Vault-13

BCE INC BCE

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

Bell Canada Enterprises

568 institutional holders -22 vs Q2 2023
384,973,073385.0m shares reported held*
42.2% of all shares outstanding*
$14.8bnreported value*
34 new 182 added 244 reduced 60 sold out net sold ≈ $274.6m (-7.3m 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 ($534.1m this quarter). Holder counts are more reliable. Shares outstanding: 912.3m as of 2023-12-31, 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 ≈ $38.55. Options: 14 managers hold calls ($165.0m notional), 7 hold puts ($119.5m).

Trends to Q3 2023

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 573Q4 22: 597Q1 23: 584Q2 23: 590Q3 23: 568568Q3 22Q4 22Q1 23Q2 23Q3 23
Numbers
QuarterHolders
Q3 2022573
Q4 2022597
Q1 2023584
Q2 2023590
Q3 2023568

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 23Q3 23: 216 bought or addedQ3 23: 304 cut or sold outQ3 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022299219
Q1 2023291215
Q2 2023256259
Q3 2023216304

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ4 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 1.15Q3 23 calls: $165.0mQ3 23 puts: $119.5mQ3 23P/C 0.72
Numbers
QuarterCallsPutsP/C
Q4 2022$394.9m$507.5m1.29
Q1 2023$176.5m$193.8m1.10
Q2 2023$186.8m$214.7m1.15
Q3 2023$165.0m$119.5m0.72

Biggest buyers

AMERICAN CENTURY COMPANIES INC Added +2,857,340+2.9m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Added +1,893,418+1.9m
CANADA PENSION PLAN INVESTMENT BOARD Added +1,101,200+1.1m
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Added +1,082,443+1.1m
FIL Ltd Added +1,039,208+1.0m
1832 Asset Management L.P. Added +856,317+856.3k
WELLINGTON MANAGEMENT GROUP LLP Added +843,626+843.6k
ENVESTNET ASSET MANAGEMENT INC Added +835,871+835.9k
BANK OF NOVA SCOTIA Added +661,255+661.3k
SCOTIA CAPITAL INC. Added +554,804+554.8k

Biggest sellers

Capital Research Global Investors Reduced -10,028,588-10.0m
MACKENZIE FINANCIAL CORP Reduced -1,939,863-1.9m
PRINCIPAL FINANCIAL GROUP INC Reduced -1,882,169-1.9m
FIRST TRUST ADVISORS LP Reduced -1,424,193-1.4m
MONTRUSCO BOLTON INVESTMENTS INC. Reduced -896,741-896.7k
ROYAL BANK OF CANADA Reduced -784,936-784.9k
BANK OF MONTREAL /CAN/ Reduced -631,919-631.9k
FEDERATED HERMES, INC. Reduced -481,784-481.8k
NORGES BANK Reduced -459,568-459.6k
CIBC Asset Management Inc Reduced -435,120-435.1k

Biggest calls

BANK OF AMERICA CORP /DE/ Unchanged $45.8m1.2m shares
ROYAL BANK OF CANADA Reduced $37.3m976.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $16.5m432.9k shares
BANK OF MONTREAL /CAN/ New $14.7m360.0k shares
SIG North Trading, ULC Reduced $12.0m314.5k shares
CITIGROUP INC Unchanged $9.6m250.0k shares
CITADEL ADVISORS LLC Added $8.0m208.3k shares
HSBC HOLDINGS PLC Added $5.0m130.0k shares
Walleye Trading LLC Added $4.7m122.2k shares
CIBC WORLD MARKET INC. Unchanged $3.8m100.0k shares

Biggest puts

ROYAL BANK OF CANADA Reduced $81.9m2.1m shares
CIBC WORLD MARKET INC. Reduced $15.3m400.0k shares
SIG North Trading, ULC Reduced $12.6m330.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $5.0m132.1k shares
PEAK6 Investments LLC New $2.0m53.0k shares
CITADEL ADVISORS LLC Added $2.0m52.9k shares
CAPITAL FUND MANAGEMENT S.A. New $633.6k16.6k 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 Q3 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 Q3 2023.

