MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd reported 71 stock positions worth $1.2 billion. Its top holding was Toronto-Dominion Bank (TD) at 9.1% of the portfolio, followed by Royal Bank of Canada (RY, 8.5%) and Bank of Nova Scotia (BNS, 5.8%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 9 and reduced 50. The biggest buy was a new position in Brookfield Infrastructure Pa (BIP) and the biggest sale Restaurant Brands Intern (QSR, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- MISSISSAUGA, A6
- CIK
- 0001058231
- Portfolio Value
- $1.2B (Q4 2025)
- SEC Filing
- 0001140361-26-002932 ↗ filed Jan 30, 2026
Holdings Value
Holdings 71 stocks · $1.2B
| TD Toronto-Dominion Bank | 9.11% | 829,383 | $107.3M | Reduce -8.5% |
| RY Royal Bank of Canada | 8.49% | 427,261 | $100.0M | Reduce -3.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 5.77% | 671,166 | $67.9M | Reduce -3.9% |
| BCE Bce Inc. | 5.24% | 1,885,402 | $61.7M | Reduce -3.2% |
| TRP TC Energy Corp. | 5.10% | 793,599 | $60.0M | Reduce -3.9% |
| CNI Canadian Natl Railway Co. | 4.83% | 419,122 | $56.9M | Reduce -3.5% |
| BN Brookfield Corp. | 4.09% | 763,376 | $48.1M | Reduce -3.9% |
| MGA Magna International Inc. | 3.99% | 642,618 | $47.0M | Reduce -4.0% |
| PBA Pembina Pipeline Corp. | 3.97% | 894,163 | $46.8M | Reduce -3.6% |
| NTR Nutrien Ltd. | 3.73% | 518,869 | $44.0M | Reduce -4.1% |
| QSR Restaurant Brands Intern | 3.72% | 467,154 | $43.8M | Reduce -3.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 3.48% | 329,398 | $41.0M | Reduce -14.6% |
| MFC Manulife Financial Corp. | 2.94% | 695,123 | $34.6M | Reduce -19.3% |
| TU Telus Corp. | 2.80% | 1,821,826 | $33.0M | Add +9.7% |
| SU Suncor Energy Inc. | 2.78% | 536,309 | $32.7M | Reduce -3.8% |
| CNQ Canadian Natural Resources | 2.66% | 673,512 | $31.3M | Reduce -3.8% |
| BIP Brookfield Infrastructure Pa | 2.61% | 643,160 | $30.7M | New |
| BEP Brookfield Renewable Partner | 1.81% | 575,275 | $21.3M | Reduce -4.3% |
| CSCO Cisco Systems Inc. | 0.92% | 141,007 | $10.9M | Reduce -4.3% |
| FSV Firstservice Corp. | 0.85% | 46,898 | $10.0M | Add +14.2% |
| GOOGL Alphabet Inc. Class A | 0.84% | 31,483 | $9.9M | Reduce -28.2% |
| VZ Verizon Communications Inc. | 0.84% | 241,578 | $9.8M | Reduce -5.2% |
| PFE Pfizer Inc. | 0.82% | 389,203 | $9.7M | Reduce -5.5% |
| GRTUF Granite Real Estate Investme | 0.78% | 112,144 | $9.2M | No change |
| DEO Diageo PLC-Sponsored ADR | 0.73% | 99,706 | $8.6M | Add +72.4% |
| CIGI Colliers Intl GR-Subord Vot | 0.70% | 40,891 | $8.2M | No change |
| MSFT Microsoft Corp. | 0.70% | 16,997 | $8.2M | Reduce -9.1% |
| LEN Lennar Corp. Class A | 0.61% | 69,917 | $7.2M | Add +5.8% |
| USB US Bancorp | 0.60% | 132,444 | $7.1M | Reduce -8.8% |
| BGSI Boyd Group Services Inc. | 0.59% | 31,892 | $7.0M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.59% | 126,604 | $7.0M | Reduce -8.6% |
| AMT American Tower Corp. | 0.59% | 39,510 | $6.9M | Reduce -4.0% |
| J Jacobs Solutions Inc. | 0.57% | 50,397 | $6.7M | Add +18.7% |
| SAP Sap SE-Sponsored ADR | 0.57% | 27,410 | $6.7M | Reduce -0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.55% | 11,243 | $6.5M | Reduce -23.8% |
