SEC 13F Intelligence

Managers / Q2 2025 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$905M
Q2 2025
Positions
77
Filings on Record
29
2019–present window
Filed
Jul 25, 2025
original filing

Summary

Lincluden Management Ltd reported $905M in U.S.-listed holdings across 77 positions for Q2 2025.

Its largest position, TD, represents 8.1% of the portfolio.

Compared with Q1 2025, the fund opened 5 new positions and exited 0.

Portfolio Metrics

Turnover
+2.4%
vs prior filed quarter
Top-10 Concentration
+48.9%
share of reported value
Largest Position
+8.1%
Toronto Dominion Bk Ont

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: 5.0%ADR: 2.6%Other: 0.3%
  • Common Stock · 92.0% · $833M
  • REIT · 5.0% · $45M
  • ADR · 2.6% · $24M
  • Other · 0.3% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NTRNUTRIEN LTD.NEW+592.0K592.0K+$34M$34M
TMOTHERMO FISHERNEW+13.6K13.6K+$6M$6M
JJACOBS SOLUTIONS INC.NEW+37.0K37.0K+$5M$5M
ULTAULTA BEAUTY INC.NEW+7.4K7.4K+$3M$3M
SUISUN CMNTYS INCNEW+22.5K22.5K+$3M$3M
CNQCANADIAN NAT RES LTDADDED+635.4K748.3K+$20M$23M
QSRRESTAURANT BRANDS INTL INC.ADDED+207.6K463.0K+$14M$31M
UNHUNITEDHEALTH GROUP INC COMADDED+6.1K14.4K+$135,000$4M

