Vault-13

BCE INC BCE

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

Bell Canada Enterprises

590 institutional holders +6 vs Q1 2023
392,659,515392.7m shares reported held*
$18.0bnreported value*
40 new 216 added 213 reduced 46 sold out net bought ≈ $431.9m (+9.5m 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 ($617.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $45.96. Options: 10 managers hold calls ($186.8m notional), 7 hold puts ($214.7m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 573Q4 22: 597Q1 23: 584Q2 23: 590590Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022573
Q4 2022597
Q1 2023584
Q2 2023590

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 23Q2 23: 256 bought or addedQ2 23: 259 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022299219
Q1 2023291215
Q2 2023256259

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 1.10Q2 23 calls: $186.8mQ2 23 puts: $214.7mQ2 23P/C 1.15
Numbers
QuarterCallsPutsP/C
Q3 2022$154.3m$394.6m2.56
Q4 2022$394.9m$507.5m1.29
Q1 2023$176.5m$193.8m1.10
Q2 2023$186.8m$214.7m1.15

Biggest buyers

TORONTO DOMINION BANK Added +9,061,231+9.1m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Added +3,064,624+3.1m
BANK OF MONTREAL /CAN/ Added +1,720,713+1.7m
FIL Ltd Added +788,784+788.8k
AMERICAN CENTURY COMPANIES INC Added +708,126+708.1k
CIBC WORLD MARKET INC. Added +690,683+690.7k
State of Tennessee, Department of Treasury New +523,698+523.7k
Pacer Advisors, Inc. Added +367,263+367.3k
MORGAN STANLEY Added +342,674+342.7k
Connor, Clark & Lunn Investment Management Ltd. Added +336,935+336.9k

Biggest sellers

ROYAL BANK OF CANADA Reduced -1,920,613-1.9m
MACKENZIE FINANCIAL CORP Reduced -1,251,323-1.3m
INTACT INVESTMENT MANAGEMENT INC. Reduced -813,760-813.8k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -679,000-679.0k
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -570,396-570.4k
GUARDIAN CAPITAL LP Reduced -503,068-503.1k
PRINCIPAL FINANCIAL GROUP INC Reduced -394,880-394.9k
REAVES W H & CO INC Reduced -384,462-384.5k
Cumberland Partners Ltd Reduced -363,847-363.8k
TWO SIGMA ADVISERS, LP Reduced -359,800-359.8k

Biggest calls

ROYAL BANK OF CANADA Added $70.4m1.5m shares
BANK OF AMERICA CORP /DE/ Added $54.7m1.2m shares
SIG North Trading, ULC Added $25.1m550.3k shares
CITIGROUP INC Unchanged $11.4m250.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $9.4m206.0k shares
Walleye Trading LLC Added $5.1m111.9k shares
CIBC WORLD MARKET INC. Unchanged $4.6m100.0k shares
CITADEL ADVISORS LLC Reduced $2.5m54.3k shares
D. E. Shaw & Co., Inc. Unchanged $2.3m50.0k shares
HSBC HOLDINGS PLC Unchanged $1.4m30.0k shares

