Vault-13

GRANITE REAL ESTATE INVT TR GRTUF

TR UNIT NEW · REIT · CUSIP 387437205

93 institutional holders +5 vs Q3 2025
34,284,71034.3m shares reported held*
$2.1bnreported value*
8 new 37 added 36 reduced 4 sold out net sold ≈ $11.2m (-416.7k 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 ($6.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $59.88. Options: 3 managers hold calls ($2.4m notional), 0 hold puts (—).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 24: 2Q4 24: 91Q1 25: 101Q2 25: 97Q3 25: 88Q4 25: 9393Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 20242
Q4 202491
Q1 2025101
Q2 202597
Q3 202588
Q4 202593

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 25Q4 25: 45 bought or addedQ4 25: 40 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 2024900
Q1 20255435
Q2 20254247
Q3 20253450
Q4 20254540

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ1 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 0.48Q4 25 calls: $2.4mQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$1.3m$3.3m2.50
Q2 2025$2.2m$2.7m1.22
Q3 2025$2.3m$1.1m0.48
Q4 2025$2.4m$00.00

Biggest buyers

ROYAL BANK OF CANADA Added +190,834+190.8k
Connor, Clark & Lunn Investment Management Ltd. Added +155,754+155.8k
NATIONAL BANK OF CANADA /FI/ Added +107,072+107.1k
TORONTO DOMINION BANK Added +72,957+73.0k
INTACT INVESTMENT MANAGEMENT INC. Added +64,500+64.5k
TWO SIGMA INVESTMENTS, LP New +56,337+56.3k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +56,337+56.3k
Man Group plc Added +56,184+56.2k
MORGAN STANLEY Added +51,673+51.7k
Russell Investments Group, Ltd. Added +51,483+51.5k

Biggest sellers

AGF MANAGEMENT LTD Reduced -330,833-330.8k
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Reduced -249,308-249.3k
BANK OF MONTREAL /CAN/ Reduced -199,076-199.1k
GOLDMAN SACHS GROUP INC Reduced -155,977-156.0k
UBS Group AG Reduced -110,200-110.2k
NICOLA WEALTH MANAGEMENT LTD. Sold out -90,500-90.5k
HSBC HOLDINGS PLC Sold out -71,396-71.4k
MACKENZIE FINANCIAL CORP Reduced -53,100-53.1k
JPMORGAN CHASE & CO Reduced -44,722-44.7k
FIL Ltd Reduced -42,120-42.1k

Biggest calls

SIG North Trading, ULC Reduced $1.2m20.5k shares
TORONTO DOMINION BANK Added $1.2m19.5k shares
BANK OF MONTREAL /CAN/ Reduced $29.8k500 shares

