Vault-13

BCE INC BCE

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

Bell Canada Enterprises

584 institutional holders -13 vs Q4 2022
383,477,676383.5m shares reported held*
42.0% of all shares outstanding*
$17.2bnreported value*
42 new 249 added 166 reduced 49 sold out net sold ≈ $12.9m (-253.7k 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 ($596.8m 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 ≈ $45.06. Options: 12 managers hold calls ($176.5m notional), 6 hold puts ($193.8m).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 573Q4 22: 597Q1 23: 584584Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 2022573
Q4 2022597
Q1 2023584

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q4 22: 299 bought or addedQ4 22: 219 cut or sold outQ4 22Q1 23: 291 bought or addedQ1 23: 215 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022299219
Q1 2023291215

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 1.29Q1 23 calls: $176.5mQ1 23 puts: $193.8mQ1 23P/C 1.10
Numbers
QuarterCallsPutsP/C
Q3 2022$154.3m$394.6m2.56
Q4 2022$394.9m$507.5m1.29
Q1 2023$176.5m$193.8m1.10

Biggest buyers

FEDERATED HERMES, INC. Added +3,012,465+3.0m
Connor, Clark & Lunn Investment Management Ltd. Added +2,425,722+2.4m
BANK OF MONTREAL /CAN/ Added +1,463,386+1.5m
Cullen Capital Management, LLC Added +1,380,355+1.4m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Added +1,233,371+1.2m
Capital World Investors Added +868,000+868.0k
Verity & Verity, LLC Added +781,431+781.4k
INTACT INVESTMENT MANAGEMENT INC. Added +580,280+580.3k
CIBC WORLD MARKET INC. Added +488,162+488.2k
CANADA PENSION PLAN INVESTMENT BOARD Added +419,180+419.2k

Biggest sellers

GOLDMAN SACHS GROUP INC Reduced -4,837,320-4.8m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -1,867,100-1.9m
Capital Research Global Investors Reduced -1,807,565-1.8m
FRANKLIN RESOURCES INC Reduced -1,502,176-1.5m
FIL Ltd Reduced -1,497,476-1.5m
TORONTO DOMINION BANK Reduced -735,866-735.9k
MORGAN STANLEY Reduced -647,945-647.9k
RENAISSANCE TECHNOLOGIES LLC Reduced -601,760-601.8k
MACKENZIE FINANCIAL CORP Reduced -515,074-515.1k
TWO SIGMA INVESTMENTS, LP Reduced -471,700-471.7k

Biggest calls

ROYAL BANK OF CANADA Reduced $46.6m1.0m shares
BANK OF AMERICA CORP /DE/ Reduced $37.2m830.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $22.4m500.0k shares
SIG North Trading, ULC Added $20.2m450.7k shares
Polar Asset Management Partners Inc. Added $20.1m450.0k shares
CITIGROUP INC Unchanged $11.2m250.0k shares
CITADEL ADVISORS LLC Added $7.4m164.1k shares
CIBC WORLD MARKET INC. New $4.5m100.0k shares
PEAK6 Investments LLC Added $2.7m61.3k shares
D. E. Shaw & Co., Inc. Reduced $2.2m50.0k shares

Biggest puts

ROYAL BANK OF CANADA Reduced $109.9m2.5m shares
CIBC WORLD MARKET INC. Added $62.7m1.4m shares
SIG North Trading, ULC Added $16.6m371.1k shares
CITADEL ADVISORS LLC Added $2.6m57.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.2m27.7k shares
Walleye Trading LLC Reduced $837.6k18.7k 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 Q1 2023

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 Q1 2023.

