Vault-13

BCE INC BCE

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

Bell Canada Enterprises

401 institutional holders -30 vs Q4 2024
391,549,034391.5m shares reported held*
$9.0bnreported value*
43 new 130 added 147 reduced 69 sold out net bought ≈ $630.4m (+27.6m 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 ($159.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $22.99. Options: 19 managers hold calls ($434.0m notional), 18 hold puts ($861.4m).

Trends to Q1 2025

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: 431Q1 25: 401401Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022573
Q4 2022597
Q1 2023584
Q2 2023590
Q3 2023568
Q4 2023542
Q1 2024540
Q2 2024503
Q3 2024501
Q4 2024431
Q1 2025401

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 23: 256 bought or addedQ2 23: 259 cut or sold outQ3 23: 216 bought or addedQ3 23: 304 cut or sold outQ3 23Q4 23: 185 bought or addedQ4 23: 329 cut or sold outQ1 24: 215 bought or addedQ1 24: 295 cut or sold outQ1 24Q2 24: 207 bought or addedQ2 24: 291 cut or sold outQ3 24: 225 bought or addedQ3 24: 239 cut or sold outQ3 24Q4 24: 178 bought or addedQ4 24: 296 cut or sold outQ1 25: 173 bought or addedQ1 25: 216 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023256259
Q3 2023216304
Q4 2023185329
Q1 2024215295
Q2 2024207291
Q3 2024225239
Q4 2024178296
Q1 2025173216

Calls vs puts

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

CallsPuts
$0$250m$500m$750m$1bnQ2 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 1.83Q1 25 calls: $434.0mQ1 25 puts: $861.4mQ1 25P/C 1.99
Numbers
QuarterCallsPutsP/C
Q2 2024$457.4m$592.0m1.29
Q3 2024$476.5m$842.0m1.77
Q4 2024$531.6m$972.7m1.83
Q1 2025$434.0m$861.4m1.99

Biggest buyers

GOLDMAN SACHS GROUP INC Added +7,365,253+7.4m
Caisse de depot et placement du Quebec Added +6,697,900+6.7m
Federation des caisses Desjardins du Quebec Added +5,172,526+5.2m
CANADA PENSION PLAN INVESTMENT BOARD Added +4,783,232+4.8m
NATIONAL BANK OF CANADA /FI/ Added +3,978,269+4.0m
BANK OF MONTREAL /CAN/ Added +3,343,016+3.3m
Cullen Capital Management, LLC Added +2,631,334+2.6m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +2,437,919+2.4m
ROYAL BANK OF CANADA Added +1,896,650+1.9m
CIBC WORLD MARKET INC. Added +1,855,806+1.9m

Biggest sellers

MACKENZIE FINANCIAL CORP Reduced -4,320,891-4.3m
Connor, Clark & Lunn Investment Management Ltd. Reduced -2,235,119-2.2m
BANK OF NOVA SCOTIA Reduced -1,521,137-1.5m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -1,194,196-1.2m
Balyasny Asset Management L.P. Reduced -1,194,036-1.2m
JANE STREET GROUP, LLC Reduced -886,709-886.7k
SG Americas Securities, LLC Reduced -737,630-737.6k
CAPITAL ADVISORS INC/OK Sold out -562,433-562.4k
BANK OF AMERICA CORP /DE/ Reduced -505,857-505.9k
FIL Ltd Reduced -444,330-444.3k

Biggest calls

ROYAL BANK OF CANADA Reduced $186.6m8.1m shares
SIG North Trading, ULC Added $55.6m2.4m shares
TORONTO DOMINION BANK Added $32.3m1.4m shares
MILLENNIUM MANAGEMENT LLC Reduced $31.7m960.0k shares
D. E. Shaw & Co., Inc. Reduced $22.4m973.9k shares
CITADEL ADVISORS LLC Reduced $16.8m731.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $14.9m649.6k shares
CIBC WORLD MARKET INC. Unchanged $14.7m641.5k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $11.9m519.6k shares
JANE STREET GROUP, LLC Reduced $9.7m423.2k shares

