Vault-13

EMERA INC EMA

COM · Common Stock · CUSIP 290876101

Publicly traded Canadian multinational energy holding company based in Halifax, Nova Scotia

176 institutional holders +10 vs Q3 2025
149,084,386149.1m shares reported held*
$7.4bnreported value*
27 new 60 added 57 reduced 19 sold out net sold ≈ $99.7m (-2.0m 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 ($266.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.46. Options: 6 managers hold calls ($82.9m notional), 5 hold puts ($47.5m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 2Q4 22: 2Q1 23: 2Q2 23: 2Q3 23: 2Q4 23: 2Q1 24: 3Q2 24: 5Q3 24: 3Q4 24: 3Q1 25: 5Q2 25: 134Q3 25: 166Q4 25: 176176Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 20222
Q4 20222
Q1 20232
Q2 20232
Q3 20232
Q4 20232
Q1 20243
Q2 20245
Q3 20243
Q4 20243
Q1 20255
Q2 2025134
Q3 2025166
Q4 2025176

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 1 bought or addedQ1 24: 1 cut or sold outQ2 24: 2 bought or addedQ2 24: 1 cut or sold outQ2 24Q3 24: 0 bought or addedQ3 24: 4 cut or sold outQ4 24: 0 bought or addedQ4 24: 1 cut or sold outQ4 24Q1 25: 2 bought or addedQ1 25: 1 cut or sold outQ2 25: 129 bought or addedQ2 25: 3 cut or sold outQ2 25Q3 25: 100 bought or addedQ3 25: 46 cut or sold outQ4 25: 87 bought or addedQ4 25: 76 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202411
Q2 202421
Q3 202404
Q4 202401
Q1 202521
Q2 20251293
Q3 202510046
Q4 20258776

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $58.7mQ2 25 puts: $27.5mQ2 25P/C 0.47Q3 25 calls: $76.3mQ3 25 puts: $60.1mQ3 25P/C 0.79Q4 25 calls: $82.9mQ4 25 puts: $47.5mQ4 25P/C 0.57
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$58.7m$27.5m0.47
Q3 2025$76.3m$60.1m0.79
Q4 2025$82.9m$47.5m0.57

Biggest buyers

ATLAS Infrastructure Partners (UK) Ltd. Added +2,217,111+2.2m
CANADA PENSION PLAN INVESTMENT BOARD Added +1,958,993+2.0m
CIBC WORLD MARKET INC. Added +1,510,647+1.5m
BANK OF MONTREAL /CAN/ Added +1,030,402+1.0m
Connor, Clark & Lunn Investment Management Ltd. Added +474,134+474.1k
GEODE CAPITAL MANAGEMENT, LLC Added +312,226+312.2k
VANGUARD GROUP INC Added +295,645+295.6k
Public Sector Pension Investment Board Added +253,226+253.2k
BANK OF AMERICA CORP /DE/ Added +232,263+232.3k
BANK OF NOVA SCOTIA Added +212,158+212.2k

Biggest sellers

Clearbridge Investments, LLC Reduced -3,078,026-3.1m
ROYAL BANK OF CANADA Reduced -1,608,055-1.6m
JPMORGAN CHASE & CO Reduced -1,492,080-1.5m
UBS Group AG Reduced -1,085,527-1.1m
MACKENZIE FINANCIAL CORP Reduced -819,037-819.0k
CIBC Asset Management Inc Reduced -717,563-717.6k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -642,986-643.0k
NATIONAL BANK OF CANADA /FI/ Reduced -404,783-404.8k
FIL Ltd Reduced -334,701-334.7k
INTACT INVESTMENT MANAGEMENT INC. Reduced -276,200-276.2k

Biggest calls

TORONTO DOMINION BANK Added $37.8m766.5k shares
NATIONAL BANK OF CANADA /FI/ Reduced $23.4m4.7k shares
SIG North Trading, ULC Added $17.7m359.6k shares
D. E. Shaw & Co., Inc. Unchanged $3.7m75.0k shares
ROYAL BANK OF CANADA New $335.0k6.8k shares
SIMPLEX TRADING, LLC Unchanged $44.3k900 shares

