MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd reported 77 stock positions worth $905.4 million. Its top holding was Toronto-Dominion Bank (TD) at 8.1% of the portfolio, followed by Royal Bank of Canada (RY, 7.2%) and Canadian Natl Railway (CNI, 4.8%). Compared with Q1 2025, it opened 5 new positions, added to 10 and reduced 59. The biggest buy was a new position in Nutrien (NTR) and the biggest sale TC Energy (TRP, shares −12%).

Most Recent 13F
Q2 2026
Location
MISSISSAUGA, A6
CIK
0001058231
Portfolio Value
$905.4M (Q2 2025)
SEC Filing
0001140361-25-027283 ↗ filed Jul 25, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $842.9M Q1 2024 Q2 2024: $823.4M Q2 2024 Q3 2024: $916.9M Q3 2024 Q4 2024: $826.1M Q4 2024 Q1 2025: $787.1M Q1 2025 Q2 2025: $905.4M $905.4M Q2 2025 Q3 2025: $898.3M Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $938.9M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 77 stocks · $905.4M

TD Toronto-Dominion Bank 8.13% 1,001,139 $73.6M Reduce -15.3%
RY Royal Bank of Canada 7.21% 495,708 $65.3M Reduce -8.8%
CNI Canadian Natl Railway Co. 4.80% 417,087 $43.4M Add +2.2%
TRP TC Energy Corp. 4.78% 887,602 $43.3M Reduce -12.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 4.67% 764,860 $42.3M Reduce -2.2%
BCE Bce Inc. 4.55% 1,857,687 $41.2M Reduce -2.1%
BN Brookfield Corp. 4.04% 591,215 $36.6M Reduce -5.6%
NTR Nutrien Ltd. 3.81% 592,028 $34.5M New
PBA Pembina Pipeline Corp. 3.56% 859,879 $32.3M Add +13.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 3.39% 433,144 $30.7M Reduce -2.1%
TU Telus Corp. 3.39% 1,912,479 $30.7M Reduce -1.6%
QSR Restaurant Brands Intern 3.39% 462,958 $30.7M Add +81.3%
MFC Manulife Financial Corp. 3.31% 938,330 $30.0M Reduce -2.0%
MGA Magna International Inc. 3.08% 721,107 $27.9M Add +9.5%
CNQ Canadian Natural Resources 2.60% 748,302 $23.5M Add +562.8%
SU Suncor Energy Inc. 2.50% 605,589 $22.7M Reduce -2.0%
BIP Brookfield Infrastructure Pa 2.13% 576,851 $19.3M Reduce -2.3%
BEP Brookfield Renewable Partner 1.87% 663,452 $16.9M Reduce -2.7%
CSCO Cisco Systems Inc. 1.47% 192,283 $13.3M Reduce -0.3%
ORCL Oracle Corp. 1.27% 52,460 $11.5M Reduce -25.3%
VZ Verizon Communications Inc. 1.22% 255,529 $11.1M Reduce -1.0%
PFE Pfizer Inc. 1.11% 413,558 $10.0M Reduce -0.5%
MSFT Microsoft Corp. 1.03% 18,795 $9.3M Reduce -1.6%
AMT American Tower Corp. 0.99% 40,400 $8.9M Reduce -0.4%
GOOGL Alphabet Inc. Class A 0.97% 49,869 $8.8M Reduce -0.6%
FSV Firstservice Corp. 0.84% 43,470 $7.6M Add +7.4%
FRT Federal Realty Invs Trust 0.82% 78,625 $7.5M Reduce -0.5%
USB US Bancorp 0.73% 146,272 $6.6M Reduce -1.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.73% 139,297 $6.6M Reduce -5.0%
