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Lincluden Management Portfolio holdings

AUM $939M
1-Year Est. Return 31.43%
This Fund
S&P 500
This Quarter Est. Return
+7.33%
1 Year Est. Return
+31.43%
3 Year Est. Return
+47%
5 Year Est. Return
+49.95%
10 Year Est. Return
+133.14%
AUM
$898M
AUM Growth
-$7.12M
Cap. Flow
-$73.3M
Cap. Flow %
-8.16%
Top 10 Hldgs %
51.3%
Holding
79
New
2
Increased
17
Reduced
42
Closed
10

Top Buys

Rank Stock Value
1
LEN icon
Lennar Class A
LEN
+$8.2M
2
SAP icon
SAP
SAP
+$6.28M
3
PBA icon
Pembina Pipeline
PBA
+$2.57M
4
BCE icon
BCE
BCE
+$2.16M
5
KBH icon
KB Home
KBH
+$1.87M

Top Sells

Rank Stock Value
1
BIP icon
Brookfield Infrastructure Partners
BIP
+$19.3M
2
ORCL icon
Oracle
ORCL
+$11.5M
3
RY icon
Royal Bank of Canada
RY
+$7.16M
4
TD icon
Toronto Dominion Bank
TD
+$7.09M
5
CNC icon
Centene
CNC
+$4.29M

Sector Composition

Rank Sector Weight
1 Financials 34.64%
2 Energy 15.24%
3 Consumer Discretionary 11.68%
4 Communication Services 11.13%
5 Real Estate 6.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SAP icon
26
SAP
SAP
$186B
$7.33M 0.82%
27,439
+22,333
+437% +$6.28M
TMO icon
27
Thermo Fisher Scientific
TMO
$198B
$7.15M 0.8%
14,749
+1,121
+8% +$522K
BAC icon
28
Bank of America
BAC
$430B
$7.14M 0.8%
138,471
-826
-0.6% -$40.3K
USB icon
29
US Bancorp
USB
$98.4B
$7.02M 0.78%
145,272
-1,000
-0.7% -$47.3K
J icon
30
Jacobs Solutions
J
$15.6B
$6.36M 0.71%
42,445
+5,443
+15% +$782K
CIGI icon
31
Colliers International
CIGI
$5.21B
$6.36M 0.71%
40,891
+2,464
+6% +$379K
GRP.U
32
DELISTED
Granite Real Estate Investment Trust
GRP.U
$6.19M 0.69%
112,144
– –
JPM icon
33
JPMorgan Chase
JPM
$907B
$6.02M 0.67%
19,098
-92
-0.5% -$27.4K
ING icon
34
ING
ING
$92.4B
$5.93M 0.66%
227,259
-10,781
-5% -$260K
HD icon
35
Home Depot
HD
$338B
$5.59M 0.62%
13,794
-89
-0.6% -$35K
DEO icon
36
Diageo
DEO
$46.7B
$5.52M 0.61%
57,835
-191
-0.3% -$20K
WMT icon
37
Walmart Inc
WMT
$909B
$5.38M 0.6%
52,164
-521
-1% -$51.9K
GLW icon
38
Corning
GLW
$133B
$5.25M 0.58%
63,998
-381
-0.6% -$24.9K
MS icon
39
Morgan Stanley
MS
$339B
$5.11M 0.57%
32,146
-240
-0.7% -$35.4K
COST icon
40
Costco
COST
$417B
$5.03M 0.56%
5,432
+657
+14% +$630K
UNH icon
41
UnitedHealth
UNH
$387B
$4.95M 0.55%
14,322
-86
-0.6% -$26K
EOG icon
42
EOG Resources
EOG
$74.5B
$4.57M 0.51%
40,739
+7,519
+23% +$897K
EQIX icon
43
Equinix
EQIX
$101B
$4.57M 0.51%
2,585
– –
RMR icon
44
The RMR Group
RMR
$353M
$4.56M 0.51%
290,000
– –
C icon
45
Citigroup
C
$217B
$4.46M 0.5%
43,968
-292
-0.7% -$27.7K
GIB icon
46
CGI
GIB
$14.3B
$4.46M 0.5%
50,371
+7,921
+19% +$766K
WELL icon
47
Welltower
WELL
$172B
$4.21M 0.47%
23,650
– –
GNTX icon
48
PUT
Gentex
GNTX
$5.19B
$4.14M 0.46%
146,168
-929
-0.6% -$24.7K
ULTA icon
49
Ulta Beauty
ULTA
$20.6B
$4.01M 0.45%
7,342
-49
-0.7% -$25.1K
FRT icon
50
Federal Realty Investment Trust
FRT
$10.9B
$4.01M 0.45%
39,591
-39,034
-50% -$3.77M
1
2
3 4

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PGA
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OCM
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SAM
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Lincluden Management's Q3 2025 Portfolio in Review

As of Q3 2025, Lincluden Management held 79 positions worth $898M, down 0.79% from $905M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Lincluden Management withdrew a net $73.3M in Q3 2025, closing 10 positions and reducing 42 holdings. Its most notable exit was Brookfield Infrastructure Partners, an estimated $19.3M position sold in full.

By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 34% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Lincluden Management opened a new position in Lennar Class A worth $8.33M.

  • Lincluden Management's largest Q3 2025 buy was Lennar Class A: 66,066 shares worth $8.33M.
  • Lincluden Management added most to SAP in Q3 2025, an estimated $6.28M increase.
  • Lincluden Management's biggest Q3 2025 reduction was Royal Bank of Canada, cutting an estimated $7.16M.
  • Lincluden Management fully exited Brookfield Infrastructure Partners in Q3 2025, selling an estimated $19.3M.
  • Lincluden Management's ten largest holdings make up 51% of its $898M portfolio in Q3 2025.
  • Lincluden Management opened 2 new positions and closed 10 in Q3 2025.
  • Lincluden Management's portfolio value fell 0.79% quarter-over-quarter to $898M.

Based on Lincluden Management's 13F filing for Q3 2025, filed 14 Nov 2025.