BCE

BCE • NYSE

BCE is a telecommunications services company in the communication services sector on NYSE, led by Michael J. Sabia, with a market cap of $21.7B. As of Q3 2025, 43% of shares are held by 387 institutional investors, with ROYAL BANK OF CANADA as the largest holder at 6.25%.

President and Chief Executive OfficerMichael J. Sabia

Market Cap$21.7B

Telecommunications Services

Communication Services

Employees45.1K

Websitebce.ca

Overview

Overview of institutional ownership in BCE as of Q3 2025 with a market cap of $21.8B

All Institutions

Institutions: 387
Value Held: $9.4B
Shares Held: 401.2M
Avg Position: $24.3M
Median Position: $450.7K

Hedge Funds

Hedge Funds: 32
Value Held: $601.7M
Shares Held: 25.7M
Avg Position: $18.8M
Median Position: $1.6M

Ownership Breakdown

Institutional (non-HF)

40.28%

$8.8B

Hedge Funds

2.76%

$601.7M

Retail & Other

56.96%

$12.4B

Based on market cap of $21.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BCE as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
R ROYAL BANK OF CANADA Institution	-	$1.4B 0.25% of portfolio	6.25% 58.3M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$847.9M 0.36% of portfolio	3.89% 36.3M shares	≤ Q2 2013 Held for 12y 5m+	$235.55B
F FIL Ltd Institution	-	$831.6M 0.65% of portfolio	3.82% 35.6M shares	Q2 2018 Held for 7y 5m	$127.75B
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	Neil David Blundell CIO	$797.2M 1.44% of portfolio	3.66% 34.1M shares	Q3 2021 Held for 4y 2m	$55.5B
C CIBC World Markets Inc. Institution	-	$489.8M 1.00% of portfolio	2.25% 21.0M shares	≤ Q2 2013 Held for 12y 5m+	$48.7B
N NATIONAL BANK OF CANADA /FI/ Institution	-	$479.3M 0.54% of portfolio	2.20% 20.5M shares	Q4 2021 Held for 3y 11m	$88.6B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$404.7M 0.01% of portfolio	1.86% 17.3M shares	Q1 2015 Held for 10y 8m	$6.69T
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$379.0M 0.24% of portfolio	1.74% 16.2M shares	Q3 2023 Held for 2y 2m	$158.92B
BANK OF NOVA SCOTIA / Institution	Scott Thomson CEO	$347.9M 0.62% of portfolio	1.60% 14.9M shares	Q1 2013 Held for 12y 8m	$56.3B
Federation des caisses Desjardins du Quebec Fund of Funds	Neil David Blundell CIO	$192.5M 0.76% of portfolio	0.88% 8.2M shares	Q1 2017 Held for 8y 8m	$25.4B

Net Capital Flow

Institutional buying and selling activity for BCE in Q3 2025

Net Flow: +$187.1M
Buyers: 152
Sellers: 145
Total Bought: +$973.7M
Total Sold: −$786.6M
Avg Position: $24.4M

Biggest Buyers

Institution	Net Bought	Current Position
C CANERECTOR INC Institution	+$184.3M +7.9M shares	$190.2M 8.1M shares
F FIL Ltd Institution	+$92.3M +4.0M shares	$831.6M 35.6M shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	+$92.1M +3.9M shares	$124.5M 5.3M shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	+$70.7M +3.0M shares	$797.2M 34.1M shares
Cullen Capital Management, LLC Long Only Manager	+$65.3M +2.8M shares	$149.5M 6.4M shares
R ROYAL BANK OF CANADA Institution	+$52.0M +2.2M shares	$1.4B 58.3M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$51.6M +2.2M shares	$379.0M 16.2M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	+$40.5M +1.7M shares	$40.7M 1.7M shares
LETKO, BROSSEAU & ASSOCIATES INC Long Only Manager	+$32.7M +1.4M shares	$164.7M 7.0M shares
BANK OF AMERICA CORP /DE/ Institution	+$31.7M +1.4M shares	$143.4M 6.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF MONTREAL /CAN/ Institution	−$117.1M −5.0M shares	$847.9M 36.3M shares
C CIBC World Markets Inc. Institution	−$98.9M −4.2M shares	$489.8M 21.0M shares
CIBC Global Asset Management Inc Long Only Manager	−$79.1M −3.4M shares	$61.1M 2.6M shares
N NATIONAL BANK OF CANADA /FI/ Institution	−$72.0M −3.1M shares	$479.3M 20.5M shares
T TD ASSET MANAGEMENT INC Institution	−$47.5M −2.0M shares	$160.7M 6.9M shares
BANK OF NOVA SCOTIA / Institution	−$44.4M −1.9M shares	$347.9M 14.9M shares
MORGAN STANLEY RIA/Wealth	−$37.6M −1.6M shares	$100.3M 4.3M shares
M Man Group plc Institution	−$28.8M −1.2M shares	$9.4M 402.2K shares
FIRST TRUST ADVISORS LP ETF Provider	−$25.1M −1.1M shares	$53.1M 2.3M shares
Q Qube Research & Technologies Ltd Institution	−$24.6M −1.1M shares	$2.9M 123.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BCE in Q3 2025

