MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ROYAL BK CDA | RY | $87.2M | 311,515 | -0.69pp | 32q | -2.5%-$2.2M | |
| TORONTO DOMINION BK ONT | TD | $85.1M | 508,524 | -0.60pp | 32q | -3.5%-$3.1M | |
| BANK NOVA SCOTIA B C | BNS | $57.5M | 444,227 | +0.06pp | 32q | -3.2%-$1.9M | |
| CANADIAN NATL RY CO | CNI | $52.4M | 309,176 | -0.27pp | 32q | -4.6%-$2.5M | |
| PEMBINA PIPELINE CORP | PBA | $48.9M | 769,436 | - | new | NEW | |
| TC ENERGY CORP | TRP | $48.6M | 589,585 | -0.84pp | 22q | -2.7%-$1.4M | |
| BCE INC | BCE | $40.7M | 1,405,791 | -0.36pp | 22q | -2.8%-$1.2M | |
| CGI INC | GIB | $39.4M | 407,740 | +0.10pp | 23q | -2.3%-$941.3K | |
| SUNCOR ENERGY INC NEW | SU | $38.4M | 398,378 | +0.69pp | 23q | -2.5%-$1.0M | |
| CANADIAN NAT RES LTD MED TER | CNQ | $36.5M | 544,770 | +0.49pp | 15q | -2.4%-$878.4K | |
| BROOKFIELD INFRASTRUCTURE PA | BIP | $32.6M | 644,198 | -0.18pp | 4q | -2.8%-$936.4K | |
| CANADIAN IMPERIAL BANK OF CO | CM | $32.1M | 204,833 | -0.39pp | 32q | -7.0%-$2.4M | |
| NUTRIEN LTD | NTR | $31.1M | 311,425 | +0.23pp | 6q | -2.8%-$888.3K | |
| RESTAURANT BRANDS INTL INC | QSR | $28.8M | 284,829 | -0.79pp | 27q | -20.3%-$7.4M | |
| MANULIFE FINL CORP | MFC | $28.3M | 466,039 | +0.06pp | 20q | -2.7%-$792.2K | |
| MAGNA INTL INC | MGA | $23.6M | 260,240 | -0.13pp | 32q | -2.3%-$551.2K | |
| TELUS CORPORATION | TU | $22.7M | 1,897,228 | -0.66pp | 23q | -2.8%-$648.8K | |
| BROOKFIELD CORP | BN | $22.4M | 430,620 | -0.43pp | 16q | -2.1%-$475.3K | |
| BROOKFIELD RENEWABLE ENERGY | BEP | $16.3M | 407,511 | -0.44pp | 12q | -3.4%-$581.7K | |
| FIRSTSERVICE CORP NEW | FSV | $12.2M | 66,749 | -0.14pp | 22q | HELD | |
| ALPHABET INC | GOOGL | $11.1M | 32,273 | -0.08pp | 25q | -2.9%-$328.6K | |
| MICROSOFT CORP | MSFT | $11.0M | 21,459 | +0.27pp | 32q | -2.9%-$325.2K | |
| JACOBS SOLUTIONS INC | J | $9.5M | 70,180 | +0.04pp | 6q | -2.6%-$249.3K | |
| THERMO FISHER SCIENTIFIC INC | TMO | $9.4M | 13,994 | +0.10pp | 6q | -16.6%-$1.9M | |
| VISA INC | V | $9.0M | 24,923 | +0.01pp | 3q | -2.5%-$228.9K | |
| UNITEDHEALTH GROUP INC | UNH | $8.1M | 21,955 | -0.13pp | 14q | -2.8%-$232.7K | |
| DIAGEO PLC | DEO | $8.0M | 93,872 | +0.03pp | 12q | -2.2%-$178.0K | |
| PFIZER INC | PFE | $7.8M | 274,989 | +0.05pp | 32q | -9.0%-$773.0K | |
| US BANCORP | USB | $7.8M | 135,103 | -0.06pp | 16q | -2.9%-$230.6K | |
| COLLIERS INTL GROUP INC | CIGI | $7.4M | 57,665 | flat | 31q | +5.3%+$369.9K | |
| CISCO SYS INC | CSCO | $7.3M | 67,454 | -0.09pp | 32q | -2.7%-$200.8K | |
| ING GROEP N.V. | ING | $7.2M | 203,748 | +0.06pp | 32q | -2.7%-$202.7K | |
| BANK OF AMER CORP | BAC | $7.1M | 130,093 | -0.06pp | 32q | -2.7%-$193.4K | |
