Vault-13

BCE INC BCE

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

Bell Canada Enterprises

542 institutional holders -26 vs Q3 2023
377,666,784377.7m shares reported held*
41.4% of all shares outstanding*
$15.0bnreported value*
36 new 149 added 253 reduced 76 sold out net sold ≈ $309.0m (-7.7m 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 ($532.9m 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 ≈ $39.88. Options: 12 managers hold calls ($171.7m notional), 8 hold puts ($55.6m).

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 573Q4 22: 597Q1 23: 584Q2 23: 590Q3 23: 568Q4 23: 542542Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 2022573
Q4 2022597
Q1 2023584
Q2 2023590
Q3 2023568
Q4 2023542

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 23Q4 23: 185 bought or addedQ4 23: 329 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022299219
Q1 2023291215
Q2 2023256259
Q3 2023216304
Q4 2023185329

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ1 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 0.72Q4 23 calls: $171.7mQ4 23 puts: $55.6mQ4 23P/C 0.32
Numbers
QuarterCallsPutsP/C
Q1 2023$176.5m$193.8m1.10
Q2 2023$186.8m$214.7m1.15
Q3 2023$165.0m$119.5m0.72
Q4 2023$171.7m$55.6m0.32

Biggest buyers

JPMORGAN CHASE & CO Added +5,021,860+5.0m
MORGAN STANLEY Added +3,627,447+3.6m
GOLDMAN SACHS GROUP INC Added +2,708,625+2.7m
FIL Ltd Added +2,217,262+2.2m
Clearbridge Investments, LLC New +2,179,785+2.2m
Caisse de depot et placement du Quebec Added +1,930,000+1.9m
BANK OF MONTREAL /CAN/ Added +1,839,674+1.8m
CANADA PENSION PLAN INVESTMENT BOARD Added +1,760,000+1.8m
BANK OF AMERICA CORP /DE/ Added +1,615,992+1.6m
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Added +1,284,116+1.3m

Biggest sellers

TORONTO DOMINION BANK Reduced -8,701,304-8.7m
ROYAL BANK OF CANADA Reduced -6,349,825-6.3m
Capital World Investors Reduced -4,257,700-4.3m
Capital Research Global Investors Sold out -3,812,724-3.8m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -2,779,896-2.8m
Cullen Capital Management, LLC Reduced -2,365,810-2.4m
FRANKLIN RESOURCES INC Reduced -2,059,237-2.1m
MONTRUSCO BOLTON INVESTMENTS INC. Sold out -862,970-863.0k
TD Waterhouse Canada Inc. Reduced -703,286-703.3k
RENAISSANCE TECHNOLOGIES LLC Reduced -604,360-604.4k

Biggest calls

BANK OF AMERICA CORP /DE/ Unchanged $47.3m1.2m shares
ROYAL BANK OF CANADA Added $38.6m981.0k shares
BANK OF MONTREAL /CAN/ Added $29.9m710.0k shares
D. E. Shaw & Co., Inc. Added $12.8m325.0k shares
CITIGROUP INC Unchanged $9.9m250.0k shares
CITADEL ADVISORS LLC Added $9.6m244.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $9.2m233.2k shares
HSBC HOLDINGS PLC Added $7.1m180.0k shares
PEAK6 Investments LLC Reduced $2.9m74.6k shares
CAPITAL FUND MANAGEMENT S.A. Added $2.3m59.1k shares

Biggest puts

ROYAL BANK OF CANADA Reduced $26.9m683.8k shares
CIBC WORLD MARKET INC. Reduced $11.8m300.0k shares
D. E. Shaw & Co., Inc. New $10.8m275.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.1m78.8k shares
CITADEL ADVISORS LLC Reduced $1.1m27.4k shares
CAPITAL FUND MANAGEMENT S.A. Added $823.0k20.9k shares
Cubist Systematic Strategies, LLC New $578.9k14.7k shares
PEAK6 Investments LLC Reduced $413.5k10.5k 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 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 Q4 2023.

