Addenda Capital Inc.

Key Holdings

• Largest individual positions: Toronto-Dominion Bank (TD) $168.6M (4.95%), Royal Bank of Canada (RY) $164.5M (4.83%), Agnico Eagle Mines (AEM) $155.3M (4.56%), Shopify (SHOP) $151.0M (4.43%), and Brookfield Corp (BN) $136.0M (3.99%). The top five holdings alone represent ~22.7% of the portfolio.
• Banking exposure is concentrated: the four largest Canadian banks (TD, RY, BMO, BNS) sum to ~$570.7M (≈16.7% of the portfolio). Including CIBC (CM $53.5M) and Manulife (MFC $38.4M) raises financials exposure further.
• Growth/mega-cap US tech exposure is present but secondary: Microsoft ($61.7M, 1.81%), Apple ($58.9M, 1.73%), Alphabet ($56.4M, 1.66%), Nvidia ($45.9M, 1.35%), Amazon ($37.0M, 1.09%) and Broadcom ($58.1M, 1.70%). Total Technology exposure is $501.4M (≈14.7%).
• Commodities/mining tilt: notable allocations to gold and base/uranium miners (AEM $155.3M, AGI $118.0M, WPM $92.1M, Franco-Nevada $57.9M, Cameco $67.6M) make Basic Materials $448.5M (≈13.1%).
• Diversified real assets and infrastructure are represented by Brookfield holdings (BN $136.0M; Brookfield Infrastructure Partners ~$38.0M; Brookfield Asset Management ~$20.1M) and Colliers ($34.3M), providing exposure to real estate and infrastructure cash flows.

Sector Allocation and Tilts

• Largest sector weights (value and % of total AUM):
  • Financial Services: $764.3M → 22.4%
  • Technology: $501.4M → 14.7%
  • Basic Materials: $448.5M → 13.1%
  • Industrials: $271.5M → 8.0%
  • Real Estate: $170.3M → 5.0%
  • Energy: $168.8M → 4.9%
  • Consumer Cyclical: $145.0M → 4.3%
  • Unknown / unmapped: $143.1M → 4.2%