Vault-13

BCE INC BCE

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

Bell Canada Enterprises

431 institutional holders -70 vs Q3 2024
364,731,399364.7m shares reported held*
$8.5bnreported value*
46 new 132 added 167 reduced 129 sold out net bought ≈ $157.3m (+5.0m 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 ($147.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.22. Options: 23 managers hold calls ($531.6m notional), 17 hold puts ($972.7m).

Trends to Q4 2024

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 573Q4 22: 597Q1 23: 584Q2 23: 590Q3 23: 568Q4 23: 542Q1 24: 540Q2 24: 503Q3 24: 501Q4 24: 431431Q3 22Q1 23Q3 23Q1 24Q3 24Q4 24
Numbers
QuarterHolders
Q3 2022573
Q4 2022597
Q1 2023584
Q2 2023590
Q3 2023568
Q4 2023542
Q1 2024540
Q2 2024503
Q3 2024501
Q4 2024431

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 23: 291 bought or addedQ1 23: 215 cut or sold outQ2 23: 256 bought or addedQ2 23: 259 cut or sold outQ2 23Q3 23: 216 bought or addedQ3 23: 304 cut or sold outQ4 23: 185 bought or addedQ4 23: 329 cut or sold outQ4 23Q1 24: 215 bought or addedQ1 24: 295 cut or sold outQ2 24: 207 bought or addedQ2 24: 291 cut or sold outQ2 24Q3 24: 225 bought or addedQ3 24: 239 cut or sold outQ4 24: 178 bought or addedQ4 24: 296 cut or sold outQ4 24
Numbers
QuarterBought or addedCut or sold out
Q1 2023291215
Q2 2023256259
Q3 2023216304
Q4 2023185329
Q1 2024215295
Q2 2024207291
Q3 2024225239
Q4 2024178296

Calls vs puts

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

CallsPuts
$0$250m$500m$750m$1bnQ1 24 calls: $154.3mQ1 24 puts: $255.7mQ1 24P/C 1.66Q2 24 calls: $457.4mQ2 24 puts: $592.0mQ2 24P/C 1.29Q3 24 calls: $476.5mQ3 24 puts: $842.0mQ3 24P/C 1.77Q4 24 calls: $531.6mQ4 24 puts: $972.7mQ4 24P/C 1.83
Numbers
QuarterCallsPutsP/C
Q1 2024$154.3m$255.7m1.66
Q2 2024$457.4m$592.0m1.29
Q3 2024$476.5m$842.0m1.77
Q4 2024$531.6m$972.7m1.83

Biggest buyers

CANADA PENSION PLAN INVESTMENT BOARD Added +8,100,000+8.1m
MACKENZIE FINANCIAL CORP Added +3,950,364+4.0m
ROYAL BANK OF CANADA Added +3,756,865+3.8m
BANK OF NOVA SCOTIA Added +3,624,953+3.6m
UBS Group AG Added +3,566,301+3.6m
CIBC WORLD MARKET INC. Added +3,121,283+3.1m
BANK OF MONTREAL /CAN/ Added +2,871,275+2.9m
FIL Ltd Added +2,322,474+2.3m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +2,240,473+2.2m
SIG North Trading, ULC Added +1,936,862+1.9m

Biggest sellers

JPMORGAN CHASE & CO Reduced -6,525,038-6.5m
1832 Asset Management L.P. Reduced -4,297,788-4.3m
FEDERATED HERMES, INC. Reduced -3,463,839-3.5m
SCOTIA CAPITAL INC. Reduced -3,394,918-3.4m
AMERICAN CENTURY COMPANIES INC Reduced -2,736,135-2.7m
Cullen Capital Management, LLC Reduced -2,110,437-2.1m
MORGAN STANLEY Reduced -2,015,655-2.0m
Pathway Financial Advisers, LLC Reduced -1,803,937-1.8m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,616,050-1.6m
AGF MANAGEMENT LTD Sold out -1,380,919-1.4m

