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The 50-stock INK Canadian Insider Index reached a major milestone in the last week of February, crossing over the 4,000 mark.
That represents a return of more than 310 per cent since its inception on Nov. 14, 2014, far outpacing the S&P/TSX Composite Index’s 133 per cent.
Our index uses a rules-based process to include the highest-ranking stocks based on insider characteristics, price momentum and valuations. Resource stock exposure has helped drive recent performance, but the index also has non-resource names. Let’s look at three of the top non-resource stock performers so far in 2026.
AGF Management Ltd. AGF-B-T has been a long-time member of the index as it consistently ranks high on insider characteristics due to persistent above-median holdings by senior officers and directors. Executive chairman of the board Blake Goldring is the largest beneficial insider share owner, with just over 14.5 million class B common shares and 57,600 class A voting common shares. The Toronto-based fund manager’s stock is off to a great start in 2026, up 26.1 per cent year-to-date as of Feb. 26. Despite the rally, we have only seen one insider sale, which was for a relatively small amount of 4,570 shares.
AGF ended fiscal 2025 (on Nov. 30) with total assets under management and fee-earning assets of $60.4-billion, up from $53.6-billion a year earlier. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the full year rose to $186.0-million from $166.4-million, while diluted earnings per share climbed to $1.91 from $1.46.
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Magellan Aerospace Corp. MAL-T also ranks consistently high on insider ownership characteristics. Executive chairman Murray Edwards is the largest beneficial owner, holding just over 43 million Magellan shares. Mr. Edwards is well-known as a trailblazer in the oil patch; he is a co-founder of Canadian Natural Resources Ltd. CNQ-T, where he is board chairman. Magellan shares have been flying in 2026, up 27.4 per cent year-to-date and setting five-year highs in the last week of February. Encouragingly, there has been no insider selling so far this year.
Magellan reported revenue of $766.4-million for the nine months ended Sept. 30, up 9.2 per cent from the same period in 2024, while net income climbed 47.2 per cent to $28.9-million, or 51 cents per share. In its outlook, the company noted that fiscal 2024 global defence spending hit an all-time high, exceeding US$2.4-trillion, according to the International Institute for Strategic Studies. With Boeing Co. BA-N and Airbus SE EADSY maintaining substantial multiyear order backlogs, Magellan sees the overall outlook for commercial and defence aerospace markets as broadly positive.
Linamar Corp. LNR-T is another long-time index member thanks to high insider ownership levels. Executive chair Linda Hasenfratz is the largest beneficial owner, holding just over 20 million shares. Linamar shares are up 14.1 per cent so far in 2026, lagging the index’s 20-per-cent gain, but ahead of the S&P/TSX Composite, which is up 8.8 per cent. There has been only one small insider public market sale of 427 shares in 2026. Generally, small sales are often seen as bullish signs as they may simply reflect transactions driven by liquidity needs.
The auto parts and industrial manufacturing firm has been striving to grow its earnings in a tough global business environment. In the third quarter, it arguably had success in that area. Revenue fell 3.6 per cent to $2.54-billion, but normalized diluted earnings per share grew 6.8 per cent to $2.51. Linamar’s growing cash flow has enabled it to repurchase stock. As of Feb. 12, Linamar had repurchased 207,506 shares so far this year at an average price of $87.63, according to INK data.
In all three of these cases, there has been no notable insider buying. But the reluctance of insiders to take meaningful profits as share prices rally signals continued confidence in future prospects.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors.