Vault-13

GRANITE REAL ESTATE INVT TR GRTUF

TR UNIT NEW · REIT · CUSIP 387437205

97 institutional holders -4 vs Q1 2025
38,546,71738.5m shares reported held*
$2.0bnreported value*
4 new 38 added 39 reduced 8 sold out net bought ≈ $173.5m (+3.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.84. Options: 3 managers hold calls ($2.2m notional), 3 hold puts ($2.7m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 24: 2Q4 24: 91Q1 25: 101Q2 25: 9797Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 20242
Q4 202491
Q1 2025101
Q2 202597

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q4 24: 90 bought or addedQ4 24: 0 cut or sold outQ4 24Q1 25: 54 bought or addedQ1 25: 35 cut or sold outQ1 25Q2 25: 42 bought or addedQ2 25: 47 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 2024900
Q1 20255435
Q2 20254247

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2m$4m$6m$8mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $1.3mQ4 24 puts: $7.6mQ4 24P/C 5.72Q1 25 calls: $1.3mQ1 25 puts: $3.3mQ1 25P/C 2.50Q2 25 calls: $2.2mQ2 25 puts: $2.7mQ2 25P/C 1.22
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$1.3m$7.6m5.72
Q1 2025$1.3m$3.3m2.50
Q2 2025$2.2m$2.7m1.22

Biggest buyers

ROYAL BANK OF CANADA Added +4,633,908+4.6m
BANK OF MONTREAL /CAN/ Added +258,626+258.6k
1832 Asset Management L.P. Added +196,443+196.4k
UBS Group AG Added +93,976+94.0k
CIBC WORLD MARKET INC. Added +87,413+87.4k
INTACT INVESTMENT MANAGEMENT INC. Added +76,360+76.4k
PICTON MAHONEY ASSET MANAGEMENT New +29,822+29.8k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +27,754+27.8k
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Added +24,225+24.2k
Man Group plc Added +24,135+24.1k

Biggest sellers

CIBC Asset Management Inc Reduced -581,233-581.2k
FIL Ltd Reduced -449,288-449.3k
AGF MANAGEMENT LTD Reduced -257,409-257.4k
Balyasny Asset Management L.P. Sold out -152,308-152.3k
Anson Funds Management LP Sold out -104,054-104.1k
Forge First Asset Management Inc. Sold out -95,800-95.8k
ACADIAN ASSET MANAGEMENT LLC Reduced -94,598-94.6k
TD Waterhouse Canada Inc. Reduced -78,665-78.7k
TD Asset Management Inc Reduced -49,784-49.8k
MORGAN STANLEY Reduced -48,131-48.1k

Biggest calls

SIG North Trading, ULC Reduced $1.4m27.4k shares
TORONTO DOMINION BANK New $823.5k16.2k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SIG North Trading, ULC Reduced $1.4m28.3k shares
CIBC WORLD MARKET INC. New $1.3m25.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BANK OF MONTREAL /CAN/ 13G · institution filed 2025-08-06 7.2% 4.5m 2025-08-06
ROYAL BANK OF CANADA 13G · institution new · filed 2025-12-02 5.5% new 3.3m 2025-12-02

