Vault-13

BCE INC BCE

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

Bell Canada Enterprises

407 institutional holders -3 vs Q4 2025
417,284,233417.3m shares reported held*
$10.6bnreported value*
42 new 145 added 119 reduced 48 sold out net bought ≈ $145.3m (+5.7m 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 ($151.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $25.30. Options: 16 managers hold calls ($420.4m notional), 15 hold puts ($747.8m).

Trends to Q1 2026

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: 410Q1 26: 407407Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 2026407

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 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 25Q2 25: 170 bought or addedQ2 25: 201 cut or sold outQ3 25: 194 bought or addedQ3 25: 154 cut or sold outQ3 25Q4 25: 169 bought or addedQ4 25: 210 cut or sold outQ1 26: 187 bought or addedQ1 26: 167 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024207291
Q3 2024225239
Q4 2024178296
Q1 2025173216
Q2 2025170201
Q3 2025194154
Q4 2025169210
Q1 2026187167

Calls vs puts

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

CallsPuts
$0$500m$1bn$1.5bnQ2 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 1.45Q1 26 calls: $420.4mQ1 26 puts: $747.8mQ1 26P/C 1.78
Numbers
QuarterCallsPutsP/C
Q2 2025$679.0m$1.1bn1.60
Q3 2025$590.1m$948.4m1.61
Q4 2025$600.2m$872.0m1.45
Q1 2026$420.4m$747.8m1.78

Biggest buyers

Federation des caisses Desjardins du Quebec Added +7,871,365+7.9m
JUPITER ASSET MANAGEMENT LTD New +3,332,879+3.3m
ROYAL BANK OF CANADA Added +2,808,340+2.8m
TWO SIGMA INVESTMENTS, LP Added +2,464,203+2.5m
MACKENZIE FINANCIAL CORP Added +1,630,205+1.6m
SIG North Trading, ULC Added +1,372,822+1.4m
Balyasny Asset Management L.P. Added +1,096,285+1.1m
D. E. Shaw & Co., Inc. Added +1,064,791+1.1m
1832 Asset Management L.P. Added +968,200+968.2k
TD Waterhouse Canada Inc. Added +917,486+917.5k

Biggest sellers

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -6,685,316-6.7m
GOLDMAN SACHS GROUP INC Reduced -5,761,931-5.8m
TWO SIGMA ADVISERS, LP Sold out -2,440,700-2.4m
TORONTO DOMINION BANK Reduced -2,303,754-2.3m
PICTON MAHONEY ASSET MANAGEMENT Reduced -1,932,398-1.9m
Invesco Ltd. Reduced -1,261,480-1.3m
Quadrature Capital Ltd Reduced -973,267-973.3k
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -957,252-957.3k
JANE STREET GROUP, LLC Reduced -707,084-707.1k
CIBC Asset Management Inc Reduced -647,446-647.4k

Biggest calls

ROYAL BANK OF CANADA Reduced $160.3m6.4m shares
BANK OF MONTREAL /CAN/ Added $58.8m2.3m shares
D. E. Shaw & Co., Inc. Reduced $54.7m2.2m shares
SIG North Trading, ULC Reduced $53.2m2.1m shares
Anson Funds Management LP Added $25.2m1.0m shares
TORONTO DOMINION BANK Reduced $19.8m783.8k shares
CIBC WORLD MARKET INC. Added $12.1m481.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $10.8m428.7k shares
DeepCurrents Investment Group LLC Unchanged $6.3m2.5k shares
CITADEL ADVISORS LLC Reduced $5.9m235.0k shares

Biggest puts

ROYAL BANK OF CANADA Added $342.7m13.6m shares
SIG North Trading, ULC Reduced $119.8m4.7m shares
TORONTO DOMINION BANK Reduced $86.6m3.4m shares
D. E. Shaw & Co., Inc. Added $66.7m2.6m shares
CIBC WORLD MARKET INC. Reduced $50.5m2.0m shares
BANK OF MONTREAL /CAN/ Reduced $38.0m1.5m shares
MILLENNIUM MANAGEMENT LLC Reduced $28.1m800.0k shares
DeepCurrents Investment Group LLC Unchanged $6.3m2.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.3m130.3k shares
Walleye Capital LLC Added $1.9m76.7k 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 2026

