MANULIFE FINL CORP MFC
COM · Common Stock · CUSIP 56501R106 · ISIN CA56501R1064
- SectorFinancials
- IndustryLife Insurance
- FilingsSEC EDGAR
* 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 ($662.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $36.46. Options: 16 managers hold calls ($189.3m notional), 14 hold puts ($734.8m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 499 |
| Q4 2022 | 507 |
| Q1 2023 | 529 |
| Q2 2023 | 538 |
| Q3 2023 | 542 |
| Q4 2023 | 595 |
| Q1 2024 | 633 |
| Q2 2024 | 641 |
| Q3 2024 | 669 |
| Q4 2024 | 705 |
| Q1 2025 | 721 |
| Q2 2025 | 736 |
| Q3 2025 | 707 |
| Q4 2025 | 768 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 278 | 237 |
| Q2 2024 | 262 | 259 |
| Q3 2024 | 268 | 257 |
| Q4 2024 | 257 | 296 |
| Q1 2025 | 309 | 278 |
| Q2 2025 | 338 | 273 |
| Q3 2025 | 290 | 323 |
| Q4 2025 | 329 | 279 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $126.9m | $490.4m | 3.86 |
| Q2 2025 | $183.9m | $510.7m | 2.78 |
| Q3 2025 | $184.4m | $556.3m | 3.02 |
| Q4 2025 | $189.3m | $734.8m | 3.88 |
Biggest buyers
| CIBC WORLD MARKET INC. | Added | +6.9m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +4.7m |
| Man Group plc | Added | +4.1m |
| JANUS HENDERSON GROUP PLC | Added | +3.9m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Added | +3.7m |
| 1832 Asset Management L.P. | Added | +3.2m |
| AQR CAPITAL MANAGEMENT LLC | Added | +2.7m |
| GOLDMAN SACHS GROUP INC | Added | +2.6m |
| OMERS ADMINISTRATION Corp | New | +2.5m |
| CIBC Asset Management Inc | Added | +2.1m |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -26.3m |
| JPMORGAN CHASE & CO | Reduced | -11.5m |
| HSBC HOLDINGS PLC | Sold out | -8.0m |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -6.3m |
| Capital World Investors | Reduced | -4.0m |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | Reduced | -2.6m |
| FIL Ltd | Reduced | -2.5m |
| Quadrature Capital Ltd | Reduced | -2.4m |
| MUFG Securities EMEA plc | Sold out | -2.3m |
| D. E. Shaw & Co., Inc. | Reduced | -2.0m |
Biggest calls
| NATIONAL BANK OF CANADA /FI/ | Added | $59.9m16.5k shares |
| TORONTO DOMINION BANK | Added | $29.5m811.1k shares |
| BANK OF MONTREAL /CAN/ | Added | $28.1m775.0k shares |
| ROYAL BANK OF CANADA | Reduced | $22.5m620.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $15.4m425.0k shares |
| SIG North Trading, ULC | Reduced | $10.7m295.7k shares |
| NOMURA HOLDINGS INC | Unchanged | $10.5m290.0k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $3.7m75.0k shares |
| PEAK6 LLC | New | $3.5m96.2k shares |
| CITADEL ADVISORS LLC | Reduced | $2.5m68.4k shares |
Biggest puts
| ROYAL BANK OF CANADA | Added | $290.0m8.0m shares |
| SIG North Trading, ULC | Added | $99.8m2.8m shares |
| TORONTO DOMINION BANK | Added | $86.6m2.4m shares |
| D. E. Shaw & Co., Inc. | Added | $81.7m2.3m shares |
| CIBC WORLD MARKET INC. | Added | $70.4m1.9m shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $60.2m1.2m shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $23.1m6.4k shares |
| DeepCurrents Investment Group LLC | Unchanged | $19.3m5.3k shares |
| JPMORGAN CHASE & CO | Added | $1.5m42.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $852.6k23.5k 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.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2026-07-29 | 6.5% |
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
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.85% of their portfolio | 132.8m $4.8bn | Reduced -26.3m |
| VANGUARD GROUP INC 0.04% of their portfolio | 78.3m $2.8bn | Added +1.6m |
| BANK OF MONTREAL /CAN/ 0.84% of their portfolio | 56.8m $2.1bn | Reduced -107.7k |
| TD Asset Management Inc 1.12% of their portfolio | 38.2m $1.4bn | Added +542.8k |
| 1832 Asset Management L.P. 1.31% of their portfolio | 28.6m $1.0bn | Added +3.2m |
| MACKENZIE FINANCIAL CORP 1.23% of their portfolio | 28.6m $1.0bn | Added +728.6k |
| CIBC WORLD MARKET INC. 1.64% of their portfolio | 25.2m $916.7m | Added +6.9m |
| NATIONAL BANK OF CANADA /FI/ 0.82% of their portfolio | 21.9m $795.0m | Reduced -6.3m |