Biggest puts

None

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 Q4 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 Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 5,048,5485.0m $298.8m $298.8m 0.05% Added +190.8k +190,834
2 1832 Asset Management L.P. 0.36% of their portfolio TORONTO, A6 4,774,1894.8m $282.6m $282.6m 0.36% Reduced -35.6k -35,640
3 BANK OF MONTREAL /CAN/ 0.09% of their portfolio TORONTO, A6 3,864,6353.9m $230.1m $230.1m 0.09% Reduced -199.1k -199,076
4 CIBC Asset Management Inc 0.42% of their portfolio TORONTO, Z4 2,878,2262.9m $173.0m $173.0m 0.42% Reduced -31.9k -31,856
5 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,873,2272.9m $171.0m $171.0m 0.00% Added +17.0k +17,036
6 Connor, Clark & Lunn Investment Management Ltd. 0.36% of their portfolio VANCOUVER, A1 2,293,2372.3m $136.5m $136.5m 0.36% Added +155.8k +155,754
7 MACKENZIE FINANCIAL CORP 0.11% of their portfolio TORONTO ONTARIO, A6 1,615,1391.6m $96.2m $96.2m 0.11% Reduced -53.1k -53,100
8 INTACT INVESTMENT MANAGEMENT INC. 2.04% of their portfolio MONTREAL, A8 1,194,1471.2m $71.1m $71.1m 2.04% Added +64.5k +64,500
9 NORGES BANK 0.01% of their portfolio OSLO, Q8 798,627798.6k $47.5m $47.5m 0.01% Not comparable
10 AGF MANAGEMENT LTD 0.20% of their portfolio TORONTO, A6 785,147785.1k $46.7m $46.7m 0.20% Reduced -330.8k -330,833
11 CIBC WORLD MARKET INC. 0.07% of their portfolio TORONTO, A6 648,415648.4k $38.6m $38.6m 0.07% Reduced -15.8k -15,760
12 Man Group plc 0.06% of their portfolio LONDON, X0 499,297499.3k $29.8m $29.8m 0.06% Added +56.2k +56,184
13 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio BOSTON, MA 482,715482.7k $28.6m $28.6m 0.02% Added +56.3k +56,337
14 TD Asset Management Inc 0.02% of their portfolio Toronto, A6 463,531463.5k $27.6m $27.6m 0.02% Added +50.1k +50,098
15 FIL Ltd 0.02% of their portfolio HAMILTON, D0 368,882368.9k $22.0m $22.0m 0.02% Reduced -42.1k -42,120
16 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 363,291363.3k $21.7m $21.7m 0.02% Added +6.0k +5,954
17 Legal & General Group Plc 0.00% of their portfolio London, X0 362,472362.5k $21.6m $21.6m 0.00% Added +45.6k +45,556
18 Cardinal Capital Management, Inc. 0.51% of their portfolio WINNIPEG, A2 280,215280.2k $22.9m $22.9m 0.51% Reduced -24.0k -24,020
19 TD Waterhouse Canada Inc. 0.10% of their portfolio TORONTO, A6 280,012280.0k $16.6m $16.6m 0.10% Reduced -39.7k -39,738
20 GUARDIAN CAPITAL LP 0.48% of their portfolio TORONTO, A6 269,961270.0k $16.1m $16.1m 0.48% Reduced -2.0k -2,025
21 APG Asset Management US Inc. 0.12% of their portfolio New York, NY 250,000250.0k $14.9m $14.9m 0.12% Unchanged
22 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 225,133225.1k $13.3m $13.3m 0.01% Added +107.1k +107,072
23 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 222,154222.2k $13.1m $13.1m 0.00% Reduced -156.0k -155,977
24 MONTRUSCO BOLTON INVESTMENTS INC. 0.16% of their portfolio MONTREAL, A8 210,254210.3k $12.5m $12.5m 0.16% Reduced -41.7k -41,688
25 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 180,092180.1k $10.7m $10.7m 0.00% Added +13.5k +13,510
26 SCOTIA CAPITAL INC. 0.04% of their portfolio TORONTO, A6 166,659166.7k $9.9m $9.9m 0.04% Added +6.6k +6,636
27 Aviso Financial Inc. 0.38% of their portfolio TORONTO, A6 166,131166.1k $9.9m $9.9m 0.38% Reduced -2.4k -2,381
28 Purpose Unlimited Inc. 0.45% of their portfolio TORONTO, A6 165,165165.2k $9.8m $9.8m 0.45% First filing
29 Clearbridge Investments, LLC 0.01% of their portfolio NEW YORK, NY 139,866139.9k $11.4m $11.4m 0.01% Reduced -5.3k -5,278
