Vault-13

GRANITE REAL ESTATE INVT TR GRTUF

TR UNIT NEW · REIT · CUSIP 387437205

88 institutional holders -9 vs Q2 2025
33,851,66433.9m shares reported held*
$1.8bnreported value*
5 new 29 added 38 reduced 12 sold out net sold ≈ $222.3m (-3.9m 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 ($1.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $53.86. Options: 3 managers hold calls ($2.3m notional), 2 hold puts ($1.1m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 24: 2Q4 24: 91Q1 25: 101Q2 25: 97Q3 25: 8888Q3 24Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q3 20242
Q4 202491
Q1 2025101
Q2 202597
Q3 202588

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 25Q3 25: 34 bought or addedQ3 25: 50 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2024900
Q1 20255435
Q2 20254247
Q3 20253450

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ4 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 1.22Q3 25 calls: $2.3mQ3 25 puts: $1.1mQ3 25P/C 0.48
Numbers
QuarterCallsPutsP/C
Q4 2024$1.3m$7.6m5.72
Q1 2025$1.3m$3.3m2.50
Q2 2025$2.2m$2.7m1.22
Q3 2025$2.3m$1.1m0.48

Biggest buyers

Connor, Clark & Lunn Investment Management Ltd. Added +879,936+879.9k
INTACT INVESTMENT MANAGEMENT INC. Added +265,177+265.2k
TD Asset Management Inc Added +202,334+202.3k
Man Group plc Added +131,489+131.5k
JPMORGAN CHASE & CO New +119,214+119.2k
BANK OF MONTREAL /CAN/ Added +98,394+98.4k
Aviso Financial Inc. Added +79,267+79.3k
GOLDMAN SACHS GROUP INC Added +78,151+78.2k
Russell Investments Group, Ltd. Added +50,073+50.1k
Hillsdale Investment Management Inc. Added +32,100+32.1k

Biggest sellers

ROYAL BANK OF CANADA Reduced -4,187,274-4.2m
1832 Asset Management L.P. Reduced -478,753-478.8k
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Reduced -305,184-305.2k
AGF MANAGEMENT LTD Reduced -239,449-239.4k
CIBC Asset Management Inc Reduced -167,718-167.7k
FIL Ltd Reduced -99,001-99.0k
CIDEL ASSET MANAGEMENT INC Reduced -79,927-79.9k
JANUS HENDERSON GROUP PLC Sold out -63,805-63.8k
TD Waterhouse Canada Inc. Reduced -39,997-40.0k
Legal & General Group Plc Reduced -37,746-37.7k

Biggest calls

SIG North Trading, ULC Reduced $1.4m24.7k shares
TORONTO DOMINION BANK Unchanged $900.0k16.2k shares
BANK OF MONTREAL /CAN/ New $48.1k1.2k shares

