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Lincluden Management Portfolio holdings

AUM $1.02B
1-Year Est. Return 30.07%
This Fund
S&P 500
This Quarter Est. Return
+9.54%
1 Year Est. Return
+30.07%
3 Year Est. Return
+56.56%
5 Year Est. Return
+49.05%
10 Year Est. Return
+141.51%
AUM
$905M
AUM Growth
+$118M
Cap. Flow
+$47.4M
Cap. Flow %
5.24%
Top 10 Hldgs %
48.92%
Holding
77
New
5
Increased
10
Reduced
59
Closed
–

Top Buys

Rank Stock Value
1
NTR icon
Nutrien
NTR
+$33.5M
2
CNQ icon
Canadian Natural Resources
CNQ
+$19.3M
3
QSR icon
Restaurant Brands International
QSR
+$13.9M
4
TMO icon
Thermo Fisher Scientific
TMO
+$5.7M
5
J icon
Jacobs Solutions
J
+$4.56M

Top Sells

Rank Stock Value
1
TD icon
Toronto Dominion Bank
TD
+$11.8M
2
TRP icon
TC Energy
TRP
+$6.12M
3
RY icon
Royal Bank of Canada
RY
+$5.83M
4
KR icon
Kroger
KR
+$3.89M
5
ORCL icon
Oracle
ORCL
+$2.86M

Sector Composition

Rank Sector Weight
1 Financials 34.35%
2 Energy 14.69%
3 Communication Services 11.39%
4 Consumer Discretionary 8.4%
5 Real Estate 6.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FSV icon
26
FirstService
FSV
$6.32B
$7.58M 0.84%
43,470
+3,011
+7% +$521K
FRT icon
27
Federal Realty Investment Trust
FRT
$10.9B
$7.47M 0.82%
78,625
-375
-0.5% -$35.4K
USB icon
28
US Bancorp
USB
$99.6B
$6.62M 0.73%
146,272
-2,627
-2% -$110K
BAC icon
29
Bank of America
BAC
$435B
$6.59M 0.73%
139,297
-7,397
-5% -$311K
CIGI icon
30
Colliers International
CIGI
$4.98B
$6.03M 0.67%
38,427
-13,184
-26% -$1.61M
DEO icon
31
Diageo
DEO
$46.2B
$5.85M 0.65%
58,026
-472
-0.8% -$51.2K
GRP.U
32
DELISTED
Granite Real Estate Investment Trust
GRP.U
$5.69M 0.63%
112,144
+10,780
+11% +$514K
JPM icon
33
JPMorgan Chase
JPM
$939B
$5.56M 0.61%
19,190
-5,230
-21% -$1.33M
TMO icon
34
Thermo Fisher Scientific
TMO
$211B
$5.53M 0.61%
+13,628
New +$5.7M
GIB icon
35
CGI
GIB
$13.9B
$5.34M 0.59%
42,450
-1,255
-3% -$132K
ING icon
36
ING
ING
$93.8B
$5.21M 0.58%
238,040
-10,021
-4% -$202K
WMT icon
37
Walmart Inc
WMT
$871B
$5.15M 0.57%
52,685
-320
-0.6% -$30.5K
HD icon
38
Home Depot
HD
$332B
$5.09M 0.56%
13,883
-170
-1% -$61.5K
J icon
39
Jacobs Solutions
J
$15.9B
$4.86M 0.54%
+37,002
New +$4.56M
DIS icon
40
Walt Disney
DIS
$165B
$4.81M 0.53%
38,821
-6,400
-14% -$665K
RMR icon
41
The RMR Group
RMR
$342M
$4.74M 0.52%
290,000
– –
COST icon
42
Costco
COST
$415B
$4.73M 0.52%
4,775
-83
-2% -$82.5K
MS icon
43
Morgan Stanley
MS
$337B
$4.56M 0.5%
32,386
-4,355
-12% -$535K
UNH icon
44
UnitedHealth
UNH
$382B
$4.5M 0.5%
14,408
+6,084
+73% +$2.33M
CNC icon
45
Centene
CNC
$31.3B
$4.29M 0.47%
78,973
-1,339
-2% -$78.5K
EOG icon
46
EOG Resources
EOG
$78B
$3.97M 0.44%
33,220
-584
-2% -$66.7K
C icon
47
Citigroup
C
$222B
$3.77M 0.42%
44,260
-725
-2% -$52.4K
WELL icon
48
Welltower
WELL
$178B
$3.64M 0.4%
23,650
-91
-0.4% -$13.6K
ORAN
49
DELISTED
Orange
ORAN
$3.62M 0.4%
238,840
-46,080
-16% -$699K
ULTA icon
50
Ulta Beauty
ULTA
$20.4B
$3.46M 0.38%
+7,391
New +$3.06M
1
2
3 4

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SVCP
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COI
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MSA
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Lincluden Management's Q2 2025 Portfolio in Review

As of Q2 2025, Lincluden Management held 77 positions worth $905M, up 15% from $787M the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Lincluden Management deployed $47.4M of net new capital in Q2 2025, opening 5 new positions and adding to 10 existing holdings. Its largest new stake was Nutrien: 592,028 shares worth $34.5M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 37% a quarter earlier, followed by Energy and Communication Services.

On the sell side, the largest reduction was Toronto Dominion Bank, an estimated $11.8M trimmed.

  • Lincluden Management's largest Q2 2025 buy was Nutrien: 592,028 shares worth $34.5M.
  • Lincluden Management added most to Canadian Natural Resources in Q2 2025, an estimated $19.3M increase.
  • Lincluden Management's biggest Q2 2025 reduction was Toronto Dominion Bank, cutting an estimated $11.8M.
  • Lincluden Management's ten largest holdings make up 49% of its $905M portfolio in Q2 2025.
  • Lincluden Management opened 5 new positions and closed 0 in Q2 2025.
  • Lincluden Management's portfolio value rose 15% quarter-over-quarter to $905M.

Based on Lincluden Management's 13F filing for Q2 2025, filed 25 Jul 2025.