Morguard Lincluden Global Investments

MISSISSAUGA, A6files as MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd

$1.0bn in 68 US stocks at the end of 30 June 2026. The top 10 are 53.3% of the money. It changed about 12.1% of the portfolio this quarter.

Value

$1.0bn

Stocks

Top 10 share

53.3%

Turnover

12.1%

What changed this quarter

New

Bought for the first time this quarter.

Descartes Systems GroupDSGX
0.3% of the fund
MID America Apartment CommunitiesMAA
0.1% of the fund

Added

Bought more of a stock they already held.

CGIGIB
3.8% of the fund
+20%
Brookfield Infrastructure PABIP
3.4% of the fund
+4%
FirstServiceFSV
1.3% of the fund
+4%
Jacobs SolutionsJ
0.9% of the fund
+36%
VisaV
0.9% of the fund
+10%
Thermo Fisher ScientificTMO
0.8% of the fund
+16%
American TowerAMT
0.8% of the fund
+14%
Colliers International GroupCIGI
0.7% of the fund
+4%
Home DepotHD
0.5% of the fund
+20%
Boyd Group ServicesBGSI
0.5% of the fund
+42%
Walt DisneyDIS
0.5% of the fund
+46%
Gildan ActivewearGIL
0.4% of the fund
+15%
Tractor SupplyTSCO
0.4% of the fund
+128%
ShellSHEL
0.4% of the fund
+54%
American Healthcare REITAHR
0.3% of the fund
+56%

Cut

Sold some of their stake.

Royal Bank of CanadaRY
9.2% of the fund
-22%
Toronto Dominion BankTD
8.9% of the fund
-24%
TC EnergyTRP
5.6% of the fund
-21%
Bank of Nova ScotiaBNS
5.6% of the fund
-21%
Canadian National RailwayCNI
5.4% of the fund
-20%
BCEBCE
4.3% of the fund
-22%
Restaurant Brands InternationalQSR
3.6% of the fund
-21%
Canadian Imperial Bank of Commerce /canCM
3.5% of the fund
-25%
Canadian Natural ResourcesCNQ
3.1% of the fund
-20%
Suncor EnergySU
3.1% of the fund
-20%
TelusTU
2.9% of the fund
-7%
NutrienNTR
2.8% of the fund
-26%
Manulife FinancialMFC
2.7% of the fund
-30%
BrookfieldBN
2.6% of the fund
-36%
Magna InternationalMGA
2.4% of the fund
-32%
Brookfield Renewable EnergyBEP
2.0% of the fund
-26%
Cisco SystemsCSCO
0.8% of the fund
-52%
DiageoDEO
0.8% of the fund
-17%
PfizerPFE
0.7% of the fund
-25%
ING Groep NVING
0.6% of the fund
-4%
CitigroupC
0.5% of the fund
-13%
Verizon CommunicationsVZ
0.5% of the fund
-42%
Rogers CommunicationsRCI
0.3% of the fund
-3%
Brookfield Asset ManagementBAM
0.3% of the fund
-38%
SAP SESAP
0.2% of the fund
-49%

Sold out

Sold their entire stake.

Pembina PipelinePBA
-100%
Granite Real Estate Invt TRGRTUF
-100%
TotalEnergies SETTE
-100%
Sun CommunitiesSUI
-100%

