Addenda Capital Inc.

Portfolio Overview

Addenda Capital’s 13F at 2025-12-31 shows a $3.41 billion equity portfolio across 125 positions. The quarter-over-quarter portfolio value rose from $1.33B to $3.41B (+156.8%), with substantial reconfiguration: 30 new positions opened and 30 positions exited this quarter. New positions therefore account for 24% of current holdings (30/125). The portfolio is moderately concentrated: the top 10 positions total roughly $1.32B — about 38.6% of assets under management — indicating...