Biggest puts

D. E. Shaw & Co., Inc. Reduced $23.4m475.0k shares
ROYAL BANK OF CANADA Added $21.5m436.0k shares
SIG North Trading, ULC Reduced $1.7m33.8k shares
NATIONAL BANK OF CANADA /FI/ Reduced $763.8k155 shares
TORONTO DOMINION BANK Added $221.8k4.5k 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BlackRock, Inc. 13G · institution +1.1 pts · filed 2026-10-27 8.0% +1.1 pts 24.5m≈ $1.3bn 2026-10-27
BANK OF MONTREAL /CAN/ 13G · institution new · filed 2025-08-06 5.3% new 15.8m≈ $837.0m 2025-08-06

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 0.17% of their portfolio TORONTO, A6 19,775,65119.8m $973.8m $973.8m 0.17% Reduced -1.6m -1,608,055
2 BANK OF MONTREAL /CAN/ 0.36% of their portfolio TORONTO, A6 17,955,12318.0m $884.9m $884.9m 0.36% Added +1.0m +1,030,402
3 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 13,398,65813.4m $660.3m $660.3m 0.01% Added +295.6k +295,645
4 FIL Ltd 0.47% of their portfolio HAMILTON, D0 12,839,04712.8m $632.7m $632.7m 0.47% Reduced -334.7k -334,701
5 CIBC WORLD MARKET INC. 1.04% of their portfolio TORONTO, A6 11,811,45211.8m $582.2m $582.2m 1.04% Added +1.5m +1,510,647
6 TD Asset Management Inc 0.31% of their portfolio Toronto, A6 7,700,1837.7m $380.0m $380.0m 0.31% Reduced -18.1k -18,080
7 ATLAS Infrastructure Partners (UK) Ltd. 14.51% of their portfolio LONDON, X0 5,875,1525.9m $289.3m $289.3m 14.51% Added +2.2m +2,217,111
8 SCOTIA CAPITAL INC. 0.92% of their portfolio TORONTO, A6 4,633,9974.6m $227.9m $227.9m 0.92% Added +82.8k +82,811
9 MACKENZIE FINANCIAL CORP 0.25% of their portfolio TORONTO ONTARIO, A6 4,361,4004.4m $214.6m $214.6m 0.25% Reduced -819.0k -819,037
10 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 4,152,2584.2m $218.2m $218.2m 0.01% Added +312.2k +312,226
11 Legal & General Group Plc 0.04% of their portfolio London, X0 3,830,8563.8m $189.0m $189.0m 0.04% Reduced -134.4k -134,428
12 Clearbridge Investments, LLC 0.15% of their portfolio NEW YORK, NY 3,788,8103.8m $186.6m $186.6m 0.15% Reduced -3.1m -3,078,026
13 BANK OF NOVA SCOTIA 0.25% of their portfolio TORONTO, A6 3,403,8563.4m $167.7m $167.7m 0.25% Added +212.2k +212,158
14 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 3,376,0673.4m $166.2m $166.2m 0.02% Added +112.5k +112,492
15 NATIONAL BANK OF CANADA /FI/ 0.17% of their portfolio MONTREAL, A8 3,350,6493.4m $164.8m $164.8m 0.17% Reduced -404.8k -404,783
16 CANADA PENSION PLAN INVESTMENT BOARD 0.09% of their portfolio TORONTO ONTARIO, A6 2,870,3572.9m $141.5m $141.5m 0.09% Added +2.0m +1,958,993
17 TORONTO DOMINION BANK 0.19% of their portfolio TORONTO, ONTARIO, A6 2,188,1262.2m $107.8m $107.8m 0.19% Reduced -202.5k -202,468
18 TD Waterhouse Canada Inc. 0.61% of their portfolio TORONTO, A6 2,001,0022.0m $98.4m $98.4m 0.61% Added +43.2k +43,209
19 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,829,0451.8m $90.1m $90.1m 0.01% Added +232.3k +232,263
20 Connor, Clark & Lunn Investment Management Ltd. 0.21% of their portfolio VANCOUVER, A1 1,590,2851.6m $78.4m $78.4m 0.21% Added +474.1k +474,134
