Bank Of Nova Scotia
Reported US equity positions for Q1 2026 — $57.1B across 1,324 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $4.1B | 7.1% | 23,263,967 |
| KEY KeyCorp | $3.3B | 5.7% | 162,996,326 |
| AAPL Apple Inc. | $2.8B | 4.9% | 11,117,287 |
| RY Royal Bank Of Canada | $2.1B | 3.6% | 12,761,696 |
| MSFT Microsoft Corporation | $1.8B | 3.1% | 4,769,771 |
| AMZN Amazon.com, Inc. | $1.7B | 3.0% | 8,248,355 |
| AVGO Broadcom Inc. | $1.4B | 2.4% | 4,456,512 |
| GOOGL Alphabet Inc. | $1.3B | 2.3% | 4,558,021 |
| IVV iShares Core S&P 500 ETF | $1.2B | 2.1% | 1,859,007 |
| CM Canadian Imperial Bank of Commerce | $1.2B | 2.1% | 12,683,488 |
| GOOG Alphabet Inc. - Class C Capital Stock | $1.2B | 2.1% | 4,151,679 |
| TD The Toronto Dominion Bank | $1.2B | 2.0% | 12,511,563 |
| JPM JP Morgan Chase & Co. | $844.5M | 1.5% | 2,870,768 |
| BMO Bank Of Montreal | $681.5M | 1.2% | 5,032,483 |
| META Meta Platforms, Inc. | $648.2M | 1.1% | 1,132,923 |
| TSLA Tesla, Inc. | $644.6M | 1.1% | 1,734,056 |
| BN Brookfield Corporation Class A Limited Voting Shares | $621.4M | 1.1% | 15,340,928 |
| WMT Walmart Inc. | $529.2M | 0.9% | 4,258,338 |
| TRP TC Energy Corporation | $524.7M | 0.9% | 8,380,992 |
| SPY State Street SPDR S&P 500 ETF Trust | $448.9M | 0.8% | 690,209 |
| BCE BCE, Inc. | $436.3M | 0.8% | 17,296,776 |
| SLF Sun Life Financial Inc. | $430.2M | 0.8% | 6,869,280 |
| MU Micron Technology, Inc. | $418.0M | 0.7% | 1,237,399 |
| MFC Manulife Financial Corporation | $391.6M | 0.7% | 11,370,691 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $379.1M | 0.7% | 3,196,004 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $338.8M | 0.6% | 1,252,118 |
| LLY Eli Lilly and Company | $331.2M | 0.6% | 360,137 |
| CRC California Resources Corporation | $320.2M | 0.6% | 6,565,392 |
| SU Suncor Energy Inc. | $315.1M | 0.6% | 4,765,867 |
| ENB Enbridge Inc | $306.4M | 0.5% | 5,652,712 |
| AMAT Applied Materials, Inc. | $301.0M | 0.5% | 880,610 |
| AEM Agnico Eagle Mines Limited | $299.5M | 0.5% | 1,475,764 |
| PLTR Palantir Technologies Inc. | $288.9M | 0.5% | 1,974,908 |
| ISRG Intuitive Surgical, Inc. | $285.0M | 0.5% | 618,138 |
| SOXX iShares PHLX SOX Semiconductor Sector Index Fund | $279.8M | 0.5% | 851,229 |
| T AT&T Inc. | $271.2M | 0.5% | 21,108,090 |
| AKAM Akamai Technologies, Inc. | $268.8M | 0.5% | 2,340,301 |
| FTS Fortis Inc. | $256.0M | 0.4% | 4,588,898 |
| C Citigroup, Inc. | $255.8M | 0.4% | 2,255,327 |
| GDX VanEck Gold Miners ETF | $247.1M | 0.4% | 2,692,956 |
| CAT Caterpillar, Inc. | $242.1M | 0.4% | 341,679 |
| RCI Rogers Communication, Inc. | $241.5M | 0.4% | 6,280,164 |
| HD The Home Depot, Inc. | $237.7M | 0.4% | 722,758 |
| EPU iShares MSCI Peru and Global Exposure ETF | $234.2M | 0.4% | 2,901,771 |
| G6683N103 Nu Hldgs LTD | $231.5M | 0.4% | 16,111,616 |
| HONGBP Honeywell Intl INC | $226.8M | 0.4% | 1,003,413 |
| EWY iShares MSCI South Korea ETF | $224.3M | 0.4% | 1,823,820 |
| WDC 3 11.15.28 Western Digital Corp | $217.5M | 0.4% | 30,339,000 |
| COST Costco Wholesale Corporation | $215.2M | 0.4% | 215,977 |
| EWZ iShares MSCI Brazil ETF | $211.4M | 0.4% | 5,507,028 |
| LRCX Lam Research Corporation | $200.7M | 0.4% | 939,483 |
