Vault-13

BCE INC BCE

COM NEW · Common Stock · CUSIP 05534B760 · ISIN CA05534B7604

Bell Canada Enterprises

597 institutional holders +24 vs Q3 2022
384,346,743384.3m shares reported held*
42.1% of all shares outstanding*
$16.9bnreported value*
59 new 240 added 171 reduced 48 sold out net sold ≈ $215.2m (-4.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($566.1m this quarter). Holder counts are more reliable. Shares outstanding: 912.0m as of 2022-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $44.23. Options: 12 managers hold calls ($394.9m notional), 11 hold puts ($507.5m).

Trends to Q4 2022

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 573Q4 22: 597597Q3 22Q4 22
Numbers
QuarterHolders
Q3 2022573
Q4 2022597

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$200m$400m$600mQ3 22 calls: $154.3mQ3 22 puts: $394.6mQ3 22P/C 2.56Q4 22 calls: $394.9mQ4 22 puts: $507.5mQ4 22P/C 1.29
Numbers
QuarterCallsPutsP/C
Q3 2022$154.3m$394.6m2.56
Q4 2022$394.9m$507.5m1.29

Biggest buyers

NATIONAL BANK OF CANADA /FI/ Added +9,577,853+9.6m
GOLDMAN SACHS GROUP INC Added +4,982,450+5.0m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +2,453,964+2.5m
BANK OF MONTREAL /CAN/ Added +1,154,281+1.2m
BANK OF AMERICA CORP /DE/ Added +1,038,628+1.0m
CIBC WORLD MARKET INC. Added +719,735+719.7k
Capital World Investors Added +565,200+565.2k
BANK OF NOVA SCOTIA Added +548,862+548.9k
TWO SIGMA ADVISERS, LP Added +429,600+429.6k
SCOTIA CAPITAL INC. Added +427,359+427.4k

Biggest sellers

ROYAL BANK OF CANADA Reduced -18,827,642-18.8m
FRANKLIN RESOURCES INC Reduced -5,168,262-5.2m
Cullen Capital Management, LLC Reduced -813,816-813.8k
JANE STREET GROUP, LLC Reduced -754,656-754.7k
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -750,942-750.9k
Capital Research Global Investors Reduced -710,129-710.1k
TORONTO DOMINION BANK Reduced -623,536-623.5k
CANADA PENSION PLAN INVESTMENT BOARD Reduced -590,000-590.0k
FMR LLC Reduced -564,550-564.5k
MORGAN STANLEY Reduced -540,609-540.6k

Biggest calls

WOLVERINE TRADING, LLC Added $220.8m5.0m shares
BANK OF AMERICA CORP /DE/ Unchanged $48.3m1.1m shares
ROYAL BANK OF CANADA Added $46.4m1.1m shares
SIG North Trading, ULC Added $18.1m411.5k shares
D. E. Shaw & Co., Inc. Unchanged $12.7m290.0k shares
Polar Asset Management Partners Inc. Reduced $11.8m270.0k shares
CITIGROUP INC Unchanged $11.0m250.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $9.8m222.7k shares
HSBC HOLDINGS PLC Unchanged $8.5m195.0k shares
CITADEL ADVISORS LLC Added $4.5m102.3k shares

Biggest puts

GOLDMAN SACHS GROUP INC Added $245.2m5.6m shares
ROYAL BANK OF CANADA Reduced $167.1m3.8m shares
CIBC WORLD MARKET INC. Reduced $45.2m1.0m shares
MILLENNIUM MANAGEMENT LLC New $16.7m280.7k shares
SIG North Trading, ULC Reduced $14.2m323.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $8.8m199.0k shares
BANK OF MONTREAL /CAN/ New $5.1m115.0k shares
Walleye Trading LLC New $2.2m49.9k shares
CITADEL ADVISORS LLC Reduced $1.8m40.6k shares
WOLVERINE TRADING, LLC Reduced $888.0k20.2k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q4 2022

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2022.