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

Holdings — Q2 2025

77 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW8.13%$74M1.00M
2RYROYAL BANK OF CANADAhistory →COM7.21%$65M495.7K
3CNICANADIAN NATIONAL RAILWAY COhistory →COM4.80%$43M417.1K
4TRPTC ENERGY CORP.history →COM4.78%$43M887.6K
5BNSBANK NOVA SCOTIA HALIFAXhistory →COM4.67%$42M764.9K
6BCEBCE INChistory →COM4.55%$41M1.86M
7BNBROOKFIELD CORPhistory →CLA LTD VTSH4.04%$37M591.2K
8NTRNUTRIEN LTD.history →COM3.81%$34M592.0K
9PBAPEMBINA PIPELINE CORP.history →COM3.56%$32M859.9K
10CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM3.39%$31M433.1K
11TUTELUS CORP.history →COM3.39%$31M1.91M
12QSRRESTAURANT BRANDS INTL INC.history →COM3.39%$31M463.0K
13MFCMANULIFE FINL CORP COMhistory →COM3.31%$30M938.3K
14MGAMAGNA INTL INChistory →COM3.08%$28M721.1K
15CNQCANADIAN NAT RES LTDhistory →COM2.60%$23M748.3K
16SUSUNCOR ENERGY INChistory →COM NEW2.50%$23M605.6K
17BIPCBROOKFIELD INFRASTRUCTURE PAhistory →LP INT UNIT2.13%$19M576.9K
18BEPCBROOKFIELD RENEWABLE PARTNERS LPhistory →PARTNERSHIP UNIT1.87%$17M663.5K
19CSCOCISCO SYSTEMS INC.history →COM1.47%$13M192.3K
20ORCLORACLE CORPhistory →COM1.27%$11M52.5K
21VZVERIZON COMMUNICATIONShistory →COM1.22%$11M255.5K
22PFEPFIZER INChistory →COM1.11%$10M413.6K
23MSFTMICROSOFT CORP.history →COM1.03%$9M18.8K
24AMTAMERICAN TOWER CORPCOM0.99%$9M40.4K
25GOOGLALPHABET INC.CAP STK CL A0.97%$9M49.9K
26FSVFIRST SERVICE CORPCOM0.84%$8M43.5K
27FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.82%$7M78.6K
28USBUS BANCORPCOM NEW0.73%$7M146.3K
29BACBANK OF AMERICA CORPORATIONCOM0.73%$7M139.3K
30CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.67%$6M38.4K
31DEODIAGEO PLC-SPONS ADRSPON ADR NEW0.65%$6M58.0K
32GRTUFGRANITE REAL ESTATE INVT TRUNIT0.63%$6M112.1K
33JPMJPMORGAN & CHASE & CO COMCOM0.61%$6M19.2K
34TMOTHERMO FISHERCOM0.61%$6M13.6K
35GIBCGI INCCL A SUB VTG0.59%$5M42.5K
36INGING GROEP N VSPON ADR0.57%$5M238.0K
37WMTWAL MART STORES INCCOM0.57%$5M52.7K
38HDHOME DEPOTCOM0.56%$5M13.9K
39JJACOBS SOLUTIONS INC.COM0.54%$5M37.0K
40DISDISNEY WALT COCOM0.53%$5M38.8K
41RMRRMR GROUP INC.CL A0.52%$5M290.0K
42COSTCOSTCO WHOLESALECOM0.52%$5M4.8K
43MSMORGAN STANLEYCOM0.50%$5M32.4K
44UNHUNITEDHEALTH GROUP INC COMCOM0.50%$4M14.4K
45CNCCENTENE CORP. DELCOM0.47%$4M79.0K
46EOGEOG RESOURCESCOM0.44%$4M33.2K
47CCITIGROUP INC.COM0.42%$4M44.3K
48WELLWELLTOWER INC.COM0.40%$4M23.6K
49ORANYORANGESPON ADR0.40%$4M238.8K
50ULTAULTA BEAUTY INC.COM0.38%$3M7.4K
51GLWCORNING INC.COM0.37%$3M64.4K
52GNTXGENTEX CORP.PUT0.36%$3M147.1K
53SHELSHELL PLCW/ ADR0.34%$3M44.1K
54GILGILDAN ACTIVEWEAR INCCOM0.34%$3M63.0K
55TSCOTRACTOR SUPPLY COCOM0.34%$3M58.7K
56SANOFI SAADR0.34%$3M63.4K
57CPTCAMDEN PROPERTY TRUSTSH BEN INT0.33%$3M26.7K
58RCIROGERS COMMUNICATIONS INCCL B0.33%$3M100.8K
59SUISUN CMNTYS INCCOM0.31%$3M22.5K
60TJXTJX COMPANIES INC.COM0.31%$3M22.8K
61AVBAVALONBAY CMNTYS INC.COM0.28%$3M12.4K
62EXREXTRA SPACE STORAGE INC.COM0.27%$2M16.8K
63GSKGSK PLCSPONSORED ADR0.26%$2M62.0K
64TRNOTERRENO REALTY CORP.COM0.26%$2M41.3K
65KRKROGER COCOM0.24%$2M30.6K
66BEPCBROOKFIELD RENEWABLECL A EX SUB VTG0.23%$2M63.0K
67EQIXEQUINIX INC.COM0.23%$2M2.6K
68VETVERMILLION ENERGY INCCOM0.22%$2M278.5K
69JNJJOHNSON & JOHNSONCOM0.22%$2M13.1K
70TTENTOTAL ENERGIES SESPON ADR0.21%$2M30.9K
71SPGSIMON PPTY GROUP NEWCOM0.19%$2M10.5K
72SAPSAP SESPON ADR0.17%$2M5.1K
73BXPBXP INC.COM0.16%$1M21.2K
74COLDAMERICOLD REALTY TRUSTCOM0.14%$1M77.2K
75CVECENOVUS ENERGY INC.COM0.04%$323,00019.8K
76BAMBROOKFIELD ASSET MGMT-ACL A LMT VTG0.04%$319,0005.8K
77BROOKFIELD WEALTH SOLUTIONSCL A EXCHANGEAB0.01%$69,0001.1K

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 ↗.