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 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.28% of their portfolio TORONTO, A6 59,242,08059.2m $1.5bn $1.5bn 0.28% Added +2.8m +2,808,340
2 FIL Ltd 0.73% of their portfolio HAMILTON, D0 37,411,44837.4m $944.0m $944.0m 0.73% Reduced -168.0k -168,000
3 BANK OF MONTREAL /CAN/ 0.37% of their portfolio TORONTO, A6 35,980,45136.0m $908.0m $908.0m 0.37% Reduced -270.6k -270,575
4 Caisse de depot et placement du Quebec 1.37% of their portfolio Montreal, A8 34,107,30634.1m $857.8m $857.8m 1.37% Unchanged
5 CIBC WORLD MARKET INC. 1.04% of their portfolio TORONTO, A6 23,359,99223.4m $589.4m $589.4m 1.04% Reduced -452.9k -452,932
6 NATIONAL BANK OF CANADA /FI/ 0.55% of their portfolio MONTREAL, A8 21,250,63921.3m $535.4m $535.4m 0.55% Reduced -297.5k -297,480
7 BANK OF NOVA SCOTIA 0.76% of their portfolio TORONTO, A6 17,296,77617.3m $436.3m $436.3m 0.76% Added +160.3k +160,310
8 Federation des caisses Desjardins du Quebec 1.50% of their portfolio LEVIS, A8 16,616,18616.6m $417.1m $417.1m 1.50% Added +7.9m +7,871,365
9 VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio MALVERN, PA 8,868,5668.9m $223.8m $223.8m 0.01% First filing
10 TWO SIGMA INVESTMENTS, LP 0.18% of their portfolio NEW YORK, NY 8,412,5068.4m $212.3m $212.3m 0.18% Added +2.5m +2,464,203
11 LETKO, BROSSEAU & ASSOCIATES INC 3.07% of their portfolio MONTREAL, A8 7,564,3287.6m $190.3m $190.3m 3.07% Added +225.9k +225,887
12 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.10% of their portfolio BOSTON, MA 7,465,8957.5m $188.4m $188.4m 0.10% Reduced -6.7m -6,685,316
13 TD Asset Management Inc 0.14% of their portfolio Toronto, A6 7,049,5177.0m $177.3m $177.3m 0.14% Added +672.8k +672,768
14 CANADA PENSION PLAN INVESTMENT BOARD 0.11% of their portfolio TORONTO ONTARIO, A6 6,752,5946.8m $170.4m $170.4m 0.11% Reduced -552.0k -551,963
15 Vanguard Global Advisers, LLC 0.09% of their portfolio MALVERN, PA 6,508,3156.5m $164.2m $164.2m 0.09% First filing
16 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 6,020,2106.0m $152.0m $152.0m 0.01% Added +409.6k +409,642
17 Cullen Capital Management, LLC 1.54% of their portfolio New York, NY 5,966,8866.0m $150.6m $150.6m 1.54% Added +273.2k +273,193
18 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.11% of their portfolio Toronto, A6 5,038,3625.0m $127.0m $127.0m 0.11% Added +897.1k +897,141
19 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 4,837,4524.8m $122.1m $122.1m 0.01% Added +282.3k +282,287
20 TORONTO DOMINION BANK 0.23% of their portfolio TORONTO, ONTARIO, A6 4,807,0704.8m $121.3m $121.3m 0.23% Reduced -2.3m -2,303,754
21 MACKENZIE FINANCIAL CORP 0.12% of their portfolio TORONTO ONTARIO, A6 3,885,1823.9m $98.0m $98.0m 0.12% Added +1.6m +1,630,205
22 SCOTIA CAPITAL INC. 0.39% of their portfolio TORONTO, A6 3,766,0993.8m $94.8m $94.8m 0.39% Reduced -97.4k -97,374
23 INTACT INVESTMENT MANAGEMENT INC. 2.58% of their portfolio MONTREAL, A8 3,587,7603.6m $90.5m $90.5m 2.58% Reduced -260.6k -260,630