Holders, Q4 2022

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.78% of their portfolio TORONTO, A6 58,622,45658.6m $2.6bn $2.6bn 0.78% Reduced -18.8m -18,827,642
2 BANK OF MONTREAL /CAN/ 0.62% of their portfolio TORONTO, A6 29,909,23929.9m $1.3bn $1.3bn 0.62% Added +1.2m +1,154,281
3 Capital Research Global Investors 0.21% of their portfolio Los Angeles, CA 15,954,30316.0m $701.0m $701.0m 0.21% Reduced -710.1k -710,129
4 NATIONAL BANK OF CANADA /FI/ 1.88% of their portfolio MONTREAL, A8 15,880,85115.9m $697.2m $697.2m 1.88% Added +9.6m +9,577,853
5 BANK OF NOVA SCOTIA 1.61% of their portfolio TORONTO, A6 14,196,33414.2m $623.7m $623.7m 1.61% Added +548.9k +548,862
6 VANGUARD GROUP INC 0.02% of their portfolio Valley Forge, PA 13,574,10413.6m $596.6m $596.6m 0.02% Added +373.8k +373,831
7 CIBC WORLD MARKET INC. 2.31% of their portfolio TORONTO, A6 13,394,01913.4m $588.1m $588.1m 2.31% Added +719.7k +719,735
8 Caisse de depot et placement du Quebec 1.69% of their portfolio Montreal, A8 12,532,90012.5m $550.3m $550.3m 1.69% Unchanged
9 1832 Asset Management L.P. 1.07% of their portfolio TORONTO, A6 11,895,20311.9m $522.8m $522.8m 1.07% Added +90.7k +90,699
10 DEUTSCHE BANK AG\ 0.30% of their portfolio FRANKFURT AM MAIN, 2M 11,811,37711.8m $519.1m $519.1m 0.30% Added +76.3k +76,349
11 FIL Ltd 0.60% of their portfolio HAMILTON, D0 11,459,73711.5m $503.5m $503.5m 0.60% Reduced -63.0k -62,951
12 TD Asset Management Inc 0.59% of their portfolio Toronto, A6 10,841,00410.8m $476.0m $476.0m 0.59% Reduced -277.6k -277,628
13 TORONTO DOMINION BANK 0.68% of their portfolio TORONTO, ONTARIO, A6 9,600,8939.6m $453.9m $453.9m 0.68% Reduced -623.5k -623,536
14 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.12% of their portfolio SAN FRANCISCO, CA 9,067,0239.1m $379.4m $379.4m 0.12% Added +125.0k +125,002
15 SCOTIA CAPITAL INC. 2.64% of their portfolio TORONTO, A6 7,822,9547.8m $343.0m $343.0m 2.64% Added +427.4k +427,359
16 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 7,629,2047.6m $335.3m $335.3m 0.04% Added +1.0m +1,038,628
17 MACKENZIE FINANCIAL CORP 0.46% of their portfolio TORONTO ONTARIO, A6 6,249,8176.2m $274.1m $274.1m 0.46% Reduced -513.0k -512,985
18 PRINCIPAL FINANCIAL GROUP INC 0.19% of their portfolio DES MOINES, IA 5,668,3875.7m $249.1m $249.1m 0.19% Reduced -12.8k -12,770
19 GOLDMAN SACHS GROUP INC 0.07% of their portfolio NEW YORK, NY 5,648,9635.6m $248.3m $248.3m 0.07% Added +5.0m +4,982,450
20 Capital World Investors 0.05% of their portfolio LOS ANGELES, CA 4,894,5004.9m $215.0m $215.0m 0.05% Added +565.2k +565,200
21 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.13% of their portfolio Toronto, A6 4,816,0604.8m $211.5m $211.5m 0.13% Reduced -750.9k -750,942
22 Cullen Capital Management, LLC 2.68% of their portfolio New York, NY 4,754,4154.8m $209.0m $209.0m 2.68% Reduced -813.8k -813,816
23 CIBC Asset Management Inc 0.88% of their portfolio TORONTO, Z4 4,713,7634.7m $207.1m $207.1m 0.88% Added +263.8k +263,815
24 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,495,5434.5m $197.6m $197.6m 0.03% Added +426.0k +426,031
