CIK: 0001058231
Total reported value
$938.9M
Reporting period: 2026-03-31 · Number of holdings: 70
LINCLUDEN MANAGEMENT LTD disclosed 70 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $938.9M and a quarterly turnover rate of 31.1%.
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Lincluden Management LTD's disclosed holdings carry a Herfindahl concentration index of 0.034 — mathematically equivalent to about 29 equally-sized positions, well below its 70 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.19), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add GIB
+598.0% $19.5M
Trim TD
-16.8% -$41.8M
Trim MGA
-38.8% -$24.7M
Trim BNS
-14.0% -$27.3M
Trim RY
-4.7% -$33.1M
Trim BN
-9.9% -$19.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RY | Royal Bank Of Canada | Stock-Financials | 7.12% | -1.37% | -4.68% | |
| 2 | TD | Toronto-dominion Bank | Stock-Financials | 6.97% | -2.14% | -16.75% | |
| 3 | TRP | Tc Energy CORP | Stock-Energy | 5.20% | +0.10% | -3.26% | |
| 4 | BCE | Bce INC | Stock-Comm Services | 5.03% | -0.21% | -2.20% | |
| 5 | PBA | Pembina Pipeline CORP | Stock-Energy | 4.84% | +0.87% | +11.78% | |
| 6 | CNI | Canadian Natl Railway Co | Stock-Industrials | 4.50% | -0.33% | -3.54% | |
| 7 | BNS | Bank Of Nova Scotia | Stock-Financials | 4.33% | -1.44% | -13.96% | |
| 8 | CNQ | Canadian Natural Resources | Stock-Energy | 3.68% | +1.02% | +3.49% | |
| 9 | SU | Suncor Energy INC | Stock-Energy | 3.67% | +0.89% | -4.32% | |
| 10 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 3.63% | -0.09% | -2.94% | |
| 11 | NTR | Nutrien LTD | Stock-Materials | 3.55% | -0.18% | -16.17% | |
| 12 | BN | Brookfield CORP | Stock-Financials | 3.01% | -1.08% | -9.93% | |
| 13 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 3.01% | -0.47% | -10.90% | |
| 14 | TU | Telus CORP | Stock-Other | 2.92% | +0.12% | +15.45% | |
| 15 | GIB | Cgi INC | Stock-Tech | 2.74% | +2.20% | +598.02% | |
| 16 | MFC | Manulife Financial CORP | Stock-Financials | 2.57% | -0.37% | -0.91% | |
| 17 | BIP | Brookfield Infrastructure Partners L.P. | Stock-Utilities | 2.49% | -0.12% | -0.93% | |
| 18 | MGA | Magna International INC | Stock-Consumer Disc | 2.37% | -1.62% | -38.84% | |
| 19 | BEP | Brookfield Renewable Partners L.P. | Stock-Other | 2.02% | +0.21% | -0.50% | |
| 20 | PFE | Pfizer INC | Stock-Healthcare | 1.20% | +0.38% | +3.11% | |
| 21 | CSCO | Cisco Systems INC | Stock-Tech | 1.19% | +0.27% | +2.32% | |
| 22 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.02% | — | +5.50% | |
| 23 | VZ | Verizon Communications INC | Stock-Comm Services | 0.99% | +0.15% | -23.00% | |
| 24 | FSV | Firstservice CORP | Stock-Other | 0.97% | +0.12% | +37.89% | |
| 25 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 0.91% | — | +15.30% | |
| 26 | MSFT | Microsoft CORP | Stock-Tech | 0.87% | — | +29.46% | |
| 27 | USB | US Bancorp | Stock-Financials | 0.77% | — | +4.67% | |
| 28 | AMT | American Tower CORP | Stock-Real Estate | 0.76% | — | +5.05% | |
| 29 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.75% | +0.20% | +28.27% | |
| 30 | V | Visa Inc-class A Shares | Stock-Financials | 0.75% | +0.75% | NEW | |
| 31 | J | Jacobs Solutions INC | Stock-Industrials | 0.72% | — | +5.45% | |
| 32 | BAC | Bank Of America CORP | Stock-Financials | 0.69% | +0.10% | +4.92% | |
| 33 | GRTUF | Granite Real Estate Investme | Stock-Other | 0.67% | -0.11% | -6.70% | |
| 34 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.65% | +0.28% | +72.19% | |
| 35 | CIGI | Colliers Intl Gr-subord Vot | Stock-Other | 0.61% | -0.09% | +28.67% | |
| 36 | ING | Ing Groep N.v.-sponsored Adr | Stock-Financials | 0.61% | — | +4.86% | |
| 37 | EOG | Eog Resources INC | Stock-Energy | 0.60% | +0.21% | -4.36% | |
| 38 | WMT | Walmart INC | Stock-Consumer Staples | 0.58% | +0.18% | +5.02% | |
| 39 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.58% | — | +4.32% | |
| 40 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.56% | +0.19% | +4.73% | |
| 41 | SAP | Sap Se-sponsored Adr | Stock-Tech | 0.54% | -0.03% | +8.84% | |
| 42 | C | Citigroup INC | Stock-Financials | 0.51% | — | +7.79% | |
| 43 | MS | Morgan Stanley | Stock-Financials | 0.50% | — | +7.03% | |
| 44 | GLW | Corning INC | Stock-Tech | 0.49% | +0.06% | -41.59% | |
| 45 | RMR | Rmr Group Inc/the - A | Stock-Other | 0.48% | — | — | |
| 46 | HD | Home Depot INC | Stock-Consumer Disc | 0.46% | — | +5.41% | |
| 47 | FRT | Federal Realty Invs Trust | Stock-Real Estate | 0.42% | — | -6.83% | |
| 48 | TRNO | Terreno Realty CORP | Stock-Real Estate | 0.42% | — | +2.16% | |
| 49 | EQIX | Equinix INC | Stock-Real Estate | 0.41% | +0.16% | +4.50% | |
| 50 | ✓ | Sanofi SA | Stock-Other | 0.40% | — | +7.01% |
Performance for Q3 2026
+4.8%
Performance Last 4 Quarters
+31%
Based on 83% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 70 | $938.9M | 31 | |
| 2025-12-31 | 71 | $1.2B | 31 | |
| 2025-09-30 | 69 | $898.3M | 28 | |
| 2025-06-30 | 77 | $905.4M | 0 | |
| 2025-03-31 | 72 | $787.1M | 100 | |
| 2024-12-31 | 73 | $826.1M | 0 | |
| 2024-09-30 | 72 | $916.9M | 0 | |
| 2024-06-30 | 72 | $823.4M | 0 | |
| 2024-03-31 | 73 | $842.9M | 0 | |
| 2023-12-31 | 75 | $824.0M | 0 | |
| 2023-09-30 | 72 | $826.7M | 0 | |
| 2023-06-30 | 74 | $868.1M | 0 | |
| 2023-03-31 | 75 | $880.3M | 0 | |
| 2022-12-31 | 71 | $861.6M | 0 | |
| 2022-09-30 | 68 | $785.0M | 0 | |
| 2022-06-30 | 70 | $913.8M | 0 | |
| 2022-03-31 | 74 | $1.1B | 0 | |
| 2021-12-31 | 76 | $1.1B | 0 | |
| 2021-09-30 | 76 | $996.7M | 0 | |
| 2021-06-30 | 77 | $1.0B | 100 | |
| 2021-03-31 | 73 | $1.0B | 35 | |
| 2020-12-31 | 77 | $960.5M | 19 | |
| 2020-09-30 | 77 | $1.0B | 25 | |
| 2020-06-30 | 73 | $952.9M | 17 | |
| 2020-03-31 | 71 | $829.4M | 43 | |
| 2019-12-31 | 74 | $1.1B | 9 | |
| 2019-09-30 | 74 | $1.1B | 46 | |
| 2019-06-30 | 75 | $1.6B | 48 | |
| 2019-03-31 | 72 | $1.0B | 39 | |
| 2018-12-31 | 72 | $1.3B | 55 | |
| 2018-09-30 | 71 | $1.2B | 20 | |
| 2018-06-30 | 74 | $1.4B | 13 | |
| 2018-03-31 | 74 | $1.2B | 20 | |
| 2017-12-31 | 77 | $1.4B | 15 | |
| 2017-09-30 | 78 | $1.3B | 19 | |
| 2017-06-30 | 77 | $1.2B | 12 | |
| 2017-03-31 | 81 | $1.1B | 28 | |
| 2016-12-31 | 79 | $917.8M | 37 | |
| 2016-09-30 | 81 | $680.6M | 16 | |
| 2016-06-30 | 82 | $602.6M | 12 | |
| 2016-03-31 | 84 | $592.2M | 29 | |
| 2015-12-31 | 84 | $492.3M | 14 | |
| 2015-09-30 | 92 | $517.4M | 60 | |
| 2015-06-30 | 75 | $812.0M | 27 | |
| 2015-03-31 | 74 | $700.7M | 51 | |
| 2014-12-31 | 79 | $1.0B | 53 | |
| 2014-09-30 | 83 | $1.0B | 16 | |
| 2014-06-30 | 83 | $1.1B | 12 | |
| 2014-03-31 | 81 | $1.1B | 34 | |
| 2013-12-31 | 80 | $1.1B | 37 | |
| 2013-09-30 | 78 | $800.9M | 100 | |
| 2013-06-30 | 81 | $43.5B | — |
Lincluden Management LTD's most significant position changes for 2026-03-31: Sold out: Lennar Corp-a (LEN); New buy: Visa Inc-class A Shares (V); New buy: Brookfield Asset Mgmt-a (BAM); Sold out: Ulta Beauty INC (ULTA); Sold out: Kb Home (KBH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GIB | Cgi INC | +2.2% | +598.02% | Add |
| 2 | CNQ | Canadian Natural Resources | +1% | +3.49% | Add |
| 3 | SU | Suncor Energy INC | +0.9% | -4.32% | Trim |
| 4 | PBA | Pembina Pipeline CORP | +0.9% | +11.78% | Add |
| 5 | PFE | Pfizer INC | +0.4% | +3.11% | Add |
| 6 | UNH | Unitedhealth Group INC | +0.3% | +72.19% | Add |
| 7 | CSCO | Cisco Systems INC | +0.3% | +2.32% | Add |
| 8 | BEP | Brookfield Renewable Partners L.P. | +0.2% | -0.50% | Trim |
| 9 | EOG | Eog Resources INC | +0.2% | -4.36% | Trim |
| 10 | TMO | Thermo Fisher Scientific INC | +0.2% | +28.27% | Add |
| 11 | COST | Costco Wholesale CORP | +0.2% | +4.73% | Add |
| 12 | WMT | Walmart INC | +0.2% | +5.02% | Add |
| 13 | EQIX | Equinix INC | +0.2% | +4.50% | Add |
| 14 | VZ | Verizon Communications INC | +0.2% | -23.00% | Trim |
| 15 | TTEN | Totalenergies Se -spon Adr | +0.1% | +7.48% | Add |
| 16 | TU | Telus CORP | +0.1% | +15.45% | Add |