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.79% of their portfolio TORONTO, A6 58,928,05858.9m $2.6bn $2.6bn 0.79% Added +305.6k +305,602
2 BANK OF MONTREAL /CAN/ 0.60% of their portfolio TORONTO, A6 31,372,62531.4m $1.4bn $1.4bn 0.60% Added +1.5m +1,463,386
3 NATIONAL BANK OF CANADA /FI/ 1.87% of their portfolio MONTREAL, A8 15,521,18315.5m $694.8m $694.8m 1.87% Reduced -359.7k -359,668
4 BANK OF NOVA SCOTIA 1.90% of their portfolio TORONTO, A6 14,297,05914.3m $640.4m $640.4m 1.90% Added +100.7k +100,725
5 Capital Research Global Investors 0.18% of their portfolio Los Angeles, CA 14,146,73814.1m $633.7m $633.7m 0.18% Reduced -1.8m -1,807,565
6 CIBC WORLD MARKET INC. 2.25% of their portfolio TORONTO, A6 13,882,18113.9m $621.8m $621.8m 2.25% Added +488.2k +488,162
7 VANGUARD GROUP INC 0.02% of their portfolio Valley Forge, PA 13,713,15913.7m $614.2m $614.2m 0.02% Added +139.1k +139,055
8 Caisse de depot et placement du Quebec 1.60% of their portfolio Montreal, A8 12,532,90012.5m $560.6m $560.6m 1.60% Unchanged
9 1832 Asset Management L.P. 1.09% of their portfolio TORONTO, A6 11,862,51311.9m $531.3m $531.3m 1.09% Reduced -32.7k -32,690
10 DEUTSCHE BANK AG\ 0.29% of their portfolio FRANKFURT AM MAIN, 2M 11,787,00611.8m $527.9m $527.9m 0.29% Reduced -24.4k -24,371
11 TD Asset Management Inc 0.59% of their portfolio Toronto, A6 10,880,40210.9m $486.7m $486.7m 0.59% Added +39.4k +39,398
12 FIL Ltd 0.51% of their portfolio HAMILTON, D0 9,962,26110.0m $446.3m $446.3m 0.51% Reduced -1.5m -1,497,476
13 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.12% of their portfolio SAN FRANCISCO, CA 9,432,7179.4m $403.1m $403.1m 0.12% Added +365.7k +365,694
14 TORONTO DOMINION BANK 0.70% of their portfolio TORONTO, ONTARIO, A6 8,865,0278.9m $428.6m $428.6m 0.70% Reduced -735.9k -735,866
15 SCOTIA CAPITAL INC. 2.65% of their portfolio TORONTO, A6 8,123,7838.1m $363.5m $363.5m 2.65% Added +300.8k +300,829
16 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 7,530,2387.5m $337.3m $337.3m 0.04% Reduced -99.0k -98,966
17 Cullen Capital Management, LLC 2.51% of their portfolio New York, NY 6,134,7706.1m $274.8m $274.8m 2.51% Added +1.4m +1,380,355
18 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.15% of their portfolio Toronto, A6 6,049,4316.0m $270.8m $270.8m 0.15% Added +1.2m +1,233,371
19 Capital World Investors 0.05% of their portfolio LOS ANGELES, CA 5,762,5005.8m $258.1m $258.1m 0.05% Added +868.0k +868,000
20 MACKENZIE FINANCIAL CORP 0.40% of their portfolio TORONTO ONTARIO, A6 5,734,7435.7m $256.9m $256.9m 0.40% Reduced -515.1k -515,074
21 PRINCIPAL FINANCIAL GROUP INC 0.18% of their portfolio DES MOINES, IA 5,537,7085.5m $248.0m $248.0m 0.18% Reduced -130.7k -130,679
22 FEDERATED HERMES, INC. 0.52% of their portfolio PITTSBURGH, PA 4,641,2784.6m $207.9m $207.9m 0.52% Added +3.0m +3,012,465
23 CIBC Asset Management Inc 0.83% of their portfolio TORONTO, Z4 4,585,5034.6m $205.2m $205.2m 0.83% Reduced -128.3k -128,260
24 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,577,9424.6m $205.0m $205.0m 0.03% Added +82.4k +82,399
