MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd reported 72 stock positions worth $787.1 million. Its top holding was Toronto-Dominion Bank (TD) at 9.0% of the portfolio, followed by Royal Bank of Canada (RY, 7.8%) and TC Energy (TRP, 6.1%). Compared with Q4 2024, it opened 2 new positions, sold out of 3, added to 17 and reduced 42. The biggest buy was Bce (BCE, shares +17%) and the biggest sale Brookfield (BN, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- MISSISSAUGA, A6
- CIK
- 0001058231
- Portfolio Value
- $787.1M (Q1 2025)
- SEC Filing
- 0001135428-25-000017 ↗ filed May 6, 2025
Holdings Value
Holdings 72 stocks · $787.1M
| TD Toronto-Dominion Bank | 9.00% | 1,182,323 | $70.8M | Reduce -0.4% |
| RY Royal Bank of Canada | 7.78% | 543,347 | $61.2M | Reduce -8.2% |
| TRP TC Energy Corp. | 6.07% | 1,012,280 | $47.8M | Reduce -4.0% |
| BCE Bce Inc. | 5.53% | 1,897,084 | $43.5M | Add +17.4% |
| CNI Canadian Natl Railway Co. | 5.05% | 408,222 | $39.7M | Add +12.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.71% | 782,054 | $37.1M | Reduce -1.0% |
| BN Brookfield Corp. | 4.17% | 626,558 | $32.8M | Reduce -22.8% |
| PBA Pembina Pipeline Corp. | 3.86% | 759,407 | $30.4M | Reduce -1.6% |
| MFC Manulife Financial Corp. | 3.79% | 957,725 | $29.8M | Reduce -17.0% |
| TU Telus Corp. | 3.54% | 1,942,592 | $27.9M | Reduce -0.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.16% | 442,363 | $24.9M | Reduce -11.8% |
| SU Suncor Energy Inc. | 3.04% | 618,260 | $23.9M | Reduce -1.4% |
| MGA Magna International Inc. | 2.84% | 658,410 | $22.4M | Reduce -0.5% |
| BIP Brookfield Infrastructure Pa | 2.23% | 590,283 | $17.6M | Reduce -1.6% |
| QSR Restaurant Brands Intern | 2.16% | 255,340 | $17.0M | Add +5.6% |
| BEP Brookfield Renewable Partner | 1.92% | 681,909 | $15.1M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 1.51% | 192,802 | $11.9M | Reduce -14.8% |
| VZ Verizon Communications Inc. | 1.49% | 258,080 | $11.7M | Reduce -2.7% |
| PFE Pfizer Inc. | 1.34% | 415,454 | $10.5M | Add +7.7% |
| ORCL Oracle Corp. | 1.25% | 70,197 | $9.8M | Reduce -1.1% |
| AMT American Tower Corp. | 1.12% | 40,576 | $8.8M | Add +97.5% |
| GOOGL Alphabet Inc. Class A | 0.99% | 50,158 | $7.8M | Add +0.4% |
| FRT Federal Realty Invs Trust | 0.98% | 79,000 | $7.7M | Add +35.5% |
| MSFT Microsoft Corp. | 0.91% | 19,092 | $7.2M | Reduce -2.3% |
| FSV Firstservice Corp. | 0.85% | 40,459 | $6.7M | Reduce -2.9% |
| USB US Bancorp | 0.80% | 148,899 | $6.3M | Reduce -3.1% |
| CIGI Colliers Intl GR-Subord Vot | 0.79% | 51,611 | $6.2M | Add +7.2% |
| DEO Diageo PLC-Sponsored ADR | 0.78% | 58,498 | $6.1M | Add +1.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.78% | 146,694 | $6.1M | Reduce -4.5% |
| JPM JPMorgan Chase & Co. | 0.76% | 24,420 | $6.0M | Reduce -3.1% |
| KR Kroger Co. | 0.75% | 86,942 | $5.9M | Reduce -31.0% |
| HD Home Depot Inc. | 0.65% | 14,053 | $5.2M | Reduce -2.8% |
| CNC Centene Corp. | 0.62% | 80,312 | $4.9M | Reduce -4.6% |
| ING ING Groep N.V.-Sponsored ADR | 0.62% | 248,061 | $4.9M | Reduce -20.4% |
| RMR RMR Group Inc./the - A | 0.61% | 290,000 | $4.8M | No change |
