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Livermore
Livermore
ZHEN

Addenda Capital Inc.

SEC CIK
0001569411
Latest filing
Jul 14, 2026

The latest 13F from Addenda Capital Inc. covers Q2 2026 (filed Jul 14, 2026): 128 long positions worth $3.68B. The top 10 holdings make up 38.8% of the portfolio, and the largest is Toronto Dominion Bank (TD) at 6.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
3
Est. +$7.26M
Added
40
Est. +$193.4M
Reduced
47
Est. −$245.2M
Sold out
4
Est. −$16.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. TDToronto Dominion Bank
    6.1%$223.2MHistory
  2. RYRoyal Bank of Canada
    6.0%$220.5MHistory
  3. BMOBank of Montreal
    4.3%$156.7MHistory
  4. BNSBank of Nova Scotia
    3.6%$133.3MHistory
  5. BNBROOKFIELD Corp
    3.6%$131.9MHistory

Share of portfolio

Top 5 holdings and the other 123 positions, by share of portfolio value

  1. TD6.1%
  2. RY6.0%
  3. BMO4.3%
  4. BNS3.6%
  5. BN3.6%
  6. Other 123 positions76.5%

Biggest buys

New and added positions, by estimated amount bought

  1. HBMHudbay Minerals Inc.
    +$42.0MAddedHistory
  2. CCJCameco Corp
    +$24.7MAddedHistory
  3. CPCanadian Pacific Kansas City Ltd
    +$16.4MAddedHistory
  4. CNICanadian National Railway Co
    +$15.0MAddedHistory
  5. CLSCelestica Inc
    +$14.7MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. RYRoyal Bank of Canada
    +1.27 pp4.7% → 6.0%History
  2. HBMHudbay Minerals Inc.
    +1.20 pp0.5% → 1.7%History
  3. BNSBank of Nova Scotia
    +0.71 pp2.9% → 3.6%History
  4. CNICanadian National Railway Co
    +0.67 pp1.9% → 2.5%History
  5. CPCanadian Pacific Kansas City Ltd
    +0.63 pp2.2% → 2.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AGIAlamos Gold Inc
    −$52.5MReducedHistory
  2. AEMAgnico Eagle Mines Ltd
    −$52.1MReducedHistory
  3. WPMWheaton Precious Metals Corp.
    −$38.3MReducedHistory
  4. FNVFranco Nevada Corp
    −$23.0MReducedHistory
  5. CVECenovus Energy Inc.
    −$12.8MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. AEMAgnico Eagle Mines Ltd
    −2.65 pp5.0% → 2.4%History
  2. AGIAlamos Gold Inc
    −2.57 pp3.5% → 0.9%History
  3. WPMWheaton Precious Metals Corp.
    −1.54 pp3.2% → 1.6%History
  4. FNVFranco Nevada Corp
    −0.99 pp2.2% → 1.2%History
  5. CVECenovus Energy Inc.
    −0.40 pp0.7% → 0.3%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$3.68B
+$127.6M (+3.6%) vs. prior quarter
Positions
128
−1 vs. prior quarter
Top 10 concentration
38.8%
Top 10 as share of value
Turnover
5.6%
Q2 2026, one quarter
Average holding period
18.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.68B (Q2 2026)

Q1 2021: $1.96BQ2 2021: $2.13BQ3 2021: $2.12BQ4 2021: $2.33BQ1 2022: $2.44BQ2 2022: $2.09BQ3 2022: $2.19BQ4 2022: $2.30BQ1 2023: $2.43BQ2 2023: $2.38BQ3 2023: $2.30BQ4 2023: $2.56BQ1 2024: $2.63BQ2 2024: $2.55BQ3 2024: $2.80BQ4 2024: $2.83BQ1 2025: $2.70BQ2 2025: $2.79BQ3 2025: $3.38BQ4 2025: $3.41BQ1 2026: $3.55BQ2 2026: $3.68B
Q1 2021Q2 2026
13F filings of Addenda Capital Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 14, 2026128$3.68BTDRYBMOvs. Q1 2026SEC
Q1 2026Apr 15, 2026129$3.55BAEMTDRYvs. Q4 2025SEC
Q4 2025Jan 22, 2026125$3.41BTDRYAEMvs. Q3 2025SEC
Q3 2025Oct 9, 2025126$3.38BAEMTDRYvs. Q2 2025SEC
Q2 2025Jul 17, 2025120$2.79BTDRYBNvs. Q1 2025SEC
Q1 2025Apr 9, 2025123$2.70BBNTDRYvs. Q4 2024SEC
Q4 2024Jan 16, 2025123$2.83BBNSHOPRYvs. Q3 2024SEC
Q3 2024Oct 15, 2024125$2.80BBNTDRYvs. Q2 2024SEC
Q2 2024Jul 16, 2024128$2.55BRYTDCNQvs. Q1 2024SEC
Q1 2024Apr 16, 2024131$2.63BTDCNQBMOvs. Q4 2023SEC
Q4 2023Jan 23, 2024130$2.56BTDCNQRYvs. Q3 2023SEC
Q3 2023Oct 12, 2023131$2.30BTDCNQRYvs. Q2 2023SEC
Q2 2023Jul 21, 2023132$2.38BTDRYCNQvs. Q1 2023SEC
Q1 2023Apr 11, 2023136$2.43BTDRYCNQvs. Q4 2022SEC
Q4 2022Jan 12, 2023144$2.30BTDRYCNQvs. Q3 2022SEC
Q3 2022Oct 11, 2022138$2.19BTDRYBAMvs. Q2 2022SEC
Q2 2022Jul 13, 2022102$2.09BTDBNSBAMvs. Q1 2022SEC
Q1 2022Apr 14, 202298$2.44BTDBAMBNSvs. Q4 2021SEC
Q4 2021Jan 14, 202296$2.33BTDBAMBNSvs. Q3 2021SEC
Q3 2021Oct 8, 202196$2.12BTDBAMRYvs. Q2 2021SEC
Q2 2021Jul 19, 202199$2.13BTDRYBNSvs. Q1 2021SEC
Q1 2021Apr 13, 202198$1.96BTDRYBAM–SEC