Holdings

Royal Bank of CanadaRY
Share
9.2%
Value
$94m
Shares
319,503
-22%
Toronto Dominion BankTD
Share
8.9%
Value
$91m
Shares
526,877
-24%
TC EnergyTRP
Share
5.6%
Value
$57m
Shares
605,977
-21%
Bank of Nova ScotiaBNS
Share
5.6%
Value
$57m
Shares
458,826
-21%
Canadian National RailwayCNI
Share
5.4%
Value
$55m
Shares
324,110
-20%
BCEBCE
Share
4.3%
Value
$44m
Shares
1,445,763
-22%
CGIGIB
Share
3.8%
Value
$38m
Shares
417,469
+20%
Restaurant Brands InternationalQSR
Share
3.6%
Value
$37m
Shares
357,508
-21%
Canadian Imperial Bank of Commerce /canCM
Share
3.5%
Value
$36m
Shares
220,139
-25%
Brookfield Infrastructure PABIP
Share
3.4%
Value
$34m
Shares
662,686
+4%
Canadian Natural ResourcesCNQ
Share
3.1%
Value
$31m
Shares
557,895
-20%
Suncor EnergySU
Share
3.1%
Value
$31m
Shares
408,759
-20%
TelusTU
Share
2.9%
Value
$29m
Shares
1,951,523
-7%
NutrienNTR
Share
2.8%
Value
$29m
Shares
320,313
-26%
Manulife FinancialMFC
Share
2.7%
Value
$28m
Shares
479,103
-30%
BrookfieldBN
Share
2.6%
Value
$27m
Shares
439,774
-36%
Magna InternationalMGA
Share
2.4%
Value
$25m
Shares
266,320
-32%
Brookfield Renewable EnergyBEP
Share
2.0%
Value
$21m
Shares
422,025
-26%
FirstServiceFSV
Share
1.3%
Value
$14m
Shares
66,993
+4%
AlphabetGOOGL
Share
1.2%
Value
$12m
Shares
33,228
Held
UnitedHealth GroupUNH
Share
0.9%
Value
$9m
Shares
22,589
Held
Jacobs SolutionsJ
Share
0.9%
Value
$9m
Shares
72,023
+36%
VisaV
Share
0.9%
Value
$9m
Shares
25,560
+10%
Thermo Fisher ScientificTMO
Share
0.8%
Value
$8m
Shares
16,787
+16%
US BancorpUSB
Share
0.8%
Value
$8m
Shares
139,095
Held
MicrosoftMSFT
Share
0.8%
Value
$8m
Shares
22,093
Held
Cisco SystemsCSCO
Share
0.8%
Value
$8m
Shares
69,320
-52%
American TowerAMT
Share
0.8%
Value
$8m
Shares
47,493
+14%
DiageoDEO
Share
0.8%
Value
$8m
Shares
95,951
-17%
Bank of AmericaBAC
Share
0.7%
Value
$8m
Shares
133,646
Held
Colliers International GroupCIGI
Share
0.7%
Value
$7m
Shares
54,765
+4%
PfizerPFE
Share
0.7%
Value
$7m
Shares
302,092
-25%
ING Groep NVING
Share
0.6%
Value
$7m
Shares
209,457
-4%
JPMorgan ChaseJPM
Share
0.6%
Value
$6m
Shares
18,711
Held
RMR GroupRMR
Share
0.6%
Value
$6m
Shares
290,000
Held
Morgan StanleyMS
Share
0.6%
Value
$6m
Shares
27,805
Held
Home DepotHD
Share
0.5%
Value
$6m
Shares
15,878
+20%
Boyd Group ServicesBGSI
Share
0.5%
Value
$6m
Shares
41,310
+42%
CitigroupC
Share
0.5%
Value
$5m
Shares
36,613
-13%
EOG ResourcesEOG
Share
0.5%
Value
$5m
Shares
39,024
Held
Costco WholesaleCOST
Share
0.5%
Value
$5m
Shares
5,345
Held
Walt DisneyDIS
Share
0.5%
Value
$5m
Shares
51,540
+46%
WalmartWMT
Share
0.5%
Value
$5m
Shares
43,169
Held
Verizon CommunicationsVZ
Share
0.5%
Value
$5m
Shares
108,554
-42%
Federal Realty Investment TrustFRT
Share
0.4%
Value
$5m
Shares
36,888
Held
Gildan ActivewearGIL
Share
0.4%
Value
$4m
Shares
59,218
+15%
EquinixEQIX
Share
0.4%
Value
$4m
Shares
3,971
Held
Terreno RealtyTRNO
Share
0.4%
Value
$4m
Shares
63,499
Held
WelltowerWELL
Share
0.4%
Value
$4m
Shares
17,970
Held
Tractor SupplyTSCO
Share
0.4%
Value
$4m
Shares
128,430
+128%
ShellSHEL
Share
0.4%
Value
$4m
Shares
50,952
+54%
GentexGNTX
Share
0.3%
Value
$4m
Shares
139,650
Held
Rogers CommunicationsRCI
Share
0.3%
Value
$3m
Shares
74,117
-3%
Descartes Systems GroupDSGX
Share
0.3%
Value
$3m
Shares
34,114
New
Sanofi SA
Share
0.3%
Value
$3m
Shares
77,164
Held
TJX CompaniesTJX
Share
0.3%
Value
$3m
Shares
21,189
Held
GSKGSK
Share
0.3%
Value
$3m
Shares
57,400
Held
American Healthcare REITAHR
Share
0.3%
Value
$3m
Shares
54,797
+56%
Brookfield Asset ManagementBAM
Share
0.3%
Value
$3m
Shares
43,179
-38%
SAP SESAP
Share
0.2%
Value
$2m
Shares
15,362
-49%
Johnson & JohnsonJNJ
Share
0.2%
Value
$2m
Shares
9,263
Held
Avalonbay CommunitiesAVB
Share
0.2%
Value
$2m
Shares
11,699
Held
Extra Space StorageEXR
Share
0.2%
Value
$2m
Shares
12,429
Held
MID America Apartment CommunitiesMAA
Share
0.1%
Value
$1m
Shares
10,722
New
Simon Property GroupSPG
Share
0.1%
Value
$1m
Shares
6,537
-33%
BXPBXP
Share
<0.1%
Value
$784,000
Shares
11,822
-2%
CorningGLW
Share
<0.1%
Value
$153,000
Shares
599
-98%
Brookfield RenewableBEPC
Share
<0.1%
Value
$66,000
Shares
1,257
Held

