SEC 13F Intelligence

Managers / Q4 2022 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$862M
Q4 2022
Positions
71
Filings on Record
29
2019–present window
Filed
Feb 2, 2023
original filing

Summary

Lincluden Management Ltd reported $862M in U.S.-listed holdings across 71 positions for Q4 2022.

Its largest position, TD, represents 9.1% of the portfolio.

Compared with Q3 2022, the fund opened 6 new positions and exited 3.

Portfolio Metrics

Turnover
+7.0%
vs prior filed quarter
Top-10 Concentration
+53.4%
share of reported value
Largest Position
+9.1%
Toronto Dominion Bk Ont
New / Exited
6 / 3
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: 92.2%REIT: 4.9%ADR: 2.6%Other: 0.3%
  • Common Stock · 92.2% · $795M
  • REIT · 4.9% · $42M
  • ADR · 2.6% · $22M
  • Other · 0.3% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BNBROOKFIELD CORPNEW+856.8K856.8K+$27M$27M
ABSOLUTE SOFTWARE CORPORATIONNEW+1.7K1.7K+$18M$18M
USBUS BANCORPNEW+182.2K182.2K+$8M$8M
BAMBROOKFIELD ASSET MGMT-ANEW+214.3K214.3K+$6M$6M
GSKGSK PLCNEW+170.6K170.6K+$6M$6M
COSTCOSTCO WHOLESALENEW+5.3K5.3K+$2M$2M
TRNOTERRENO REALTY CORP.ADDED+35.7K66.7K+$2M$4M
BROOKFIELD ASSET MGMT INC.SOLD OUT−850.6K0−$35M$0

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

Holdings — Q4 2022

71 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW9.14%$79M1.22M
2RYROYAL BANK OF CANADAhistory →COM8.67%$75M794.7K
3RCIROGERS COMMUNICATIONS INChistory →CL B5.50%$47M1.01M
4BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.31%$46M934.6K
5BCEBCE INChistory →COM4.74%$41M929.3K
6CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM4.23%$36M901.9K
7PBAPEMBINA PIPELINE CORP.history →COM4.01%$35M1.02M
8MGAMAGNA INTL INChistory →COM3.98%$34M611.2K
9QSRRESTAURANT BRANDS INTL INC.history →COM3.92%$34M522.6K
10CNICANADIAN NATIONAL RAILWAY COhistory →COM3.89%$34M282.1K
11MFCMANULIFE FINL CORP COMhistory →COM3.71%$32M1.79M
12TUTELUS CORP.history →COM3.33%$29M1.49M
13ENBENBRIDGE INC.history →COM3.17%$27M698.8K
14BNBROOKFIELD CORPhistory →CLA LTD VTSH3.13%$27M856.8K
15SUSUNCOR ENERGY INChistory →COM NEW3.03%$26M822.3K
16ABSOLUTE SOFTWARE CORPORATIONCOM2.09%$18M1.7K
17PFEPFIZER INChistory →COM1.66%$14M278.5K
18VZVERIZON COMMUNICATIONShistory →COM1.28%$11M280.1K
19ORCLORACLE CORPhistory →COM1.28%$11M134.4K
20CSCOCISCO SYSTEMS INC.history →COM1.18%$10M213.9K
21WBAWALLGREENS BOOTS ALLIANCE INCCOM0.95%$8M220.1K
22RMRRMR GROUP INC.CL A0.95%$8M290.0K
23FSVFIRST SERVICE CORPCOM0.94%$8M65.9K
24USBUS BANCORPCOM NEW0.92%$8M182.2K
25CNCCENTENE CORP. DELCOM0.81%$7M85.5K
26GRANITE REAL ESTATE INVT TRUNIT0.77%$7M130.4K
27GIBCGI INCCL A SUB VTG0.77%$7M76.7K
28FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.72%$6M61.6K
29BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.71%$6M214.3K
30GSKGSK PLCSPONSORED ADR0.70%$6M170.6K
31DLTRDOLLAR TREE INC.COM0.66%$6M40.4K
32TRICON RESIDENTIAL INCCOM NPV0.65%$6M724.6K
33GOOGLALPHABET INC.CAP STK CL A0.63%$5M61.1K
34KRKROGER COCOM0.61%$5M118.3K
35BACBANK OF AMERICA CORPORATIONCOM0.56%$5M146.9K
36MSFTMICROSOFT CORP.COM0.55%$5M19.8K
37INGING GROEP N VSPON ADR0.54%$5M383.0K
38CPTCAMDEN PROPERTY TRUSTSH BEN INT0.52%$4M39.8K
39DGDOLLAR GENERAL CORP.COM0.47%$4M16.3K
40TRNOTERRENO REALTY CORP.COM0.44%$4M66.7K
41SPGSIMON PPTY GROUP NEWCOM0.41%$3M29.7K
42GLWCORNING INC.COM0.39%$3M103.9K
43WMTWAL MART STORES INCCOM0.38%$3M22.9K
44DISDISNEY WALT COCOM0.38%$3M37.4K
45MSMORGAN STANLEYCOM0.37%$3M37.9K
46AVBAVALONBAY CMNTYS INC.COM0.37%$3M19.7K
47VODVODAFONE GROUP PLCSPON ADR0.35%$3M301.5K
48SUISUN CMNTYS INC.COM0.35%$3M21.0K
49SANOFI SAADR0.34%$3M61.1K
50ORANYORANGESPON ADR0.33%$3M291.0K
51EOGEOG RESOURCESCOM0.33%$3M22.0K
52TJXTJX COMPANIES INC.COM0.33%$3M35.7K
53TSCOTRACTOR SUPPLY COCOM0.33%$3M12.6K
54JNJJOHNSON & JOHNSONCOM0.31%$3M15.3K
55COLDAMERICOLD REALTY TRUSTCOM0.31%$3M94.8K
56WELLWELLTOWER INC.COM0.30%$3M39.9K
57CVECENOVUS ENERGY INC.COM0.30%$3M133.7K
58TRPTC ENERGY CORP.COM0.30%$3M64.3K
59COSTCOSTCO WHOLESALECOM0.28%$2M5.3K
60CIGICOLLIERS INTL GROUP INC.SUB VTG SH0.28%$2M26.3K
61AREALEXANDRIA REAL ESTATE EQ INC.COM0.27%$2M16.1K
62HLNHALEON PLCSPON ADS0.27%$2M288.5K
63CCITIGROUP INC.COM0.25%$2M48.4K
64AMTAMERICAN TOWER CORPCOM0.25%$2M10.2K
65TTENTOTAL ENERGIES SESPON ADR0.25%$2M34.4K
66BMOBANK MONTREAL QUECOM0.23%$2M21.6K
67JPMJP MORGAN CHASE & COCOM0.17%$1M10.8K
68EQIXEQUINIX INC.COM0.16%$1M2.1K
69VETVERMILLION ENERGY INCCOM0.14%$1M70.0K
70SAPSAP SESPON ADR0.13%$1M10.6K
71BROOKFIELD BUSINESS PARTNERS LTDUNIT LP0.00%$13,000739

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 ↗.