Vault-13

BCE INC BCE

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

Bell Canada Enterprises

540 institutional holders -2 vs Q4 2023
354,473,635354.5m shares reported held*
38.9% of all shares outstanding*
$12.2bnreported value*
56 new 159 added 236 reduced 59 sold out net sold ≈ $796.7m (-24.1m 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 ($441.5m 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 ≈ $34.52. Options: 18 managers hold calls ($154.3m notional), 10 hold puts ($255.7m).

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 573Q4 22: 597Q1 23: 584Q2 23: 590Q3 23: 568Q4 23: 542Q1 24: 540540Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 2022573
Q4 2022597
Q1 2023584
Q2 2023590
Q3 2023568
Q4 2023542
Q1 2024540

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 23Q1 24: 215 bought or addedQ1 24: 295 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022299219
Q1 2023291215
Q2 2023256259
Q3 2023216304
Q4 2023185329
Q1 2024215295

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ2 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 0.32Q1 24 calls: $154.3mQ1 24 puts: $255.7mQ1 24P/C 1.66
Numbers
QuarterCallsPutsP/C
Q2 2023$186.8m$214.7m1.15
Q3 2023$165.0m$119.5m0.72
Q4 2023$171.7m$55.6m0.32
Q1 2024$154.3m$255.7m1.66

Biggest buyers

GOLDMAN SACHS GROUP INC Added +4,427,600+4.4m
MORGAN STANLEY Added +4,059,430+4.1m
Caisse de depot et placement du Quebec Added +2,944,888+2.9m
FIL Ltd Added +2,134,808+2.1m
FIRST TRUST ADVISORS LP Added +1,953,865+2.0m
Cullen Capital Management, LLC Added +1,778,501+1.8m
CIBC WORLD MARKET INC. Added +1,403,535+1.4m
RENAISSANCE TECHNOLOGIES LLC Added +585,860+585.9k
JANE STREET GROUP, LLC Added +528,809+528.8k
Clearbridge Investments, LLC Added +402,869+402.9k

Biggest sellers

DEUTSCHE BANK AG\ Reduced -7,256,390-7.3m
1832 Asset Management L.P. Reduced -5,122,632-5.1m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -4,607,537-4.6m
ROYAL BANK OF CANADA Reduced -3,526,025-3.5m
WELLINGTON MANAGEMENT GROUP LLP Reduced -3,340,626-3.3m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -3,180,336-3.2m
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduced -2,502,083-2.5m
DekaBank Deutsche Girozentrale Reduced -2,328,796-2.3m
Capital World Investors Sold out -1,500,000-1.5m
TORONTO DOMINION BANK Reduced -1,371,377-1.4m

Biggest calls

ROYAL BANK OF CANADA Added $60.0m1.8m shares
BANK OF AMERICA CORP /DE/ Reduced $10.2m300.0k shares
CITADEL ADVISORS LLC Added $10.1m297.8k shares
D. E. Shaw & Co., Inc. Reduced $9.3m275.0k shares
Anson Funds Management LP New $9.2m200.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $8.8m258.1k shares
SIG North Trading, ULC First filing $8.7m256.9k shares
CITIGROUP INC Unchanged $8.5m250.0k shares
NewGen Asset Management Ltd New $6.8m200.0k shares
HSBC HOLDINGS PLC Unchanged $6.1m180.0k shares

Biggest puts

ROYAL BANK OF CANADA Added $157.3m4.6m shares
SIG North Trading, ULC First filing $34.8m1.0m shares
CIBC WORLD MARKET INC. Added $34.0m1.0m shares
D. E. Shaw & Co., Inc. Added $14.5m427.7k shares
MILLENNIUM MANAGEMENT LLC New $4.6m100.0k shares
CITADEL ADVISORS LLC Added $4.1m120.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.4m101.1k shares
WOLVERINE TRADING, LLC New $1.4m41.7k shares
PEAK6 Investments LLC Added $1.2m34.8k shares
Walleye Trading LLC New $339.8k10.0k 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 2024

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 2024.