| 17 | FSV | Firstservice CORP | +0.1% | +37.89% | Add |
| 18 | TJX | Tjx Companies INC | +0.1% | +6.46% | Add |
| 19 | TRP | Tc Energy CORP | +0.1% | -3.26% | Trim |
| 20 | BAC | Bank Of America CORP | +0.1% | +4.92% | Add |
| 21 | GLW | Corning INC | +0.1% | -41.59% | Trim |
| 22 | GSK | Gsk Plc-spon Adr | 0% | -42.14% | Trim |
| 23 | DIS | Walt Disney Co/the | 0% | -6.75% | Trim |
| 24 | AVB | Avalonbay Communities INC | 0% | -19.68% | Trim |
| 25 | EXR | Extra Space Storage INC | 0% | -25.99% | Trim |
| 26 | BXP | Bxp INC | 0% | -22.44% | Trim |
| 27 | SAP | Sap Se-sponsored Adr | 0% | +8.84% | Add |
| 28 | QSR | Restaurant Brands Intern | -0.1% | -2.94% | Trim |
| 29 | CIGI | Colliers Intl Gr-subord Vot | -0.1% | +28.67% | Add |
| 30 | GRTUF | Granite Real Estate Investme | -0.1% | -6.70% | Trim |
| 31 | BIP | Brookfield Infrastructure Partners L.P. | -0.1% | -0.93% | Trim |
| 32 | RCI | Rogers Communications Inc-b | -0.1% | -23.16% | Trim |
| 33 | GIL | Gildan Activewear INC | -0.1% | -17.42% | Trim |
| 34 | NTR | Nutrien LTD | -0.2% | -16.17% | Trim |
| 35 | BGSI | THE Boyd Group INC | -0.2% | -8.71% | Trim |
| 36 | BCE | Bce INC | -0.2% | -2.20% | Trim |
| 37 | BEPC | Brookfield Renewable CORP | -0.2% | -97.77% | Trim |
| 38 | CNI | Canadian Natl Railway Co | -0.3% | -3.54% | Trim |
| 39 | MFC | Manulife Financial CORP | -0.4% | -0.91% | Trim |
| 40 | CM | Can Imperial Bk Of Commerce | -0.5% | -10.90% | Trim |
| 41 | BN | Brookfield CORP | -1.1% | -9.93% | Trim |
| 42 | RY | Royal Bank Of Canada | -1.4% | -4.68% | Trim |
| 43 | BNS | Bank Of Nova Scotia | -1.4% | -13.96% | Trim |
| 44 | MGA | Magna International INC | -1.6% | -38.84% | Trim |
| 45 | TD | Toronto-dominion Bank | -2.1% | -16.75% | Trim |
| 46 | LEN | Lennar Corp-a | — | EXIT | Sold out |
| 47 | V | Visa Inc-class A Shares | — | NEW | New buy |
| 48 | BAM | Brookfield Asset Mgmt-a | — | NEW | New buy |
| 49 | ULTA | Ulta Beauty INC | — | EXIT | Sold out |
| 50 | KBH | Kb Home | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-30 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-25 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-06 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-04 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-28 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-24 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-07 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-02 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-09 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-06 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-29 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-10 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-05 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-15 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-16 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-01 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-19 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-02 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-15 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-02 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-25 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-16 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-03-27 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-17 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-23 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-21 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-31 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-05 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-19 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-21 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-18 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-16 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-08 | 13F-HR | View on EDGAR |
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