Biggest puts

ROYAL BANK OF CANADA Added $128.7m2.8m shares
CIBC WORLD MARKET INC. Unchanged $63.9m1.4m shares
SIG North Trading, ULC Reduced $15.6m342.7k shares
BANK OF AMERICA CORP /DE/ New $3.4m75.0k shares
CITADEL ADVISORS LLC Reduced $2.3m49.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $775.0k17.0k shares
Walleye Trading LLC Reduced $36.5k800 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 Q2 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 Q2 2023.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.73% of their portfolio TORONTO, A6 57,007,44557.0m $2.6bn $2.6bn 0.73% Reduced -1.9m -1,920,613
2 BANK OF MONTREAL /CAN/ 0.56% of their portfolio TORONTO, A6 33,093,33833.1m $1.5bn $1.5bn 0.56% Added +1.7m +1,720,713
3 TORONTO DOMINION BANK 0.65% of their portfolio TORONTO, ONTARIO, A6 17,926,25817.9m $877.6m $877.6m 0.65% Added +9.1m +9,061,231
4 NATIONAL BANK OF CANADA /FI/ 1.40% of their portfolio MONTREAL, A8 15,388,01315.4m $700.5m $700.5m 1.40% Reduced -133.2k -133,170
5 CIBC WORLD MARKET INC. 2.29% of their portfolio TORONTO, A6 14,572,86414.6m $665.0m $665.0m 2.29% Added +690.7k +690,683
6 BANK OF NOVA SCOTIA 1.74% of their portfolio TORONTO, A6 14,536,80914.5m $662.8m $662.8m 1.74% Added +239.8k +239,750
7 VANGUARD GROUP INC 0.02% of their portfolio Valley Forge, PA 14,038,20714.0m $640.0m $640.0m 0.02% Added +325.0k +325,048
8 Capital Research Global Investors 0.17% of their portfolio Los Angeles, CA 13,841,31213.8m $631.1m $631.1m 0.17% Reduced -305.4k -305,426
9 Caisse de depot et placement du Quebec 1.52% of their portfolio Montreal, A8 12,532,90012.5m $572.1m $572.1m 1.52% Unchanged
10 1832 Asset Management L.P. 1.06% of their portfolio TORONTO, A6 11,909,02111.9m $542.9m $542.9m 1.06% Added +46.5k +46,508
11 DEUTSCHE BANK AG\ 0.28% of their portfolio FRANKFURT AM MAIN, 2M 11,633,39111.6m $530.4m $530.4m 0.28% Reduced -153.6k -153,615
12 TD Asset Management Inc 0.56% of their portfolio Toronto, A6 10,844,87110.8m $495.0m $495.0m 0.56% Reduced -35.5k -35,531
13 FIL Ltd 0.55% of their portfolio HAMILTON, D0 10,751,04510.8m $490.2m $490.2m 0.55% Added +788.8k +788,784
14 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.12% of their portfolio SAN FRANCISCO, CA 9,426,8029.4m $410.2m $410.2m 0.12% Reduced -5.9k -5,915
15 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.23% of their portfolio Toronto, A6 9,114,0559.1m $415.4m $415.4m 0.23% Added +3.1m +3,064,624
16 SCOTIA CAPITAL INC. 2.57% of their portfolio TORONTO, A6 8,243,5118.2m $374.7m $374.7m 2.57% Added +119.7k +119,728
17 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 7,174,9037.2m $327.1m $327.1m 0.04% Reduced -355.3k -355,335
18 Cullen Capital Management, LLC 2.50% of their portfolio New York, NY 6,142,3936.1m $280.0m $280.0m 2.50% Added +7.6k +7,623
19 Capital World Investors 0.05% of their portfolio LOS ANGELES, CA 5,762,5005.8m $262.7m $262.7m 0.05% Unchanged
20 PRINCIPAL FINANCIAL GROUP INC 0.16% of their portfolio DES MOINES, IA 5,142,8285.1m $234.5m $234.5m 0.16% Reduced -394.9k -394,880
21 FEDERATED HERMES, INC. 0.53% of their portfolio PITTSBURGH, PA 4,684,6104.7m $213.6m $213.6m 0.53% Added +43.3k +43,332