Holders, Q3 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.63% of their portfolio TORONTO, A6 56,222,50956.2m $2.1bn $2.1bn 0.63% Reduced -784.9k -784,936
2 BANK OF MONTREAL /CAN/ 0.49% of their portfolio TORONTO, A6 32,461,41932.5m $1.3bn $1.3bn 0.49% Reduced -631.9k -631,919
3 TORONTO DOMINION BANK 0.56% of their portfolio TORONTO, ONTARIO, A6 17,617,63417.6m $672.5m $672.5m 0.56% Reduced -308.6k -308,624
4 NATIONAL BANK OF CANADA /FI/ 1.05% of their portfolio MONTREAL, A8 15,712,01115.7m $575.9m $575.9m 1.05% Added +324.0k +323,998
5 BANK OF NOVA SCOTIA 1.53% of their portfolio TORONTO, A6 15,198,06415.2m $580.2m $580.2m 1.53% Added +661.3k +661,255
6 CIBC WORLD MARKET INC. 2.04% of their portfolio TORONTO, A6 14,866,45214.9m $567.7m $567.7m 2.04% Added +293.6k +293,588
7 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 14,332,83314.3m $547.1m $547.1m 0.01% Added +294.6k +294,626
8 1832 Asset Management L.P. 1.01% of their portfolio TORONTO, A6 12,765,33812.8m $487.3m $487.3m 1.01% Added +856.3k +856,317
9 Caisse de depot et placement du Quebec 1.38% of their portfolio Montreal, A8 12,532,90012.5m $480.6m $480.6m 1.38% Unchanged
10 FIL Ltd 0.53% of their portfolio HAMILTON, D0 11,790,25311.8m $450.1m $450.1m 0.53% Added +1.0m +1,039,208
11 DEUTSCHE BANK AG\ 0.28% of their portfolio FRANKFURT AM MAIN, 2M 11,336,80111.3m $432.7m $432.7m 0.28% Reduced -296.6k -296,590
12 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.25% of their portfolio Toronto, A6 11,007,47311.0m $423.2m $423.2m 0.25% Added +1.9m +1,893,418
13 TD Asset Management Inc 0.50% of their portfolio Toronto, A6 10,716,09510.7m $411.0m $411.0m 0.50% Reduced -128.8k -128,776
14 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.10% of their portfolio SAN FRANCISCO, CA 9,376,9239.4m $342.3m $342.3m 0.10% Reduced -49.9k -49,879
15 SCOTIA CAPITAL INC. 2.43% of their portfolio TORONTO, A6 8,798,3158.8m $335.6m $335.6m 2.43% Added +554.8k +554,804
16 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 7,055,7767.1m $269.3m $269.3m 0.03% Reduced -119.1k -119,127
17 Cullen Capital Management, LLC 2.65% of their portfolio New York, NY 5,950,0116.0m $227.1m $227.1m 2.65% Reduced -192.4k -192,382
18 Capital World Investors 0.04% of their portfolio LOS ANGELES, CA 5,757,7005.8m $219.8m $219.8m 0.04% Reduced -4.8k -4,800
19 Connor, Clark & Lunn Investment Management Ltd. 0.99% of their portfolio VANCOUVER, A1 4,967,3895.0m $189.6m $189.6m 0.99% Added +362.4k +362,398
20 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 4,403,3884.4m $168.1m $168.1m 0.02% Reduced -138.4k -138,385
21 CIBC Asset Management Inc 0.67% of their portfolio TORONTO, Z4 4,204,9644.2m $161.0m $161.0m 0.67% Reduced -435.1k -435,120
22 FEDERATED HERMES, INC. 0.43% of their portfolio PITTSBURGH, PA 4,202,8264.2m $160.4m $160.4m 0.43% Reduced -481.8k -481,784
23 TD Waterhouse Canada Inc. 2.00% of their portfolio TORONTO, A6 3,840,5933.8m $192.3m $192.3m 2.00% Added +21.8k +21,795
24 Capital Research Global Investors 0.04% of their portfolio Los Angeles, CA 3,812,7243.8m $145.5m $145.5m 0.04% Reduced -10.0m -10,028,588