30 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 134,035134.0k $8.0m $8.0m 0.01% Added +51.5k +51,483
31 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 127,514127.5k $7.5m $7.5m 0.00% Added +40.5k +40,455
32 Cumberland Partners Ltd 0.46% of their portfolio TORONTO, A6 126,910126.9k $7.6m $7.6m 0.46% Added +2.5k +2,500
33 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 116,697116.7k $6.9m $6.9m 0.00% Added +4.0k +3,951
34 CIDEL ASSET MANAGEMENT INC 0.49% of their portfolio TORONTO, A6 115,424115.4k $6.9m $6.9m 0.49% Reduced -2.0k -2,045
35 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.00% of their portfolio Boston, MA 114,565114.6k $6.8m $6.8m 0.00% Reduced -249.3k -249,308
36 Federation des caisses Desjardins du Quebec 0.03% of their portfolio LEVIS, A8 114,442114.4k $6.8m $6.8m 0.03% Reduced -1.9k -1,950
37 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 0.78% of their portfolio MISSISSAUGA, A6 112,144112.1k $9.2m $9.2m 0.78% Unchanged
38 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 97,01197.0k $5.8m $5.8m 0.01% Added +73.0k +72,957
39 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 92,67992.7k $5.5m $5.5m 0.00% Added +51.7k +51,673
40 Baskin Financial Services Inc. 0.38% of their portfolio TORONTO, A6 83,93283.9k $5.0m $5.0m 0.38% Reduced -2.0k -2,037
41 Gold Investment Management Ltd. 1.58% of their portfolio EDMONTON, A0 83,12783.1k $4.9m $4.9m 1.58% Added +271 +271
42 Addenda Capital Inc. 0.18% of their portfolio MONTREAL, A8 75,52975.5k $6.2m $6.2m 0.18% Reduced -2.6k -2,570
43 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 74,49274.5k $4.4m $4.4m 0.00% Reduced -44.7k -44,722
44 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 70,46170.5k $4.2m $4.2m 0.01% Reduced -6.0k -6,000
45 Swiss National Bank 0.00% of their portfolio ZURICH, V8 63,50063.5k $3.8m $3.8m 0.00% Unchanged
46 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 61,44261.4k $3.7m $3.7m 0.00% Added +38.8k +38,841
47 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 56,33756.3k $3.3m $3.3m 0.00% New
48 Tacita Capital Inc 1.90% of their portfolio TORONTO, A6 55,10155.1k $3.3m $3.3m 1.90% Unchanged
49 Hillsdale Investment Management Inc. 0.08% of their portfolio Toronto, A6 48,58048.6k $2.9m $2.9m 0.08% Added +480 +480
50 Genus Capital Management Inc. 0.34% of their portfolio VANCOUVER, A1 48,52548.5k $2.9m $2.9m 0.34% Added +1.2k +1,240
51 Canoe Financial LP 0.04% of their portfolio CALGARY, A0 44,25644.3k $2.6m $2.6m 0.04% Added +5.2k +5,156
52 Anson Funds Management LP 0.31% of their portfolio DALLAS, TX 38,20038.2k $2.3m $2.3m 0.31% New
53 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 32,20032.2k $1.9m $1.9m 0.00% Reduced -10.4k -10,400
54 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.01% of their portfolio VICTORIA, A1 32,19132.2k $1.9m $1.9m 0.01% Reduced -3.1k -3,122
55 Alberta Investment Management Corp 0.01% of their portfolio EDMONTON, A0 31,70031.7k $1.9m $1.9m 0.01% Added +8.2k +8,200
56 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 30,44130.4k $1.8m $1.8m 0.00% Added +15.2k +15,195
57 PICTON MAHONEY ASSET MANAGEMENT 0.02% of their portfolio Toronto, A6 29,49329.5k $1.8m $1.8m 0.02% Reduced -329 -329
58 Huber Capital Management LLC 0.23% of their portfolio EL SEGUNDO, CA 26,34326.3k $1.6m $1.6m 0.23% Unchanged
59 Amundi 0.00% of their portfolio Paris, I0 26,19426.2k $1.6m $1.6m 0.00% Added +74 +74
60 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 23,86423.9k $1.4m $1.4m 0.00% New
