Vault-13

BCE INC BCE

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

Bell Canada Enterprises

391 institutional holders -10 vs Q1 2025
445,798,680445.8m shares reported held*
$9.9bnreported value*
48 new 122 added 141 reduced 60 sold out net bought ≈ $1.2bn (+54.1m 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 ($151.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $22.19. Options: 20 managers hold calls ($679.0m notional), 17 hold puts ($1.1bn).

Trends to Q2 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: 401Q2 25: 391391Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025391

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 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 24Q1 25: 173 bought or addedQ1 25: 216 cut or sold outQ2 25: 170 bought or addedQ2 25: 201 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023216304
Q4 2023185329
Q1 2024215295
Q2 2024207291
Q3 2024225239
Q4 2024178296
Q1 2025173216
Q2 2025170201

Calls vs puts

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

CallsPuts
$0$500m$1bn$1.5bnQ3 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 1.99Q2 25 calls: $679.0mQ2 25 puts: $1.1bnQ2 25P/C 1.60
Numbers
QuarterCallsPutsP/C
Q3 2024$476.5m$842.0m1.77
Q4 2024$531.6m$972.7m1.83
Q1 2025$434.0m$861.4m1.99
Q2 2025$679.0m$1.1bn1.60

Biggest buyers

ROYAL BANK OF CANADA Added +56,246,039+56.2m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +6,981,281+7.0m
Caisse de depot et placement du Quebec Added +5,833,896+5.8m
FIL Ltd Added +5,787,765+5.8m
TWO SIGMA INVESTMENTS, LP Added +3,013,688+3.0m
MORGAN STANLEY Added +2,117,405+2.1m
JPMORGAN CHASE & CO Added +1,957,508+2.0m
NATIONAL BANK OF CANADA /FI/ Added +1,921,000+1.9m
TWO SIGMA ADVISERS, LP Added +1,573,400+1.6m
CIBC Asset Management Inc Added +1,192,504+1.2m

Biggest sellers

CANADA PENSION PLAN INVESTMENT BOARD Reduced -12,792,033-12.8m
GOLDMAN SACHS GROUP INC Reduced -5,306,107-5.3m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -5,068,420-5.1m
Federation des caisses Desjardins du Quebec Reduced -3,150,236-3.2m
SIG North Trading, ULC Reduced -2,639,832-2.6m
Cullen Capital Management, LLC Reduced -2,562,549-2.6m
BANK OF NOVA SCOTIA Reduced -1,640,322-1.6m
FIRST TRUST ADVISORS LP Reduced -1,447,820-1.4m
BANK OF AMERICA CORP /DE/ Reduced -1,243,733-1.2m
CIBC WORLD MARKET INC. Reduced -1,076,727-1.1m

Biggest calls

ROYAL BANK OF CANADA Added $386.3m17.4m shares
SIG North Trading, ULC Added $96.0m4.3m shares
D. E. Shaw & Co., Inc. Added $30.5m1.4m shares
MILLENNIUM MANAGEMENT LLC Unchanged $29.0m960.0k shares
TORONTO DOMINION BANK Reduced $24.8m1.1m shares
CAPITAL FUND MANAGEMENT S.A. Added $15.9m715.7k shares
JANE STREET GROUP, LLC Added $15.6m703.0k shares
CITADEL ADVISORS LLC Reduced $14.9m672.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $14.0m631.6k shares
CIBC WORLD MARKET INC. Reduced $9.8m441.5k shares

