MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd reported 69 stock positions worth $898.3 million. Its top holding was Toronto-Dominion Bank (TD) at 8.0% of the portfolio, followed by Royal Bank of Canada (RY, 7.2%) and Bce (BCE, 5.0%). Compared with Q2 2025, it opened 2 new positions, sold out of 10, added to 17 and reduced 42. The biggest buy was Restaurant Brands Intern (QSR, shares +5%) and the biggest sale an exit from Brookfield Infrastructure Pa (BIP).
- Most Recent 13F
- Q2 2026
- Location
- MISSISSAUGA, A6
- CIK
- 0001058231
- Portfolio Value
- $898.3M (Q3 2025)
- SEC Filing
- 0001140361-25-042212 ↗ filed Nov 14, 2025
Holdings Value
Holdings 69 stocks · $898.3M
| TD Toronto-Dominion Bank | 8.02% | 906,632 | $72.1M | Reduce -9.4% |
| RY Royal Bank of Canada | 7.24% | 443,782 | $65.0M | Reduce -10.5% |
| BCE Bce Inc. | 5.04% | 1,947,511 | $45.2M | Add +4.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 5.00% | 698,397 | $44.9M | Reduce -8.7% |
| TRP TC Energy Corp. | 4.97% | 825,906 | $44.6M | Reduce -7.0% |
| QSR Restaurant Brands Intern | 4.81% | 484,125 | $43.2M | Add +4.6% |
| CNI Canadian Natl Railway Co. | 4.53% | 434,344 | $40.7M | Add +4.1% |
| PBA Pembina Pipeline Corp. | 4.15% | 927,892 | $37.3M | Add +7.9% |
| BN Brookfield Corp. | 4.02% | 529,379 | $36.1M | Reduce -10.5% |
| NTR Nutrien Ltd. | 3.52% | 541,282 | $31.6M | Reduce -8.6% |
| MGA Magna International Inc. | 3.51% | 669,153 | $31.5M | Reduce -7.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 3.41% | 385,862 | $30.7M | Reduce -10.9% |
| MFC Manulife Financial Corp. | 2.97% | 861,530 | $26.7M | Reduce -8.2% |
| TU Telus Corp. | 2.89% | 1,660,506 | $26.0M | Reduce -13.2% |
| SU Suncor Energy Inc. | 2.58% | 557,712 | $23.2M | Reduce -7.9% |
| CNQ Canadian Natural Resources | 2.48% | 700,082 | $22.3M | Reduce -6.4% |
| BEP Brookfield Renewable Partner | 1.72% | 601,344 | $15.4M | Reduce -9.4% |
| VZ Verizon Communications Inc. | 1.25% | 254,696 | $11.2M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 1.19% | 43,831 | $10.7M | Reduce -12.1% |
| PFE Pfizer Inc. | 1.17% | 412,028 | $10.5M | Reduce -0.4% |
| CSCO Cisco Systems Inc. | 1.12% | 147,274 | $10.1M | Reduce -23.4% |
| MSFT Microsoft Corp. | 1.08% | 18,694 | $9.7M | Reduce -0.5% |
| LEN Lennar Corp. Class A | 0.93% | 66,066 | $8.3M | New |
| AMT American Tower Corp. | 0.88% | 41,175 | $7.9M | Add +1.9% |
| FSV Firstservice Corp. | 0.87% | 41,080 | $7.8M | Reduce -5.5% |
| SAP Sap SE-Sponsored ADR | 0.82% | 27,439 | $7.3M | Add +437.4% |
| TMO Thermo Fisher Scientific Inc. | 0.80% | 14,749 | $7.2M | Add +8.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.80% | 138,471 | $7.1M | Reduce -0.6% |
| USB US Bancorp | 0.78% | 145,272 | $7.0M | Reduce -0.7% |
| J Jacobs Solutions Inc. | 0.71% | 42,445 | $6.4M | Add +14.7% |
| CIGI Colliers Intl GR-Subord Vot | 0.71% | 40,891 | $6.4M | Add +6.4% |
| GRTUF Granite Real Estate Investme | 0.69% | 112,144 | $6.2M | No change |
| JPM JPMorgan Chase & Co. | 0.67% | 19,098 | $6.0M | Reduce -0.5% |
| ING ING Groep N.V.-Sponsored ADR | 0.66% | 227,259 | $5.9M | Reduce -4.5% |
| HD Home Depot Inc. | 0.62% | 13,794 | $5.6M | Reduce -0.6% |
