Vault-13

BCE INC BCE

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

Bell Canada Enterprises

410 institutional holders +11 vs Q3 2025
415,524,954415.5m shares reported held*
$9.9bnreported value*
54 new 115 added 155 reduced 55 sold out net bought ≈ $485.0m (+20.3m 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 ($124.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.92. Options: 19 managers hold calls ($600.2m notional), 17 hold puts ($872.0m).

Trends to Q4 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: 391Q3 25: 399Q4 25: 410410Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025399
Q4 2025410

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 194 bought or addedQ3 25: 154 cut or sold outQ4 25: 169 bought or addedQ4 25: 210 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024215295
Q2 2024207291
Q3 2024225239
Q4 2024178296
Q1 2025173216
Q2 2025170201
Q3 2025194154
Q4 2025169210

Calls vs puts

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

CallsPuts
$0$500m$1bn$1.5bnQ1 25 calls: $434.0mQ1 25 puts: $861.4mQ1 25P/C 1.99Q2 25 calls: $679.0mQ2 25 puts: $1.1bnQ2 25P/C 1.60Q3 25 calls: $590.1mQ3 25 puts: $948.4mQ3 25P/C 1.61Q4 25 calls: $600.2mQ4 25 puts: $872.0mQ4 25P/C 1.45
Numbers
QuarterCallsPutsP/C
Q1 2025$434.0m$861.4m1.99
Q2 2025$679.0m$1.1bn1.60
Q3 2025$590.1m$948.4m1.61
Q4 2025$600.2m$872.0m1.45

Biggest buyers

Quadrature Capital Ltd New +4,228,659+4.2m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Added +3,800,440+3.8m
CIBC WORLD MARKET INC. Added +2,847,860+2.8m
TWO SIGMA INVESTMENTS, LP Added +2,833,012+2.8m
BANK OF NOVA SCOTIA Added +2,250,106+2.3m
FIL Ltd Added +1,992,000+2.0m
CANADA PENSION PLAN INVESTMENT BOARD Added +1,973,893+2.0m
BESSEMER GROUP INC Added +1,818,990+1.8m
PICTON MAHONEY ASSET MANAGEMENT Added +1,376,451+1.4m
MORGAN STANLEY Added +1,321,317+1.3m

Biggest sellers

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -2,061,327-2.1m
JPMORGAN CHASE & CO Reduced -2,011,755-2.0m
ROYAL BANK OF CANADA Reduced -1,879,604-1.9m
CITADEL ADVISORS LLC Reduced -1,592,766-1.6m
BANK OF AMERICA CORP /DE/ Reduced -1,575,857-1.6m
SIG North Trading, ULC Reduced -1,153,105-1.2m
Cullen Capital Management, LLC Reduced -696,172-696.2k
CIBC Asset Management Inc Reduced -661,359-661.4k
UBS Group AG Reduced -497,203-497.2k
TD Asset Management Inc Reduced -497,177-497.2k

Biggest calls

ROYAL BANK OF CANADA Added $225.3m9.5m shares
SIG North Trading, ULC Added $140.5m5.9m shares
D. E. Shaw & Co., Inc. Added $60.4m2.5m shares
TORONTO DOMINION BANK Added $38.8m1.6m shares
MILLENNIUM MANAGEMENT LLC Reduced $31.4m960.0k shares
CITADEL ADVISORS LLC Added $19.2m805.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $16.7m699.5k shares
JANE STREET GROUP, LLC Added $13.7m574.6k shares
Anson Funds Management LP New $11.9m500.0k shares
CIBC WORLD MARKET INC. Reduced $10.5m441.5k shares

