SCHEDULE: Morgan Stanley Reduces Canada Goose Stake Below 5%

Morgan Stanley and its affiliates have reported that their beneficial ownership of Canada Goose Holdings Inc. subordinate voting shares has fallen below the 5% threshold.

Summary

• Morgan Stanley and its affiliated entities, Morgan Stanley Investment Management Inc. and Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio, are no longer beneficial owners of more than five percent of Canada Goose Holdings Inc.'s Subordinate Voting Shares.
• As of December 31, 2025, Morgan Stanley beneficially owned 5,877 shares, representing 0.0% of the class, with shared voting power over 5,625 shares and shared dispositive power over 5,877 shares.
• Morgan Stanley Investment Management Inc. beneficially owned 5,415 shares, representing 0.0% of the class, with shared voting power and shared dispositive power over 5,415 shares.
• Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio beneficially owned 0 shares, representing 0.0% of the class, with no voting or dispositive power.
• This filing is an Amendment No. 7 to a Schedule 13G, indicating a change from previous reporting periods where these entities held above the 5% threshold.

Sentiment

Score: 5

Explanation: The filing is administrative, reporting a change in beneficial ownership below a regulatory threshold. It does not contain information that directly impacts the company's operational or financial sentiment, hence a neutral score.

Future Outlook

NA

Industry Context

This filing reflects a routine adjustment in institutional investor holdings, where a major financial institution like Morgan Stanley has reduced its stake in a consumer discretionary company like Canada Goose Holdings Inc. below a regulatory reporting threshold. Such movements are common and do not necessarily indicate a specific industry trend or a change in the company's fundamentals, but rather a portfolio rebalancing or strategic shift by the investor.

Stakeholder Impact

• Shareholders: May note a reduction in institutional ownership by Morgan Stanley, which is a routine portfolio adjustment and typically has minimal direct impact unless it signals a broader trend.
• Regulatory Authorities: The filing ensures compliance with SEC reporting requirements for beneficial ownership thresholds.

Key Dates

Keywords

Canada Goose Holdings Inc., Morgan Stanley, Schedule 13G, beneficial ownership, subordinate voting shares, institutional ownership, stake reduction