22 CIBC Asset Management Inc 0.83% of their portfolio TORONTO, Z4 4,640,0844.6m $211.7m $211.7m 0.83% Added +54.6k +54,581
23 Connor, Clark & Lunn Investment Management Ltd. 1.05% of their portfolio VANCOUVER, A1 4,604,9914.6m $209.9m $209.9m 1.05% Added +336.9k +336,935
24 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 4,541,7734.5m $207.1m $207.1m 0.02% Reduced -36.2k -36,169
25 MACKENZIE FINANCIAL CORP 0.31% of their portfolio TORONTO ONTARIO, A6 4,483,4204.5m $204.4m $204.4m 0.31% Reduced -1.3m -1,251,323
26 TD Waterhouse Canada Inc. 2.31% of their portfolio TORONTO, A6 3,818,7983.8m $232.0m $232.0m 2.31% Added +149.9k +149,896
27 LETKO, BROSSEAU & ASSOCIATES INC 2.93% of their portfolio MONTREAL, A8 3,447,8743.4m $157.4m $157.4m 2.93% Reduced -70.9k -70,860
28 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 3,183,7783.2m $145.1m $145.1m 0.01% Added +342.7k +342,674
29 NORGES BANK 0.03% of their portfolio OSLO, Q8 2,884,6952.9m $131.5m $131.5m 0.03% Added +119.2k +119,237
30 DekaBank Deutsche Girozentrale 0.29% of their portfolio FRANKFURT, 2M 2,884,2792.9m $130.8m $130.8m 0.29% Added +52.4k +52,406
31 FIRST TRUST ADVISORS LP 0.14% of their portfolio Wheaton, IL 2,612,8102.6m $119.1m $119.1m 0.14% Added +79.7k +79,664
32 RAYMOND JAMES & ASSOCIATES 0.10% of their portfolio ST PETERSBURG, FL 2,554,6952.6m $116.5m $116.5m 0.10% Reduced -23.8k -23,759
33 Federation des caisses Desjardins du Quebec 1.11% of their portfolio LEVIS, A8 2,407,6372.4m $113.2m $113.2m 1.11% Added +171.9k +171,936
34 ACADIAN ASSET MANAGEMENT LLC 0.42% of their portfolio Boston, MA 2,264,2352.3m $103.2m $103.2m 0.42% Reduced -212.8k -212,762
35 FRANKLIN RESOURCES INC 0.05% of their portfolio San Mateo, CA 2,220,2512.2m $101.2m $101.2m 0.05% Reduced -35.4k -35,399
36 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 2,132,8282.1m $97.2m $97.2m 0.04% Added +36.4k +36,380
37 Legal & General Group Plc 0.03% of their portfolio London, X0 2,058,0422.1m $93.9m $93.9m 0.03% Reduced -19.1k -19,106
38 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 2,030,4672.0m $92.6m $92.6m 0.03% Reduced -12.4k -12,408
39 Alberta Investment Management Corp 0.87% of their portfolio EDMONTON, A0 1,993,4902.0m $91.0m $91.0m 0.87% Added +239.3k +239,309
40 REAVES W H & CO INC 3.31% of their portfolio JERSEY CITY, NJ 1,971,9802.0m $89.9m $89.9m 3.31% Reduced -384.5k -384,462
41 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 1,818,7541.8m $82.9m $82.9m 0.02% Reduced -14.9k -14,943
42 MONTRUSCO BOLTON INVESTMENTS INC. 1.24% of their portfolio MONTREAL, A8 1,759,7111.8m $80.3m $80.3m 1.24% Reduced -46.5k -46,485
43 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 1,474,6761.5m $67.3m $67.3m 0.01% Added +74.6k +74,603
44 APG Asset Management N.V. 0.12% of their portfolio Amsterdam, P7 1,390,9641.4m $58.2m $58.2m 0.12% Reduced -30.1k -30,135
45 Amundi 0.03% of their portfolio Paris, I0 1,361,6071.4m $62.5m $62.5m 0.03% Reduced -68.1k -68,074
46 CANADA PENSION PLAN INVESTMENT BOARD 0.09% of their portfolio TORONTO ONTARIO, A6 1,317,7501.3m $60.1m $60.1m 0.09% Unchanged
47 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 1,243,7041.2m $56.7m $56.7m 0.02% Reduced -21.6k -21,632
