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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
-1.11%
1 Year Est. Return
+31.43%
3 Year Est. Return
+47%
5 Year Est. Return
+49.95%
10 Year Est. Return
+133.14%
AUM
$787M
AUM Growth
-$39M
Cap. Flow
-$22.5M
Cap. Flow %
-2.86%
Top 10 Hldgs %
53.5%
Holding
74
New
1
Increased
17
Reduced
43
Closed
2

Top Buys

1
BCE icon
BCE
BCE
+$6.61M
2
CNI icon
Canadian National Railway
CNI
+$4.61M
3
AMT icon
American Tower
AMT
+$3.93M
4
SHEL icon
Shell
SHEL
+$3.02M
5
FRT icon
Federal Realty Investment Trust
FRT
+$2.15M

Top Sells

1
BN icon
Brookfield
BN
+$10.5M
2
MFC icon
Manulife Financial
MFC
+$5.91M
3
RY icon
Royal Bank of Canada
RY
+$5.68M
4
CM icon
Canadian Imperial Bank of Commerce
CM
+$3.59M
5
UDR icon
UDR
UDR
+$3.53M

Sector Composition

1 Financials 36.56%
2 Energy 14.97%
3 Communication Services 12.85%
4 Real Estate 7.32%
5 Consumer Discretionary 6.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TD icon
1
Toronto Dominion Bank
TD
$205B
$70.8M 9%
1,182,323
-4,789
-0.4% -$279K
RY icon
2
Royal Bank of Canada
RY
$300B
$61.2M 7.78%
543,347
-48,208
-8% -$5.68M
TRP icon
3
TC Energy
TRP
$72.8B
$47.8M 6.07%
1,012,280
-42,127
-4% -$1.96M
BCE icon
4
BCE
BCE
$20.6B
$43.5M 5.53%
1,897,084
+281,128
+17% +$6.61M
CNI icon
5
Canadian National Railway
CNI
$77.8B
$39.7M 5.05%
408,222
+45,635
+13% +$4.61M
BNS icon
6
Scotiabank
BNS
$110B
$37.1M 4.71%
782,054
-7,566
-1% -$380K
BN icon
7
Brookfield
BN
$109B
$32.8M 4.17%
939,837
-277,385
-23% -$10.5M
PBA icon
8
Pembina Pipeline
PBA
$29.6B
$30.4M 3.86%
759,407
-12,128
-2% -$455K
MFC icon
9
Manulife Financial
MFC
$72.1B
$29.8M 3.79%
957,725
-195,557
-17% -$5.91M
TU icon
10
Telus
TU
$16.5B
$27.9M 3.54%
1,942,592
-17,138
-0.9% -$251K
CM icon
11
Canadian Imperial Bank of Commerce
CM
$110B
$24.9M 3.16%
442,363
-59,435
-12% -$3.59M
SU icon
12
Suncor Energy
SU
$71.6B
$23.9M 3.04%
618,260
-9,074
-1% -$346K
MGA icon
13
Magna International
MGA
$18.4B
$22.4M 2.84%
658,410
-3,251
-0.5% -$125K
BIP icon
14
Brookfield Infrastructure Partners
BIP
$18B
$17.6M 2.23%
590,283
-9,456
-2% -$297K
QSR icon
15
Restaurant Brands International
QSR
$26.8B
$17M 2.16%
255,340
+13,627
+6% +$879K
BEP icon
16
Brookfield Renewable
BEP
$9.64B
$15.1M 1.92%
681,909
-4,855
-0.7% -$108K
CSCO icon
17
Cisco
CSCO
$432B
$11.9M 1.51%
192,802
-33,517
-15% -$2.06M
VZ icon
18
Verizon
VZ
$183B
$11.7M 1.49%
258,080
-7,269
-3% -$303K
PFE icon
19
Pfizer
PFE
$143B
$10.5M 1.34%
415,454
+29,617
+8% +$775K
ORCL icon
20
Oracle
ORCL
$358B
$9.81M 1.25%
70,197
-782
-1% -$127K
AMT icon
21
American Tower
AMT
$78.7B
$8.83M 1.12%
40,576
+20,034
+98% +$3.93M
GOOGL icon
22
Alphabet (Google) Class A
GOOGL
$4.33T
$7.76M 0.99%
50,158
+187
+0.4% +$33.9K
FRT icon
23
Federal Realty Investment Trust
FRT
$10.8B
$7.73M 0.98%
79,000
+20,712
+36% +$2.15M
MSFT icon
24
Microsoft
MSFT
$2.98T
$7.17M 0.91%
19,092
-448
-2% -$183K
FSV icon
25
FirstService
FSV
$6.95B
$6.71M 0.85%
40,459
-1,208
-3% -$212K
1
2 3

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Lincluden Management's Q1 2025 Portfolio in Review

As of Q1 2025, Lincluden Management held 74 positions worth $787M, down 4.7% from $826M the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Trading was light in Q1 2025: portfolio turnover was 4.1%. Lincluden Management opened 1 new position and exited 2, leaving the 74-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 37% of assets, down from 39% a quarter earlier, followed by Energy and Communication Services.

  • Lincluden Management's largest Q1 2025 buy was Shell: 44,874 shares worth $3.29M.
  • Lincluden Management added most to BCE in Q1 2025, an estimated $6.61M increase.
  • Lincluden Management's biggest Q1 2025 reduction was Brookfield, cutting an estimated $10.5M.
  • Lincluden Management fully exited UDR in Q1 2025, selling an estimated $3.53M.
  • Lincluden Management's ten largest holdings make up 53% of its $787M portfolio in Q1 2025.
  • Lincluden Management opened 1 new position and closed 2 in Q1 2025.
  • Lincluden Management's portfolio value fell 4.7% quarter-over-quarter to $787M.

Based on Lincluden Management's 13F filing for Q1 2025, filed 6 May 2025.