25 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 3,757,8263.8m $165.1m $165.1m 0.09% Reduced -5.2m -5,168,262
26 TD Waterhouse Canada Inc. 2.34% of their portfolio TORONTO, A6 3,566,1273.6m $213.3m $213.3m 2.34% Added +136.9k +136,930
27 LETKO, BROSSEAU & ASSOCIATES INC 2.76% of their portfolio MONTREAL, A8 3,491,7113.5m $153.3m $153.3m 2.76% Reduced -109.6k -109,634
28 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 3,489,0493.5m $153.3m $153.3m 0.02% Reduced -540.6k -540,609
29 DekaBank Deutsche Girozentrale 0.33% of their portfolio FRANKFURT, 2M 2,875,1162.9m $126.5m $126.5m 0.33% Added +79.3k +79,322
30 NORGES BANK 0.03% of their portfolio OSLO, Q8 2,674,0232.7m $117.5m $117.5m 0.03% Added +174.3k +174,346
31 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.59% of their portfolio TORONTO, A6 2,671,1002.7m $117.2m $117.2m 0.59% Added +2.5m +2,453,964
32 ACADIAN ASSET MANAGEMENT LLC 0.55% of their portfolio Boston, MA 2,555,1622.6m $112.3m $112.3m 0.55% Reduced -247.2k -247,203
33 REAVES W H & CO INC 3.90% of their portfolio JERSEY CITY, NJ 2,488,6692.5m $109.4m $109.4m 3.90% Added +350.9k +350,870
34 FIRST TRUST ADVISORS LP 0.13% of their portfolio Wheaton, IL 2,479,9312.5m $109.0m $109.0m 0.13% Added +265.9k +265,923
35 RAYMOND JAMES & ASSOCIATES 0.10% of their portfolio ST PETERSBURG, FL 2,446,8352.4m $107.5m $107.5m 0.10% Added +199.2k +199,157
36 Federation des caisses Desjardins du Quebec 1.16% of their portfolio LEVIS, A8 2,182,3772.2m $98.1m $98.1m 1.16% Added +6.2k +6,177
37 Legal & General Group Plc 0.03% of their portfolio London, X0 2,050,8392.1m $90.0m $90.0m 0.03% Reduced -28.0k -28,025
38 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 1,973,8742.0m $86.6m $86.6m 0.03% Added +153.2k +153,156
39 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 1,964,4162.0m $86.3m $86.3m 0.04% Added +177.5k +177,467
40 Connor, Clark & Lunn Investment Management Ltd. 0.47% of their portfolio VANCOUVER, A1 1,842,3341.8m $80.9m $80.9m 0.47% Added +255.0k +254,985
41 MONTRUSCO BOLTON INVESTMENTS INC. 1.86% of their portfolio MONTREAL, A8 1,827,2641.8m $80.2m $80.2m 1.86% Reduced -43.0k -43,022
42 Alberta Investment Management Corp 0.70% of their portfolio EDMONTON, A0 1,798,9831.8m $79.0m $79.0m 0.70% Reduced -494.9k -494,900
43 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 1,750,1991.8m $76.9m $76.9m 0.02% Added +53.9k +53,852
44 FEDERATED HERMES, INC. 0.20% of their portfolio PITTSBURGH, PA 1,628,8131.6m $71.6m $71.6m 0.20% Added +137.1k +137,126
45 Amundi 0.03% of their portfolio Paris, I0 1,352,3521.4m $61.6m $61.6m 0.03% Added +340.1k +340,086
46 APG Asset Management N.V. 0.15% of their portfolio Amsterdam, P7 1,331,6191.3m $79.2m $79.2m 0.15% Added +250.3k +250,339
47 GUARDIAN CAPITAL LP 1.92% of their portfolio TORONTO, A6 1,327,5691.3m $58.3m $58.3m 1.92% Added +2.8k +2,823
48 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 1,231,3201.2m $54.1m $54.1m 0.02% Reduced -24.3k -24,346
49 CAPITAL ADVISORS INC/OK 1.42% of their portfolio TULSA, OK 1,138,9151.1m $50.1m $50.1m 1.42% Added +357.2k +357,194
