MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 4, 2025), MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd reported 73 stock positions worth $826.1 million. Its top holding was Royal Bank of Canada (RY) at 8.6% of the portfolio, followed by Toronto-Dominion Bank (TD, 7.7%) and TC Energy (TRP, 5.9%). Compared with Q3 2024, it opened 2 new positions, sold out of 1, added to 13 and reduced 55. The biggest buy was Canadian Natl Railway (CNI, shares +31%) and the biggest sale Can Imperial BK of Commerce (CM, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- MISSISSAUGA, A6
- CIK
- 0001058231
- Portfolio Value
- $826.1M (Q4 2024)
- SEC Filing
- 0001135428-25-000004 ↗ filed Feb 4, 2025
Holdings Value
Holdings 73 stocks · $826.1M
| RY Royal Bank of Canada | 8.63% | 591,555 | $71.3M | Reduce -2.4% |
| TD Toronto-Dominion Bank | 7.65% | 1,187,112 | $63.2M | Add +11.4% |
| TRP TC Energy Corp. | 5.95% | 1,054,407 | $49.1M | Reduce -13.5% |
| BN Brookfield Corp. | 5.65% | 811,481 | $46.6M | Reduce -7.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 5.13% | 789,620 | $42.4M | Reduce -2.8% |
| BCE Bce Inc. | 4.53% | 1,615,956 | $37.5M | Add +17.3% |
| CNI Canadian Natl Railway Co. | 4.46% | 362,587 | $36.8M | Add +31.1% |
| MFC Manulife Financial Corp. | 4.29% | 1,153,282 | $35.4M | Reduce -14.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.84% | 501,798 | $31.7M | Reduce -36.9% |
| PBA Pembina Pipeline Corp. | 3.45% | 771,535 | $28.5M | Reduce -2.8% |
| MGA Magna International Inc. | 3.35% | 661,661 | $27.7M | Reduce -17.3% |
| TU Telus Corp. | 3.22% | 1,959,730 | $26.6M | Add +1.0% |
| SU Suncor Energy Inc. | 2.71% | 627,334 | $22.4M | Reduce -1.1% |
| BIP Brookfield Infrastructure Pa | 2.31% | 599,739 | $19.1M | Reduce -3.2% |
| QSR Restaurant Brands Intern | 1.91% | 241,713 | $15.8M | Reduce -3.0% |
| BEP Brookfield Renewable Partner | 1.89% | 686,764 | $15.6M | Add +4.7% |
| CSCO Cisco Systems Inc. | 1.62% | 226,319 | $13.4M | Reduce -0.3% |
| ORCL Oracle Corp. | 1.43% | 70,979 | $11.8M | Reduce -9.1% |
| VZ Verizon Communications Inc. | 1.28% | 265,349 | $10.6M | Reduce -0.7% |
| PFE Pfizer Inc. | 1.24% | 385,837 | $10.2M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 1.15% | 49,971 | $9.5M | Reduce -0.5% |
| MSFT Microsoft Corp. | 1.00% | 19,540 | $8.2M | Reduce -0.7% |
| KR Kroger Co. | 0.93% | 126,024 | $7.7M | Reduce -0.6% |
| FSV Firstservice Corp. | 0.91% | 41,667 | $7.5M | Add +10.4% |
| USB US Bancorp | 0.89% | 153,657 | $7.3M | Reduce -0.5% |
| DEO Diageo PLC-Sponsored ADR | 0.89% | 57,739 | $7.3M | Reduce -0.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.82% | 153,633 | $6.8M | Reduce -0.7% |
| CIGI Colliers Intl GR-Subord Vot | 0.79% | 48,132 | $6.5M | Reduce -14.9% |
| FRT Federal Realty Invs Trust | 0.79% | 58,288 | $6.5M | Reduce -2.3% |
| JPM JPMorgan Chase & Co. | 0.73% | 25,199 | $6.0M | Reduce -0.8% |
| RMR RMR Group Inc./the - A | 0.72% | 290,000 | $6.0M | No change |
| HD Home Depot Inc. | 0.68% | 14,459 | $5.6M | Reduce -0.4% |
| GRP.U Granite Real Estate Investme | 0.67% | 114,688 | $5.6M | Reduce -27.3% |
| MS Morgan Stanley | 0.63% | 41,497 | $5.2M | Reduce -7.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.62% | 45,942 | $5.1M | Reduce -0.0% |
| CNC Centene Corp. | 0.62% | 84,183 | $5.1M | Reduce -0.5% |
| ING ING Groep N.V.-Sponsored ADR | 0.59% | 311,647 | $4.9M | Reduce -0.8% |
