% of shares outstanding not shown: no SEC cover-page share count falls within 120 days of the 2026-Q1 quarter end, so any percentage would rest on a count that cannot speak for this quarter. Holder share counts are shown as filed.
Crowding percentile withheld — no market cap for BCE in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | ROYAL BANK OF CANADA | 59,242,08059.2M | $1.5B | — | ADD 5% |
| 2 | FIL Ltd | 37,411,44837.4M | $944M | — | — |
| 3 | BANK OF MONTREAL /CAN/ | 35,980,45136.0M | $908M | — | — |
| 4 | Caisse de depot et placement du Quebec | 34,107,30634.1M | $858M | — | — |
| 5 | CIBC WORLD MARKET INC. | 23,359,99223.4M | $589M | — | — |
| 6 | NATIONAL BANK OF CANADA /FI/ | 21,250,63921.3M | $535M | — | — |
| 7 | BANK OF NOVA SCOTIA | 17,296,77617.3M | $436M | — | — |
| 8 | Federation des caisses Desjardins du Quebec | 16,616,18616.6M | $417M | — | ADD 90% |
| 9 | VANGUARD CAPITAL MANAGEMENT LLC | 8,868,5668.9M | $224M | — | NEW |
| 10 | TWO SIGMA INVESTMENTS, LP | 8,412,5068.4M | $212M | — | ADD 41% |
| 11 | LETKO, BROSSEAU & ASSOCIATES INC | 7,564,3287.6M | $190M | — | ADD 3% |
| 12 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 7,465,8957.5M | $188M | — | TRIM -47% |
| 13 | TD Asset Management Inc | 7,049,5177.0M | $177M | — | ADD 11% |
| 14 | CANADA PENSION PLAN INVESTMENT BOARD | 6,752,5946.8M | $170M | — | TRIM -8% |
| 15 | Vanguard Global Advisers, LLC | 6,508,3156.5M | $164M | — | NEW |
| 16 | MORGAN STANLEY | 6,020,2106.0M | $152M | — | ADD 7% |
| 17 | Cullen Capital Management, LLC | 5,966,8866.0M | $151M | — | ADD 5% |
| 18 | MANUFACTURERS LIFE INSURANCE COMPANY, THE | 5,038,3625.0M | $127M | — | ADD 22% |
| 19 | BANK OF AMERICA CORP /DE/ | 4,837,4524.8M | $122M | — | ADD 6% |
| 20 | TORONTO DOMINION BANK | 4,807,0704.8M | $121M | — | TRIM -32% |
| 21 | MACKENZIE FINANCIAL CORP | 3,885,1823.9M | $98M | — | ADD 72% |
| 22 | SCOTIA CAPITAL INC. | 3,766,0993.8M | $95M | — | TRIM -3% |
| 23 | INTACT INVESTMENT MANAGEMENT INC. | 3,587,7603.6M | $90M | — | TRIM -7% |
| 24 | JUPITER ASSET MANAGEMENT LTD | 3,332,8793.3M | $84M | — | NEW |
| 25 | Quadrature Capital Ltd | 3,255,3923.3M | $82M | — | TRIM -23% |
| 26 | DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | 3,151,8223.2M | $79M | — | TRIM -23% |
| 27 | UBS Group AG | 2,909,8012.9M | $73M | — | ADD 45% |
| 28 | VANGUARD FIDUCIARY TRUST CO | 2,746,4482.7M | $69M | — | NEW |
| 29 | Clearbridge Investments, LLC | 2,715,1652.7M | $69M | — | TRIM -14% |
| 30 | GEODE CAPITAL MANAGEMENT, LLC | 2,136,1152.1M | $67M | — | ADD 9% |
| 31 | Legal & General Group Plc | 2,660,8312.7M | $67M | — | ADD 5% |
| 32 | JPMORGAN CHASE & CO | 2,559,5882.6M | $65M | — | ADD 31% |