Biggest puts

ROYAL BANK OF CANADA Added $641.7m28.9m shares
SIG North Trading, ULC Reduced $130.6m5.9m shares
GOLDMAN SACHS GROUP INC New $106.1m4.8m shares
CIBC WORLD MARKET INC. Reduced $76.1m3.4m shares
TORONTO DOMINION BANK Reduced $34.5m1.6m shares
BANK OF MONTREAL /CAN/ Reduced $33.3m1.5m shares
MILLENNIUM MANAGEMENT LLC Unchanged $16.7m552.5k shares
D. E. Shaw & Co., Inc. Reduced $11.1m499.0k shares
CAPITAL FUND MANAGEMENT S.A. Added $10.4m470.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $7.9m355.1k 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 Q2 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 Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.24% of their portfolio TORONTO, A6 112,178,854112.2m $2.5bn $2.5bn 0.24% Added +56.2m +56,246,039
2 BANK OF MONTREAL /CAN/ 0.46% of their portfolio TORONTO, A6 41,307,42041.3m $916.7m $916.7m 0.46% Added +979.5k +979,549
3 FIL Ltd 0.60% of their portfolio HAMILTON, D0 31,636,21831.6m $701.6m $701.6m 0.60% Added +5.8m +5,787,765
4 Caisse de depot et placement du Quebec 1.47% of their portfolio Montreal, A8 31,083,19631.1m $688.0m $688.0m 1.47% Added +5.8m +5,833,896
5 CIBC WORLD MARKET INC. 1.24% of their portfolio TORONTO, A6 25,200,17825.2m $558.7m $558.7m 1.24% Reduced -1.1m -1,076,727
6 NATIONAL BANK OF CANADA /FI/ 0.56% of their portfolio MONTREAL, A8 23,601,89023.6m $522.9m $522.9m 0.56% Added +1.9m +1,921,000
7 BANK OF NOVA SCOTIA 0.76% of their portfolio TORONTO, A6 16,784,34016.8m $372.1m $372.1m 0.76% Reduced -1.6m -1,640,322
8 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 16,711,06316.7m $370.6m $370.6m 0.01% Added +609.7k +609,727
9 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.22% of their portfolio BOSTON, MA 14,006,15314.0m $310.7m $310.7m 0.22% Added +7.0m +6,981,281
10 TD Asset Management Inc 0.17% of their portfolio Toronto, A6 8,904,8228.9m $197.1m $197.1m 0.17% Reduced -274.1k -274,067
11 Federation des caisses Desjardins du Quebec 0.73% of their portfolio LEVIS, A8 7,499,7427.5m $166.0m $166.0m 0.73% Reduced -3.2m -3,150,236
12 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 6,373,5136.4m $141.3m $141.3m 0.02% Reduced -5.3m -5,306,107
13 TORONTO DOMINION BANK 0.30% of their portfolio TORONTO, ONTARIO, A6 6,369,7876.4m $141.4m $141.4m 0.30% Reduced -445.2k -445,184
14 CIBC Asset Management Inc 0.42% of their portfolio TORONTO, Z4 6,006,0536.0m $133.2m $133.2m 0.42% Added +1.2m +1,192,504
15 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,896,5515.9m $130.7m $130.7m 0.01% Added +2.1m +2,117,405
16 LETKO, BROSSEAU & ASSOCIATES INC 2.39% of their portfolio MONTREAL, A8 5,647,9345.6m $125.0m $125.0m 2.39% Added +445.7k +445,680
17 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 4,773,6224.8m $105.8m $105.8m 0.01% Reduced -1.2m -1,243,733
18 SCOTIA CAPITAL INC. 0.46% of their portfolio TORONTO, A6 4,388,0864.4m $97.2m $97.2m 0.46% Reduced -293.0k -293,009
19 NORGES BANK 0.01% of their portfolio OSLO, Q8 3,664,2493.7m $81.3m $81.3m 0.01% Reduced -42.6k -42,596
20 Cullen Capital Management, LLC 0.91% of their portfolio New York, NY 3,597,3803.6m $79.8m $79.8m 0.91% Reduced -2.6m -2,562,549
21 UBS Group AG 0.02% of their portfolio ZURICH, V8 3,541,3173.5m $78.5m $78.5m 0.02% Reduced -741.7k -741,691
22 FIRST TRUST ADVISORS LP 0.06% of their portfolio Wheaton, IL 3,344,6283.3m $74.2m $74.2m 0.06% Reduced -1.4m -1,447,820
23 Clearbridge Investments, LLC 0.06% of their portfolio NEW YORK, NY 3,301,0083.3m $73.2m $73.2m 0.06% Reduced -177.0k -177,041
24 TWO SIGMA INVESTMENTS, LP 0.13% of their portfolio NEW YORK, NY 3,200,4183.2m $71.0m $71.0m 0.13% Added +3.0m +3,013,688
25 INTACT INVESTMENT MANAGEMENT INC. 2.40% of their portfolio MONTREAL, A8 3,200,1903.2m $71.0m $71.0m 2.40% Added +825.3k +825,280
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,636,4622.6m $58.5m $58.5m 0.00% Added +2.0m +1,957,508
27 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio Toronto, A6 2,145,0162.1m $47.3m $47.3m 0.04% Added +21.9k +21,921
28 TWO SIGMA ADVISERS, LP 0.10% of their portfolio NEW YORK, NY 2,091,7002.1m $46.4m $46.4m 0.10% Added +1.6m +1,573,400
29 Legal & General Group Plc 0.01% of their portfolio London, X0 2,067,7882.1m $45.8m $45.8m 0.01% Reduced -210.9k -210,878