| COST Costco Wholesale Corp. | 0.56% | 5,029 | $4.6M | Reduce -0.7% |
| UNH Unitedhealth Group Inc. | 0.52% | 8,539 | $4.3M | Reduce -0.5% |
| EOG EOG Resources Inc. | 0.51% | 34,184 | $4.2M | Reduce -0.6% |
| EQIX Equinix Inc. | 0.50% | 4,343 | $4.1M | Reduce -5.2% |
| GNTX Gentex Corp. | 0.48% | 138,372 | $4.0M | Reduce -0.9% |
| GIB Cgi Inc. | 0.48% | 36,302 | $4.0M | Reduce -0.4% |
| WMT Walmart Inc. | 0.46% | 41,764 | $3.8M | Reduce -19.3% |
| AMT American Tower Corp. | 0.46% | 20,542 | $3.8M | Reduce -13.1% |
| UDR Udr Inc. | 0.43% | 81,365 | $3.5M | Reduce -26.8% |
| CNQ Canadian Natural Resources | 0.40% | 107,952 | $3.3M | Reduce -0.4% |
| C Citigroup Inc. | 0.40% | 47,243 | $3.3M | Add +0.1% |
| TSCO Tractor Supply Company | 0.40% | 62,484 | $3.3M | Reduce -0.2% |
| SANOFI SA | 0.39% | 66,562 | $3.2M | Add +0.2% |
| GLW Corning Inc. | 0.38% | 66,395 | $3.2M | Reduce -29.2% |
| CPT Camden Property Trust | 0.38% | 26,832 | $3.1M | Reduce -40.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.38% | 25,645 | $3.1M | Add +0.2% |
| WELL Welltower Inc. | 0.36% | 23,741 | $3.0M | Reduce -5.1% |
| ORANY Orange-Spon ADR | 0.35% | 290,392 | $2.9M | Add +0.1% |
| BXP BXP Inc. | 0.35% | 38,668 | $2.9M | New |
| GIL Gildan Activewear Inc. | 0.35% | 60,873 | $2.9M | Reduce -0.1% |
| AVB Avalonbay Communities Inc. | 0.33% | 12,470 | $2.7M | Reduce -5.1% |
| TRNO Terreno Realty Corp. | 0.32% | 44,917 | $2.7M | Reduce -5.1% |
| VET Vermilion Energy Inc. | 0.31% | 272,863 | $2.6M | Reduce -0.4% |
| EXR Extra Space Storage Inc. | 0.31% | 16,866 | $2.5M | Reduce -5.1% |
| WBA Walgreens Boots Alliance Inc. | 0.30% | 264,093 | $2.5M | Reduce -0.2% |
| GSK GSK PLC-Spon ADR | 0.27% | 66,128 | $2.2M | Add +0.2% |
| COLD Americold Realty Trust Inc. | 0.27% | 102,463 | $2.2M | Reduce -5.1% |
| RCI Rogers Communications Inc. Class B | 0.24% | 65,563 | $2.0M | Reduce -0.4% |
| JNJ Johnson & Johnson | 0.24% | 13,911 | $2.0M | Add +0.3% |
| BEPC Brookfield Renewable Corp. | 0.23% | 68,408 | $1.9M | Reduce -5.1% |
| SPG Simon Property Group Inc. | 0.22% | 10,562 | $1.8M | Reduce -5.1% |
| TTE Totalenergies SE -Spon ADR | 0.22% | 32,988 | $1.8M | Add +0.2% |
| SAP Sap SE-Sponsored ADR | 0.16% | 5,395 | $1.3M | Reduce -16.7% |
| BAM Brookfield Asset Mgmt-A | 0.04% | 5,778 | $313K | No change |
| CVE Cenovus Energy Inc. | 0.04% | 19,800 | $300K | No change |
| BNT Brookfield Wealth Solutions | 0.01% | 1,448 | $83K | New |
Portfolio Sells Q3 2024 → Q4 2024
| CM Can Imperial BK of Commerce | Reduce -36.9% | 3.84% | −1.48 |
| TRP TC Energy Corp. | Reduce -13.5% | 5.95% | −0.38 |
| GRP.U Granite Real Estate Investme | Reduce -27.3% | 0.67% | −0.37 |
| MGA Magna International Inc. | Reduce -17.3% | 3.35% | −0.24 |
| CPT Camden Property Trust | Reduce -40.3% | 0.38% | −0.23 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -14.9% | 0.79% | −0.14 |
| AMT American Tower Corp. | Reduce -13.1% | 0.46% | −0.14 |
| UDR Udr Inc. | Reduce -26.8% | 0.43% | −0.12 |
| PBA Pembina Pipeline Corp. | Reduce -2.8% | 3.45% | −0.12 |
| GLW Corning Inc. | Reduce -29.2% | 0.38% | −0.08 |
| CNC Centene Corp. | Reduce -0.5% | 0.62% | −0.08 |
| COLD Americold Realty Trust Inc. | Reduce -5.1% | 0.27% | −0.07 |
| BIP Brookfield Infrastructure Pa | Reduce -3.2% | 2.31% | −0.07 |
| MFC Manulife Financial Corp. | Reduce -14.4% | 4.29% | −0.06 |
| QSR Restaurant Brands Intern | Reduce -3.0% | 1.91% | −0.06 |
| RCI Rogers Communications Inc. Class B | Reduce -0.4% | 0.24% | −0.04 |
