SEC 13F Intelligence

Managers / Q4 2021 · view latest →

LINCLUDEN MANAGEMENT LTD

CIK 0001058231 · 201 CITY CENTRE DRIVE, SUITE 201, MISSISSAUGA, L5B 2T4 · 9058259000

Reported Value
$1.1B
Q4 2021
Positions
76
Filings on Record
29
2019–present window
Filed
Feb 9, 2022
original filing

Summary

Lincluden Management Ltd reported $1.1B in U.S.-listed holdings across 76 positions for Q4 2021.

Its largest position, TD, represents 10.1% of the portfolio.

Compared with Q3 2021, the fund opened 5 new positions and exited 5.

Portfolio Metrics

Turnover
+5.9%
vs prior filed quarter
Top-10 Concentration
+55.1%
share of reported value
Largest Position
+10.1%
Toronto Dominion Bk Ont
New / Exited
5 / 5
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $1.0BQ1 ’19Q2 ’19: $1.6BQ3 ’19: $1.1BQ4 ’19: $1.1BQ1 ’20: $829MQ1 ’20Q2 ’20: $953MQ3 ’20: $1.0BQ4 ’20: $961MQ1 ’21: $1.0BQ1 ’21Q2 ’21: $1.0BQ3 ’21: $997MQ4 ’21: $1.1BQ1 ’22: $1.1BQ1 ’22Q2 ’22: $914MQ3 ’22: $785MQ4 ’22: $862MQ1 ’23: $880MQ1 ’23Q2 ’23: $868MQ3 ’23: $827MQ4 ’23: $824MQ1 ’24: $843MQ1 ’24Q2 ’24: $823MQ3 ’24: $917MQ4 ’24: $826MQ1 ’25: $787MQ1 ’25Q2 ’25: $905MQ3 ’25: $898MQ4 ’25: $1.2BQ1 ’26: $939MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 86.9%REIT: 7.1%Other: 4.0%ADR: 2.0%Equity WRT: 0.0%
  • Common Stock · 86.9% · $950M
  • REIT · 7.1% · $78M
  • Other · 4.0% · $44M
  • ADR · 2.0% · $22M
  • Equity WRT · 0.0% · $51,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MFCMANULIFE FINL CORP COMNEW+1.78M1.78M+$34M$34M
TRICON RESIDENTIAL INCNEW+455.7K455.7K+$7M$7M
ACTIVISION BLIZZARD INC.NEW+87.9K87.9K+$6M$6M
BROOKFIELD BUSINESS PARTNERS LTDNEW+590590+$27,000$27,000
BROOKFIELD ASSET MGMT INC.NEW+158158+$10,000$10,000
SLFSUN LIFE FINL INC.SOLD OUT−442.6K0−$23M$0
FEDERAL REALTY INVT TRSOLD OUT−85.7K0−$10M$0
GILGILDAN ACTIVEWEAR INC.SOLD OUT−14.7K0−$536,000$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2021

74 positions (from 76 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW10.07%$110M1.44M
2RYROYAL BANK OF CANADAhistory →COM9.17%$100M945.6K
3CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM5.75%$63M539.2K
4BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.71%$62M882.7K
5BCEBCE INChistory →COM5.09%$56M1.07M
6RCIROGERS COMMUNICATIONS INChistory →CL B4.81%$53M1.11M
7TUTELUS CORP.history →COM3.88%$42M1.80M
8CNICANADIAN NATIONAL RAILWAY COhistory →COM3.56%$39M317.0K
9SHAW COMMUNICATIONSCL B CONV3.55%$39M1.28M
10PBAPEMBINA PIPELINE CORP.history →COM3.48%$38M1.26M
11MGAMAGNA INTL INChistory →COM3.31%$36M447.6K
12ENBENBRIDGE INC.history →COM3.24%$35M906.8K
13BROOKFIELD ASSET MGMT INC.CL A LTD VT SH · CLA EXCH LT VTG3.23%$35M584.3K
14MFCMANULIFE FINL CORP COMhistory →COM3.10%$34M1.78M
15SUSUNCOR ENERGY INChistory →COM NEW2.71%$30M1.18M
16PFEPFIZER INChistory →COM1.65%$18M306.4K
17GRANITE REAL ESTATE INVT TRUNIT1.47%$16M192.5K
18CSCOCISCO SYSTEMS INC.history →COM1.22%$13M211.2K
19FSVFIRST SERVICE CORPhistory →COM1.18%$13M65.8K
20ORCLORACLE CORPhistory →COM1.14%$13M143.5K
21VZVERIZON COMMUNICATIONShistory →COM1.00%$11M209.9K
22CIGICOLLIERS INTL GROUP INC.history →SUB VTG SH1.00%$11M73.2K
23WBAWALLGREENS BOOTS ALLIANCE INChistory →COM0.98%$11M206.4K
24RMRRMR GROUP INC.history →CL A0.92%$10M290.0K
25DLTRDOLLAR TREE INC.COM0.89%$10M69.1K
26GLAXOSMITHKLINE PLCSPON ADR0.80%$9M198.5K
27WFCWELLS FARGO & CO NEWCOM0.78%$9M178.0K
28SUISUN CMNTYS INC.COM0.77%$8M40.3K
29TRNOTERRENO REALTY CORP.COM0.77%$8M99.1K
30CNCCENTENE CORP. DELCOM0.69%$8M91.7K
31AMTAMERICAN TOWER CORPCOM0.67%$7M24.9K
32QSRRESTAURANT BRANDS INTL INC.COM0.66%$7M118.7K
33TRICON RESIDENTIAL INCCOM NPV0.64%$7M455.7K
34BACBANK OF AMERICA CORPORATIONCOM0.58%$6M143.0K
35CPTCAMDEN PROPERTY TRUSTSH BEN INT0.57%$6M35.2K
36MSFTMICROSOFT CORP.COM0.54%$6M17.4K
37ACTIVISION BLIZZARD INC.COM0.53%$6M87.9K
38GIBCGI INC.CL A SV0.53%$6M65.6K
39WELLWELLTOWER INC.COM0.52%$6M66.7K
40KRKROGER COCOM0.52%$6M124.8K
41INGING GROEP N VSPON ADR0.51%$6M403.3K
42COLDAMERICOLD REALTY TRUSTCOM0.49%$5M164.8K
43GOOGLALPHABET INC.CAP STK CL A0.47%$5M1.8K
44EXREXTRA SPACE STORAGE INC.COM0.46%$5M22.2K
45EQIXEQUINIX INC.COM0.45%$5M5.9K
46VODVODAFONE GROUP PLCSPON ADR0.43%$5M316.8K
47GLWCORNING INC.COM0.37%$4M109.6K
48DGDOLLAR GENERAL CORP.COM0.37%$4M17.3K
49MSMORGAN STANLEYCOM0.36%$4M40.3K
50SPGSIMON PPTY GROUP NEWCOM0.33%$4M22.6K
51WMTWAL MART STORES INCCOM0.33%$4M24.6K
52ORANYORANGESPON ADR0.30%$3M310.8K
53TJXTJX COMPANIES INC.COM0.26%$3M38.1K
54JNJJOHNSON & JOHNSONCOM0.26%$3M16.4K
55CCITIGROUP INC.COM0.26%$3M46.5K
56INNSUMMIT HOTEL PPTYS INC.COM0.25%$3M282.6K
57CNQCANADIAN NATURAL RESOURCES LTD.COM0.25%$3M63.7K
58SNYSANOFI AVENTISSPON ADR0.24%$3M52.0K
59ROYAL DUTCH SHELLSPON ADR A0.22%$2M55.6K
60DISDISNEY WALT COCOM0.22%$2M15.4K
61TSCOTRACTOR SUPPLY COCOM0.21%$2M9.8K
62EOGEOG RESOURCES INC.COM0.19%$2M23.4K
63TTENTOTAL ENERGIES SESPON ADR0.17%$2M36.6K
64JPMJP MORGAN CHASE & COCOM0.16%$2M11.2K
65SL GREEN RLTY CORPCOM0.15%$2M22.8K
66KRCKILROY RLTY CORPCOM0.15%$2M24.3K
67SAPSAP SESPON ADR0.14%$2M11.0K
68BEPCBROOKFIELD RENEWABLE PARTNERSLP UNIT0.13%$1M38.7K
69CVECENOVUS ENERGY INC.COM · WARRANT0.08%$921,00077.6K
70MAAMID AMERICAN APT CMNTYS INC.COM0.03%$352,0001.5K
71TRPTC ENERGY CORP.COM0.03%$336,0007.2K
72VETVERMILLION ENERGY INCCOM0.02%$231,00018.4K
73BMOBANK MONTREAL QUECOM0.01%$71,000661
74BROOKFIELD BUSINESS PARTNERS LTDUNIT LP0.00%$27,000590

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$939M70May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.2B71Jan 30, 202613F-HRchanges · EDGAR ↗
Q3 2025$898M69Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$905M77Jul 25, 202513F-HRchanges · EDGAR ↗
Q1 2025$787M72May 6, 202513F-HRchanges · EDGAR ↗
Q4 2024$826M73Feb 4, 202513F-HRchanges · EDGAR ↗
Q3 2024$917M72Oct 28, 202413F-HRchanges · EDGAR ↗
Q2 2024$823M72Jul 24, 202413F-HRchanges · EDGAR ↗
Q1 2024$843M73May 7, 202413F-HRchanges · EDGAR ↗
Q4 2023$824M75Feb 7, 202413F-HRchanges · EDGAR ↗
Q3 2023$827M72Nov 8, 202313F-HRchanges · EDGAR ↗
Q2 2023$868M74Aug 9, 202313F-HRchanges · EDGAR ↗
Q1 2023$880M75May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$862M71Feb 2, 202313F-HRchanges · EDGAR ↗
Q3 2022$785M68Nov 7, 202213F-HRchanges · EDGAR ↗
Q2 2022$914M70Aug 8, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.1B74May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.1B76Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$997M76Nov 9, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.0B77Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.0B73May 6, 202113F-HRchanges · EDGAR ↗
Q4 2020$961M77Feb 9, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.0B77Oct 29, 202013F-HRchanges · EDGAR ↗
Q2 2020$953M73Aug 10, 202013F-HRchanges · EDGAR ↗
Q1 2020$829M71May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.1B74Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.1B74Nov 5, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.6B75Aug 15, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.0B72May 16, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.