Biggest puts

ROYAL BANK OF CANADA Reduced $263.7m11.1m shares
GOLDMAN SACHS GROUP INC Added $140.2m5.9m shares
SIG North Trading, ULC Reduced $121.3m5.1m shares
TORONTO DOMINION BANK Added $110.3m4.6m shares
CIBC WORLD MARKET INC. Unchanged $87.3m3.7m shares
D. E. Shaw & Co., Inc. Added $50.6m2.1m shares
BANK OF MONTREAL /CAN/ Unchanged $45.9m1.9m shares
MILLENNIUM MANAGEMENT LLC Reduced $29.2m892.5k shares
DeepCurrents Investment Group LLC Unchanged $6.0m2.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $4.7m195.9k 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 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 Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.24% of their portfolio TORONTO, A6 56,433,74056.4m $1.3bn $1.3bn 0.24% Reduced -1.9m -1,879,604
2 FIL Ltd 0.67% of their portfolio HAMILTON, D0 37,579,44837.6m $896.4m $896.4m 0.67% Added +2.0m +1,992,000
3 BANK OF MONTREAL /CAN/ 0.35% of their portfolio TORONTO, A6 36,251,02636.3m $864.7m $864.7m 0.35% Reduced -43.5k -43,480
4 Caisse de depot et placement du Quebec 1.38% of their portfolio Montreal, A8 34,107,30634.1m $814.6m $814.6m 1.38% Unchanged
5 CIBC WORLD MARKET INC. 1.02% of their portfolio TORONTO, A6 23,812,92423.8m $568.2m $568.2m 1.02% Added +2.8m +2,847,860
6 NATIONAL BANK OF CANADA /FI/ 0.53% of their portfolio MONTREAL, A8 21,548,11921.5m $513.5m $513.5m 0.53% Added +1.0m +1,028,792
7 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 18,020,12418.0m $429.8m $429.8m 0.01% Added +700.8k +700,797
8 BANK OF NOVA SCOTIA 0.61% of their portfolio TORONTO, A6 17,136,46617.1m $408.7m $408.7m 0.61% Added +2.3m +2,250,106
9 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.20% of their portfolio BOSTON, MA 14,151,21114.2m $337.5m $337.5m 0.20% Reduced -2.1m -2,061,327
10 Federation des caisses Desjardins du Quebec 0.80% of their portfolio LEVIS, A8 8,744,8218.7m $208.5m $208.5m 0.80% Added +511.0k +511,011
11 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 7,803,9127.8m $185.9m $185.9m 0.03% Added +1.1m +1,051,481
12 LETKO, BROSSEAU & ASSOCIATES INC 2.87% of their portfolio MONTREAL, A8 7,338,4417.3m $175.3m $175.3m 2.87% Added +292.7k +292,690
13 CANADA PENSION PLAN INVESTMENT BOARD 0.12% of their portfolio TORONTO ONTARIO, A6 7,304,5577.3m $174.2m $174.2m 0.12% Added +2.0m +1,973,893
14 TORONTO DOMINION BANK 0.30% of their portfolio TORONTO, ONTARIO, A6 7,110,8247.1m $169.6m $169.6m 0.30% Added +377.7k +377,671
15 TD Asset Management Inc 0.12% of their portfolio Toronto, A6 6,376,7496.4m $152.3m $152.3m 0.12% Reduced -497.2k -497,177
16 TWO SIGMA INVESTMENTS, LP 0.21% of their portfolio NEW YORK, NY 5,948,3035.9m $141.7m $141.7m 0.21% Added +2.8m +2,833,012
17 Cullen Capital Management, LLC 1.48% of their portfolio New York, NY 5,693,6935.7m $135.6m $135.6m 1.48% Reduced -696.2k -696,172
18 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,610,5685.6m $133.6m $133.6m 0.01% Added +1.3m +1,321,317
19 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 4,555,1654.6m $108.5m $108.5m 0.01% Reduced -1.6m -1,575,857
20 Quadrature Capital Ltd 1.03% of their portfolio LONDON, X0 4,228,6594.2m $101.0m $101.0m 1.03% New
21 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.08% of their portfolio Toronto, A6 4,141,2214.1m $99.0m $99.0m 0.08% Added +798.7k +798,730
22 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.09% of their portfolio FRANKFURT AM MAIN, 2M 4,109,0744.1m $97.9m $97.9m 0.09% Added +3.8m +3,800,440
23 SCOTIA CAPITAL INC. 0.37% of their portfolio TORONTO, A6 3,863,4733.9m $92.0m $92.0m 0.37% Reduced -376.3k -376,264
24 NORGES BANK 0.01% of their portfolio OSLO, Q8 3,848,8693.8m $91.8m $91.8m 0.01% Not comparable
25 INTACT INVESTMENT MANAGEMENT INC. 2.64% of their portfolio MONTREAL, A8 3,848,3903.8m $91.8m $91.8m 2.64% Added +727.9k +727,860
26 Clearbridge Investments, LLC 0.06% of their portfolio NEW YORK, NY 3,141,1723.1m $74.8m $74.8m 0.06% Reduced -95.4k -95,390
27 Legal & General Group Plc 0.01% of their portfolio London, X0 2,533,4522.5m $60.5m $60.5m 0.01% Added +311.8k +311,782
28 TWO SIGMA ADVISERS, LP 0.11% of their portfolio NEW YORK, NY 2,440,7002.4m $58.1m $58.1m 0.11% Added +877.3k +877,300
29 MACKENZIE FINANCIAL CORP 0.06% of their portfolio TORONTO ONTARIO, A6 2,254,9772.3m $53.1m $53.1m 0.06% Added +235.0k +234,973
30 FIRST TRUST ADVISORS LP 0.04% of their portfolio Wheaton, IL 2,253,9932.3m $53.7m $53.7m 0.04% Reduced -18.6k -18,568
31 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 2,196,6112.2m $52.5m $52.5m 0.01% Added +229.0k +229,040
32 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,999,8682.0m $47.6m $47.6m 0.01% Reduced -497.2k -497,203
33 PICTON MAHONEY ASSET MANAGEMENT 0.51% of their portfolio Toronto, A6 1,963,9392.0m $46.9m $46.9m 0.51% Added +1.4m +1,376,451
34 CIBC Asset Management Inc 0.11% of their portfolio TORONTO, Z4 1,957,7002.0m $46.7m $46.7m 0.11% Reduced -661.4k -661,359
35 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,955,6842.0m $52.8m $52.8m 0.00% Added +171.8k +171,823
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,949,8771.9m $46.4m $46.4m 0.00% Reduced -2.0m -2,011,755
37 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.24% of their portfolio MISSISSAUGA, A6 1,885,4021.9m $61.7m $61.7m 5.24% Reduced -62.1k -62,109
38 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,875,7141.9m $44.7m $44.7m 0.00% Added +183.7k +183,691
39 BESSEMER GROUP INC 0.07% of their portfolio WOODBRIDGE, NJ 1,819,0581.8m $43.4m $43.4m 0.07% Added +1.8m +1,818,990
40 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 1,806,6191.8m $43.0m $43.0m 0.01% Added +65.7k +65,650
41 Hillsdale Investment Management Inc. 1.09% of their portfolio Toronto, A6 1,659,9101.7m $39.7m $39.7m 1.09% Reduced -33.0k -33,017
42 MUFG SECURITIES (CANADA), LTD. 0.94% of their portfolio NEW YORK, NY 1,419,8861.4m $33.9m $33.9m 0.94% Reduced -123.2k -123,201
43 1832 Asset Management L.P. 0.04% of their portfolio TORONTO, A6 1,386,5511.4m $33.0m $33.0m 0.04% Added +1.0m +1,009,905
44 TD Waterhouse Canada Inc. 0.20% of their portfolio TORONTO, A6 1,325,2881.3m $31.6m $31.6m 0.20% Reduced -317.5k -317,502
45 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.30% of their portfolio CHICAGO, IL 1,127,2881.1m $26.9m $26.9m 0.30% Reduced -89.1k -89,087
46 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 1,119,1971.1m $26.7m $26.7m 0.01% Added +814.6k +814,568
47 Harvest Portfolios Group Inc. 0.46% of their portfolio Oakville, A6 1,107,2231.1m $26.4m $26.4m 0.46% Added +340.4k +340,376
48 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 915,168915.2k $21.8m $21.8m 0.01% Reduced -118.8k -118,781
49 BlackRock, Inc. 0.00% of their portfolio New York, NY 901,959902.0k $21.5m $21.5m 0.00% Added +136.1k +136,136
50 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 847,688847.7k $20.2m $20.2m 0.02% Added +228.2k +228,247
51 GABELLI FUNDS LLC 0.13% of their portfolio Rye, NY 817,500817.5k $19.5m $19.5m 0.13% Reduced -1.5k -1,500
52 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 792,499792.5k $18.9m $18.9m 0.04% Added +713.2k +713,179
53 Amundi 0.01% of their portfolio Paris, I0 789,342789.3k $18.8m $18.8m 0.01% Reduced -171.6k -171,607
54 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.06% of their portfolio JUPITER, FL 749,098749.1k $17.8m $17.8m 0.06% New
55 NICOLA WEALTH MANAGEMENT LTD. 1.58% of their portfolio VANCOUVER, A1 729,000729.0k $17.4m $17.4m 1.58% Added +96.6k +96,600
56 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 681,352681.4k $16.2m $16.2m 0.00% Added +130.0k +129,992
57 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.05% of their portfolio COLUMBUS, OH 622,569622.6k $14.9m $14.9m 0.05% Reduced -52.0k -51,976
58 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 603,989604.0k $14.4m $14.4m 0.01% Added +160.4k +160,351
59 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 600,864600.9k $14.3m $14.3m 0.01% Added +12.7k +12,706
60 Delaney Capital Management Ltd. 2.30% of their portfolio TORONTO, A6 580,107580.1k $13.9m $13.9m 2.30% First filing
61 OPPENHEIMER ASSET MANAGEMENT INC. 0.15% of their portfolio NEW YORK, NY 518,213518.2k $12.3m $12.3m 0.15% Reduced -105.9k -105,879
62 State of Tennessee, Department of Treasury 0.04% of their portfolio NASHVILLE, TN 500,476500.5k $13.0m $13.0m 0.04% Reduced -7.8k -7,838
63 Susquehanna Portfolio Strategies, LLC 0.18% of their portfolio Bala Cynwyd, PA 498,867498.9k $11.9m $11.9m 0.18% Reduced -77.3k -77,300