Biggest calls

ROYAL BANK OF CANADA Added $223.6m9.6m shares
SIG North Trading, ULC Added $47.3m2.0m shares
BANK OF MONTREAL /CAN/ Added $39.4m1.7m shares
MILLENNIUM MANAGEMENT LLC Added $33.8m1.0m shares
D. E. Shaw & Co., Inc. Added $32.9m1.4m shares
CITADEL ADVISORS LLC Added $22.4m967.6k shares
TORONTO DOMINION BANK New $16.5m711.8k shares
CIBC WORLD MARKET INC. Reduced $14.9m641.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $13.4m577.7k shares
CAPITAL FUND MANAGEMENT S.A. Added $13.1m566.6k shares

Biggest puts

ROYAL BANK OF CANADA Added $462.6m20.0m shares
SIG North Trading, ULC Added $204.8m8.8m shares
CIBC WORLD MARKET INC. Added $85.3m3.7m shares
TORONTO DOMINION BANK New $65.3m2.8m shares
JANE STREET GROUP, LLC Reduced $45.2m1.9m shares
BANK OF MONTREAL /CAN/ Added $34.7m1.5m shares
D. E. Shaw & Co., Inc. Reduced $25.7m1.1m shares
MILLENNIUM MANAGEMENT LLC Reduced $21.8m653.1k shares
CITADEL ADVISORS LLC Added $12.5m540.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $4.8m209.2k 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 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 Q4 2024.

