BANK OF NOVA SCOTIA

Bank of Nova Scotia held $57.2B across 1,391 positions, with a megacap core led by NVIDIA (7.1%) but a distinctive 5.7% stake in regional lender KeyCorp — its second-largest holding. Apple, Royal Bank of Canada and Microsoft round out the top. The Q1 activity rotated toward Canadian energy and away from megacaps: the firm added Amazon (+$437M), Apple (+$379M) and JPMorgan, while cutting Microsoft (-$1.1B), the iShares Core S&P 500 (IVV, -$1.1B), Alphabet (-$955M), Meta and Broadcom. New positions in Walmart, Canadian Natural Resources, Suncor, Applied Materials and Agnico Eagle; exits in Oracle, KLA, Texas Instruments and Netflix. Assets fell from $67.5B to $57.2B.