| 33 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 2,522,3062.5M | $63M | — | ADD 15% |
| 34 | MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 1,713,1461.7M | $60M | — | TRIM -5% |
| 35 | 1832 Asset Management L.P. | 2,354,7512.4M | $59M | — | ADD 70% |
| 36 | TD Waterhouse Canada Inc. | 2,242,7742.2M | $56M | — | ADD 69% |
| 37 | GOLDMAN SACHS GROUP INC | 2,041,9812.0M | $52M | — | TRIM -74% |
| 38 | BESSEMER GROUP INC | 1,898,7001.9M | $48M | — | ADD 4% |
| 39 | Balyasny Asset Management L.P. | 1,888,7841.9M | $48M | — | ADD 138% |
| 40 | LINCLUDEN MANAGEMENT LTD | 1,843,8301.8M | $47M | — | TRIM -2% |
| 41 | FIRST TRUST ADVISORS LP | 1,833,2911.8M | $46M | — | TRIM -19% |
| 42 | D. E. Shaw & Co., Inc. | 1,668,7801.7M | $42M | — | ADD 176% |
| 43 | Hillsdale Investment Management Inc. | 1,620,0471.6M | $41M | — | TRIM -2% |
| 44 | SIG North Trading, ULC | 1,488,5671.5M | $38M | — | ADD 1186% |
| 45 | Harvest Portfolios Group Inc. | 1,401,9841.4M | $35M | — | ADD 27% |
| 46 | MUFG SECURITIES (CANADA), LTD. | 1,383,2211.4M | $35M | — | TRIM -3% |
| 47 | CIBC Asset Management Inc | 1,310,2541.3M | $33M | — | TRIM -33% |
| 48 | FRANKLIN RESOURCES INC | 1,181,3351.2M | $30M | — | ADD 6% |
| 49 | DUFF & PHELPS INVESTMENT MANAGEMENT CO | 1,127,2881.1M | $28M | — | — |
| 50 | ENVESTNET ASSET MANAGEMENT INC | 1,066,3621.1M | $27M | — | ADD 17% |
| 51 | BlackRock, Inc. | 965,844965,844 | $24M | — | ADD 7% |
| 52 | Connor, Clark & Lunn Investment Management Ltd. | 945,994945,994 | $24M | — | ADD 413% |
| 53 | Purpose Unlimited Inc. | 933,105933,105 | $24M | — | ADD 166% |
| 54 | DIMENSIONAL FUND ADVISORS LP | 879,778879,778 | $22M | — | ADD 119% |
| 55 | GABELLI FUNDS LLC | 811,500811,500 | $20M | — | — |
| 56 | Amundi | 793,416793,416 | $20M | — | — |
| 57 | BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | 790,697790,697 | $20M | — | ADD 62% |
| 58 | NICOLA WEALTH MANAGEMENT LTD. | 729,000729,000 | $18M | — | — |
| 59 | NORTHERN TRUST CORP | 697,249697,249 | $18M | — | ADD 2% |
| 60 | CITIGROUP INC | 676,047676,047 | $17M | — | ADD 43% |
| 61 | Addenda Capital Inc. | 471,327471,327 | $17M | — | — |
| 62 | Invesco Ltd. | 614,234614,234 | $16M | — | TRIM -67% |
| 63 | OPPENHEIMER ASSET MANAGEMENT INC. | 612,415612,415 | $15M | — | ADD 18% |
| 64 | NEUBERGER BERMAN GROUP LLC | 575,984575,984 | $15M | — | TRIM -4% |
| 65 | VOLORIDGE INVESTMENT MANAGEMENT, LLC | 554,240554,240 | $14M | — | TRIM -26% |
| 66 | VANGUARD ASSET MANAGEMENT, Ltd | 545,022545,022 | $14M | — | NEW |
| 67 | HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 532,508532,508 | $13M | — | ADD 536% |
