1832 Asset Management's $131B Q4 Portfolio: 114 New Positions and a 39% Internal Fund Anchor

1832 Asset Management L.P. — the institutional investment arm of Scotiabank, one of Canada's Big Five banks — just filed a Q4 2025 13F that reads like a portfolio under full reconstruction. The $131.31B filer entered 114 new positions and exited 114 others, all while its anchor holding (an internal pooled fund at 39% of AUM) was trimmed by 25% in shares. The active equity overlay tells a different story: TD Bank up 46%, Brookfield up 179%, Canadian National Railway up 98%, and a handful of U.S. names with four-digit percentage share increases. This is not a passive rebalance. It is a deliberate, large-scale reallocation across geographies and sectors.

TL;DR — Key Signals

• AUM: $131.31B, up 3.6% QoQ from $126.54B — WhaleScore 75.75 (among the highest globally)
• Anchor position: Internal Fund (CUSIP 78462F903) at $51.14B, 39.00% of portfolio — shares trimmed 25%
• Canadian bank conviction: TD Bank (TD) +46% shares to $3.04B; Royal Bank (RY) +8% to $2.87B
• Brookfield surge: Brookfield Corp (BN) +179% shares to $2.09B — a $1.34B add in a single quarter
• Canadian infrastructure: Canadian National Railway (CNI) +98% shares to $1.85B
• U.S. mega-cap build: Microsoft (MSFT) +23% to $2.73B; Amazon (AMZN) +30% to $1.79B
• Extreme new entries: RBA +11,387% shares, Netflix (NFLX) +7,395%, BSX +6,401%, GIL +5,502%
• Turnover: 114 new positions entered, 114 exited — one of the highest churn rates among top-100 filers
• Notable exits: AXON ($202M), CAT ($121M), CMG ($98M) — all fully liquidated

Filing Snapshot — Q4 2025

Metric	Q4 2025	Q3 2025	Change
13F AUM	$131.31B	$126.69B	+3.6%
Holdings Value Sum	$131.13B	—	—
Total Positions	500	500	Flat
Total Holdings (incl. sub-positions)	687	661	+26
WhaleScore	75.75	—	—
New Positions	114	—	—
Exited Positions	114	—	—

A few things jump out. The position count stayed flat at 500, but with 114 entries and 114 exits, nearly a quarter of the portfolio was swapped out in a single quarter. The holdings count rose from 661 to 687, meaning more sub-positions (different share classes, option legs) were added than removed. This is surgical portfolio reconstruction, not passive drift.

The Internal Fund Anchor: 39% in a Single CUSIP

The single largest holding — CUSIP 78462F903, likely a Scotiabank-managed pooled investment vehicle — commands $51.14B and 39.00% of the entire portfolio. That is extraordinary concentration for a filer of this size. Most $100B+ institutional managers cap their top holding under 10%.

But the directional signal here is the 25% reduction in shares. At 75 million shares (down from an implied ~100 million), this is a meaningful trim — roughly $17B in shares moved. This likely reflects either a reallocation out of the pooled vehicle into direct equity positions or a restructuring of the fund's internal architecture. Either way, it explains where the capital for those 114 new positions came from.

Canadian Bank and Infrastructure Conviction

1832 Asset Management's Canadian equity exposure tells a clear story of doubling down on domestic champions:

• TD Bank (TD): +46% shares to 32.29M shares, now $3.04B (2.32% weight). This is the second-largest named holding after the internal fund. TD has been navigating the fallout from its U.S. AML compliance issues, and 1832 is clearly betting the worst is priced in.
• Royal Bank of Canada (RY): +8% shares to 16.86M, now $2.87B (2.19%). Steadier accumulation — RY is the largest bank in Canada by market cap, and this move tracks with its post-HSBC Canada acquisition strength.
• Brookfield Corp (BN): +179% shares to 45.55M, now $2.09B (1.59%). This is the standout Canadian trade. Nearly tripling a position to over $2B in a single quarter signals deep conviction in Brookfield's alternative asset management expansion.
• Canadian National Railway (CNI): +98% shares to 18.75M, now $1.85B (1.41%). A near-doubling into Canada's rail duopoly. Infrastructure plays like CNI benefit from both trade volumes and pricing power — a classic institutional quality bet.

Together, these four Canadian names represent over $9.8B and roughly 7.5% of the portfolio — a meaningful tilt that suggests 1832 sees relative value in Canadian equities versus their U.S. counterparts at current valuations.

U.S. Mega-Cap Build: Microsoft, Amazon, Google

While the Canadian bets are directionally bold, 1832 also built out its U.S. mega-cap sleeve aggressively:

• Microsoft (MSFT): +23% shares to 5.65M, now $2.73B (2.08%). The third-largest named holding. AI capex tailwinds and Azure growth continue to attract institutional capital.
• Amazon (AMZN): +30% shares to 7.77M, now $1.79B (1.37%). A meaningful add across both AWS cloud and retail recovery narratives.
• Alphabet (GOOGL): +16% shares to 5.55M, now $1.74B (1.33%). The smallest percentage increase among the mega-caps, but still a deliberate build.