30 MACKENZIE FINANCIAL CORP 0.06% of their portfolio TORONTO ONTARIO, A6 2,020,0072.0m $44.8m $44.8m 0.06% Added +155.2k +155,177
31 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.55% of their portfolio MISSISSAUGA, A6 1,857,6871.9m $41.2m $41.2m 4.55% Reduced -39.4k -39,397
32 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 1,819,9431.8m $40.3m $40.3m 0.01% Reduced -844.5k -844,478
33 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 1,776,0821.8m $39.3m $39.3m 0.01% Reduced -5.1m -5,068,420
34 Man Group plc 0.08% of their portfolio LONDON, X0 1,633,5611.6m $36.2m $36.2m 0.08% Added +1.1m +1,082,929
35 TD Waterhouse Canada Inc. 0.26% of their portfolio TORONTO, A6 1,627,1201.6m $36.8m $36.8m 0.26% Added +352.2k +352,151
36 MUFG SECURITIES (CANADA), LTD. 1.06% of their portfolio NEW YORK, NY 1,580,8881.6m $35.0m $35.0m 1.06% Added +189.0k +189,003
37 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,462,4641.5m $35.6m $35.6m 0.00% Added +183.7k +183,734
38 CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio TORONTO ONTARIO, A6 1,389,5351.4m $30.8m $30.8m 0.03% Reduced -12.8m -12,792,033
39 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.32% of their portfolio CHICAGO, IL 1,216,3751.2m $27.0m $27.0m 0.32% Unchanged
40 Qube Research & Technologies Ltd 0.04% of their portfolio LONDON, X0 1,176,5921.2m $26.1m $26.1m 0.04% Added +1.0m +1,017,071
41 1832 Asset Management L.P. 0.04% of their portfolio TORONTO, A6 1,109,7821.1m $24.6m $24.6m 0.04% Reduced -145.9k -145,891
42 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 948,224948.2k $21.0m $21.0m 0.01% Reduced -18.0k -17,990
43 Amundi 0.01% of their portfolio Paris, I0 917,775917.8k $21.0m $21.0m 0.01% Reduced -145.4k -145,359
44 SIG North Trading, ULC 4.38% of their portfolio Bala Cynwyd, PA 902,184902.2k $20.0m $20.0m 4.38% Reduced -2.6m -2,639,832
45 Hillsdale Investment Management Inc. 0.69% of their portfolio Toronto, A6 846,966847.0k $18.8m $18.8m 0.69% Added +845.5k +845,525
46 GABELLI FUNDS LLC 0.13% of their portfolio Rye, NY 820,000820.0k $18.2m $18.2m 0.13% Unchanged
47 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 794,876794.9k $17.6m $17.6m 0.02% Added +759.5k +759,486
48 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 791,502791.5k $17.5m $17.5m 0.01% Added +203.4k +203,380
49 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 765,858765.9k $17.0m $17.0m 0.01% Added +672.3k +672,272
50 BlackRock, Inc. 0.00% of their portfolio New York, NY 764,743764.7k $17.0m $17.0m 0.00% Reduced -445.8k -445,822
51 BANK OF NOVA SCOTIA TRUST CO 1.52% of their portfolio TORONTO, A6 696,858696.9k $15.4m $15.4m 1.52% Reduced -246.0k -245,973
52 Balyasny Asset Management L.P. 0.03% of their portfolio Chicago, IL 642,754642.8k $14.2m $14.2m 0.03% Added +497.3k +497,341
53 NICOLA WEALTH MANAGEMENT LTD. 1.31% of their portfolio VANCOUVER, A1 632,400632.4k $14.0m $14.0m 1.31% Added +135.2k +135,200
54 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 609,028609.0k $13.5m $13.5m 0.00% Reduced -10.0k -9,983
55 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 593,697593.7k $13.1m $13.1m 0.01% Added +27.4k +27,397
56 Susquehanna Portfolio Strategies, LLC 0.28% of their portfolio Bala Cynwyd, PA 576,167576.2k $12.8m $12.8m 0.28% Added +51.6k +51,567
57 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.33% of their portfolio BALA CYNWYD, PA 560,358560.4k $12.4m $12.4m 0.33% Reduced -59.2k -59,227
58 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 529,773529.8k $11.7m $11.7m 0.00% Added +210.2k +210,219
59 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.04% of their portfolio COLUMBUS, OH 520,542520.5k $11.5m $11.5m 0.04% Added +119.8k +119,793
60 Alberta Investment Management Corp 0.09% of their portfolio EDMONTON, A0 520,200520.2k $11.5m $11.5m 0.09% Unchanged
61 Twin Tree Management, LP 0.29% of their portfolio DALLAS, TX 511,403511.4k $11.3m $11.3m 0.29% Reduced -138.8k -138,845
62 State of Tennessee, Department of Treasury 0.04% of their portfolio NASHVILLE, TN 510,314510.3k $11.3m $11.3m 0.04% Unchanged
63 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.07% of their portfolio VICTORIA, A1 505,235505.2k $11.2m $11.2m 0.07% Reduced -2.0k -1,995
