SEC 13F Intelligence

Managers / Q1 2026

LINCLUDEN MANAGEMENT LTD

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

Reported Value
$939M
Q1 2026
Positions
70
Filings on Record
29
2019–present window
Filed
May 13, 2026
original filing

Summary

Lincluden Management Ltd reported $939M in U.S.-listed holdings across 70 positions for Q1 2026.

Its largest position, RY, represents 7.1% of the portfolio.

Compared with Q4 2025, the fund opened 2 new positions and exited 3.

Portfolio Metrics

Turnover
+4.3%
vs prior filed quarter
Top-10 Concentration
+49.0%
share of reported value
Largest Position
+7.1%
Royal Bank Of Canada
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: 92.5%REIT: 4.0%ADR: 3.0%Other: 0.4%
  • Common Stock · 92.5% · $869M
  • REIT · 4.0% · $38M
  • ADR · 3.0% · $28M
  • Other · 0.4% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VVISA INCNEW+23.2K23.2K+$7M$7M
BAMBROOKFIELD ASSET MANAGMT LTDNEW+70.1K70.1K+$3M$3M
GIBCGI INCADDED+297.3K347.0K+$19M$26M
LENLENNAR CORPSOLD OUT−69.9K0−$7M$0
ULTAULTA BEAUTY INC.SOLD OUT−5.1K0−$3M$0
KBHKB HOMESOLD OUT−32.7K0−$2M$0
BEPCBROOKFIELD RENEWABLE CORPTRIMMED−55.2K1.3K−$3M$50,000
UNHUNITEDHEALTH GROUP INC COMADDED+9.5K22.6K+$2M$6M

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

Holdings — Q1 2026

70 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYROYAL BANK OF CANADAhistory →COM7.12%$67M407.3K
2TDTORONTO DOMINION BK ONThistory →COM6.97%$65M690.4K
3TRPTC ENERGY CORP.history →COM5.20%$49M767.8K
4BCEBCE INChistory →COM5.03%$47M1.84M
5PBAPEMBINA PIPELINE CORP.history →COM4.84%$45M999.5K
6CNICANADIAN NATL RY CO COMhistory →COM4.50%$42M404.3K
7BNSBANK NOVA SCOTIA HALIFAXhistory →COM4.33%$41M577.5K
8CNQCANADIAN NAT RES LTD COMhistory →COM3.68%$35M697.0K
9SUSUNCOR ENERGY INChistory →COM3.67%$34M513.2K
10QSRRESTAURANT BRANDS INTL INC.history →COM3.63%$34M453.4K
11NTRNUTRIEN LTD.history →COM3.55%$33M435.0K
12BNBROOKFIELD CORPhistory →CL A LTD VT SH3.01%$28M687.6K
13CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM3.01%$28M293.5K
14TUTELUS CORP.history →COM2.92%$27M2.10M
15GIBCGI INChistory →CL A SUB VTG2.74%$26M347.0K
16MFCMANULIFE FINL CORP COMhistory →COM2.57%$24M688.8K
17BIPCBROOKFIELD INFRASTRUCTURE PAhistory →LP INT UNIT2.49%$23M637.2K
18MGAMAGNA INTL INChistory →COM2.37%$22M393.0K
19BEPCBROOKFIELD RENEWABLE ENERGYhistory →PARTNERSHIP UNIT2.02%$19M572.4K
20PFEPFIZER INChistory →COM1.20%$11M401.3K
21CSCOCISCO SYSTEMS INC.history →COM1.19%$11M144.3K
22GOOGLALPHABET INC.history →CAP STK CL A1.02%$10M33.2K
23VZVERIZON COMMUNICATIONSCOM0.99%$9M186.0K
24FSVFIRST SERVICE CORPCOM0.97%$9M64.7K
25DEODIAGEO PLC-SPONS ADRSPON ADR NEW0.91%$9M115.0K
26MSFTMICROSOFT CORP.COM0.87%$8M22.0K
27USBUS BANCORPCOM0.77%$7M138.6K
28AMTAMERICAN TOWER CORPCOM0.76%$7M41.5K
29TMOTHERMO FISHERCOM0.75%$7M14.4K
30VVISA INCCOM CL A0.75%$7M23.2K
31JJACOBS SOLUTIONS INC.COM0.72%$7M53.1K
32BACBANK OF AMERICA CORPORATIONCOM0.69%$6M132.8K
33GRTUFGRANITE REAL ESTATE INVT TRTR UNIT NEW0.67%$6M104.6K
34UNHUNITEDHEALTH GROUP INC COMCOM0.65%$6M22.6K
35CIGICOLLIERS INTL GROUP INC.SUB VTG SHS0.61%$6M52.6K
36INGING GROEP N VSPON ADR0.61%$6M218.4K
37EOGEOG RESOURCESCOM0.60%$6M39.0K
38WMTWALMART INCCOM0.58%$5M43.9K
39JPMJPMORGAN & CHASE & CO COMCOM0.58%$5M18.5K
40COSTCOSTCO WHOLESALECOM0.56%$5M5.3K
41SAPSAP SESPON ADR0.54%$5M29.8K
42CCITIGROUP INC.COM0.51%$5M42.3K
43MSMORGAN STANLEYCOM0.50%$5M28.3K
44GLWCORNING INC.COM0.49%$5M34.1K
45RMRRMR GROUP INC.CL A0.48%$4M290.0K
46HDHOME DEPOTCOM0.46%$4M13.2K
47FRTFEDERAL REALTY INVT TRSH BEN INT NEW0.42%$4M36.9K
48TRNOTERRENO REALTY CORP.COM0.42%$4M63.5K
49EQIXEQUINIX INC.COM0.41%$4M4.0K
50SANOFI SAADR0.40%$4M78.5K
51BGSIBOYD GROUP SERVICES INCCOM0.40%$4M29.1K
52WELLWELLTOWER INC.COM0.38%$4M18.0K
53TJXTJX COMPANIES INC.COM0.37%$3M21.5K
54DISDISNEY WALT COCOM0.36%$3M35.4K
55GSKGSK PLCCOM0.34%$3M58.4K
56BAMBROOKFIELD ASSET MANAGMT LTDCL A LMT VTG SHS0.34%$3M70.1K
57SHELSHELL PLCSPON ADR0.33%$3M33.0K
58GNTXGENTEX CORP.PUT0.33%$3M139.8K
59RCIROGERS COMMUNICATIONS INCCL B0.32%$3M76.6K
60GILGILDAN ACTIVEWEAR INCCOM0.31%$3M51.3K
61TTENTOTAL ENERGIES SESPON ADR0.29%$3M29.5K
62TSCOTRACTOR SUPPLY COCOM0.27%$3M56.2K
63JNJJOHNSON & JOHNSONCOM0.24%$2M9.4K
64AVBAVALONBAY CMNTYS INC.COM0.20%$2M11.7K
65SPGSIMON PPTY GROUP NEWCOM0.20%$2M9.8K
66AHRAMERICAN HEALTHCARE REIT INCCOM0.18%$2M35.0K
67EXREXTRA SPACE STORAGE INC.COM0.17%$2M12.4K
68SUISUN CMNTYS INCCOM0.17%$2M12.5K
69BXPBXP INC.COM0.07%$627,00012.1K
70BEPCBROOKFIELD RENEWABLE CORPCL A EX SUB VTG0.01%$50,0001.3K

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 ↗.