| 68 | State of Tennessee, Department of Treasury | 500,476500,476 | $13M | — | — |
| 69 | NATIXIS | 494,754494,754 | $12M | — | ADD 15% |
| 70 | PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | 478,756478,756 | $12M | — | TRIM -23% |
| 71 | MILLENNIUM MANAGEMENT LLC | 449,812449,812 | $11M | — | ADD 80% |
| 72 | CITADEL ADVISORS LLC | 438,580438,580 | $11M | — | ADD 55% |
| 73 | Janney Montgomery Scott LLC | 436,333436,333 | $11M | — | ADD 8% |
| 74 | RAYMOND JAMES FINANCIAL INC | 427,900427,900 | $11M | — | ADD 10% |
| 75 | Northwest & Ethical Investments L.P. | 397,331397,331 | $10M | — | TRIM -16% |
| 76 | JONES FINANCIAL COMPANIES LLLP | 389,968389,968 | $10M | — | ADD 16% |
| 77 | Quantbot Technologies LP | 374,039374,039 | $9M | — | ADD 119% |
| 78 | Creative Planning | 352,870352,870 | $9M | — | ADD 30% |
| 79 | WELLS FARGO & COMPANY/MN | 348,595348,595 | $9M | — | ADD 10% |
| 80 | APG Asset Management N.V. | 385,727385,727 | $8M | — | TRIM -7% |
| 81 | BARCLAYS PLC | 308,832308,832 | $8M | — | TRIM -35% |
| 82 | Triasima Portfolio Management inc. | 296,421296,421 | $7M | — | NEW |
| 83 | AQR CAPITAL MANAGEMENT LLC | 294,637294,637 | $7M | — | ADD 50% |
| 84 | DEUTSCHE BANK AG\ | 286,739286,739 | $7M | — | — |
| 85 | Ruffer LLP | 280,040280,040 | $7M | — | NEW |
| 86 | CANADA LIFE ASSURANCE Co | 262,993262,993 | $7M | — | — |
| 87 | Russell Investments Group, Ltd. | 262,246262,246 | $7M | — | ADD 23% |
| 88 | K.J. Harrison & Partners Inc | 254,707254,707 | $6M | — | — |
| 89 | AustralianSuper Pty Ltd | 252,459252,459 | $6M | — | ADD 15% |
| 90 | Swiss National Bank | 251,209251,209 | $6M | — | ADD 27% |
| 91 | Alberta Investment Management Corp | 250,093250,093 | $6M | — | NEW |
| 92 | Man Group plc | 242,125242,125 | $6M | — | ADD 389% |
| 93 | JOHN G ULLMAN & ASSOCIATES INC | 241,927241,927 | $6M | — | ADD 4% |
| 94 | Claret Asset Management Corp | 236,314236,314 | $6M | — | ADD 3% |
| 95 | SEI INVESTMENTS CO | 232,040232,040 | $6M | — | ADD 7% |
| 96 | Quantinno Capital Management LP | 221,472221,472 | $6M | — | ADD 21% |
| 97 | FMR LLC | 218,974218,974 | $6M | — | TRIM -20% |
| 98 | CAPITAL FUND MANAGEMENT S.A. | 217,877217,877 | $5M | — | TRIM -9% |
| 99 | STIFEL FINANCIAL CORP | 214,473214,473 | $5M | — | ADD 30% |
| 100 | STATE STREET CORP | 203,903203,903 | $5M | — | — |
Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| ROYAL BANK OF CANADA | 54.0M | 55.9M | 112.2M | 58.3M | 56.4M | 59.2M | $1.5B |
| FIL Ltd | 26.3M | 25.8M | 31.6M | 35.6M | 37.6M | 37.4M | $944M |
| BANK OF MONTREAL /CAN/ | 37.0M | 40.3M | 41.3M | 36.3M | 36.3M | 36.0M | $908M |
| Caisse de depot et placement du Quebec | 18.6M | 25.2M | 31.1M | 34.1M | 34.1M | 34.1M | $858M |