Biggest puts

SIG North Trading, ULC Reduced $1.1m19.2k shares
TORONTO DOMINION BANK New $55.6k1.0k 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 Q3 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 Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 4,857,7144.9m $270.8m $270.8m 0.05% Reduced -4.2m -4,187,274
2 1832 Asset Management L.P. 0.45% of their portfolio TORONTO, A6 4,809,8294.8m $268.1m $268.1m 0.45% Reduced -478.8k -478,753
3 BANK OF MONTREAL /CAN/ 0.07% of their portfolio TORONTO, A6 4,063,7114.1m $162.7m $162.7m 0.07% Added +98.4k +98,394
4 CIBC Asset Management Inc 0.47% of their portfolio TORONTO, Z4 2,910,0822.9m $162.8m $162.8m 0.47% Reduced -167.7k -167,718
5 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,856,1912.9m $158.7m $158.7m 0.00% Reduced -37.4k -37,379
6 Connor, Clark & Lunn Investment Management Ltd. 0.37% of their portfolio VANCOUVER, A1 2,137,4832.1m $118.7m $118.7m 0.37% Added +879.9k +879,936
7 MACKENZIE FINANCIAL CORP 0.11% of their portfolio TORONTO ONTARIO, A6 1,668,2391.7m $92.7m $92.7m 0.11% Reduced -24.7k -24,684
8 INTACT INVESTMENT MANAGEMENT INC. 1.90% of their portfolio MONTREAL, A8 1,129,6471.1m $62.8m $62.8m 1.90% Added +265.2k +265,177
9 AGF MANAGEMENT LTD 0.27% of their portfolio TORONTO, A6 1,115,9801.1m $62.0m $62.0m 0.27% Reduced -239.4k -239,449
10 CIBC WORLD MARKET INC. 0.08% of their portfolio TORONTO, A6 664,175664.2k $36.9m $36.9m 0.08% Reduced -3.8k -3,761
11 Man Group plc 0.05% of their portfolio LONDON, X0 443,113443.1k $24.6m $24.6m 0.05% Added +131.5k +131,489
12 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio BOSTON, MA 426,378426.4k $23.7m $23.7m 0.01% Reduced -22.4k -22,446
13 TD Asset Management Inc 0.02% of their portfolio Toronto, A6 413,433413.4k $23.0m $23.0m 0.02% Added +202.3k +202,334
14 FIL Ltd 0.02% of their portfolio HAMILTON, D0 411,002411.0k $22.8m $22.8m 0.02% Reduced -99.0k -99,001
15 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 378,131378.1k $21.1m $21.1m 0.00% Added +78.2k +78,151
16 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 363,873363.9k $20.3m $20.3m 0.01% Reduced -305.2k -305,184
17 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 357,337357.3k $19.9m $19.9m 0.02% Added +21.4k +21,408
18 TD Waterhouse Canada Inc. 0.12% of their portfolio TORONTO, A6 319,750319.8k $17.8m $17.8m 0.12% Reduced -40.0k -39,997
19 Legal & General Group Plc 0.00% of their portfolio London, X0 316,916316.9k $17.6m $17.6m 0.00% Reduced -37.7k -37,746
20 Cardinal Capital Management, Inc. 0.49% of their portfolio WINNIPEG, A2 304,235304.2k $16.9m $16.9m 0.49% Reduced -10.9k -10,950
21 GUARDIAN CAPITAL LP 0.49% of their portfolio TORONTO, A6 271,986272.0k $15.1m $15.1m 0.49% Reduced -2.5k -2,516
22 MONTRUSCO BOLTON INVESTMENTS INC. 0.16% of their portfolio MONTREAL, A8 251,942251.9k $14.0m $14.0m 0.16% Reduced -2.7k -2,674
23 APG Asset Management US Inc. 0.10% of their portfolio New York, NY 250,000250.0k $14.0m $14.0m 0.10% Unchanged
24 Aviso Financial Inc. 0.38% of their portfolio TORONTO, A6 168,512168.5k $9.4m $9.4m 0.38% Added +79.3k +79,267
25 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 166,582166.6k $9.3m $9.3m 0.00% Added +22.3k +22,301
26 SCOTIA CAPITAL INC. 0.04% of their portfolio TORONTO, A6 160,023160.0k $8.9m $8.9m 0.04% Added +6.4k +6,415
27 Clearbridge Investments, LLC 0.01% of their portfolio NEW YORK, NY 145,144145.1k $8.0m $8.0m 0.01% Reduced -1.1k -1,052
28 Cumberland Partners Ltd 0.45% of their portfolio TORONTO, A6 124,410124.4k $6.9m $6.9m 0.45% Added +1.2k +1,200
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 119,214119.2k $6.6m $6.6m 0.00% New
30 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 118,061118.1k $6.5m $6.5m 0.01% Reduced -837 -837
31 CIDEL ASSET MANAGEMENT INC 0.37% of their portfolio TORONTO, A6 117,469117.5k $6.5m $6.5m 0.37% Reduced -79.9k -79,927
32 Federation des caisses Desjardins du Quebec 0.03% of their portfolio LEVIS, A8 116,392116.4k $6.5m $6.5m 0.03% Added +20.1k +20,147
33 UBS Group AG 0.00% of their portfolio ZURICH, V8 115,702115.7k $6.4m $6.4m 0.00% Added +5.5k +5,500
34 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 112,746112.7k $6.3m $6.3m 0.00% Reduced -27.7k -27,668
35 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 0.69% of their portfolio MISSISSAUGA, A6 112,144112.1k $6.2m $6.2m 0.69% Unchanged
36 NICOLA WEALTH MANAGEMENT LTD. 0.45% of their portfolio VANCOUVER, A1 90,50090.5k $5.0m $5.0m 0.45% Unchanged
37 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 87,05987.1k $4.9m $4.9m 0.00% Added +1.0k +1,001
38 Baskin Financial Services Inc. 0.35% of their portfolio TORONTO, A6 85,96986.0k $4.8m $4.8m 0.35% Added +2.3k +2,302
39 Gold Investment Management Ltd. 1.55% of their portfolio EDMONTON, A0 82,85682.9k $4.6m $4.6m 1.55% Reduced -217 -217
40 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 82,55282.6k $4.6m $4.6m 0.01% Added +50.1k +50,073
41 Addenda Capital Inc. 0.18% of their portfolio MONTREAL, A8 78,09978.1k $6.1m $6.1m 0.18% Added +1.2k +1,246
