MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd

CIK 1058231 · View on SEC EDGAR ↗

Portfolio value QoQ: +8.5% 13F does not disclose cash

Top 10 holdings weight53.25%

Top 25 holdings weight81.68%

Positions above 1%20

Effective number of positions24.9

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 2.9% Est. buys $28,398 · sells $292,690

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 81.0% still held

New positions2

Increased23

Decreased35

Closed4

Portfolio value $1.0M #9,133 of 9,339 by 13F value · top 97.8%

Positions 68

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Financials 37.6%

Energy 12.6%

Communication Services 10.4%

Industrials 6.8%

Consumer Discretionary 6.8%

Real Estate 6.1%

Utilities 5.4%

Technology 5.1%

Healthcare 3.0%

Materials 2.8%

Retail 2.2%

Consumer Staples 0.8%

Other/Unmapped 0.3%

Full portfolio 68 positions

					Streak
RY Royal Bank Of Canada Common Stock	$93,832	9.21%	319,503	$26,973	Down ×6
TD Toronto Dominion Bank (The) Common Stock	$90,855	8.92%	526,877	$25,374	Down ×6
TRP TC Energy Corporation Common Stock	$56,913	5.59%	605,977	$8,091	Down ×6
BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares	$56,559	5.55%	458,826	$15,894	Down ×6
CNI Canadian National Railway Company Common Stock	$54,856	5.38%	324,110	$12,602	Down ×3
BCE BCE, Inc. Common Stock	$44,168	4.34%	1,445,763	$-3,076	Down ×3
GIB CGI Inc. Common Stock	$38,269	3.76%	417,469	$12,506	Up ×2
QSR Restaurant Brands International Inc. Common Shares	$36,777	3.61%	357,508	$2,706	Down ×3
CM Canadian Imperial Bank of Commerce Common Stock	$35,953	3.53%	220,139	$7,706	Down ×6
BIP Brookfield Infrastructure Partners LP Limited Partnership Units	$34,327	3.37%	662,686	$10,986	Up ×1
CNQ Canadian Natural Resources Limited Common Stock	$31,309	3.07%	557,895	$-3,220	Down ×1
SU Suncor Energy Inc. Common Stock	$31,188	3.06%	408,759	$-3,278	Down ×6
TU Telus Corporation Ordinary Shares	$29,273	2.87%	1,951,523	$1,821	Down ×1
NTR Nutrien Ltd. Common Shares	$28,620	2.81%	320,313	$-4,724	Down ×4
MFC Manulife Financial Corporation Common Stock	$27,558	2.71%	479,103	$3,463	Down ×6
BN Brookfield Corporation Class A Limited Voting Shares	$26,611	2.61%	439,774	$-1,684	Down ×2
MGA Magna International, Inc. Common Stock	$24,837	2.44%	266,320	$2,548	Down ×4
BEP Brookfield Renewable Partners L.P. Limited Partnership Units	$20,755	2.04%	422,025	$1,794	Down ×6
FSV FirstService Corporation - Common Shares	$13,510	1.33%	66,993	$4,375	Up ×3
GOOGL Alphabet Inc. - Class A Common Stock	$11,875	1.17%	33,228	$2,324	Up ×2
UNH UnitedHealth Group Incorporated Common Stock (DE)	$9,389	0.92%	22,589	$3,286	Up ×2
J Jacobs Solutions Inc. Common Stock	$9,075	0.89%	72,023	$2,311	Up ×4
V Visa Inc.	$8,769	0.86%	25,560	$1,753	Up ×1
TMO Thermo Fisher Scientific Inc Common Stock	$8,416	0.83%	16,787	$1,328	Up ×2
USB U.S. Bancorp Common Stock	$8,401	0.82%	139,095	$1,191	Up ×2
MSFT Microsoft Corporation - Common Stock	$8,241	0.81%	22,093	$96	Up ×2
CSCO Cisco Systems, Inc. - Common Stock	$8,142	0.80%	69,320	$-3,053	Down ×1
AMT American Tower Corporation (REIT) Common Stock	$7,768	0.76%	47,493	$606	Up ×2
DEO Diageo plc Common Stock	$7,713	0.76%	95,951	$-845	Down ×1
BAC Bank of America Corporation Common Stock	$7,615	0.75%	133,646	$1,140	Up ×2
CIGI Colliers International Group Inc. - Subordinate Voting Shares	$7,289	0.72%	54,765	$1,577	Up ×2
PFE Pfizer, Inc. Common Stock	$7,274	0.71%	302,092	$-3,994	Down ×1
ING ING Group, N.V. Common Stock	$6,573	0.65%	209,457	$884	Down ×1
JPM JP Morgan Chase & Co. Common Stock	$6,125	0.60%	18,711	$698	Up ×2
RMR The RMR Group Inc. - Class A Common Stock	$5,954	0.58%	290,000	$1,468
MS Morgan Stanley Common Stock	$5,812	0.57%	27,805	$1,159	Down ×1
HD Home Depot, Inc. (The) Common Stock	$5,600	0.55%	15,878	$1,252	Up ×2
BGSI Boyd Group Services Inc. Common Shares	$5,548	0.54%	41,310	$1,774	Up ×1
C Citigroup, Inc. Common Stock	$5,124	0.50%	36,613	$331	Down ×1
EOG EOG Resources, Inc. Common Stock	$5,063	0.50%	39,024	$-569	Up ×1
COST Costco Wholesale Corporation - Common Stock	$5,000	0.49%	5,345	$-278	Up ×2
DIS Walt Disney Company (The) Common Stock	$4,961	0.49%	51,540	$1,550	Up ×1
WMT Walmart Inc. - Common Stock	$4,889	0.48%	43,169	$-560	Down ×1
VZ Verizon Communications Inc. Common Stock	$4,596	0.45%	108,554	$-4,741	Down ×6
FRT Federal Realty Investment Trust Common Stock	$4,553	0.45%	36,888	$636
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock	$4,330	0.43%	59,218	$1,430	Up ×1
EQIX Equinix, Inc. - Common Stock	$4,139	0.41%	3,971	$247
TRNO Terreno Realty Corporation Common Stock	$4,113	0.40%	63,499	$213
WELL Welltower Inc. Common Stock	$4,079	0.40%	17,970	$527
TSCO Tractor Supply Company - Common Stock	$4,060	0.40%	128,430	$1,513	Up ×2
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares)	$3,951	0.39%	50,952	$879	Up ×1
GNTX Gentex Corporation - Common Stock	$3,529	0.35%	139,650	$474	Down ×1
RCI Rogers Communication, Inc. Common Stock	$3,420	0.34%	74,117	$430	Down ×3
DSGX The Descartes Systems Group Inc. - Common Stock	$3,351	0.33%	34,114		Up ×1
Unknown issuer (CUSIP: 80108N105)	$3,292	0.32%	77,164	$-489	Down ×1
TJX TJX Companies, Inc. (The) Common Stock	$3,210	0.32%	21,189	$-229	Down ×1
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares)	$3,009	0.30%	57,400	$-212	Down ×2
AHR American Healthcare REIT, Inc. Common Stock	$2,858	0.28%	54,797	$1,206	Up ×1
BAM Brookfield Asset Management Inc Class A Limited Voting Shares	$2,747	0.27%	43,179	$-417	Down ×1
SAP SAP SE ADS	$2,367	0.23%	15,362	$-2,740	Down ×1
JNJ Johnson & Johnson Common Stock	$2,353	0.23%	9,263	$58	Down ×6
AVB AvalonBay Communities, Inc. Common Stock	$2,207	0.22%	11,699	$296
EXR Extra Space Storage Inc Common Stock	$1,806	0.18%	12,429	$177
MAA Mid-America Apartment Communities, Inc. Common Stock	$1,490	0.15%	10,722		Up ×1
SPG Simon Property Group, Inc. Common Stock	$1,462	0.14%	6,537	$-369	Down ×2
BXP BXP, Inc. Common Stock	$784	0.08%	11,822	$157	Down ×3
GLW Corning Incorporated Common Stock	$153	0.02%	599	$-4,489	Down ×6
BEPC Brookfield Renewable Corporation Brookfield Renewable Corporation Class A Subordinate Voting Shares	$66	0.01%	1,257	$16
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
FSV	$13,510	1.33%	up ×3
J	$9,075	0.89%	up ×4