CIGI Colliers Intl GR-Subord Vot 0.67% 38,427 $6.0M Reduce -25.5%
DEO Diageo PLC-Sponsored ADR 0.65% 58,026 $5.9M Reduce -0.8%
GRTUF Granite Real Estate Investme 0.63% 112,144 $5.7M Add +10.6%
JPM JPMorgan Chase & Co. 0.61% 19,190 $5.6M Reduce -21.4%
TMO Thermo Fisher Scientific Inc. 0.61% 13,628 $5.5M New
GIB Cgi Inc. 0.59% 42,450 $5.3M Reduce -2.9%
ING ING Groep N.V.-Sponsored ADR 0.57% 238,040 $5.2M Reduce -4.0%
WMT Walmart Inc. 0.57% 52,685 $5.2M Reduce -0.6%
HD Home Depot Inc. 0.56% 13,883 $5.1M Reduce -1.2%
J Jacobs Solutions Inc. 0.54% 37,002 $4.9M New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.53% 38,821 $4.8M Reduce -14.2%
RMR RMR Group Inc./the - A 0.52% 290,000 $4.7M No change
COST Costco Wholesale Corp. 0.52% 4,775 $4.7M Reduce -1.7%
MS Morgan Stanley 0.50% 32,386 $4.6M Reduce -11.8%
UNH Unitedhealth Group Inc. 0.50% 14,408 $4.5M Add +73.1%
CNC Centene Corp. 0.47% 78,973 $4.3M Reduce -1.7%
EOG EOG Resources Inc. 0.44% 33,220 $4.0M Reduce -1.7%
C Citigroup Inc. 0.42% 44,260 $3.8M Reduce -1.6%
WELL Welltower Inc. 0.40% 23,650 $3.6M Reduce -0.4%
ORANY Orange-Spon ADR 0.40% 238,840 $3.6M Reduce -16.2%
ULTA Ulta Beauty Inc. 0.38% 7,391 $3.5M New
GLW Corning Inc. 0.37% 64,379 $3.4M Reduce -1.2%
GNTX Gentex Corp. 0.36% 147,097 $3.2M Reduce -0.7%
SHEL Shell PLC-ADR 0.34% 44,138 $3.1M Reduce -1.6%
GIL Gildan Activewear Inc. 0.34% 62,974 $3.1M Reduce -1.1%
TSCO Tractor Supply Company 0.34% 58,680 $3.1M Reduce -1.1%
SANOFI SA 0.34% 63,392 $3.1M Reduce -1.7%
CPT Camden Property Trust 0.33% 26,705 $3.0M Reduce -0.5%
RCI Rogers Communications Inc. Class B 0.33% 100,811 $3.0M Add +26.8%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.31% 22,478 $2.8M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.31% 22,835 $2.8M Reduce -7.8%
AVB Avalonbay Communities Inc. 0.28% 12,433 $2.5M Reduce -0.3%
EXR Extra Space Storage Inc. 0.27% 16,794 $2.5M Reduce -0.4%
GSK GSK PLC-Spon ADR 0.26% 62,020 $2.4M Reduce -6.2%
TRNO Terreno Realty Corp. 0.26% 41,251 $2.3M Add +47.8%
KR Kroger Co. 0.24% 30,610 $2.2M Reduce -64.8%
BEPC Brookfield Renewable Corp. 0.23% 63,008 $2.1M Reduce -5.1%
EQIX Equinix Inc. 0.23% 2,585 $2.1M Reduce -0.5%
VET Vermilion Energy Inc. 0.22% 278,465 $2.0M Reduce -2.1%
JNJ Johnson & Johnson 0.22% 13,098 $2.0M Reduce -2.0%
TTE Totalenergies SE -Spon ADR 0.21% 30,934 $1.9M Reduce -1.6%
SPG Simon Property Group Inc. 0.19% 10,519 $1.7M Reduce -0.4%
SAP Sap SE-Sponsored ADR 0.17% 5,106 $1.6M Reduce -1.2%
BXP BXP Inc. 0.16% 21,246 $1.4M Reduce -45.1%
COLD Americold Realty Trust Inc. 0.14% 77,246 $1.3M Reduce -44.1%
CVE Cenovus Energy Inc. 0.04% 19,800 $323K No change
BAM Brookfield Asset Mgmt-A 0.04% 5,778 $319K No change
BNT Brookfield Wealth Solutions 0.01% 1,117 $69K Reduce -22.9%

