Cidel Asset Management Adjusts Portfolio: New Stake in Boyd Group, Trims Algonquin and BNS

Cidel Asset Management Inc. executed significant adjustments to its equity portfolio during the fourth quarter, reflecting a strategic rebalancing of its institutional holdings. The firm initiated a new position in Boyd Group Services Inc. (BGSI), acquiring 56,718 shares valued at approximately $9.05 million. Conversely, Cidel significantly reduced its exposure to Algonquin Power & Utilities Corp. (AQN), selling 765,774 shares, which represents a 23.5% decrease in its stake. The asset manager also trimmed its position in the Bank of Nova Scotia (BNS) by 17.2% after offloading 30,176 shares during the period. These maneuvers follow the release of Q4 financial results and updated analyst ratings, signaling a shift in institutional sentiment toward these specific equities. While the new investment in BGSI suggests a bullish outlook, the divestments in AQN and BNS highlight a more cautious approach to the utilities and banking sectors.