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.49% of their portfolio TORONTO, A6 49,872,68449.9m $2.0bn $2.0bn 0.49% Reduced -6.3m -6,349,825
2 BANK OF MONTREAL /CAN/ 0.47% of their portfolio TORONTO, A6 34,301,09334.3m $1.4bn $1.4bn 0.47% Added +1.8m +1,839,674
3 CIBC WORLD MARKET INC. 1.79% of their portfolio TORONTO, A6 16,053,52616.1m $632.2m $632.2m 1.79% Added +1.2m +1,187,074
4 NATIONAL BANK OF CANADA /FI/ 1.16% of their portfolio MONTREAL, A8 15,933,18515.9m $643.2m $643.2m 1.16% Added +221.2k +221,174
5 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 14,644,73514.6m $576.7m $576.7m 0.01% Added +311.9k +311,902
6 BANK OF NOVA SCOTIA 1.08% of their portfolio TORONTO, A6 14,643,01414.6m $576.5m $576.5m 1.08% Reduced -555.0k -555,050
7 Caisse de depot et placement du Quebec 1.45% of their portfolio Montreal, A8 14,462,90014.5m $572.2m $572.2m 1.45% Added +1.9m +1,930,000
8 FIL Ltd 0.58% of their portfolio HAMILTON, D0 14,007,51514.0m $551.5m $551.5m 0.58% Added +2.2m +2,217,262
9 1832 Asset Management L.P. 0.95% of their portfolio TORONTO, A6 12,732,57112.7m $501.4m $501.4m 0.95% Reduced -32.8k -32,767
10 DEUTSCHE BANK AG\ 0.23% of their portfolio FRANKFURT AM MAIN, 2M 11,539,58011.5m $454.4m $454.4m 0.23% Added +202.8k +202,779
11 TD Asset Management Inc 0.43% of their portfolio Toronto, A6 11,151,77611.2m $441.2m $441.2m 0.43% Added +435.7k +435,681
12 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.09% of their portfolio SAN FRANCISCO, CA 9,454,3399.5m $357.6m $357.6m 0.09% Added +77.4k +77,416
13 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 9,425,2489.4m $371.2m $371.2m 0.02% Added +5.0m +5,021,860
14 SCOTIA CAPITAL INC. 2.31% of their portfolio TORONTO, A6 9,085,5769.1m $357.7m $357.7m 2.31% Added +287.3k +287,261
15 TORONTO DOMINION BANK 0.51% of their portfolio TORONTO, ONTARIO, A6 8,916,3308.9m $351.1m $351.1m 0.51% Reduced -8.7m -8,701,304
16 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 8,671,7688.7m $341.5m $341.5m 0.04% Added +1.6m +1,615,992
17 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.19% of their portfolio Toronto, A6 8,227,5778.2m $324.5m $324.5m 0.19% Reduced -2.8m -2,779,896
18 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 6,810,9746.8m $268.2m $268.2m 0.01% Added +3.6m +3,627,447
19 Connor, Clark & Lunn Investment Management Ltd. 0.85% of their portfolio VANCOUVER, A1 4,609,4884.6m $181.5m $181.5m 0.85% Reduced -357.9k -357,901
20 GOLDMAN SACHS GROUP INC 0.04% of their portfolio NEW YORK, NY 4,284,8024.3m $168.7m $168.7m 0.04% Added +2.7m +2,708,625
21 CIBC Asset Management Inc 0.63% of their portfolio TORONTO, Z4 4,273,3974.3m $168.8m $168.8m 0.63% Added +68.4k +68,433
22 CANADA PENSION PLAN INVESTMENT BOARD 0.21% of their portfolio TORONTO ONTARIO, A6 4,178,9504.2m $165.3m $165.3m 0.21% Added +1.8m +1,760,000
23 AMERICAN CENTURY COMPANIES INC 0.11% of their portfolio KANSAS CITY, MO 4,102,3404.1m $161.5m $161.5m 0.11% Added +532.0k +532,017
24 FEDERATED HERMES, INC. 0.36% of their portfolio PITTSBURGH, PA 3,727,4273.7m $146.8m $146.8m 0.36% Reduced -475.4k -475,399
