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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F Institutional Ownership · BGSI

Boyd Group Services Inc TORONTO STOCK EXCHANGE:BGSI

Institutional holders, quarter-over-quarter share deltas, and new and closed positions disclosed in Form 13F. Period 2025-12-31 · prior 2024-03-31.

101 new1 added0 reduced0 exited
Total Institutional Holders
102
as of 2025-12-31
Top Holder
FIL Ltd
$411.3M
Largest QoQ Increase
FIL Ltd
+2,581,931 sh
Largest QoQ Decrease
—

New Positions(101)

ManagerSharesΔ SharesValueΔ Value% Δ
FIL Ltd2,581,931+2,581,931$411.3M+$411.3M—
1832 Asset Management L.P.2,369,395+2,369,395$377.4M+$377.4M—
MACKENZIE FINANCIAL CORP2,050,220+2,050,220$328.0M+$328.0M—
BANK OF MONTREAL /CAN/1,315,435+1,315,435$209.5M+$209.5M—
Royal Bank of Canada1,282,335+1,282,335$204.3M+$204.3M—
VANGUARD GROUP INC1,175,631+1,175,631$187.3M+$187.3M—
CIBC Asset Management Inc793,752+793,752$126.5M+$126.5M—
Dixon Mitchell Investment Counsel Inc.620,108+620,108$99.0M+$99.0M—
FMR LLC617,770+617,770$98.4M+$98.4M—
PICTON MAHONEY ASSET MANAGEMENT509,542+509,542$81.3M+$81.3M—
GUARDIAN CAPITAL LP448,067+448,067$71.4M+$71.4M—
Capital World Investors441,480+441,480$70.3M+$70.3M—
Clearbridge Investments, LLC314,739+314,739$68.8M+$68.8M—
BCV Asset Management Inc.276,946+276,946$68.1M+$68.1M—
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC412,943+412,943$65.9M+$65.9M—
PRINCIPAL FINANCIAL GROUP INC390,570+390,570$62.3M+$62.3M—
NORGES BANK354,710+354,710$56.5M+$56.5M—
Global Alpha Capital Management Ltd.319,783+319,783$50.9M+$50.9M—
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp312,450+312,450$49.8M+$49.8M—
Waratah Capital Advisors Ltd.291,886+291,886$46.5M+$46.5M—
MANUFACTURERS LIFE INSURANCE COMPANY, THE272,967+272,967$43.6M+$43.6M—
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND200,000+200,000$31.9M+$31.9M—
MASSACHUSETTS FINANCIAL SERVICES CO /MA/183,400+183,400$29.2M+$29.2M—
AMERICAN CENTURY COMPANIES INC178,938+178,938$28.5M+$28.5M—
Pembroke Management, LTD119,498+119,498$26.1M+$26.1M—
INTACT INVESTMENT MANAGEMENT INC.161,780+161,780$25.8M+$25.8M—
TD Asset Management Inc159,767+159,767$25.5M+$25.5M—
Ophir Asset Management Pty Ltd158,549+158,549$25.3M+$25.3M—
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC141,948+141,948$22.6M+$22.6M—
LOOMIS SAYLES & CO L P116,399+116,399$18.5M+$18.5M—
PCJ Investment Counsel Ltd.115,230+115,230$18.4M+$18.4M—
JANUS HENDERSON GROUP PLC112,968+112,968$18.0M+$18.0M—
MILLENNIUM MANAGEMENT LLC105,740+105,740$16.8M+$16.8M—
CITADEL ADVISORS LLC104,360+104,360$16.6M+$16.6M—
Addenda Capital Inc.68,067+68,067$14.9M+$14.9M—
Federation des caisses Desjardins du Quebec82,196+82,196$13.0M+$13.0M—
NATIONAL BANK OF CANADA /FI/82,121+82,121$13.0M+$13.0M—
Lansing Management LP80,760+80,760$12.9M+$12.9M—
Pillsbury Lake Capital LLC79,949+79,949$12.7M+$12.7M—
CHARLES SCHWAB INVESTMENT MANAGEMENT INC73,353+73,353$11.7M+$11.7M—
AYAL Capital Advisors Ltd58,098+58,098$9.3M+$9.3M—
CIDEL ASSET MANAGEMENT INC56,718+56,718$9.0M+$9.0M—
Swiss National Bank53,500+53,500$8.5M+$8.5M—
