# EDGAR Filing Document

**Accession Number:** 0001482171
**File Stem:** 0001193125-26-027172
**Filing Date:** 2026-1
**Character Count:** 9532
**Document Hash:** b8526152742425c471116a7a6e4dc44b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-027172.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001193125-26-027172

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS-REA LTD.
- **CENTRAL INDEX KEY:** 0001482171

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13649
- **FILM NUMBER:** 26572347

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 23 BEDFORD ROAD
- **STREET 2:** SUITE 100
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5R 2J9
- **BUSINESS PHONE:** 416 324 2200

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 23 BEDFORD ROAD
- **STREET 2:** SUITE 100
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5R 2J9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Davis-Rea Ltd.
- **DATE OF NAME CHANGE:** 20100126

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** DAVIS-REA LTD.<br>**Address:** 23 BEDFORD ROAD<br>SUITE 100<br>Toronto, A6 M5R 2J9

**Form 13F File Number:** 028-13649

**SEC File Number (if applicable):** 028-13649

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** John M. O'Connell<br>**Title:** CEO<br>**Phone:** 416-324-2200

**Signature, Place, and Date of Signing:**

John M. O'Connell  Toronto, A6  01-28-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 56

**Form 13F Information Table Value Total:** $399501095

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABORATORIES | COM | 002824100 |  | 4573210 | 36501 | SH |  | SOLE |  | 4573210 | 0 | 0 |
| ACCENTURE PLC-CL A | SHS CLASS A | G1151C101 |  | 9914490 | 36953 | SH |  | SOLE |  | 9914490 | 0 | 0 |
| ALGONQUIN POWER  UTILITIES CORP | COM | 015857105 |  | 76168 | 12264 | SH |  | SOLE |  | 76168 | 0 | 0 |
| ALPHABET INC CL-A | CAP STK CL A | 02079K305 |  | 33568624 | 107248 | SH |  | SOLE |  | 33568624 | 0 | 0 |
| ALPHABET INC CL-C | CAP STK CL C | 02079K107 |  | 656247 | 2091 | SH |  | SOLE |  | 656247 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 23216819 | 100585 | SH |  | SOLE |  | 23216819 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 5775394 | 21244 | SH |  | SOLE |  | 5775394 | 0 | 0 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 14911380 | 271116 | SH |  | SOLE |  | 14911380 | 0 | 0 |
| BANK OF MONTREAL | COM | 063671101 |  | 493788 | 3800 | SH |  | SOLE |  | 493788 | 0 | 0 |
| BANK OF NOVA SCOTIA | COM | 064149107 |  | 5955917 | 80707 | SH |  | SOLE |  | 5955917 | 0 | 0 |
| BAYTEX ENERGY CORP | COM | 07317Q105 |  | 64348 | 19780 | SH |  | SOLE |  | 64348 | 0 | 0 |
| BERKSHIRE HATHAWAY-B INC | CL B NEW | 084670702 |  | 516222 | 1027 | SH |  | SOLE |  | 516222 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 208089 | 1350 | SH |  | SOLE |  | 208089 | 0 | 0 |
| BROOKFIELD CORPORATION CL-A LVS | CL A LTD VT SH | 11271J107 |  | 7039685 | 153231 | SH |  | SOLE |  | 7039685 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE PARTNERS LP | LP INT UNIT | G16252101 |  | 2418277 | 69605 | SH |  | SOLE |  | 2418277 | 0 | 0 |
| BROOKFIELD RENEW PTN LPU | PARTNERSHIP UNIT | G16258108 |  | 3855604 | 142596 | SH |  | SOLE |  | 3855604 | 0 | 0 |
| CANADIAN NATIONAL RAILWAY | COM | 136375102 |  | 4417066 | 44634 | SH |  | SOLE |  | 4417066 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 263520 | 460 | SH |  | SOLE |  | 263520 | 0 | 0 |
| CGI INC CL-A SUB VTG | CL A SUB VTG | 12532H104 |  | 3900241 | 42200 | SH |  | SOLE |  | 3900241 | 0 | 0 |
| CHARTER COMMUNICATIONS INC-A | CL A | 16119P108 |  | 7784079 | 37289 | SH |  | SOLE |  | 7784079 | 0 | 0 |