25 Cullen Capital Management, LLC 2.09% of their portfolio New York, NY 3,584,2013.6m $141.1m $141.1m 2.09% Reduced -2.4m -2,365,810
26 LETKO, BROSSEAU & ASSOCIATES INC 2.43% of their portfolio MONTREAL, A8 3,376,4483.4m $133.6m $133.6m 2.43% Reduced -51.0k -50,974
27 WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio Boston, MA 3,351,4363.4m $132.6m $132.6m 0.02% Added +1.0m +1,033,134
28 TD Waterhouse Canada Inc. 1.58% of their portfolio TORONTO, A6 3,137,3073.1m $169.9m $169.9m 1.58% Reduced -703.3k -703,286
29 PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio DES MOINES, IA 2,729,1482.7m $107.5m $107.5m 0.07% Reduced -531.5k -531,511
30 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 2,712,8982.7m $106.8m $106.8m 0.04% Reduced -255.8k -255,801
31 MACKENZIE FINANCIAL CORP 0.16% of their portfolio TORONTO ONTARIO, A6 2,666,4702.7m $105.0m $105.0m 0.16% Added +122.9k +122,913
32 Federation des caisses Desjardins du Quebec 0.97% of their portfolio LEVIS, A8 2,563,6492.6m $104.0m $104.0m 0.97% Added +62.7k +62,747
33 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.82% of their portfolio VICTORIA, A1 2,546,8262.5m $100.3m $100.3m 0.82% Added +1.3m +1,284,116
34 DekaBank Deutsche Girozentrale 0.20% of their portfolio FRANKFURT, 2M 2,503,8272.5m $97.4m $97.4m 0.20% Reduced -339.3k -339,314
35 NORGES BANK 0.02% of their portfolio OSLO, Q8 2,485,7642.5m $97.9m $97.9m 0.02% Added +60.6k +60,637
36 Clearbridge Investments, LLC 0.07% of their portfolio NEW YORK, NY 2,179,7852.2m $85.8m $85.8m 0.07% New
37 RAYMOND JAMES & ASSOCIATES 0.06% of their portfolio ST PETERSBURG, FL 2,140,6592.1m $84.3m $84.3m 0.06% Reduced -252.3k -252,339
38 Legal & General Group Plc 0.03% of their portfolio London, X0 2,123,9762.1m $84.0m $84.0m 0.03% Reduced -71.4k -71,407
39 REAVES W H & CO INC 2.81% of their portfolio JERSEY CITY, NJ 1,964,8632.0m $77.4m $77.4m 2.81% Reduced -2.4k -2,376
40 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 1,848,4951.8m $72.8m $72.8m 0.02% Reduced -80.1k -80,125
41 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 1,783,3121.8m $70.3m $70.3m 0.02% Reduced -234.2k -234,210
42 Alberta Investment Management Corp 0.63% of their portfolio EDMONTON, A0 1,704,9501.7m $67.5m $67.5m 0.63% Reduced -288.5k -288,540
43 ACADIAN ASSET MANAGEMENT LLC 0.24% of their portfolio Boston, MA 1,564,4171.6m $61.6m $61.6m 0.24% Reduced -274.5k -274,536
44 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 1,500,0001.5m $59.1m $59.1m 0.01% Reduced -4.3m -4,257,700
45 FIRST TRUST ADVISORS LP 0.05% of their portfolio Wheaton, IL 1,253,0081.3m $49.3m $49.3m 0.05% Added +64.4k +64,391
46 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 1,183,8831.2m $46.6m $46.6m 0.03% Reduced -33.0k -32,963
47 APG Asset Management N.V. 0.08% of their portfolio Amsterdam, P7 1,144,0401.1m $41.0m $41.0m 0.08% Reduced -169.2k -169,164
48 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.29% of their portfolio MISSISSAUGA, A6 1,106,8451.1m $43.6m $43.6m 5.29% Reduced -46.7k -46,716
49 Amundi 0.02% of their portfolio Paris, I0 1,098,6041.1m $44.6m $44.6m 0.02% Reduced -124.1k -124,054
