1832 Asset Management L.P.

1832 Asset Management, the investment arm of Scotiabank, held $108.8B across a focused 647-position book — anchored by an exceptionally large SPDR S&P 500 ETF (SPY) stake at 25.4% of assets, followed by Canadian bank leaders Toronto-Dominion (2.6%) and Royal Bank of Canada (2.5%). The reported book contracted sharply from $131.3B to $108.8B, with much of the swing tied to repositioning of the dominant SPY line (sold and re-established within the quarter). Among single names, NVIDIA (+$321M) and Thermo Fisher (+$247M) were added, while Alphabet (-$632M), Brookfield (-$352M) and Canadian energy names were trimmed. New positions included Netflix, Microsoft and Shopify.