| EXR Extra Space Storage Inc. | Reduce -5.1% | 0.31% | −0.04 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -0.8% | 0.59% | −0.03 |
| BEPC Brookfield Renewable Corp. | Reduce -5.1% | 0.23% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -0.7% | 1.28% | −0.02 |
| UNH Unitedhealth Group Inc. | Reduce -0.5% | 0.52% | −0.02 |
| TRNO Terreno Realty Corp. | Reduce -5.1% | 0.32% | −0.02 |
| ORCL Oracle Corp. | Reduce -9.1% | 1.43% | −0.02 |
| SAP Sap SE-Sponsored ADR | Reduce -16.7% | 0.16% | −0.00 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.00 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.6% | 0.89% | −0.00 |
| WMT Walmart Inc. | Reduce -19.3% | 0.46% | +0.00 |
| TSCO Tractor Supply Company | Reduce -0.2% | 0.40% | +0.00 |
| AVB Avalonbay Communities Inc. | Reduce -5.1% | 0.33% | +0.01 |
| CNQ Canadian Natural Resources | Reduce -0.4% | 0.40% | +0.01 |
| WELL Welltower Inc. | Reduce -5.1% | 0.36% | +0.01 |
| SPG Simon Property Group Inc. | Reduce -5.1% | 0.22% | +0.01 |
| PFE Pfizer Inc. | Reduce -0.3% | 1.24% | +0.02 |
| VET Vermilion Energy Inc. | Reduce -0.4% | 0.31% | +0.02 |
| GIB Cgi Inc. | Reduce -0.4% | 0.48% | +0.02 |
| GNTX Gentex Corp. | Reduce -0.9% | 0.48% | +0.03 |
| GIL Gildan Activewear Inc. | Reduce -0.1% | 0.35% | +0.03 |
| HD Home Depot Inc. | Reduce -0.4% | 0.68% | +0.04 |
| WBA Walgreens Boots Alliance Inc. | Reduce -0.2% | 0.30% | +0.04 |
| FRT Federal Realty Invs Trust | Reduce -2.3% | 0.79% | +0.04 |
| EOG EOG Resources Inc. | Reduce -0.6% | 0.51% | +0.05 |
| EQIX Equinix Inc. | Reduce -5.2% | 0.50% | +0.05 |
| COST Costco Wholesale Corp. | Reduce -0.7% | 0.56% | +0.07 |
| MSFT Microsoft Corp. | Reduce -0.7% | 1.00% | +0.07 |
| USB US Bancorp | Reduce -0.5% | 0.89% | +0.12 |
| MS Morgan Stanley | Reduce -7.5% | 0.63% | +0.12 |
| DIS The Walt Disney Co. | Reduce -0.0% | 0.62% | +0.14 |
| KR Kroger Co. | Reduce -0.6% | 0.93% | +0.14 |
| JPM JPMorgan Chase & Co. | Reduce -0.8% | 0.73% | +0.15 |
| BAC Bank of America Corp. | Reduce -0.7% | 0.82% | +0.15 |
Portfolio Buys Q3 2024 → Q4 2024
| CNI Canadian Natl Railway Co. | Add +31.1% | 4.46% | +0.92 |
| BXP BXP Inc. | New | 0.35% | +0.35 |
| TD Toronto-Dominion Bank | Add +11.4% | 7.65% | +0.29 |
| FSV Firstservice Corp. | Add +10.4% | 0.91% | +0.16 |
| C Citigroup Inc. | Add +0.1% | 0.40% | +0.08 |
| TJX TJX Companies Inc. | Add +0.2% | 0.38% | +0.05 |
| BNT Brookfield Wealth Solutions | New | 0.01% | +0.01 |
| JNJ Johnson & Johnson | Add +0.3% | 0.24% | −0.00 |
| ORANY Orange-Spon ADR | Add +0.1% | 0.35% | −0.01 |
| TTE Totalenergies SE -Spon ADR | Add +0.2% | 0.22% | −0.01 |
| GSK GSK PLC-Spon ADR | Add +0.2% | 0.27% | −0.02 |
| SANOFI SA | Add +0.2% | 0.39% | −0.03 |
| BEP Brookfield Renewable Partner | Add +4.7% | 1.89% | −0.13 |
| TU Telus Corp. | Add +1.0% | 3.22% | −0.34 |
| BCE Bce Inc. | Add +17.3% | 4.53% | −0.69 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 68 | $1.0B | RY, TD, TRP, BNS, CNI |
| Q1 2026 | 70 | $938.9M | RY, TD, TRP, BCE, PBA |
| Q4 2025 | 71 | $1.2B | TD, RY, BNS, BCE, TRP |
| Q3 2025 | 69 | $898.3M | TD, RY, BCE, BNS, TRP |
| Q2 2025 | 77 | $905.4M | TD, RY, CNI, TRP, BNS |
| Q1 2025 | 72 | $787.1M | TD, RY, TRP, BCE, CNI |
| Q4 2024 | 73 | $826.1M | RY, TD, TRP, BN, BNS |
| Q3 2024 | 72 | $916.9M | RY, TD, TRP, CM, BCE |
| Q2 2024 | 72 | $823.4M | RY, TD, TRP, BCE, CM |
| Q1 2024 | 73 | $842.9M | TD, RY, TRP, BN, BNS |