SEC 13F Intelligence

Managers / Q1 2025 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$787M
Q1 2025
Positions
72
Filings on Record
29
2019–present window
Filed
May 6, 2025
original filing

Summary

Lincluden Management Ltd reported $787M in U.S.-listed holdings across 72 positions for Q1 2025.

Its largest position, TD, represents 9.0% of the portfolio.

Compared with Q4 2024, the fund opened 2 new positions and exited 3.

Portfolio Metrics

Turnover
+5.4%
vs prior filed quarter
Top-10 Concentration
+53.5%
share of reported value
Largest Position
+9.0%
Toronto Dominion Bk Ont
New / Exited
2 / 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: 90.9%REIT: 5.7%ADR: 3.0%Other: 0.5%
  • Common Stock · 90.9% · $715M
  • REIT · 5.7% · $45M
  • ADR · 3.0% · $24M
  • Other · 0.5% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GRTUFGRANITE REAL ESTATE INVT TRNEW+101.4K101.4K+$5M$5M
SHELSHELL PLCNEW+44.9K44.9K+$3M$3M
GRANITE REAL ESTATE INVT TRSOLD OUT−114.7K0−$6M$0
UDRUDR INC.SOLD OUT−81.4K0−$4M$0
WBAWALLGREENS BOOTS ALLIANCE INCSOLD OUT−264.1K0−$2M$0
AMTAMERICAN TOWER CORPADDED+20.0K40.6K+$5M$9M
EQIXEQUINIX INC.TRIMMED−1.7K2.6K−$2M$2M
TRNOTERRENO REALTY CORP.TRIMMED−17.0K27.9K−$891,000$2M

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

Holdings — Q1 2025

72 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW9.00%$71M1.18M
2RYROYAL BANK OF CANADAhistory →COM7.78%$61M543.3K
3TRPTC ENERGY CORP.history →COM6.07%$48M1.01M
4BCEBCE INChistory →COM5.53%$44M1.90M
5CNICANADIAN NATIONAL RAILWAY COhistory →COM5.05%$40M408.2K
6BNSBANK NOVA SCOTIA HALIFAXhistory →COM4.71%$37M782.1K
7BNBROOKFIELD CORPhistory →CLA LTD VTSH4.17%$33M626.6K
8PBAPEMBINA PIPELINE CORP.history →COM3.86%$30M759.4K
9MFCMANULIFE FINL CORP COMhistory →COM3.79%$30M957.7K
10TUTELUS CORP.history →COM3.54%$28M1.94M
11CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM3.16%$25M442.4K
12SUSUNCOR ENERGY INChistory →COM NEW3.04%$24M618.3K
13MGAMAGNA INTL INChistory →COM2.84%$22M658.4K
14BIPCBROOKFIELD INFRASTRUCTURE PAhistory →LP INT UNIT2.23%$18M590.3K
15QSRRESTAURANT BRANDS INTL INC.history →COM2.16%$17M255.3K
16BEPCBROOKFIELD RENEWABLE PARTNERS LPhistory →PARTNERSHIP UNIT1.92%$15M681.9K
17CSCOCISCO SYSTEMS INC.history →COM1.51%$12M192.8K
18VZVERIZON COMMUNICATIONShistory →COM1.49%$12M258.1K
19PFEPFIZER INChistory →COM1.34%$11M415.5K
20ORCLORACLE CORPhistory →COM1.25%$10M70.2K
21AMTAMERICAN TOWER CORPhistory →COM1.12%$9M40.6K
22GOOGLALPHABET INC.CAP STK CL A0.99%$8M50.2K
23FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.98%$8M79.0K
24MSFTMICROSOFT CORP.COM0.91%$7M19.1K
25FSVFIRST SERVICE CORPCOM0.85%$7M40.5K
26USBUS BANCORPCOM NEW0.80%$6M148.9K
27CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.79%$6M51.6K
28DEODIAGEO PLC-SPONS ADRSPON ADR NEW0.78%$6M58.5K
29BACBANK OF AMERICA CORPORATIONCOM0.78%$6M146.7K
30JPMJPMORGAN & CHASE & CO COMCOM0.76%$6M24.4K
31KRKROGER COCOM0.75%$6M86.9K
32HDHOME DEPOTCOM0.65%$5M14.1K
33CNCCENTENE CORP. DELCOM0.62%$5M80.3K
34INGING GROEP N VSPON ADR0.62%$5M248.1K
35RMRRMR GROUP INC.CL A0.61%$5M290.0K
36GRTUFGRANITE REAL ESTATE INVT TRUNIT0.60%$5M101.4K
37WMTWAL MART STORES INCCOM0.59%$5M53.0K
38COSTCOSTCO WHOLESALECOM0.58%$5M4.9K
39DISDISNEY WALT COCOM0.57%$4M45.2K
40GIBCGI INCCL A SUB VTG0.55%$4M43.7K
41UNHUNITEDHEALTH GROUP INC COMCOM0.55%$4M8.3K
42EOGEOG RESOURCESCOM0.55%$4M33.8K
43MSMORGAN STANLEYCOM0.54%$4M36.7K
44ORANYORANGESPON ADR0.47%$4M284.9K
45WELLWELLTOWER INC.COM0.46%$4M23.7K
46SANOFI SAADR0.45%$4M64.5K
47CNQCANADIAN NAT RES LTDCOM0.44%$3M112.9K
48GNTXGENTEX CORP.PUT0.44%$3M148.2K
49SHELSHELL PLCW/ ADR0.42%$3M44.9K
50CPTCAMDEN PROPERTY TRUSTSH BEN INT0.42%$3M26.8K
51TSCOTRACTOR SUPPLY COCOM0.42%$3M59.3K
52CCITIGROUP INC.COM0.41%$3M45.0K
53TJXTJX COMPANIES INC.COM0.38%$3M24.8K
54GLWCORNING INC.COM0.38%$3M65.1K
55COLDAMERICOLD REALTY TRUSTCOM0.38%$3M138.2K
56GILGILDAN ACTIVEWEAR INCCOM0.36%$3M63.7K
57AVBAVALONBAY CMNTYS INC.COM0.34%$3M12.5K
58BXPBXP INC.COM0.33%$3M38.7K
59EXREXTRA SPACE STORAGE INC.COM0.32%$3M16.9K
60VETVERMILLION ENERGY INCCOM0.29%$2M284.6K
61GSKGSK PLCSPONSORED ADR0.28%$2M66.1K
62JNJJOHNSON & JOHNSONCOM0.28%$2M13.4K
63RCIROGERS COMMUNICATIONS INCCL B0.27%$2M79.5K
64EQIXEQUINIX INC.COM0.27%$2M2.6K
65TTENTOTAL ENERGIES SESPON ADR0.26%$2M31.4K
66BEPCBROOKFIELD RENEWABLECL A EX SUB VTG0.24%$2M66.4K
67TRNOTERRENO REALTY CORP.COM0.22%$2M27.9K
68SPGSIMON PPTY GROUP NEWCOM0.22%$2M10.6K
69SAPSAP SESPON ADR0.18%$1M5.2K
70BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.04%$280,0005.8K
71CVECENOVUS ENERGY INC.COM0.03%$275,00019.8K
72BROOKFIELD WEALTH SOLUTIONSCL A EXCHANGEAB0.01%$76,0001.4K

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 ↗.