MUFG SECURITIES (CANADA), LTD. Concentrated Active

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $3,595,344 (100.0% shares, 0.0% debt)

Holdings (43)

New Positions (1)

Value ($000) $52,339 Shares 175,158 Est. Cost $301.37 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CLS	CELESTICA INC COM	175,158	$52,339	1.5%	$301.37	0.0%	COM	15101Q207

Increased Positions (3)

TRP TC ENERGY CORP COM 8.3%

Value ($000) $298,765 (+17.7%) Shares 5,424,436 (+16.1%) Est. Cost $45.72 Unrealized +16.7%

BN BROOKFIELD CORP CL A LTD VT SH 4.2%

Value ($000) $151,011 (-7.5%) Shares 3,288,214 (+38.2%) Est. Cost $36.46 Unrealized +24.9%

GIL GILDAN ACTIVEWEAR INC COM 0.5%

Value ($000) $17,626 (+23.5%) Shares 281,928 (+14.2%) Est. Cost $44.23 Unrealized +34.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRP	TC ENERGY CORP COM	5,424,436 (+16.1%)	$298,765 (+17.7%)	8.3%	$45.72	+16.7%	COM	87807B107
BN	BROOKFIELD CORP CL A LTD VT SH	3,288,214 (+38.2%)	$151,011 (-7.5%)	4.2%	$36.46	+24.9%	SHS	11271J107
GIL	GILDAN ACTIVEWEAR INC COM	281,928 (+14.2%)	$17,626 (+23.5%)	0.5%	$44.23	+34.4%	COM	375916103

Exited Positions (1)

AQN ALGONQUIN PWR UTILS CORP COM 0.2%

Value ($000) $6,215 Shares 1,156,483 Est. Cost $5.23 Unrealized +13.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AQN	ALGONQUIN PWR UTILS CORP COM	1,156,483	$6,215	0.2%	$5.23	+13.6%	—	015857105

Decreased Positions (38)

ENB ENBRIDGE INC COM 4.4%

Value ($000) $158,950 (-12.7%) Shares 3,320,913 (-8.0%) Est. Cost $36.78 Unrealized +28.1%

RY ROYAL BK CDA COM 10.1%

Value ($000) $364,431 (+6.3%) Shares 2,137,220 (-8.1%) Est. Cost $115.08 Unrealized +33.4%

B BARRICK MNG CORP COM SHS 3.1%

Value ($000) $111,948 (+20.8%) Shares 2,569,327 (-9.0%) Est. Cost $19.29 Unrealized +94.0%

TD TORONTO DOMINION BK ONT COM NEW 6.8%

Value ($000) $243,502 (+7.3%) Shares 2,583,057 (-9.0%) Est. Cost $58.99 Unrealized +43.1%

BMO BANK MONTREAL QUE COM 3.9%

Value ($000) $140,749 (-8.9%) Shares 1,083,543 (-8.6%) Est. Cost $87.94 Unrealized +44.0%

CP CANADIAN PACIFIC KANSAS CITY COM 2.8%

Value ($000) $101,005 (-10.3%) Shares 1,371,627 (-9.3%) Est. Cost $78.77 Unrealized -6.6%

AEM AGNICO EAGLE MINES LTD COM 3.6%

Value ($000) $129,791 (-7.4%) Shares 765,186 (-8.0%) Est. Cost $77.99 Unrealized +115.2%

FNV FRANCO NEV CORP COM 1.7%

Value ($000) $60,858 (-14.2%) Shares 293,527 (-7.9%) Est. Cost $126.11 Unrealized +60.8%

TU TELUS CORPORATION COM 0.8%

Value ($000) $30,261 (-24.4%) Shares 2,295,522 (-9.6%) Est. Cost $15.79 Unrealized -10.8%

TRI THOMSON REUTERS CORP COM 0.7%

Value ($000) $26,931 (-22.5%) Shares 204,028 (-8.8%) Est. Cost $162.92 Unrealized -13.4%

WCN WASTE CONNECTIONS INC COM 1.9%

Value ($000) $68,336 (-9.1%) Shares 389,553 (-8.9%) Est. Cost $176.93 Unrealized -2.3%