| CIBC WORLD MARKET INC. | 24.4M | 26.3M | 25.2M | 21.0M | 23.8M | 23.4M | $589M |
| NATIONAL BANK OF CANADA /FI/ | 17.7M | 21.7M | 23.6M | 20.5M | 21.5M | 21.3M | $535M |
| BANK OF NOVA SCOTIA | 19.9M | 18.4M | 16.8M | 14.9M | 17.1M | 17.3M | $436M |
| Federation des caisses Desjardins du Quebec | 5.5M | 10.6M | 7.5M | 8.2M | 8.7M | 16.6M | $417M |
| VANGUARD CAPITAL MANAGEMENT LLC | — | — | — | — | — | 8.9M | $224M |
| TWO SIGMA INVESTMENTS, LP | 46K | 187K | 3.2M | 3.1M | 5.9M | 8.4M | $212M |
| LETKO, BROSSEAU & ASSOCIATES INC | 4.6M | 5.2M | 5.6M | 7.0M | 7.3M | 7.6M | $190M |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 4.6M | 7.0M | 14.0M | 16.2M | 14.2M | 7.5M | $188M |
| TD Asset Management Inc | 9.6M | 9.2M | 8.9M | 6.9M | 6.4M | 7.0M | $177M |
| CANADA PENSION PLAN INVESTMENT BOARD | 9.4M | 14.2M | 1.4M | 5.3M | 7.3M | 6.8M | $170M |
| Vanguard Global Advisers, LLC | — | — | — | — | — | 6.5M | $164M |
Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Line breaks are honest gaps — quarters with no 13F record, or a suppressed % — never interpolated. % of shares outstanding divides each quarter's as-filed 13F shares by the SEC cover-page share count dated to that same quarter (split-adjusted), not by today's count — so splits and buybacks don't move the line.
Short interest has its own tab now — open SI →
Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | +8,868,566 | $224M | OPEN |
| Federation des caisses Desjardins du Quebec | +7,871,365 | $199M | ADD |
| Vanguard Global Advisers, LLC | +6,508,315 | $164M | OPEN |
| JUPITER ASSET MANAGEMENT LTD | +3,332,879 | $84M | OPEN |
| ROYAL BANK OF CANADA | +2,808,340 | $71M | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| VANGUARD GROUP INC | −18,020,124 | $455M | CLOSE |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | −6,685,316 | $169M | TRIM |
| GOLDMAN SACHS GROUP INC | −5,761,931 | $145M | TRIM |
| NORGES BANK | −3,848,869 | $97M | CLOSE |
| TWO SIGMA ADVISERS, LP | −2,440,700 | $62M | CLOSE |
The 2025-Q4 register is as-filed in ITS OWN share basis; every count below was rebased into the 2026-Q1 basis (no split in between, factor 1). Dollar figures value the SHARE delta at one price — the 2026-03-31 close — rather than differencing two filings' own reported values, which would mix the quarter's price move into the trade figure.
13Fs disclose LONG US-listed positions only — shorts, most derivatives, bonds and non-US listings are invisible here, and a filer's quarter-over-quarter change is not necessarily a trade (index rebalances, in-kind transfers and entity successions all read as flow).
| Quarter | Holders | Shares held | % shares out | Value held |
|---|---|---|---|---|
| 2026-Q1 | 401 | 422,036,507 | — | $10.7B |
| 2025-Q4 | 406 | 419,950,563 | — | $10.0B |
| 2025-Q3 | 397 | 395,488,430 | — | $9.3B |
| 2025-Q2 | 388 | 452,613,962 | — | $10.0B |
| 2025-Q1 | 398 | 398,518,398 | — | $9.2B |
| 2024-Q4 | 426 | 371,078,022 | — | $8.6B |
| 2024-Q3 | 497 | 367,076,392 | — | $12.8B |
| 2024-Q2 | 499 | 367,086,037 | — | $11.9B |
| 2024-Q1 | 536 | 366,442,331 | 40.2% | $12.6B |
| 2023-Q4 | 537 | 389,864,338 | 42.7% | $15.5B |
| 2023-Q3 | 561 | 397,609,347 | 43.6% | $15.3B |
| 2023-Q2 | 586 | 404,804,343 | — | $18.6B |
| 2023-Q1 | 580 | 397,113,410 | 43.5% | $17.9B |
| 2022-Q4 | 594 | 395,918,175 | 43.4% | $17.5B |
| 2022-Q3 | 569 | 400,450,881 | 43.9% | $17.0B |
| 2022-Q2 | 596 | 405,992,664 | — | $20.2B |
| 2022-Q1 | 603 | 408,820,621 | 45.0% | $22.7B |
| 2021-Q4 | 602 | 414,071,189 | 45.6% | $21.7B |
| 2021-Q3 | 554 | 396,635,654 | 43.6% | $20.1B |
| 2021-Q2 | 543 | 393,452,568 | — | $19.6B |
| 2021-Q1 | 529 | 401,577,466 | 44.4% | $18.3B |
| 2020-Q4 | 508 | 413,766,965 | 45.7% | $17.9B |
| 2020-Q3 | 488 | 415,013,560 | 45.9% | $17.2B |
| 2020-Q2 | 496 | 421,966,793 | — | $17.6B |
| 2020-Q1 | 511 | 421,809,843 | 46.7% | $17.3B |
| 2019-Q4 | 544 | 406,214,383 | 44.9% | $18.9B |
| 2019-Q3 | 490 | 414,899,860 | 45.9% | $20.1B |
| 2019-Q2 | 502 | 405,412,169 | — | $18.5B |
| 2019-Q1 | 520 | 397,893,092 | 44.3% | $17.7B |
| 2018-Q4 | 488 | 401,717,317 | 44.7% | $15.9B |
| 2018-Q3 | 480 | 397,441,656 | 44.3% | $16.2B |
| 2018-Q2 | 492 | 400,794,747 | 44.6% | $16.3B |
| 2018-Q1 | 498 | 395,953,286 | 43.9% | $17.1B |
| 2017-Q4 | 498 | 415,599,182 | 46.1% | $19.9B |
| 2017-Q3 | 446 | 406,900,539 | 45.2% | $19.2B |
| 2017-Q2 | 445 | 387,846,103 | — | $17.6B |
| 2017-Q1 | 446 | 399,211,420 | — | $17.9B |
| 2016-Q4 | 460 | 395,796,975 | — | $17.4B |
| 2016-Q3 | 454 | 387,565,653 | — | $18.1B |
| 2016-Q2 | 443 | 387,346,830 | — | $18.5B |
| 2016-Q1 | 429 | 378,771,085 | — | $17.7B |
| 2015-Q4 | 423 | 370,172,233 | — | $14.5B |
| 2015-Q3 | 416 | 367,036,579 | — | $15.2B |
| 2015-Q2 | 431 | 355,582,655 | — | $15.2B |
| 2015-Q1 | 442 | 354,626,208 | — | $15.2B |
| 2014-Q4 | 442 | 345,065,527 | — | $16.0B |
| 2014-Q3 | 429 | 334,735,790 | — | $14.4B |
| 2014-Q2 | 416 | 333,859,189 | — | $15.2B |
| 2014-Q1 | 417 | 325,301,639 | — | $14.1B |
| 2013-Q4 | 398 | 315,518,014 | — | $13.7B |
| 2013-Q3 | 377 | 311,639,617 | — | $13.4B |
| 2013-Q2 | 387 | 306,613,290 | — | $12.6B |
| 2013-Q1 | 28 | 25,595,550 | — | $1.2B |
