SEC 13F Intelligence

Managers / Q1 2022 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$1.1B
Q1 2022
Positions
74
Filings on Record
29
2019–present window
Filed
May 12, 2022
original filing

Summary

Lincluden Management Ltd reported $1.1B in U.S.-listed holdings across 74 positions for Q1 2022.

Its largest position, TD, represents 9.8% of the portfolio.

Compared with Q4 2021, the fund opened 5 new positions and exited 7.

Portfolio Metrics

Turnover
+5.2%
vs prior filed quarter
Top-10 Concentration
+56.0%
share of reported value
Largest Position
+9.8%
Toronto Dominion Bk Ont
New / Exited
5 / 7
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: 87.3%REIT: 6.6%Other: 4.8%ADR: 1.4%Equity WRT: 0.0%
  • Common Stock · 87.3% · $986M
  • REIT · 6.6% · $74M
  • Other · 4.8% · $54M
  • ADR · 1.4% · $16M
  • Equity WRT · 0.0% · $78,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FRTFEDERAL REALTY INVT TRNEW+90.9K90.9K+$11M$11M
AVBAVALONBAY CMNTYS INC.NEW+24.6K24.6K+$6M$6M
AREALEXANDRIA REAL ESTATE EQ INC.NEW+19.0K19.0K+$4M$4M
SANOFI SANEW+64.4K64.4K+$3M$3M
BROOKFIELD BUSINESS CORPORATIONNEW+295295+$10,000$10,000
BMOBANK MONTREAL QUEADDED+20.9K21.6K+$2M$3M
TRPTC ENERGY CORP.ADDED+20.8K28.0K+$1M$2M
VETVERMILLION ENERGY INCADDED+48.9K67.3K+$1M$1M

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

Holdings — Q1 2022

72 positions (from 74 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW9.76%$110M1.39M
2RYROYAL BANK OF CANADAhistory →COM8.97%$101M920.1K
3CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM5.61%$63M522.1K
4BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.60%$63M883.2K
5RCIROGERS COMMUNICATIONS INChistory →CL B5.36%$61M1.07M
6BCEBCE INChistory →COM5.26%$59M1.07M
7TUTELUS CORP.history →COM3.96%$45M1.71M
8PBAPEMBINA PIPELINE CORP.history →COM3.95%$45M1.19M
9CNICANADIAN NATIONAL RAILWAY COhistory →COM3.88%$44M327.0K
10BROOKFIELD ASSET MGMT INC.CL A LTD VT SH · CLA EXCH LT VTG3.71%$42M741.8K
11MGAMAGNA INTL INChistory →COM3.60%$41M633.5K
12SUSUNCOR ENERGY INChistory →COM NEW3.38%$38M1.17M
13MFCMANULIFE FINL CORP COMhistory →COM3.37%$38M1.79M
14ENBENBRIDGE INC.history →COM3.34%$38M820.6K
15SHAW COMMUNICATIONSCL B CONV3.28%$37M1.19M
16PFEPFIZER INChistory →COM1.39%$16M303.4K
17GRANITE REAL ESTATE INVT TRUNIT1.10%$12M160.7K
18ORCLORACLE CORPhistory →COM1.04%$12M142.1K
19CSCOCISCO SYSTEMS INC.history →COM1.03%$12M209.6K
20FRTFEDERAL REALTY INVT TRhistory →SH BEN INT NEW0.98%$11M90.9K
21FSVFIRST SERVICE CORPhistory →COM0.98%$11M76.6K
22DLTRDOLLAR TREE INC.history →COM0.97%$11M68.4K
23VZVERIZON COMMUNICATIONShistory →COM0.94%$11M208.9K
24WBAWALLGREENS BOOTS ALLIANCE INCCOM0.81%$9M204.5K
25RMRRMR GROUP INC.CL A0.80%$9M290.0K
26GLAXOSMITHKLINE PLCSPON ADR0.76%$9M197.4K
27WFCWELLS FARGO & CO NEWCOM0.75%$8M174.4K
28QSRRESTAURANT BRANDS INTL INC.COM0.68%$8M131.3K
29CNCCENTENE CORP. DELCOM0.67%$8M90.4K
30TRNOTERRENO REALTY CORP.COM0.63%$7M96.2K
31TRICON RESIDENTIAL INCCOM NPV0.63%$7M445.7K
32KRKROGER COCOM0.62%$7M122.5K
33ACTIVISION BLIZZARD INC.COM0.62%$7M87.5K
34COLDAMERICOLD REALTY TRUSTCOM0.56%$6M227.9K
35AMTAMERICAN TOWER CORPCOM0.55%$6M24.9K
36AVBAVALONBAY CMNTYS INC.COM0.54%$6M24.6K
37GIBCGI INCCL A SUB VTG0.54%$6M76.5K
38BACBANK OF AMERICA CORPORATIONCOM0.51%$6M140.5K
39MSFTMICROSOFT CORP.COM0.47%$5M17.1K
40VODVODAFONE GROUP PLCSPON ADR0.46%$5M314.2K
41GOOGLALPHABET INC.CAP STK CL A0.43%$5M1.8K
42SPGSIMON PPTY GROUP NEWCOM0.39%$4M33.2K
43EQIXEQUINIX INC.COM0.39%$4M5.9K
44CIGICOLLIERS INTL GROUP INC.SUB VTG SH0.37%$4M32.1K
45CPTCAMDEN PROPERTY TRUSTSH BEN INT0.37%$4M25.1K
46INGING GROEP N VSPON ADR0.36%$4M394.4K
47GLWCORNING INC.COM0.35%$4M107.7K
48AREALEXANDRIA REAL ESTATE EQ INC.COM0.34%$4M19.0K
49DGDOLLAR GENERAL CORP.COM0.33%$4M16.9K
50CVECENOVUS ENERGY INC.COM · WARRANT0.33%$4M224.3K
51ORANYORANGESPON ADR0.32%$4M306.9K
52WMTWAL MART STORES INCCOM0.32%$4M24.3K
53MSMORGAN STANLEYCOM0.31%$3M39.9K
54SUISUN CMNTYS INC.COM0.30%$3M19.5K
55SANOFI SAADR0.29%$3M64.4K
56WELLWELLTOWER INC.COM0.26%$3M30.5K
57JNJJOHNSON & JOHNSONCOM0.25%$3M16.2K
58EOGEOG RESOURCESCOM0.24%$3M23.2K
59BMOBANK MONTREAL QUECOM0.22%$3M21.6K
60CCITIGROUP INC.COM0.22%$2M46.0K
61TJXTJX COMPANIES INC.COM0.20%$2M37.7K
62TSCOTRACTOR SUPPLY COCOM0.20%$2M9.7K
63DISDISNEY WALT COCOM0.18%$2M15.2K
64TTENTOTAL ENERGIES SESPON ADR0.16%$2M36.2K
65INNSUMMIT HOTEL PPTYS INC.COM0.14%$2M161.0K
66BEPCBROOKFIELD RENEWABLE PARTNERSLP UNIT0.14%$2M38.7K
67TRPTC ENERGY CORP.COM0.14%$2M28.0K
68JPMJP MORGAN CHASE & COCOM0.13%$1M10.8K
69VETVERMILLION ENERGY INCCOM0.12%$1M67.3K
70SAPSAP SESPON ADR0.10%$1M10.6K
71BROOKFIELD BUSINESS PARTNERS LTDUNIT LP0.00%$18,000590
72BROOKFIELD BUSINESS CORPORATIONCL A EXC SUB VTG0.00%$10,000295

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 ↗.