BNS BANK NOVA SCOTIA HALIFAX COM 3.9%

Value ($000) $138,866 (+4.5%) Shares 1,882,429 (-8.4%) Est. Cost $46.33 Unrealized +46.7%

MFC MANULIFE FINL CORP COM 2.6%

Value ($000) $93,183 (+6.4%) Shares 2,565,602 (-8.7%) Est. Cost $28.17 Unrealized +20.5%

BAM BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 0.8%

Value ($000) $30,052 (-15.3%) Shares 573,553 (-8.0%) Est. Cost $45.06 Unrealized +18.7%

CM CANADIAN IMPERIAL BANK OF CO COM 3.6%

Value ($000) $128,231 (+4.3%) Shares 1,414,164 (-8.1%) Est. Cost $45.83 Unrealized +87.2%

PBA PEMBINA PIPELINE CORP COM 0.9%

Value ($000) $33,713 (-13.3%) Shares 884,716 (-8.0%) Est. Cost $36.66 Unrealized +4.9%

CNI CANADIAN NATL RY CO COM 2.3%

Value ($000) $82,512 (-4.8%) Shares 834,086 (-9.3%) Est. Cost $112.10 Unrealized -14.2%

IMO IMPERIAL OIL LTD COM NEW 0.6%

Value ($000) $20,266 (-14.0%) Shares 234,525 (-9.8%) Est. Cost $68.51 Unrealized +32.4%

OTEX OPEN TEXT CORP COM 0.3%

Value ($000) $12,499 (-20.5%) Shares 383,718 (-8.8%) Est. Cost $29.60 Unrealized +19.7%

FSV FIRSTSERVICE CORP NEW COM 0.3%

Value ($000) $9,744 (-24.6%) Shares 62,642 (-7.7%) Est. Cost $165.41 Unrealized -1.8%

CNQ CANADIAN NAT RES LTD COM 3.0%

Value ($000) $107,462 (-2.8%) Shares 3,171,955 (-8.2%) Est. Cost $33.31 Unrealized -2.7%

SLF SUN LIFE FINANCIAL INC. COM 1.5%

Value ($000) $52,994 (-5.3%) Shares 848,740 (-8.9%) Est. Cost $55.13 Unrealized +9.6%

SU SUNCOR ENERGY INC NEW COM 2.3%

Value ($000) $81,201 (-3.3%) Shares 1,829,078 (-8.9%) Est. Cost $36.98 Unrealized +14.3%

WPM WHEATON PRECIOUS METALS CORP COM 2.3%

Value ($000) $81,289 (-3.3%) Shares 691,299 (-8.0%) Est. Cost $60.59 Unrealized +76.7%

FTS FORTIS INC COM 1.1%

Value ($000) $40,023 (-5.3%) Shares 769,632 (-7.6%) Est. Cost $40.65 Unrealized +25.0%

BCE BCE INC COM NEW 0.9%

Value ($000) $33,877 (-6.0%) Shares 1,419,886 (-8.0%) Est. Cost $27.32 Unrealized -15.7%

KGC KINROSS GOLD CORP COM 1.4%

Value ($000) $51,785 (+3.8%) Shares 1,838,128 (-8.6%) Est. Cost $9.33 Unrealized +178.5%

NTR NUTRIEN LTD COM 1.3%

Value ($000) $45,448 (-3.9%) Shares 736,138 (-8.6%) Est. Cost $50.04 Unrealized +17.6%

GIB CGI INC CL A SUB VTG 0.8%

Value ($000) $27,435 (-6.4%) Shares 296,956 (-9.7%) Est. Cost $107.49 Unrealized -17.2%

EMA EMERA INC COM 0.6%

Value ($000) $22,560 (-5.0%) Shares 457,692 (-7.6%) Est. Cost $43.35 Unrealized +11.4%

CAE CAE INC COM 0.4%

Value ($000) $14,892 (-5.2%) Shares 489,597 (-7.7%) Est. Cost $20.30 Unrealized +38.1%

MGA MAGNA INTL INC COM 0.6%

Value ($000) $21,507 (+3.6%) Shares 403,351 (-8.0%) Est. Cost $40.99 Unrealized +19.2%

