# Addenda Capital Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1569411. Source: https://holderbook.com/funds/1569411-addenda-capital-inc/

- Reported value: $3.7B
- Positions: 128
- Weight of the ten largest: 38.8%
- Filed: 2026-07-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $223.2M | 1,294,228 | 6.1% | 31 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $220.5M | 750,840 | 6.0% | 31 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $156.7M | 625,064 | 4.3% | 31 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $133.3M | 1,081,272 | 3.6% | 31 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $131.9M | 2,179,602 | 3.6% | 15 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $129.6M | 798,719 | 3.5% | 31 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $119.9M | 1,559,468 | 3.3% | 31 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $104.3M | 721,749 | 2.8% | 17 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $103.5M | 1,823,954 | 2.8% | 31 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $102.6M | 832,895 | 2.8% | 13 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $92.9M | 548,874 | 2.5% | 31 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $86.5M | 392,344 | 2.4% | 31 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $80.5M | 848,757 | 2.2% | 29 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $63.7M | 220,303 | 1.7% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $62.9M | 166,431 | 1.7% | 31 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $62.7M | 1,872,488 | 1.7% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $61.4M | 173,791 | 1.7% | 31 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $60.1M | 376,957 | 1.6% | 31 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $59.9M | 784,418 | 1.6% | 31 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $55.6M | 1,654,910 | 1.5% | 3 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $54.8M | 953,431 | 1.5% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $52.7M | 263,605 | 1.4% | 16 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $48.7M | 295,989 | 1.3% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $48.4M | 129,812 | 1.3% | 31 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $44.5M | 188,040 | 1.2% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $42.9M | 179,982 | 1.2% | 16 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $42.6M | 143,948 | 1.2% | 31 |
| BROOKFIELD INFRASTRUCTURE PA | [BIP](https://holderbook.com/stocks/BIP/) | $40.3M | 777,392 | 1.1% | 11 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $39.8M | 606,697 | 1.1% | 31 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $35.4M | 68,522 | 1.0% | 2 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $33.9M | 191,875 | 0.9% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $33.5M | 97,680 | 0.9% | 31 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $32.9M | 765,971 | 0.9% | 7 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $32.4M | 312,203 | 0.9% | 31 |
| EMERA INC | [EMA](https://holderbook.com/stocks/EMA/) | $31.7M | 421,793 | 0.9% | 5 |
| F5 INC | [FFIV](https://holderbook.com/stocks/FFIV/) | $30.1M | 72,404 | 0.8% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $28.5M | 87,189 | 0.8% | 31 |
| WABTEC | [WAB](https://holderbook.com/stocks/WAB/) | $26.3M | 97,698 | 0.7% | 29 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $24.3M | 160,457 | 0.7% | 31 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $24.3M | 118,534 | 0.7% | 21 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $22.3M | 167,188 | 0.6% | 24 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $22.0M | 123,540 | 0.6% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $20.0M | 18,800 | 0.5% | 16 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $19.7M | 37,868 | 0.5% | 14 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $19.6M | 39,047 | 0.5% | 31 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $19.1M | 16,848 | 0.5% | 5 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $18.7M | 202,662 | 0.5% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $18.3M | 53,708 | 0.5% | 2 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $16.5M | 259,947 | 0.4% | 15 |