Company	Share of fund	Value	Shares	Change
Royal Bank of CanadaRY	9.2%	$94m	319,503	-22%
Toronto Dominion BankTD	8.9%	$91m	526,877	-24%
TC EnergyTRP	5.6%	$57m	605,977	-21%
Bank of Nova ScotiaBNS	5.6%	$57m	458,826	-21%
Canadian National RailwayCNI	5.4%	$55m	324,110	-20%
BCEBCE	4.3%	$44m	1,445,763	-22%
CGIGIB	3.8%	$38m	417,469	+20%
Restaurant Brands InternationalQSR	3.6%	$37m	357,508	-21%
Canadian Imperial Bank of Commerce /canCM	3.5%	$36m	220,139	-25%
Brookfield Infrastructure PABIP	3.4%	$34m	662,686	+4%
Canadian Natural ResourcesCNQ	3.1%	$31m	557,895	-20%
Suncor EnergySU	3.1%	$31m	408,759	-20%
TelusTU	2.9%	$29m	1,951,523	-7%
NutrienNTR	2.8%	$29m	320,313	-26%
Manulife FinancialMFC	2.7%	$28m	479,103	-30%
BrookfieldBN	2.6%	$27m	439,774	-36%
Magna InternationalMGA	2.4%	$25m	266,320	-32%
Brookfield Renewable EnergyBEP	2.0%	$21m	422,025	-26%
FirstServiceFSV	1.3%	$14m	66,993	+4%
AlphabetGOOGL	1.2%	$12m	33,228	Held
UnitedHealth GroupUNH	0.9%	$9m	22,589	Held
Jacobs SolutionsJ	0.9%	$9m	72,023	+36%
VisaV	0.9%	$9m	25,560	+10%
Thermo Fisher ScientificTMO	0.8%	$8m	16,787	+16%
US BancorpUSB	0.8%	$8m	139,095	Held
MicrosoftMSFT	0.8%	$8m	22,093	Held
Cisco SystemsCSCO	0.8%	$8m	69,320	-52%
American TowerAMT	0.8%	$8m	47,493	+14%
DiageoDEO	0.8%	$8m	95,951	-17%
Bank of AmericaBAC	0.7%	$8m	133,646	Held
Colliers International GroupCIGI	0.7%	$7m	54,765	+4%
PfizerPFE	0.7%	$7m	302,092	-25%
ING Groep NVING	0.6%	$7m	209,457	-4%
JPMorgan ChaseJPM	0.6%	$6m	18,711	Held
RMR GroupRMR	0.6%	$6m	290,000	Held
Morgan StanleyMS	0.6%	$6m	27,805	Held
Home DepotHD	0.5%	$6m	15,878	+20%
Boyd Group ServicesBGSI	0.5%	$6m	41,310	+42%
CitigroupC	0.5%	$5m	36,613	-13%
EOG ResourcesEOG	0.5%	$5m	39,024	Held
Costco WholesaleCOST	0.5%	$5m	5,345	Held
Walt DisneyDIS	0.5%	$5m	51,540	+46%
WalmartWMT	0.5%	$5m	43,169	Held
Verizon CommunicationsVZ	0.5%	$5m	108,554	-42%
Federal Realty Investment TrustFRT	0.4%	$5m	36,888	Held
Gildan ActivewearGIL	0.4%	$4m	59,218	+15%
EquinixEQIX	0.4%	$4m	3,971	Held
Terreno RealtyTRNO	0.4%	$4m	63,499	Held
WelltowerWELL	0.4%	$4m	17,970	Held
Tractor SupplyTSCO	0.4%	$4m	128,430	+128%
ShellSHEL	0.4%	$4m	50,952	+54%
GentexGNTX	0.3%	$4m	139,650	Held
Rogers CommunicationsRCI	0.3%	$3m	74,117	-3%
Descartes Systems GroupDSGX	0.3%	$3m	34,114	New
Sanofi SA	0.3%	$3m	77,164	Held
TJX CompaniesTJX	0.3%	$3m	21,189	Held
GSKGSK	0.3%	$3m	57,400	Held
American Healthcare REITAHR	0.3%	$3m	54,797	+56%
Brookfield Asset ManagementBAM	0.3%	$3m	43,179	-38%
SAP SESAP	0.2%	$2m	15,362	-49%
Johnson & JohnsonJNJ	0.2%	$2m	9,263	Held
Avalonbay CommunitiesAVB	0.2%	$2m	11,699	Held
Extra Space StorageEXR	0.2%	$2m	12,429	Held
MID America Apartment CommunitiesMAA	0.1%	$1m	10,722	New
Simon Property GroupSPG	0.1%	$1m	6,537	-33%
BXPBXP	<0.1%	$784,000	11,822	-2%
CorningGLW	<0.1%	$153,000	599	-98%
Brookfield RenewableBEPC	<0.1%	$66,000	1,257	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 12.5% since 30 June 2025.

Where the money is

Financial services34.9%

Industrials10.6%

Media & telecom9.6%

Retail & consumer8.6%

Real estate8.1%

Energy6.6%

Utilities5.6%

Materials2.8%

Health care2.7%

Technology2.2%

Everyday goods1.7%

Other6.4%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.