QSR RESTAURANT BRANDS INTL INC COM 0.9%

Value ($000) $34,067 (-2.1%) Shares 499,134 (-8.0%) Est. Cost $69.90 Unrealized -1.4%

BIP BROOKFIELD INFRAST PARTNERS LP INT UNIT 0.7%

Value ($000) $24,417 (-2.9%) Shares 702,294 (-8.0%) Est. Cost $31.31 Unrealized —

CCJ CAMECO CORP COM 1.7%

Value ($000) $60,719 (+0.4%) Shares 662,961 (-8.0%) Est. Cost $50.71 Unrealized +77.3%

RCI ROGERS COMMUNICATIONS INC CL B 0.6%

Value ($000) $22,200 (+0.9%) Shares 587,985 (-8.0%) Est. Cost $36.32 Unrealized +3.2%

SHOP SHOPIFY INC CL A SUB VTG SHS 8.3%

Value ($000) $299,875 (-0.0%) Shares 1,862,000 (-7.8%) Est. Cost $82.01 Unrealized +95.8%

TECK TECK RESOURCES LTD CL B 0.9%

Value ($000) $32,590 (-0.0%) Shares 680,583 (-8.4%) Est. Cost $46.82 Unrealized -7.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ENB	ENBRIDGE INC COM	3,320,913 (-8.0%)	$158,950 (-12.7%)	4.4%	$36.78	+28.1%	COM	29250N105
RY	ROYAL BK CDA COM	2,137,220 (-8.1%)	$364,431 (+6.3%)	10.1%	$115.08	+33.4%	COM	780087102
B	BARRICK MNG CORP COM SHS	2,569,327 (-9.0%)	$111,948 (+20.8%)	3.1%	$19.29	+94.0%	SHS	06849F108
TD	TORONTO DOMINION BK ONT COM NEW	2,583,057 (-9.0%)	$243,502 (+7.3%)	6.8%	$58.99	+43.1%	COM	891160509
BMO	BANK MONTREAL QUE COM	1,083,543 (-8.6%)	$140,749 (-8.9%)	3.9%	$87.94	+44.0%	COM	063671101
CP	CANADIAN PACIFIC KANSAS CITY COM	1,371,627 (-9.3%)	$101,005 (-10.3%)	2.8%	$78.77	-6.6%	COM	13646K108
AEM	AGNICO EAGLE MINES LTD COM	765,186 (-8.0%)	$129,791 (-7.4%)	3.6%	$77.99	+115.2%	COM	008474108
FNV	FRANCO NEV CORP COM	293,527 (-7.9%)	$60,858 (-14.2%)	1.7%	$126.11	+60.8%	COM	351858105
TU	TELUS CORPORATION COM	2,295,522 (-9.6%)	$30,261 (-24.4%)	0.8%	$15.79	-10.8%	COM	87971M103
TRI	THOMSON REUTERS CORP COM	204,028 (-8.8%)	$26,931 (-22.5%)	0.7%	$162.92	-13.4%	COM	884903808
WCN	WASTE CONNECTIONS INC COM	389,553 (-8.9%)	$68,336 (-9.1%)	1.9%	$176.93	-2.3%	COM	94106B101
BNS	BANK NOVA SCOTIA HALIFAX COM	1,882,429 (-8.4%)	$138,866 (+4.5%)	3.9%	$46.33	+46.7%	COM	064149107
MFC	MANULIFE FINL CORP COM	2,565,602 (-8.7%)	$93,183 (+6.4%)	2.6%	$28.17	+20.5%	COM	56501R106
BAM	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS	573,553 (-8.0%)	$30,052 (-15.3%)	0.8%	$45.06	+18.7%	CLASS A	113004105
CM	CANADIAN IMPERIAL BANK OF CO COM	1,414,164 (-8.1%)	$128,231 (+4.3%)	3.6%	$45.83	+87.2%	COM	136069101
PBA	PEMBINA PIPELINE CORP COM	884,716 (-8.0%)	$33,713 (-13.3%)	0.9%	$36.66	+4.9%	COM	706327103