| GRTUF Granite Real Estate Investme | 0.60% | 101,364 | $4.7M | New |
| WMT Walmart Inc. | 0.59% | 53,005 | $4.7M | Add +26.9% |
| COST Costco Wholesale Corp. | 0.58% | 4,858 | $4.6M | Reduce -3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.57% | 45,221 | $4.5M | Reduce -1.6% |
| GIB Cgi Inc. | 0.55% | 43,705 | $4.4M | Add +20.4% |
| UNH Unitedhealth Group Inc. | 0.55% | 8,324 | $4.4M | Reduce -2.5% |
| EOG EOG Resources Inc. | 0.55% | 33,804 | $4.3M | Reduce -1.1% |
| MS Morgan Stanley | 0.54% | 36,741 | $4.3M | Reduce -11.5% |
| ORANY Orange-Spon ADR | 0.47% | 284,920 | $3.7M | Reduce -1.9% |
| WELL Welltower Inc. | 0.46% | 23,741 | $3.6M | No change |
| SANOFI SA | 0.45% | 64,477 | $3.6M | Reduce -3.1% |
| CNQ Canadian Natural Resources | 0.44% | 112,909 | $3.5M | Add +4.6% |
| GNTX Gentex Corp. | 0.44% | 148,193 | $3.5M | Add +7.1% |
| SHEL Shell PLC-ADR | 0.42% | 44,874 | $3.3M | New |
| CPT Camden Property Trust | 0.42% | 26,832 | $3.3M | No change |
| TSCO Tractor Supply Company | 0.42% | 59,348 | $3.3M | Reduce -5.0% |
| C Citigroup Inc. | 0.41% | 44,985 | $3.2M | Reduce -4.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.38% | 24,778 | $3.0M | Reduce -3.4% |
| GLW Corning Inc. | 0.38% | 65,135 | $3.0M | Reduce -1.9% |
| COLD Americold Realty Trust Inc. | 0.38% | 138,224 | $3.0M | Add +34.9% |
| GIL Gildan Activewear Inc. | 0.36% | 63,702 | $2.8M | Add +4.7% |
| AVB Avalonbay Communities Inc. | 0.34% | 12,470 | $2.7M | No change |
| BXP BXP Inc. | 0.33% | 38,668 | $2.6M | No change |
| EXR Extra Space Storage Inc. | 0.32% | 16,866 | $2.5M | No change |
| VET Vermilion Energy Inc. | 0.29% | 284,571 | $2.3M | Add +4.3% |
| GSK GSK PLC-Spon ADR | 0.28% | 66,128 | $2.2M | No change |
| JNJ Johnson & Johnson | 0.28% | 13,367 | $2.2M | Reduce -3.9% |
| RCI Rogers Communications Inc. Class B | 0.27% | 79,507 | $2.1M | Add +21.3% |
| EQIX Equinix Inc. | 0.27% | 2,597 | $2.1M | Reduce -40.2% |
| TTE Totalenergies SE -Spon ADR | 0.26% | 31,443 | $2.0M | Reduce -4.7% |
| BEPC Brookfield Renewable Corp. | 0.24% | 66,378 | $1.9M | Reduce -3.0% |
| TRNO Terreno Realty Corp. | 0.22% | 27,919 | $1.8M | Reduce -37.8% |
| SPG Simon Property Group Inc. | 0.22% | 10,562 | $1.8M | No change |
| SAP Sap SE-Sponsored ADR | 0.18% | 5,170 | $1.4M | Reduce -4.2% |
| BAM Brookfield Asset Mgmt-A | 0.04% | 5,778 | $280K | No change |
| CVE Cenovus Energy Inc. | 0.03% | 19,800 | $275K | No change |
| BNT Brookfield Wealth Solutions | 0.01% | 1,448 | $76K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| BN Brookfield Corp. | Reduce -22.8% | 4.17% | −1.48 |
| RY Royal Bank of Canada | Reduce -8.2% | 7.78% | −0.86 |
| CM Can Imperial BK of Commerce | Reduce -11.8% | 3.16% | −0.68 |
| GRP.U Granite Real Estate Investme | Sold out | 0.00% | −0.67 |
| MGA Magna International Inc. | Reduce -0.5% | 2.84% | −0.50 |
| MFC Manulife Financial Corp. | Reduce -17.0% | 3.79% | −0.50 |
| UDR Udr Inc. | Sold out | 0.00% | −0.43 |
| BNS Bank of Nova Scotia | Reduce -1.0% | 4.71% | −0.42 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.30 |
| EQIX Equinix Inc. | Reduce -40.2% | 0.27% | −0.23 |
| KR Kroger Co. | Reduce -31.0% | 0.75% | −0.19 |