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.38% of their portfolio TORONTO, A6 46,346,65946.3m $1.6bn $1.6bn 0.38% Reduced -3.5m -3,526,025
2 BANK OF MONTREAL /CAN/ 0.40% of their portfolio TORONTO, A6 33,651,68333.7m $1.3bn $1.3bn 0.40% Reduced -649.4k -649,410
3 CIBC WORLD MARKET INC. 1.52% of their portfolio TORONTO, A6 17,457,06117.5m $593.2m $593.2m 1.52% Added +1.4m +1,403,535
4 Caisse de depot et placement du Quebec 1.42% of their portfolio Montreal, A8 17,407,78817.4m $592.1m $592.1m 1.42% Added +2.9m +2,944,888
5 FIL Ltd 0.54% of their portfolio HAMILTON, D0 16,142,32316.1m $548.5m $548.5m 0.54% Added +2.1m +2,134,808
6 NATIONAL BANK OF CANADA /FI/ 0.94% of their portfolio MONTREAL, A8 16,099,73716.1m $546.2m $546.2m 0.94% Added +166.6k +166,552
7 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 14,725,61414.7m $500.4m $500.4m 0.01% Added +80.9k +80,879
8 BANK OF NOVA SCOTIA 0.99% of their portfolio TORONTO, A6 14,481,63514.5m $492.3m $492.3m 0.99% Reduced -161.4k -161,379
9 TD Asset Management Inc 0.35% of their portfolio Toronto, A6 10,999,18211.0m $374.1m $374.1m 0.35% Reduced -152.6k -152,594
10 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 10,870,40410.9m $369.4m $369.4m 0.01% Added +4.1m +4,059,430
11 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 9,664,8029.7m $328.4m $328.4m 0.01% Added +239.6k +239,554
12 SCOTIA CAPITAL INC. 1.84% of their portfolio TORONTO, A6 9,094,9419.1m $309.0m $309.0m 1.84% Added +9.4k +9,365
13 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 8,712,4028.7m $296.0m $296.0m 0.06% Added +4.4m +4,427,600
14 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 7,986,5918.0m $271.4m $271.4m 0.03% Reduced -685.2k -685,177
15 1832 Asset Management L.P. 0.47% of their portfolio TORONTO, A6 7,609,9397.6m $258.6m $258.6m 0.47% Reduced -5.1m -5,122,632
16 TORONTO DOMINION BANK 0.40% of their portfolio TORONTO, ONTARIO, A6 7,544,9537.5m $256.4m $256.4m 0.40% Reduced -1.4m -1,371,377
17 Cullen Capital Management, LLC 2.03% of their portfolio New York, NY 5,362,7025.4m $182.2m $182.2m 2.03% Added +1.8m +1,778,501
18 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.16% of their portfolio Toronto, A6 5,047,2415.0m $171.6m $171.6m 0.16% Reduced -3.2m -3,180,336
19 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio SAN FRANCISCO, CA 4,846,8024.8m $159.5m $159.5m 0.04% Reduced -4.6m -4,607,537
20 CIBC Asset Management Inc 0.53% of their portfolio TORONTO, Z4 4,458,6024.5m $151.5m $151.5m 0.53% Added +185.2k +185,205
21 DEUTSCHE BANK AG\ 0.07% of their portfolio FRANKFURT AM MAIN, 2M 4,283,1904.3m $145.5m $145.5m 0.07% Reduced -7.3m -7,256,390
22 Connor, Clark & Lunn Investment Management Ltd. 0.57% of their portfolio VANCOUVER, A1 3,866,8343.9m $131.5m $131.5m 0.57% Reduced -742.7k -742,654
23 LETKO, BROSSEAU & ASSOCIATES INC 2.04% of their portfolio MONTREAL, A8 3,442,7453.4m $117.1m $117.1m 2.04% Added +66.3k +66,297
24 FEDERATED HERMES, INC. 0.26% of their portfolio PITTSBURGH, PA 3,377,7343.4m $114.8m $114.8m 0.26% Reduced -349.7k -349,693