Portfolio Sells Q1 2025 → Q2 2025

TRP TC Energy Corp. Reduce -12.3% 4.78% −1.29
BCE Bce Inc. Reduce -2.1% 4.55% −0.99
TD Toronto-Dominion Bank Reduce -15.3% 8.13% −0.88
RY Royal Bank of Canada Reduce -8.8% 7.21% −0.57
SU Suncor Energy Inc. Reduce -2.0% 2.50% −0.54
KR Kroger Co. Reduce -64.8% 0.24% −0.51
MFC Manulife Financial Corp. Reduce -2.0% 3.31% −0.48
VZ Verizon Communications Inc. Reduce -1.0% 1.22% −0.27
COLD Americold Realty Trust Inc. Reduce -44.1% 0.14% −0.23
PFE Pfizer Inc. Reduce -0.5% 1.11% −0.23
BXP BXP Inc. Reduce -45.1% 0.16% −0.17
FRT Federal Realty Invs Trust Reduce -0.5% 0.82% −0.16
TU Telus Corp. Reduce -1.6% 3.39% −0.15
JPM JPMorgan Chase & Co. Reduce -21.4% 0.61% −0.15
CNC Centene Corp. Reduce -1.7% 0.47% −0.15
AMT American Tower Corp. Reduce -0.4% 0.99% −0.14
DEO Diageo PLC-Sponsored ADR Reduce -0.8% 0.65% −0.13
BN Brookfield Corp. Reduce -5.6% 4.04% −0.13
CIGI Colliers Intl GR-Subord Vot Reduce -25.5% 0.67% −0.13
SANOFI SA Reduce -1.7% 0.34% −0.12
EOG EOG Resources Inc. Reduce -1.7% 0.44% −0.11
BIP Brookfield Infrastructure Pa Reduce -2.3% 2.13% −0.10
HD Home Depot Inc. Reduce -1.2% 0.56% −0.09
CPT Camden Property Trust Reduce -0.5% 0.33% −0.08
GNTX Gentex Corp. Reduce -0.7% 0.36% −0.08
SHEL Shell PLC-ADR Reduce -1.6% 0.34% −0.07
TSCO Tractor Supply Company Reduce -1.1% 0.34% −0.07
TJX TJX Companies Inc. Reduce -7.8% 0.31% −0.07
ORANY Orange-Spon ADR Reduce -16.2% 0.40% −0.07
VET Vermilion Energy Inc. Reduce -2.1% 0.22% −0.07
USB US Bancorp Reduce -1.8% 0.73% −0.07
COST Costco Wholesale Corp. Reduce -1.7% 0.52% −0.06
JNJ Johnson & Johnson Reduce -2.0% 0.22% −0.06
AVB Avalonbay Communities Inc. Reduce -0.3% 0.28% −0.06
WELL Welltower Inc. Reduce -0.4% 0.40% −0.06
BEP Brookfield Renewable Partner Reduce -2.7% 1.87% −0.05
BAC Bank of America Corp. Reduce -5.0% 0.73% −0.05
TTE Totalenergies SE -Spon ADR Reduce -1.6% 0.21% −0.05
EXR Extra Space Storage Inc. Reduce -0.4% 0.27% −0.04
BNS Bank of Nova Scotia Reduce -2.2% 4.67% −0.04
ING ING Groep N.V.-Sponsored ADR Reduce -4.0% 0.57% −0.04
EQIX Equinix Inc. Reduce -0.5% 0.23% −0.04
MS Morgan Stanley Reduce -11.8% 0.50% −0.04
CSCO Cisco Systems Inc. Reduce -0.3% 1.47% −0.04
SPG Simon Property Group Inc. Reduce -0.4% 0.19% −0.04
DIS The Walt Disney Co. Reduce -14.2% 0.53% −0.04
WMT Walmart Inc. Reduce -0.6% 0.57% −0.02
GSK GSK PLC-Spon ADR Reduce -6.2% 0.26% −0.02
GIL Gildan Activewear Inc. Reduce -1.1% 0.34% −0.02
GOOGL Alphabet Inc. Class A Reduce -0.6% 0.97% −0.01

Portfolio Buys Q1 2025 → Q2 2025

NTR Nutrien Ltd. New 3.81% +3.81
CNQ Canadian Natural Resources Add +562.8% 2.60% +2.15
QSR Restaurant Brands Intern Add +81.3% 3.39% +1.23
TMO Thermo Fisher Scientific Inc. New 0.61% +0.61
J Jacobs Solutions Inc. New 0.54% +0.54
ULTA Ulta Beauty Inc. New 0.38% +0.38
SUI Sun Communities Inc. New 0.31% +0.31
MGA Magna International Inc. Add +9.5% 3.08% +0.23
RCI Rogers Communications Inc. Class B Add +26.8% 0.33% +0.06
TRNO Terreno Realty Corp. Add +47.8% 0.26% +0.03
GRTUF Granite Real Estate Investme Add +10.6% 0.63% +0.03
FSV Firstservice Corp. Add +7.4% 0.84% −0.02
UNH Unitedhealth Group Inc. Add +73.1% 0.50% −0.06
CNI Canadian Natl Railway Co. Add +2.2% 4.80% −0.25
PBA Pembina Pipeline Corp. Add +13.2% 3.56% −0.30

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 68$1.0BRY, TD, TRP, BNS, CNI
Q1 2026 70$938.9MRY, TD, TRP, BCE, PBA
Q4 2025 71$1.2BTD, RY, BNS, BCE, TRP
Q3 2025 69$898.3MTD, RY, BCE, BNS, TRP
Q2 2025 77$905.4MTD, RY, CNI, TRP, BNS
Q1 2025 72$787.1MTD, RY, TRP, BCE, CNI
Q4 2024 73$826.1MRY, TD, TRP, BN, BNS
Q3 2024 72$916.9MRY, TD, TRP, CM, BCE
Q2 2024 72$823.4MRY, TD, TRP, BCE, CM
Q1 2024 73$842.9MTD, RY, TRP, BN, BNS