Aviso Financial Inc.49,488+49,488$7.9M+$7.9M—
LOUISBOURG INVESTMENTS INC.46,456+46,456$7.3M+$7.3M—
CIBC WORLD MARKET INC.40,595+40,595$6.5M+$6.5M—
MORGAN STANLEY38,612+38,612$6.2M+$6.2M—
Alberta Investment Management Corp35,646+35,646$5.7M+$5.7M—
BANK OF AMERICA CORP /DE/35,088+35,088$5.6M+$5.6M—
Northwest & Ethical Investments L.P.29,766+29,766$4.8M+$4.8M—
State of Tennessee, Treasury Department28,439+28,439$4.7M+$4.7M—
TORONTO DOMINION BANK29,067+29,067$4.6M+$4.6M—
Polar Asset Management Partners Inc.29,000+29,000$4.6M+$4.6M—
JPMORGAN CHASE & CO27,778+27,778$4.4M+$4.4M—
NewGen Asset Management Ltd27,300+27,300$4.3M+$4.3M—
Legal & General Group Plc24,023+24,023$3.8M+$3.8M—
TWO SIGMA INVESTMENTS, LP23,296+23,296$3.7M+$3.7M—
Skandinaviska Enskilda Banken AB (publ)16,846+16,846$3.7M+$3.7M—
PRELUDE CAPITAL MANAGEMENT, LLC22,570+22,570$3.6M+$3.6M—
GOLDMAN SACHS GROUP INC21,600+21,600$3.4M+$3.4M—
CenterBook Partners LP21,150+21,150$3.4M+$3.4M—
SEVEN GRAND MANAGERS, LLC20,000+20,000$3.2M+$3.2M—
Nuveen, LLC19,539+19,539$3.1M+$3.1M—
GEODE CAPITAL MANAGEMENT, LLC18,488+18,488$3.0M+$3.0M—
Cardinal Point Capital Management, ULC18,600+18,600$3.0M+$3.0M—
TD Waterhouse Canada Inc.17,946+17,946$2.8M+$2.8M—
Advisory Alpha, LLC17,262+17,262$2.7M+$2.7M—
Russell Investments Group, Ltd.17,167+17,167$2.7M+$2.7M—
Langdon Equity Partners12,000+12,000$2.1M+$2.1M—
Cumberland Partners Ltd13,100+13,100$2.1M+$2.1M—
UBS Group AG13,002+13,002$2.1M+$2.1M—
PenderFund Capital Management Ltd.12,500+12,500$2.0M+$2.0M—
BANK OF NOVA SCOTIA TRUST CO12,389+12,389$2.0M+$2.0M—
K.J. Harrison & Partners Inc11,800+11,800$1.9M+$1.9M—
BOOTHBAY FUND MANAGEMENT, LLC10,159+10,159$1.6M+$1.6M—
FRANKLIN RESOURCES INC9,484+9,484$1.5M+$1.5M—
Value Partners Investments Inc.9,219+9,219$1.5M+$1.5M—
Connor, Clark & Lunn Investment Management Ltd.8,785+8,785$1.4M+$1.4M—
Zurcher Kantonalbank (Zurich Cantonalbank)7,951+7,951$1.3M+$1.3M—
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO7,508+7,508$1.2M+$1.2M—
Pictet Asset Management Holding SA4,854+4,854$774.2K+$774.2K—
D. E. Shaw & Co., Inc.4,400+4,400$700.9K+$700.9K—
ALLIANCEBERNSTEIN L.P.3,760+3,760$599.0K+$599.0K—
SCOTIA CAPITAL INC.3,478+3,478$551.2K+$551.2K—
DEUTSCHE BANK AG\2,340+2,340$372.8K+$372.8K—
RAYMOND JAMES FINANCIAL INC2,296+2,296$365.8K+$365.8K—
Invesco Ltd.1,997+1,997$318.1K+$318.1K—
Susquehanna Portfolio Strategies, LLC1,800+1,800$286.7K+$286.7K—
Timelo Investment Management Inc.1,800+1,800$286.7K+$286.7K—
Public Sector Pension Investment Board1,644+1,644$261.9K+$261.9K—
Beutel, Goodman & Co Ltd.1,571,469+1,571,469$250.6K+$250.6K—
ASSETMARK, INC370+370$58.9K+$58.9K—
ADVISOR GROUP HOLDINGS, INC.150+150$23.9K+$23.9K—
Newbridge Financial Services Group, Inc.44+44$7.0K+$7.0K—
LINCLUDEN MANAGEMENT LTD31,892+31,892$7.0K+$7.0K—
Van Berkom & Associates Inc.31,411+31,411$5.0K+$5.0K—
Quarry LP31+31$4.9K+$4.9K—
Hillsdale Investment Management Inc.20+20$3.2K+$3.2K—
CLARET ASSET MANAGEMENT Corp17,936+17,936$2.9K+$2.9K—
BARCLAYS PLC16+16$2.5K+$2.5K—
GREAT WEST LIFE ASSURANCE CO /CAN/5,425+5,425$861+$861—