| GIB Cgi Inc. | 0.54% | 49,716 | $6.3M | Reduce -1.3% |
| ING ING Groep N.V.-Sponsored ADR | 0.50% | 208,280 | $5.8M | Reduce -8.3% |
| JPM JPMorgan Chase & Co. | 0.48% | 17,687 | $5.7M | Reduce -7.4% |
| GIL Gildan Activewear Inc. | 0.45% | 62,103 | $5.3M | Reduce -2.3% |
| RCI Rogers Communications Inc. Class B | 0.44% | 99,632 | $5.2M | Reduce -2.2% |
| GLW Corning Inc. | 0.43% | 58,455 | $5.1M | Reduce -8.7% |
| MS Morgan Stanley | 0.40% | 26,422 | $4.7M | Reduce -17.8% |
| WMT Walmart Inc. | 0.40% | 41,755 | $4.7M | Reduce -19.9% |
| C Citigroup Inc. | 0.39% | 39,216 | $4.6M | Reduce -10.8% |
| EOG EOG Resources Inc. | 0.39% | 40,739 | $4.6M | No change |
| COST Costco Wholesale Corp. | 0.37% | 5,058 | $4.4M | Reduce -6.9% |
| UNH Unitedhealth Group Inc. | 0.37% | 13,099 | $4.3M | Reduce -8.5% |
| RMR RMR Group Inc./the - A | 0.37% | 290,000 | $4.3M | No change |
| HD Home Depot Inc. | 0.37% | 12,544 | $4.3M | Reduce -9.1% |
| FRT Federal Realty Invs Trust | 0.34% | 39,591 | $4.0M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.34% | 37,955 | $4.0M | Add +26.7% |
| TRNO Terreno Realty Corp. | 0.31% | 62,157 | $3.6M | No change |
| WELL Welltower Inc. | 0.30% | 19,273 | $3.6M | Reduce -18.5% |
| SANOFI SA | 0.30% | 73,340 | $3.6M | Reduce -8.5% |
| GSK GSK PLC-Spon ADR | 0.30% | 100,877 | $3.5M | Add +64.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 20,232 | $3.1M | Reduce -10.7% |
| ULTA Ulta Beauty Inc. | 0.26% | 5,133 | $3.1M | Reduce -30.1% |
| GNTX Gentex Corp. | 0.26% | 132,523 | $3.1M | Reduce -9.3% |
| SHEL Shell PLC-ADR | 0.25% | 40,518 | $3.0M | Reduce -7.8% |
| BEPC Brookfield Renewable Corp. | 0.25% | 56,486 | $3.0M | Reduce -10.2% |
| EQIX Equinix Inc. | 0.25% | 3,800 | $2.9M | Add +47.0% |
| AVB Avalonbay Communities Inc. | 0.22% | 14,565 | $2.6M | No change |
| TSCO Tractor Supply Company | 0.22% | 51,985 | $2.6M | Reduce -10.9% |
| JNJ Johnson & Johnson | 0.20% | 11,615 | $2.4M | Reduce -10.3% |
| EXR Extra Space Storage Inc. | 0.19% | 16,794 | $2.2M | No change |
| SPG Simon Property Group Inc. | 0.17% | 10,519 | $1.9M | No change |
| KBH KB Home | 0.16% | 32,730 | $1.8M | Add +6.0% |
| TTE Totalenergies SE -Spon ADR | 0.15% | 27,414 | $1.8M | Reduce -10.8% |
| AHR American Healthcare REIT Inc. | 0.15% | 37,595 | $1.8M | New |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.14% | 13,407 | $1.7M | Reduce -40.4% |
| BXP BXP Inc. | 0.09% | 15,598 | $1.1M | Reduce -26.6% |
Portfolio Sells Q3 2025 → Q4 2025
| QSR Restaurant Brands Intern | Reduce -3.5% | 3.72% | −1.09 |
| VZ Verizon Communications Inc. | Reduce -5.2% | 0.84% | −0.41 |
| MSFT Microsoft Corp. | Reduce -9.1% | 0.70% | −0.38 |
| GOOGL Alphabet Inc. Class A | Reduce -28.2% | 0.84% | −0.35 |
| PFE Pfizer Inc. | Reduce -5.5% | 0.82% | −0.35 |
| AMT American Tower Corp. | Reduce -4.0% | 0.59% | −0.29 |
| HD Home Depot Inc. | Reduce -9.1% | 0.37% | −0.26 |
| SAP Sap SE-Sponsored ADR | Reduce -0.1% | 0.57% | −0.25 |
| TMO Thermo Fisher Scientific Inc. | Reduce -23.8% | 0.55% | −0.24 |
| BAC Bank of America Corp. | Reduce -8.6% | 0.59% | −0.20 |