25 FIRST TRUST ADVISORS LP 0.11% of their portfolio Wheaton, IL 3,206,8733.2m $109.0m $109.0m 0.11% Added +2.0m +1,953,865
26 CANADA PENSION PLAN INVESTMENT BOARD 0.11% of their portfolio TORONTO ONTARIO, A6 3,072,9043.1m $104.5m $104.5m 0.11% Reduced -1.1m -1,106,046
27 AMERICAN CENTURY COMPANIES INC 0.06% of their portfolio KANSAS CITY, MO 2,954,4393.0m $100.4m $100.4m 0.06% Reduced -1.1m -1,147,901
28 TD Waterhouse Canada Inc. 0.96% of their portfolio TORONTO, A6 2,900,4852.9m $128.5m $128.5m 0.96% Reduced -236.8k -236,822
29 Federation des caisses Desjardins du Quebec 0.92% of their portfolio LEVIS, A8 2,753,0572.8m $128.0m $128.0m 0.92% Added +189.4k +189,408
30 Clearbridge Investments, LLC 0.07% of their portfolio NEW YORK, NY 2,582,6542.6m $87.9m $87.9m 0.07% Added +402.9k +402,869
31 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 2,569,6342.6m $87.3m $87.3m 0.03% Reduced -143.3k -143,264
32 MACKENZIE FINANCIAL CORP 0.12% of their portfolio TORONTO ONTARIO, A6 2,362,8442.4m $80.3m $80.3m 0.12% Reduced -303.6k -303,626
33 NORGES BANK 0.01% of their portfolio OSLO, Q8 2,279,1182.3m $77.5m $77.5m 0.01% Reduced -206.6k -206,646
34 Legal & General Group Plc 0.02% of their portfolio London, X0 2,105,3322.1m $71.6m $71.6m 0.02% Reduced -18.6k -18,644
35 RAYMOND JAMES & ASSOCIATES 0.05% of their portfolio ST PETERSBURG, FL 2,083,6682.1m $70.8m $70.8m 0.05% Reduced -57.0k -56,991
36 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 1,941,5971.9m $66.0m $66.0m 0.02% Added +158.3k +158,285
37 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 1,908,3401.9m $64.8m $64.8m 0.01% Added +59.8k +59,845
38 PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio DES MOINES, IA 1,783,2751.8m $60.6m $60.6m 0.04% Reduced -945.9k -945,873
39 ACADIAN ASSET MANAGEMENT LLC 0.18% of their portfolio Boston, MA 1,500,4801.5m $51.0m $51.0m 0.18% Reduced -63.9k -63,937
40 Alberta Investment Management Corp 0.50% of their portfolio EDMONTON, A0 1,459,0841.5m $49.6m $49.6m 0.50% Reduced -245.9k -245,866
41 REAVES W H & CO INC 1.68% of their portfolio JERSEY CITY, NJ 1,395,3561.4m $47.4m $47.4m 1.68% Reduced -569.5k -569,507
42 APG Asset Management N.V. 0.07% of their portfolio Amsterdam, P7 1,242,7381.2m $39.1m $39.1m 0.07% Added +98.7k +98,698
43 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.74% of their portfolio MISSISSAUGA, A6 1,177,1081.2m $40.0m $40.0m 4.74% Added +70.3k +70,263
44 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 1,165,1961.2m $39.5m $39.5m 0.01% Added +195.1k +195,133
45 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 1,149,5531.1m $39.1m $39.1m 0.02% Reduced -34.3k -34,330
46 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.43% of their portfolio CHICAGO, IL 1,065,8651.1m $36.2m $36.2m 0.43% Unchanged
47 Amundi 0.01% of their portfolio Paris, I0 983,357983.4k $31.7m $31.7m 0.01% Reduced -115.2k -115,247
48 UBS Group AG 0.01% of their portfolio ZURICH, V8 970,511970.5k $33.0m $33.0m 0.01% Added +107.6k +107,560
49 BANK OF NOVA SCOTIA TRUST CO 3.36% of their portfolio TORONTO, A6 919,670919.7k $31.3m $31.3m 3.36% Added +15.4k +15,412