50 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 1,126,2891.1m $49.5m $49.5m 0.01% Added +13.7k +13,749
51 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.57% of their portfolio CHICAGO, IL 1,065,8651.1m $46.8m $46.8m 0.57% Unchanged
52 CREDIT SUISSE AG/ 0.05% of their portfolio ZURICH, V8 1,029,7941.0m $45.3m $45.3m 0.05% Reduced -87.8k -87,831
53 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 970,306970.3k $42.6m $42.6m 0.01% Added +34.6k +34,552
54 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.84% of their portfolio MISSISSAUGA, A6 929,342929.3k $40.8m $40.8m 4.84% Reduced -25.7k -25,731
55 GABELLI FUNDS LLC 0.31% of their portfolio Rye, NY 908,400908.4k $39.9m $39.9m 0.31% Unchanged
56 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 906,237906.2k $39.8m $39.8m 0.03% Added +132.3k +132,289
57 CANADA PENSION PLAN INVESTMENT BOARD 0.07% of their portfolio TORONTO ONTARIO, A6 898,570898.6k $39.5m $39.5m 0.07% Reduced -590.0k -590,000
58 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.07% of their portfolio FRANKFURT AM MAIN, 2M 879,729879.7k $38.6m $38.6m 0.07% Added +106.7k +106,725
59 INTACT INVESTMENT MANAGEMENT INC. 1.59% of their portfolio MONTREAL, A8 833,740833.7k $36.6m $36.6m 1.59% Reduced -61.3k -61,320
60 BANK OF NOVA SCOTIA TRUST CO 3.76% of their portfolio TORONTO, A6 789,080789.1k $34.7m $34.7m 3.76% Added +2.9k +2,878
61 UBS Group AG 0.02% of their portfolio ZURICH, V8 781,154781.2k $34.3m $34.3m 0.02% Added +173.4k +173,378
62 Onex Canada Asset Management Inc. 1.91% of their portfolio TORONTO, A6 775,752775.8k $34.1m $34.1m 1.91% Reduced -17.1k -17,111
63 RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio NEW YORK, NY 731,958732.0k $32.2m $32.2m 0.04% Added +279.4k +279,360
64 BlackRock Inc. 0.00% of their portfolio New York, NY 722,879722.9k $31.8m $31.8m 0.00% Added +73.6k +73,585
65 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 690,153690.2k $30.3m $30.3m 0.05% Added +9.9k +9,929
66 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 680,939680.9k $29.9m $29.9m 0.04% Added +19.1k +19,146
67 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.17% of their portfolio JUPITER, FL 675,845675.8k $29.7m $29.7m 0.17% Reduced -44.8k -44,816
68 TWO SIGMA ADVISERS, LP 0.08% of their portfolio NEW YORK, NY 620,000620.0k $27.2m $27.2m 0.08% Added +429.6k +429,600
69 Addenda Capital Inc. 1.59% of their portfolio MONTREAL, A8 606,505606.5k $36.7m $36.7m 1.59% Added +59.4k +59,384
70 GUYASUTA INVESTMENT ADVISORS INC 2.10% of their portfolio PITTSBURGH, PA 605,554605.6k $26.6m $26.6m 2.10% Added +75 +75
71 Marathon Asset Management Ltd 0.71% of their portfolio London, X0 593,935593.9k $26.5m $26.5m 0.71% Reduced -8.9k -8,920
72 TWO SIGMA INVESTMENTS, LP 0.08% of their portfolio NEW YORK, NY 563,888563.9k $24.8m $24.8m 0.08% Added +232.6k +232,647
73 LGT CAPITAL PARTNERS LTD. 0.71% of their portfolio PFAEFFIKON, V8 550,020550.0k $24.1m $24.1m 0.71% Added +9.6k +9,610
74 CANADA LIFE ASSURANCE Co 0.06% of their portfolio WINNIPEG, A2 510,779510.8k $22.5m $22.5m 0.06% Reduced -24.4k -24,432