| ORCL Oracle Corp. | Reduce -1.1% | 1.25% | −0.18 |
| CSCO Cisco Systems Inc. | Reduce -14.8% | 1.51% | −0.11 |
| TRNO Terreno Realty Corp. | Reduce -37.8% | 0.22% | −0.10 |
| USB US Bancorp | Reduce -3.1% | 0.80% | −0.09 |
| MS Morgan Stanley | Reduce -11.5% | 0.54% | −0.09 |
| MSFT Microsoft Corp. | Reduce -2.3% | 0.91% | −0.09 |
| BIP Brookfield Infrastructure Pa | Reduce -1.6% | 2.23% | −0.08 |
| FSV Firstservice Corp. | Reduce -2.9% | 0.85% | −0.06 |
| DIS The Walt Disney Co. | Reduce -1.6% | 0.57% | −0.05 |
| BAC Bank of America Corp. | Reduce -4.5% | 0.78% | −0.04 |
| HD Home Depot Inc. | Reduce -2.8% | 0.65% | −0.03 |
| GLW Corning Inc. | Reduce -1.9% | 0.38% | −0.00 |
| CNC Centene Corp. | Reduce -4.6% | 0.62% | +0.00 |
| C Citigroup Inc. | Reduce -4.8% | 0.41% | +0.00 |
| BEPC Brookfield Renewable Corp. | Reduce -3.0% | 0.24% | +0.01 |
| TJX TJX Companies Inc. | Reduce -3.4% | 0.38% | +0.01 |
| TSCO Tractor Supply Company | Reduce -5.0% | 0.42% | +0.01 |
| SAP Sap SE-Sponsored ADR | Reduce -4.2% | 0.18% | +0.02 |
| BEP Brookfield Renewable Partner | Reduce -0.7% | 1.92% | +0.02 |
| COST Costco Wholesale Corp. | Reduce -3.4% | 0.58% | +0.03 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -20.4% | 0.62% | +0.03 |
| JPM JPMorgan Chase & Co. | Reduce -3.1% | 0.76% | +0.03 |
| UNH Unitedhealth Group Inc. | Reduce -2.5% | 0.55% | +0.03 |
| JNJ Johnson & Johnson | Reduce -3.9% | 0.28% | +0.04 |
| TTE Totalenergies SE -Spon ADR | Reduce -4.7% | 0.26% | +0.04 |
| EOG EOG Resources Inc. | Reduce -1.1% | 0.55% | +0.04 |
| SANOFI SA | Reduce -3.1% | 0.45% | +0.07 |
| ORANY Orange-Spon ADR | Reduce -1.9% | 0.47% | +0.12 |
| TRP TC Energy Corp. | Reduce -4.0% | 6.07% | +0.13 |
| VZ Verizon Communications Inc. | Reduce -2.7% | 1.49% | +0.20 |
| TU Telus Corp. | Reduce -0.9% | 3.54% | +0.32 |
| SU Suncor Energy Inc. | Reduce -1.4% | 3.04% | +0.33 |
| PBA Pembina Pipeline Corp. | Reduce -1.6% | 3.86% | +0.41 |
| TD Toronto-Dominion Bank | Reduce -0.4% | 9.00% | +1.35 |
Portfolio Buys Q4 2024 → Q1 2025
| BCE Bce Inc. | Add +17.4% | 5.53% | +1.00 |
| AMT American Tower Corp. | Add +97.5% | 1.12% | +0.67 |
| GRTUF Granite Real Estate Investme | New | 0.60% | +0.60 |
| CNI Canadian Natl Railway Co. | Add +12.6% | 5.05% | +0.59 |
| SHEL Shell PLC-ADR | New | 0.42% | +0.42 |
| QSR Restaurant Brands Intern | Add +5.6% | 2.16% | +0.26 |
| FRT Federal Realty Invs Trust | Add +35.5% | 0.98% | +0.19 |
| WMT Walmart Inc. | Add +26.9% | 0.59% | +0.13 |
| COLD Americold Realty Trust Inc. | Add +34.9% | 0.38% | +0.11 |
| PFE Pfizer Inc. | Add +7.7% | 1.34% | +0.10 |
| GIB Cgi Inc. | Add +20.4% | 0.55% | +0.07 |
| CNQ Canadian Natural Resources | Add +4.6% | 0.44% | +0.04 |
| RCI Rogers Communications Inc. Class B | Add +21.3% | 0.27% | +0.03 |
| GIL Gildan Activewear Inc. | Add +4.7% | 0.36% | +0.01 |
| CIGI Colliers Intl GR-Subord Vot | Add +7.2% | 0.79% | +0.00 |
| VET Vermilion Energy Inc. | Add +4.3% | 0.29% | −0.02 |
| GNTX Gentex Corp. | Add +7.1% | 0.44% | −0.04 |
| DEO Diageo PLC-Sponsored ADR | Add +1.3% | 0.78% | −0.11 |
| GOOGL Alphabet Inc. Class A | Add +0.4% | 0.99% | −0.16 |
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 |