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,277,7021.3m $62.9m $62.9m 0.00% Reduced -1.5m -1,492,080
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,143,8521.1m $56.3m $56.3m 0.00% Reduced -3.9k -3,919
23 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio Toronto, A6 1,123,0561.1m $55.5m $55.5m 0.05% Reduced -8.1k -8,130
24 Federation des caisses Desjardins du Quebec 0.20% of their portfolio LEVIS, A8 1,044,1601.0m $51.4m $51.4m 0.20% Reduced -1.4k -1,413
25 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio BOSTON, MA 905,210905.2k $44.6m $44.6m 0.03% Reduced -643.0k -642,986
26 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 876,877876.9k $43.3m $43.3m 0.01% Added +2.1k +2,133
27 INTACT INVESTMENT MANAGEMENT INC. 1.24% of their portfolio MONTREAL, A8 875,905875.9k $43.2m $43.2m 1.24% Reduced -276.2k -276,200
28 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 841,795841.8k $41.4m $41.4m 0.00% Added +43.6k +43,581
29 CIBC Asset Management Inc 0.10% of their portfolio TORONTO, Z4 827,888827.9k $40.8m $40.8m 0.10% Reduced -717.6k -717,563
30 QV Investors Inc. 3.23% of their portfolio CALGARY, A0 799,381799.4k $39.4m $39.4m 3.23% Reduced -62.2k -62,154
31 Swiss National Bank 0.02% of their portfolio ZURICH, V8 793,300793.3k $39.2m $39.2m 0.02% Reduced -64.0k -64,000
32 FIRST TRUST ADVISORS LP 0.03% of their portfolio Wheaton, IL 778,071778.1k $38.3m $38.3m 0.03% Reduced -63.6k -63,647
33 Hillsdale Investment Management Inc. 0.90% of their portfolio Toronto, A6 661,160661.2k $32.6m $32.6m 0.90% Reduced -55.6k -55,643
34 Woodbridge Co Ltd 0.08% of their portfolio Toronto, A6 631,641631.6k $31.1m $31.1m 0.08% Unchanged
35 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 575,033575.0k $28.3m $28.3m 0.01% Reduced -69.8k -69,840
36 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 490,663490.7k $24.2m $24.2m 0.01% Reduced -59.5k -59,478
37 Addenda Capital Inc. 0.92% of their portfolio MONTREAL, A8 461,955462.0k $31.2m $31.2m 0.92% Reduced -16.8k -16,793
38 MUFG SECURITIES (CANADA), LTD. 0.63% of their portfolio NEW YORK, NY 457,692457.7k $22.6m $22.6m 0.63% Reduced -37.5k -37,493
39 Northwest & Ethical Investments L.P. 0.39% of their portfolio TORONTO, A6 354,955355.0k $17.5m $17.5m 0.39% Reduced -42.1k -42,060
40 Public Sector Pension Investment Board 0.06% of their portfolio MONTREAL, A8 343,077343.1k $16.9m $16.9m 0.06% Added +253.2k +253,226
41 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 326,186326.2k $16.1m $16.1m 0.01% Added +13.8k +13,804
42 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 320,862320.9k $15.8m $15.8m 0.00% Added +3.5k +3,465
43 Beutel, Goodman & Co Ltd. 0.09% of their portfolio TORONTO, A6 288,413288.4k $14.2m $14.2m 0.09% Reduced -3.9k -3,850
44 Harvest Portfolios Group Inc. 0.24% of their portfolio Oakville, A6 275,859275.9k $13.6m $13.6m 0.24% Added +7.0k +7,014
45 Aviso Financial Inc. 0.50% of their portfolio TORONTO, A6 267,795267.8k $13.2m $13.2m 0.50% Added +7.3k +7,340
46 Purpose Unlimited Inc. 0.60% of their portfolio TORONTO, A6 264,474264.5k $13.0m $13.0m 0.60% First filing