Combined with the Canadian blue chips, the top 8 holdings (including the internal fund) account for roughly 51% of the portfolio. Strip out the internal fund and the active equity book is actually well-diversified — no single stock exceeds 2.32%.

The Extreme Movers: Four-Digit Share Increases

Several positions saw share increases that only make sense as new builds from near-zero bases:

Ticker	Share Change	Signal
RBA	+11,387%	Largest single-stock percentage increase; RB Global is a Ritchie Bros. successor
NFLX	+7,395%	From token position to meaningful allocation — ad-tier growth thesis
BSX	+6,401%	Boston Scientific; medtech sector build
GIL	+5,502%	Gildan Activewear; another Canadian name getting a massive allocation

These are not rounding errors. When a $131B filer increases a position by 7,000%+, it is a deliberate capital deployment decision routed through an investment committee. The NFLX and BSX entries suggest 1832 is building thematic exposure to U.S. consumer tech and healthcare innovation alongside its Canadian core.

Notable Exits: AXON, CAT, CMG

The exit list is equally informative. Three standout liquidations:

• Axon Enterprise (AXON): $202M position fully exited. Axon had a strong 2025 run; this looks like profit-taking after a +60% trailing 12-month return.
• Caterpillar (CAT): $121M position fully exited. With infrastructure spending cycle uncertainty and tariff exposure, this is a defensive trim.
• Chipotle Mexican Grill (CMG): $98M position fully exited. Post-split valuation concerns likely drove this decision.

All three exits share a pattern: high-momentum U.S. names that had run significantly. The proceeds were redeployed into the Canadian bank/infrastructure build and the new-position blitz. This is classic institutional rotation — selling winners to fund conviction elsewhere.

AUM Trajectory: Volatile but Recovering

The AUM history reveals an interesting pattern. 1832 Asset Management peaked at $168.94B in Q1 2024, then dropped sharply to $110.02B by Q1 2025 — a 35% decline. The recovery since has been steady: $128.16B in Q2, $126.69B in Q3, and now $131.31B in Q4. But the current AUM is still 22% below the 2024 peak.

The Q2 2024 drop from $168.94B to $123.11B (–27.1%) is likely linked to the internal fund restructuring — a large-scale reallocation from the pooled vehicle into direct positions would temporarily depress reported AUM before the new positions are fully deployed. The current trajectory suggests the restructuring is stabilizing.

What This Filing Signals

Three key takeaways for institutional watchers:

1. Canada-first with U.S. diversification: The TD, RY, BN, and CNI builds are not hedges — they are core conviction trades. 1832 is positioning for Canadian bank recovery and infrastructure resilience while selectively adding U.S. mega-cap tech.
2. Internal fund restructuring continues: The 25% trim on the anchor position suggests an ongoing shift from pooled-vehicle exposure to direct equity selection. This may gradually reduce the 39% concentration over coming quarters.
3. Aggressive but disciplined churn: 114 entries and 114 exits with a flat position count means this is not portfolio bloat. Every new position displaced an old one. That level of symmetry suggests a systematic rebalancing process, not ad-hoc trading.

With a WhaleScore of 75.75 — placing it among the highest-conviction filers globally — 1832 Asset Management is worth watching closely. The combination of scale ($131B), concentration (39% in one vehicle), and churn (228 position changes) makes this one of the most distinctive institutional portfolios in the Q4 2025 filing season.

Frequently Asked Questions

What is 1832 Asset Management?

1832 Asset Management L.P. is the institutional investment management arm of Scotiabank (Bank of Nova Scotia), one of Canada's Big Five banks. It manages approximately $131.31B in 13F-reportable assets as of Q4 2025.

What did 1832 Asset Management buy in Q4 2025?

The fund entered 114 new positions and aggressively added to existing holdings including TD Bank (+46% shares), Brookfield Corp (+179%), Canadian National Railway (+98%), and Microsoft (+23%). Netflix shares increased by 7,395%.

Why does 1832 Asset Management have 39% in one holding?

CUSIP 78462F903 is likely a Scotiabank-managed internal pooled investment fund. It is common for bank-affiliated asset managers to route client capital through proprietary vehicles before deploying into individual securities.

What stocks did 1832 Asset Management sell in Q4 2025?

The fund fully exited 114 positions including Axon Enterprise ($202M), Caterpillar ($121M), and Chipotle ($98M). It also trimmed the internal fund holding by 25% in shares.

What is 1832 Asset Management's WhaleScore?

1832 Asset Management has a WhaleScore of 75.75 as of Q4 2025, which ranks among the highest globally. WhaleScore measures a filer's influence based on AUM, position concentration, and trading activity.