BCE INC BCE
COM NEW · Common Stock · CUSIP 05534B760 · ISIN CA05534B7604
Bell Canada Enterprises
* 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 ($138.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.41. Options: 22 managers hold calls ($590.1m notional), 19 hold puts ($948.4m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 573 |
| Q4 2022 | 597 |
| Q1 2023 | 584 |
| Q2 2023 | 590 |
| Q3 2023 | 568 |
| Q4 2023 | 542 |
| Q1 2024 | 540 |
| Q2 2024 | 503 |
| Q3 2024 | 501 |
| Q4 2024 | 431 |
| Q1 2025 | 401 |
| Q2 2025 | 391 |
| Q3 2025 | 399 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 185 | 329 |
| Q1 2024 | 215 | 295 |
| Q2 2024 | 207 | 291 |
| Q3 2024 | 225 | 239 |
| Q4 2024 | 178 | 296 |
| Q1 2025 | 173 | 216 |
| Q2 2025 | 170 | 201 |
| Q3 2025 | 194 | 154 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $531.6m | $972.7m | 1.83 |
| Q1 2025 | $434.0m | $861.4m | 1.99 |
| Q2 2025 | $679.0m | $1.1bn | 1.60 |
| Q3 2025 | $590.1m | $948.4m | 1.61 |
Biggest buyers
| FIL Ltd | Added | +4.0m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +3.9m |
| Caisse de depot et placement du Quebec | Added | +3.0m |
| Cullen Capital Management, LLC | Added | +2.8m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +2.2m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Added | +1.7m |
| LETKO, BROSSEAU & ASSOCIATES INC | Added | +1.4m |
| BANK OF AMERICA CORP /DE/ | Added | +1.4m |
| JPMORGAN CHASE & CO | Added | +1.3m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +1.2m |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -53.9m |
| BANK OF MONTREAL /CAN/ | Reduced | -5.0m |
| CIBC WORLD MARKET INC. | Reduced | -4.2m |
| CIBC Asset Management Inc | Reduced | -3.4m |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -3.1m |
| TD Asset Management Inc | Reduced | -2.0m |
| BANK OF NOVA SCOTIA | Reduced | -1.9m |
| MORGAN STANLEY | Reduced | -1.6m |
| Man Group plc | Reduced | -1.2m |
| FIRST TRUST ADVISORS LP | Reduced | -1.1m |
Biggest calls
| ROYAL BANK OF CANADA | Reduced | $216.1m9.2m shares |
| SIG North Trading, ULC | Reduced | $97.2m4.2m shares |
| BANK OF AMERICA CORP /DE/ | Added | $53.8m2.3m shares |
| D. E. Shaw & Co., Inc. | Added | $48.1m2.1m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $43.1m1.5m shares |
| TORONTO DOMINION BANK | Reduced | $23.7m1.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $22.7m972.0k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $14.1m601.0k shares |
| CIBC WORLD MARKET INC. | Added | $13.8m591.5k shares |
| CITADEL ADVISORS LLC | Reduced | $13.5m577.6k shares |
Biggest puts
| ROYAL BANK OF CANADA | Reduced | $363.2m15.5m shares |
| SIG North Trading, ULC | Added | $157.4m6.7m shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $112.0m4.8m shares |
| CIBC WORLD MARKET INC. | Added | $85.4m3.7m shares |
| TORONTO DOMINION BANK | Added | $81.9m3.5m shares |
| BANK OF MONTREAL /CAN/ | Added | $45.0m1.9m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $38.9m1.3m shares |
| D. E. Shaw & Co., Inc. | Added | $28.5m1.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $8.7m371.7k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $6.9m293.6k 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 Q3 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 Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.24% of their portfolio | 58.3m $1.4bn | Reduced -53.9m |
| BANK OF MONTREAL /CAN/ 0.36% of their portfolio | 36.3m $847.9m | Reduced -5.0m |
| FIL Ltd 0.65% of their portfolio | 35.6m $831.6m | Added +4.0m |
| Caisse de depot et placement du Quebec 1.44% of their portfolio | 34.1m $797.2m | Added +3.0m |
| CIBC WORLD MARKET INC. 1.01% of their portfolio | 21.0m $489.8m | Reduced -4.2m |
| NATIONAL BANK OF CANADA /FI/ 0.54% of their portfolio | 20.5m $479.3m | Reduced -3.1m |
| VANGUARD GROUP INC 0.01% of their portfolio | 17.3m $404.7m | Added +608.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.24% of their portfolio | 16.2m $379.0m | Added +2.2m |