CNI	CANADIAN NATL RY CO COM	834,086 (-9.3%)	$82,512 (-4.8%)	2.3%	$112.10	-14.2%	COM	136375102
IMO	IMPERIAL OIL LTD COM NEW	234,525 (-9.8%)	$20,266 (-14.0%)	0.6%	$68.51	+32.4%	COM	453038408
OTEX	OPEN TEXT CORP COM	383,718 (-8.8%)	$12,499 (-20.5%)	0.3%	$29.60	+19.7%	COM	683715106
FSV	FIRSTSERVICE CORP NEW COM	62,642 (-7.7%)	$9,744 (-24.6%)	0.3%	$165.41	-1.8%	COM	33767E202
CNQ	CANADIAN NAT RES LTD COM	3,171,955 (-8.2%)	$107,462 (-2.8%)	3.0%	$33.31	-2.7%	COM	136385101
SLF	SUN LIFE FINANCIAL INC. COM	848,740 (-8.9%)	$52,994 (-5.3%)	1.5%	$55.13	+9.6%	COM	866796105
SU	SUNCOR ENERGY INC NEW COM	1,829,078 (-8.9%)	$81,201 (-3.3%)	2.3%	$36.98	+14.3%	COM	867224107
WPM	WHEATON PRECIOUS METALS CORP COM	691,299 (-8.0%)	$81,289 (-3.3%)	2.3%	$60.59	+76.7%	COM	962879102
FTS	FORTIS INC COM	769,632 (-7.6%)	$40,023 (-5.3%)	1.1%	$40.65	+25.0%	COM	349553107
BCE	BCE INC COM NEW	1,419,886 (-8.0%)	$33,877 (-6.0%)	0.9%	$27.32	-15.7%	COM	05534B760
KGC	KINROSS GOLD CORP COM	1,838,128 (-8.6%)	$51,785 (+3.8%)	1.4%	$9.33	+178.5%	COM	496902404
NTR	NUTRIEN LTD COM	736,138 (-8.6%)	$45,448 (-3.9%)	1.3%	$50.04	+17.6%	COM	67077M108
GIB	CGI INC CL A SUB VTG	296,956 (-9.7%)	$27,435 (-6.4%)	0.8%	$107.49	-17.2%	CLASS A	12532H104
EMA	EMERA INC COM	457,692 (-7.6%)	$22,560 (-5.0%)	0.6%	$43.35	+11.4%	COM	290876101
CAE	CAE INC COM	489,597 (-7.7%)	$14,892 (-5.2%)	0.4%	$20.30	+38.1%	COM	124765108
MGA	MAGNA INTL INC COM	403,351 (-8.0%)	$21,507 (+3.6%)	0.6%	$40.99	+19.2%	COM	559222401
QSR	RESTAURANT BRANDS INTL INC COM	499,134 (-8.0%)	$34,067 (-2.1%)	0.9%	$69.90	-1.4%	COM	76131D103
BIP	BROOKFIELD INFRAST PARTNERS LP INT UNIT	702,294 (-8.0%)	$24,417 (-2.9%)	0.7%	$31.31	—	UNIT	G16252101
CCJ	CAMECO CORP COM	662,961 (-8.0%)	$60,719 (+0.4%)	1.7%	$50.71	+77.3%	COM	13321L108
RCI	ROGERS COMMUNICATIONS INC CL B	587,985 (-8.0%)	$22,200 (+0.9%)	0.6%	$36.32	+3.2%	CLASS B	775109200
SHOP	SHOPIFY INC CL A SUB VTG SHS	1,862,000 (-7.8%)	$299,875 (-0.0%)	8.3%	$82.01	+95.8%	CLASS A	82509L107
TECK	TECK RESOURCES LTD CL B	680,583 (-8.4%)	$32,590 (-0.0%)	0.9%	$46.82	-7.5%	CLASS B	878742204

Unchanged Positions (1)

CVE CENOVUS ENERGY INC COM 1.0%

Value ($000) $35,435 Shares 2,094,102 Est. Cost $17.03 Unrealized +2.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVE	CENOVUS ENERGY INC COM	2,094,102	$35,435	1.0%	$17.03	+2.0%	COM	15135U109