Biggest puts

ROYAL BANK OF CANADA Reduced $408.8m17.8m shares
SIG North Trading, ULC Reduced $169.7m7.4m shares
CIBC WORLD MARKET INC. Reduced $83.4m3.6m shares
TORONTO DOMINION BANK Reduced $50.4m2.2m shares
JANE STREET GROUP, LLC Reduced $43.4m1.9m shares
BANK OF MONTREAL /CAN/ Added $42.5m1.9m shares
MILLENNIUM MANAGEMENT LLC Reduced $18.2m552.5k shares
D. E. Shaw & Co., Inc. Reduced $12.5m543.3k shares
CAPITAL FUND MANAGEMENT S.A. Added $9.3m407.2k shares
CITADEL ADVISORS LLC Reduced $9.1m396.3k 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 2025

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 2025.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.29% of their portfolio TORONTO, A6 55,932,81555.9m $1.3bn $1.3bn 0.29% Added +1.9m +1,896,650
2 BANK OF MONTREAL /CAN/ 0.49% of their portfolio TORONTO, A6 40,327,87140.3m $925.8m $925.8m 0.49% Added +3.3m +3,343,016
3 CIBC WORLD MARKET INC. 1.38% of their portfolio TORONTO, A6 26,276,90526.3m $603.3m $603.3m 1.38% Added +1.9m +1,855,806
4 FIL Ltd 0.56% of their portfolio HAMILTON, D0 25,848,45325.8m $593.3m $593.3m 0.56% Reduced -444.3k -444,330
5 Caisse de depot et placement du Quebec 1.22% of their portfolio Montreal, A8 25,249,30025.2m $579.5m $579.5m 1.22% Added +6.7m +6,697,900
6 NATIONAL BANK OF CANADA /FI/ 0.58% of their portfolio MONTREAL, A8 21,680,89021.7m $497.1m $497.1m 0.58% Added +4.0m +3,978,269
7 BANK OF NOVA SCOTIA 0.95% of their portfolio TORONTO, A6 18,424,66218.4m $423.0m $423.0m 0.95% Reduced -1.5m -1,521,137
8 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 16,101,33616.1m $369.6m $369.6m 0.01% Added +222.4k +222,432
9 CANADA PENSION PLAN INVESTMENT BOARD 0.32% of their portfolio TORONTO ONTARIO, A6 14,181,56814.2m $325.6m $325.6m 0.32% Added +4.8m +4,783,232
10 GOLDMAN SACHS GROUP INC 0.05% of their portfolio NEW YORK, NY 11,679,62011.7m $268.2m $268.2m 0.05% Added +7.4m +7,365,253
11 Federation des caisses Desjardins du Quebec 1.21% of their portfolio LEVIS, A8 10,649,97810.6m $244.0m $244.0m 1.21% Added +5.2m +5,172,526
12 TD Asset Management Inc 0.19% of their portfolio Toronto, A6 9,178,8899.2m $210.7m $210.7m 0.19% Reduced -380.7k -380,658
13 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.13% of their portfolio BOSTON, MA 7,024,8727.0m $161.3m $161.3m 0.13% Added +2.4m +2,437,919
14 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 6,844,5026.8m $157.1m $157.1m 0.03% Added +815.6k +815,614
15 TORONTO DOMINION BANK 0.40% of their portfolio TORONTO, ONTARIO, A6 6,814,9716.8m $156.4m $156.4m 0.40% Reduced -223.3k -223,275
16 Cullen Capital Management, LLC 1.63% of their portfolio New York, NY 6,159,9296.2m $141.4m $141.4m 1.63% Added +2.6m +2,631,334
17 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 6,017,3556.0m $138.2m $138.2m 0.01% Reduced -505.9k -505,857
18 LETKO, BROSSEAU & ASSOCIATES INC 2.54% of their portfolio MONTREAL, A8 5,202,2545.2m $119.4m $119.4m 2.54% Added +567.7k +567,705
19 CIBC Asset Management Inc 0.37% of their portfolio TORONTO, Z4 4,813,5494.8m $110.7m $110.7m 0.37% Added +218.5k +218,513
20 FIRST TRUST ADVISORS LP 0.10% of their portfolio Wheaton, IL 4,792,4484.8m $110.0m $110.0m 0.10% Added +403.9k +403,891
