Addenda Capital Inc. Q1 2023 vs. Q2 2023: Analyzing Changes in Fund Holdings

In the fast-paced world of investing, staying on top of market trends and changes in fund holdings is crucial for both individual and institutional investors. Understanding how fund managers allocate their assets can provide valuable insights into market sentiment and potential investment opportunities. In this article, we will examine the Q1 2023 vs. Q2 2023 13F holdings of Addenda Capital Inc., a prominent investment management firm. By analyzing the changes in their fund holdings during this period, we can gain a deeper understanding of their investment strategy and identify notable shifts in their portfolio.

Addenda Capital Inc. holds a diverse range of securities across various sectors, including finance, energy, technology, and consumer goods. Their Q1 2023 holdings show investments in well-established and prominent companies such as Toronto-Dominion Bank, Royal Bank of Canada, and Canadian Natural Resources Ltd. Let's take a closer look at some of the significant changes in their Q2 2023 holdings.

One of the most notable changes in Addenda Capital Inc.'s Q2 2023 holdings is their increased stake in Toronto-Dominion Bank (TD). While their Q1 2023 holdings in TD stood at 1,656,346 shares, their Q2 2023 holdings increased to 1,653,061 shares, indicating a slight decrease. However, in terms of value, there was a modest increase from $134,081,000 in Q1 2023 to $135,732,000 in Q2 2023, reflecting a 1.2% change.

Conversely, Addenda Capital Inc. reduced their holdings in Royal Bank of Canada (RY.TO) and Canadian Natural Resources Ltd (CNQ.TO) during this period. Their Q1 2023 holdings in RY.TO amounted to 842,812 shares, which decreased to 827,158 shares in Q2 2023, representing a 3.9% decline. Similarly, their Q1 2023 holdings in CNQ.TO stood at 1,324,962 shares, but decreased to 1,282,313 shares in Q2 2023, indicating a 3.6% decrease. The corresponding value changes were $108,933,000 to $104,652,000 (-3.9%) for RY.TO and $100,291,000 to $96,660,000 (-3.6%) for CNQ.TO.

Another significant change in Addenda Capital Inc.'s Q2 2023 holdings is their introduction of a new position in Canadian Pacific Kansas City (CPKC), with their Q2 2023 holdings at 838,947 shares. This addition indicates a positive outlook on the company and suggests the firm's strategic reallocation of funds.

Moreover, Addenda Capital Inc. experienced slight decreases in their holdings of Bank of Montreal (BMO.TO), Brookfield Corp (BN.TO), and Enbridge Inc (ENB.TO). Their Q1 2023 holdings in BMO.TO, BN.TO, and ENB.TO were 753,249 shares, 1,893,776 shares, and 1,652,526 shares, respectively. In Q2 2023, these figures declined to 746,302 shares (-1.5%), 1,883,879 shares (+0.8%), and 1,613,173 shares (-6.7%). The corresponding value changes were $90,676,000 to $89,287,000 (-1.5%) for BMO.TO, $83,382,000 to $84,021,000 (+0.8%) for BN.TO, and $85,154,000 to $79,432,000 (-6.7%) for ENB.TO.

Furthermore, Addenda Capital Inc. reduced their holdings in Bank of Nova Scotia Halifax (BNS.TO) and Canadian National Railway Co (CNR.TO) during this period. Their Q1 2023 holdings in BNS.TO reduced from 1,193,764 shares to 1,194,498 shares (-2.6%), and the corresponding value changed from $81,259,000 to $79,171,000 (-2.6%). Similarly, their Q1 2023 holdings in CNR.TO decreased from 460,249 shares to 449,627 shares (-1.7%), with the corresponding value changing from $73,395,000 to $72,129,000 (-1.7%).

While these are just a few examples of the changes in Addenda Capital Inc.'s Q2 2023 13F holdings, they serve as illustrations of the dynamic nature of portfolio management. It is crucial to recognize that these changes reflect the firm's perception of ongoing market trends and specific company performance. Investors should consider conducting further research to evaluate the potential impact of these changes on their own investment strategies.

In conclusion, analyzing the Q1 2023 vs. Q2 2023 13F holdings of Addenda Capital Inc. provides valuable insights into their investment strategy and notable changes in their portfolio. As these fund holdings reflect the firm's investment decisions during a specific period, it is crucial to stay updated on subsequent filings and market developments. By doing so, investors can stay informed and make well-informed investment decisions in this ever-evolving financial landscape.