TELUS CORPORATION TU
COM · Common Stock · CUSIP 87971M103 · ISIN CA87971M1032
Canadian telecommunications company
* 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 ($348.0m this quarter). Holder counts are more reliable. Shares outstanding: 1.5bn as of 2025-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $13.20. Options: 16 managers hold calls ($313.0m notional), 11 hold puts ($800.4m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 314 |
| Q4 2022 | 322 |
| Q1 2023 | 310 |
| Q2 2023 | 304 |
| Q3 2023 | 308 |
| Q4 2023 | 313 |
| Q1 2024 | 317 |
| Q2 2024 | 304 |
| Q3 2024 | 303 |
| Q4 2024 | 288 |
| Q1 2025 | 295 |
| Q2 2025 | 302 |
| Q3 2025 | 303 |
| Q4 2025 | 306 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 157 | 150 |
| Q2 2024 | 145 | 162 |
| Q3 2024 | 158 | 140 |
| Q4 2024 | 139 | 143 |
| Q1 2025 | 152 | 133 |
| Q2 2025 | 147 | 133 |
| Q3 2025 | 151 | 126 |
| Q4 2025 | 137 | 156 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $194.6m | $499.0m | 2.56 |
| Q2 2025 | $355.7m | $1.1bn | 2.99 |
| Q3 2025 | $302.8m | $854.8m | 2.82 |
| Q4 2025 | $313.0m | $800.4m | 2.56 |
Biggest buyers
| FIL Ltd | Added | +16.1m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +14.3m |
| GOLDMAN SACHS GROUP INC | Added | +10.4m |
| CIBC WORLD MARKET INC. | Added | +5.8m |
| UBS Group AG | Added | +3.7m |
| CITADEL ADVISORS LLC | Added | +3.0m |
| SIG North Trading, ULC | Added | +2.8m |
| BANK OF NOVA SCOTIA | Added | +2.8m |
| Invesco Ltd. | Added | +2.1m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.9m |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -69.5m |
| BANK OF MONTREAL /CAN/ | Reduced | -19.8m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -8.0m |
| 1832 Asset Management L.P. | Reduced | -5.7m |
| BESSEMER GROUP INC | Sold out | -3.9m |
| Federation des caisses Desjardins du Quebec | Reduced | -3.5m |
| BANK OF AMERICA CORP /DE/ | Reduced | -3.4m |
| JPMORGAN CHASE & CO | Reduced | -3.3m |
| SCOTIA CAPITAL INC. | Reduced | -2.9m |
| PICTON MAHONEY ASSET MANAGEMENT | Sold out | -2.9m |
Biggest calls
| ROYAL BANK OF CANADA | Added | $92.8m7.0m shares |
| SIG North Trading, ULC | Added | $76.2m5.8m shares |
| D. E. Shaw & Co., Inc. | Added | $38.6m2.9m shares |
| BANK OF MONTREAL /CAN/ | New | $21.6m1.6m shares |
| TORONTO DOMINION BANK | Reduced | $19.7m1.5m shares |
| CIBC WORLD MARKET INC. | Added | $17.2m1.3m shares |
| PICTON MAHONEY ASSET MANAGEMENT | New | $15.8m1.2m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $14.0m775.0k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $8.0m6.1k shares |
| UBS Group AG | Unchanged | $3.3m250.0k shares |
Biggest puts
| ROYAL BANK OF CANADA | Added | $323.9m24.6m shares |
| SIG North Trading, ULC | Added | $150.3m11.4m shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $118.8m9.0m shares |
| TORONTO DOMINION BANK | Added | $65.2m4.9m shares |
| CIBC WORLD MARKET INC. | Added | $58.0m4.4m shares |
| D. E. Shaw & Co., Inc. | Added | $37.8m2.9m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $21.3m1.2m shares |
| DeepCurrents Investment Group LLC | New | $13.0m9.8k shares |
| BANK OF MONTREAL /CAN/ | Added | $10.7m810.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.6m119.2k 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.
No one currently above 5% in the filings since 19 Dec 2024.
