SEC 13F Intelligence

Managers / Q2 2023 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$868M
Q2 2023
Positions
74
Filings on Record
29
2019–present window
Filed
Aug 9, 2023
original filing

Summary

Lincluden Management Ltd reported $868M in U.S.-listed holdings across 74 positions for Q2 2023.

Its largest position, TD, represents 9.5% of the portfolio.

Compared with Q1 2023, the fund opened 1 new position and exited 2.

Portfolio Metrics

Turnover
+6.3%
vs prior filed quarter
Top-10 Concentration
+56.9%
share of reported value
Largest Position
+9.5%
Toronto Dominion Bk Ont
New / Exited
1 / 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: 92.0%REIT: 5.1%ADR: 2.5%Other: 0.3%
  • Common Stock · 92.0% · $799M
  • REIT · 5.1% · $44M
  • ADR · 2.5% · $22M
  • Other · 0.3% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UNHUNITEDHEALTH GROUP INC COMNEW+4.1K4.1K+$2M$2M
ABSOLUTE SOFTWARE CORPORATIONSOLD OUT−2.9K0−$23M$0
AVGOBROADCOM INC.SOLD OUT−100−$6,000$0
BMOBANK MONTREAL QUETRIMMED−21.0K596−$2M$54,000
RCIROGERS COMMUNICATIONS INCTRIMMED−420.7K69.5K−$19M$3M
VETVERMILLION ENERGY INCADDED+136.6K422.7K+$2M$5M
BROOKFIELD RENEWABLEADDED+4091.3K+$10,000$42,000
SPGSIMON PPTY GROUP NEWTRIMMED−12.8K16.9K−$1M$2M

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

Holdings — Q2 2023

74 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW9.48%$82M1.33M
2RYROYAL BANK OF CANADAhistory →COM8.65%$75M785.9K
3BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.93%$52M1.03M
4BCEBCE INChistory →COM5.80%$50M1.10M
5CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM5.11%$44M1.04M
6BNBROOKFIELD CORPhistory →CLA LTD VTSH5.04%$44M1.30M
7MGAMAGNA INTL INChistory →COM4.58%$40M704.1K
8TRPTC ENERGY CORP.history →COM4.26%$37M914.4K
9CNICANADIAN NATIONAL RAILWAY COhistory →COM4.13%$36M296.3K
10TUTELUS CORP.history →COM3.87%$34M1.73M
11PBAPEMBINA PIPELINE CORP.history →COM3.82%$33M1.06M
12QSRRESTAURANT BRANDS INTL INC.history →COM3.10%$27M347.5K
13MFCMANULIFE FINL CORP COMhistory →COM3.07%$27M1.41M
14SUSUNCOR ENERGY INChistory →COM NEW2.95%$26M872.7K
15ORCLORACLE CORPhistory →COM1.29%$11M94.2K
16CSCOCISCO SYSTEMS INC.history →COM1.26%$11M210.8K
17TRICON RESIDENTIAL INCCOM NPV1.18%$10M1.16M
18VZVERIZON COMMUNICATIONShistory →COM1.17%$10M273.9K
19PFEPFIZER INChistory →COM1.17%$10M276.3K
20FSVFIRST SERVICE CORPhistory →COM1.01%$9M57.1K
21CNQCANADIAN NAT RES LTDCOM0.91%$8M141.3K
22GIBCGI INCCL A SUB VTG0.90%$8M56.0K
23WBAWALLGREENS BOOTS ALLIANCE INCCOM0.88%$8M268.9K
24GOOGLALPHABET INC.CAP STK CL A0.81%$7M58.9K
25FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.80%$7M71.7K
26RMRRMR GROUP INC.CL A0.77%$7M290.0K
27GRANITE REAL ESTATE INVT TRUNIT0.76%$7M111.5K
28MSFTMICROSOFT CORP.COM0.75%$6M19.0K
29USBUS BANCORPCOM NEW0.71%$6M185.5K
30GSKGSK PLCSPONSORED ADR0.70%$6M170.9K
31CNCCENTENE CORP. DELCOM0.68%$6M87.7K
32KRKROGER COCOM0.61%$5M113.2K
33VETVERMILLION ENERGY INCCOM0.61%$5M422.7K
34DGDOLLAR GENERAL CORP.COM0.61%$5M31.0K
35CPTCAMDEN PROPERTY TRUSTSH BEN INT0.58%$5M45.9K
36BACBANK OF AMERICA CORPORATIONCOM0.51%$4M154.3K
37EOGEOG RESOURCESCOM0.51%$4M38.7K
38INGING GROEP N VSPON ADR0.50%$4M323.7K
39HDHOME DEPOTCOM0.45%$4M12.6K
40GNTXGENTEX CORP.PUT0.44%$4M131.2K
41COSTCOSTCO WHOLESALECOM0.44%$4M7.1K
42EXREXTRA SPACE STORAGE INC.COM0.42%$4M24.3K
43CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.40%$3M35.5K
44AMTAMERICAN TOWER CORPCOM0.40%$3M18.0K
45GLWCORNING INC.COM0.40%$3M99.0K
46WMTWAL MART STORES INCCOM0.39%$3M21.3K
47AVBAVALONBAY CMNTYS INC.COM0.38%$3M17.5K
48DLTRDOLLAR TREE INC.COM0.38%$3M23.0K
49DISDISNEY WALT COCOM0.38%$3M36.7K
50ORANYORANGESPON ADR0.37%$3M276.4K
51RCIROGERS COMMUNICATIONS INCCL B0.37%$3M69.5K
52MSMORGAN STANLEYCOM0.36%$3M36.6K
53COLDAMERICOLD REALTY TRUSTCOM0.35%$3M94.8K
54SANOFI SAADR0.34%$3M55.6K
55TJXTJX COMPANIES INC.COM0.33%$3M33.8K
56TSCOTRACTOR SUPPLY COCOM0.32%$3M12.4K
57VODVODAFONE GROUP PLCSPON ADR0.32%$3M289.7K
58TRNOTERRENO REALTY CORP.COM0.28%$2M41.1K
59JNJJOHNSON & JOHNSONCOM0.28%$2M14.8K
60HLNHALEON PLCSPON ADS0.27%$2M284.4K
61BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.27%$2M71.3K
62WELLWELLTOWER INC.COM0.26%$2M27.4K
63CCITIGROUP INC.COM0.25%$2M47.5K
64UNHUNITEDHEALTH GROUP INC COMCOM0.23%$2M4.1K
65SPGSIMON PPTY GROUP NEWCOM0.22%$2M16.9K
66TTENTOTAL ENERGIES SESPON ADR0.22%$2M33.2K
67SUISUN CMNTYS INC.COM0.21%$2M14.2K
68AREALEXANDRIA REAL ESTATE EQ INC.COM0.21%$2M16.1K
69EQIXEQUINIX INC.COM0.19%$2M2.1K
70JPMJP MORGAN CHASE & COCOM0.17%$1M10.1K
71SAPSAP SESPON ADR0.16%$1M9.9K
72CVECENOVUS ENERGY INC.COM0.04%$337,00019.8K
73BMOBANK MONTREAL QUECOM0.01%$54,000596
74BROOKFIELD RENEWABLECL A SUB VTG0.00%$42,0001.3K

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 ↗.