47 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 249,521249.5k $12.3m $12.3m 0.01% Added +31.8k +31,802
48 GABELLI FUNDS LLC 0.08% of their portfolio Rye, NY 249,000249.0k $12.3m $12.3m 0.08% Unchanged
49 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 242,709242.7k $12.0m $12.0m 0.00% Added +119.4k +119,443
50 Alberta Investment Management Corp 0.07% of their portfolio EDMONTON, A0 241,800241.8k $11.9m $11.9m 0.07% Added +68.7k +68,700
51 LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 233,705233.7k $11.5m $11.5m 0.02% Reduced -3.8k -3,843
52 Amundi 0.00% of their portfolio Paris, I0 220,737220.7k $10.9m $10.9m 0.00% Added +52.0k +51,976
53 Cardinal Capital Management, Inc. 0.33% of their portfolio WINNIPEG, A2 217,825217.8k $14.7m $14.7m 0.33% Reduced -945 -945
54 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 215,935215.9k $10.6m $10.6m 0.00% Added +2.6k +2,562
55 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 209,381209.4k $10.3m $10.3m 0.00% Added +1.6k +1,616
56 AGF MANAGEMENT LTD 0.04% of their portfolio TORONTO, A6 198,224198.2k $10.0m $10.0m 0.04% Added +186.6k +186,642
57 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 196,135196.1k $9.7m $9.7m 0.01% Reduced -32.1k -32,142
58 Guardian Partners Inc. 0.75% of their portfolio TORONTO, Z4 187,522187.5k $9.4m $9.4m 0.75% Added +10.1k +10,125
59 State of Tennessee, Department of Treasury 0.03% of their portfolio NASHVILLE, TN 174,324174.3k $8.7m $8.7m 0.03% Added +25 +25
60 VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 0.10% of their portfolio AMSTERDAM, P7 166,397166.4k $11.3m $11.3m 0.10% Reduced -4.6k -4,634
61 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.04% of their portfolio VICTORIA, A1 157,432157.4k $7.8m $7.8m 0.04% Reduced -14.8k -14,792
62 UBS Group AG 0.00% of their portfolio ZURICH, V8 157,151157.2k $7.7m $7.7m 0.00% Reduced -1.1m -1,085,527
63 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 155,004155.0k $7.6m $7.6m 0.01% Reduced -77.8k -77,784
64 APG Asset Management N.V. 0.02% of their portfolio Amsterdam, P7 151,019151.0k $6.3m $6.3m 0.02% Reduced -31.6k -31,629
65 Pictet Asset Management Holding SA 0.01% of their portfolio CAROUGE, V8 150,794150.8k $7.4m $7.4m 0.01% Added +14.6k +14,623
66 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 150,306150.3k $7.4m $7.4m 0.01% Added +7.2k +7,228
67 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 136,488136.5k $6.7m $6.7m 0.00% New
68 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 131,852131.9k $6.5m $6.5m 0.01% Added +24.2k +24,241
69 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 122,407122.4k $6.0m $6.0m 0.01% New
70 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 118,320118.3k $5.8m $5.8m 0.00% Added +64.4k +64,374
71 Rathbones Group PLC 0.01% of their portfolio Liverpool, X0 117,400117.4k $5.8m $5.8m 0.01% Added +58.7k +58,700
72 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 115,713115.7k $5.7m $5.7m 0.00% Added +7.1k +7,078