Fell to 5% or below in the last year: BANK OF MONTREAL /CAN/ (3.8%, 2025-11-14)
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
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.28% of their portfolio | 123.1m $1.6bn | Reduced -69.5m |
| BANK OF MONTREAL /CAN/ 0.33% of their portfolio | 61.9m $816.2m | Reduced -19.8m |
| CIBC WORLD MARKET INC. 1.02% of their portfolio | 43.2m $569.6m | Added +5.8m |
| TD Asset Management Inc 0.39% of their portfolio | 36.7m $484.2m | Reduced -175.2k |
| MACKENZIE FINANCIAL CORP 0.51% of their portfolio | 33.3m $433.8m | Added +955.8k |
| 1832 Asset Management L.P. 0.55% of their portfolio | 33.0m $434.8m | Reduced -5.7m |
| FIL Ltd 0.30% of their portfolio | 30.3m $399.4m | Added +16.1m |
| VANGUARD GROUP INC 0.01% of their portfolio | 29.5m $388.4m | Added +916.5k |
| NATIONAL BANK OF CANADA /FI/ 0.31% of their portfolio | 22.9m $301.4m | Added +960.4k |
| GOLDMAN SACHS GROUP INC 0.04% of their portfolio | 19.9m $261.4m | Added +10.4m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.22% of their portfolio | 19.8m $261.7m | Added +14.3m |
| Federation des caisses Desjardins du Quebec 0.98% of their portfolio | 19.4m $255.3m | Reduced -3.5m |
| CIBC Asset Management Inc 0.59% of their portfolio | 18.6m $245.0m | Reduced -208.6k |
| BANK OF NOVA SCOTIA 0.34% of their portfolio | 17.5m $231.1m | Added +2.8m |
| Fiera Capital Corp 0.73% of their portfolio | 17.4m $229.0m | Reduced -502.1k |
| SCOTIA CAPITAL INC. 0.89% of their portfolio | 16.7m $220.3m | Reduced -2.9m |
| Invesco Ltd. 0.02% of their portfolio | 12.5m $164.6m | Added +2.1m |
| TORONTO DOMINION BANK 0.22% of their portfolio | 9.6m $126.3m | Added +564.4k |
| FIRST TRUST ADVISORS LP 0.09% of their portfolio | 9.4m $123.3m | Added +1.9m |
| TD Waterhouse Canada Inc. 0.76% of their portfolio | 9.2m $121.4m | Reduced -2.3m |
| MORGAN STANLEY 0.01% of their portfolio | 8.3m $109.9m | Reduced -511.2k |
| LETKO, BROSSEAU & ASSOCIATES INC 1.46% of their portfolio | 6.8m $89.4m | Added +148.3k |
| UBS Group AG 0.02% of their portfolio | 6.8m $89.2m | Added +3.7m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 6.6m $86.4m | Reduced -3.4m |
| JANUS HENDERSON GROUP PLC 0.04% of their portfolio | 6.5m $85.3m | Reduced -641.7k |
| NORGES BANK 0.01% of their portfolio | 6.4m $83.7m | Not comparable |
| SIG North Trading, ULC 13.94% of their portfolio | 6.0m $79.6m | Added +2.8m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 5.7m $80.5m | Added +535.2k |
| Clearbridge Investments, LLC 0.06% of their portfolio | 5.3m $70.4m | Reduced -163.2k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 4.2m $55.5m | Reduced -3.3m |
| Scheer, Rowlett & Associates Investment Management Ltd. 3.03% of their portfolio | 3.4m $44.2m | Added +133.0k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 3.3m $43.0m | Added +3.0m |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 2.7m $35.9m | Added +1.9m |
| GUARDIAN CAPITAL LP 1.05% of their portfolio | 2.7m $35.2m | Reduced -975.1k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.40% of their portfolio | 2.7m $35.2m | Unchanged |
| INTACT INVESTMENT MANAGEMENT INC. 0.92% of their portfolio | 2.4m $32.1m | Added +5.8k |
| FEDERATED HERMES, INC. 0.05% of their portfolio | 2.4m $31.1m | Reduced -299.0k |
| BANK OF NOVA SCOTIA TRUST CO 2.70% of their portfolio | 2.4m $31.1m | Added +50.7k |
| BlackRock, Inc. 0.00% of their portfolio | 2.3m $30.4m | Added +801.0k |
| MUFG SECURITIES (CANADA), LTD. 0.84% of their portfolio | 2.3m $30.3m | Reduced -244.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 2.0m $26.2m | Added +68.1k |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 2.80% of their portfolio | 1.8m $33.0m | Added +161.3k |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 1.8m $23.4m | Added +1.4m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 1.8m $23.2m | Added +831.6k |
| Amundi 0.01% of their portfolio | 1.6m $20.4m | Added +112.8k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 1.4m $17.8m | Added +123.2k |
| Swiss National Bank 0.01% of their portfolio | 1.3m $17.7m | Reduced -115.0k |
| BARCLAYS PLC 0.01% of their portfolio | 1.3m $17.3m | Added +634.9k |
| Purpose Unlimited Inc. 0.76% of their portfolio | 1.3m $16.7m | First filing |