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 9,044,9889.0m $458.5m $458.5m 0.04% Added +4.6m +4,633,908
2 1832 Asset Management L.P. 0.47% of their portfolio TORONTO, A6 5,288,5825.3m $268.1m $268.1m 0.47% Added +196.4k +196,443
3 BANK OF MONTREAL /CAN/ 0.10% of their portfolio TORONTO, A6 3,965,3174.0m $201.6m $201.6m 0.10% Added +258.6k +258,626
4 CIBC Asset Management Inc 0.49% of their portfolio TORONTO, Z4 3,077,8003.1m $157.4m $157.4m 0.49% Reduced -581.2k -581,233
5 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,893,5702.9m $147.0m $147.0m 0.00% Added +22.2k +22,242
6 MACKENZIE FINANCIAL CORP 0.11% of their portfolio TORONTO ONTARIO, A6 1,692,9231.7m $86.1m $86.1m 0.11% Reduced -30.0k -29,976
7 AGF MANAGEMENT LTD 0.31% of their portfolio TORONTO, A6 1,355,4291.4m $68.9m $68.9m 0.31% Reduced -257.4k -257,409
8 Connor, Clark & Lunn Investment Management Ltd. 0.23% of their portfolio VANCOUVER, A1 1,257,5471.3m $63.9m $63.9m 0.23% Reduced -34.3k -34,336
9 INTACT INVESTMENT MANAGEMENT INC. 1.49% of their portfolio MONTREAL, A8 864,470864.5k $43.9m $43.9m 1.49% Added +76.4k +76,360
10 NORGES BANK 0.01% of their portfolio OSLO, Q8 798,627798.6k $40.6m $40.6m 0.01% Unchanged
11 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 669,057669.1k $33.9m $33.9m 0.01% Added +24.2k +24,225
12 CIBC WORLD MARKET INC. 0.08% of their portfolio TORONTO, A6 667,936667.9k $34.0m $34.0m 0.08% Added +87.4k +87,413
13 FIL Ltd 0.02% of their portfolio HAMILTON, D0 510,003510.0k $25.9m $25.9m 0.02% Reduced -449.3k -449,288
14 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio BOSTON, MA 448,824448.8k $22.8m $22.8m 0.02% Added +27.8k +27,754
15 TD Waterhouse Canada Inc. 0.13% of their portfolio TORONTO, A6 359,747359.7k $18.1m $18.1m 0.13% Reduced -78.7k -78,665
16 Legal & General Group Plc 0.00% of their portfolio London, X0 354,662354.7k $18.0m $18.0m 0.00% Reduced -588 -588
17 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 335,929335.9k $17.0m $17.0m 0.02% Reduced -2.1k -2,149
18 Cardinal Capital Management, Inc. 0.50% of their portfolio WINNIPEG, A2 315,185315.2k $16.0m $16.0m 0.50% Reduced -405 -405
19 Man Group plc 0.03% of their portfolio LONDON, X0 311,624311.6k $15.8m $15.8m 0.03% Added +24.1k +24,135
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 299,980300.0k $15.2m $15.2m 0.00% Reduced -31.2k -31,158
21 GUARDIAN CAPITAL LP 0.49% of their portfolio TORONTO, A6 274,502274.5k $13.9m $13.9m 0.49% Added +11.8k +11,753
22 MONTRUSCO BOLTON INVESTMENTS INC. 0.14% of their portfolio MONTREAL, A8 254,616254.6k $12.9m $12.9m 0.14% Reduced -11.5k -11,515
23 APG Asset Management US Inc. 0.09% of their portfolio New York, NY 250,000250.0k $12.7m $12.7m 0.09% Unchanged
24 TD Asset Management Inc 0.01% of their portfolio Toronto, A6 211,099211.1k $10.7m $10.7m 0.01% Reduced -49.8k -49,784
25 CIDEL ASSET MANAGEMENT INC 0.60% of their portfolio TORONTO, A6 197,396197.4k $10.0m $10.0m 0.60% Added +427 +427
26 SCOTIA CAPITAL INC. 0.04% of their portfolio TORONTO, A6 153,608153.6k $7.8m $7.8m 0.04% Added +15.3k +15,302
27 Clearbridge Investments, LLC 0.01% of their portfolio NEW YORK, NY 146,196146.2k $7.4m $7.4m 0.01% Reduced -1.6k -1,604
28 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 144,281144.3k $7.3m $7.3m 0.00% Added +1.8k +1,831
29 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 140,414140.4k $7.1m $7.1m 0.00% Added +22.0k +22,042
30 Cumberland Partners Ltd 0.43% of their portfolio TORONTO, A6 123,210123.2k $6.2m $6.2m 0.43% Added +960 +960
31 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 118,898118.9k $6.0m $6.0m 0.01% Reduced -10.4k -10,418