73 Quantinno Capital Management LP 0.01% of their portfolio NEW YORK, NY 113,520113.5k $5.6m $5.6m 0.01% Added +48.5k +48,504
74 FORSTA AP-FONDEN 0.03% of their portfolio STOCKHOLM, V7 113,400113.4k $5.6m $5.6m 0.03% New
75 Lombard Odier Asset Management (Switzerland) SA 0.19% of their portfolio PETIT-LANCY, V8 92,80092.8k $4.6m $4.6m 0.19% New
76 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio CAUSEWAY BAY, K3 92,49592.5k $4.6m $4.6m 0.01% New
77 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 90,58590.6k $4.5m $4.5m 0.01% Reduced -14.1k -14,142
78 Korea Investment CORP 0.01% of their portfolio SEOUL, M5 80,41680.4k $4.0m $4.0m 0.01% Reduced -300 -300
79 Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio ZURICH, V8 78,84778.8k $3.9m $3.9m 0.01% Reduced -3.2k -3,220
80 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 73,65573.7k $3.6m $3.6m 0.00% Added +12.7k +12,660
81 1832 Asset Management L.P. 0.00% of their portfolio TORONTO, A6 68,91768.9k $3.4m $3.4m 0.00% Added +2.5k +2,483
82 BANK OF NOVA SCOTIA TRUST CO 0.29% of their portfolio TORONTO, A6 67,37367.4k $3.3m $3.3m 0.29% Reduced -60 -60
83 Heronetta Management, L.P. 2.60% of their portfolio NEW YORK, NY 66,50066.5k $4.5m $4.5m 2.60% Unchanged
84 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 65,11565.1k $3.2m $3.2m 0.00% Added +13.5k +13,527
85 Tacita Capital Inc 1.63% of their portfolio TORONTO, A6 57,08657.1k $2.8m $2.8m 1.63% Unchanged
86 Sky Investment Group LLC 0.44% of their portfolio HARTFORD, CT 54,52554.5k $2.7m $2.7m 0.44% Added +245 +245
87 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 46,68146.7k $2.3m $2.3m 0.00% Added +9.8k +9,787
88 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio Stamford, CT 41,88841.9k $2.1m $2.1m 0.01% Reduced -1.1k -1,096
89 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 38,32238.3k $1.9m $1.9m 0.00% Added +8.5k +8,500
90 DekaBank Deutsche Girozentrale 0.00% of their portfolio FRANKFURT, 2M 37,11837.1k $1.4m $1.4m 0.00% Unchanged
91 Investment Management Corp of Ontario 0.02% of their portfolio Toronto, Z4 36,81636.8k $1.8m $1.8m 0.02% Added +25.8k +25,790
92 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 36,78636.8k $1.8m $1.8m 0.00% Reduced -660 -660
93 PICTON MAHONEY ASSET MANAGEMENT 0.02% of their portfolio Toronto, A6 36,70436.7k $1.8m $1.8m 0.02% Reduced -344 -344
94 Utah Retirement Systems 0.02% of their portfolio SALT LAKE CITY, UT 33,44133.4k $1.7m $1.7m 0.02% Unchanged
95 NATIXIS 0.01% of their portfolio PARIS, I0 32,61832.6k $1.6m $1.6m 0.01% Added +6.5k +6,515
96 Fiera Capital Corp 0.01% of their portfolio MONTREAL, A8 32,61032.6k $1.6m $1.6m 0.01% Reduced -10.8k -10,801
97 USS Investment Management Ltd 0.01% of their portfolio London, X0 30,92830.9k $1.5m $1.5m 0.01% Unchanged
98 Versor Investments LP 0.24% of their portfolio New York, NY 30,73630.7k $1.5m $1.5m 0.24% Added +6.4k +6,400
99 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 25,10825.1k $1.2m $1.2m 0.00% Added +8.6k +8,560
100 FMR LLC 0.00% of their portfolio BOSTON, MA 24,44324.4k $1.2m $1.2m 0.00% Reduced -1.9k -1,934