| NICOLA WEALTH MANAGEMENT LTD. 1.47% of their portfolio | 1.2m $16.1m | Reduced -902.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 1.2m $15.5m | Added +973.4k |
| Heathbridge Capital Management Ltd. 5.85% of their portfolio | 1.2m $15.3m | Added +387.7k |
| NATIXIS 0.06% of their portfolio | 1.1m $14.9m | Added +156.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 995.7k $13.1m | Reduced -8.0m |
| Harvest Portfolios Group Inc. 0.21% of their portfolio | 904.4k $11.9m | Added +481.1k |
| CITIGROUP INC 0.01% of their portfolio | 872.5k $11.5m | Reduced -1.1m |
| MARSHALL WACE, LLP 0.01% of their portfolio | 840.2k $11.1m | Added +729.8k |
| Man Group plc 0.02% of their portfolio | 826.7k $10.9m | Added +801.7k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.06% of their portfolio | 811.4k $10.7m | Reduced -72.1k |
| State of Tennessee, Department of Treasury 0.04% of their portfolio | 791.6k $11.1m | Added +771.6k |
| APG Asset Management N.V. 0.02% of their portfolio | 783.8k $8.8m | Added +2.1k |
| FMR LLC 0.00% of their portfolio | 752.7k $9.9m | Added +89.2k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 748.3k $9.9m | Added +47.2k |
| Timelo Investment Management Inc. 10.13% of their portfolio | 725.0k $9.5m | New |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 709.1k $9.3m | Added +363.1k |
| Northwest & Ethical Investments L.P. 0.21% of their portfolio | 692.2k $9.1m | Reduced -31.8k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 686.3k $9.0m | Reduced -130.4k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 660.6k $8.7m | Added +10.0k |
| Trexquant Investment LP 0.07% of their portfolio | 605.3k $8.0m | Added +435.9k |
| AGF MANAGEMENT LTD 0.03% of their portfolio | 534.1k $7.3m | Reduced -2.0m |
| FORSTA AP-FONDEN 0.04% of their portfolio | 508.2k $6.7m | Added +172.3k |
| Guardian Partners Inc. 0.54% of their portfolio | 473.6k $6.7m | Reduced -317.5k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 454.6k $6.0m | Reduced -615.6k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 451.0k $5.9m | Added +27.8k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio | 449.8k $8.1m | Added +119.0k |
| AVIVA PLC 0.01% of their portfolio | 414.3k $5.5m | Added +23.9k |
| DekaBank Deutsche Girozentrale 0.01% of their portfolio | 403.1k $7.1m | Unchanged |
| Anson Funds Management LP 0.71% of their portfolio | 400.0k $5.3m | New |
| Nuveen, LLC 0.00% of their portfolio | 391.4k $5.2m | Added +7.6k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 390.0k $5.1m | Reduced -170.2k |
| GABELLI FUNDS LLC 0.03% of their portfolio | 377.0k $5.0m | Reduced -8.0k |
| Lorne Steinberg Wealth Management Inc. 1.10% of their portfolio | 363.3k $4.8m | Reduced -8.8k |
| Vest Financial, LLC 0.06% of their portfolio | 357.7k $4.7m | Added +176.3k |
| LPL Financial LLC 0.00% of their portfolio | 343.4k $4.5m | Reduced -21.1k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 341.2k $4.5m | Added +239.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 336.0k $4.4m | Reduced -245.0k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio | 318.8k $4.2m | Unchanged |
| Gotham Asset Management, LLC 0.01% of their portfolio | 305.9k $4.0m | Added +158.6k |
| Quantbot Technologies LP 0.12% of their portfolio | 277.7k $3.7m | New |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 273.1k $3.6m | Added +28.7k |
| Claret Asset Management Corp 0.41% of their portfolio | 268.6k $3.5m | Reduced -21.8k |
| USS Investment Management Ltd 0.02% of their portfolio | 261.9k $3.4m | Added +20.9k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 251.2k $3.3m | Reduced -139.7k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 247.3k $3.3m | Reduced -1.1m |
| Capital World Investors 0.00% of their portfolio | 243.3k $3.2m | Added +3.0k |
| Quantinno Capital Management LP 0.01% of their portfolio | 237.9k $3.1m | Reduced -48.0k |
| Public Sector Pension Investment Board 0.01% of their portfolio | 236.0k $3.1m | Added +89.1k |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 233.9k $3.1m | Added +16.8k |
| Morningstar Investment Management LLC 0.17% of their portfolio | 224.4k $3.0m | Reduced -94.5k |
| K.J. Harrison & Partners Inc 0.39% of their portfolio | 222.2k $2.9m | Added +167.7k |