21 SCOTIA CAPITAL INC. 0.57% of their portfolio TORONTO, A6 4,681,0954.7m $107.2m $107.2m 0.57% Reduced -245.7k -245,705
22 UBS Group AG 0.02% of their portfolio ZURICH, V8 4,283,0084.3m $98.3m $98.3m 0.02% Reduced -392.4k -392,364
23 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 3,779,1463.8m $86.8m $86.8m 0.01% Reduced -171.1k -171,094
24 NORGES BANK 0.01% of their portfolio OSLO, Q8 3,706,8453.7m $85.1m $85.1m 0.01% Reduced -79.0k -79,009
25 SIG North Trading, ULC 16.58% of their portfolio Bala Cynwyd, PA 3,542,0163.5m $81.3m $81.3m 16.58% Added +301.6k +301,563
26 Clearbridge Investments, LLC 0.07% of their portfolio NEW YORK, NY 3,478,0493.5m $79.9m $79.9m 0.07% Added +214.2k +214,236
27 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 2,664,4212.7m $61.2m $61.2m 0.01% Added +258.9k +258,861
28 INTACT INVESTMENT MANAGEMENT INC. 1.87% of their portfolio MONTREAL, A8 2,374,9102.4m $54.5m $54.5m 1.87% Added +429.6k +429,640
29 Legal & General Group Plc 0.01% of their portfolio London, X0 2,278,6662.3m $52.3m $52.3m 0.01% Added +13.4k +13,407
30 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio Toronto, A6 2,123,0952.1m $49.0m $49.0m 0.05% Reduced -1.2m -1,194,196
31 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.53% of their portfolio MISSISSAUGA, A6 1,897,0841.9m $43.5m $43.5m 5.53% Added +281.1k +281,128
32 MACKENZIE FINANCIAL CORP 0.06% of their portfolio TORONTO ONTARIO, A6 1,864,8301.9m $42.8m $42.8m 0.06% Reduced -4.3m -4,320,891
33 MUFG SECURITIES (CANADA), LTD. 1.11% of their portfolio NEW YORK, NY 1,391,8851.4m $31.9m $31.9m 1.11% Reduced -1.2k -1,201
34 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,278,7301.3m $32.8m $32.8m 0.00% Reduced -269.4k -269,435
35 TD Waterhouse Canada Inc. 0.24% of their portfolio TORONTO, A6 1,274,9691.3m $28.9m $28.9m 0.24% Reduced -109.5k -109,481
36 1832 Asset Management L.P. 0.06% of their portfolio TORONTO, A6 1,255,6731.3m $28.8m $28.8m 0.06% Added +125.7k +125,748
37 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.33% of their portfolio CHICAGO, IL 1,216,3751.2m $27.9m $27.9m 0.33% Unchanged
38 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,210,5651.2m $27.8m $27.8m 0.00% Reduced -293.7k -293,671
39 Connor, Clark & Lunn Investment Management Ltd. 0.11% of their portfolio VANCOUVER, A1 1,119,6751.1m $25.7m $25.7m 0.11% Reduced -2.2m -2,235,119
40 Amundi 0.01% of their portfolio Paris, I0 1,063,1341.1m $24.1m $24.1m 0.01% Added +151.9k +151,903
41 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 966,214966.2k $22.2m $22.2m 0.01% Added +100.1k +100,122
42 BANK OF NOVA SCOTIA TRUST CO 2.31% of their portfolio TORONTO, A6 942,831942.8k $21.6m $21.6m 2.31% Reduced -12.1k -12,134
43 GABELLI FUNDS LLC 0.14% of their portfolio Rye, NY 820,000820.0k $18.8m $18.8m 0.14% Reduced -3.0k -3,000
44 Addenda Capital Inc. 0.86% of their portfolio MONTREAL, A8 681,339681.3k $23.2m $23.2m 0.86% Reduced -16.2k -16,194
45 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 678,954679.0k $15.6m $15.6m 0.00% Reduced -111.1k -111,074
46 Twin Tree Management, LP 0.33% of their portfolio DALLAS, TX 650,248650.2k $14.9m $14.9m 0.33% Added +332.5k +332,460
