Broadcom INC	Stock-Tech	1.46%	-0.24%	-0.35%
22	WCN	Waste Connections INC	Stock-Industrials	1.39%	-0.17%	-0.84%
23	MSFT	Microsoft CORP	Stock-Tech	1.36%	-0.45%	+2.27%
24	NVDA	Nvidia CORP	Stock-Tech	1.30%	—	+7.88%
25	CM	Can Imperial Bk Of Commerce	Stock-Financials	1.18%	-0.39%	-26.08%
26	BIP	Brookfield Infrastructure Partners L.P.	Stock-Utilities	1.09%	—	-3.00%
27	PBA	Pembina Pipeline CORP	Stock-Energy	1.06%	+0.11%	-2.17%
28	MFC	Manulife Financial CORP	Stock-Financials	1.03%	—	-0.80%
29	AMZN	Amazon.com INC	Stock-Consumer Disc	0.97%	-0.12%	+2.67%
30	QSR	Restaurant Brands Intern	Stock-Consumer Disc	0.91%	—	-2.51%
31	EMA	Emera INC	Stock-Other	0.86%	—	-8.75%
32	V	Visa Inc-class A Shares	Stock-Financials	0.84%	-0.15%	+2.01%
33	JPM	Jpmorgan Chase & Co	Stock-Financials	0.73%	—	+2.55%
34	TJX	Tjx Companies INC	Stock-Consumer Disc	0.72%	—	+2.76%
35	WAB	Wabtec CORP	Stock-Industrials	0.70%	+0.09%	+2.52%
36	CIGI	Colliers Intl Gr-subord Vot	Stock-Other	0.70%	-0.31%	-1.98%
37	APH	Amphenol Corp-cl A	Stock-Tech	0.69%	—	-2.49%
38	CVE	Cenovus Energy INC	Stock-Energy	0.67%	+0.22%	-2.05%
39	FFIV	F5 INC	Stock-Tech	0.59%	—	-3.89%
40	TFII	Tfi International INC	Stock-Other	0.58%	—	-3.21%
41	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.55%	-0.16%	+2.58%
42	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	0.55%	—	+33.82%
43	SCHW	Schwab (charles) CORP	Stock-Financials	0.54%	—	+2.58%
44	LIN	Linde plc	Stock-Materials	0.53%	+0.06%	+2.55%
45	HBM	Hudbay Minerals INC	Stock-Other	0.51%	+0.50%	+4298.85%
46	RMD	Resmed INC	Stock-Healthcare	0.50%	—	+2.59%
47	COST	Costco Wholesale CORP	Stock-Consumer Staples	0.49%	+0.06%	+2.75%
48	LOW	Lowe's Cos INC	Stock-Consumer Disc	0.48%	—	+2.58%
49	BCE	Bce INC	Stock-Comm Services	0.47%	—	+1.70%
50	SPGI	S&p Global INC	Stock-Financials	0.46%	-0.11%	+3.19%

1–50 of 129

Portfolio Performance

Performance for Q3 2026

-0.9%

Performance Last 4 Quarters

+23.2%

Based on 80% of reported portfolio value with available pricing

Stdev: +13.6%
Beta: +0.82
Alpha: +1.8%
Max Drawdown: -8.6%
Annualized Perf: +17.4%
Batting Avg vs S&P: +52.8%
Sortino: +2.35
Stutzer: +0.36
Treynor: +0.21
Sterling: +1.04
Calmar: +2.01
Information Ratio: -0.17
Tracking Error: +8.7%
Stdev Down: +7.2%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +38.8%
Worst 12 Months: +5.6%
Efficiency Ratio: +0.49
Sharpe: +1.25
Stdev Sectors: +8.2%
Skewness: -0.15
Kurtosis: -0.69
Upside Potential: +4.1