64 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.06% of their portfolio VICTORIA, A1 488,772488.8k $11.7m $11.7m 0.06% Reduced -47.9k -47,911
65 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 477,586477.6k $11.4m $11.4m 0.00% Added +174.1k +174,082
66 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 474,256474.3k $11.3m $11.3m 0.01% Reduced -183.1k -183,056
67 Northwest & Ethical Investments L.P. 0.25% of their portfolio TORONTO, A6 472,006472.0k $11.2m $11.2m 0.25% Added +67.5k +67,524
68 Addenda Capital Inc. 0.45% of their portfolio MONTREAL, A8 463,466463.5k $15.4m $15.4m 0.45% Reduced -31.6k -31,643
69 NATIXIS 0.04% of their portfolio PARIS, I0 431,290431.3k $10.3m $10.3m 0.04% Added +178.3k +178,252
70 APG Asset Management N.V. 0.02% of their portfolio Amsterdam, P7 412,878412.9k $8.4m $8.4m 0.02% Reduced -51.5k -51,465
71 Janney Montgomery Scott LLC 0.02% of their portfolio PHILADELPHIA, PA 405,221405.2k $9.7m $9.7m 0.02% Reduced -32.9k -32,909
72 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 402,471402.5k $9.6m $9.6m 0.00% Added +52.8k +52,814
73 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 389,623389.6k $9.3m $9.3m 0.00% Reduced -28.7k -28,676
74 Purpose Unlimited Inc. 0.38% of their portfolio TORONTO, A6 350,216350.2k $8.4m $8.4m 0.38% First filing
75 Ninepoint Partners LP 0.98% of their portfolio TORONTO, A6 345,023345.0k $8.2m $8.2m 0.98% Added +269.4k +269,365
76 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 337,700337.7k $8.1m $8.1m 0.01% New
77 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 335,261335.3k $8.0m $8.0m 0.00% Added +15.1k +15,101
78 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 332,278332.3k $7.9m $7.9m 0.01% Added +285.8k +285,835
79 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 315,617315.6k $7.5m $7.5m 0.00% Reduced -44.1k -44,115
80 Korea Investment CORP 0.01% of their portfolio SEOUL, M5 295,573295.6k $7.1m $7.1m 0.01% Added +17.1k +17,100
81 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 284,161284.2k $6.8m $6.8m 0.00% Added +7.9k +7,940
82 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 283,817283.8k $6.8m $6.8m 0.00% Reduced -1.6m -1,592,766
83 FMR LLC 0.00% of their portfolio BOSTON, MA 272,470272.5k $6.5m $6.5m 0.00% Added +264.3k +264,308
84 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 271,542271.5k $6.5m $6.5m 0.00% Added +155.4k +155,400
85 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 262,660262.7k $6.3m $6.3m 0.01% Reduced -201.8k -201,757
86 K.J. Harrison & Partners Inc 0.81% of their portfolio TORONTO, A6 255,788255.8k $6.1m $6.1m 0.81% Reduced -1.8k -1,768
87 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 249,561249.6k $5.9m $5.9m 0.00% Reduced -285.1k -285,133
88 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 243,879243.9k $5.8m $5.8m 0.00% Added +152.9k +152,940
89 CAPITAL FUND MANAGEMENT S.A. 0.05% of their portfolio PARIS, I0 240,434240.4k $5.7m $5.7m 0.05% Added +33.6k +33,591
90 Twin Tree Management, LP 0.58% of their portfolio DALLAS, TX 239,637239.6k $5.7m $5.7m 0.58% Added +27.8k +27,801
91 Polar Asset Management Partners Inc. 0.11% of their portfolio TORONTO, A6 235,000235.0k $5.6m $5.6m 0.11% Added +35.0k +35,000
92 JOHN G ULLMAN & ASSOCIATES INC 0.74% of their portfolio CORNING, NY 233,327233.3k $5.6m $5.6m 0.74% Added +108.2k +108,184
93 Claret Asset Management Corp 0.64% of their portfolio MONTREAL, A8 229,992230.0k $5.5m $5.5m 0.64% Reduced -15.8k -15,792
94 AustralianSuper Pty Ltd 0.02% of their portfolio MELBOURNE, C3 219,665219.7k $5.2m $5.2m 0.02% Reduced -97.5k -97,528
95 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 217,586217.6k $5.2m $5.2m 0.01% Added +61.1k +61,064
96 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 213,310213.3k $5.1m $5.1m 0.01% Added +63.6k +63,599
97 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 203,732203.7k $4.9m $4.9m 0.00% Reduced -9.0k -8,990
98 FLAX POND CAPITAL, LLC 3.56% of their portfolio MERION STATION, PA 201,169201.2k $4.8m $4.8m 3.56% First filing
99 Swiss National Bank 0.00% of their portfolio ZURICH, V8 197,809197.8k $4.7m $4.7m 0.00% Reduced -16.7k -16,700
100 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 196,315196.3k $4.7m $4.7m 0.00% Added +166.8k +166,823