Holders, Q4 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.27% of their portfolio TORONTO, A6 54,036,16554.0m $1.3bn $1.3bn 0.27% Added +3.8m +3,756,865
2 BANK OF MONTREAL /CAN/ 0.43% of their portfolio TORONTO, A6 36,984,85537.0m $856.2m $856.2m 0.43% Added +2.9m +2,871,275
3 FIL Ltd 0.57% of their portfolio HAMILTON, D0 26,292,78326.3m $609.5m $609.5m 0.57% Added +2.3m +2,322,474
4 CIBC WORLD MARKET INC. 1.30% of their portfolio TORONTO, A6 24,421,09924.4m $566.1m $566.1m 1.30% Added +3.1m +3,121,283
5 BANK OF NOVA SCOTIA 0.81% of their portfolio TORONTO, A6 19,945,79919.9m $462.3m $462.3m 0.81% Added +3.6m +3,624,953
6 Caisse de depot et placement du Quebec 0.89% of their portfolio Montreal, A8 18,551,40018.6m $429.8m $429.8m 0.89% Added +1.8m +1,814,111
7 NATIONAL BANK OF CANADA /FI/ 0.53% of their portfolio MONTREAL, A8 17,702,62117.7m $409.9m $409.9m 0.53% Reduced -1.2m -1,171,340
8 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 15,878,90415.9m $368.1m $368.1m 0.01% Added +411.9k +411,911
9 TD Asset Management Inc 0.20% of their portfolio Toronto, A6 9,559,5479.6m $221.5m $221.5m 0.20% Reduced -1.2m -1,196,547
10 CANADA PENSION PLAN INVESTMENT BOARD 0.21% of their portfolio TORONTO ONTARIO, A6 9,398,3369.4m $217.6m $217.6m 0.21% Added +8.1m +8,100,000
11 TORONTO DOMINION BANK 0.31% of their portfolio TORONTO, ONTARIO, A6 7,038,2467.0m $162.9m $162.9m 0.31% Reduced -824.6k -824,561
12 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 6,523,2126.5m $151.2m $151.2m 0.01% Added +93.0k +92,989
13 MACKENZIE FINANCIAL CORP 0.06% of their portfolio TORONTO ONTARIO, A6 6,185,7216.2m $141.8m $141.8m 0.06% Added +4.0m +3,950,364
14 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 6,028,8886.0m $139.7m $139.7m 0.03% Added +168.7k +168,704
15 Federation des caisses Desjardins du Quebec 0.64% of their portfolio LEVIS, A8 5,477,4525.5m $126.6m $126.6m 0.64% Reduced -176.0k -176,006
16 SCOTIA CAPITAL INC. 0.60% of their portfolio TORONTO, A6 4,926,8004.9m $114.1m $114.1m 0.60% Reduced -3.4m -3,394,918
17 UBS Group AG 0.02% of their portfolio ZURICH, V8 4,675,3724.7m $108.4m $108.4m 0.02% Added +3.6m +3,566,301
18 LETKO, BROSSEAU & ASSOCIATES INC 2.08% of their portfolio MONTREAL, A8 4,634,5494.6m $107.4m $107.4m 2.08% Added +1.0m +1,047,062
19 CIBC Asset Management Inc 0.35% of their portfolio TORONTO, Z4 4,595,0364.6m $106.4m $106.4m 0.35% Reduced -880.7k -880,705
20 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.09% of their portfolio BOSTON, MA 4,586,9534.6m $106.2m $106.2m 0.09% Added +2.2m +2,240,473
21 FIRST TRUST ADVISORS LP 0.09% of their portfolio Wheaton, IL 4,388,5574.4m $101.7m $101.7m 0.09% Added +1.2m +1,201,079
22 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 4,314,3674.3m $100.0m $100.0m 0.02% Added +1.4m +1,350,516
23 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 3,950,2404.0m $91.6m $91.6m 0.01% Reduced -2.0m -2,015,655
24 NORGES BANK 0.01% of their portfolio OSLO, Q8 3,785,8543.8m $87.6m $87.6m 0.01% Added +38.1k +38,114
25 Cullen Capital Management, LLC 0.95% of their portfolio New York, NY 3,528,5953.5m $81.8m $81.8m 0.95% Reduced -2.1m -2,110,437
26 Connor, Clark & Lunn Investment Management Ltd. 0.35% of their portfolio VANCOUVER, A1 3,354,7943.4m $77.7m $77.7m 0.35% Reduced -208.7k -208,740
27 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.07% of their portfolio Toronto, A6 3,317,2913.3m $77.0m $77.0m 0.07% Reduced -832.2k -832,210
28 Clearbridge Investments, LLC 0.06% of their portfolio NEW YORK, NY 3,263,8133.3m $75.7m $75.7m 0.06% Added +546.8k +546,777
29 SIG North Trading, ULC 17.18% of their portfolio Bala Cynwyd, PA 3,240,4533.2m $75.1m $75.1m 17.18% Added +1.9m +1,936,862
30 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 2,405,5602.4m $55.8m $55.8m 0.01% Added +423.9k +423,912
31 Legal & General Group Plc 0.01% of their portfolio London, X0 2,265,2592.3m $52.5m $52.5m 0.01% Added +950 +950
32 INTACT INVESTMENT MANAGEMENT INC. 1.57% of their portfolio MONTREAL, A8 1,945,2701.9m $45.1m $45.1m 1.57% Added +584.3k +584,290
