Intact Investment Management portfolio

What changed this quarter

211 positions with a change (19 new, 72 added to, 99 trimmed, 21 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Manulife Financial−71%fewer sharesReduced
  4.2% → 1.3%
• Royal Bank of Canada−66%fewer sharesReduced
  3.2% → 1.1%
• Canadian National Railway−59%fewer sharesReduced
  3.2% → 1.4%
• Bank of Nova Scotia+215%more sharesIncreased
  0.7% → 2.5%
• TC Energy+357%more sharesIncreased
  0.5% → 2.0%
• Barrick Mining+146%more sharesIncreased
  0.9% → 2.5%
• Rogers Communications+44%more sharesIncreased
  2.7% → 4.0%
• Pembina Pipeline−47%fewer sharesReduced
  2.4% → 1.3%
• Thomson Reuters+250%more sharesIncreased
  0.3% → 1.5%
• Bank of Montreal−33%fewer sharesReduced
  3.1% → 2.1%
• Magna International−48%fewer sharesReduced
  2.0% → 1.0%
• Emera−34%fewer sharesReduced
  3.0% → 1.9%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• STE Str SPDR PT S&P 500 ETFSPYM4.1%
• Rogers CommunicationsRCI4.0%
• Toronto Dominion BankTD3.9%
• Suncor EnergySU3.3%
• Brookfield Infrastructure PartnersBIP2.8%
• Cenovus EnergyCVE2.7%
• Bank of Nova ScotiaBNS2.5%
• Barrick MiningB2.5%
• Brookfield Asset ManagementBAM2.4%
• Bank of MontrealBMO2.1%
• TC EnergyTRP2.0%
• EmeraEMA1.9%
• Gildan ActivewearGIL1.6%
• Thomson ReutersTRI1.5%
• Canadian National RailwayCNI1.4%
• Manulife FinancialMFC1.3%
• Pembina PipelinePBA1.3%
• BCEBCE1.3%
• ShopifySHOP1.2%
• NutrienNTR1.2%
• OvintivOVV1.2%
• EnerflexEFXT1.2%
• Sun Life FinancialSLF1.2%
• South BOWSOBO1.2%
• Royal Bank of CanadaRY1.1%
• Canadian Imperial Bank of CommerceCM1.1%
• TFI InternationalTFII1.1%
• Open TextOTEX1.1%
• Magna InternationalMGA1.0%
• Brookfield Renewable PartnersBEP1.0%
• EnbridgeENB1.0%
• Canadian Natural ResourcesCNQ0.9%
• SSR MiningSSRM0.9%
• Restaurant Brands InternationalQSR0.8%
• Canadian Pacific Kansas CityCP0.8%
• FortisFTS0.7%
• AbbVieABBV0.7%
• Agnico Eagle MinesAEM0.7%
• MerckMRK0.7%
• Philip Morris InternationalPM0.7%
• Algonquin Power & UtilitiesAQN0.7%
• CelesticaCLS0.7%
• MicrosoftMSFT0.7%
• UnitedHealth GroupUNH0.6%
• ChevronCVX0.6%
• Texas InstrumentsTXN0.6%
• Wheaton Precious MetalsWPM0.6%
• PfizerPFE0.6%
• BrookfieldBN0.6%
• Procter & GamblePG0.5%
• BroadcomAVGO0.5%
• Johnson & JohnsonJNJ0.5%
• Vermilion EnergyVET0.5%
• Colliers International GroupCIGI0.5%
• PepsicoPEP0.5%
• AlphabetGOOGL0.5%
• Hudbay MineralsHBM0.4%
• Verizon CommunicationsVZ0.4%
• AppleAAPL0.4%
• Altria GroupMO0.4%
• At&tT0.4%
• Bank of AmericaBAC0.4%
• Cisco SystemsCSCO0.4%
• Franco NevadaFNV0.4%
• State Street SPDR Global DOW ETFDGT0.4%
• Meta PlatformsMETA0.4%
• TelusTU0.4%
• McDONALD’SMCD0.4%
• SprottSII0.4%
• CamecoCCJ0.4%
• Abbott LaboratoriesABT0.4%
• Gilead SciencesGILD0.4%
• Coca-ColaKO0.4%
• United Parcel ServiceUPS0.4%
• OracleORCL0.4%
• Nextera EnergyNEE0.4%
• Union PacificUNP0.3%
• CVS HealthCVS0.3%
• Hewlett Packard EnterpriseHPE0.3%
• Morgan StanleyMS0.3%
• IamgoldIAG0.3%
• Bristol-myers SquibbBMY0.3%
• Kinross GoldKGC0.3%
• Wells FargoWFC0.3%
• MethanexMEOH0.3%
• Applied MaterialsAMAT0.3%
• JPMorgan ChaseJPM0.3%
• T-mobile USTMUS0.3%
• Home DepotHD0.3%
• Lockheed MartinLMT0.3%
• AccentureACN0.3%
• US Bancorp \de\USB0.3%
• Duke EnergyDUK0.3%
• BlackRockBLK0.3%
• Walt DisneyDIS0.3%
• West Fraser TimberWFG0.3%
• State Str Spdr S&P 500 ETF TSPY0.3%
• Keurig Dr PepperKDP0.3%
• PNC Financial Services GroupPNC0.3%
• Exxon MobilXOM0.2%