| STERIS PLC | [STE](https://holderbook.com/stocks/STE/) | $16.4M | 78,093 | 0.4% | 4 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $16.4M | 17,526 | 0.4% | 31 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $15.9M | 64,576 | 0.4% | 31 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $15.6M | 70,790 | 0.4% | 31 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $15.4M | 37,752 | 0.4% | 7 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $15.2M | 163,404 | 0.4% | 31 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $15.1M | 77,707 | 0.4% | 12 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $14.5M | 198,675 | 0.4% | 21 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $14.4M | 465,393 | 0.4% | 31 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $14.1M | 167,202 | 0.4% | 18 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $13.8M | 169,950 | 0.4% | 28 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $13.5M | 379,218 | 0.4% | 23 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $12.8M | 25,629 | 0.3% | 2 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $12.7M | 77,000 | 0.3% | 13 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $12.7M | 35,500 | 0.3% | 16 |
| SUN LIFE FINANCIAL INC. | [SLF](https://holderbook.com/stocks/SLF/) | $12.5M | 112,410 | 0.3% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $12.4M | 105,400 | 0.3% | 16 |
| METHANEX CORP | [MEOH](https://holderbook.com/stocks/MEOH/) | $12.0M | 183,000 | 0.3% | 16 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $11.5M | 33,472 | 0.3% | 5 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $11.4M | 87,800 | 0.3% | 16 |
| SUNBELT RENTALS HOLDINGS INC | [SUNB](https://holderbook.com/stocks/SUNB/) | $11.1M | 178,754 | 0.3% | 2 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $10.8M | 129,200 | 0.3% | 16 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $10.6M | 22,125 | 0.3% | 3 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $10.1M | 112,460 | 0.3% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $10.0M | 31,621 | 0.3% | 31 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $9.9M | 170,606 | 0.3% | 31 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $9.9M | 279,994 | 0.3% | 18 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $9.6M | 85,100 | 0.3% | 16 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $9.6M | 35,157 | 0.3% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $9.5M | 37,400 | 0.3% | 31 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $9.4M | 30,000 | 0.3% | 16 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $9.4M | 130,148 | 0.3% | 4 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $9.1M | 14,300 | 0.2% | 15 |
| BOYD GROUP SERVICES INC | [BGSI](https://holderbook.com/stocks/BGSI/) | $9.1M | 67,378 | 0.2% | 3 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $8.9M | 34,039 | 0.2% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $8.8M | 31,300 | 0.2% | 16 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $8.7M | 95,051 | 0.2% | 30 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $8.7M | 106,400 | 0.2% | 16 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $8.7M | 91,600 | 0.2% | 16 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $8.5M | 79,400 | 0.2% | 31 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $8.4M | 87,025 | 0.2% | 31 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $8.4M | 58,500 | 0.2% | 16 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $7.9M | 169,900 | 0.2% | 31 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $7.6M | 77,400 | 0.2% | 16 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $7.4M | 269,800 | 0.2% | 16 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $7.3M | 525,900 | 0.2% | 16 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $7.2M | 70,700 | 0.2% | 16 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $7.0M | 290,800 | 0.2% | 16 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $6.9M | 13,400 | 0.2% | 16 |
| QNITY ELECTRONICS INC | [Q](https://holderbook.com/stocks/Q/) | $6.6M | 40,600 | 0.2% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $6.5M | 11,500 | 0.2% | 16 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +4.6% | +14.8% | -10.3% | 80% |
| Q1 2026 | +0.7% | -4.6% | +5.3% | 81% |
| Q4 2025 | +3.7% | +2.4% | +1.4% | 81% |
| Q3 2025 | +9.2% | +7.8% | +1.4% | 81% |
| Q2 2025 | +10.8% | +10.5% | +0.3% | 77% |
| Q1 2025 | -1.0% | -4.6% | +3.6% | 77% |
| Q4 2024 | -1.5% | +2.1% | -3.6% | 80% |
| Q3 2024 | +9.4% | +5.4% | +3.9% | 80% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.7B | 128 |
| Q1 2026 | $3.6B | 129 |
| Q4 2025 | $3.4B | 125 |
| Q3 2025 | $3.4B | 126 |
| Q2 2025 | $2.8B | 120 |
| Q1 2025 | $2.7B | 123 |
| Q4 2024 | $2.8B | 123 |
| Q3 2024 | $2.8B | 125 |
| Q2 2024 | $2.6B | 128 |
| Q1 2024 | $2.6B | 131 |
| Q4 2023 | $2.6B | 130 |
| Q3 2023 | $2.3B | 131 |