SCOTIA CAPITAL INC.

Key Holdings

The portfolio is characterized by a concentration in high-quality, dividend-paying large-cap stocks, with a distinct "home market" bias.

• Royal Bank of Canada (RY) remains the dominant position, valued at $1.34 billion, representing 5.69% of the total portfolio. Despite a reduction in stake by some managers recently, Scotia Capital increased its position by $145.75 million, signaling strong conviction in the Canadian banking leader.
• US Technology Giants: The firm holds substantial positions in Microsoft (MSFT) ($1.04B) and Apple (AAPL) ($844M). Apple was the largest absolute gainer in the quarter, with an injection of $173.64 million, bringing its portfolio weight to 3.59%. NVIDIA (NVDA) also saw a significant increase of $100 million, bringing its value to $604 million.
• Energy & Infrastructure: Enbridge Inc. (ENB) is a top-tier holding ($723M), reflecting a strategic tilt toward stable cash flows and energy infrastructure. This is complemented by TC Energy (TRP) and Brookfield Corp (BN).