25 Connor, Clark & Lunn Investment Management Ltd. 1.04% of their portfolio VANCOUVER, A1 4,268,0564.3m $191.2m $191.2m 1.04% Added +2.4m +2,425,722
26 TD Waterhouse Canada Inc. 2.30% of their portfolio TORONTO, A6 3,668,9023.7m $222.2m $222.2m 2.30% Added +102.8k +102,775
27 LETKO, BROSSEAU & ASSOCIATES INC 2.94% of their portfolio MONTREAL, A8 3,518,7343.5m $157.4m $157.4m 2.94% Added +27.0k +27,023
28 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 2,841,1042.8m $127.3m $127.3m 0.01% Reduced -647.9k -647,945
29 DekaBank Deutsche Girozentrale 0.32% of their portfolio FRANKFURT, 2M 2,831,8732.8m $127.8m $127.8m 0.32% Reduced -43.2k -43,243
30 NORGES BANK 0.03% of their portfolio OSLO, Q8 2,765,4582.8m $123.9m $123.9m 0.03% Added +91.4k +91,435
31 RAYMOND JAMES & ASSOCIATES 0.10% of their portfolio ST PETERSBURG, FL 2,578,4542.6m $115.5m $115.5m 0.10% Added +131.6k +131,619
32 FIRST TRUST ADVISORS LP 0.13% of their portfolio Wheaton, IL 2,533,1462.5m $113.5m $113.5m 0.13% Added +53.2k +53,215
33 ACADIAN ASSET MANAGEMENT LLC 0.49% of their portfolio Boston, MA 2,476,9972.5m $110.9m $110.9m 0.49% Reduced -78.2k -78,165
34 REAVES W H & CO INC 3.80% of their portfolio JERSEY CITY, NJ 2,356,4422.4m $105.5m $105.5m 3.80% Reduced -132.2k -132,227
35 FRANKLIN RESOURCES INC 0.05% of their portfolio San Mateo, CA 2,255,6502.3m $101.0m $101.0m 0.05% Reduced -1.5m -1,502,176
36 Federation des caisses Desjardins du Quebec 1.14% of their portfolio LEVIS, A8 2,235,7012.2m $103.2m $103.2m 1.14% Added +53.3k +53,324
37 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 2,096,4482.1m $93.9m $93.9m 0.05% Added +132.0k +132,032
38 Legal & General Group Plc 0.03% of their portfolio London, X0 2,077,1482.1m $92.9m $92.9m 0.03% Added +26.3k +26,309
39 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 2,042,8752.0m $91.4m $91.4m 0.03% Added +69.0k +69,001
40 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 1,833,6971.8m $82.1m $82.1m 0.02% Added +83.5k +83,498
41 MONTRUSCO BOLTON INVESTMENTS INC. 1.67% of their portfolio MONTREAL, A8 1,806,1961.8m $80.8m $80.8m 1.67% Reduced -21.1k -21,068
42 Alberta Investment Management Corp 0.76% of their portfolio EDMONTON, A0 1,754,1811.8m $78.5m $78.5m 0.76% Reduced -44.8k -44,802
43 Amundi 0.04% of their portfolio Paris, I0 1,429,6811.4m $67.1m $67.1m 0.04% Added +77.3k +77,329
44 APG Asset Management N.V. 0.12% of their portfolio Amsterdam, P7 1,421,0991.4m $58.5m $58.5m 0.12% Added +89.5k +89,480
45 INTACT INVESTMENT MANAGEMENT INC. 2.61% of their portfolio MONTREAL, A8 1,414,0201.4m $63.3m $63.3m 2.61% Added +580.3k +580,280
46 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 1,400,0731.4m $62.6m $62.6m 0.01% Added +273.8k +273,784
47 GUARDIAN CAPITAL LP 1.88% of their portfolio TORONTO, A6 1,319,7061.3m $59.0m $59.0m 1.88% Reduced -7.9k -7,863
48 CANADA PENSION PLAN INVESTMENT BOARD 0.09% of their portfolio TORONTO ONTARIO, A6 1,317,7501.3m $58.9m $58.9m 0.09% Added +419.2k +419,180
49 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 1,265,3361.3m $56.7m $56.7m 0.02% Added +34.0k +34,016
