Addenda Capital Inc.
Long book
$3.55B
Q1 2026
Positions
129
Top-10 weight
38%
concentration
Last quarter
+4.9%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsAddenda Capital Inc. is a diversified fundamental manager, running a $3.55B US long book across 129 positions.
The portfolio is moderately concentrated (top 10 ≈ 38% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AGNICO EAGLE MINES LTD, TORONTO-DOMINION BANK, ROYAL BANK OF CANADA, BANK OF MONTREAL, CANADIAN NATURAL RESOURCES.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 6 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.5%
Q2 2024
+10.5%
Q3 2024
-1.2%
Q4 2024
-0.0%
Q1 2025
+11.7%
Q2 2025
+10.1%
Q3 2025
+4.4%
Q4 2025
+1.8%
Q1 2026
+4.9%
Sector allocation
Financials 21%
Materials 20%
Technology 15%
Energy 10%
Industrials 8%
Utilities 5%
Consumer discretionary 5%
Real estate 4%
Long book by quarter
What does Addenda Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AEM AGNICO EAGLE MINES LTD | Materials | 628.8K | $177.6M | 5.0% | -5.8% |
| TD TORONTO-DOMINION BANK | Financials | 1.3M | $169.0M | 4.8% | -0.2% |
| RY ROYAL BANK OF CANADA | Financials | 745.8K | $167.7M | 4.7% | +6.1% |
| BMO BANK OF MONTREAL | Financials | 674.1K | $127.0M | 3.6% | -7.1% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 1.8M | $124.1M | 3.5% | -5.3% |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 2.0M | $123.0M | 3.5% | -10.8% |
| BN BROOKFIELD CORP | Real estate | 2.2M | $122.2M | 3.4% | +0.5% |
| SHOP SHOPIFY INC - CLASS A | Technology | 717.2K | $118.4M | 3.3% | +4.9% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 617.3K | $112.9M | 3.2% | +8.2% |
| ENB ENBRIDGE INC | Energy | 1.4M | $106.1M | 3.0% | -0.5% |
| BNS BANK OF NOVA SCOTIA | Financials | 1.1M | $103.6M | 2.9% | +0.2% |
| CCJ CAMECO CORP | Materials | 550.8K | $83.3M | 2.3% | +2.4% |
| TRP TC ENERGY CORP | Utilities | 908.8K | $80.0M | 2.3% | -1.1% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 699.6K | $76.8M | 2.2% | -2.7% |
| FNV FRANCO-NEVADA CORP | Materials | 221.8K | $76.4M | 2.2% | +8.9% |
| SU SUNCOR ENERGY INC | Energy | 747.1K | $68.7M | 1.9% | -1.8% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 460.0K | $65.9M | 1.9% | +1.3% |
| KGC KINROSS GOLD CORP | Materials | 1.4M | $58.2M | 1.6% | +3855.5% |
| AAPL APPLE INC | Technology | 227.6K | $57.8M | 1.6% | +5.0% |
| GOOG ALPHABET INC-CL C | Technology | 184.5K | $52.9M | 1.5% | +2.6% |
| AVGO BROADCOM INC | Technology | 167.2K | $51.8M | 1.5% | -0.3% |
| WCN WASTE CONNECTIONS INC | Utilities | 218.6K | $49.4M | 1.4% | -0.8% |
| MSFT MICROSOFT CORP | Technology | 130.5K | $48.3M | 1.4% | +2.3% |
| NVDA NVIDIA CORP | Technology | 265.6K | $46.3M | 1.3% | +7.9% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 315.2K | $41.9M | 1.2% | -26.1% |
| PBA PEMBINA PIPELINE CORP | Energy | 605.5K | $37.7M | 1.1% | -2.2% |
| MFC MANULIFE FINANCIAL CORP | Financials | 764.5K | $36.6M | 1.0% | -0.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 164.7K | $34.3M | 1.0% | +2.7% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 310.2K | $32.2M | 0.9% | -2.5% |
| EMA EMERA INC | Utilities | 421.5K | $30.4M | 0.9% | -8.7% |
| V VISA INC-CLASS A SHARES | Services media | 98.4K | $29.7M | 0.8% | +2.0% |
| JPM JPMORGAN CHASE & CO | Financials | 88.5K | $26.0M | 0.7% | +2.5% |
| TJX TJX COMPANIES INC | Consumer discretionary | 160.2K | $25.6M | 0.7% | +2.8% |
| WAB WABTEC CORP | Industrials | 99.5K | $24.9M | 0.7% | +2.5% |
| CIGI COLLIERS INTL GR-SUBORD VOT | Real estate | 166.3K | $24.7M | 0.7% | -2.0% |
| APH AMPHENOL CORP-CL A | Technology | 193.8K | $24.5M | 0.7% | -2.5% |
| CVE CENOVUS ENERGY INC | Energy | 642.6K | $23.7M | 0.7% | -2.1% |
| FFIV F5 INC | Technology | 73.0K | $21.1M | 0.6% | -3.9% |
| TFII TFI INTERNATIONAL INC | Industrials | 135.3K | $20.6M | 0.6% | -3.2% |
| BKNG BOOKING HOLDINGS INC | Industrials | 4.6K | $19.6M | 0.6% | +2.6% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 39.5K | $19.4M | 0.5% | +33.8% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 204.7K | $19.2M | 0.5% | +2.6% |
| LIN LINDE PLC | Materials | 38.3K | $19.0M | 0.5% | +2.6% |
| HBM HUDBAY MINERALS INC | Materials | 617.2K | $18.0M | 0.5% | +4298.8% |
| RMD RESMED INC | Healthcare | 78.4K | $17.6M | 0.5% | +2.6% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 17.5K | $17.4M | 0.5% | +2.8% |
| LOW LOWE'S COS INC | Consumer discretionary | 71.4K | $16.9M | 0.5% | +2.6% |
| BCE BCE INC | Communications | 471.3K | $16.7M | 0.5% | +1.7% |
| SPGI S&P GLOBAL INC | Services media | 38.2K | $16.2M | 0.5% | +3.2% |
| CLS CELESTICA INC | Technology | 40.1K | $15.7M | 0.4% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 15, 2026 | 129 | $3.55B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 22, 2026 | 125 | $3.41B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 9, 2025 | 126 | $3.38B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 17, 2025 | 120 | $2.79B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 9, 2025 | 123 | $2.70B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 16, 2025 | 123 | $2.83B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 15, 2024 | 125 | $2.80B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 16, 2024 | 128 | $2.55B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 16, 2024 | 131 | $2.63B | canonical | SEC ↗ |
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