25 AMERICAN CENTURY COMPANIES INC 0.11% of their portfolio KANSAS CITY, MO 3,570,3233.6m $136.3m $136.3m 0.11% Added +2.9m +2,857,340
26 LETKO, BROSSEAU & ASSOCIATES INC 2.58% of their portfolio MONTREAL, A8 3,427,4223.4m $131.4m $131.4m 2.58% Reduced -20.5k -20,452
27 PRINCIPAL FINANCIAL GROUP INC 0.09% of their portfolio DES MOINES, IA 3,260,6593.3m $124.5m $124.5m 0.09% Reduced -1.9m -1,882,169
28 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 3,183,5273.2m $121.5m $121.5m 0.01% Reduced -251 -251
29 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 2,968,6993.0m $113.3m $113.3m 0.05% Added +835.9k +835,871
30 DekaBank Deutsche Girozentrale 0.25% of their portfolio FRANKFURT, 2M 2,843,1412.8m $108.6m $108.6m 0.25% Reduced -41.1k -41,138
31 MACKENZIE FINANCIAL CORP 0.16% of their portfolio TORONTO ONTARIO, A6 2,543,5572.5m $92.5m $92.5m 0.16% Reduced -1.9m -1,939,863
32 Federation des caisses Desjardins du Quebec 1.02% of their portfolio LEVIS, A8 2,500,9022.5m $99.3m $99.3m 1.02% Added +93.3k +93,265
33 NORGES BANK 0.02% of their portfolio OSLO, Q8 2,425,1272.4m $92.6m $92.6m 0.02% Reduced -459.6k -459,568
34 CANADA PENSION PLAN INVESTMENT BOARD 0.14% of their portfolio TORONTO ONTARIO, A6 2,418,9502.4m $92.8m $92.8m 0.14% Added +1.1m +1,101,200
35 FRANKLIN RESOURCES INC 0.05% of their portfolio San Mateo, CA 2,406,4782.4m $91.9m $91.9m 0.05% Added +186.2k +186,227
36 RAYMOND JAMES & ASSOCIATES 0.08% of their portfolio ST PETERSBURG, FL 2,392,9982.4m $91.3m $91.3m 0.08% Reduced -161.7k -161,697
37 WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio Boston, MA 2,318,3022.3m $88.9m $88.9m 0.02% Added +843.6k +843,626
38 Legal & General Group Plc 0.03% of their portfolio London, X0 2,195,3832.2m $84.2m $84.2m 0.03% Added +137.3k +137,341
39 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 2,017,5222.0m $77.2m $77.2m 0.02% Reduced -12.9k -12,945
40 Alberta Investment Management Corp 0.82% of their portfolio EDMONTON, A0 1,993,4902.0m $76.5m $76.5m 0.82% Unchanged
41 REAVES W H & CO INC 2.97% of their portfolio JERSEY CITY, NJ 1,967,2392.0m $75.1m $75.1m 2.97% Reduced -4.7k -4,741
42 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 1,928,6201.9m $73.6m $73.6m 0.02% Added +109.9k +109,866
43 ACADIAN ASSET MANAGEMENT LLC 0.29% of their portfolio Boston, MA 1,838,9531.8m $70.2m $70.2m 0.29% Reduced -425.3k -425,282
44 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,576,1771.6m $60.2m $60.2m 0.02% Added +490.6k +490,632
45 APG Asset Management N.V. 0.14% of their portfolio Amsterdam, P7 1,313,2041.3m $68.1m $68.1m 0.14% Reduced -77.8k -77,760
46 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 1,276,0581.3m $48.7m $48.7m 0.02% Added +32.4k +32,354
47 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.46% of their portfolio VICTORIA, A1 1,262,7101.3m $48.2m $48.2m 0.46% Added +1.1m +1,082,443
48 Amundi 0.02% of their portfolio Paris, I0 1,222,6581.2m $46.3m $46.3m 0.02% Reduced -138.9k -138,949
49 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 1,216,8461.2m $46.4m $46.4m 0.03% Added +66.4k +66,418
