SEC 13F Intelligence

Managers / Q1 2023 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$880M
Q1 2023
Positions
75
Filings on Record
29
2019–present window
Filed
May 12, 2023
original filing

Summary

Lincluden Management Ltd reported $880M in U.S.-listed holdings across 75 positions for Q1 2023.

Its largest position, TD, represents 8.8% of the portfolio.

Compared with Q4 2022, the fund opened 6 new positions and exited 2.

Portfolio Metrics

Turnover
+9.7%
vs prior filed quarter
Top-10 Concentration
+52.5%
share of reported value
Largest Position
+8.8%
Toronto Dominion Bk Ont
New / Exited
6 / 2
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: 91.6%REIT: 5.5%ADR: 2.6%Other: 0.4%
  • Common Stock · 91.6% · $806M
  • REIT · 5.5% · $49M
  • ADR · 2.6% · $23M
  • Other · 0.4% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CNQCANADIAN NAT RES LTDNEW+112.0K112.0K+$6M$6M
EXREXTRA SPACE STORAGE INC.NEW+24.3K24.3K+$4M$4M
HDHOME DEPOTNEW+12.6K12.6K+$4M$4M
GNTXGENTEX CORP.NEW+131.2K131.2K+$4M$4M
BROOKFIELD RENEWABLENEW+933933+$32,000$32,000
AVGOBROADCOM INC.NEW+1010+$6,000$6,000
TRPTC ENERGY CORP.ADDED+815.8K880.1K+$32M$34M
VETVERMILLION ENERGY INCADDED+216.1K286.1K+$2M$4M

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

Holdings — Q1 2023

75 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW8.77%$77M1.29M
2RYROYAL BANK OF CANADAhistory →COM8.74%$77M806.9K
3BCEBCE INChistory →COM5.82%$51M1.15M
4BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.48%$48M959.9K
5CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM4.40%$39M915.1K
6BNBROOKFIELD CORPhistory →CLA LTD VTSH4.19%$37M1.14M
7MGAMAGNA INTL INChistory →COM3.88%$34M639.3K
8TRPTC ENERGY CORP.history →COM3.88%$34M880.1K
9CNICANADIAN NATIONAL RAILWAY COhistory →COM3.76%$33M281.3K
10MFCMANULIFE FINL CORP COMhistory →COM3.60%$32M1.73M
11PBAPEMBINA PIPELINE CORP.history →COM3.53%$31M961.8K
12TUTELUS CORP.history →COM3.34%$29M1.49M
13QSRRESTAURANT BRANDS INTL INC.history →COM3.22%$28M423.4K
14SUSUNCOR ENERGY INChistory →COM NEW2.95%$26M837.9K
15ABSOLUTE SOFTWARE CORPORATIONCOM2.58%$23M2.9K
16RCIROGERS COMMUNICATIONS INChistory →CL B2.57%$23M490.2K
17ORCLORACLE CORPhistory →COM1.38%$12M130.9K
18PFEPFIZER INChistory →COM1.29%$11M277.3K
19CSCOCISCO SYSTEMS INC.history →COM1.25%$11M210.9K
20VZVERIZON COMMUNICATIONShistory →COM1.22%$11M275.1K
21GRANITE REAL ESTATE INVT TRUNIT1.01%$9M143.7K
22FSVFIRST SERVICE CORPCOM0.93%$8M58.3K
23TRICON RESIDENTIAL INCCOM NPV0.93%$8M1.06M
24RMRRMR GROUP INC.CL A0.86%$8M290.0K
25WBAWALLGREENS BOOTS ALLIANCE INCCOM0.86%$8M219.5K
26GIBCGI INCCL A SUB VTG0.82%$7M75.0K
27USBUS BANCORPCOM NEW0.76%$7M185.5K
28CNQCANADIAN NAT RES LTDCOM0.70%$6M112.0K
29GOOGLALPHABET INC.CAP STK CL A0.70%$6M59.3K
30GSKGSK PLCSPONSORED ADR0.69%$6M170.8K
31FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.67%$6M59.9K
32KRKROGER COCOM0.64%$6M113.2K
33MSFTMICROSOFT CORP.COM0.63%$6M19.1K
34CNCCENTENE CORP. DELCOM0.60%$5M83.3K
35DGDOLLAR GENERAL CORP.COM0.57%$5M24.0K
36EOGEOG RESOURCESCOM0.50%$4M38.7K
37AVBAVALONBAY CMNTYS INC.COM0.50%$4M26.1K
38INGING GROEP N VSPON ADR0.49%$4M366.9K
39CPTCAMDEN PROPERTY TRUSTSH BEN INT0.47%$4M39.8K
40BACBANK OF AMERICA CORPORATIONCOM0.47%$4M145.5K
41AMTAMERICAN TOWER CORPCOM0.47%$4M20.2K
42EXREXTRA SPACE STORAGE INC.COM0.45%$4M24.3K
43HDHOME DEPOTCOM0.42%$4M12.6K
44VETVERMILLION ENERGY INCCOM0.42%$4M286.1K
45GNTXGENTEX CORP.PUT0.42%$4M131.2K
46DISDISNEY WALT COCOM0.42%$4M36.7K
47TRNOTERRENO REALTY CORP.COM0.40%$4M54.9K
48COSTCOSTCO WHOLESALECOM0.40%$4M7.1K
49GLWCORNING INC.COM0.40%$4M99.2K
50ORANYORANGESPON ADR0.38%$3M280.6K
51SPGSIMON PPTY GROUP NEWCOM0.38%$3M29.7K
52DLTRDOLLAR TREE INC.COM0.37%$3M23.0K
53WMTWAL MART STORES INCCOM0.37%$3M22.1K
54SANOFI SAADR0.37%$3M59.7K
55MSMORGAN STANLEYCOM0.36%$3M36.6K
56VODVODAFONE GROUP PLCSPON ADR0.36%$3M289.5K
57TSCOTRACTOR SUPPLY COCOM0.33%$3M12.4K
58CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.31%$3M26.3K
59TJXTJX COMPANIES INC.COM0.31%$3M34.4K
60COLDAMERICOLD REALTY TRUSTCOM0.31%$3M94.8K
61BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.26%$2M71.1K
62HLNHALEON PLCSPON ADS0.26%$2M284.1K
63JNJJOHNSON & JOHNSONCOM0.26%$2M14.8K
64CCITIGROUP INC.COM0.25%$2M47.4K
65AREALEXANDRIA REAL ESTATE EQ INC.COM0.23%$2M16.1K
66SUISUN CMNTYS INC.COM0.23%$2M14.2K
67WELLWELLTOWER INC.COM0.22%$2M27.4K
68TTENTOTAL ENERGIES SESPON ADR0.22%$2M33.2K
69BMOBANK MONTREAL QUECOM0.22%$2M21.6K
70EQIXEQUINIX INC.COM0.17%$2M2.1K
71JPMJP MORGAN CHASE & COCOM0.15%$1M10.2K
72SAPSAP SESPON ADR0.14%$1M10.0K
73CVECENOVUS ENERGY INC.COM0.04%$345,00019.8K
74BROOKFIELD RENEWABLECL A SUB VTG0.00%$32,000933
75AVGOBROADCOM INC.COM0.00%$6,00010

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 ↗.