61 CAUSEWAY CAPITAL MANAGEMENT LLC 0.02% of their portfolio LOS ANGELES, CA 23,70023.7k $1.4m $1.4m 0.02% Unchanged
62 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 23,31923.3k $1.4m $1.4m 0.00% Added +4.7k +4,688
63 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 21,26821.3k $1.3m $1.3m 0.00% Reduced -7.6k -7,600
64 Beverly Hills Private Wealth, LLC 0.21% of their portfolio BEVERLY HILLS, CA 20,92420.9k $1.2m $1.2m 0.21% Added +3.0k +2,960
65 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 18,05018.1k $1.1m $1.1m 0.00% Reduced -23.9k -23,871
66 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 17,90017.9k $1.1m $1.1m 0.00% Reduced -20.3k -20,329
67 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 17,87617.9k $1.1m $1.1m 0.00% Added +2.8k +2,846
68 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 16,29816.3k $970.0k $970.0k 0.00% Added +1.5k +1,458
69 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 15,47715.5k $922.6k $922.6k 0.00% Added +567 +567
70 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 13,42913.4k $794.9k $794.9k 0.00% Added +482 +482
71 UniSuper Management Pty Ltd 0.01% of their portfolio Melbourne, Victoria, C3 12,40012.4k $1.0m $1.0m 0.01% Reduced -5.0k -5,000
72 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,38012.4k $732.8k $732.8k 0.00% Reduced -5.1k -5,077
73 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 11,91811.9k $709.5k $709.5k 0.00% Added +322 +322
74 FMR LLC 0.00% of their portfolio BOSTON, MA 10,91510.9k $649.8k $649.8k 0.00% New
75 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 10,89610.9k $649.5k $649.5k 0.00% Reduced -688 -688
76 Versor Investments LP 0.08% of their portfolio New York, NY 8,8398.8k $526.2k $526.2k 0.08% New
77 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 8,4258.4k $685.5k $685.5k 0.00% Reduced -834 -834
78 Cullen Capital Management, LLC 0.01% of their portfolio New York, NY 8,1908.2k $488.6k $488.6k 0.01% Unchanged
79 BANK OF NOVA SCOTIA TRUST CO 0.04% of their portfolio TORONTO, A6 7,9638.0k $471.3k $471.3k 0.04% Reduced -212 -212
80 Investment Management Corp of Ontario 0.01% of their portfolio Toronto, Z4 7,4127.4k $438.7k $438.7k 0.01% New
81 Northwest & Ethical Investments L.P. 0.01% of their portfolio TORONTO, A6 7,2937.3k $434.2k $434.2k 0.01% Added +2.0k +1,980
82 Weil Company, Inc. 0.10% of their portfolio SAN DIEGO, CA 7,2187.2k $427.3k $427.3k 0.10% Unchanged
83 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 6,7006.7k $399.4k $399.4k 0.00% Reduced -500 -500
84 UBS Group AG 0.00% of their portfolio ZURICH, V8 5,5025.5k $325.7k $325.7k 0.00% Reduced -110.2k -110,200
85 ALGERT GLOBAL LLC 0.00% of their portfolio SAN FRANCISCO, CA 4,2634.3k $254.0k $254.0k 0.00% Added +362 +362
86 Public Sector Pension Investment Board 0.00% of their portfolio MONTREAL, A8 3,5293.5k $210.1k $210.1k 0.00% New
87 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,5182.5k $149.0k $149.0k 0.00% Added +84 +84
88 LOUISBOURG INVESTMENTS INC. 0.03% of their portfolio DIEPPE, A3 2,4002.4k $143.1k $143.1k 0.03% Unchanged
89 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,0001.0k $59.2k $59.2k 0.00% Unchanged
90 BlackRock, Inc. 0.00% of their portfolio New York, NY 456456 $27.0k $27.0k 0.00% Reduced -25 -25
91 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 452452 $26.8k $26.8k 0.00% Added +4 +4
92 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 371371 $22.1k $22.1k 0.00% Reduced -1.2k -1,240
93 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 77 $414 $414 0.00% New