50 GABELLI FUNDS LLC 0.21% of their portfolio Rye, NY 831,500831.5k $28.3m $28.3m 0.21% Reduced -20.5k -20,500
51 Verity & Verity, LLC 1.57% of their portfolio BEAUFORT, SC 811,284811.3k $27.6m $27.6m 1.57% Added +373.2k +373,244
52 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 785,967786.0k $26.7m $26.7m 0.03% Added +528.8k +528,809
53 STIFEL FINANCIAL CORP 0.03% of their portfolio ST. LOUIS, MO 774,911774.9k $26.3m $26.3m 0.03% Added +30.9k +30,863
54 CAPITAL ADVISORS INC/OK 0.56% of their portfolio TULSA, OK 762,571762.6k $25.9m $25.9m 0.56% Added +20.1k +20,132
55 INTACT INVESTMENT MANAGEMENT INC. 0.99% of their portfolio MONTREAL, A8 735,960736.0k $25.0m $25.0m 0.99% Reduced -99.7k -99,700
56 Addenda Capital Inc. 1.25% of their portfolio MONTREAL, A8 701,035701.0k $32.9m $32.9m 1.25% Added +48.0k +48,002
57 LGT CAPITAL PARTNERS LTD. 0.72% of their portfolio PFAEFFIKON, V8 673,490673.5k $22.9m $22.9m 0.72% Reduced -84.0k -84,015
58 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 651,848651.8k $22.1m $22.1m 0.02% Added +6.5k +6,523
59 RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio NEW YORK, NY 607,260607.3k $20.6m $20.6m 0.03% Added +585.9k +585,860
60 GUYASUTA INVESTMENT ADVISORS INC 1.72% of their portfolio PITTSBURGH, PA 601,831601.8k $23.7m $23.7m 1.72% Reduced -1.7k -1,676
61 CREDIT SUISSE AG/ 0.02% of their portfolio ZURICH, V8 584,197584.2k $19.9m $19.9m 0.02% Reduced -53.8k -53,752
62 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 581,342581.3k $22.2m $22.2m 0.00% Added +113.2k +113,185
63 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 573,894573.9k $19.5m $19.5m 0.02% Added +115.1k +115,114
64 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.07% of their portfolio JUPITER, FL 570,916570.9k $19.4m $19.4m 0.07% Reduced -120.5k -120,460
65 CRAWFORD INVESTMENT COUNSEL INC 0.36% of their portfolio ATLANTA, GA 567,139567.1k $19.3m $19.3m 0.36% Added +58.8k +58,783
66 State of Tennessee, Department of Treasury 0.07% of their portfolio NASHVILLE, TN 523,698523.7k $17.8m $17.8m 0.07% Unchanged
67 Janney Montgomery Scott LLC 0.05% of their portfolio PHILADELPHIA, PA 489,894489.9k $16.6m $16.6m 0.05% Added +13.5k +13,500
68 TRUIST FINANCIAL CORP 0.02% of their portfolio CHARLOTTE, NC 483,653483.7k $16.4m $16.4m 0.02% Reduced -64.0k -64,041
69 BlackRock Inc. 0.00% of their portfolio New York, NY 469,308469.3k $15.9m $15.9m 0.00% Reduced -123.4k -123,351
70 CANADA LIFE ASSURANCE Co 0.03% of their portfolio WINNIPEG, A2 467,385467.4k $15.9m $15.9m 0.03% Reduced -58.0k -57,966
71 GODSEY & GIBB, INC 1.62% of their portfolio RICHMOND, VA 452,860452.9k $15.4m $15.4m 1.62% Added +62.7k +62,676
72 Marathon Asset Management Ltd 0.42% of their portfolio London, X0 449,539449.5k $15.6m $15.6m 0.42% Reduced -7.4k -7,363
73 SIG North Trading, ULC 5.56% of their portfolio Bala Cynwyd, PA 447,193447.2k $15.2m $15.2m 5.56% First filing
74 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 441,772441.8k $15.0m $15.0m 0.02% Added +183.6k +183,559
75 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 440,355440.4k $15.0m $15.0m 0.01% Reduced -29.0k -29,005