| NORGES BANK 0.08% of their portfolio | 21.4m $777.2m | Not comparable |
| TORONTO DOMINION BANK 1.36% of their portfolio | 21.1m $767.9m | Added +1.7m |
| CIBC Asset Management Inc 1.49% of their portfolio | 16.9m $616.5m | Added +2.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio | 16.8m $623.6m | Added +1.0m |
| BANK OF NOVA SCOTIA 0.64% of their portfolio | 11.9m $433.7m | Reduced -1.4m |
| Legal & General Group Plc 0.09% of their portfolio | 11.3m $410.0m | Reduced -264.0k |
| SCOTIA CAPITAL INC. 1.63% of their portfolio | 11.2m $404.7m | Reduced -283.1k |
| Beutel, Goodman & Co Ltd. 2.46% of their portfolio | 11.0m $400.8m | Added +764.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.27% of their portfolio | 11.0m $400.2m | Added +4.7m |
| MORGAN STANLEY 0.02% of their portfolio | 10.2m $369.2m | Reduced -71.5k |
| Federation des caisses Desjardins du Quebec 1.39% of their portfolio | 10.0m $362.7m | Added +219.5k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 9.4m $341.1m | Added +2.6m |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 8.4m $305.7m | Reduced -11.5m |
| DIMENSIONAL FUND ADVISORS LP 0.06% of their portfolio | 8.4m $303.3m | Added +621.1k |
| Connor, Clark & Lunn Investment Management Ltd. 0.72% of their portfolio | 7.6m $274.5m | Reduced -1.8m |
| WELLS FARGO & COMPANY/MN 0.05% of their portfolio | 7.2m $261.5m | Reduced -85.8k |
| TD Waterhouse Canada Inc. 1.55% of their portfolio | 6.9m $249.9m | Added +25.6k |
| Man Group plc 0.43% of their portfolio | 6.2m $225.6m | Added +4.1m |
| LETKO, BROSSEAU & ASSOCIATES INC 3.66% of their portfolio | 6.2m $223.7m | Reduced -63.2k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.07% of their portfolio | 5.7m $206.4m | Reduced -209.0k |
| Harding Loevner LP 1.51% of their portfolio | 4.7m $171.5m | Reduced -350.2k |
| Cardinal Capital Management, Inc. 5.11% of their portfolio | 4.6m $227.8m | Reduced -222.5k |
| Swiss National Bank 0.10% of their portfolio | 4.5m $163.4m | Reduced -422.9k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 4.3m $157.0m | Reduced -1.7m |
| Amundi 0.04% of their portfolio | 4.2m $154.9m | Added +367.7k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.25% of their portfolio | 4.1m $149.8m | Added +3.7m |
| DEUTSCHE BANK AG\ 0.05% of their portfolio | 4.1m $147.0m | Added +852.9k |
| JANUS HENDERSON GROUP PLC 0.07% of their portfolio | 4.0m $147.3m | Added +3.9m |
| UBS Group AG 0.03% of their portfolio | 4.0m $145.7m | Added +364.0k |
| AGF MANAGEMENT LTD 0.65% of their portfolio | 3.8m $150.8m | Reduced -404.5k |
| AustralianSuper Pty Ltd 0.51% of their portfolio | 3.0m $109.3m | Reduced -186.3k |
| FIL Ltd 0.08% of their portfolio | 2.9m $103.8m | Reduced -2.5m |
| AQR CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 2.8m $100.9m | Added +2.7m |
| Alberta Investment Management Corp 0.60% of their portfolio | 2.8m $100.1m | Unchanged |
| MUFG SECURITIES (CANADA), LTD. 2.59% of their portfolio | 2.6m $93.2m | Reduced -245.0k |
| Bridgewater Associates, LP 0.34% of their portfolio | 2.6m $93.0m | Reduced -432.6k |
| OMERS ADMINISTRATION Corp 0.65% of their portfolio | 2.5m $90.9m | New |
| INTACT INVESTMENT MANAGEMENT INC. 2.46% of their portfolio | 2.4m $85.4m | Added +839.8k |
| Caisse de depot et placement du Quebec 0.14% of their portfolio | 2.3m $84.6m | Added +1.5m |
| TWO SIGMA INVESTMENTS, LP 0.12% of their portfolio | 2.1m $77.9m | Reduced -489.7k |
| DekaBank Deutsche Girozentrale 0.09% of their portfolio | 2.1m $53.1m | Unchanged |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.06% of their portfolio | 2.0m $71.6m | Added +30.2k |
| BlackRock, Inc. 0.00% of their portfolio | 1.9m $69.8m | Reduced -302.0k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.9m $69.2m | Reduced -58.1k |
| PICTON MAHONEY ASSET MANAGEMENT 0.75% of their portfolio | 1.9m $69.0m | Added +388.3k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 1.9m $68.7m | Reduced -83.5k |
| Quadrature Capital Ltd 0.69% of their portfolio | 1.9m $67.7m | Reduced -2.4m |