| DEO Diageo PLC-Sponsored ADR | 0.61% | 57,835 | $5.5M | Reduce -0.3% |
| WMT Walmart Inc. | 0.60% | 52,164 | $5.4M | Reduce -1.0% |
| GLW Corning Inc. | 0.58% | 63,998 | $5.3M | Reduce -0.6% |
| MS Morgan Stanley | 0.57% | 32,146 | $5.1M | Reduce -0.7% |
| COST Costco Wholesale Corp. | 0.56% | 5,432 | $5.0M | Add +13.8% |
| UNH Unitedhealth Group Inc. | 0.55% | 14,322 | $4.9M | Reduce -0.6% |
| EOG EOG Resources Inc. | 0.51% | 40,739 | $4.6M | Add +22.6% |
| EQIX Equinix Inc. | 0.51% | 2,585 | $4.6M | No change |
| RMR RMR Group Inc./the - A | 0.51% | 290,000 | $4.6M | No change |
| C Citigroup Inc. | 0.50% | 43,968 | $4.5M | Reduce -0.7% |
| GIB Cgi Inc. | 0.50% | 50,371 | $4.5M | Add +18.7% |
| WELL Welltower Inc. | 0.47% | 23,650 | $4.2M | No change |
| GNTX Gentex Corp. | 0.46% | 146,168 | $4.1M | Reduce -0.6% |
| ULTA Ulta Beauty Inc. | 0.45% | 7,342 | $4.0M | Reduce -0.7% |
| FRT Federal Realty Invs Trust | 0.45% | 39,591 | $4.0M | Reduce -49.6% |
| SANOFI SA | 0.42% | 80,117 | $3.8M | Add +26.4% |
| GIL Gildan Activewear Inc. | 0.41% | 63,594 | $3.7M | Add +1.0% |
| TRNO Terreno Realty Corp. | 0.39% | 62,157 | $3.5M | Add +50.7% |
| RCI Rogers Communications Inc. Class B | 0.39% | 101,894 | $3.5M | Add +1.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.38% | 29,947 | $3.4M | Reduce -22.9% |
| TSCO Tractor Supply Company | 0.37% | 58,363 | $3.3M | Reduce -0.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.36% | 22,649 | $3.3M | Reduce -0.8% |
| SHEL Shell PLC-ADR | 0.35% | 43,956 | $3.1M | Reduce -0.4% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.32% | 22,478 | $2.9M | No change |
| AVB Avalonbay Communities Inc. | 0.31% | 14,565 | $2.8M | Add +17.1% |
| GSK GSK PLC-Spon ADR | 0.30% | 61,480 | $2.7M | Reduce -0.9% |
| JNJ Johnson & Johnson | 0.27% | 12,950 | $2.4M | Reduce -1.1% |
| EXR Extra Space Storage Inc. | 0.26% | 16,794 | $2.4M | No change |
| BEPC Brookfield Renewable Corp. | 0.24% | 62,884 | $2.2M | Reduce -0.2% |
| SPG Simon Property Group Inc. | 0.22% | 10,519 | $2.0M | No change |
| KBH KB Home | 0.22% | 30,884 | $2.0M | New |
| TTE Totalenergies SE -Spon ADR | 0.20% | 30,745 | $1.8M | Reduce -0.6% |
| BXP BXP Inc. | 0.18% | 21,246 | $1.6M | No change |
| BNT Brookfield Wealth Solutions | 0.01% | 959 | $65K | Reduce -14.2% |
Portfolio Sells Q2 2025 → Q3 2025
| BIP Brookfield Infrastructure Pa | Sold out | 0.00% | −2.13 |
| ORCL Oracle Corp. | Sold out | 0.00% | −1.27 |
| TU Telus Corp. | Reduce -13.2% | 2.89% | −0.49 |
| CNC Centene Corp. | Sold out | 0.00% | −0.47 |
| ORANY Orange-Spon ADR | Sold out | 0.00% | −0.40 |
| FRT Federal Realty Invs Trust | Reduce -49.6% | 0.45% | −0.38 |
| CSCO Cisco Systems Inc. | Reduce -23.4% | 1.12% | −0.35 |
| MFC Manulife Financial Corp. | Reduce -8.2% | 2.97% | −0.34 |
| CPT Camden Property Trust | Sold out | 0.00% | −0.33 |
| NTR Nutrien Ltd. | Reduce -8.6% | 3.52% | −0.29 |
| KR Kroger Co. | Sold out | 0.00% | −0.24 |
| VET Vermilion Energy Inc. | Sold out | 0.00% | −0.22 |
| BEP Brookfield Renewable Partner | Reduce -9.4% | 1.72% | −0.15 |
| DIS The Walt Disney Co. | Reduce -22.9% | 0.38% | −0.15 |
| COLD Americold Realty Trust Inc. | Sold out | 0.00% | −0.14 |
| CNQ Canadian Natural Resources | Reduce -6.4% | 2.48% | −0.12 |