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	129	$3.6B	17	1AEM 2TD 3RY Top holdings2026-03-31 1.AEM 2.TD 3.RY 4.BMO 5.CNQ 6.AGI 7.BN 8.SHOP 9.WPM 10.ENB
2025-12-31	125	$3.4B	13	1TD 2RY 3AEM Top holdings2025-12-31 1.TD 2.RY 3.AEM 4.SHOP 5.BN 6.BMO 7.AGI 8.BNS 9.ENB 10.WPM
2025-09-30	126	$3.4B	33	1AEM 2TD 3RY Top holdings2025-09-30 1.AEM 2.TD 3.RY 4.SHOP 5.BMO 6.BN 7.AGI 8.ENB 9.BNS 10.CNQ
2025-06-30	120	$2.8B	0	1TD 2RY 3BN Top holdings2025-06-30 1.TD 2.RY 3.BN 4.AEM 5.SHOP 6.CNQ 7.BMO 8.CP 9.ENB 10.BNS
2025-03-31	123	$2.7B	100	1BN 2TD 3RY Top holdings2025-03-31 1.BN 2.TD 3.RY 4.AEM 5.SHOP 6.WPM 7.CNQ 8.BMO 9.ENB 10.CP
2024-12-31	123	$2.8B	0	1BN 2SHOP 3RY Top holdings2024-12-31 1.BN 2.SHOP 3.RY 4.WPM 5.TD 6.BMO 7.CNQ 8.ENB 9.BNS 10.CP
2024-09-30	125	$2.8B	0	1BN 2TD 3RY Top holdings2024-09-30 1.BN 2.TD 3.RY 4.CNQ 5.WPM 6.SHOP 7.CP 8.ENB 9.BMO 10.BNS
2024-06-30	128	$2.6B	0	1RY 2TD 3CNQ Top holdings2024-06-30 1.RY 2.TD 3.CNQ 4.BN 5.BMO 6.WPM 7.CP 8.SHOP 9.ENB 10.BNS
2024-03-31	131	$2.6B	0	1TD 2CNQ 3BMO Top holdings2024-03-31 1.TD 2.CNQ 3.BMO 4.RY 5.BN 6.CP 7.SHOP 8.BNS 9.ENB 10.CNI
2023-12-31	130	$2.6B	0	1TD 2CNQ 3RY Top holdings2023-12-31 1.TD 2.CNQ 3.RY 4.BMO 5.BN 6.CP 7.ENB 8.BNS 9.SHOP 10.CNI
2023-09-30	131	$2.3B	0	1TD 2CNQ 3RY Top holdings2023-09-30 1.TD 2.CNQ 3.RY 4.BMO 5.CP 6.BN 7.ENB 8.BNS 9.CNI 10.GIB
2023-06-30	132	$2.4B	0	1TD 2RY 3CNQ Top holdings2023-06-30 1.TD 2.RY 3.CNQ 4.CP 5.BMO 6.BN 7.ENB 8.BNS 9.CNI 10.GIB
2023-03-31	136	$2.4B	0	1TD 2RY 3CNQ Top holdings2023-03-31 1.TD 2.RY 3.CNQ 4.BMO 5.CP 6.ENB 7.BN 8.BNS 9.CNI 10.TRP
2022-12-31	144	$2.3B	0	1TD 2RY 3CNQ Top holdings2022-12-31 1.TD 2.RY 3.CNQ 4.BMO 5.ENB 6.NTR 7.BN 8.BNS 9.CP 10.CNI
2022-09-30	138	$2.2B	0	1TD 2RY 3BAM Top holdings2022-09-30 1.TD 2.RY 3.BAM 4.NTR 5.ENB 6.BMO 7.CNQ 8.BNS 9.CP 10.CNI
2022-06-30	102	$2.1B	0	1TD 2BNS 3BAM Top holdings2022-06-30 1.TD 2.BNS 3.BAM 4.RY 5.ENB 6.NTR 7.CNQ 8.BMO 9.CNI 10.CP
2022-03-31	98	$2.4B	0	1TD 2BAM 3BNS Top holdings2022-03-31 1.TD 2.BAM 3.BNS 4.RY 5.ENB 6.NTR 7.CNQ 8.BMO 9.CP 10.CNI