75 HSBC HOLDINGS PLC 0.03% of their portfolio LONDON, X0 497,341497.3k $21.8m $21.8m 0.03% Added +260.6k +260,647
76 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 484,645484.6k $21.3m $21.3m 0.02% Reduced -32.0k -32,012
77 OPPENHEIMER ASSET MANAGEMENT INC. 0.34% of their portfolio NEW YORK, NY 483,807483.8k $21.3m $21.3m 0.34% Added +10.1k +10,137
78 Janney Montgomery Scott LLC 0.08% of their portfolio PHILADELPHIA, PA 473,510473.5k $20.8m $20.8m 0.08% Added +8.8k +8,847
79 CRAWFORD INVESTMENT COUNSEL INC 0.43% of their portfolio ATLANTA, GA 450,439450.4k $19.8m $19.8m 0.43% Reduced -5.0k -5,025
80 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 436,068436.1k $19.2m $19.2m 0.00% Reduced -1.0k -1,017
81 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 422,954423.0k $18.6m $18.6m 0.00% Reduced -29.2k -29,217
82 Russell Investments Group, Ltd. 0.04% of their portfolio Seattle, WA 411,155411.2k $18.1m $18.1m 0.04% Reduced -34.1k -34,146
83 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 410,287410.3k $19.8m $19.8m 0.00% Reduced -3.0k -2,994
84 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 406,675406.7k $17.9m $17.9m 0.02% Added +69.0k +68,982
85 GUARDIAN CAPITAL ADVISORS LP 2.04% of their portfolio TORONTO, A6 392,077392.1k $18.0m $18.0m 2.04% Reduced -796 -796
86 FMR LLC 0.00% of their portfolio BOSTON, MA 373,800373.8k $16.4m $16.4m 0.00% Reduced -564.5k -564,550
87 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 371,384371.4k $16.3m $16.3m 0.01% Added +16.6k +16,550
88 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 366,101366.1k $16.1m $16.1m 0.01% Reduced -294.4k -294,360
89 JENNISON ASSOCIATES LLC 0.02% of their portfolio NEW YORK, NY 343,541343.5k $15.1m $15.1m 0.02% Reduced -3.7k -3,690
90 NATIXIS ADVISORS, LLC 0.05% of their portfolio Boston, MA 326,209326.2k $14.3m $14.3m 0.05% Reduced -9.9k -9,926
91 MONEY CONCEPTS CAPITAL CORP 0.63% of their portfolio PALM BEACH GARDENS, FL 319,486319.5k $14.0m $14.0m 0.63% Added +15.6k +15,641
92 Swiss National Bank 0.01% of their portfolio ZURICH, V8 307,609307.6k $13.5m $13.5m 0.01% Reduced -19.2k -19,245
93 Bollard Group LLC 0.51% of their portfolio BOSTON, MA 302,772302.8k $13.3m $13.3m 0.51% Reduced -4.1k -4,127
94 Allianz Asset Management GmbH 0.03% of their portfolio MUNICH, 2M 296,397296.4k $13.0m $13.0m 0.03% Reduced -19.3k -19,312
95 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.14% of their portfolio VICTORIA, A1 285,825285.8k $12.6m $12.6m 0.14% Reduced -54.7k -54,737
96 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 281,744281.7k $12.4m $12.4m 0.02% Reduced -11.6k -11,562
97 DORCHESTER WEALTH MANAGEMENT Co 2.83% of their portfolio MONTREAL, A8 271,877271.9k $11.9m $11.9m 2.83% Reduced -14.8k -14,794
98 CIDEL ASSET MANAGEMENT INC 0.55% of their portfolio TORONTO, A6 268,765268.8k $11.8m $11.8m 0.55% Added +45.3k +45,333
99 Verity & Verity, LLC 1.49% of their portfolio BEAUFORT, SC 260,012260.0k $11.4m $11.4m 1.49% Added +14.5k +14,498
100 LIBERTY ONE INVESTMENT MANAGEMENT, LLC 1.63% of their portfolio LIBERTYVILLE, IL 257,586257.6k $11.3m $11.3m 1.63% Added +5.2k +5,207