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
DSGX	$3,351	34,114	0.33%
MAA	$1,490	10,722	0.15%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
RY	Trimmed	-88K	+$27K
TD	Trimmed	-164K	+$25K
BNS	Trimmed	-119K	+$16K
CNI	Trimmed	-80K	+$13K
GIB	Bought more	+70K	+$13K
BIP	Bought more	+25K	+$11K
TRP	Trimmed	-162K	+$8K
CM	Trimmed	-73K	+$8K
VZ	Trimmed	-77K	-$5K
NTR	Trimmed	-115K	-$5K

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
PBA	June 30, 2026	999,523	$45,435	8.8%
BIP	Sept. 30, 2025	576,851	$19,307	12.6%
ORCL	Sept. 30, 2025	52,460	$11,469	-55.1%
LEN	March 31, 2026	69,917	$7,187	-2.2%
GRTUF	June 30, 2026	104,627	$6,247	No longer tracked
CNC	Sept. 30, 2025	78,973	$4,287	96.7%
ORANY	Sept. 30, 2025	238,840	$3,621	No longer tracked
ULTA	March 31, 2026	5,133	$3,106	19.5%
CPT	Sept. 30, 2025	26,705	$3,009	-4.5%
TTE	June 30, 2026	29,465	$2,680	19.3%
KR	Sept. 30, 2025	30,610	$2,196	-0.9%
VET	Sept. 30, 2025	278,465	$2,031	78.0%
KBH	March 31, 2026	32,730	$1,846	-9.1%
SUI	June 30, 2026	12,496	$1,573	0.3%
COLD	Sept. 30, 2025	77,246	$1,285	18.2%
CVE	Sept. 30, 2025	19,800	$323	93.5%
BAM	Sept. 30, 2025	5,778	$319	-17.4%
BNT	Dec. 31, 2025	959	$65	-17.4%