| AMERICAN TOWER CORP | AMT | $6.8M | 41,453 | -0.10pp | 23q | -12.7%-$988.6K | |
| JPMORGAN CHASE & CO | JPM | $6.0M | 18,228 | -0.01pp | 32q | -2.6%-$159.8K | |
| DESCARTES SYS GROUP INC | DSGX | $5.3M | 45,998 | +0.19pp | 2q | +34.8%+$1.4M | |
| DISNEY WALT CO | DIS | $5.3M | 50,216 | +0.03pp | 24q | -2.6%-$138.9K | |
| RMR GROUP INC | RMR | $5.2M | 290,000 | -0.07pp | 21q | HELD | |
| EOG RES INC | EOG | $5.2M | 37,905 | +0.01pp | 30q | -2.9%-$154.2K | |
| WALMART INC | WMT | $5.2M | 49,944 | +0.03pp | 32q | +15.7%+$704.0K | |
| MORGAN STANLEY | MS | $5.0M | 26,844 | -0.08pp | 32q | -3.5%-$180.8K | |
| VERIZON COMMUNICATIONS INC | VZ | $4.8M | 105,551 | +0.02pp | 32q | -2.8%-$137.8K | |
| COSTCO WHOLESALE CORPORATION | COST | $4.7M | 5,209 | -0.03pp | 16q | -2.5%-$123.8K | |
| SHELL PLC | SHEL | $4.7M | 49,772 | +0.07pp | 7q | -2.3%-$112.2K | |
| TERRENO RLTY CORP | TRNO | $4.7M | 73,130 | +0.06pp | 32q | +15.2%+$621.7K | |
| BOYD GROUP SERVICES INC | BGSI | $4.7M | 41,838 | -0.09pp | 4q | +1.3%+$59.0K | |
| CITIGROUP INC | C | $4.6M | 35,362 | -0.06pp | 32q | -3.4%-$162.0K | |
| HOME DEPOT INC | HD | $4.5M | 15,663 | -0.11pp | 15q | -1.4%-$61.2K | |
| EQUINIX INC | EQIX | $4.1M | 4,021 | -0.01pp | 31q | +1.3%+$50.6K | |
| AMERICAN HEALTHCARE REIT INC | AHR | $3.9M | 76,435 | +0.10pp | 4q | +39.5%+$1.1M | |
| Rogers Communications, Inc. | RCI | $3.9M | 89,370 | +0.05pp | 32q | +20.6%+$668.4K | |
| TRACTOR SUPPLY CO | TSCO | $3.9M | 125,132 | -0.02pp | 27q | -2.6%-$103.2K | |
| GILDAN ACTIVEWEAR INC | GIL | $3.6M | 59,610 | -0.07pp | 12q | +0.7%+$23.8K | |
| SANOFI SA | SNY | $3.1M | 74,502 | - | new | NEW | |
| WELLTOWER INC | WELL | $3.0M | 13,164 | -0.10pp | 26q | -26.7%-$1.1M | |
| FEDERAL RLTY INVT TR NEW | FRT | $3.0M | 27,879 | -0.15pp | 19q | -24.4%-$975.6K | |
| SAP SE | SAP | $3.0M | 14,187 | +0.06pp | 32q | -7.6%-$245.0K | |
| GENTEX CORP | GNTX | $2.9M | 135,591 | -0.06pp | 15q | -2.9%-$88.3K | |
| BROOKFIELD ASSET MANAGMT LTD | BAM | $2.7M | 43,179 | flat | 3q | HELD | |
| TJX COS INC NEW | TJX | $2.7M | 20,454 | -0.05pp | 24q | -3.5%-$97.2K | |
| GSK PLC | GSK | $2.7M | 55,453 | -0.03pp | 16q | -3.4%-$93.8K | |
| JOHNSON & JOHNSON | JNJ | $2.4M | 8,994 | flat | 32q | -2.9%-$71.2K | |
| EXTRA SPACE STORAGE INC | EXR | $2.3M | 17,418 | +0.05pp | 15q | +40.1%+$656.2K | |
| MID-AMER APT CMNTYS INC | MAA | $1.9M | 15,870 | +0.04pp | 2q | +48.0%+$606.3K | |
| SIMON PPTY GROUP INC NEW | SPG | $1.3M | 6,537 | -0.02pp | 25q | HELD | |
| BXP INC | BXP | $722.0K | 11,822 | -0.01pp | 8q | HELD | |
| BROOKFIELD RENEWABLE CORP | BEPC | $50.0K | 1,257 | flat | 8q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Banks & Lending | $294.6M | 28.8% |
| Energy | $182.3M | 17.8% |
