SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Bank of Nova Scotia (Scotiabank)
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: As of March 31, 2026
Context: This filing discloses the equity securities held by the Bank of Nova Scotia at the end of the first quarter of 2026. The data represents a snapshot of the bank's investment portfolio, including common stocks, preferred shares, and exchange-traded funds (ETFs), categorized by voting authority (Sole, Shared, or None).
Key Financial Metrics and Portfolio Composition
Note: As a Form 13F filing, this document reports holdings by value and share count rather than corporate financial performance metrics (revenue, profit, cash flow). The following metrics reflect the portfolio's composition.
- Top Holdings by Value: The portfolio is heavily weighted toward large-cap technology and financial sectors. Significant positions include NVIDIA Corporation (~$3.87B), Apple Inc. (~$2.54B), Microsoft Corporation (~$1.63B), and Broadcom Inc. (~$1.29B).
- Canadian Exposure: Substantial holdings in domestic and regional Canadian entities, including Telus Corporation (~$271M), Rogers Communications (~$241M), and Bank of Montreal (~$681M).
- ETF Exposure: Significant allocation to passive investment vehicles, including iShares Core S&P 500 ETF (~$1.19B), SPDR S&P 500 ETF Trust (~$447M), and various sector-specific ETFs (Semiconductors, Gold Miners, Utilities).
- Derivatives: The filing lists specific Put options held for hedging or speculative purposes on various issuers (e.g., Apple, Amazon, Tesla, NVIDIA), though the aggregate notional value of these derivatives is not explicitly summarized in the text.
Material Changes and Portfolio Activity
Comparison to Prior Period: The provided text contains only the snapshot data for the period ending March 31, 2026. It does not include the prior quarter's data (December 31, 2025) or a summary of purchases and sales. Therefore, material changes in position size, new entries, or exits cannot be quantified from this source alone.
Observations on Current Holdings:
- Concentration Risk: The top 10 holdings represent a significant portion of the reported equity value, indicating a concentrated strategy in mega-cap technology and financial services.
- Commodity Exposure: Notable positions in energy and mining sectors, including Suncor Energy (~$315M), Barrick Gold (~$169M), and Teck Resources (~$58M).
- Financial Sector: Heavy weighting in major US and Canadian banks, including JPMorgan Chase (~$827M), Bank of America (~$150M), and Toronto-Dominion Bank (~$1.17B).
Guidance, Outlook, and Risks
Management Commentary: This filing is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook statements.
Risks and Contingencies:
- Market Risk: The portfolio is exposed to broad market volatility, particularly in the technology sector which dominates the top holdings.
- Concentration Risk: High exposure to specific issuers (e.g., NVIDIA, Apple) creates idiosyncratic risk.
- Regulatory Disclosure: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Top 3 Holdings: Verify the exact valuation of NVIDIA ($3.87B), Apple ($2.54B), and Microsoft ($1.63B) to understand the portfolio's primary drivers.
- Derivative Positions: Review the specific Put option positions (e.g., on Tesla, Amazon, NVIDIA) to assess the bank's hedging strategy or bearish views on these specific names.
- Canadian vs. US Allocation: Quantify the total value of Canadian holdings (e.g., Telus, Rogers, TD Bank, Scotiabank) versus US holdings to determine geographic diversification.
- ETF Overlap: Analyze the overlap between direct stock holdings and ETF holdings (e.g., holding Apple stock directly while also holding S&P 500 ETFs) to understand true exposure.
- Reporting Date Accuracy: Confirm that the "2026 Mar 31" date aligns with the bank's fiscal reporting calendar and that no subsequent amendments have been filed.