| WMT Walmart Inc. | Reduce -19.9% | 0.40% | −0.20 |
| CSCO Cisco Systems Inc. | Reduce -4.3% | 0.92% | −0.20 |
| GNTX Gentex Corp. | Reduce -9.3% | 0.26% | −0.20 |
| COST Costco Wholesale Corp. | Reduce -6.9% | 0.37% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -7.4% | 0.48% | −0.19 |
| UNH Unitedhealth Group Inc. | Reduce -8.5% | 0.37% | −0.18 |
| ULTA Ulta Beauty Inc. | Reduce -30.1% | 0.26% | −0.18 |
| SUI Sun Communities Inc. | Reduce -40.4% | 0.14% | −0.18 |
| USB US Bancorp | Reduce -8.8% | 0.60% | −0.18 |
| PBA Pembina Pipeline Corp. | Reduce -3.6% | 3.97% | −0.18 |
| MS Morgan Stanley | Reduce -17.8% | 0.40% | −0.17 |
| WELL Welltower Inc. | Reduce -18.5% | 0.30% | −0.17 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -8.3% | 0.50% | −0.16 |
| GLW Corning Inc. | Reduce -8.7% | 0.43% | −0.15 |
| TSCO Tractor Supply Company | Reduce -10.9% | 0.22% | −0.15 |
| SANOFI SA | Reduce -8.5% | 0.30% | −0.12 |
| C Citigroup Inc. | Reduce -10.8% | 0.39% | −0.11 |
| TJX TJX Companies Inc. | Reduce -10.7% | 0.26% | −0.10 |
| SHEL Shell PLC-ADR | Reduce -7.8% | 0.25% | −0.10 |
| BXP BXP Inc. | Reduce -26.6% | 0.09% | −0.09 |
| JNJ Johnson & Johnson | Reduce -10.3% | 0.20% | −0.06 |
| TTE Totalenergies SE -Spon ADR | Reduce -10.8% | 0.15% | −0.05 |
| MFC Manulife Financial Corp. | Reduce -19.3% | 2.94% | −0.03 |
| BNT Brookfield Wealth Solutions | Sold out | 0.00% | −0.01 |
| BEPC Brookfield Renewable Corp. | Reduce -10.2% | 0.25% | +0.01 |
| GIB Cgi Inc. | Reduce -1.3% | 0.54% | +0.04 |
| GIL Gildan Activewear Inc. | Reduce -2.3% | 0.45% | +0.05 |
| RCI Rogers Communications Inc. Class B | Reduce -2.2% | 0.44% | +0.05 |
| BN Brookfield Corp. | Reduce -3.9% | 4.09% | +0.07 |
| CM Can Imperial BK of Commerce | Reduce -14.6% | 3.48% | +0.07 |
| BEP Brookfield Renewable Partner | Reduce -4.3% | 1.81% | +0.10 |
| TRP TC Energy Corp. | Reduce -3.9% | 5.10% | +0.13 |
| CNQ Canadian Natural Resources | Reduce -3.8% | 2.66% | +0.18 |
| SU Suncor Energy Inc. | Reduce -3.8% | 2.78% | +0.19 |
| BCE Bce Inc. | Reduce -3.2% | 5.24% | +0.21 |
| NTR Nutrien Ltd. | Reduce -4.1% | 3.73% | +0.22 |
| CNI Canadian Natl Railway Co. | Reduce -3.5% | 4.83% | +0.30 |
| MGA Magna International Inc. | Reduce -4.0% | 3.99% | +0.49 |
| BNS Bank of Nova Scotia | Reduce -3.9% | 5.77% | +0.77 |
| TD Toronto-Dominion Bank | Reduce -8.5% | 9.11% | +1.09 |
Portfolio Buys Q3 2025 → Q4 2025
| BIP Brookfield Infrastructure Pa | New | 2.61% | +2.61 |
| BGSI Boyd Group Services Inc. | New | 0.59% | +0.59 |
| AHR American Healthcare REIT Inc. | New | 0.15% | +0.15 |
| DEO Diageo PLC-Sponsored ADR | Add +72.4% | 0.73% | +0.12 |
| GSK GSK PLC-Spon ADR | Add +64.1% | 0.30% | +0.00 |
| FSV Firstservice Corp. | Add +14.2% | 0.85% | −0.02 |
| DIS The Walt Disney Co. | Add +26.7% | 0.34% | −0.04 |
| KBH KB Home | Add +6.0% | 0.16% | −0.06 |
| TU Telus Corp. | Add +9.7% | 2.80% | −0.09 |
| J Jacobs Solutions Inc. | Add +18.7% | 0.57% | −0.14 |
| EQIX Equinix Inc. | Add +47.0% | 0.25% | −0.26 |
| LEN Lennar Corp. Class A | Add +5.8% | 0.61% | −0.32 |
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 |