Added To(1)

ManagerSharesΔ SharesValueΔ Value% Δ
Canoe Financial LP271,102+234,086$43.2M+$35.4M632.4%

Top Holders by reported value

Ranked by the dollar value reported on the latest Form 13F. Share counts reflect long positions as of 2025-12-31.

ManagerShares$ ValueΔ SharesQoQ %
FIL Ltd2,581,931$411.3M+2,581,931—
1832 Asset Management L.P.2,369,395$377.4M+2,369,395—
MACKENZIE FINANCIAL CORP2,050,220$328.0M+2,050,220—
BANK OF MONTREAL /CAN/1,315,435$209.5M+1,315,435—
Royal Bank of Canada1,282,335$204.3M+1,282,335—
VANGUARD GROUP INC1,175,631$187.3M+1,175,631—
CIBC Asset Management Inc793,752$126.5M+793,752—
Dixon Mitchell Investment Counsel Inc.620,108$99.0M+620,108—
FMR LLC617,770$98.4M+617,770—
PICTON MAHONEY ASSET MANAGEMENT509,542$81.3M+509,542—
GUARDIAN CAPITAL LP448,067$71.4M+448,067—
Capital World Investors441,480$70.3M+441,480—
Clearbridge Investments, LLC314,739$68.8M+314,739—
BCV Asset Management Inc.276,946$68.1M+276,946—
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC412,943$65.9M+412,943—
PRINCIPAL FINANCIAL GROUP INC390,570$62.3M+390,570—
NORGES BANK354,710$56.5M+354,710—
Global Alpha Capital Management Ltd.319,783$50.9M+319,783—
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp312,450$49.8M+312,450—
Waratah Capital Advisors Ltd.291,886$46.5M+291,886—

New & Closed Positions this quarter

Closed Positions
0 managers exited
Top five by prior-quarter value

No managers exited their positions this quarter.

Methodology

Form 13F is the SEC's quarterly disclosure for institutional investment managers exercising discretion over $100 million or more in qualifying U.S. equity securities. Managers must file within 45 days of each calendar quarter end, which is why holdings shown here reflect a snapshot at the period date — not real-time positioning.

Quarter-over-quarter deltas compare each manager's most recently reported share count for BGSI against its prior-quarter count. New positions are entries where the prior count was zero; closed positions are entries where the current count is zero. Amendments (13F-HR/A) replace prior filings for the same period.

Source: SEC EDGAR Form 13F (XML information tables). Dollar values are as reported by the manager and may use mid-quarter pricing conventions. CUSIP-to-ticker resolution is best-effort.