50 CAPITAL ADVISORS INC/OK 1.20% of their portfolio TULSA, OK 1,199,9911.2m $45.8m $45.8m 1.20% Reduced -5.9k -5,943
51 FIRST TRUST ADVISORS LP 0.05% of their portfolio Wheaton, IL 1,188,6171.2m $45.4m $45.4m 0.05% Reduced -1.4m -1,424,193
52 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.33% of their portfolio MISSISSAUGA, A6 1,153,5611.2m $44.1m $44.1m 5.33% Added +49.1k +49,055
53 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.54% of their portfolio CHICAGO, IL 1,065,8651.1m $40.7m $40.7m 0.54% Unchanged
54 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 1,003,3901.0m $38.2m $38.2m 0.01% Added +43.8k +43,838
55 CREDIT SUISSE AG/ 0.04% of their portfolio ZURICH, V8 920,676920.7k $35.1m $35.1m 0.04% Reduced -14.5k -14,546
56 GABELLI FUNDS LLC 0.28% of their portfolio Rye, NY 896,400896.4k $34.2m $34.2m 0.28% Reduced -12.0k -12,000
57 BANK OF NOVA SCOTIA TRUST CO 3.97% of their portfolio TORONTO, A6 875,422875.4k $33.4m $33.4m 3.97% Added +74.9k +74,919
58 MONTRUSCO BOLTON INVESTMENTS INC. 0.48% of their portfolio MONTREAL, A8 862,970863.0k $33.1m $33.1m 0.48% Reduced -896.7k -896,741
59 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 816,408816.4k $31.2m $31.2m 0.04% Reduced -28.2k -28,208
60 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 676,434676.4k $25.8m $25.8m 0.04% Reduced -18.0k -18,003
61 UBS Group AG 0.01% of their portfolio ZURICH, V8 650,904650.9k $24.8m $24.8m 0.01% Reduced -157.3k -157,305
62 BlackRock Inc. 0.00% of their portfolio New York, NY 637,613637.6k $24.3m $24.3m 0.00% Reduced -197.4k -197,422
63 Addenda Capital Inc. 1.45% of their portfolio MONTREAL, A8 630,664630.7k $33.3m $33.3m 1.45% Added +36.9k +36,856
64 RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio NEW YORK, NY 625,760625.8k $23.9m $23.9m 0.04% Added +482.9k +482,862
65 INTACT INVESTMENT MANAGEMENT INC. 1.03% of their portfolio MONTREAL, A8 622,160622.2k $23.7m $23.7m 1.03% Added +21.9k +21,900
66 GUYASUTA INVESTMENT ADVISORS INC 1.77% of their portfolio PITTSBURGH, PA 597,821597.8k $22.8m $22.8m 1.77% Reduced -4.1k -4,129
67 LGT CAPITAL PARTNERS LTD. 0.80% of their portfolio PFAEFFIKON, V8 581,130581.1k $22.3m $22.3m 0.80% Added +11.9k +11,880
68 Onex Canada Asset Management Inc. 1.54% of their portfolio TORONTO, A6 527,112527.1k $20.1m $20.1m 1.54% Reduced -55.1k -55,143
69 State of Tennessee, Department of Treasury 0.08% of their portfolio NASHVILLE, TN 523,698523.7k $20.1m $20.1m 0.08% Unchanged
70 CANADA LIFE ASSURANCE Co 0.05% of their portfolio WINNIPEG, A2 518,916518.9k $19.9m $19.9m 0.05% Reduced -13.2k -13,162
71 CRAWFORD INVESTMENT COUNSEL INC 0.42% of their portfolio ATLANTA, GA 510,073510.1k $19.5m $19.5m 0.42% Added +30.1k +30,059
72 Marathon Asset Management Ltd 0.61% of their portfolio London, X0 499,458499.5k $19.5m $19.5m 0.61% Reduced -76.1k -76,073
73 Janney Montgomery Scott LLC 0.07% of their portfolio PHILADELPHIA, PA 478,772478.8k $18.3m $18.3m 0.07% Reduced -11.1k -11,073
74 Russell Investments Group, Ltd. 0.04% of their portfolio Seattle, WA 477,059477.1k $18.3m $18.3m 0.04% Added +317.5k +317,491