76 Qube Research & Technologies Ltd 0.03% of their portfolio LONDON, X0 432,911432.9k $14.7m $14.7m 0.03% Added +245.8k +245,786
77 Onex Canada Asset Management Inc. 1.42% of their portfolio TORONTO, A6 417,922417.9k $14.2m $14.2m 1.42% Added +76.4k +76,368
78 OPPENHEIMER ASSET MANAGEMENT INC. 0.21% of their portfolio NEW YORK, NY 416,123416.1k $14.1m $14.1m 0.21% Reduced -5.3k -5,349
79 GUARDIAN CAPITAL ADVISORS LP 1.31% of their portfolio TORONTO, A6 371,589371.6k $12.1m $12.1m 1.31% Added +22.4k +22,382
80 DORCHESTER WEALTH MANAGEMENT Co 2.27% of their portfolio MONTREAL, A8 371,223371.2k $12.6m $12.6m 2.27% Added +40.1k +40,135
81 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 357,309357.3k $12.1m $12.1m 0.01% Reduced -9.4k -9,392
82 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 349,681349.7k $11.9m $11.9m 0.01% Reduced -163.4k -163,359
83 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 342,559342.6k $11.7m $11.7m 0.02% Reduced -182.8k -182,766
84 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 328,593328.6k $11.2m $11.2m 0.01% Reduced -1.2k -1,172
85 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 321,059321.1k $10.9m $10.9m 0.00% Reduced -26.2k -26,182
86 JARISLOWSKY, FRASER Ltd 0.06% of their portfolio MONTREAL, A8 294,459294.5k $10.0m $10.0m 0.06% Reduced -96.1k -96,119
87 Balyasny Asset Management L.P. 0.02% of their portfolio Chicago, IL 284,859284.9k $9.7m $9.7m 0.02% Added +181.5k +181,537
88 Cubist Systematic Strategies, LLC 0.10% of their portfolio STAMFORD, CT 252,724252.7k $8.6m $8.6m 0.10% Added +30.5k +30,533
89 Credential Qtrade Securities Inc. 0.44% of their portfolio VANCOUVER, A1 238,953239.0k $8.1m $8.1m 0.44% Added +1.9k +1,940
90 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 226,741226.7k $7.7m $7.7m 0.00% Reduced -42.7k -42,718
91 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 222,108222.1k $7.5m $7.5m 0.00% Reduced -647.5k -647,463
92 KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.02% of their portfolio LOS ANGELES, CA 221,407221.4k $7.5m $7.5m 0.02% Reduced -5.3k -5,284
93 Swiss National Bank 0.01% of their portfolio ZURICH, V8 220,509220.5k $7.5m $7.5m 0.01% Reduced -16.8k -16,800
94 Northwest & Ethical Investments L.P. 0.21% of their portfolio TORONTO, A6 217,279217.3k $7.4m $7.4m 0.21% Reduced -49.3k -49,337
95 JOHN G ULLMAN & ASSOCIATES INC 1.13% of their portfolio CORNING, NY 216,529216.5k $7.4m $7.4m 1.13% Reduced -28.7k -28,713
96 Twin Tree Management, LP 0.16% of their portfolio DALLAS, TX 213,836213.8k $7.3m $7.3m 0.16% Added +81.1k +81,142
97 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 210,022210.0k $7.1m $7.1m 0.00% Reduced -194.7k -194,710
98 LIBERTY ONE INVESTMENT MANAGEMENT, LLC 0.79% of their portfolio LIBERTYVILLE, IL 206,309206.3k $7.0m $7.0m 0.79% Added +7.4k +7,374
99 Fiera Capital Corp 0.02% of their portfolio MONTREAL, A8 200,473200.5k $6.8m $6.8m 0.02% Reduced -32.0k -31,980
100 DUALITY ADVISERS, LP 0.67% of their portfolio MIAMI, FL 200,092200.1k $6.8m $6.8m 0.67% New