64 Addenda Capital Inc. 0.53% of their portfolio MONTREAL, A8 487,205487.2k $14.9m $14.9m 0.53% Reduced -194.1k -194,134
65 APG Asset Management N.V. 0.03% of their portfolio Amsterdam, P7 478,953479.0k $9.0m $9.0m 0.03% Reduced -5.0k -5,048
66 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 462,569462.6k $10.3m $10.3m 0.00% Reduced -105.1k -105,125
67 CANADA LIFE ASSURANCE Co 0.02% of their portfolio WINNIPEG, A2 458,614458.6k $10.2m $10.2m 0.02% Reduced -7.7k -7,736
68 Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio VANCOUVER, A1 449,899449.9k $10.0m $10.0m 0.04% Reduced -669.8k -669,776
69 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 440,255440.3k $9.8m $9.8m 0.03% Reduced -20.0k -19,962
70 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 416,203416.2k $11.1m $11.1m 0.00% Added +104.7k +104,675
71 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 396,717396.7k $8.8m $8.8m 0.00% Reduced -36.2k -36,229
72 OPPENHEIMER ASSET MANAGEMENT INC. 0.09% of their portfolio NEW YORK, NY 356,779356.8k $7.9m $7.9m 0.09% Reduced -221.8k -221,820
73 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 352,419352.4k $7.8m $7.8m 0.00% Added +128.6k +128,558
74 Northwest & Ethical Investments L.P. 0.19% of their portfolio TORONTO, A6 339,170339.2k $7.5m $7.5m 0.19% Added +2.3k +2,314
75 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 328,641328.6k $7.3m $7.3m 0.01% Added +175.2k +175,211
76 JENNISON ASSOCIATES LLC 0.00% of their portfolio NEW YORK, NY 322,075322.1k $7.1m $7.1m 0.00% Added +9.5k +9,543
77 AustralianSuper Pty Ltd 0.04% of their portfolio MELBOURNE, C3 317,193317.2k $7.0m $7.0m 0.04% Unchanged
78 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 307,635307.6k $6.7m $6.7m 0.01% Added +2.9k +2,855
79 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 298,768298.8k $6.6m $6.6m 0.00% Added +122.1k +122,132
80 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio JUPITER, FL 292,163292.2k $6.5m $6.5m 0.02% Added +140.4k +140,389
81 Beutel, Goodman & Co Ltd. 0.03% of their portfolio TORONTO, A6 277,316277.3k $6.1m $6.1m 0.03% Reduced -53.9k -53,891
82 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 271,508271.5k $6.0m $6.0m 0.00% Reduced -46.9k -46,938
83 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 265,861265.9k $5.9m $5.9m 0.01% Added +187.0k +186,965
84 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 261,179261.2k $5.8m $5.8m 0.00% Reduced -26.6k -26,609
85 Claret Asset Management Corp 0.74% of their portfolio MONTREAL, A8 256,201256.2k $5.7m $5.7m 0.74% Added +5.7k +5,692
86 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 255,639255.6k $5.7m $5.7m 0.01% New
87 CANERECTOR INC 4.28% of their portfolio TORONTO, A6 250,000250.0k $7.5m $7.5m 4.28% Added +4.2k +4,200
88 Euro Pacific Asset Management, LLC 0.41% of their portfolio DORADO, PR 247,302247.3k $4.3m $4.3m 0.41% Added +182.5k +182,496
89 Swiss National Bank 0.00% of their portfolio ZURICH, V8 224,109224.1k $5.0m $5.0m 0.00% Added +16.4k +16,400
90 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 215,085215.1k $4.8m $4.8m 0.00% Added +82.5k +82,525
91 K.J. Harrison & Partners Inc 0.77% of their portfolio TORONTO, A6 209,800209.8k $4.6m $4.6m 0.77% New
92 NATIXIS 0.02% of their portfolio PARIS, I0 198,400198.4k $4.4m $4.4m 0.02% Added +44.4k +44,367
93 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 193,517193.5k $4.3m $4.3m 0.01% New
94 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 183,526183.5k $4.1m $4.1m 0.00% Reduced -102.0k -101,964
95 Lorne Steinberg Wealth Management Inc. 1.05% of their portfolio MONTREAL, QUEBEC, Z4 180,623180.6k $4.0m $4.0m 1.05% Added +6.9k +6,927
96 ExodusPoint Capital Management, LP 0.05% of their portfolio NEW YORK, NY 180,045180.0k $4.0m $4.0m 0.05% Added +168.0k +168,032
97 JARISLOWSKY, FRASER Ltd 0.02% of their portfolio MONTREAL, A8 177,151177.2k $3.9m $3.9m 0.02% Reduced -26.7k -26,741
98 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 175,827175.8k $3.9m $3.9m 0.00% Reduced -31.6k -31,564
99 Mitsubishi UFJ Trust & Banking Corp 0.01% of their portfolio TOKYO, M0 170,200170.2k $3.8m $3.8m 0.01% New
100 Trexquant Investment LP 0.04% of their portfolio STAMFORD, CT 164,457164.5k $3.6m $3.6m 0.04% New