SEC 13F Intelligence

Managers / Q4 2024 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$826M
Q4 2024
Positions
73
Filings on Record
29
2019–present window
Filed
Feb 4, 2025
original filing

Summary

Lincluden Management Ltd reported $826M in U.S.-listed holdings across 73 positions for Q4 2024.

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

Compared with Q3 2024, the fund opened 3 new positions and exited 2.

Portfolio Metrics

Turnover
+1.9%
vs prior filed quarter
Top-10 Concentration
+53.6%
share of reported value
Largest Position
+8.6%
Royal Bank Of Canada
New / Exited
3 / 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: 91.7%REIT: 5.4%ADR: 2.5%Other: 0.4%
  • Common Stock · 91.7% · $758M
  • REIT · 5.4% · $44M
  • ADR · 2.5% · $20M
  • Other · 0.4% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BXPBXP INC.NEW+38.7K38.7K+$3M$3M
BEPCBROOKFIELD RENEWABLENEW+68.4K68.4K+$2M$2M
BROOKFIELD WEALTH SOLUTIONSNEW+1.4K1.4K+$83,000$83,000
TSCOTRACTOR SUPPLY COADDED+50.0K62.5K−$329,000$3M
BROOKFIELD RENEWABLESOLD OUT−72.1K0−$2M$0
SYKSTRYKER CORPSOLD OUT−200−$7,000$0
CPTCAMDEN PROPERTY TRUSTTRIMMED−18.1K26.8K−$2M$3M
CMCANADIAN IMPERIAL BANK OF COMMERCETRIMMED−293.2K501.8K−$17M$32M

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

Holdings — Q4 2024

73 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYROYAL BANK OF CANADAhistory →COM8.63%$71M591.6K
2TDTORONTO DOMINION BK ONThistory →COM NEW7.65%$63M1.19M
3TRPTC ENERGY CORP.history →COM5.95%$49M1.05M
4BNBROOKFIELD CORPhistory →CLA LTD VTSH5.65%$47M811.5K
5BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.13%$42M789.6K
6BCEBCE INChistory →COM4.53%$37M1.62M
7CNICANADIAN NATIONAL RAILWAY COhistory →COM4.46%$37M362.6K
8MFCMANULIFE FINL CORP COMhistory →COM4.29%$35M1.15M
9CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM3.84%$32M501.8K
10PBAPEMBINA PIPELINE CORP.history →COM3.45%$29M771.5K
11MGAMAGNA INTL INChistory →COM3.35%$28M661.7K
12TUTELUS CORP.history →COM3.22%$27M1.96M
13SUSUNCOR ENERGY INChistory →COM NEW2.71%$22M627.3K
14BIPCBROOKFIELD INFRASTRUCTURE PAhistory →LP INT UNIT2.31%$19M599.7K
15QSRRESTAURANT BRANDS INTL INC.history →COM1.91%$16M241.7K
16BEPCBROOKFIELD RENEWABLE PARTNERS LPhistory →PARTNERSHIP UNIT1.89%$16M686.8K
17CSCOCISCO SYSTEMS INC.history →COM1.62%$13M226.3K
18ORCLORACLE CORPhistory →COM1.43%$12M71.0K
19VZVERIZON COMMUNICATIONShistory →COM1.28%$11M265.3K
20PFEPFIZER INChistory →COM1.24%$10M385.8K
21GOOGLALPHABET INC.history →CAP STK CL A1.15%$9M50.0K
22MSFTMICROSOFT CORP.COM1.00%$8M19.5K
23KRKROGER COCOM0.93%$8M126.0K
24FSVFIRST SERVICE CORPCOM0.91%$8M41.7K
25USBUS BANCORPCOM NEW0.89%$7M153.7K
26DEODIAGEO PLC-SPONS ADRSPON ADR NEW0.89%$7M57.7K
27BACBANK OF AMERICA CORPORATIONCOM0.82%$7M153.6K
28CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.79%$7M48.1K
29FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.79%$7M58.3K
30JPMJPMORGAN & CHASE & CO COMCOM0.73%$6M25.2K
31RMRRMR GROUP INC.CL A0.72%$6M290.0K
32HDHOME DEPOTCOM0.68%$6M14.5K
33GRANITE REAL ESTATE INVT TRUNIT0.67%$6M114.7K
34MSMORGAN STANLEYCOM0.63%$5M41.5K
35DISDISNEY WALT COCOM0.62%$5M45.9K
36CNCCENTENE CORP. DELCOM0.62%$5M84.2K
37INGING GROEP N VSPON ADR0.59%$5M311.6K
38COSTCOSTCO WHOLESALECOM0.56%$5M5.0K
39UNHUNITEDHEALTH GROUP INC COMCOM0.52%$4M8.5K
40EOGEOG RESOURCESCOM0.51%$4M34.2K
41EQIXEQUINIX INC.COM0.50%$4M4.3K
42GNTXGENTEX CORP.PUT0.48%$4M138.4K
43GIBCGI INCCL A SUB VTG0.48%$4M36.3K
44WMTWAL MART STORES INCCOM0.46%$4M41.8K
45AMTAMERICAN TOWER CORPCOM0.46%$4M20.5K
46UDRUDR INC.COM0.43%$4M81.4K
47CNQCANADIAN NAT RES LTDCOM0.40%$3M108.0K
48CCITIGROUP INC.COM0.40%$3M47.2K
49TSCOTRACTOR SUPPLY COCOM0.40%$3M62.5K
50SANOFI SAADR0.39%$3M66.6K
51GLWCORNING INC.COM0.38%$3M66.4K
52CPTCAMDEN PROPERTY TRUSTSH BEN INT0.38%$3M26.8K
53TJXTJX COMPANIES INC.COM0.37%$3M25.6K
54WELLWELLTOWER INC.COM0.36%$3M23.7K
55ORANYORANGESPON ADR0.35%$3M290.4K
56BXPBXP INC.COM0.35%$3M38.7K
57GILGILDAN ACTIVEWEAR INCCOM0.35%$3M60.9K
58AVBAVALONBAY CMNTYS INC.COM0.33%$3M12.5K
59TRNOTERRENO REALTY CORP.COM0.32%$3M44.9K
60VETVERMILLION ENERGY INCCOM0.31%$3M272.9K
61EXREXTRA SPACE STORAGE INC.COM0.31%$3M16.9K
62WBAWALLGREENS BOOTS ALLIANCE INCCOM0.30%$2M264.1K
63GSKGSK PLCSPONSORED ADR0.27%$2M66.1K
64COLDAMERICOLD REALTY TRUSTCOM0.27%$2M102.5K
65RCIROGERS COMMUNICATIONS INCCL B0.24%$2M65.6K
66JNJJOHNSON & JOHNSONCOM0.24%$2M13.9K
67BEPCBROOKFIELD RENEWABLECL A EX SUB VTG0.23%$2M68.4K
68SPGSIMON PPTY GROUP NEWCOM0.22%$2M10.6K
69TTENTOTAL ENERGIES SESPON ADR0.22%$2M33.0K
70SAPSAP SESPON ADR0.16%$1M5.4K
71BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.04%$313,0005.8K
72CVECENOVUS ENERGY INC.COM0.04%$300,00019.8K
73BROOKFIELD WEALTH SOLUTIONSCL A EXCHANGEAB0.01%$83,0001.4K

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 ↗.