50 AGF MANAGEMENT LTD 0.33% of their portfolio TORONTO, A6 1,075,7571.1m $56.0m $56.0m 0.33% Added +1.0m +1,049,810
51 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.51% of their portfolio CHICAGO, IL 1,065,8651.1m $42.0m $42.0m 0.51% Unchanged
52 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 970,063970.1k $38.2m $38.2m 0.01% Reduced -33.3k -33,327
53 BANK OF NOVA SCOTIA TRUST CO 4.00% of their portfolio TORONTO, A6 904,258904.3k $35.6m $35.6m 4.00% Added +28.8k +28,836
54 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 869,571869.6k $34.2m $34.2m 0.01% Reduced -406.5k -406,487
55 UBS Group AG 0.01% of their portfolio ZURICH, V8 862,951863.0k $34.0m $34.0m 0.01% Added +212.0k +212,047
56 GABELLI FUNDS LLC 0.26% of their portfolio Rye, NY 852,000852.0k $33.6m $33.6m 0.26% Reduced -44.4k -44,400
57 INTACT INVESTMENT MANAGEMENT INC. 1.33% of their portfolio MONTREAL, A8 835,660835.7k $32.9m $32.9m 1.33% Added +213.5k +213,500
58 LGT CAPITAL PARTNERS LTD. 0.89% of their portfolio PFAEFFIKON, V8 757,505757.5k $30.0m $30.0m 0.89% Added +176.4k +176,375
59 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 744,048744.0k $29.3m $29.3m 0.04% Reduced -72.4k -72,360
60 CAPITAL ADVISORS INC/OK 0.65% of their portfolio TULSA, OK 742,439742.4k $29.2m $29.2m 0.65% Reduced -457.6k -457,552
61 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.11% of their portfolio JUPITER, FL 691,376691.4k $27.2m $27.2m 0.11% Added +290.2k +290,233
62 Addenda Capital Inc. 1.36% of their portfolio MONTREAL, A8 653,033653.0k $34.7m $34.7m 1.36% Added +22.4k +22,369
63 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 645,325645.3k $25.4m $25.4m 0.02% Added +508.4k +508,404
64 CREDIT SUISSE AG/ 0.02% of their portfolio ZURICH, V8 637,949637.9k $25.1m $25.1m 0.02% Reduced -282.7k -282,727
65 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.03% of their portfolio FRANKFURT AM MAIN, 2M 624,667624.7k $24.7m $24.7m 0.03% Added +222.6k +222,610
66 GUYASUTA INVESTMENT ADVISORS INC 1.72% of their portfolio PITTSBURGH, PA 603,507603.5k $23.8m $23.8m 1.72% Added +5.7k +5,686
67 BlackRock Inc. 0.00% of their portfolio New York, NY 592,659592.7k $23.3m $23.3m 0.00% Reduced -45.0k -44,954
68 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 547,694547.7k $21.6m $21.6m 0.03% Reduced -128.7k -128,740
69 CANADA LIFE ASSURANCE Co 0.05% of their portfolio WINNIPEG, A2 525,351525.4k $20.7m $20.7m 0.05% Added +6.4k +6,435
70 Russell Investments Group, Ltd. 0.04% of their portfolio Seattle, WA 525,325525.3k $20.8m $20.8m 0.04% Added +48.3k +48,266
71 State of Tennessee, Department of Treasury 0.08% of their portfolio NASHVILLE, TN 523,698523.7k $20.7m $20.7m 0.08% Unchanged
72 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 513,040513.0k $20.2m $20.2m 0.02% Added +426.3k +426,281
73 CRAWFORD INVESTMENT COUNSEL INC 0.40% of their portfolio ATLANTA, GA 508,356508.4k $20.0m $20.0m 0.40% Reduced -1.7k -1,717
74 Janney Montgomery Scott LLC 0.06% of their portfolio PHILADELPHIA, PA 476,394476.4k $18.8m $18.8m 0.06% Reduced -2.4k -2,378