2021-12-31	96	$2.3B	0	1TD 2BAM 3BNS Top holdings2021-12-31 1.TD 2.BAM 3.BNS 4.RY 5.SHOP 6.ENB 7.CNI 8.CP 9.MFC 10.BMO
2021-09-30	96	$2.1B	0	1TD 2BAM 3RY Top holdings2021-09-30 1.TD 2.BAM 3.RY 4.BNS 5.SHOP 6.ENB 7.CNI 8.MFC 9.TRP 10.CNQ
2021-06-30	99	$2.1B	96	1TD 2RY 3BNS Top holdings2021-06-30 1.TD 2.RY 3.BNS 4.BAM 5.SHOP 6.ENB 7.CNI 8.MFC 9.TRP 10.RCI
2021-03-31	98	$2.0B	21	1TD 2RY 3BAM Top holdings2021-03-31 1.TD 2.RY 3.BAM 4.BNS 5.SHOP 6.CNI 7.ENB 8.MFC 9.ABX 10.BCE
2020-12-31	103	$1.6B	18	1TD 2RY 3BAM Top holdings2020-12-31 1.TD 2.RY 3.BAM 4.BNS 5.SHOP 6.CNI 7.ENB 8.MFC 9.ABX 10.BCE
2020-09-30	97	$1.4B	14	1TD 2RY 3BAM Top holdings2020-09-30 1.TD 2.RY 3.BAM 4.CNI 5.BNS 6.ENB 7.SHOP 8.ABX 9.BCE 10.MFC
2020-06-30	96	$1.4B	31	1TD 2RY 3BAM Top holdings2020-06-30 1.TD 2.RY 3.BAM 4.ENB 5.BNS 6.CNI 7.ABX 8.SHOP 9.BCE 10.AEM
2020-03-31	95	$1.2B	32	1RY 2TD 3BAM Top holdings2020-03-31 1.RY 2.TD 3.BAM 4.BNS 5.BCE 6.ENB 7.CNI 8.TRP 9.MFC 10.FTS
2019-12-31	104	$1.5B	19	1RY 2TD 3BAM Top holdings2019-12-31 1.RY 2.TD 3.BAM 4.BNS 5.ENB 6.MFC 7.BCE 8.CNI 9.CNQ 10.SU
2019-09-30	108	$1.4B	12	1TD 2RY 3BNS Top holdings2019-09-30 1.TD 2.RY 3.BNS 4.BAM 5.ENB 6.FNV 7.BCE 8.MFC 9.CNI 10.SU
2019-06-30	113	$1.4B	17	1TD 2RY 3BNS Top holdings2019-06-30 1.TD 2.RY 3.BNS 4.ENB 5.BAM 6.MFC 7.CNI 8.SU 9.BCE 10.TRP
2019-03-31	113	$1.4B	26	1TD 2RY 3BNS Top holdings2019-03-31 1.TD 2.RY 3.BNS 4.BAM 5.ENB 6.CNI 7.SU 8.MFC 9.CNQ 10.TCPA
2018-12-31	120	$1.1B	29	1TD 2RY 3BNS Top holdings2018-12-31 1.TD 2.RY 3.BNS 4.BAM 5.ENB 6.MFC 7.SU 8.CNI 9.CNQ 10.TCPA
2018-09-30	108	$1.2B	10	1TD 2RY 3SU Top holdings2018-09-30 1.TD 2.RY 3.SU 4.MFC 5.BAM 6.CNQ 7.CNI 8.ENB 9.TCPA 10.SPY
2018-06-30	109	$1.2B	23	1TD 2RY 3SU Top holdings2018-06-30 1.TD 2.RY 3.SU 4.CNQ 5.MFC 6.ENB 7.BAM 8.CNI 9.TCPA 10.SPY
2018-03-31	121	$1.3B	17	1TD 2RY 3BNS Top holdings2018-03-31 1.TD 2.RY 3.BNS 4.MFC 5.SU 6.BAM 7.ENB 8.CNQ 9.CNI 10.TCPA
2017-12-31	125	$1.4B	8	1TD 2RY 3BNS Top holdings2017-12-31 1.TD 2.RY 3.BNS 4.MFC 5.ENB 6.SU 7.BAM 8.CNQ 9.CNI 10.TCPA
2017-09-30	116	$1.4B	17	1TD 2RY 3BNS Top holdings2017-09-30 1.TD 2.RY 3.BNS 4.MFC 5.ENB 6.SU 7.BAM 8.CNQ 9.TCPA 10.CNI
