Schedule 13G/A: Picton Mahoney reports ENB preferred holdings (CUSIP 29250N790)

Rhea-AI Filing Summary

Schedule 13G/A filed for Enbridge Inc. (Preferred Shares, CUSIP 29250N790). The filing identifies Picton Mahoney Asset Management as the reporting person and includes two reported ownership figures: an aggregate amount of 2,000,000 preferred shares (7.54%) shown in the header tables and a separate amount of 1,029,400 preferred shares (6.43%) reported under Item 4.

The filing cites a share-outstanding basis of 16,000,000 preferred shares as of June 4, 2025 (Bloomberg). Issuer principal executive offices are listed as 425-1st Street SW, Calgary, T2P 3L8. The document is signed by Catrina Duong, General Counsel and Chief Compliance Officer, dated 08/06/2025. The statement includes certifications that the holdings were acquired in the ordinary course of business and not for control.

Positive

• Disclosure of beneficial ownership by Picton Mahoney Asset Management for Enbridge preferred shares is provided
• Source for share count is cited: 16,000,000 preferred shares outstanding as of June 4, 2025 (Bloomberg)
• Certifications included that holdings were acquired in the ordinary course and not for control

Negative

• Inconsistent reported positions: header shows 2,000,000 (7.54%) while Item 4 reports 1,029,400 (6.43%)
• Percentage/amount discrepancy within the same filing creates ambiguity about actual voting and economic exposure
• No reconciliation or explanation in the filing for the differing ownership figures

Insights

Financial Analyst

TL;DR: Routine 13G/A disclosure shows Picton Mahoney holds reported preferred stakes but contains inconsistent position figures.

The filing discloses holdings in Enbridge Inc. preferred shares under CUSIP 29250N790 by Picton Mahoney Asset Management and supplies two different reported positions: 2,000,000 (7.54%) in the header and 1,029,400 (6.43%) in Item 4. The filing cites an outstanding share base of 16,000,000 as of June 4, 2025 (Bloomberg). Signature date is 08/06/2025. For investors, the key takeaway is disclosure of a >5% passive stake but the document requires reconciliation of the differing amounts to interpret voting and economic exposure precisely.

Corporate Governance Expert

TL;DR: The 13G/A asserts passive ownership and ordinary-course acquisition but shows inconsistent reporting that warrants clarification.

The filer checks an investment fund manager classification and provides certifications that the securities were acquired in the ordinary course and not to influence control. The presence of two different ownership figures and percentages within the same filing is a material disclosure inconsistency. Corporate actions or governance assessments relying on exact ownership levels should await a clarified or amended filing reconciling the 2,000,000 and 1,029,400 figures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Enbridge Inc.

(Name of Issuer)

Preferred Shares

(Title of Class of Securities)

29250N790

(CUSIP Number)

05/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29250N790

1

Names of Reporting Persons

Picton Mahoney Asset Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.54 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 16,000,000 Preferred shares outstanding as of June 4.,2025 as sourced from Bloomberg

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Enbridge Inc.
(b)	Address of issuer's principal executive offices: 425-1st Street SW, Calgary, CANADA (FEDERAL LEVEL), T2P 3L8
Item 2.
(a)	Name of person filing: Picton Mahoney Asset Management
(b)	Address or principal business office or, if none, residence: 33 Yonge Street #320
(c)	Citizenship: CANADA
(d)	Title of class of securities: Preferred Shares
(e)	CUSIP No.: 29250N790
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment Fund Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 1,029,400
(b)	Percent of class: 6.43 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,029,400
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,029,400
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below 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.By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to [insert particular category of institutional investor] is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Picton Mahoney Asset Management

Signature:	Catrina Duong
Name/Title:	General Counsel and Chief Compliance Officer
Date:	08/06/2025

Comments accompanying signature: After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FAQ

Who filed the Schedule 13G/A for Enbridge (ENB)?

The filing was made by Picton Mahoney Asset Management.

How many Enbridge preferred shares are reported as beneficially owned?

The filing shows two reported figures: 2,000,000 preferred shares (header) and 1,029,400 preferred shares (Item 4).

What percentage of the preferred class does Picton Mahoney report owning?

The filing reports 7.54% (header) and 6.43% (Item 4); the document does not reconcile these figures.

What CUSIP and class are covered by this filing?

The filing covers Enbridge Inc. Preferred Shares with CUSIP 29250N790.

When was the Schedule 13G/A signed?

The filing is signed by Catrina Duong on 08/06/2025.

What share-outstanding basis is cited for percentage calculations?

The filing cites 16,000,000 preferred shares outstanding as of June 4, 2025 (Bloomberg) as the basis for percentages.