47 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.24% of their portfolio BALA CYNWYD, PA 619,585619.6k $14.2m $14.2m 0.24% Added +135.7k +135,685
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 619,011619.0k $14.2m $14.2m 0.00% Added +129.6k +129,555
49 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 588,122588.1k $13.5m $13.5m 0.01% Reduced -37.1k -37,094
50 OPPENHEIMER ASSET MANAGEMENT INC. 0.16% of their portfolio NEW YORK, NY 578,599578.6k $13.3m $13.3m 0.16% Added +206.1k +206,111
51 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 567,694567.7k $13.0m $13.0m 0.00% Added +65.2k +65,230
52 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 566,300566.3k $13.0m $13.0m 0.01% Added +91.2k +91,206
53 Man Group plc 0.04% of their portfolio LONDON, X0 550,632550.6k $12.6m $12.6m 0.04% Reduced -322.9k -322,912
54 Susquehanna Portfolio Strategies, LLC 5.18% of their portfolio Bala Cynwyd, PA 524,600524.6k $12.0m $12.0m 5.18% New
55 Alberta Investment Management Corp 0.08% of their portfolio EDMONTON, A0 520,200520.2k $11.9m $11.9m 0.08% Reduced -30.5k -30,500
56 TWO SIGMA ADVISERS, LP 0.03% of their portfolio NEW YORK, NY 518,300518.3k $11.9m $11.9m 0.03% Added +273.9k +273,900
57 State of Tennessee, Department of Treasury 0.04% of their portfolio NASHVILLE, TN 510,314510.3k $11.7m $11.7m 0.04% Reduced -12.9k -12,942
58 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.07% of their portfolio VICTORIA, A1 507,230507.2k $11.6m $11.6m 0.07% Added +105.0k +104,967
59 NICOLA WEALTH MANAGEMENT LTD. 1.11% of their portfolio VANCOUVER, A1 497,200497.2k $11.4m $11.4m 1.11% Added +109.4k +109,400
60 Waratah Capital Advisors Ltd. 0.77% of their portfolio TORONTO, A6 490,359490.4k $11.3m $11.3m 0.77% New
61 APG Asset Management N.V. 0.03% of their portfolio Amsterdam, P7 484,001484.0k $10.3m $10.3m 0.03% Reduced -56.2k -56,157
62 CANADA LIFE ASSURANCE Co 0.02% of their portfolio WINNIPEG, A2 466,350466.4k $10.7m $10.7m 0.02% Reduced -12.3k -12,345
63 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 460,217460.2k $10.6m $10.6m 0.03% Added +49.4k +49,435
64 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 432,946432.9k $9.9m $9.9m 0.00% Added +77.8k +77,763
65 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.03% of their portfolio COLUMBUS, OH 400,749400.7k $9.2m $9.2m 0.03% Reduced -329 -329
66 Quadrature Capital Ltd 0.20% of their portfolio LONDON, X0 381,500381.5k $8.8m $8.8m 0.20% Added +320.0k +320,000
67 Northwest & Ethical Investments L.P. 0.21% of their portfolio TORONTO, A6 336,856336.9k $7.7m $7.7m 0.21% Added +34.6k +34,629
68 Beutel, Goodman & Co Ltd. 0.04% of their portfolio TORONTO, A6 331,207331.2k $7.6m $7.6m 0.04% Added +330.8k +330,798
69 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 319,554319.6k $7.3m $7.3m 0.00% Added +24.4k +24,364
70 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 318,446318.4k $7.3m $7.3m 0.00% Added +34.8k +34,775
71 AustralianSuper Pty Ltd 0.04% of their portfolio MELBOURNE, C3 317,193317.2k $7.3m $7.3m 0.04% Unchanged
72 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 312,532312.5k $7.2m $7.2m 0.01% Unchanged
