SEC 13F Intelligence

Managers / Q4 2023 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$824M
Q4 2023
Positions
75
Filings on Record
29
2019–present window
Filed
Feb 7, 2024
original filing

Summary

Lincluden Management Ltd reported $824M in U.S.-listed holdings across 75 positions for Q4 2023.

Its largest position, TD, represents 8.6% of the portfolio.

Compared with Q3 2023, the fund opened 5 new positions and exited 2.

Portfolio Metrics

Turnover
+6.4%
vs prior filed quarter
Top-10 Concentration
+56.2%
share of reported value
Largest Position
+8.6%
Toronto Dominion Bk Ont
New / Exited
5 / 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: 90.6%REIT: 6.1%ADR: 2.9%Other: 0.4%
  • Common Stock · 90.6% · $746M
  • REIT · 6.1% · $50M
  • ADR · 2.9% · $24M
  • Other · 0.4% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DEODIAGEO PLC-SPONS ADRNEW+51.2K51.2K+$7M$7M
GILGILDAN ACTIVEWEAR INCNEW+76.4K76.4K+$3M$3M
VTRVENTAS INCNEW+43.5K43.5K+$2M$2M
BXPBOSTON PROPORTIES INC.NEW+28.5K28.5K+$2M$2M
BEPCBROOKFIELD RENEWABLE PARTNERS LPNEW+3.6K3.6K+$94,000$94,000
JPMJP MORGAN CHASE & COADDED+18.7K28.6K+$3M$5M
HLNHALEON PLCSOLD OUT−283.6K0−$2M$0
BMOBANK MONTREAL QUESOLD OUT−5540−$46,000$0

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

Holdings — Q4 2023

75 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW8.64%$71M1.10M
2RYROYAL BANK OF CANADAhistory →COM7.97%$66M649.5K
3TRPTC ENERGY CORP.history →COM6.11%$50M1.29M
4BCEBCE INChistory →COM5.29%$44M1.11M
5BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.26%$43M890.2K
6CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM5.07%$42M867.7K
7BNBROOKFIELD CORPhistory →CLA LTD VTSH4.96%$41M1.02M
8CNICANADIAN NATIONAL RAILWAY COhistory →COM4.35%$36M285.5K
9MFCMANULIFE FINL CORP COMhistory →COM4.32%$36M1.61M
10MGAMAGNA INTL INChistory →COM4.22%$35M588.9K
11TUTELUS CORP.history →COM3.57%$29M1.65M
12PBAPEMBINA PIPELINE CORP.history →COM3.52%$29M843.3K
13QSRRESTAURANT BRANDS INTL INC.history →COM2.64%$22M278.9K
14SUSUNCOR ENERGY INChistory →COM NEW2.64%$22M680.0K
15CSCOCISCO SYSTEMS INC.history →COM1.29%$11M209.7K
16PFEPFIZER INChistory →COM1.25%$10M357.5K
17VZVERIZON COMMUNICATIONShistory →COM1.24%$10M270.9K
18ORCLORACLE CORPhistory →COM1.19%$10M93.1K
19TRICON RESIDENTIAL INCCOM NPV1.10%$9M1.00M
20RMRRMR GROUP INC.CL A0.99%$8M290.0K
21GRANITE REAL ESTATE INVT TRUNIT0.93%$8M133.6K
22DEODIAGEO PLC-SPONS ADRSPON ADR NEW0.91%$7M51.2K
23GOOGLALPHABET INC.CAP STK CL A0.86%$7M50.9K
24MSFTMICROSOFT CORP.COM0.85%$7M18.5K
25WBAWALLGREENS BOOTS ALLIANCE INCCOM0.85%$7M266.7K
26USBUS BANCORPCOM NEW0.82%$7M157.0K
27FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.81%$7M64.4K
28FSVFIRST SERVICE CORPCOM0.78%$6M39.6K
29CNCCENTENE CORP. DELCOM0.77%$6M86.0K
30DGDOLLAR GENERAL CORP.COM0.69%$6M41.7K
31BACBANK OF AMERICA CORPORATIONCOM0.65%$5M158.1K
32KRKROGER COCOM0.61%$5M110.8K
33EXREXTRA SPACE STORAGE INC.COM0.61%$5M31.1K
34JPMJP MORGAN CHASE & COCOM0.59%$5M28.6K
35INGING GROEP N VSPON ADR0.59%$5M321.4K
36AMTAMERICAN TOWER CORPCOM0.57%$5M21.6K
37UDRUDR INC.COM0.55%$5M117.8K
38CIGICOLLIERS INTL GROUP INC.SUB VTG SH0.54%$4M35.5K
39HDHOME DEPOTCOM0.52%$4M12.4K
40EOGEOG RESOURCESCOM0.52%$4M35.3K
41GNTXGENTEX CORP.PUT0.51%$4M129.0K
42CPTCAMDEN PROPERTY TRUSTSH BEN INT0.50%$4M41.7K
43CNQCANADIAN NAT RES LTDCOM0.48%$4M59.8K
44COSTCOSTCO WHOLESALECOM0.42%$3M5.2K
45MSMORGAN STANLEYCOM0.41%$3M36.0K
46SANOFI SAADR0.40%$3M66.2K
47WMTWAL MART STORES INCCOM0.40%$3M20.8K
48DISDISNEY WALT COCOM0.40%$3M36.1K
49ORANYORANGESPON ADR0.38%$3M271.1K
50RCIROGERS COMMUNICATIONS INCCL B0.36%$3M64.0K
51VETVERMILLION ENERGY INCCOM0.36%$3M247.8K
52GIBCGI INCCL A SUB VTG0.36%$3M27.4K
53GLWCORNING INC.COM0.36%$3M96.3K
54TSCOTRACTOR SUPPLY COCOM0.32%$3M12.3K
55AVBAVALONBAY CMNTYS INC.COM0.32%$3M14.0K
56TRNOTERRENO REALTY CORP.COM0.31%$3M41.1K
57GILGILDAN ACTIVEWEAR INCCOM0.31%$3M76.4K
58VODVODAFONE GROUP PLCSPON ADR0.30%$2M283.9K
59WELLWELLTOWER INC.COM0.30%$2M27.4K
60GSKGSK PLCSPONSORED ADR0.30%$2M66.0K
61CCITIGROUP INC.COM0.29%$2M47.1K
62SPGSIMON PPTY GROUP NEWCOM0.29%$2M16.9K
63TJXTJX COMPANIES INC.COM0.29%$2M25.5K
64TTENTOTAL ENERGIES SESPON ADR0.27%$2M32.8K
65JNJJOHNSON & JOHNSONCOM0.26%$2M13.9K
66VTRVENTAS INCCOM0.26%$2M43.5K
67UNHUNITEDHEALTH GROUP INC COMCOM0.26%$2M4.1K
68BXPBOSTON PROPORTIES INC.COM0.24%$2M28.5K
69COLDAMERICOLD REALTY TRUSTCOM0.23%$2M64.0K
70EQIXEQUINIX INC.COM0.21%$2M2.1K
71SAPSAP SESPON ADR0.18%$1M9.5K
72CVECENOVUS ENERGY INC.COM0.04%$330,00019.8K
73BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.03%$232,0005.8K
74BEPCBROOKFIELD RENEWABLE PARTNERS LPPARTNERSHIP UNIT0.01%$94,0003.6K
75BROOKFIELD RENEWABLECL A SUB VTG0.01%$47,0001.6K

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 ↗.