| BANK OF NOVA SCOTIA 0.62% of their portfolio | 14.9m $347.9m | Reduced -1.9m |
| Federation des caisses Desjardins du Quebec 0.76% of their portfolio | 8.2m $192.5m | Added +734.1k |
| LETKO, BROSSEAU & ASSOCIATES INC 2.83% of their portfolio | 7.0m $164.7m | Added +1.4m |
| TD Asset Management Inc 0.13% of their portfolio | 6.9m $160.7m | Reduced -2.0m |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 6.8m $157.9m | Added +378.9k |
| TORONTO DOMINION BANK 0.31% of their portfolio | 6.7m $157.3m | Added +363.4k |
| Cullen Capital Management, LLC 1.64% of their portfolio | 6.4m $149.5m | Added +2.8m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 6.1m $143.4m | Added +1.4m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.09% of their portfolio | 5.3m $124.5m | Added +3.9m |
| MORGAN STANLEY 0.01% of their portfolio | 4.3m $100.3m | Reduced -1.6m |
| SCOTIA CAPITAL INC. 0.42% of their portfolio | 4.2m $99.1m | Reduced -148.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 4.0m $92.7m | Added +1.3m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.06% of their portfolio | 3.3m $78.1m | Added +1.2m |
| Clearbridge Investments, LLC 0.06% of their portfolio | 3.2m $75.7m | Reduced -64.4k |
| INTACT INVESTMENT MANAGEMENT INC. 2.21% of their portfolio | 3.1m $72.9m | Reduced -79.7k |
| TWO SIGMA INVESTMENTS, LP 0.11% of their portfolio | 3.1m $72.9m | Reduced -85.1k |
| CIBC Asset Management Inc 0.18% of their portfolio | 2.6m $61.1m | Reduced -3.4m |
| UBS Group AG 0.01% of their portfolio | 2.5m $58.4m | Reduced -1.0m |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 2.3m $53.1m | Reduced -1.1m |
| Legal & General Group Plc 0.01% of their portfolio | 2.2m $51.9m | Added +153.9k |
| MACKENZIE FINANCIAL CORP 0.06% of their portfolio | 2.0m $47.2m | Reduced -3 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.0m $46.0m | Added +191.5k |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.04% of their portfolio | 1.9m $45.2m | Added +89.8k |
| CITADEL ADVISORS LLC 0.04% of their portfolio | 1.9m $43.9m | Added +1.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.8m $46.9m | Added +321.4k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 1.7m $40.7m | Added +1.7m |
| Hillsdale Investment Management Inc. 1.19% of their portfolio | 1.7m $39.5m | Added +846.0k |
| Invesco Ltd. 0.01% of their portfolio | 1.7m $39.6m | Reduced -127.9k |
| TD Waterhouse Canada Inc. 0.25% of their portfolio | 1.6m $38.6m | Added +15.7k |
| TWO SIGMA ADVISERS, LP 0.07% of their portfolio | 1.6m $36.6m | Reduced -528.3k |
| MUFG SECURITIES (CANADA), LTD. 1.01% of their portfolio | 1.5m $36.1m | Reduced -37.8k |
| SIG North Trading, ULC 4.57% of their portfolio | 1.3m $29.7m | Added +366.7k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.32% of their portfolio | 1.2m $28.5m | Unchanged |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.0m $24.2m | Added +85.7k |
| Amundi 0.01% of their portfolio | 960.9k $22.3m | Added +43.2k |
| GABELLI FUNDS LLC 0.13% of their portfolio | 819.0k $19.2m | Reduced -1.0k |
| Harvest Portfolios Group Inc. 0.33% of their portfolio | 766.8k $17.9m | Added +755.3k |
| BlackRock, Inc. 0.00% of their portfolio | 765.8k $17.9m | Added +1.1k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.05% of their portfolio | 674.5k $15.8m | Added +154.0k |
| CITIGROUP INC 0.01% of their portfolio | 657.3k $15.4m | Reduced -134.2k |
| NICOLA WEALTH MANAGEMENT LTD. 1.32% of their portfolio | 632.4k $14.8m | Unchanged |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.16% of their portfolio | 624.1k $14.6m | Added +267.3k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 619.4k $14.5m | Added +290.8k |
| NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio | 588.2k $13.7m | Reduced -5.5k |
| PICTON MAHONEY ASSET MANAGEMENT 0.18% of their portfolio | 587.5k $13.7m | Added +562.9k |