33 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.53% of their portfolio MISSISSAUGA, A6 1,615,9561.6m $37.5m $37.5m 4.53% Added +237.9k +237,903
34 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,548,1651.5m $39.4m $39.4m 0.00% Added +825.1k +825,098
35 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,504,2361.5m $34.9m $34.9m 0.00% Added +751.3k +751,348
36 MUFG SECURITIES (CANADA), LTD. 1.17% of their portfolio NEW YORK, NY 1,393,0861.4m $32.3m $32.3m 1.17% Added +583.4k +583,366
37 TD Waterhouse Canada Inc. 0.26% of their portfolio TORONTO, A6 1,384,4501.4m $32.0m $32.0m 0.26% Reduced -1.2m -1,150,581
38 Balyasny Asset Management L.P. 0.07% of their portfolio Chicago, IL 1,339,4491.3m $31.0m $31.0m 0.07% Added +478.5k +478,512
39 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.34% of their portfolio CHICAGO, IL 1,216,3751.2m $28.2m $28.2m 0.34% Unchanged
40 1832 Asset Management L.P. 0.05% of their portfolio TORONTO, A6 1,129,9251.1m $26.2m $26.2m 0.05% Reduced -4.3m -4,297,788
41 JANE STREET GROUP, LLC 0.04% of their portfolio NEW YORK, NY 1,040,1391.0m $24.1m $24.1m 0.04% Added +51.7k +51,747
42 BANK OF NOVA SCOTIA TRUST CO 2.34% of their portfolio TORONTO, A6 954,965955.0k $22.1m $22.1m 2.34% Added +5.6k +5,648
43 Amundi 0.01% of their portfolio Paris, I0 911,231911.2k $21.5m $21.5m 0.01% Added +63.8k +63,763
44 Man Group plc 0.06% of their portfolio LONDON, X0 873,544873.5k $20.2m $20.2m 0.06% Added +516.4k +516,388
45 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 866,092866.1k $20.1m $20.1m 0.01% Reduced -1.6m -1,616,050
46 GABELLI FUNDS LLC 0.14% of their portfolio Rye, NY 823,000823.0k $19.1m $19.1m 0.14% Reduced -3.0k -3,000
47 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 790,028790.0k $18.3m $18.3m 0.00% Reduced -6.5m -6,525,038
48 SG Americas Securities, LLC 0.07% of their portfolio NEW YORK, NY 745,088745.1k $17.3m $17.3m 0.07% New
49 Addenda Capital Inc. 0.84% of their portfolio MONTREAL, A8 697,533697.5k $23.9m $23.9m 0.84% Added +39.1k +39,115
50 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 625,216625.2k $14.5m $14.5m 0.01% Added +17.1k +17,072
51 CAPITAL ADVISORS INC/OK 0.26% of their portfolio TULSA, OK 562,433562.4k $13.0m $13.0m 0.26% Added +49.0k +48,997
52 Alberta Investment Management Corp 0.09% of their portfolio EDMONTON, A0 550,700550.7k $12.8m $12.8m 0.09% Reduced -699.1k -699,078
53 APG Asset Management N.V. 0.03% of their portfolio Amsterdam, P7 540,158540.2k $12.1m $12.1m 0.03% Added +224.8k +224,788
54 State of Tennessee, Department of Treasury 0.04% of their portfolio NASHVILLE, TN 523,256523.3k $12.1m $12.1m 0.04% Added +959 +959
55 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 502,464502.5k $11.6m $11.6m 0.00% Reduced -23.4k -23,371
56 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 489,456489.5k $11.3m $11.3m 0.00% Reduced -1.4m -1,358,424
57 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.19% of their portfolio BALA CYNWYD, PA 483,900483.9k $11.2m $11.2m 0.19% First filing
58 CANADA LIFE ASSURANCE Co 0.02% of their portfolio WINNIPEG, A2 478,695478.7k $11.1m $11.1m 0.02% Added +27.2k +27,170
59 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 475,094475.1k $11.0m $11.0m 0.01% Reduced -56 -56
60 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 441,631441.6k $10.2m $10.2m 0.01% Added +429.8k +429,795
61 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 425,939425.9k $9.9m $9.9m 0.01% Added +302.3k +302,292
62 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 415,134415.1k $9.6m $9.6m 0.01% Added +258.3k +258,314
63 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 410,782410.8k $9.5m $9.5m 0.03% New
64 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.06% of their portfolio VICTORIA, A1 402,263402.3k $9.3m $9.3m 0.06% Added +108.8k +108,836
65 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.03% of their portfolio COLUMBUS, OH 401,078401.1k $9.3m $9.3m 0.03% Added +326.9k +326,894
