Canadian-Mandate Active 13Fs: PineStone, EdgePoint, Mawer

Canadian institutional active equity managers file US Form 13F-HR when their US-equity holdings exceed the $100 million threshold. Many of the largest do. PineStone Asset Management at $14.23 billion, EdgePoint Investment Group at $12.18 billion, Mawer Investment Management at $4.5+ billion, and Burgundy Asset Management at $3+ billion all file 13Fs that look structurally different from US-domiciled peers at comparable AUM levels. Reading them requires understanding the Canadian institutional mandate framework — what Canadian pension funds, endowments, and wealth-management clients want from active US-equity exposure, and how that differs from US institutional preferences.

Three structural features distinguish Canadian-mandate active 13Fs: higher top-10 concentration, deliberate Canadian-domiciled or dual-listed positions, and selective non-participation in popular US-market themes (especially mega-cap AI-platform leadership). This guide explains each feature and what it implies for reading these filings.

Feature 1: Higher concentration than US peers

Canadian-mandate active equity managers structurally run higher position concentration than US peers at comparable AUM.

Canadian managers run roughly 3x the top-10 concentration of US peers at similar AUM. The reason is structural: Canadian institutional clients are accustomed to mandates that hold fewer, higher-conviction positions. The Canadian institutional culture rewards concentrated bets in identifiable franchises with multi-year track records, where US institutional culture rewards broader diversification across more positions.

Feature 2: Canadian home-bias inside US 13Fs

The 13F filing only reports US-listed equity holdings, but Canadian-domiciled companies can dual-list as ADRs on NYSE or Nasdaq. When a Canadian manager holds these dual-listed Canadian companies, the positions appear in the US 13F filing.

EdgePoint's Q4 2025 13F is the cleanest example. Three Canadian-domiciled or co-listed companies appear in the top 10:

• Restaurant Brands International (QSR) at 9.33% — Tim Hortons, Burger King, Popeyes holding company. Canadian-domiciled, NYSE-listed.
• Osisko Gold Royalties (OR) at 6.27% — Canadian gold-royalty company.
• Franco-Nevada (FNV) at 5.70% — Canadian gold-streaming company.

Combined: 21.30% of EdgePoint's US 13F is in Canadian-domiciled or co-listed names. Most US-active managers would not hold these companies at comparable weights because the names do not pass the US peer-group analytical screens. Canadian managers do because Canadian clients want exposure to Canadian sectors (gold mining, energy, financials) inside their US-equity mandates.

Feature 3: Non-participation in AI-platform leadership

Canadian-mandate active managers frequently underweight or exclude the Magnificent 7 mega-cap tech cohort that dominates US-active peer books. PineStone's Q1 2026 top 10 has zero NVDA, zero AAPL, zero AMZN, zero TSLA, zero META — only GOOGL and MSFT survive the firm's quality-and-moat screens. EdgePoint's Q4 2025 top 10 has zero Magnificent 7 names entirely.

This is not coincidence. Canadian investment culture emphasizes value-and-quality factor exposure more heavily than US institutional culture. The result is a structural underweight to multiple-expansion-driven growth names regardless of momentum.

What the three features tell you about Canadian managers

Reading a Canadian-mandate active 13F requires three adjustments:

1. Don't compare top-10 concentration to US peer averages. Canadian managers run 65-75% top-10 by design. A 70% concentration is normal, not exceptional.
2. Identify Canadian dual-listed positions explicitly. When you see QSR, FNV, OR, BNS (Bank of Nova Scotia), CP (Canadian Pacific), CNQ (Canadian Natural Resources), or other dual-listed Canadian names in the top 10, expect roughly 15-25% of the book in this category. The 'home bias' is structural.
3. Treat AI-platform absence as a feature, not a miss. Canadian-mandate managers often deliberately avoid the Magnificent 7 cohort. The absence reflects philosophy, not analytical failure.

The largest Canadian-mandate US 13F filers

• PineStone Asset Management — Quebec-based, $14.23B AUM, Q1 2026 top 10 at 67.4% concentration, no NVDA/AAPL/AMZN.
• EdgePoint Investment Group — Toronto-based, $12.18B AUM, Q4 2025 top 10 at 68.3% concentration, 21% Canadian dual-listed.
• Mawer Investment Management — Calgary-based, value-quality-quality concentrated book.
• Burgundy Asset Management — Toronto-based, similar concentrated quality philosophy.
• Fiera Capital (parent of PineStone) — Multi-strategy Canadian asset manager.

Where to find these in our database

The institutional signals feed tracks Canadian-mandate active managers alongside US peers. For comparison, see the recent research deep-dives on PineStone and EdgePoint. Compare against US-domiciled diversified-active 13Fs to see the structural differences directly.

For more on related reading techniques, see our explainer hub.