| Susquehanna Portfolio Strategies, LLC 0.21% of their portfolio | 576.2k $13.5m | Unchanged |
| NORTHERN TRUST CORP 0.00% of their portfolio | 551.4k $12.9m | Added +88.8k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.07% of their portfolio | 536.7k $12.5m | Added +31.4k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 534.7k $12.5m | Added +279.1k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.48% of their portfolio | 522.5k $12.2m | Reduced -37.9k |
| State of Tennessee, Department of Treasury 0.04% of their portfolio | 508.3k $11.9m | Reduced -2.0k |
| Addenda Capital Inc. 0.48% of their portfolio | 495.1k $16.3m | Added +7.9k |
| CANADA LIFE ASSURANCE Co 0.02% of their portfolio | 464.4k $10.8m | Added +5.8k |
| APG Asset Management N.V. 0.03% of their portfolio | 464.3k $9.2m | Reduced -14.6k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 447.8k $10.5m | Added +149.1k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 443.6k $10.4m | Reduced -351.2k |
| Janney Montgomery Scott LLC 0.02% of their portfolio | 438.1k $10.2m | Reduced -2.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 418.3k $9.8m | Added +21.6k |
| Northwest & Ethical Investments L.P. 0.22% of their portfolio | 404.5k $9.5m | Added +65.3k |
| Man Group plc 0.02% of their portfolio | 402.2k $9.4m | Reduced -1.2m |
| Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio | 397.7k $9.3m | Reduced -52.2k |
| 1832 Asset Management L.P. 0.01% of their portfolio | 376.6k $8.8m | Reduced -733.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 359.7k $8.4m | Reduced -249.3k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 349.7k $8.2m | Reduced -2.8k |
| JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio | 320.2k $7.4m | Added +12.5k |
| AustralianSuper Pty Ltd 0.04% of their portfolio | 317.2k $7.4m | Unchanged |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 308.6k $7.2m | Added +216.8k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 304.6k $7.1m | Added +33.1k |
| BARCLAYS PLC 0.00% of their portfolio | 303.5k $7.1m | Reduced -226.3k |
| BANK OF NOVA SCOTIA TRUST CO 0.66% of their portfolio | 303.0k $7.1m | Reduced -393.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 297.2k $9.1m | Reduced -119.0k |
| Korea Investment CORP 0.01% of their portfolio | 278.5k $6.5m | Added +261.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 276.2k $6.5m | Added +15.0k |
| HRT FINANCIAL LP 0.03% of their portfolio | 269.7k $6.3m | Added +141.9k |
| K.J. Harrison & Partners Inc 0.86% of their portfolio | 257.6k $6.0m | Added +47.8k |
| NATIXIS 0.03% of their portfolio | 253.0k $5.9m | Added +54.6k |
| Sender Co & Partners, Inc. 2.27% of their portfolio | 250.4k $5.9m | New |
| CANERECTOR INC 4.15% of their portfolio | 250.0k $8.1m | Unchanged |
| Claret Asset Management Corp 0.68% of their portfolio | 245.8k $5.7m | Reduced -10.4k |
| Morningstar Investment Management LLC 0.19% of their portfolio | 215.7k $5.0m | New |
| Swiss National Bank 0.00% of their portfolio | 214.5k $5.0m | Reduced -9.6k |
| STATE STREET CORP 0.00% of their portfolio | 212.7k $5.0m | Reduced -2.4k |
| Twin Tree Management, LP 0.23% of their portfolio | 211.8k $5.0m | Reduced -299.6k |
| CAPITAL FUND MANAGEMENT S.A. 0.05% of their portfolio | 206.8k $4.8m | Added +80.3k |
| Polar Asset Management Partners Inc. 0.09% of their portfolio | 200.0k $4.7m | Added +43.8k |
| JARISLOWSKY, FRASER Ltd 0.03% of their portfolio | 199.7k $4.7m | Added +22.6k |
| Lorne Steinberg Wealth Management Inc. 1.05% of their portfolio | 188.0k $4.4m | Added +7.4k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 176.6k $4.1m | Reduced -6.9k |
| LPL Financial LLC 0.00% of their portfolio | 175.0k $4.1m | Reduced -811 |
| ExodusPoint Capital Management, LP 0.06% of their portfolio | 173.9k $4.1m | Reduced -6.2k |
| Aviso Financial Inc. 0.16% of their portfolio | 172.5k $4.0m | Added +9.6k |
| Gotham Asset Management, LLC 0.02% of their portfolio | 170.5k $4.0m | Added +22.5k |