| Transport & Logistics | $85.0M | 8.3% |
| Telecom & Media | $77.4M | 7.6% |
| Real Estate | $73.6M | 7.2% |
| Business Services | $58.3M | 5.7% |
| Retail & Consumer | $53.5M | 5.2% |
| Insurance | $36.3M | 3.5% |
| Chemicals | $31.1M | 3.0% |
| Software & IT Services | $30.4M | 3.0% |
| Autos & Aerospace | $26.5M | 2.6% |
| Utilities | $16.4M | 1.6% |
| Other sectors | $58.0M | 5.7% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -0.8% | +2.1% | -2.9% | 76% |
| Q2 2026 | +6.7% | +14.8% | -8.1% | 98% |
| Q1 2026 | +4.0% | -4.6% | +8.6% | 78% |
| Q4 2025 | +5.3% | +2.4% | +3.0% | 98% |
| Q3 2025 | +6.8% | +7.8% | -1.0% | 99% |
| Q2 2025 | +9.0% | +10.5% | -1.4% | 100% |
| Q1 2025 | -2.0% | -4.6% | +2.5% | 99% |
| Q4 2024 | -5.9% | +2.1% | -8.1% | 99% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $1.0B | 67 | 2 | 11 | 48 | 3 | 52.2% | 28 |
| Q2 2026 | $1.0B | 68 | 2 | 18 | 34 | 4 | 53.3% | 24 |
| Q1 2026 | $938.9M | 70 | 2 | 32 | 35 | 3 | 49.0% | 43 |
| Q4 2025 | $1.2B | 71 | 3 | 9 | 49 | 1 | 54.3% | 30 |
| Q3 2025 | $898.3M | 69 | 2 | 17 | 36 | 10 | 51.3% | 45 |
| Q2 2025 | $905.4M | 77 | 5 | 10 | 49 | 0 | 48.9% | 25 |
| Q1 2025 | $787.1M | 72 | 2 | 16 | 40 | 3 | 53.5% | 36 |
| Q4 2024 | $826.1M | 73 | 3 | 6 | 40 | 2 | 53.6% | 35 |
| Q3 2024 | $916.9M | 72 | 1 | 30 | 27 | 1 | 53.9% | 28 |
| Q2 2024 | $823.4M | 72 | 1 | 16 | 35 | 2 | 52.6% | 24 |
| Q1 2024 | $842.9M | 73 | 0 | 15 | 51 | 2 | 54.4% | 37 |
| Q4 2023 | $824.0M | 75 | 5 | 6 | 52 | 2 | 56.2% | 38 |
| Q3 2023 | $826.7M | 72 | 1 | 14 | 31 | 3 | 56.5% | 39 |
| Q2 2023 | $868.1M | 74 | 1 | 21 | 23 | 2 | 56.9% | 40 |
| Q1 2023 | $880.3M | 75 | 6 | 19 | 37 | 2 | 52.5% | 42 |
| Q4 2022 | $861.6M | 71 | 6 | 15 | 39 | 3 | 53.4% | 33 |
| Q3 2022 | $785.0M | 68 | 1 | 15 | 45 | 3 | 55.7% | 38 |
| Q2 2022 | $913.8M | 70 | 1 | 18 | 45 | 5 | 57.2% | 39 |
| Q1 2022 | $1.1B | 74 | 5 | 12 | 45 | 7 | 56.0% | 42 |
| Q4 2021 | $1.1B | 76 | 5 | 18 | 42 | 5 | 55.1% | 40 |
| Q3 2021 | $996.7M | 76 | 5 | 16 | 47 | 6 | 55.6% | 40 |
| Q2 2021 | $1.0B | 77 | 7 | 2 | 52 | 3 | 55.6% | 43 |
| Q1 2021 | $1.0B | 73 | 8 | 17 | 46 | 11 | 57.9% | 36 |
| Q4 2020 | $960.5M | 76 | 2 | 18 | 55 | 2 | 57.3% | 40 |
| Q3 2020 | $1.0B | 76 | 5 | 16 | 46 | 1 | 60.8% | 29 |
| Q2 2020 | $952.9M | 72 | 2 | 26 | 43 | 0 | 58.7% | 41 |
| Q1 2020 | $829.4M | 70 | 5 | 41 | 20 | 8 | 61.3% | 44 |
| Q4 2019 | $1.1B | 73 | 3 | 23 | 39 | 4 | 61.2% | 44 |
| Q3 2019 | $1.1B | 74 | 1 | 22 | 27 | 2 | 62.1% | 36 |
| Q2 2019 | $1.6B | 75 | 5 | 17 | 30 | 2 | 74.3% | 46 |
| Q1 2019 | $1.0B | 72 | 2 | 20 | 41 | 2 | 60.6% | 46 |
| Q4 2018 | $1.3B | 72 | 0 | 0 | 0 | 0 | 71.7% | 32 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.