CIK: 0000009631
Total reported value
$57.2B
Reporting period: 2026-03-31 · Number of holdings: 1391
BANK OF NOVA SCOTIA disclosed 1391 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $57.2B and a quarterly turnover rate of 43.6%.
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Bank Of Nova Scotia's disclosed holdings carry a Herfindahl concentration index of 0.019 — mathematically equivalent to about 52 equally-sized positions, well below its 1391 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.27), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add AAPL
+23.7% $379.2M
Trim IVV
-44.4% -$1.1B
Trim MSFT
-19.4% -$1.1B
Add AMZN
+48.3% $436.9M
Trim GOOGL
-37.0% -$955.4M
Trim META
-46.5% -$750.3M
BANK OF NOVA SCOTIA is systematically liquidating its largest winners across Big Tech and Canadian banks—this is a deliberate de-risking, not a rotation. The fund is fortifying a defensive position against a perceived regime shift, taking profits while still holding a momentum tilt on the remaining book.
The aggregate sell-down in MSFT, GOOGL, META, AVGO, TD, and IVV signals a bet that the AI growth narrative is peaking and Canadian housing/credit stress is mounting. The opposing thesis is that we are still in the early innings of a productivity-enhancing technology cycle and that Canadian banks are well-capitalized to absorb any downturn.
With a momentum-contrarian score of 100, this strategy is all-in on trend following. The current trims of winners risk front-running a factor reversal—if the regime stays bullish, they will suffer from exiting too early. Meanwhile, their 1,007-position sprawl means they own many meaningless stakes that dilute alpha, creating a hidden benchmark-hugging vulnerability that is only exposed when the market turns serial.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 1391 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.11% | +0.54% | -1.92% | |
| 2 | KEY | Keycorp | Stock-Financials | 5.71% | — | +0.56% | |
| 3 | AAPL | Apple INC | Stock-Tech | 4.95% | +1.32% | +23.70% | |
| 4 | RY | Royal Bank Of Canada | Stock-Financials | 3.60% | -0.24% | -16.23% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.09% | -1.16% | -19.44% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.02% | +1.11% | +48.25% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.41% | -0.66% | -25.44% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.29% | -1.07% | -37.02% | |
| 9 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 2.12% | -1.27% | -44.43% | |
| 10 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 2.10% | — | +0.45% | |
| 11 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.09% | +0.03% | -6.13% | |
| 12 | TD | Toronto-dominion Bank | Stock-Financials | 2.04% | -0.68% | -35.79% | |
| 13 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.48% | +0.54% | +45.43% | |
| 14 | BMO | Bank Of Montreal | Stock-Financials | 1.19% | — | -15.64% | |
| 15 | TSLA | Tesla INC | Stock-Consumer Disc | 1.15% | -0.04% | -0.93% | |
| 16 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.13% | -0.94% | -46.52% | |
| 17 | BN | Brookfield CORP | Stock-Financials | 1.09% | — | +11.45% | |
| 18 | WMT | Walmart INC | Stock-Consumer Staples | 0.92% | +0.77% | +379.57% | |
| 19 | TRP | Tc Energy CORP | Stock-Energy | 0.92% | — | +8.26% | |
| 20 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.78% | — | -4.37% | |
| 21 | BCE | Bce INC | Stock-Comm Services | 0.76% | — | +0.94% | |
| 22 | SLF | Sun Life Financial INC | Stock-Financials | 0.75% | — | +14.66% | |
| 23 | MU | Micron Technology INC | Stock-Tech | 0.73% | -0.76% | -64.87% | |
| 24 | MFC | Manulife Financial CORP | Stock-Financials | 0.68% | — | -4.79% | |
| 25 | SHOP | Shopify INC - Class A | Stock-Tech | 0.66% | — | +24.16% | |
| 26 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.59% | -0.13% | -15.19% | |
| 27 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.58% | — | +4.57% | |