50 CAPITAL ADVISORS INC/OK 1.41% of their portfolio TULSA, OK 1,172,9781.2m $52.5m $52.5m 1.41% Added +34.1k +34,063
51 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.98% of their portfolio MISSISSAUGA, A6 1,146,7641.1m $51.2m $51.2m 5.98% Added +217.4k +217,422
52 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,101,9921.1m $49.4m $49.4m 0.02% Added +131.7k +131,686
53 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.58% of their portfolio CHICAGO, IL 1,065,8651.1m $47.7m $47.7m 0.58% Unchanged
54 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.08% of their portfolio FRANKFURT AM MAIN, 2M 1,059,4301.1m $47.4m $47.4m 0.08% Added +179.7k +179,701
55 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 1,048,6791.0m $47.0m $47.0m 0.04% Added +142.4k +142,442
56 Verity & Verity, LLC 2.01% of their portfolio BEAUFORT, SC 1,041,4431.0m $46.6m $46.6m 2.01% Added +781.4k +781,431
57 CREDIT SUISSE AG/ 0.05% of their portfolio ZURICH, V8 1,028,7141.0m $46.1m $46.1m 0.05% Reduced -1.1k -1,080
58 GABELLI FUNDS LLC 0.31% of their portfolio Rye, NY 908,400908.4k $40.7m $40.7m 0.31% Unchanged
59 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 811,643811.6k $36.4m $36.4m 0.01% Reduced -4.8m -4,837,320
60 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 808,879808.9k $36.2m $36.2m 0.05% Added +127.9k +127,940
61 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.20% of their portfolio TORONTO, A6 804,000804.0k $36.0m $36.0m 0.20% Reduced -1.9m -1,867,100
62 BANK OF NOVA SCOTIA TRUST CO 3.95% of their portfolio TORONTO, A6 801,503801.5k $35.9m $35.9m 3.95% Added +12.4k +12,423
63 LGT CAPITAL PARTNERS LTD. 0.95% of their portfolio PFAEFFIKON, V8 765,540765.5k $34.2m $34.2m 0.95% Added +215.5k +215,520
64 UBS Group AG 0.02% of their portfolio ZURICH, V8 755,532755.5k $33.8m $33.8m 0.02% Reduced -25.6k -25,622
65 Onex Canada Asset Management Inc. 1.83% of their portfolio TORONTO, A6 749,516749.5k $33.6m $33.6m 1.83% Reduced -26.2k -26,236
66 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 715,279715.3k $32.0m $32.0m 0.06% Added +25.1k +25,126
67 BlackRock Inc. 0.00% of their portfolio New York, NY 708,437708.4k $31.7m $31.7m 0.00% Reduced -14.4k -14,442
68 GUYASUTA INVESTMENT ADVISORS INC 2.10% of their portfolio PITTSBURGH, PA 608,104608.1k $27.2m $27.2m 2.10% Added +2.5k +2,550
69 Addenda Capital Inc. 1.53% of their portfolio MONTREAL, A8 606,326606.3k $37.3m $37.3m 1.53% Reduced -179 -179
70 Marathon Asset Management Ltd 0.75% of their portfolio London, X0 587,787587.8k $26.7m $26.7m 0.75% Reduced -6.1k -6,148
71 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.13% of their portfolio JUPITER, FL 564,125564.1k $25.3m $25.3m 0.13% Reduced -111.7k -111,720
72 CANADA LIFE ASSURANCE Co 0.06% of their portfolio WINNIPEG, A2 524,175524.2k $23.5m $23.5m 0.06% Added +13.4k +13,396
73 OPPENHEIMER ASSET MANAGEMENT INC. 0.35% of their portfolio NEW YORK, NY 503,686503.7k $22.6m $22.6m 0.35% Added +19.9k +19,879
74 Janney Montgomery Scott LLC 0.09% of their portfolio PHILADELPHIA, PA 487,215487.2k $21.8m $21.8m 0.09% Added +13.7k +13,705