2017-06-30	117	$1.3B	12	1TD 2RY 3BNS Top holdings2017-06-30 1.TD 2.RY 3.BNS 4.ENB 5.MFC 6.BAM 7.SU 8.TCPA 9.CNQ 10.CNI
2017-03-31	119	$1.3B	18	1TD 2RY 3BNS Top holdings2017-03-31 1.TD 2.RY 3.BNS 4.ENB 5.MFC 6.SU 7.BAM 8.TCPA 9.CNQ 10.MEOH
2016-12-31	122	$1.3B	20	1TD 2RY 3BNS Top holdings2016-12-31 1.TD 2.RY 3.BNS 4.ENB 5.MFC 6.SU 7.BAM 8.TCPA 9.CNQ 10.SPY
2016-09-30	126	$1.2B	0	1TD 2RY 3BNS Top holdings2016-09-30 1.TD 2.RY 3.BNS 4.BAM 5.MFC 6.TCPA 7.SU 8.ENB 9.CNQ 10.WPM
2016-06-30	125	$1.2B	21	1TD 2RY 3BNS Top holdings2016-06-30 1.TD 2.RY 3.BNS 4.BAM 5.MFC 6.TCPA 7.SU 8.ENB 9.CNQ 10.WPM
2016-03-31	121	$1.1B	24	1TD 2BNS 3BAM Top holdings2016-03-31 1.TD 2.BNS 3.BAM 4.MFC 5.RY 6.CNI 7.BMO 8.TCPA 9.SU 10.ENB
2015-12-31	124	$1.1B	11	1TD 2BNS 3MFC Top holdings2015-12-31 1.TD 2.BNS 3.MFC 4.BMO 5.BAM 6.CNI 7.RY 8.SU 9.TCPA 10.GIL
2015-09-30	124	$1.0B	17	1TD 2BNS 3MFC Top holdings2015-09-30 1.TD 2.BNS 3.MFC 4.BAM 5.BMO 6.RY 7.CNI 8.TCPA 9.SU 10.GIL
2015-06-30	126	$1.2B	9	1TD 2BNS 3MFC Top holdings2015-06-30 1.TD 2.BNS 3.MFC 4.BAM 5.BMO 6.RY 7.CNI 8.TCPA 9.CNQ 10.GIL
2015-03-31	124	$1.2B	18	1TD 2BNS 3MFC Top holdings2015-03-31 1.TD 2.BNS 3.MFC 4.BAM 5.CNI 6.BMO 7.RY 8.TCPA 9.CNQ 10.SU
2014-12-31	125	$1.3B	30	1TD 2BNS 3MFC Top holdings2014-12-31 1.TD 2.BNS 3.MFC 4.CNI 5.RY 6.BAM 7.BMO 8.TCPA 9.CNQ 10.SU
2014-09-30	136	$1.1B	19	1TD 2BNS 3SU Top holdings2014-09-30 1.TD 2.BNS 3.SU 4.RY 5.CNI 6.CNQ 7.MFC 8.BAM 9.TCPA 10.CM
2014-06-30	136	$1.2B	22	1TD 2BNS 3SU Top holdings2014-06-30 1.TD 2.BNS 3.SU 4.CNQ 5.RY 6.BAM 7.CNI 8.MFC 9.TCPA 10.CM
2014-03-31	140	$1.1B	21	1TD 2SU 3RY Top holdings2014-03-31 1.TD 2.SU 3.RY 4.BNS 5.CNQ 6.BAM 7.CM 8.CNI 9.MFC 10.TCPA
2013-12-31	135	$1.1B	16	1TD 2SU 3RY Top holdings2013-12-31 1.TD 2.SU 3.RY 4.CM 5.BNS 6.CNQ 7.BAM 8.MFC 9.TCPA 10.CNI
2013-09-30	132	$1.1B	17	1TD 2SU 3RY Top holdings2013-09-30 1.TD 2.SU 3.RY 4.CM 5.BNS 6.BAM 7.CNQ 8.CVE 9.MFC 10.TCPA
2013-06-30	129	$1.0B	0	1TD 2RY 3SU Top holdings2013-06-30 1.TD 2.RY 3.SU 4.BNS 5.CM 6.BAM 7.POT1EUR 8.CVE 9.TCPA 10.CNQ

