13F-HR/A: Bank of Nova Scotia Amends Q4 2024 13F Filing, Disclosing Over $57 Billion in Diversified Holdings

Bank of Nova Scotia has filed an amended Form 13F-HR, restating its institutional investment holdings for the quarter ended December 31, 2024, revealing a total portfolio value of approximately $57.24 billion across 1,389 distinct securities.

Summary

• Bank of Nova Scotia filed an amended Form 13F-HR/A, which is a restatement of its institutional investment holdings for the calendar quarter ended December 31, 2024.
• The total market value of the investment portfolio disclosed in this filing is $57,243,296,855.
• The report details 1,389 distinct securities entries in its information table.
• This is a 13F Combination Report, indicating that Bank of Nova Scotia directly reports a portion of its holdings, while other portions are reported by affiliated managers.
• The filing lists five other institutional investment managers whose holdings are included in this report: SCOTIA CAPITAL (USA) INC, Scotia Fondos, S.A. de C.V., Sociedad Operadora de Fondos de Inversion, Grupo Financiero Scotiabank Inverlat, Profuturo AFP S.A., Bank of Nova Scotia Trust Co (Bahamas) Ltd, and Scotia Administradora General De Fondos Chile S.A.
• Additionally, four other managers report for Bank of Nova Scotia: 1832 Asset Management L.P., Bank Of Nova Scotia Trust Co, Jarislowsky, Fraser Ltd, and SCOTIA CAPITAL INC.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The filing is a routine regulatory disclosure of holdings, which is inherently neutral. The large portfolio value and extensive diversification are generally positive indicators of scale and risk management for an investment manager.

Positives

• The reported total portfolio value of over $57 billion demonstrates a significant scale of institutional investment management by Bank of Nova Scotia.
• The inclusion of 1,389 distinct holdings entries suggests a highly diversified investment portfolio, which can help mitigate single-asset risk.
• The filing of an amended and restated report indicates adherence to regulatory compliance and a commitment to accurate disclosure of investment positions.

Risks

• The Securities and Exchange Commission explicitly states that it has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete, advising readers not to assume accuracy or completeness.

Future Outlook

This Form 13F-HR/A filing is a historical disclosure of investment holdings as of December 31, 2024, and does not contain any forward-looking statements or guidance regarding future investment strategies or market outlook.

Management Comments

• Nanci MacKenzie, Vice President Financial Accounting & Reporting, signed the report on behalf of Bank of Nova Scotia, representing that she is authorized to submit it and that all information contained therein is true, correct, and complete.

Industry Context

This filing provides a detailed snapshot of Bank of Nova Scotia's institutional investment portfolio, reflecting its positions in a wide array of publicly traded securities. As a major global financial institution, its investment activities are indicative of broader trends within the banking and asset management sectors, particularly concerning diversification across equities, exchange-traded funds (ETFs), and other securities in North American and international markets. The substantial portfolio size positions it as a significant player in the institutional investment landscape.

Comparison to Industry Standards

• As a Form 13F filing, this document primarily discloses the composition of Bank of Nova Scotia's reportable securities holdings rather than its financial performance against industry benchmarks.
• Without specific performance metrics (e.g., return on assets, portfolio alpha) or direct comparisons to other large institutional investors' 13F filings for the same period, a detailed assessment against global benchmarks or comparable companies is not feasible based solely on this disclosure.
• However, the sheer volume of holdings (1,389 entries) and the total reported value of over $57 billion suggest a diversified and substantial investment operation, consistent with the scale expected from a leading global financial institution.

Related Party Transactions

• The filing lists several other institutional investment managers that report holdings for Bank of Nova Scotia or are included in this report, indicating a network of related entities involved in asset management. These include 1832 Asset Management L.P., Bank Of Nova Scotia Trust Co, Jarislowsky, Fraser Ltd, SCOTIA CAPITAL INC., SCOTIA CAPITAL (USA) INC, Scotia Fondos, S.A. de C.V., Sociedad Operadora de Fondos de Inversion, Grupo Financiero Scotiabank Inverlat, Profuturo AFP S.A., Bank of Nova Scotia Trust Co (Bahamas) Ltd, and Scotia Administradora General De Fondos Chile S.A.

Stakeholder Impact

• Shareholders: Provides transparency into the company's significant institutional investment holdings, which can inform investment decisions.
• Regulatory Authorities: Fulfills mandated disclosure requirements by the SEC, ensuring compliance and market transparency.

Next Steps

• The document does not specify any future actions, events, or milestones beyond the regulatory requirement to file such reports periodically.

Key Dates

Keywords

SEC Filing, 13F-HR/A, Institutional Investment, Portfolio Holdings, Bank of Nova Scotia, Investment Management, Financial Disclosure, Equity Holdings, Asset Management, Regulatory Filing, Restatement, Diversified Portfolio