New Positions: 15
New Value: $17.0M
Exited Positions: 41
Exited Value: $36.8M

New Positions

Institution	Position Value
S Sender Co & Partners, Inc. Institution	$5.9M 250.4K shares
Morningstar Investment Management LLC Long Only Manager	$5.0M 215.7K shares
Ninepoint Partners LP Hedge Fund•Multi-Strategy	$1.8M 75.7K shares
Caption Management, LLC Hedge Fund•Long/Short	$1.5M 62.0K shares
1 111 Capital Institution	$1.3M 54.3K shares
B Brevan Howard Capital Management LP Institution	$1.1M 47.6K shares
A Arrow Investment Advisors, LLC Institution	$227.0K 9.7K shares
Sonora Investment Management Group, LLC RIA/Wealth	$214.4K 9.2K shares
A AMERIFLEX GROUP, INC. Institution	$10.4K 444.0 shares
R Root Financial Partners, LLC RIA/Wealth	$4.2K 179.0 shares

Exited Positions

Institution	Previous Position
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$6.5M 292.2K shares
M Mitsubishi UFJ Trust & Banking Corp Institution	$3.8M 170.2K shares
Trexquant Investment LP Hedge Fund•Quant	$3.6M 164.5K shares
M MACQUARIE GROUP LTD Institution	$3.1M 102.0K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$3.1M 138.3K shares
GLUSKIN SHEFF & ASSOC INC Long Only Manager	$1.9M 87.6K shares
M Maryland State Retirement & Pension System Institution	$1.9M 86.9K shares
CBOE Vest Financial, LLC ETF Provider	$1.9M 83.7K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	$1.8M 78.0K shares
A AXA Institution	$1.6M 71.3K shares

Options Activity

Institutions with the largest Call and Put options positions in BCE as of Q3 2025

Call Positions: 23
Call Value: $584.3M
Put Positions: 19
Put Value: $942.7M

Call Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$216.1M 92.4K contracts
S SIG North Trading, ULC Institution	$97.2M 41.5K contracts
BANK OF AMERICA CORP /DE/ Institution	$53.8M 23.0K contracts
D D. E. Shaw & Co., Inc. Institution	$48.1M 20.6K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$43.1M 14.7K contracts
TORONTO DOMINION BANK Institution	$23.7M 10.1K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$22.7M 9.7K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$14.1M 6.0K contracts
C CIBC World Markets Inc. Institution	$13.8M 5.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$13.5M 5.8K contracts

Put Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$363.2M 155.3K contracts
S SIG North Trading, ULC Institution	$157.4M 67.3K contracts
GOLDMAN SACHS GROUP INC Institution	$112.0M 47.9K contracts
C CIBC World Markets Inc. Institution	$85.4M 36.6K contracts
TORONTO DOMINION BANK Institution	$81.9M 35.1K contracts
BANK OF MONTREAL /CAN/ Institution	$45.0M 19.3K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$38.9M 12.5K contracts
D D. E. Shaw & Co., Inc. Institution	$28.5M 12.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.7M 3.7K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$6.9M 2.9K contracts

Most Committed Institutions

Institutions with BCE as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
L LINCLUDEN MANAGEMENT LTD Institution	-	5.35% $45.6M	0.21% 1.9M shares	Q2 2021 Held for 4y 5m	$850.9M
S SIG North Trading, ULC Institution	-	4.57% $29.7M	0.14% 1.3M shares	Q1 2024 Held for 1y 8m	$648.8M
T Timelo Investment Management Inc. Institution	-	3.75% $2.2M	0.01% 95.0K shares	Q2 2025 Held for 5 months	$59.3M
LETKO, BROSSEAU & ASSOCIATES INC Long Only Manager	Thomas Massey Birks Chairman	2.83% $164.7M	0.76% 7.0M shares	≤ Q2 2013 Held for 12y 5m+	$5.8B
S Sender Co & Partners, Inc. Institution	-	2.28% $5.9M	0.03% 250.4K shares	Q3 2025 Held for 2 months	$256.4M
INTACT INVESTMENT MANAGEMENT INC. Private Equity	Edward Joseph Keefe CFO	2.21% $72.9M	0.33% 3.1M shares	≤ Q2 2013 Held for 12y 5m+	$3.3B
Cullen Capital Management, LLC Long Only Manager	James Patrick Cullen CEO	1.64% $149.5M	0.69% 6.4M shares	≤ Q2 2013 Held for 12y 5m+	$9.1B
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	Neil David Blundell CIO	1.44% $797.2M	3.66% 34.1M shares	Q3 2021 Held for 4y 2m	$55.5B
N NICOLA WEALTH MANAGEMENT LTD. RIA/Wealth	John Michael Nicola CEO	1.32% $14.8M	0.07% 632.4K shares	Q4 2024 Held for 11 months	$1.1B
Hillsdale Investment Management Inc. Long Only Manager	Albert Christopher Guthrie CEO	1.18% $39.5M	0.18% 1.7M shares	≤ Q2 2013 Held for 12y 5m+	$3.3B

Hedge Fund Spotlight

Discover hedge funds investing in BCE

Engineers Gate Manager LP

Hedge Fund • Quant

Portfolio ManagerRobert Gregory Eisner

Portfolio Value: $8.8B
Positions: 2,112
Last Reported: Q3 2025

Sector Allocation

Position in BCE

Market Value: $219.7K
Shares Held: 9.4K
Portfolio Weight: 0.00%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Invesco QQQ Trust QQQ	ETF ETF	$155.2M	1.77%
2 SPDR S&P 500 ETF Trust SPY	ETF ETF	$115.3M	1.32%
3 Sabra Healthcare SBRA	REIT - Healthcare Facilities Real Estate	$112.9M	1.29%