75 CRAWFORD INVESTMENT COUNSEL INC 0.45% of their portfolio ATLANTA, GA 470,951471.0k $21.1m $21.1m 0.45% Added +20.5k +20,512
76 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 469,549469.5k $21.0m $21.0m 0.02% Reduced -15.1k -15,096
77 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 462,125462.1k $20.7m $20.7m 0.00% Added +26.1k +26,057
78 Russell Investments Group, Ltd. 0.04% of their portfolio Seattle, WA 433,687433.7k $19.5m $19.5m 0.04% Added +22.5k +22,532
79 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 433,175433.2k $21.4m $21.4m 0.00% Added +22.9k +22,888
80 Cumberland Partners Ltd 1.85% of their portfolio TORONTO, A6 422,197422.2k $18.9m $18.9m 1.85% Added +309.7k +309,692
81 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 409,660409.7k $18.3m $18.3m 0.00% Reduced -13.3k -13,294
82 GUARDIAN CAPITAL ADVISORS LP 2.12% of their portfolio TORONTO, A6 394,235394.2k $18.4m $18.4m 2.12% Added +2.2k +2,158
83 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 391,130391.1k $17.5m $17.5m 0.01% Added +19.7k +19,746
84 TWO SIGMA ADVISERS, LP 0.05% of their portfolio NEW YORK, NY 389,600389.6k $17.5m $17.5m 0.05% Reduced -230.4k -230,400
85 GODSEY & GIBB, INC 1.98% of their portfolio RICHMOND, VA 377,006377.0k $16.9m $16.9m 1.98% New
86 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 341,931341.9k $15.3m $15.3m 0.01% Reduced -1.6k -1,610
87 MONEY CONCEPTS CAPITAL CORP 0.82% of their portfolio PALM BEACH GARDENS, FL 325,658325.7k $14.6m $14.6m 0.82% Added +6.2k +6,172
88 NATIXIS ADVISORS, LLC 0.05% of their portfolio Boston, MA 325,309325.3k $14.6m $14.6m 0.05% Reduced -900 -900
89 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 324,124324.1k $14.5m $14.5m 0.00% Reduced -42.0k -41,977
90 Bollard Group LLC 0.49% of their portfolio BOSTON, MA 305,855305.9k $13.7m $13.7m 0.49% Added +3.1k +3,083
91 DORCHESTER WEALTH MANAGEMENT Co 2.73% of their portfolio MONTREAL, A8 296,849296.8k $13.3m $13.3m 2.73% Added +25.0k +24,972
92 Swiss National Bank 0.01% of their portfolio ZURICH, V8 293,009293.0k $13.1m $13.1m 0.01% Reduced -14.6k -14,600
93 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.13% of their portfolio VICTORIA, A1 284,106284.1k $12.7m $12.7m 0.13% Reduced -1.7k -1,719
94 HSBC HOLDINGS PLC 0.02% of their portfolio LONDON, X0 279,952280.0k $12.5m $12.5m 0.02% Reduced -217.4k -217,389
95 Northwest & Ethical Investments L.P. 0.41% of their portfolio TORONTO, A6 277,562277.6k $12.4m $12.4m 0.41% Added +58.3k +58,295
96 LIBERTY ONE INVESTMENT MANAGEMENT, LLC 1.64% of their portfolio LIBERTYVILLE, IL 268,190268.2k $12.0m $12.0m 1.64% Added +10.6k +10,604
97 Credential Qtrade Securities Inc. 0.77% of their portfolio VANCOUVER, A1 258,889258.9k $11.6m $11.6m 0.77% Added +36.6k +36,640
98 JOHN G ULLMAN & ASSOCIATES INC 1.71% of their portfolio CORNING, NY 245,420245.4k $11.0m $11.0m 1.71% Added +14.7k +14,688
99 JARISLOWSKY, FRASER Ltd 0.07% of their portfolio MONTREAL, A8 243,136243.1k $10.9m $10.9m 0.07% Added +8.6k +8,551
100 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 241,135241.1k $10.8m $10.8m 0.01% Reduced -40.6k -40,609