42 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 76,46176.5k $4.2m $4.2m 0.01% Reduced -36.3k -36,300
43 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 71,39671.4k $4.0m $4.0m 0.00% Added +19.4k +19,361
44 Swiss National Bank 0.00% of their portfolio ZURICH, V8 63,50063.5k $3.5m $3.5m 0.00% Unchanged
45 Tacita Capital Inc 1.85% of their portfolio TORONTO, A6 55,10155.1k $3.1m $3.1m 1.85% Unchanged
46 Hillsdale Investment Management Inc. 0.08% of their portfolio Toronto, A6 48,10048.1k $2.7m $2.7m 0.08% Added +32.1k +32,100
47 Genus Capital Management Inc. 0.30% of their portfolio VANCOUVER, A1 47,28547.3k $2.6m $2.6m 0.30% Added +7.6k +7,620
48 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 42,60042.6k $2.4m $2.4m 0.00% Reduced -500 -500
49 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 41,92141.9k $2.3m $2.3m 0.00% Added +13.2k +13,210
50 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 41,00641.0k $2.3m $2.3m 0.00% Reduced -5.4k -5,387
51 Burgundy Asset Management Ltd. 0.02% of their portfolio Toronto, A6 40,74240.7k $2.3m $2.3m 0.02% Unchanged
52 Canoe Financial LP 0.03% of their portfolio CALGARY, A0 39,10039.1k $2.2m $2.2m 0.03% Reduced -210 -210
53 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 38,22938.2k $2.1m $2.1m 0.00% Unchanged
54 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.01% of their portfolio VICTORIA, A1 35,31335.3k $2.0m $2.0m 0.01% Reduced -1.9k -1,856
55 PICTON MAHONEY ASSET MANAGEMENT 0.02% of their portfolio Toronto, A6 29,82229.8k $1.7m $1.7m 0.02% Unchanged
56 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 28,86828.9k $1.6m $1.6m 0.00% Added +2.8k +2,800
57 Huber Capital Management LLC 0.23% of their portfolio EL SEGUNDO, CA 26,34326.3k $1.5m $1.5m 0.23% Unchanged
58 Amundi 0.00% of their portfolio Paris, I0 26,12026.1k $1.5m $1.5m 0.00% Reduced -5.0k -5,012
59 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 24,05424.1k $1.3m $1.3m 0.00% Reduced -8.9k -8,924
60 CAUSEWAY CAPITAL MANAGEMENT LLC 0.02% of their portfolio LOS ANGELES, CA 23,70023.7k $1.3m $1.3m 0.02% New
61 Alberta Investment Management Corp 0.01% of their portfolio EDMONTON, A0 23,50023.5k $1.3m $1.3m 0.01% Reduced -27.5k -27,500
62 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 22,60122.6k $1.3m $1.3m 0.00% Unchanged
63 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 18,63118.6k $1.0m $1.0m 0.00% Added +2.1k +2,073
64 Beverly Hills Private Wealth, LLC 0.18% of their portfolio BEVERLY HILLS, CA 17,96418.0k $1.0m $1.0m 0.18% Added +2.6k +2,641
65 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 17,45717.5k $973.1k $973.1k 0.00% Added +15.8k +15,788
66 UniSuper Management Pty Ltd 0.01% of their portfolio Melbourne, Victoria, C3 17,40017.4k $1.3m $1.3m 0.01% Reduced -500 -500
67 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 15,24615.2k $847.3k $847.3k 0.00% New
68 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 15,03015.0k $835.1k $835.1k 0.00% Added +1.8k +1,764
69 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 14,91014.9k $828.7k $828.7k 0.00% Reduced -1.3k -1,304
70 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 14,84014.8k $824.0k $824.0k 0.00% Added +1.1k +1,076
71 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 12,94712.9k $721.7k $721.7k 0.00% Reduced -8.9k -8,853
72 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 11,59611.6k $644.2k $644.2k 0.00% Added +4.7k +4,734
73 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 11,58411.6k $643.9k $643.9k 0.00% Reduced -55 -55
74 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 9,2599.3k $713.2k $713.2k 0.00% Unchanged
75 Cullen Capital Management, LLC 0.00% of their portfolio New York, NY 8,1908.2k $455.1k $455.1k 0.00% Reduced -4.1k -4,125
76 BANK OF NOVA SCOTIA TRUST CO 0.04% of their portfolio TORONTO, A6 8,1758.2k $455.7k $455.7k 0.04% Reduced -656 -656
77 Weil Company, Inc. 0.10% of their portfolio SAN DIEGO, CA 7,2187.2k $402.3k $402.3k 0.10% Unchanged
78 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 7,2007.2k $400.2k $400.2k 0.00% Reduced -700 -700
79 Northwest & Ethical Investments L.P. 0.01% of their portfolio TORONTO, A6 5,3135.3k $295.3k $295.3k 0.01% Reduced -120 -120
80 ALGERT GLOBAL LLC 0.00% of their portfolio SAN FRANCISCO, CA 3,9013.9k $216.6k $216.6k 0.00% New
81 M&G PLC 0.00% of their portfolio London, X0 3,8713.9k $214.1k $214.1k 0.00% New
82 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,4342.4k $135.7k $135.7k 0.00% Reduced -6.3k -6,329
83 LOUISBOURG INVESTMENTS INC. 0.03% of their portfolio DIEPPE, A3 2,4002.4k $133.3k $133.3k 0.03% Unchanged
84 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,6111.6k $89.5k $89.5k 0.00% Reduced -110 -110
85 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,0001.0k $55.7k $55.7k 0.00% Unchanged
86 BlackRock, Inc. 0.00% of their portfolio New York, NY 481481 $26.8k $26.8k 0.00% Unchanged
87 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 448448 $24.8k $24.8k 0.00% Added +4 +4
88 NATIXIS 0.00% of their portfolio PARIS, I0 170170 $9.4k $9.4k 0.00% Unchanged