SCHEDULE: Picton Mahoney Discloses 6.43% Stake in Enbridge Preferred

Picton Mahoney Asset Management has disclosed a 6.43% beneficial ownership stake in Enbridge Inc.'s Preferred Shares.

Summary

• Picton Mahoney Asset Management, a Canadian Investment Fund Manager, reported beneficial ownership of 1,029,400 Preferred Shares of Enbridge Inc.
• This represents 6.43% of the outstanding Preferred Shares.
• The shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of Enbridge Inc.
• The percentage is calculated based on 16,000,000 Preferred Shares outstanding as of June 4, 2025.

Sentiment

Score: 5

Explanation: The filing is a routine Schedule 13G disclosure of beneficial ownership, providing factual information without expressing positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• For Enbridge: A significant institutional investor, Picton Mahoney Asset Management, holds a substantial stake (6.43%) in its Preferred Shares, indicating institutional confidence.
• For Picton Mahoney: The acquisition of 1,029,400 Preferred Shares of Enbridge Inc. represents a strategic investment in a major energy infrastructure company.

Negatives

• No negative information regarding Enbridge Inc.'s operations or financial performance is disclosed.

Risks

• Specific risks related to Enbridge Inc.'s operations or financial health are not detailed.
• The reporting person certified that the acquisition was not for the purpose of changing or influencing control of the issuer, mitigating a potential governance risk.

Future Outlook

As a Schedule 13G, this document primarily reports beneficial ownership and does not contain forward-looking statements or guidance from Enbridge Inc.

Management Comments

• "I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or infuencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect." (From Picton Mahoney Asset Management's General Counsel and Chief Compliance Officer, Catrina Duong).

Industry Context

Enbridge Inc. is a prominent North American energy infrastructure company. This filing indicates continued institutional investment interest in its preferred equity, which is common for stable, dividend-paying entities in the utilities and energy sectors, often sought by asset managers for income and stability.

Comparison to Industry Standards

• This Schedule 13G filing is a standard disclosure of beneficial ownership exceeding 5% by an institutional investor. It does not provide specific financial or operational results for comparison against industry benchmarks or competitors like TC Energy, Kinder Morgan, or Williams Companies. The reported 6.43% stake by Picton Mahoney Asset Management is a significant holding for a single institutional investor in a preferred share class.

Stakeholder Impact

• Shareholders: Increased institutional ownership in preferred shares may signal confidence in the company's stability and income-generating assets.
• Employees, customers, suppliers, creditors: No direct impact from this ownership disclosure.

Next Steps

• No future actions, events, or milestones for Enbridge Inc. or Picton Mahoney Asset Management are specified beyond the continued beneficial ownership.

Key Dates

Keywords

Enbridge, Preferred Shares, Picton Mahoney Asset Management, Beneficial Ownership, SEC Filing, Schedule 13G, Investment Fund Manager, Energy Infrastructure, Canada