24 JUPITER ASSET MANAGEMENT LTD 0.45% of their portfolio London, X0 3,332,8793.3m $83.8m $83.8m 0.45% New
25 Quadrature Capital Ltd 0.97% of their portfolio LONDON, X0 3,255,3923.3m $81.9m $81.9m 0.97% Reduced -973.3k -973,267
26 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.07% of their portfolio FRANKFURT AM MAIN, 2M 3,151,8223.2m $79.3m $79.3m 0.07% Reduced -957.3k -957,252
27 UBS Group AG 0.01% of their portfolio ZURICH, V8 2,909,8012.9m $73.4m $73.4m 0.01% Added +909.9k +909,933
28 VANGUARD FIDUCIARY TRUST CO 0.02% of their portfolio MALVERN, PA 2,746,4482.7m $69.3m $69.3m 0.02% First filing
29 Clearbridge Investments, LLC 0.06% of their portfolio NEW YORK, NY 2,715,1652.7m $68.5m $68.5m 0.06% Reduced -426.0k -426,007
30 Legal & General Group Plc 0.02% of their portfolio London, X0 2,660,8312.7m $66.9m $66.9m 0.02% Added +127.4k +127,379
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,559,5882.6m $64.6m $64.6m 0.00% Added +609.7k +609,711
32 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 2,522,3062.5m $63.4m $63.4m 0.01% Added +325.7k +325,695
33 1832 Asset Management L.P. 0.08% of their portfolio TORONTO, A6 2,354,7512.4m $59.4m $59.4m 0.08% Added +968.2k +968,200
34 TD Waterhouse Canada Inc. 0.17% of their portfolio TORONTO, A6 2,242,7742.2m $56.3m $56.3m 0.17% Added +917.5k +917,486
35 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,136,1152.1m $67.1m $67.1m 0.00% Added +180.4k +180,431
36 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 2,041,9812.0m $51.5m $51.5m 0.01% Reduced -5.8m -5,761,931
37 BESSEMER GROUP INC 0.08% of their portfolio WOODBRIDGE, NJ 1,898,7001.9m $47.7m $47.7m 0.08% Added +79.6k +79,642
38 Balyasny Asset Management L.P. 0.09% of their portfolio Chicago, IL 1,888,7841.9m $47.7m $47.7m 0.09% Added +1.1m +1,096,285
39 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.03% of their portfolio MISSISSAUGA, A6 1,843,8301.8m $47.2m $47.2m 5.03% Reduced -41.6k -41,572
40 FIRST TRUST ADVISORS LP 0.03% of their portfolio Wheaton, IL 1,833,2911.8m $46.3m $46.3m 0.03% Reduced -420.7k -420,702
41 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.02% of their portfolio Boston, MA 1,713,1461.7m $60.1m $60.1m 0.02% Reduced -93.5k -93,473
42 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 1,668,7801.7m $42.1m $42.1m 0.03% Added +1.1m +1,064,791
43 Hillsdale Investment Management Inc. 1.11% of their portfolio Toronto, A6 1,620,0471.6m $40.9m $40.9m 1.11% Reduced -39.9k -39,863
44 SIG North Trading, ULC 7.54% of their portfolio Bala Cynwyd, PA 1,488,5671.5m $37.6m $37.6m 7.54% Added +1.4m +1,372,822
45 Harvest Portfolios Group Inc. 0.58% of their portfolio Oakville, A6 1,401,9841.4m $35.4m $35.4m 0.58% Added +294.8k +294,761
46 MUFG SECURITIES (CANADA), LTD. 1.00% of their portfolio NEW YORK, NY 1,383,2211.4m $34.8m $34.8m 1.00% Reduced -36.7k -36,665
47 CIBC Asset Management Inc 0.08% of their portfolio TORONTO, Z4 1,310,2541.3m $33.0m $33.0m 0.08% Reduced -647.4k -647,446
48 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 1,181,3351.2m $29.8m $29.8m 0.01% Added +62.1k +62,138
