SEC 13F Intelligence

Managers / Q3 2023 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$827M
Q3 2023
Positions
72
Filings on Record
29
2019–present window
Filed
Nov 8, 2023
original filing

Summary

Lincluden Management Ltd reported $827M in U.S.-listed holdings across 72 positions for Q3 2023.

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

Compared with Q2 2023, the fund opened 1 new position and exited 3.

Portfolio Metrics

Turnover
+3.1%
vs prior filed quarter
Top-10 Concentration
+56.5%
share of reported value
Largest Position
+9.5%
Toronto Dominion Bk Ont
New / Exited
1 / 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: 4.8%ADR: 2.7%Other: 0.4%
  • Common Stock · 92.2% · $762M
  • REIT · 4.8% · $39M
  • ADR · 2.7% · $22M
  • Other · 0.4% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UDRUDR INC.NEW+63.8K63.8K+$2M$2M
DLTRDOLLAR TREE INC.SOLD OUT−23.0K0−$3M$0
SUISUN CMNTYS INC.SOLD OUT−14.2K0−$2M$0
AREALEXANDRIA REAL ESTATE EQ INC.SOLD OUT−16.1K0−$2M$0
TRPTC ENERGY CORP.ADDED+407.4K1.32M+$9M$45M
BAMBROOKFIELD ASSET MGMT-AADDED+27.3K98.7K+$962,000$3M
DGDOLLAR GENERAL CORP.ADDED+11.1K42.1K−$813,000$4M
TJXTJX COMPANIES INC.TRIMMED−7.9K25.9K−$566,000$2M

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

Holdings — Q3 2023

72 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW9.49%$78M1.30M
2RYROYAL BANK OF CANADAhistory →COM8.16%$67M771.3K
3TRPTC ENERGY CORP.history →COM5.50%$45M1.32M
4BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.48%$45M1.01M
5BCEBCE INChistory →COM5.33%$44M1.15M
6CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM4.77%$39M1.02M
7CNICANADIAN NATIONAL RAILWAY COhistory →COM4.67%$39M356.3K
8BNBROOKFIELD CORPhistory →CLA LTD VTSH4.58%$38M1.21M
9MGAMAGNA INTL INChistory →COM4.49%$37M691.6K
10TUTELUS CORP.history →COM3.99%$33M2.02M
11MFCMANULIFE FINL CORP COMhistory →COM3.84%$32M1.73M
12PBAPEMBINA PIPELINE CORP.history →COM3.76%$31M1.03M
13SUSUNCOR ENERGY INChistory →COM NEW3.43%$28M823.5K
14QSRRESTAURANT BRANDS INTL INC.history →COM2.78%$23M345.3K
15CSCOCISCO SYSTEMS INC.history →COM1.37%$11M210.1K
16PFEPFIZER INChistory →COM1.24%$10M309.0K
17TRICON RESIDENTIAL INCCOM NPV1.21%$10M1.35M
18ORCLORACLE CORPhistory →COM1.20%$10M93.9K
19VZVERIZON COMMUNICATIONShistory →COM1.07%$9M272.6K
20FSVFIRST SERVICE CORPhistory →COM1.01%$8M57.1K
21GOOGLALPHABET INC.CAP STK CL A0.93%$8M58.5K
22RMRRMR GROUP INC.CL A0.86%$7M290.0K
23CNQCANADIAN NAT RES LTDCOM0.86%$7M109.9K
24GRANITE REAL ESTATE INVT TRUNIT0.86%$7M133.6K
25GSKGSK PLCSPONSORED ADR0.74%$6M169.7K
26USBUS BANCORPCOM NEW0.73%$6M183.2K
27CNCCENTENE CORP. DELCOM0.72%$6M87.0K
28GIBCGI INCCL A SUB VTG0.72%$6M60.5K
29WBAWALLGREENS BOOTS ALLIANCE INCCOM0.72%$6M267.8K
30MSFTMICROSOFT CORP.COM0.72%$6M18.8K
31VETVERMILLION ENERGY INCCOM0.71%$6M401.9K
32FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.71%$6M64.9K
33KRKROGER COCOM0.61%$5M111.9K
34EOGEOG RESOURCESCOM0.59%$5M38.4K
35DGDOLLAR GENERAL CORP.COM0.54%$4M42.1K
36CPTCAMDEN PROPERTY TRUSTSH BEN INT0.53%$4M45.9K
37INGING GROEP N VSPON ADR0.52%$4M325.9K
38GNTXGENTEX CORP.PUT0.51%$4M130.5K
39BACBANK OF AMERICA CORPORATIONCOM0.51%$4M153.0K
40COSTCOSTCO WHOLESALECOM0.48%$4M7.1K
41HDHOME DEPOTCOM0.46%$4M12.5K
42AMTAMERICAN TOWER CORPCOM0.43%$4M21.6K
43WMTWAL MART STORES INCCOM0.41%$3M21.2K
44CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.41%$3M35.5K
45BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.40%$3M98.7K
46ORANYORANGESPON ADR0.38%$3M275.1K
47GLWCORNING INC.COM0.36%$3M97.7K
48MSMORGAN STANLEYCOM0.36%$3M36.4K
49DISDISNEY WALT COCOM0.36%$3M36.6K
50SANOFI SAADR0.36%$3M55.3K
51EXREXTRA SPACE STORAGE INC.COM0.36%$3M24.3K
52COLDAMERICOLD REALTY TRUSTCOM0.35%$3M94.8K
53VODVODAFONE GROUP PLCSPON ADR0.33%$3M287.1K
54RCIROGERS COMMUNICATIONS INCCL B0.31%$3M67.0K
55TSCOTRACTOR SUPPLY COCOM0.30%$3M12.4K
56AVBAVALONBAY CMNTYS INC.COM0.29%$2M14.0K
57HLNHALEON PLCSPON ADS0.29%$2M283.6K
58TRNOTERRENO REALTY CORP.COM0.28%$2M41.1K
59TJXTJX COMPANIES INC.COM0.28%$2M25.9K
60UDRUDR INC.COM0.28%$2M63.8K
61WELLWELLTOWER INC.COM0.27%$2M27.4K
62JNJJOHNSON & JOHNSONCOM0.27%$2M14.1K
63TTENTOTAL ENERGIES SESPON ADR0.26%$2M33.2K
64UNHUNITEDHEALTH GROUP INC COMCOM0.25%$2M4.1K
65CCITIGROUP INC.COM0.24%$2M47.5K
66SPGSIMON PPTY GROUP NEWCOM0.22%$2M16.9K
67EQIXEQUINIX INC.COM0.18%$2M2.1K
68JPMJP MORGAN CHASE & COCOM0.17%$1M9.9K
69SAPSAP SESPON ADR0.15%$1M9.7K
70CVECENOVUS ENERGY INC.COM0.05%$413,00019.8K
71BMOBANK MONTREAL QUECOM0.01%$46,000554
72BROOKFIELD RENEWABLECL A SUB VTG0.00%$39,0001.6K

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 ↗.