Picton Mahoney reports 2.41% stake in Enbridge (TSX: ENB) preferred

Rhea-AI Filing Summary

Enbridge Inc. reporting person Picton Mahoney Asset Management amended its Schedule 13G/A to show beneficial ownership of 2,800,013 preferred shares, equal to 2.41% of the class. The filing states 16,000,000 Preferred shares outstanding as of 03/31/2026.

Insights

Institutional Ownership Analyst

Passive institutional stake reported: routine disclosure, limited voting impact.

Picton Mahoney reports 2,800,013 preferred shares, representing 2.41% of the preferred class. This level is typical for a non-control institutional holder and falls below 5% ownership thresholds that often trigger additional disclosures.

Monitor future amendments for changes above 5% or shifts in voting/dispositive power; timing and cash-flow treatment are not specified in the excerpt.

Key Figures

Beneficial ownership: 2,800,013 shares Percent of class: 2.41% Preferred shares outstanding: 16,000,000 shares

3 metrics

Beneficial ownership 2,800,013 shares Preferred Shares beneficially owned by Picton Mahoney

Percent of class 2.41% Percent of preferred class based on stated outstanding

Preferred shares outstanding 16,000,000 shares Outstanding as of 03/31/2026 (source cited in filing comment)

Key Terms

Schedule 13G/A, beneficially owned, sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 2 Enbridge Inc. Preferred Shares"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Amount beneficially owned: 2800013"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 2800013"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Enbridge Inc.

(Name of Issuer)

Preferred Shares

(Title of Class of Securities)

29250N790

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 2,800,013.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,800,013.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,800,013.00

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)

2.41 %

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 March 31, 2026, 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: 2800013
(b)	Percent of class: 2.41 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2800013
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2800013
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	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 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:	04/27/2026

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

What stake does Picton Mahoney report in Enbridge (ENB)?

Picton Mahoney reports beneficial ownership of 2,800,013 preferred shares. The filing states this equals 2.41% of the preferred class, based on the stated outstanding figure of 16,000,000 as of 03/31/2026.

Does the filing indicate Picton Mahoney controls voting of these shares?

Yes. The filing shows sole voting power and sole dispositive power over 2,800,013 shares. No shared voting or dispositive power is reported in the provided excerpt.

Is this ownership above the 5% Schedule 13D threshold?

No. The filing explicitly notes Ownership of 5 percent or less of a class. The reported 2.41% is below the 5% threshold that would typically require different disclosure treatment.

What is the basis for the percentage calculation?

The percentage is calculated using 16,000,000 Preferred shares outstanding as of 03/31/2026, cited in the filing comment as sourced from Bloomberg. That outstanding figure underpins the 2.41% calculation.