| TD Toronto-Dominion Bank | Reduce -9.4% | 8.02% | −0.10 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −0.04 |
| BAM Brookfield Asset Mgmt-A | Sold out | 0.00% | −0.04 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.3% | 0.61% | −0.03 |
| BN Brookfield Corp. | Reduce -10.5% | 4.02% | −0.02 |
| TTE Totalenergies SE -Spon ADR | Reduce -0.6% | 0.20% | −0.01 |
| BNT Brookfield Wealth Solutions | Reduce -14.2% | 0.01% | −0.00 |
| SHEL Shell PLC-ADR | Reduce -0.4% | 0.35% | +0.01 |
| BEPC Brookfield Renewable Corp. | Reduce -0.2% | 0.24% | +0.01 |
| CM Can Imperial BK of Commerce | Reduce -10.9% | 3.41% | +0.02 |
| VZ Verizon Communications Inc. | Reduce -0.3% | 1.25% | +0.02 |
| TSCO Tractor Supply Company | Reduce -0.5% | 0.37% | +0.03 |
| FSV Firstservice Corp. | Reduce -5.5% | 0.87% | +0.03 |
| RY Royal Bank of Canada | Reduce -10.5% | 7.24% | +0.03 |
| WMT Walmart Inc. | Reduce -1.0% | 0.60% | +0.03 |
| GSK GSK PLC-Spon ADR | Reduce -0.9% | 0.30% | +0.03 |
| MSFT Microsoft Corp. | Reduce -0.5% | 1.08% | +0.05 |
| JNJ Johnson & Johnson | Reduce -1.1% | 0.27% | +0.05 |
| USB US Bancorp | Reduce -0.7% | 0.78% | +0.05 |
| TJX TJX Companies Inc. | Reduce -0.8% | 0.36% | +0.05 |
| UNH Unitedhealth Group Inc. | Reduce -0.6% | 0.55% | +0.05 |
| JPM JPMorgan Chase & Co. | Reduce -0.5% | 0.67% | +0.06 |
| HD Home Depot Inc. | Reduce -0.6% | 0.62% | +0.06 |
| PFE Pfizer Inc. | Reduce -0.4% | 1.17% | +0.06 |
| ULTA Ulta Beauty Inc. | Reduce -0.7% | 0.45% | +0.06 |
| MS Morgan Stanley | Reduce -0.7% | 0.57% | +0.07 |
| BAC Bank of America Corp. | Reduce -0.6% | 0.80% | +0.07 |
| SU Suncor Energy Inc. | Reduce -7.9% | 2.58% | +0.08 |
| C Citigroup Inc. | Reduce -0.7% | 0.50% | +0.08 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -4.5% | 0.66% | +0.08 |
| GNTX Gentex Corp. | Reduce -0.6% | 0.46% | +0.10 |
| TRP TC Energy Corp. | Reduce -7.0% | 4.97% | +0.19 |
| GLW Corning Inc. | Reduce -0.6% | 0.58% | +0.21 |
| GOOGL Alphabet Inc. Class A | Reduce -12.1% | 1.19% | +0.22 |
Portfolio Buys Q2 2025 → Q3 2025
| QSR Restaurant Brands Intern | Add +4.6% | 4.81% | +1.42 |
| LEN Lennar Corp. Class A | New | 0.93% | +0.93 |
| SAP Sap SE-Sponsored ADR | Add +437.4% | 0.82% | +0.64 |
| PBA Pembina Pipeline Corp. | Add +7.9% | 4.15% | +0.59 |
| BCE Bce Inc. | Add +4.8% | 5.04% | +0.49 |
| KBH KB Home | New | 0.22% | +0.22 |
| TMO Thermo Fisher Scientific Inc. | Add +8.2% | 0.80% | +0.19 |
| J Jacobs Solutions Inc. | Add +14.7% | 0.71% | +0.17 |
| TRNO Terreno Realty Corp. | Add +50.7% | 0.39% | +0.14 |
| SANOFI SA | Add +26.4% | 0.42% | +0.08 |
| EOG EOG Resources Inc. | Add +22.6% | 0.51% | +0.07 |
| GIL Gildan Activewear Inc. | Add +1.0% | 0.41% | +0.06 |
| RCI Rogers Communications Inc. Class B | Add +1.1% | 0.39% | +0.06 |
| CIGI Colliers Intl GR-Subord Vot | Add +6.4% | 0.71% | +0.04 |
| COST Costco Wholesale Corp. | Add +13.8% | 0.56% | +0.04 |
| AVB Avalonbay Communities Inc. | Add +17.1% | 0.31% | +0.03 |
| GIB Cgi Inc. | Add +18.7% | 0.50% | −0.09 |
| AMT American Tower Corp. | Add +1.9% | 0.88% | −0.10 |
| CNI Canadian Natl Railway Co. | Add +4.1% | 4.53% | −0.26 |
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 |