66 NICOLA WEALTH MANAGEMENT LTD. 1.22% of their portfolio VANCOUVER, A1 387,800387.8k $12.9m $12.9m 1.22% New
67 OPPENHEIMER ASSET MANAGEMENT INC. 0.10% of their portfolio NEW YORK, NY 372,488372.5k $8.6m $8.6m 0.10% Reduced -122.6k -122,566
68 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 355,183355.2k $8.2m $8.2m 0.00% First filing
69 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 327,403327.4k $7.7m $7.7m 0.00% Reduced -6.8k -6,799
70 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 327,203327.2k $7.6m $7.6m 0.01% Reduced -270.9k -270,932
71 Twin Tree Management, LP 0.18% of their portfolio DALLAS, TX 317,788317.8k $7.4m $7.4m 0.18% Reduced -85.8k -85,755
72 Guardian Partners Inc. 0.76% of their portfolio TORONTO, Z4 317,513317.5k $7.5m $7.5m 0.76% First filing
73 AustralianSuper Pty Ltd 0.03% of their portfolio MELBOURNE, C3 317,193317.2k $7.3m $7.3m 0.03% New
74 JENNISON ASSOCIATES LLC 0.00% of their portfolio NEW YORK, NY 312,532312.5k $7.2m $7.2m 0.00% Reduced -9.2k -9,225
75 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 302,513302.5k $7.0m $7.0m 0.02% Added +240.5k +240,495
76 Northwest & Ethical Investments L.P. 0.19% of their portfolio TORONTO, A6 302,227302.2k $7.0m $7.0m 0.19% Added +66.5k +66,474
77 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 295,190295.2k $6.8m $6.8m 0.00% Added +174.7k +174,728
78 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 283,671283.7k $6.6m $6.6m 0.00% Reduced -44.5k -44,502
79 Quantbot Technologies LP 0.24% of their portfolio NEW YORK, NY 283,206283.2k $6.6m $6.6m 0.24% New
80 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 281,275281.3k $6.5m $6.5m 0.00% Reduced -16.8k -16,793
81 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 278,383278.4k $6.5m $6.5m 0.01% Added +59.8k +59,795
82 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 262,780262.8k $6.1m $6.1m 0.00% Reduced -924.6k -924,603
83 Onex Canada Asset Management Inc. 0.71% of their portfolio TORONTO, A6 254,058254.1k $5.9m $5.9m 0.71% Added +54.2k +54,182
84 Claret Asset Management Corp 0.92% of their portfolio MONTREAL, A8 252,457252.5k $5.8m $5.8m 0.92% Added +104.2k +104,227
85 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 249,747249.7k $5.8m $5.8m 0.00% Added +11.7k +11,746
86 NATIXIS 0.04% of their portfolio PARIS, I0 246,309246.3k $5.7m $5.7m 0.04% Added +168.6k +168,622
87 TWO SIGMA ADVISERS, LP 0.01% of their portfolio NEW YORK, NY 244,400244.4k $5.7m $5.7m 0.01% New
88 Cubist Systematic Strategies, LLC 0.09% of their portfolio STAMFORD, CT 236,645236.6k $5.5m $5.5m 0.09% New
89 FORSTA AP-FONDEN 0.04% of their portfolio STOCKHOLM, V7 213,100213.1k $4.9m $4.9m 0.04% Added +56.7k +56,700
90 Swiss National Bank 0.00% of their portfolio ZURICH, V8 211,909211.9k $4.9m $4.9m 0.00% Reduced -8.8k -8,800
91 JARISLOWSKY, FRASER Ltd 0.03% of their portfolio MONTREAL, A8 208,669208.7k $4.8m $4.8m 0.03% Reduced -14.2k -14,182
92 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 203,692203.7k $4.7m $4.7m 0.00% Reduced -164.9k -164,897
93 LIBERTY ONE INVESTMENT MANAGEMENT, LLC 0.51% of their portfolio LIBERTYVILLE, IL 203,687203.7k $4.7m $4.7m 0.51% Added +6.8k +6,762
94 DAVIS-REA LTD. 2.42% of their portfolio TORONTO, A6 200,000200.0k $4.8m $4.8m 2.42% New
95 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 198,121198.1k $4.6m $4.6m 0.01% Reduced -46.2k -46,248
96 Quinn Opportunity Partners LLC 0.32% of their portfolio CHARLOTTESVILLE, VA 190,000190.0k $4.4m $4.4m 0.32% New
97 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 187,936187.9k $4.4m $4.4m 0.00% Reduced -567.4k -567,350
98 JOHN G ULLMAN & ASSOCIATES INC 0.63% of their portfolio CORNING, NY 183,622183.6k $4.3m $4.3m 0.63% Added +130.6k +130,599
99 CAPITAL FUND MANAGEMENT S.A. 0.04% of their portfolio PARIS, I0 178,503178.5k $4.1m $4.1m 0.04% Reduced -124.4k -124,380
100 Walleye Capital LLC 0.04% of their portfolio NEW YORK, NY 173,647173.6k $4.0m $4.0m 0.04% Added +170.3k +170,297