32 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 112,761112.8k $5.7m $5.7m 0.01% Reduced -94.6k -94,598
33 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 0.63% of their portfolio MISSISSAUGA, A6 112,144112.1k $5.7m $5.7m 0.63% Added +10.8k +10,780
34 UBS Group AG 0.00% of their portfolio ZURICH, V8 110,202110.2k $5.6m $5.6m 0.00% Added +94.0k +93,976
35 Federation des caisses Desjardins du Quebec 0.02% of their portfolio LEVIS, A8 96,24596.2k $4.9m $4.9m 0.02% Added +1.1k +1,053
36 NICOLA WEALTH MANAGEMENT LTD. 0.43% of their portfolio VANCOUVER, A1 90,50090.5k $4.6m $4.6m 0.43% Unchanged
37 Aviso Financial Inc. 0.20% of their portfolio TORONTO, A6 89,24589.2k $4.5m $4.5m 0.20% Added +2.8k +2,798
38 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 86,05886.1k $4.4m $4.4m 0.00% Added +868 +868
39 Baskin Financial Services Inc. 0.32% of their portfolio TORONTO, A6 83,66783.7k $4.2m $4.2m 0.32% Reduced -11.7k -11,673
40 Gold Investment Management Ltd. 1.59% of their portfolio EDMONTON, A0 83,07383.1k $4.2m $4.2m 1.59% Reduced -398 -398
41 Addenda Capital Inc. 0.19% of their portfolio MONTREAL, A8 76,85376.9k $5.3m $5.3m 0.19% Added +690 +690
42 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 63,80563.8k $3.3m $3.3m 0.00% Reduced -17.3k -17,339
43 Swiss National Bank 0.00% of their portfolio ZURICH, V8 63,50063.5k $3.2m $3.2m 0.00% Unchanged
44 Tacita Capital Inc 1.80% of their portfolio TORONTO, A6 55,10155.1k $2.8m $2.8m 1.80% Added +1.7k +1,661
45 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 52,03552.0k $2.6m $2.6m 0.00% Added +4.4k +4,395
46 Alberta Investment Management Corp 0.02% of their portfolio EDMONTON, A0 51,00051.0k $2.6m $2.6m 0.02% Unchanged
47 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 46,39346.4k $2.4m $2.4m 0.00% Reduced -48.1k -48,131
48 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 43,10043.1k $2.2m $2.2m 0.00% Unchanged
49 Burgundy Asset Management Ltd. 0.02% of their portfolio Toronto, A6 40,74240.7k $2.1m $2.1m 0.02% Added +997 +997
50 Genus Capital Management Inc. 0.26% of their portfolio VANCOUVER, A1 39,66539.7k $2.0m $2.0m 0.26% Reduced -35.5k -35,500
51 Canoe Financial LP 0.03% of their portfolio CALGARY, A0 39,31039.3k $2.0m $2.0m 0.03% Reduced -4.3k -4,285
52 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 38,22938.2k $1.9m $1.9m 0.00% Reduced -4.8k -4,790
53 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.01% of their portfolio VICTORIA, A1 37,16937.2k $1.9m $1.9m 0.01% Added +2.1k +2,106
54 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 35,54035.5k $2.5m $2.5m 0.00% Added +14 +14
55 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 32,97833.0k $1.7m $1.7m 0.00% Added +12.5k +12,461
56 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 32,47932.5k $1.6m $1.6m 0.00% Added +14.1k +14,055
57 Amundi 0.00% of their portfolio Paris, I0 31,13231.1k $1.6m $1.6m 0.00% Reduced -6.0k -6,001
58 PICTON MAHONEY ASSET MANAGEMENT 0.02% of their portfolio Toronto, A6 29,82229.8k $1.5m $1.5m 0.02% New
59 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 28,71128.7k $1.5m $1.5m 0.00% Added +23.3k +23,335
60 Huber Capital Management LLC 0.23% of their portfolio EL SEGUNDO, CA 26,34326.3k $1.3m $1.3m 0.23% Reduced -1.9k -1,913
61 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 26,06826.1k $1.3m $1.3m 0.00% Reduced -200 -200
62 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 22,60122.6k $1.1m $1.1m 0.00% Reduced -4.9k -4,879
63 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 21,80021.8k $1.1m $1.1m 0.00% Reduced -430 -430