49 DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.30% of their portfolio CHICAGO, IL 1,127,2881.1m $28.5m $28.5m 0.30% Unchanged
50 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 1,066,3621.1m $26.9m $26.9m 0.01% Added +151.2k +151,194
51 BlackRock, Inc. 0.00% of their portfolio New York, NY 965,844965.8k $24.4m $24.4m 0.00% Added +63.9k +63,885
52 Connor, Clark & Lunn Investment Management Ltd. 0.06% of their portfolio VANCOUVER, A1 945,994946.0k $23.9m $23.9m 0.06% Added +761.6k +761,567
53 Purpose Unlimited Inc. 0.97% of their portfolio TORONTO, A6 933,105933.1k $23.5m $23.5m 0.97% Added +582.9k +582,889
54 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 879,778879.8k $22.2m $22.2m 0.00% Added +477.3k +477,307
55 GABELLI FUNDS LLC 0.14% of their portfolio Rye, NY 811,500811.5k $20.5m $20.5m 0.14% Reduced -6.0k -6,000
56 Amundi 0.01% of their portfolio Paris, I0 793,416793.4k $20.0m $20.0m 0.01% Added +4.1k +4,074
57 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.12% of their portfolio VICTORIA, A1 790,697790.7k $20.0m $20.0m 0.12% Added +301.9k +301,925
58 NICOLA WEALTH MANAGEMENT LTD. 2.21% of their portfolio VANCOUVER, A1 729,000729.0k $18.4m $18.4m 2.21% Unchanged
59 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 697,249697.2k $17.6m $17.6m 0.00% Added +15.9k +15,897
60 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 676,047676.0k $17.0m $17.0m 0.01% Added +201.8k +201,791
61 Delaney Capital Management Ltd. 2.60% of their portfolio TORONTO, A6 642,810642.8k $16.2m $16.2m 2.60% Added +62.7k +62,703
62 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 614,234614.2k $15.5m $15.5m 0.00% Reduced -1.3m -1,261,480
63 OPPENHEIMER ASSET MANAGEMENT INC. 0.18% of their portfolio NEW YORK, NY 612,415612.4k $15.5m $15.5m 0.18% Added +94.2k +94,202
64 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 575,984576.0k $14.6m $14.6m 0.01% Reduced -24.9k -24,880
65 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.06% of their portfolio JUPITER, FL 554,240554.2k $14.0m $14.0m 0.06% Reduced -194.9k -194,858
66 VANGUARD ASSET MANAGEMENT, Ltd 0.01% of their portfolio London, EC4N 8AF, X0 545,022545.0k $13.8m $13.8m 0.01% First filing
67 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.02% of their portfolio TORONTO, A6 532,508532.5k $13.4m $13.4m 0.02% Added +448.8k +448,757
68 State of Tennessee, Department of Treasury 0.04% of their portfolio NASHVILLE, TN 500,476500.5k $12.6m $12.6m 0.04% Unchanged
69 NATIXIS 0.05% of their portfolio PARIS, I0 494,754494.8k $12.5m $12.5m 0.05% Added +63.5k +63,464
70 Ninepoint Partners LP 1.46% of their portfolio TORONTO, A6 488,489488.5k $12.3m $12.3m 1.46% Added +143.5k +143,466
71 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.04% of their portfolio COLUMBUS, OH 478,756478.8k $12.0m $12.0m 0.04% Reduced -143.8k -143,813
72 Addenda Capital Inc. 0.47% of their portfolio MONTREAL, A8 471,327471.3k $16.7m $16.7m 0.47% Added +7.9k +7,861
73 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 449,812449.8k $11.4m $11.4m 0.01% Added +200.3k +200,251
74 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 438,580438.6k $11.1m $11.1m 0.01% Added +154.8k +154,763
75 Janney Montgomery Scott LLC 0.03% of their portfolio PHILADELPHIA, PA 436,333436.3k $11.0m $11.0m 0.03% Added +31.1k +31,112
76 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 427,900427.9k $10.8m $10.8m 0.00% Added +38.3k +38,277
77 Northwest & Ethical Investments L.P. 0.23% of their portfolio TORONTO, A6 397,331397.3k $10.0m $10.0m 0.23% Reduced -74.7k -74,675
78 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 389,968390.0k $9.8m $9.8m 0.00% Added +54.7k +54,707
79 APG Asset Management N.V. 0.03% of their portfolio Amsterdam, P7 385,727385.7k $8.4m $8.4m 0.03% Reduced -27.2k -27,151
80 Quantbot Technologies LP 0.39% of their portfolio NEW YORK, NY 374,039374.0k $9.4m $9.4m 0.39% Added +203.1k +203,095
81 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 352,870352.9k $8.9m $8.9m 0.01% Added +81.3k +81,328
82 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 348,595348.6k $8.8m $8.8m 0.00% Added +33.0k +32,978
83 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 308,832308.8k $7.8m $7.8m 0.00% Reduced -168.8k -168,754
84 Triasima Portfolio Management inc. 1.13% of their portfolio MONTREAL, A8 296,421296.4k $7.5m $7.5m 1.13% New
85 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 294,637294.6k $7.4m $7.4m 0.00% Added +98.3k +98,322
86 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 286,739286.7k $7.2m $7.2m 0.00% Added +2.6k +2,578
87 Ruffer LLP 0.29% of their portfolio LONDON, X0 280,040280.0k $7.1m $7.1m 0.29% New
88 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 262,993263.0k $6.6m $6.6m 0.01% Added +333 +333
89 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 262,246262.2k $6.6m $6.6m 0.01% Added +48.9k +48,936
90 K.J. Harrison & Partners Inc 1.05% of their portfolio TORONTO, A6 254,707254.7k $6.4m $6.4m 1.05% Reduced -1.1k -1,081
91 AustralianSuper Pty Ltd 0.03% of their portfolio MELBOURNE, C3 252,459252.5k $6.4m $6.4m 0.03% Added +32.8k +32,794
92 Swiss National Bank 0.00% of their portfolio ZURICH, V8 251,209251.2k $6.3m $6.3m 0.00% Added +53.4k +53,400
93 Alberta Investment Management Corp 0.04% of their portfolio EDMONTON, A0 250,093250.1k $6.3m $6.3m 0.04% New
94 Man Group plc 0.01% of their portfolio LONDON, X0 242,125242.1k $6.1m $6.1m 0.01% Added +192.6k +192,592
95 JOHN G ULLMAN & ASSOCIATES INC 0.81% of their portfolio CORNING, NY 241,927241.9k $6.1m $6.1m 0.81% Added +8.6k +8,600
96 Claret Asset Management Corp 0.71% of their portfolio MONTREAL, A8 236,314236.3k $6.0m $6.0m 0.71% Added +6.3k +6,322
97 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 232,040232.0k $5.9m $5.9m 0.01% Added +14.5k +14,454
98 Quantinno Capital Management LP 0.01% of their portfolio NEW YORK, NY 221,472221.5k $5.6m $5.6m 0.01% Added +38.0k +37,965
99 FMR LLC 0.00% of their portfolio BOSTON, MA 218,974219.0k $5.5m $5.5m 0.00% Reduced -53.5k -53,496
100 CAPITAL FUND MANAGEMENT S.A. 0.05% of their portfolio PARIS, I0 217,877217.9k $5.5m $5.5m 0.05% Reduced -22.6k -22,557