75 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 469,252469.3k $18.0m $18.0m 0.02% Reduced -22.7k -22,691
76 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 468,307468.3k $18.0m $18.0m 0.03% Added +264.4k +264,411
77 GUARDIAN CAPITAL LP 0.66% of their portfolio TORONTO, A6 464,516464.5k $17.8m $17.8m 0.66% Reduced -352.1k -352,122
78 OPPENHEIMER ASSET MANAGEMENT INC. 0.27% of their portfolio NEW YORK, NY 463,356463.4k $17.7m $17.7m 0.27% Reduced -32.0k -31,992
79 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 449,491449.5k $18.8m $18.8m 0.00% Reduced -1.6k -1,580
80 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 439,708439.7k $16.8m $16.8m 0.00% Reduced -27.7k -27,659
81 Verity & Verity, LLC 1.94% of their portfolio BEAUFORT, SC 405,733405.7k $15.5m $15.5m 1.94% Reduced -338.9k -338,890
82 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 402,057402.1k $15.4m $15.4m 0.02% Reduced -87.0k -86,977
83 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.08% of their portfolio JUPITER, FL 401,143401.1k $15.3m $15.3m 0.08% Reduced -13.5k -13,486
84 JARISLOWSKY, FRASER Ltd 0.10% of their portfolio MONTREAL, A8 395,210395.2k $15.2m $15.2m 0.10% Added +143.4k +143,405
85 GODSEY & GIBB, INC 1.84% of their portfolio RICHMOND, VA 392,562392.6k $15.0m $15.0m 1.84% Added +16.0k +15,981
86 GUARDIAN CAPITAL ADVISORS LP 1.68% of their portfolio TORONTO, A6 389,214389.2k $15.0m $15.0m 1.68% Reduced -6.5k -6,483
87 Qube Research & Technologies Ltd 0.04% of their portfolio LONDON, X0 387,653387.7k $14.8m $14.8m 0.04% Added +336.6k +336,645
88 Pacer Advisors, Inc. 0.06% of their portfolio Malvern, PA 382,069382.1k $14.6m $14.6m 0.06% Added +12.5k +12,476
89 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 379,934379.9k $14.5m $14.5m 0.02% Added +115.4k +115,417
90 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 363,606363.6k $13.9m $13.9m 0.01% Added +95.8k +95,824
91 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 334,284334.3k $12.8m $12.8m 0.00% Reduced -89.3k -89,264
92 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 333,723333.7k $12.8m $12.8m 0.01% Reduced -6.7k -6,736
93 DORCHESTER WEALTH MANAGEMENT Co 2.54% of their portfolio MONTREAL, A8 327,496327.5k $12.6m $12.6m 2.54% Added +40.5k +40,452
94 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 299,053299.1k $11.4m $11.4m 0.02% Added +76.1k +76,057
95 Twin Tree Management, LP 0.36% of their portfolio DALLAS, TX 283,210283.2k $10.8m $10.8m 0.36% Added +148.7k +148,709
96 Northwest & Ethical Investments L.P. 0.36% of their portfolio TORONTO, A6 276,714276.7k $10.6m $10.6m 0.36% Reduced -580 -580
97 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 271,989272.0k $10.4m $10.4m 0.00% Reduced -28.4k -28,388
98 NATIXIS ADVISORS, LLC 0.03% of their portfolio Boston, MA 252,233252.2k $9.6m $9.6m 0.03% Reduced -114.0k -113,978
99 JOHN G ULLMAN & ASSOCIATES INC 1.55% of their portfolio CORNING, NY 248,528248.5k $9.5m $9.5m 1.55% Added +3.8k +3,758
100 Credential Qtrade Securities Inc. 0.62% of their portfolio VANCOUVER, A1 245,879245.9k $9.4m $9.4m 0.62% Reduced -13.1k -13,058