| CHUBB LTD | COM | H1467J104 |  | 5109404 | 16370 | SH |  | SOLE |  | 5109404 | 0 | 0 |
| CINTAS CORPORATION | COM | 172908105 |  | 3430209 | 18239 | SH |  | SOLE |  | 3430209 | 0 | 0 |
| CLOUDFLARE INC. CL-A | CL A COM | 18915M107 |  | 14111208 | 71576 | SH |  | SOLE |  | 14111208 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 2815755 | 12283 | SH |  | SOLE |  | 2815755 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 5112759 | 106781 | SH |  | SOLE |  | 5112759 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 8604931 | 165411 | SH |  | SOLE |  | 8604931 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 7832748 | 22763 | SH |  | SOLE |  | 7832748 | 0 | 0 |
| iSHARES 1-3 YR TREASURY BOND ETF | 1 3 YR TREAS BD | 464287457 |  | 1690770 | 20415 | SH |  | SOLE |  | 1690770 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4892298 | 23640 | SH |  | SOLE |  | 4892298 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 28014451 | 86942 | SH |  | SOLE |  | 28014451 | 0 | 0 |
| LINDE PLC | SHS CLASS A | G54950103 |  | 4561520 | 10698 | SH |  | SOLE |  | 4561520 | 0 | 0 |
| McDONALD'S CORP | COM | 580135101 |  | 6542621 | 21407 | SH |  | SOLE |  | 6542621 | 0 | 0 |
| META PLATFORMS INC CL-A | CL A | 30303M102 |  | 24730272 | 37465 | SH |  | SOLE |  | 24730272 | 0 | 0 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 21421266 | 44294 | SH |  | SOLE |  | 21421266 | 0 | 0 |
| MONDELEZ INTERNATIONAL INC (A) | CL A | 609207105 |  | 3469505 | 64453 | SH |  | SOLE |  | 3469505 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 3776559 | 40279 | SH |  | SOLE |  | 3776559 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 341602 | 3669 | SH |  | SOLE |  | 341602 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 4155589 | 47574 | SH |  | SOLE |  | 4155589 | 0 | 0 |
| PEMBINA PIPELINE CORPORATION | COM | 706327103 |  | 4474006 | 117368 | SH |  | SOLE |  | 4474006 | 0 | 0 |
| PNC FINANCIAL SERVICES GROUP INC | COM | 693475105 |  | 13053765 | 62539 | SH |  | SOLE |  | 13053765 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 2180348 | 5604 | SH |  | SOLE |  | 2180348 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 4305297 | 9672 | SH |  | SOLE |  | 4305297 | 0 | 0 |
| ROYAL BANK OF CANADA | COM | 780087102 |  | 13791784 | 80853 | SH |  | SOLE |  | 13791784 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 5715478 | 31164 | SH |  | SOLE |  | 5715478 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 4682929 | 8961 | SH |  | SOLE |  | 4682929 | 0 | 0 |
| VANECK SEMICONDUCTOR ETF | PUT | 92189F956 |  | 9230 | 130 | SH | Put | SOLE |  | 9230 | 0 | 0 |
| SPDR S 500 ETF | TR UNIT | 78462F103 |  | 249160 | 365 | SH |  | SOLE |  | 249160 | 0 | 0 |
| STRYKER CORP | COM | 863667101 |  | 12356837 | 35070 | SH |  | SOLE |  | 12356837 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 14509181 | 30889 | SH |  | SOLE |  | 14509181 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 15961464 | 27532 | SH |  | SOLE |  | 15961464 | 0 | 0 |
| TORONTO DOMINION BANK | COM NEW | 891160509 |  | 7563900 | 80208 | SH |  | SOLE |  | 7563900 | 0 | 0 |
| UNILEVER PLC ADR | SPON ADR NEW | 904767803 |  | 3197275 | 48888 | SH |  | SOLE |  | 3197275 | 0 | 0 |
| VISA INC CLASS-A | COM CL A | 92826C839 |  | 6057463 | 17272 | SH |  | SOLE |  | 6057463 | 0 | 0 |
| WALT DISNEY CO. | COM | 254687106 |  | 3810885 | 33496 | SH |  | SOLE |  | 3810885 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 4118083 | 30240 | SH |  | SOLE |  | 4118083 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 3241375 | 25762 | SH |  | SOLE |  | 3241375 | 0 | 0 |

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