73 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 311,528311.5k $8.2m $8.2m 0.00% Reduced -15.9k -15,875
74 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 304,780304.8k $7.0m $7.0m 0.01% Added +26.4k +26,397
75 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 287,788287.8k $6.6m $6.6m 0.00% Added +6.5k +6,513
76 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 285,490285.5k $6.6m $6.6m 0.01% Added +97.6k +97,554
77 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 278,745278.7k $6.4m $6.4m 0.00% Added +75.1k +75,053
78 CAPITAL FUND MANAGEMENT S.A. 0.08% of their portfolio PARIS, I0 266,811266.8k $6.1m $6.1m 0.08% Added +88.3k +88,308
79 Claret Asset Management Corp 0.83% of their portfolio MONTREAL, A8 250,509250.5k $5.8m $5.8m 0.83% Reduced -1.9k -1,948
80 CANERECTOR INC 6.30% of their portfolio TORONTO, A6 245,800245.8k $8.1m $8.1m 6.30% Added +83.3k +83,300
81 Guardian Partners Inc. 0.50% of their portfolio TORONTO, Z4 226,579226.6k $4.9m $4.9m 0.50% Reduced -90.9k -90,934
82 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 223,861223.9k $5.1m $5.1m 0.00% Reduced -25.9k -25,886
83 Swiss National Bank 0.00% of their portfolio ZURICH, V8 207,709207.7k $4.8m $4.8m 0.00% Reduced -4.2k -4,200
84 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 207,391207.4k $4.8m $4.8m 0.00% Reduced -55.4k -55,389
85 JARISLOWSKY, FRASER Ltd 0.03% of their portfolio MONTREAL, A8 203,892203.9k $4.7m $4.7m 0.03% Reduced -4.8k -4,777
86 Onex Canada Asset Management Inc. 0.56% of their portfolio TORONTO, A6 189,161189.2k $4.3m $4.3m 0.56% Reduced -64.9k -64,897
87 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 186,730186.7k $4.3m $4.3m 0.01% Added +140.3k +140,337
88 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 183,060183.1k $4.2m $4.2m 0.01% New
89 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 176,636176.6k $4.1m $4.1m 0.00% Reduced -238.5k -238,498
90 DekaBank Deutsche Girozentrale 0.01% of their portfolio FRANKFURT, 2M 175,031175.0k $4.0m $4.0m 0.01% Added +101.2k +101,223
91 Lorne Steinberg Wealth Management Inc. 1.16% of their portfolio MONTREAL, QUEBEC, Z4 173,696173.7k $4.0m $4.0m 1.16% Added +69.8k +69,777
92 Swiss Life Asset Management Ltd 0.03% of their portfolio Zurich, V8 171,189171.2k $3.9m $3.9m 0.03% Added +3.5k +3,495
93 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 159,521159.5k $3.7m $3.7m 0.01% Reduced -38.6k -38,600
94 Quantinno Capital Management LP 0.02% of their portfolio NEW YORK, NY 156,555156.6k $3.6m $3.6m 0.02% Added +131.0k +131,045
95 Aviso Financial Inc. 0.18% of their portfolio TORONTO, A6 154,829154.8k $3.6m $3.6m 0.18% Added +6.6k +6,613
96 NATIXIS 0.02% of their portfolio PARIS, I0 154,033154.0k $3.6m $3.6m 0.02% Reduced -92.3k -92,276
97 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 153,981154.0k $3.5m $3.5m 0.01% Reduced -148.5k -148,532
98 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 153,430153.4k $3.5m $3.5m 0.01% Reduced -886.7k -886,709
99 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio JUPITER, FL 151,774151.8k $3.5m $3.5m 0.01% New
100 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 145,413145.4k $3.3m $3.3m 0.01% Reduced -1.2m -1,194,036