Holding changes this quarter

Position changes disclosed by Addenda Capital Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	KGC	Kinross Gold CORP	+1.6%	+3855.51%	Add
2	CNQ	Canadian Natural Resources	+0.9%	-5.27%	Trim
3	SU	Suncor Energy INC	+0.6%	-1.81%	Trim
4	HBM	Hudbay Minerals INC	+0.5%	+4298.85%	Add
5	WPM	Wheaton Precious Metals CORP	+0.5%	+8.22%	Add
6	FNV	Franco-nevada CORP	+0.5%	+8.93%	Add
7	AEM	Agnico Eagle Mines LTD	+0.4%	-5.76%	Trim
8	CCJ	Cameco CORP	+0.4%	+2.36%	Add
9	ENB	Enbridge INC	+0.3%	-0.50%	Trim
10	CVE	Cenovus Energy INC	+0.2%	-2.05%	Trim
11	TSM	Taiwan Semiconductor-sp Adr	+0.2%	+112.24%	Add
12	TRP	Tc Energy CORP	+0.2%	-1.10%	Trim
13	STE	STERIS plc	+0.2%	+158.69%	Add
14	MEOH	Methanex CORP	+0.1%	—	Unchanged
15	DOW	Dow INC	+0.1%	—	Unchanged
16	PBA	Pembina Pipeline CORP	+0.1%	-2.17%	Trim
17	WAB	Wabtec CORP	+0.1%	+2.52%	Add
18	LIN	Linde plc	+0.1%	+2.55%	Add
19	COST	Costco Wholesale CORP	+0.1%	+2.75%	Add
20	CNI	Canadian Natl Railway Co	0%	+1.32%	Add
21	CP	Canadian Pacific Kansas City	0%	-2.67%	Trim
22	AGI	Alamos Gold Inc-class A	—	-10.76%	Trim
23	RY	Royal Bank Of Canada	-0.1%	+6.11%	Add
24	SPGI	S&p Global INC	-0.1%	+3.19%	Add
25	BGSI	THE Boyd Group INC	-0.1%	-2.42%	Trim
26	ADBE	Adobe INC	-0.1%	-14.70%	Trim
27	AMZN	Amazon.com INC	-0.1%	+2.67%	Add
28	BR	Broadridge Financial Solutio	-0.1%	+2.55%	Add
29	BAM	Brookfield Asset Mgmt-a	-0.2%	-10.00%	Trim
30	V	Visa Inc-class A Shares	-0.2%	+2.01%	Add
31	BKNG	Booking Holdings INC	-0.2%	+2.58%	Add
32	WCN	Waste Connections INC	-0.2%	-0.84%	Trim
33	GOOG	Alphabet Inc-cl C	-0.2%	+2.60%	Add
34	INTU	Intuit INC	-0.2%	+2.60%	Add
35	AVGO	Broadcom INC	-0.2%	-0.35%	Trim
36	PEP	Pepsico INC	-0.3%	-57.81%	Trim
37	BNS	Bank Of Nova Scotia	-0.3%	+0.25%	Add
38	CIGI	Colliers Intl Gr-subord Vot	-0.3%	-1.98%	Trim
39	CM	Can Imperial Bk Of Commerce	-0.4%	-26.08%	Trim
40	MSFT	Microsoft CORP	-0.5%	+2.27%	Add
41	BN	Brookfield CORP	-0.6%	+0.49%	Add
42	GIB	Cgi INC	-0.8%	-66.23%	Trim
43	SHOP	Shopify INC - Class A	-1.1%	+4.94%	Add
44	CLS	Celestica INC	—	NEW	New buy
45	IQV	Iqvia Holdings INC	—	EXIT	Sold out
46	SUNB	Sunbelt Rentals Holdings INC	—	NEW	New buy
47	BRK-B	Berkshire Hathaway Inc-cl B	—	NEW	New buy
48	GRTUF	Granite Real Estate Investme	—	EXIT	Sold out
49	PANW	Palo Alto Networks INC	—	NEW	New buy
50	MKC	Mccormick & Co-non Vtg Shrs	—	EXIT	Sold out