48 CAPITAL ADVISORS INC/OK 1.40% of their portfolio TULSA, OK 1,205,9341.2m $55.0m $55.0m 1.40% Added +33.0k +32,956
49 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 1,150,4281.2m $52.4m $52.4m 0.04% Added +101.7k +101,749
50 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.80% of their portfolio MISSISSAUGA, A6 1,104,5061.1m $50.4m $50.4m 5.80% Reduced -42.3k -42,258
51 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,085,5451.1m $49.5m $49.5m 0.01% Added +273.9k +273,902
52 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.59% of their portfolio CHICAGO, IL 1,065,8651.1m $48.6m $48.6m 0.59% Unchanged
53 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 959,552959.6k $48.5m $48.5m 0.02% Reduced -142.4k -142,440
54 CREDIT SUISSE AG/ 0.04% of their portfolio ZURICH, V8 935,222935.2k $42.6m $42.6m 0.04% Reduced -93.5k -93,492
55 GABELLI FUNDS LLC 0.31% of their portfolio Rye, NY 908,400908.4k $41.4m $41.4m 0.31% Unchanged
56 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 844,616844.6k $38.5m $38.5m 0.05% Added +35.7k +35,737
57 BlackRock Inc. 0.00% of their portfolio New York, NY 835,035835.0k $38.1m $38.1m 0.00% Added +126.6k +126,598
58 GUARDIAN CAPITAL LP 1.19% of their portfolio TORONTO, A6 816,638816.6k $37.3m $37.3m 1.19% Reduced -503.1k -503,068
59 UBS Group AG 0.02% of their portfolio ZURICH, V8 808,209808.2k $36.8m $36.8m 0.02% Added +52.7k +52,677
60 BANK OF NOVA SCOTIA TRUST CO 3.81% of their portfolio TORONTO, A6 800,503800.5k $36.5m $36.5m 3.81% Reduced -1.0k -1,000
61 Verity & Verity, LLC 2.10% of their portfolio BEAUFORT, SC 744,623744.6k $33.9m $33.9m 2.10% Reduced -296.8k -296,820
62 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 712,983713.0k $32.5m $32.5m 0.02% Added +708.1k +708,126
63 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 694,437694.4k $31.7m $31.7m 0.05% Reduced -20.8k -20,842
64 GUYASUTA INVESTMENT ADVISORS INC 2.03% of their portfolio PITTSBURGH, PA 601,950602.0k $27.4m $27.4m 2.03% Reduced -6.2k -6,154
65 INTACT INVESTMENT MANAGEMENT INC. 1.11% of their portfolio MONTREAL, A8 600,260600.3k $27.4m $27.4m 1.11% Reduced -813.8k -813,760
66 Addenda Capital Inc. 1.53% of their portfolio MONTREAL, A8 593,808593.8k $36.4m $36.4m 1.53% Reduced -12.5k -12,518
67 Onex Canada Asset Management Inc. 1.61% of their portfolio TORONTO, A6 582,255582.3k $26.5m $26.5m 1.61% Reduced -167.3k -167,261
68 Marathon Asset Management Ltd 0.75% of their portfolio London, X0 575,531575.5k $26.7m $26.7m 0.75% Reduced -12.3k -12,256
69 LGT CAPITAL PARTNERS LTD. 0.90% of their portfolio PFAEFFIKON, V8 569,250569.2k $26.0m $26.0m 0.90% Reduced -196.3k -196,290
70 CANADA LIFE ASSURANCE Co 0.06% of their portfolio WINNIPEG, A2 532,078532.1k $24.4m $24.4m 0.06% Added +7.9k +7,903
71 State of Tennessee, Department of Treasury 0.10% of their portfolio NASHVILLE, TN 523,698523.7k $23.9m $23.9m 0.10% New
72 OPPENHEIMER ASSET MANAGEMENT INC. 0.33% of their portfolio NEW YORK, NY 495,348495.3k $22.6m $22.6m 0.33% Reduced -8.3k -8,338
73 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 491,943491.9k $22.4m $22.4m 0.02% Added +22.4k +22,394