| 28 | CNQ | Canadian Natural Resources | Stock-Energy | 0.56% | +0.34% | +49.88% | |
| 29 | SU | Suncor Energy INC | Stock-Energy | 0.55% | +0.29% | +20.03% | |
| 30 | ENB | Enbridge INC | Stock-Energy | 0.54% | — | -22.13% | |
| 31 | AMAT | Applied Materials INC | Stock-Tech | 0.53% | +0.47% | +419.88% | |
| 32 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 0.52% | — | +36.03% | |
| 33 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.50% | -0.28% | -33.77% | |
| 34 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.50% | — | +13.93% | |
| 35 | SOXX | Ishares Semiconductor ETF | ETF-Other | 0.49% | +0.29% | +88.48% | |
| 36 | TU | Telus CORP | Stock-Other | 0.47% | — | +20.37% | |
| 37 | AKAM | Akamai Technologies INC | Stock-Tech | 0.47% | +0.30% | +77.61% | |
| 38 | C | Citigroup INC | Stock-Financials | 0.45% | — | +39.44% | |
| 39 | FTS | Fortis INC | Stock-Utilities | 0.45% | — | +4.17% | |
| 40 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 0.43% | +0.34% | +280.34% | |
| 41 | CAT | Caterpillar INC | Stock-Industrials | 0.42% | — | -15.87% | |
| 42 | RCI | Rogers Communications Inc-b | Stock-Other | 0.42% | — | +7.64% | |
| 43 | HD | Home Depot INC | Stock-Consumer Disc | 0.42% | — | +109.88% | |
| 44 | EPU | Ishares Msci Peru And Global | ETF-Other | 0.41% | +0.27% | +114.66% | |
| 45 | NU | Nu Holdings Ltd. | Stock-Financials | 0.40% | +0.36% | +855.93% | |
| 46 | HON | Honeywell International INC | Stock-Industrials | 0.40% | +0.26% | +103.45% | |
| 47 | EWY | Ishares Msci South Korea ETF | ETF-Other | 0.39% | +0.28% | +135.76% | |
| 48 | WDC 3 11-15-28 | Western Digital CORP | Stock-Tech | 0.38% | — | +11.80% | |
| 49 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.38% | — | -43.03% | |
| 50 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 0.37% | +0.37% | +10490.44% |
Performance for Q3 2026
+6.3%
Performance Last 4 Quarters
+37.7%
Based on 80% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1391 | $57.2B | 44 | |
| 2025-12-31 | 1439 | $67.5B | 44 | |
| 2025-09-30 | 1383 | $56.6B | 52 | |
| 2025-06-30 | 1334 | $48.9B | 0 | |
| 2025-03-31 | 1370 | $44.6B | 0 | |
| 2024-12-31 | 1389 | $57.2B | 0 | |
| 2024-09-30 | 1340 | $49.6B | 0 | |
| 2024-06-30 | 1345 | $51.0B | 0 | |
| 2024-03-31 | 1884 | $49.6B | 0 | |
| 2023-12-31 | 1870 | $53.3B | 0 | |
| 2023-09-30 | 1869 | $37.9B | 0 | |
| 2023-06-30 | 1884 | $38.2B | 0 | |
| 2023-03-31 | 1993 | $33.7B | 0 | |
| 2022-12-31 | 2015 | $38.6B | 0 | |
| 2022-09-30 | 2010 | $31.5B | 0 | |
| 2022-06-30 | 2024 | $41.9B | 0 | |
| 2022-03-31 | 2059 | $58.8B | 0 | |
| 2021-12-31 | 1960 | $71.5B | 0 | |
| 2021-09-30 | 1870 | $56.9B | 0 | |
| 2021-06-30 | 1711 | $54.2B | 97 | |
| 2021-03-31 | 1674 | $51.0B | 47 | |
| 2020-12-31 | 1574 | $47.1B | 56 | |
| 2020-09-30 | 1538 | $36.8B | 65 | |
| 2020-06-30 | 1363 | $29.0B | 60 | |
| 2020-03-31 | 1396 | $29.1B | 60 | |
| 2019-12-31 | 1444 | $41.1B | 48 | |
| 2019-09-30 | 1421 | $33.7B | 62 | |
| 2019-06-30 | 1404 | $23.9B | 16 | |
| 2019-03-31 | 1404 | $25.2B | 52 | |
| 2018-12-31 | 1385 | $21.4B | 47 | |
| 2018-09-30 | 1453 | $22.5B | 47 | |
| 2018-06-30 | 1435 | $18.2B | 49 | |
| 2018-03-31 | 1674 | $19.4B | 46 | |
| 2017-12-31 | 1697 | $21.9B | 48 | |
| 2017-09-30 | 1614 | $17.2B | 46 | |
| 2017-06-30 | 1600 | $19.1B | 58 | |
| 2017-03-31 | 1531 | $23.4B | 59 | |
| 2016-12-31 | 1101 | $19.5B | 34 | |
| 2016-09-30 | 952 | $17.6B | 29 | |
| 2016-06-30 | 905 | $17.0B | 30 | |
| 2016-03-31 | 886 | $16.1B | 51 | |
| 2015-12-31 | 940 | $19.5B | 52 | |
| 2015-09-30 | 825 | $18.5B | 36 | |
| 2015-06-30 | 785 | $20.1B | 24 | |
| 2015-03-31 | 757 | $22.3B | 29 | |
| 2014-12-31 | 750 | $26.0B | 25 | |
| 2014-09-30 | 738 | $24.7B | 17 | |
| 2014-06-30 | 733 | $24.5B | 24 | |
| 2014-03-31 | 671 | $24.1B | 20 | |
| 2013-12-31 | 749 | $23.7B | 22 | |
| 2013-09-30 | 647 | $19.6B | 20 | |
| 2013-06-30 | 601 | $19.6B | 22 |