75 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 469,360469.4k $18.5m $18.5m 0.02% Added +108 +108
76 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 468,157468.2k $20.0m $20.0m 0.00% Added +18.7k +18,666
77 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 458,780458.8k $18.2m $18.2m 0.02% Reduced -9.5k -9,527
78 Marathon Asset Management Ltd 0.52% of their portfolio London, X0 456,902456.9k $18.4m $18.4m 0.52% Reduced -42.6k -42,556
79 GUARDIAN CAPITAL LP 0.64% of their portfolio TORONTO, A6 449,599449.6k $17.8m $17.8m 0.64% Reduced -14.9k -14,917
80 Verity & Verity, LLC 1.00% of their portfolio BEAUFORT, SC 438,040438.0k $17.3m $17.3m 1.00% Added +32.3k +32,307
81 OPPENHEIMER ASSET MANAGEMENT INC. 0.23% of their portfolio NEW YORK, NY 421,472421.5k $16.6m $16.6m 0.23% Reduced -41.9k -41,884
82 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 404,732404.7k $15.9m $15.9m 0.00% Added +70.4k +70,448
83 JARISLOWSKY, FRASER Ltd 0.09% of their portfolio MONTREAL, A8 390,578390.6k $15.5m $15.5m 0.09% Reduced -4.6k -4,632
84 GODSEY & GIBB, INC 1.74% of their portfolio RICHMOND, VA 390,184390.2k $15.4m $15.4m 1.74% Reduced -2.4k -2,378
85 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 366,701366.7k $14.5m $14.5m 0.01% Added +3.1k +3,095
86 GUARDIAN CAPITAL ADVISORS LP 1.51% of their portfolio TORONTO, A6 349,207349.2k $14.5m $14.5m 1.51% Reduced -40.0k -40,007
87 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 347,241347.2k $13.7m $13.7m 0.01% Reduced -2.1m -2,059,237
88 Onex Canada Asset Management Inc. 1.33% of their portfolio TORONTO, A6 341,554341.6k $13.4m $13.4m 1.33% Reduced -185.6k -185,558
89 DORCHESTER WEALTH MANAGEMENT Co 2.42% of their portfolio MONTREAL, A8 331,088331.1k $13.1m $13.1m 2.42% Added +3.6k +3,592
90 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 329,765329.8k $13.0m $13.0m 0.01% Reduced -4.0k -3,958
91 NATIXIS ADVISORS, LLC 0.03% of their portfolio Boston, MA 313,355313.4k $12.3m $12.3m 0.03% Added +61.1k +61,122
92 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 271,836271.8k $10.7m $10.7m 0.00% Reduced -167.9k -167,872
93 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 269,459269.5k $10.6m $10.6m 0.00% Reduced -2.5k -2,530
94 Northwest & Ethical Investments L.P. 0.32% of their portfolio TORONTO, A6 266,616266.6k $10.5m $10.5m 0.32% Reduced -10.1k -10,098
95 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 258,213258.2k $10.2m $10.2m 0.01% Added +158.4k +158,437
96 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 257,158257.2k $10.1m $10.1m 0.01% Reduced -41.9k -41,895
97 JOHN G ULLMAN & ASSOCIATES INC 1.53% of their portfolio CORNING, NY 245,242245.2k $9.7m $9.7m 1.53% Reduced -3.3k -3,286
98 Swiss National Bank 0.01% of their portfolio ZURICH, V8 237,309237.3k $9.4m $9.4m 0.01% Reduced -7.1k -7,100
99 Credential Qtrade Securities Inc. 0.56% of their portfolio VANCOUVER, A1 237,013237.0k $9.3m $9.3m 0.56% Reduced -8.9k -8,866
100 Fiera Capital Corp 0.03% of their portfolio MONTREAL, A8 232,453232.5k $9.2m $9.2m 0.03% Reduced -9.6k -9,569