MUFG SECURITIES (CANADA), LTD.
Long book
$3.48B
Q1 2026
Positions
43
Top-10 weight
54%
concentration
Last quarter
+6.3%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsMUFG SECURITIES (CANADA), LTD. is a concentrated fundamental stock-picker, running a $3.48B US long book across 43 positions.
The portfolio is concentrated: the top 10 names carry 54% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ROYAL BANK OF CANADA, TORONTO-DOMINION BANK, SHOPIFY INC - CLASS A, TC ENERGY CORP, ENBRIDGE INC.
Over the last 9 quarters its long book ran on average 1.1pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.0%
Q2 2024
+18.7%
Q3 2024
-4.7%
Q4 2024
+0.8%
Q1 2025
+11.6%
Q2 2025
+12.7%
Q3 2025
+6.4%
Q4 2025
+4.1%
Q1 2026
+6.3%
Sector allocation
Financials 33%
Materials 16%
Energy 16%
Utilities 10%
Technology 8%
Industrials 6%
Real estate 4%
Other 3%
Long book by quarter
What does MUFG SECURITIES own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RY ROYAL BANK OF CANADA | Financials | 2.1M | $334.6M | 9.6% | -3.0% |
| TD TORONTO-DOMINION BANK | Financials | 2.5M | $232.1M | 6.7% | -3.6% |
| SHOP SHOPIFY INC - CLASS A | Technology | 1.8M | $215.4M | 6.2% | -2.3% |
| TRP TC ENERGY CORP | Utilities | 3.2M | $202.7M | 5.8% | -40.2% |
| ENB ENBRIDGE INC | Energy | 3.2M | $175.1M | 5.0% | -2.5% |
| AEM AGNICO EAGLE MINES LTD | Materials | 743.2K | $150.6M | 4.3% | -2.9% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 3.1M | $150.4M | 4.3% | -2.7% |
| BMO BANK OF MONTREAL | Financials | 1.0M | $141.6M | 4.1% | -3.3% |
| BN BROOKFIELD CORP | Real estate | 3.3M | $132.2M | 3.8% | -0.6% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 1.4M | $130.3M | 3.7% | -2.6% |
| BNS BANK OF NOVA SCOTIA | Financials | 1.8M | $126.6M | 3.6% | -2.9% |
| SU SUNCOR ENERGY INC | Energy | 1.8M | $116.5M | 3.4% | -3.5% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 1.3M | $104.6M | 3.0% | -2.9% |
| B BARRICK MINING CORP | Materials | 2.5M | $101.4M | 2.9% | -3.3% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 673.5K | $88.2M | 2.5% | -2.6% |
| MFC MANULIFE FINANCIAL CORP | Financials | 2.5M | $85.5M | 2.5% | -3.1% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 809.4K | $83.2M | 2.4% | -3.0% |
| FNV FRANCO-NEVADA CORP | Materials | 286.0K | $70.7M | 2.0% | -2.6% |
| CCJ CAMECO CORP | Materials | 646.0K | $70.1M | 2.0% | -2.6% |
| WCN WASTE CONNECTIONS INC | Utilities | 379.3K | $61.5M | 1.8% | -2.6% |
| KGC KINROSS GOLD CORP | Materials | 1.8M | $54.3M | 1.6% | -3.2% |
| NTR NUTRIEN LTD | Other | 714.1K | $53.8M | 1.5% | -3.0% |
| CVE CENOVUS ENERGY INC | Energy | 2.0M | $53.2M | 1.5% | -4.1% |
| SLF SUN LIFE FINANCIAL INC | Financials | 821.6K | $51.4M | 1.5% | -3.2% |
| CLS CELESTICA INC | Technology | 170.4K | $48.0M | 1.4% | -2.7% |
| FTS FORTIS INC | Utilities | 752.5K | $41.9M | 1.2% | -2.2% |
| PBA PEMBINA PIPELINE CORP | Energy | 861.9K | $38.5M | 1.1% | -2.6% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 513.7K | $37.9M | 1.1% | +2.9% |
| BCE BCE INC | Communications | 1.4M | $34.8M | 1.0% | -2.6% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 664.1K | $34.4M | 1.0% | -2.4% |
| IMO IMPERIAL OIL LTD | Energy | 222.4K | $29.1M | 0.8% | -5.2% |
| TU TELUS CORP | Communications | 2.1M | $27.5M | 0.8% | -6.5% |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 558.8K | $24.8M | 0.7% | -2.6% |
| EMA EMERA INC | Utilities | 447.6K | $23.2M | 0.7% | -2.2% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 572.8K | $22.0M | 0.6% | -2.6% |
| MGA MAGNA INTERNATIONAL INC | Industrials | 388.8K | $21.7M | 0.6% | -3.6% |
| GIB CGI INC | Services media | 282.8K | $20.6M | 0.6% | -4.8% |
| TRI4EUR THOMSON REUTERS CORP | — | 198.0K | $17.8M | 0.5% | -2.9% |
| GIL GILDAN ACTIVEWEAR INC | Other | 274.7K | $15.3M | 0.4% | -2.6% |
| CAE CAE INC | Technology | 477.3K | $12.4M | 0.4% | -2.5% |
| FSV FIRSTSERVICE CORP | Real estate | 61.0K | $8.5M | 0.2% | -2.6% |
| OTEX OPEN TEXT CORP | Technology | 371.7K | $8.3M | 0.2% | -3.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 43 | $3.48B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 43 | $3.60B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 43 | $3.58B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 43 | $3.29B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 42 | $2.87B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 42 | $2.77B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 42 | $2.24B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 43 | $1.52B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 42 | $790.7M | canonical | SEC ↗ |
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