Bank Of Nova Scotia's most significant position changes for 2026-03-31: Sold out: Dayforce INC (DAY); Sold out: Invesco Nasdaq 100 ETF (QQQM); Add: Apple INC (AAPL) — shares +23.70%; Trim: Ishares Core S&p 500 ETF (IVV) — shares -44.43%; Trim: Microsoft CORP (MSFT) — shares -19.44%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | +1.3% | +23.70% | Add |
| 2 | AMZN | Amazon.com INC | +1.1% | +48.25% | Add |
| 3 | WMT | Walmart INC | +0.8% | +379.57% | Add |
| 4 | NVDA | Nvidia CORP | +0.5% | -1.92% | Trim |
| 5 | JPM | Jpmorgan Chase & Co | +0.5% | +45.43% | Add |
| 6 | AMAT | Applied Materials INC | +0.5% | +419.88% | Add |
| 7 | EWZ | Ishares Msci Brazil ETF | +0.4% | +10490.44% | Add |
| 8 | NU | Nu Holdings Ltd. | +0.4% | +855.93% | Add |
| 9 | GDX | Vaneck Gold Miners ETF | +0.3% | +280.34% | Add |
| 10 | CNQ | Canadian Natural Resources | +0.3% | +49.88% | Add |
| 11 | AKAM | Akamai Technologies INC | +0.3% | +77.61% | Add |
| 12 | SOXX | Ishares Semiconductor ETF | +0.3% | +88.48% | Add |
| 13 | SU | Suncor Energy INC | +0.3% | +20.03% | Add |
| 14 | EWY | Ishares Msci South Korea ETF | +0.3% | +135.76% | Add |
| 15 | EPU | Ishares Msci Peru And Global | +0.3% | +114.66% | Add |
| 16 | HON | Honeywell International INC | +0.3% | +103.45% | Add |
| 17 | GOOG | Alphabet Inc-cl C | 0% | -6.13% | Trim |
| 18 | TSLA | Tesla INC | 0% | -0.93% | Trim |
| 19 | UNH | Unitedhealth Group INC | -0.1% | -15.19% | Trim |
| 20 | CNI | Canadian Natl Railway Co | -0.2% | -50.57% | Trim |
| 21 | BAP | Credicorp Ltd. | -0.2% | -61.74% | Trim |
| 22 | BKNG | Booking Holdings INC | -0.2% | +1497.34% | Add |
| 23 | AMD | Advanced Micro Devices | -0.2% | -59.05% | Trim |
| 24 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -50.69% | Trim |
| 25 | ADI | Analog Devices INC | -0.2% | -74.69% | Trim |
| 26 | NFLX | Netflix INC | -0.2% | -54.47% | Trim |
| 27 | DIS | Walt Disney Co/the | -0.2% | -78.33% | Trim |
| 28 | CSCO | Cisco Systems INC | -0.2% | -77.06% | Trim |
| 29 | H | Hyatt Hotels CORP - Cl A | -0.2% | -63.06% | Trim |
| 30 | RY | Royal Bank Of Canada | -0.2% | -16.23% | Trim |
| 31 | DIA | Ss Spdr Dow Jones Indus Avg | -0.3% | -66.93% | Trim |
| 32 | LULU | Lululemon Athletica INC | -0.3% | -93.62% | Trim |
| 33 | PLTR | Palantir Technologies Inc-a | -0.3% | -33.77% | Trim |
| 34 | SMH | Vaneck Semiconductor ETF | -0.3% | -95.52% | Trim |
| 35 | TXN | Texas Instruments INC | -0.3% | -72.52% | Trim |
| 36 | PGR | Progressive CORP | -0.3% | -69.28% | Trim |
| 37 | QQQ | Invesco Qqq Trust Series 1 | -0.3% | -92.87% | Trim |
| 38 | CRM | Salesforce INC | -0.3% | -96.51% | Trim |
| 39 | GE | General Electric | -0.3% | -80.70% | Trim |
| 40 | KLAC | Kla CORP | -0.4% | -78.71% | Trim |
| 41 | ORCL | Oracle CORP | -0.4% | -50.94% | Trim |
| 42 | AVGO | Broadcom INC | -0.7% | -25.44% | Trim |
| 43 | TD | Toronto-dominion Bank | -0.7% | -35.79% | Trim |
| 44 | MU | Micron Technology INC | -0.8% | -64.87% | Trim |
| 45 | META | Meta Platforms Inc-class A | -0.9% | -46.52% | Trim |
| 46 | GOOGL | Alphabet Inc-cl A | -1.1% | -37.02% | Trim |
| 47 | MSFT | Microsoft CORP | -1.2% | -19.44% | Trim |
| 48 | IVV | Ishares Core S&p 500 ETF | -1.3% | -44.43% | Trim |
| 49 | DAY | Dayforce INC | — | EXIT | Sold out |
| 50 | QQQM | Invesco Nasdaq 100 ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-07-02 | Amendment | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-07-02 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-03 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-08 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-09 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 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 | 2021-05-06 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-16 | Amendment | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-15 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-18 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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