SEC 13F Intelligence

Managers / Q4 2025 · view latest →

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$1.2B
Q4 2025
Positions
71
Filings on Record
29
2019–present window
Filed
Jan 30, 2026
original filing

Summary

Lincluden Management Ltd reported $1.2B in U.S.-listed holdings across 71 positions for Q4 2025.

Its largest position, TD, represents 9.1% of the portfolio.

Compared with Q3 2025, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+2.0%
vs prior filed quarter
Top-10 Concentration
+54.3%
share of reported value
Largest Position
+9.1%
Toronto Dominion Bk Ont
New / Exited
3 / 1
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: 93.7%REIT: 3.5%ADR: 2.5%Other: 0.3%
  • Common Stock · 93.7% · $1.1B
  • REIT · 3.5% · $41M
  • ADR · 2.5% · $29M
  • Other · 0.3% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BIPCBROOKFIELD INFRAST PARTNERSNEW+643.2K643.2K+$31M$31M
BGSIBOYD GROUP SERVICES INCNEW+31.9K31.9K+$7M$7M
AHRAMERICAN HEALTHCARE REIT INCNEW+37.6K37.6K+$2M$2M
BROOKFIELD WEALTH SOLUTIONSSOLD OUT−9590−$65,000$0
DEODIAGEO PLC-SPONS ADRADDED+41.9K99.7K+$3M$9M
GSKGSK PLCADDED+39.4K100.9K+$880,000$4M
EQIXEQUINIX INC.ADDED+1.2K3.8K−$2M$3M
BNBROOKFIELD CORPADDED+234.0K763.4K+$12M$48M

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

Holdings — Q4 2025

71 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDTORONTO DOMINION BK ONThistory →COM NEW9.11%$107M829.4K
2RYROYAL BANK OF CANADAhistory →COM8.49%$100M427.3K
3BNSBANK NOVA SCOTIA HALIFAXhistory →COM5.77%$68M671.2K
4BCEBCE INChistory →COM5.24%$62M1.89M
5TRPTC ENERGY CORP.history →COM5.10%$60M793.6K
6CNICANADIAN NATIONAL RAILWAY COhistory →COM4.83%$57M419.1K
7BNBROOKFIELD CORPhistory →CLA LTD VTSH4.09%$48M763.4K
8MGAMAGNA INTL INChistory →COM3.99%$47M642.6K
9PBAPEMBINA PIPELINE CORP.history →COM3.97%$47M894.2K
10NTRNUTRIEN LTD.history →COM3.73%$44M518.9K
11QSRRESTAURANT BRANDS INTL INC.history →COM3.72%$44M467.2K
12CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM3.48%$41M329.4K
13MFCMANULIFE FINL CORP COMhistory →COM2.94%$35M695.1K
14TUTELUS CORP.history →COM2.80%$33M1.82M
15SUSUNCOR ENERGY INChistory →COM NEW2.78%$33M536.3K
16CNQCANADIAN NAT RES LTDhistory →COM2.66%$31M673.5K
17BIPCBROOKFIELD INFRAST PARTNERShistory →LP INT UNIT2.61%$31M643.2K
18BEPCBROOKFIELD RENEWABLE PARTNERS LPhistory →PARTNERSHIP UNIT1.81%$21M575.3K
19CSCOCISCO SYSTEMS INC.history →COM0.92%$11M141.0K
20FSVFIRST SERVICE CORPhistory →COM0.85%$10M46.9K
21GOOGLALPHABET INC.CAP STK CL A0.84%$10M31.5K
22VZVERIZON COMMUNICATIONSCOM0.84%$10M241.6K
23PFEPFIZER INCCOM0.82%$10M389.2K
24GRTUFGRANITE REAL ESTATE INVT TRTR UNIT NEW0.78%$9M112.1K
25DEODIAGEO PLC-SPONS ADRSPON ADR NEW0.73%$9M99.7K
26CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.70%$8M40.9K
27MSFTMICROSOFT CORP.COM0.70%$8M17.0K
28LENLENNAR CORPCL A0.61%$7M69.9K
29USBUS BANCORPCOM NEW0.60%$7M132.4K
30BGSIBOYD GROUP SERVICES INCCOM0.59%$7M31.9K
31BACBANK OF AMERICA CORPORATIONCOM0.59%$7M126.6K
32AMTAMERICAN TOWER CORPCOM0.59%$7M39.5K
33JJACOBS SOLUTIONS INC.COM0.57%$7M50.4K
34SAPSAP SESPON ADR0.57%$7M27.4K
35TMOTHERMO FISHERCOM0.55%$7M11.2K
36GIBCGI INCCL A SUB VTG0.54%$6M49.7K
37INGING GROEP N VSPON ADR0.50%$6M208.3K
38JPMJPMORGAN & CHASE & CO COMCOM0.48%$6M17.7K
39GILGILDAN ACTIVEWEAR INCCOM0.45%$5M62.1K
40RCIROGERS COMMUNICATIONS INCCL B0.44%$5M99.6K
41GLWCORNING INC.COM0.43%$5M58.5K
42MSMORGAN STANLEYCOM0.40%$5M26.4K
43WMTWALMART INCCOM0.40%$5M41.8K
44CCITIGROUP INC.COM0.39%$5M39.2K
45EOGEOG RESOURCESCOM0.39%$5M40.7K
46COSTCOSTCO WHOLESALECOM0.37%$4M5.1K
47UNHUNITEDHEALTH GROUP INC COMCOM0.37%$4M13.1K
48RMRRMR GROUP INC.CL A0.37%$4M290.0K
49HDHOME DEPOTCOM0.37%$4M12.5K
50FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.34%$4M39.6K
51DISDISNEY WALT COCOM0.34%$4M38.0K
52TRNOTERRENO REALTY CORP.COM0.31%$4M62.2K
53WELLWELLTOWER INC.COM0.30%$4M19.3K
54SANOFI SAADR0.30%$4M73.3K
55GSKGSK PLCSPONSORED ADR0.30%$4M100.9K
56TJXTJX COMPANIES INC.COM0.26%$3M20.2K
57ULTAULTA BEAUTY INC.COM0.26%$3M5.1K
58GNTXGENTEX CORP.PUT0.26%$3M132.5K
59SHELSHELL PLCSPON ADR0.25%$3M40.5K
60BEPCBROOKFIELD RENEWABLECL A EX SUB VTG0.25%$3M56.5K
61EQIXEQUINIX INC.COM0.25%$3M3.8K
62AVBAVALONBAY CMNTYS INC.COM0.22%$3M14.6K
63TSCOTRACTOR SUPPLY COCOM0.22%$3M52.0K
64JNJJOHNSON & JOHNSONCOM0.20%$2M11.6K
65EXREXTRA SPACE STORAGE INC.COM0.19%$2M16.8K
66SPGSIMON PPTY GROUP NEWCOM0.17%$2M10.5K
67KBHKB HOMECOM0.16%$2M32.7K
68TTENTOTAL ENERGIES SESPON ADR0.15%$2M27.4K
69AHRAMERICAN HEALTHCARE REIT INCCOM0.15%$2M37.6K
70SUISUN CMNTYS INCCOM0.14%$2M13.4K
71BXPBXP INC.COM0.09%$1M15.6K

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 ↗.