74 Janney Montgomery Scott LLC 0.08% of their portfolio PHILADELPHIA, PA 489,845489.8k $22.3m $22.3m 0.08% Added +2.6k +2,630
75 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.03% of their portfolio FRANKFURT AM MAIN, 2M 489,034489.0k $22.3m $22.3m 0.03% Reduced -570.4k -570,396
76 CRAWFORD INVESTMENT COUNSEL INC 0.44% of their portfolio ATLANTA, GA 480,014480.0k $21.9m $21.9m 0.44% Added +9.1k +9,063
77 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 467,367467.4k $21.3m $21.3m 0.00% Added +5.2k +5,242
78 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 451,071451.1k $22.4m $22.4m 0.00% Added +17.9k +17,896
79 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 423,548423.5k $19.3m $19.3m 0.00% Added +13.9k +13,888
80 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio JUPITER, FL 414,629414.6k $18.9m $18.9m 0.09% Reduced -149.5k -149,496
81 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 399,263399.3k $18.2m $18.2m 0.02% Added +336.3k +336,340
82 GUARDIAN CAPITAL ADVISORS LP 1.95% of their portfolio TORONTO, A6 395,697395.7k $17.1m $17.1m 1.95% Added +1.5k +1,462
83 GODSEY & GIBB, INC 1.95% of their portfolio RICHMOND, VA 376,581376.6k $17.2m $17.2m 1.95% Reduced -425 -425
84 Pacer Advisors, Inc. 0.07% of their portfolio Malvern, PA 369,593369.6k $16.8m $16.8m 0.07% Added +367.3k +367,263
85 NATIXIS ADVISORS, LLC 0.05% of their portfolio Boston, MA 366,211366.2k $16.7m $16.7m 0.05% Added +40.9k +40,902
86 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 340,459340.5k $15.5m $15.5m 0.01% Reduced -1.5k -1,472
87 Bollard Group LLC 0.48% of their portfolio BOSTON, MA 309,072309.1k $14.1m $14.1m 0.48% Added +3.2k +3,217
88 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 300,377300.4k $13.7m $13.7m 0.00% Reduced -23.7k -23,747
89 DORCHESTER WEALTH MANAGEMENT Co 2.66% of their portfolio MONTREAL, A8 287,044287.0k $13.1m $13.1m 2.66% Reduced -9.8k -9,805
90 Northwest & Ethical Investments L.P. 0.40% of their portfolio TORONTO, A6 277,294277.3k $12.6m $12.6m 0.40% Reduced -268 -268
91 Swiss National Bank 0.01% of their portfolio ZURICH, V8 274,609274.6k $12.5m $12.5m 0.01% Reduced -18.4k -18,400
92 LIBERTY ONE INVESTMENT MANAGEMENT, LLC 1.59% of their portfolio LIBERTYVILLE, IL 269,462269.5k $12.3m $12.3m 1.59% Added +1.3k +1,272
93 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 267,782267.8k $12.2m $12.2m 0.01% Reduced -123.3k -123,348
94 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 264,517264.5k $12.1m $12.1m 0.02% Added +26.7k +26,654
95 Credential Qtrade Securities Inc. 0.74% of their portfolio VANCOUVER, A1 258,937258.9k $11.8m $11.8m 0.74% Added +48 +48
96 JARISLOWSKY, FRASER Ltd 0.07% of their portfolio MONTREAL, A8 251,805251.8k $11.5m $11.5m 0.07% Added +8.7k +8,669
97 JOHN G ULLMAN & ASSOCIATES INC 1.72% of their portfolio CORNING, NY 244,770244.8k $11.2m $11.2m 1.72% Reduced -650 -650
98 Penserra Capital Management LLC 0.21% of their portfolio ORINDA, CA 232,307232.3k $10.6m $10.6m 0.21% Added +4.0k +3,955
99 Fiera Capital Corp 0.03% of their portfolio MONTREAL, A8 230,817230.8k $10.5m $10.5m 0.03% Added +26.0k +25,953
100 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 222,996223.0k $10.2m $10.2m 0.01% Added +156.3k +156,308