64 UniSuper Management Pty Ltd 0.01% of their portfolio Melbourne, Victoria, C3 17,90017.9k $1.2m $1.2m 0.01% Unchanged
65 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 16,55816.6k $851.7k $851.7k 0.00% Added +111 +111
66 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 16,21416.2k $822.0k $822.0k 0.00% Reduced -1.3k -1,267
67 Hillsdale Investment Management Inc. 0.03% of their portfolio Toronto, A6 16,00016.0k $813.4k $813.4k 0.03% Added +15.9k +15,910
68 Beverly Hills Private Wealth, LLC 0.15% of their portfolio BEVERLY HILLS, CA 15,32315.3k $776.8k $776.8k 0.15% Added +2.7k +2,700
69 Versor Investments LP 0.12% of their portfolio New York, NY 13,83213.8k $703.2k $703.2k 0.12% Reduced -5.4k -5,368
70 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 13,76413.8k $700.0k $700.0k 0.00% Added +1.2k +1,199
71 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 13,26613.3k $673.9k $673.9k 0.00% Added +57 +57
72 SIG North Trading, ULC 0.14% of their portfolio Bala Cynwyd, PA 12,42312.4k $629.8k $629.8k 0.14% Reduced -9.1k -9,109
73 Cullen Capital Management, LLC 0.01% of their portfolio New York, NY 12,31512.3k $622.7k $622.7k 0.01% Added +4.1k +4,125
74 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 11,63911.6k $590.1k $590.1k 0.00% Reduced -22.3k -22,293
75 Cambria Investment Management, L.P. 0.03% of their portfolio Manhattan Beach, CA 9,8209.8k $498.9k $498.9k 0.03% New
76 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 9,2599.3k $638.2k $638.2k 0.00% Reduced -500 -500
77 BANK OF NOVA SCOTIA TRUST CO 0.04% of their portfolio TORONTO, A6 8,8318.8k $447.7k $447.7k 0.04% Added +107 +107
78 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 8,7648.8k $444.3k $444.3k 0.00% Reduced -900 -900
79 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 8,7638.8k $444.2k $444.2k 0.00% Reduced -28.6k -28,622
80 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 7,9007.9k $400.5k $400.5k 0.00% Reduced -3.3k -3,300
81 Weil Company, Inc. 0.10% of their portfolio SAN DIEGO, CA 7,2187.2k $365.9k $365.9k 0.10% Unchanged
82 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 6,8626.9k $348.8k $348.8k 0.00% Reduced -2.6k -2,580
83 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 6,7696.8k $343.2k $343.2k 0.00% Unchanged
84 Northwest & Ethical Investments L.P. 0.01% of their portfolio TORONTO, A6 5,4335.4k $275.9k $275.9k 0.01% Unchanged
85 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 3,9764.0k $201.9k $201.9k 0.00% New
86 Mitsubishi UFJ Trust & Banking Corp 0.00% of their portfolio TOKYO, M0 2,5002.5k $127.1k $127.1k 0.00% Reduced -600 -600
87 LOUISBOURG INVESTMENTS INC. 0.03% of their portfolio DIEPPE, A3 2,4002.4k $121.7k $121.7k 0.03% Unchanged
88 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,7211.7k $87.3k $87.3k 0.00% Reduced -441 -441
89 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,6691.7k $84.6k $84.6k 0.00% Added +669 +669
90 SHELL ASSET MANAGEMENT CO 0.00% of their portfolio THE HAGUE, P7 1,0971.1k $56.0k $56.0k 0.00% Unchanged
91 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,0001.0k $50.7k $50.7k 0.00% Reduced -691 -691
92 Pacifica Partners Inc. 0.01% of their portfolio SURREY, Z4 590590 $29.8k $29.8k 0.01% Unchanged
93 BlackRock, Inc. 0.00% of their portfolio New York, NY 481481 $24.4k $24.4k 0.00% Unchanged
94 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 444444 $22.6k $22.6k 0.00% Added +4 +4
95 NATIXIS 0.00% of their portfolio PARIS, I0 170170 $8.6k $8.6k 0.00% Unchanged
96 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 103103 $5.2k $5.2k 0.00% New
97 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged