# NICOLA WEALTH MANAGEMENT LTD.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1734493. Source: https://holderbook.com/funds/1734493-nicola-wealth-management-ltd/

- Reported value: $868.4M
- Positions: 61
- Weight of the ten largest: 30.3%
- Filed: 2026-08-06

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 |
|---|---|---|---|---|---|
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $40.5M | 243,000 | 4.7% | 5 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $30.7M | 664,500 | 3.5% | 5 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $26.9M | 134,500 | 3.1% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $25.0M | 67,060 | 2.9% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $24.8M | 52,000 | 2.9% | 6 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $24.4M | 71,000 | 2.8% | 31 |
| BROOKFIELD INFRASTRUCTURE PA | [BIP](https://holderbook.com/stocks/BIP/) | $24.3M | 664,700 | 2.8% | 1 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $23.1M | 515,658 | 2.7% | 15 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $22.3M | 183,802 | 2.6% | 31 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $21.4M | 78,500 | 2.5% | 26 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $21.2M | 37,700 | 2.4% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $20.7M | 58,000 | 2.4% | 31 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $20.7M | 39,800 | 2.4% | 6 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $20.1M | 168,600 | 2.3% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $20.0M | 83,800 | 2.3% | 10 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $20.0M | 257,000 | 2.3% | 3 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $19.6M | 51,900 | 2.3% | 8 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $18.9M | 273,800 | 2.2% | 6 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $18.2M | 40,700 | 2.1% | 4 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $17.7M | 685,000 | 2.0% | 6 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $17.7M | 61,000 | 2.0% | 2 |
| HYATT HOTELS CORP | [H](https://holderbook.com/stocks/H/) | $17.6M | 90,800 | 2.0% | 18 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $17.3M | 49,000 | 2.0% | 1 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $17.1M | 42,900 | 2.0% | 9 |
| SUN LIFE FINANCIAL INC. | [SLF](https://holderbook.com/stocks/SLF/) | $16.1M | 204,800 | 1.9% | 6 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $15.9M | 222,700 | 1.8% | 17 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $15.7M | 729,000 | 1.8% | 7 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $15.0M | 65,400 | 1.7% | 16 |
| CROWN HLDGS INC | [CCK](https://holderbook.com/stocks/CCK/) | $14.8M | 132,000 | 1.7% | 21 |
| FIRSTSERVICE CORP NEW | [FSV](https://holderbook.com/stocks/FSV/) | $14.1M | 98,990 | 1.6% | 3 |
| INFOSYS LTD | [INFY](https://holderbook.com/stocks/INFY/) | $13.8M | 1,316,000 | 1.6% | 6 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $12.1M | 121,500 | 1.4% | 10 |
| TETRA TECH INC NEW | [TTEK](https://holderbook.com/stocks/TTEK/) | $11.9M | 411,000 | 1.4% | 3 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $11.9M | 18,700 | 1.4% | 26 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $11.6M | 36,800 | 1.3% | 1 |
| MSA SAFETY INC | [MSA](https://holderbook.com/stocks/MSA/) | $11.4M | 65,375 | 1.3% | 4 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $11.4M | 25,100 | 1.3% | 2 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $11.0M | 530,400 | 1.3% | 21 |
| BENCHMARK ELECTRS INC | [BHE](https://holderbook.com/stocks/BHE/) | $10.0M | 101,600 | 1.2% | 17 |
| AFFILIATED MANAGERS GROUP | [AMG](https://holderbook.com/stocks/AMG/) | $9.8M | 29,000 | 1.1% | 7 |
| MOTOROLA SOLUTIONS INC | [MSI](https://holderbook.com/stocks/MSI/) | $9.6M | 23,000 | 1.1% | 2 |
| SANMINA CORP | [SANM](https://holderbook.com/stocks/SANM/) | $9.1M | 36,100 | 1.1% | 17 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $9.1M | 44,200 | 1.0% | 19 |
| PLEXUS CORP | [PLXS](https://holderbook.com/stocks/PLXS/) | $8.7M | 29,000 | 1.0% | 4 |
| EDGEWELL PERSONAL CARE CO | [EPC](https://holderbook.com/stocks/EPC/) | $8.3M | 308,200 | 1.0% | 17 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $8.0M | 98,500 | 0.9% | 5 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $7.9M | 122,000 | 0.9% | 12 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $7.8M | 14,800 | 0.9% | 6 |
| BLUE OWL CAPITAL CORPORATION | [OBDC](https://holderbook.com/stocks/OBDC/) | $7.8M | 715,000 | 0.9% | 1 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $6.7M | 46,700 | 0.8% | 4 |
| SILGAN HLDGS INC | [SLGN](https://holderbook.com/stocks/SLGN/) | $6.4M | 136,900 | 0.7% | 17 |
| PERRIGO CO PLC | [PRGO](https://holderbook.com/stocks/PRGO/) | $6.2M | 596,000 | 0.7% | 12 |
| CARTERS INC | [CRI](https://holderbook.com/stocks/CRI/) | $5.8M | 141,100 | 0.7% | 17 |
| COCA COLA CONS INC | [COKE](https://holderbook.com/stocks/COKE/) | $5.7M | 29,600 | 0.7% | 17 |
| RESIDEO TECHNOLOGIES INC | [REZI](https://holderbook.com/stocks/REZI/) | $4.9M | 157,600 | 0.6% | 17 |
| LIVANOVA PLC | [LIVN](https://holderbook.com/stocks/LIVN/) | $4.5M | 55,000 | 0.5% | 1 |
| BRINKS CO | [BCO](https://holderbook.com/stocks/BCO/) | $4.5M | 47,600 | 0.5% | 17 |
| IONIS PHARMACEUTICALS INC | [IONS](https://holderbook.com/stocks/IONS/) | $4.1M | 52,000 | 0.5% | 12 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $4.1M | 27,000 | 0.5% | 5 |
| NABORS INDUSTRIES LTD | [NBR](https://holderbook.com/stocks/NBR/) | $1.9M | 23,200 | 0.2% | 17 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $1.1M | 13,700 | 0.1% | 4 |

## 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 | +4.7% | +14.8% | -10.2% | 100% |
| Q1 2026 | -1.2% | -4.6% | +3.4% | 100% |
| Q4 2025 | +1.9% | +2.4% | -0.5% | 100% |
| Q3 2025 | +5.6% | +7.8% | -2.2% | 100% |
| Q2 2025 | +12.2% | +10.5% | +1.8% | 100% |
| Q1 2025 | -3.4% | -4.6% | +1.2% | 86% |
| Q4 2024 | -0.4% | +2.1% | -2.5% | 86% |
| Q3 2024 | +9.4% | +5.4% | +3.9% | 86% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $868.4M | 61 |
| Q1 2026 | $833.0M | 62 |
| Q4 2025 | $1.1B | 65 |
| Q3 2025 | $1.1B | 65 |
| Q2 2025 | $1.1B | 104 |
| Q1 2025 | $1.0B | 111 |
| Q4 2024 | $1.1B | 104 |
| Q3 2024 | $1.3B | 104 |
| Q2 2024 | $1.1B | 108 |
| Q1 2024 | $1.0B | 113 |
| Q4 2023 | $953.0M | 114 |
| Q3 2023 | $927.1M | 110 |