| JNJ Johnson & Johnson | $186.2M | 0.3% | 761,803 |
| CP Canadian Pacific Kansas City Limited | $176.4M | 0.3% | 2,242,557 |
| PM Philip Morris International Inc | $175.5M | 0.3% | 1,061,473 |
| MRK Merck & Company, Inc. Common Stock (new) | $175.3M | 0.3% | 1,457,238 |
| EMA Emera Incorporated | $173.6M | 0.3% | 3,349,640 |
| CVX Chevron Corporation | $172.7M | 0.3% | 834,667 |
| B Barrick Mining Corporation | $169.4M | 0.3% | 4,145,547 |
| NSC Norfolk Southern Corporation | $168.9M | 0.3% | 588,472 |
| PPL PPL Corporation | $168.6M | 0.3% | 3,766,410 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Trim | $4.1B | $4.4B | -2% |
| AAPL Apple Inc. | Add | $2.8B | $2.5B | +23% |
| RY Royal Bank Of Canada | Trim | $2.1B | $2.6B | -16% |
| MSFT Microsoft Corporation | Trim | $1.8B | $2.9B | -19% |
| AMZN Amazon.com, Inc. | Add | $1.7B | $1.3B | +48% |
| AVGO Broadcom Inc. | Trim | $1.4B | $2.1B | -26% |
| GOOGL Alphabet Inc. | Trim | $1.3B | $2.3B | -37% |
| IVV iShares Core S&P 500 ETF | Trim | $1.2B | $2.3B | -44% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $1.2B | $1.4B | -6% |
| TD The Toronto Dominion Bank | Trim | $1.2B | $1.8B | -36% |
| JPM JP Morgan Chase & Co. | Add | $844.5M | $636.0M | +45% |
| BMO Bank Of Montreal | Trim | $681.5M | $774.7M | -16% |
| META Meta Platforms, Inc. | Trim | $648.2M | $1.4B | -47% |
| BN Brookfield Corporation Class A Limited Voting Shares | Add | $621.4M | $632.0M | +11% |
| WMT Walmart Inc. | Add | $529.2M | $98.9M | +380% |
| TRP TC Energy Corporation | Add | $524.7M | $426.3M | +8% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $448.9M | $491.5M | -4% |
| SLF Sun Life Financial Inc. | Add | $430.2M | $374.0M | +15% |
| MU Micron Technology, Inc. | Trim | $418.0M | $1.0B | -65% |
| MFC Manulife Financial Corporation | Trim | $391.6M | $433.7M | -5% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Add | $379.1M | $414.5M | +24% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Trim | $338.8M | $487.4M | -15% |
| LLY Eli Lilly and Company | Add | $331.2M | $370.0M | +5% |
| CRC California Resources Corporation | Add | $320.2M | $148.4M | +50% |
| SU Suncor Energy Inc. | Add | $315.1M | $176.2M | +20% |
| ENB Enbridge Inc | Trim | $306.4M | $347.4M | -22% |
| AEM Agnico Eagle Mines Limited | Add | $299.5M | $184.0M | +36% |
| PLTR Palantir Technologies Inc. | Trim | $288.9M | $528.9M | -34% |
| ISRG Intuitive Surgical, Inc. | Add | $285.0M | $307.3M | +14% |
| SOXX iShares PHLX SOX Semiconductor Sector Index Fund | Add | $279.8M | $136.0M | +88% |
| T AT&T Inc. | Add | $271.2M | $231.1M | +20% |
| AKAM Akamai Technologies, Inc. | Add | $268.8M | $115.2M | +77% |
| FTS Fortis Inc. | Add | $256.0M | $229.0M | +4% |
| C Citigroup, Inc. | Add | $255.8M | $188.4M | +40% |
| CAT Caterpillar, Inc. | Trim | $242.1M | $232.6M | -16% |
| RCI Rogers Communication, Inc. | Add | $241.5M | $220.2M | +8% |
| HD The Home Depot, Inc. | Add | $237.7M | $118.5M | +110% |
| EPU iShares MSCI Peru and Global Exposure ETF | Add | $234.2M | $97.8M | +115% |
| HONGBP Honeywell Intl INC | Add | $226.8M | $96.2M | +103% |
| EWY iShares MSCI South Korea ETF | Add | $224.3M | $75.2M | +136% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.