| CANADA LIFE ASSURANCE Co 0.12% of their portfolio | 1.8m $66.2m | Reduced -746.0k |
| AVIVA PLC 0.11% of their portfolio | 1.8m $65.2m | Added +95.9k |
| BARCLAYS PLC 0.02% of their portfolio | 1.7m $61.5m | Added +766.7k |
| Invesco Ltd. 0.01% of their portfolio | 1.7m $61.2m | Reduced -52.0k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.7m $61.0m | Reduced -44.9k |
| Korea Investment CORP 0.12% of their portfolio | 1.6m $59.7m | Reduced -15.0k |
| Clearbridge Investments, LLC 0.04% of their portfolio | 1.5m $55.7m | Reduced -46.9k |
| Value Partners Investments Inc. 4.24% of their portfolio | 1.5m $55.2m | Reduced -1.1k |
| GUARDIAN CAPITAL LP 1.64% of their portfolio | 1.5m $55.2m | Added +622.8k |
| Russell Investments Group, Ltd. 0.06% of their portfolio | 1.5m $54.4m | Added +335.8k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.13% of their portfolio | 1.4m $50.6m | Reduced -872.2k |
| NEUBERGER BERMAN GROUP LLC 0.04% of their portfolio | 1.4m $50.4m | Added +24.7k |
| Nuveen, LLC 0.01% of their portfolio | 1.4m $49.6m | Reduced -6.6k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.11% of their portfolio | 1.4m $49.2m | Reduced -41.6k |
| VAN ECK ASSOCIATES CORP 0.04% of their portfolio | 1.3m $48.4m | Added +399.9k |
| Scheer, Rowlett & Associates Investment Management Ltd. 3.24% of their portfolio | 1.3m $47.3m | Reduced -202.5k |
| ACADIAN ASSET MANAGEMENT LLC 0.08% of their portfolio | 1.3m $46.8m | Added +142.8k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.25% of their portfolio | 1.3m $46.6m | Reduced -2.6m |
| TODD ASSET MANAGEMENT LLC 0.88% of their portfolio | 1.2m $45.0m | Reduced -150.7k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 1.2m $42.1m | Reduced -189.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 1.1m $39.8m | Added +684.2k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 1.1m $39.7m | Added +86.5k |
| State of Tennessee, Department of Treasury 0.13% of their portfolio | 1.0m $39.2m | Reduced -92.3k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 993.7k $36.1m | Reduced -2.0m |
| Achmea Investment Management B.V. 0.85% of their portfolio | 916.4k $33.3m | Reduced -17.0k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.18% of their portfolio | 914.8k $33.2m | Added +31.0k |
| CITIGROUP INC 0.02% of their portfolio | 884.7k $32.2m | Reduced -271.4k |
| APG Asset Management N.V. 0.08% of their portfolio | 871.7k $27.0m | Reduced -665.5k |
| JONES FINANCIAL COMPANIES LLLP 0.02% of their portfolio | 857.7k $31.1m | Added +62.6k |
| Zurich Insurance Group Ltd/FI 0.20% of their portfolio | 805.3k $29.3m | Added +3.7k |
| BANK OF NOVA SCOTIA TRUST CO 2.52% of their portfolio | 799.0k $29.0m | Added +4.0k |
| Focus Partners Wealth 0.03% of their portfolio | 796.8k $28.9m | Added +33.7k |
| Addenda Capital Inc. 1.13% of their portfolio | 770.7k $38.4m | Reduced -33.9k |
| TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.20% of their portfolio | 753.6k $27.3m | Reduced -137.9k |
| Candriam S.C.A. 0.13% of their portfolio | 716.0k $26.0m | Added +4.5k |
| Hillsdale Investment Management Inc. 0.72% of their portfolio | 712.8k $25.9m | Added +349.8k |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 2.94% of their portfolio | 695.1k $34.6m | Reduced -166.4k |
| Lombard Odier Asset Management (Europe) Ltd 1.27% of their portfolio | 688.0k $25.0m | Added +608.0k |
| Pictet Asset Management Holding SA 0.02% of their portfolio | 678.9k $24.7m | Added +6.6k |
| Mn Services Vermogensbeheer B.V. 0.15% of their portfolio | 669.1k $24.3m | Added +17.2k |
| PBU - The Pension Fund of Early Childhood & Youth Educators 0.34% of their portfolio | 658.2k $23.9m | First filing |
| Capital World Investors 0.00% of their portfolio | 655.0k $23.8m | Reduced -4.0m |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 644.4k $23.4m | Added +61.1k |
| LPL Financial LLC 0.01% of their portfolio | 644.1k $23.4m | Added +16.9k |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 635.4k $23.0m | Reduced -7.1k |