SEC 13F Intelligence

Managers / Q3 2025 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$898M
Q3 2025
Positions
69
Filings on Record
29
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Lincluden Management Ltd reported $898M in U.S.-listed holdings across 69 positions for Q3 2025.

Its largest position, TD, represents 8.0% of the portfolio.

Compared with Q2 2025, the fund opened 2 new positions and exited 10.

Portfolio Metrics

Turnover
+7.8%
vs prior filed quarter
Top-10 Concentration
+51.3%
share of reported value
Largest Position
+8.0%
Toronto Dominion Bk Ont
New / Exited
2 / 10
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: 91.9%REIT: 4.7%ADR: 2.9%Other: 0.4%
  • Common Stock · 91.9% · $826M
  • REIT · 4.7% · $42M
  • ADR · 2.9% · $26M
  • Other · 0.4% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
LENLENNAR CORPNEW+66.1K66.1K+$8M$8M
KBHKB HOMENEW+30.9K30.9K+$2M$2M
SAPSAP SEADDED+22.3K27.4K+$6M$7M
BIPCBROOKFIELD INFRASTRUCTURE PASOLD OUT−576.9K0−$19M$0
ORCLORACLE CORPSOLD OUT−52.5K0−$11M$0
CNCCENTENE CORP. DELSOLD OUT−79.0K0−$4M$0
ORANYORANGESOLD OUT−238.8K0−$4M$0
CPTCAMDEN PROPERTY TRUSTSOLD OUT−26.7K0−$3M$0

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

Holdings — Q3 2025

69 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW8.02%$72M906.6K
2RYROYAL BANK OF CANADAhistory →COM7.24%$65M443.8K
3BCEBCE INChistory →COM5.04%$45M1.95M
4BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.00%$45M698.4K
5TRPTC ENERGY CORP.history →COM4.97%$45M825.9K
6QSRRESTAURANT BRANDS INTL INC.history →COM4.81%$43M484.1K
7CNICANADIAN NATIONAL RAILWAY COhistory →COM4.53%$41M434.3K
8PBAPEMBINA PIPELINE CORP.history →COM4.15%$37M927.9K
9BNBROOKFIELD CORPhistory →CLA LTD VTSH4.02%$36M529.4K
10NTRNUTRIEN LTD.history →COM3.52%$32M541.3K
11MGAMAGNA INTL INChistory →COM3.51%$32M669.2K
12CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM3.41%$31M385.9K
13MFCMANULIFE FINL CORP COMhistory →COM2.97%$27M861.5K
14TUTELUS CORP.history →COM2.89%$26M1.66M
15SUSUNCOR ENERGY INChistory →COM NEW2.58%$23M557.7K
16CNQCANADIAN NAT RES LTDhistory →COM2.48%$22M700.1K
17BEPCBROOKFIELD RENEWABLE PARTNERS LPhistory →PARTNERSHIP UNIT1.72%$15M601.3K
18VZVERIZON COMMUNICATIONShistory →COM1.25%$11M254.7K
19GOOGLALPHABET INC.history →CAP STK CL A1.19%$11M43.8K
20PFEPFIZER INChistory →COM1.17%$10M412.0K
21CSCOCISCO SYSTEMS INC.history →COM1.12%$10M147.3K
22MSFTMICROSOFT CORP.history →COM1.08%$10M18.7K
23LENLENNAR CORPCL A0.93%$8M66.1K
24AMTAMERICAN TOWER CORPCOM0.88%$8M41.2K
25FSVFIRST SERVICE CORPCOM0.87%$8M41.1K
26SAPSAP SESPON ADR0.82%$7M27.4K
27TMOTHERMO FISHERCOM0.80%$7M14.7K
28BACBANK OF AMERICA CORPORATIONCOM0.80%$7M138.5K
29USBUS BANCORPCOM NEW0.78%$7M145.3K
30JJACOBS SOLUTIONS INC.COM0.71%$6M42.4K
31CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.71%$6M40.9K
32GRTUFGRANITE REAL ESTATE INVT TRUNIT0.69%$6M112.1K
33JPMJPMORGAN & CHASE & CO COMCOM0.67%$6M19.1K
34INGING GROEP N VSPON ADR0.66%$6M227.3K
35HDHOME DEPOTCOM0.62%$6M13.8K
36DEODIAGEO PLC-SPONS ADRSPON ADR NEW0.61%$6M57.8K
37WMTWAL MART STORES INCCOM0.60%$5M52.2K
38GLWCORNING INC.COM0.58%$5M64.0K
39MSMORGAN STANLEYCOM0.57%$5M32.1K
40COSTCOSTCO WHOLESALECOM0.56%$5M5.4K
41UNHUNITEDHEALTH GROUP INC COMCOM0.55%$5M14.3K
42EQIXEQUINIX INC.COM0.51%$5M2.6K
43EOGEOG RESOURCESCOM0.51%$5M40.7K
44RMRRMR GROUP INC.CL A0.51%$5M290.0K
45CCITIGROUP INC.COM0.50%$4M44.0K
46GIBCGI INCCL A SUB VTG0.50%$4M50.4K
47WELLWELLTOWER INC.COM0.47%$4M23.6K
48GNTXGENTEX CORP.PUT0.46%$4M146.2K
49ULTAULTA BEAUTY INC.COM0.45%$4M7.3K
50FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.45%$4M39.6K
51SANOFI SAADR0.42%$4M80.1K
52GILGILDAN ACTIVEWEAR INCCOM0.41%$4M63.6K
53TRNOTERRENO REALTY CORP.COM0.39%$4M62.2K
54RCIROGERS COMMUNICATIONS INCCL B0.39%$3M101.9K
55DISDISNEY WALT COCOM0.38%$3M29.9K
56TSCOTRACTOR SUPPLY COCOM0.37%$3M58.4K
57TJXTJX COMPANIES INC.COM0.36%$3M22.6K
58SHELSHELL PLCW/ ADR0.35%$3M44.0K
59SUISUN CMNTYS INCCOM0.32%$3M22.5K
60AVBAVALONBAY CMNTYS INC.COM0.31%$3M14.6K
61GSKGSK PLCSPONSORED ADR0.30%$3M61.5K
62JNJJOHNSON & JOHNSONCOM0.27%$2M12.9K
63EXREXTRA SPACE STORAGE INC.COM0.26%$2M16.8K
64BEPCBROOKFIELD RENEWABLECL A EX SUB VTG0.24%$2M62.9K
65SPGSIMON PPTY GROUP NEWCOM0.22%$2M10.5K
66KBHKB HOMECOM0.22%$2M30.9K
67TTENTOTAL ENERGIES SESPON ADR0.20%$2M30.7K
68BXPBXP INC.COM0.18%$2M21.2K
69BROOKFIELD WEALTH SOLUTIONSCL A EXCHANGEAB0.01%$65,000959

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 ↗.