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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
+9.54%
1 Year Est. Return
+31.43%
3 Year Est. Return
+47%
5 Year Est. Return
+49.95%
10 Year Est. Return
+133.14%
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
TD icon
1
Toronto Dominion Bank
TD
$199B
$73.6M 8.13%
1,001,139
-181,184
-15% -$11.8M
RY icon
2
Royal Bank of Canada
RY
$292B
$65.3M 7.21%
495,708
-47,639
-9% -$5.83M
CNI icon
3
Canadian National Railway
CNI
$76.9B
$43.4M 4.8%
417,087
+8,865
+2% +$902K
TRP icon
4
TC Energy
TRP
$71.4B
$43.3M 4.78%
887,602
-124,678
-12% -$6.12M
BNS icon
5
Scotiabank
BNS
$107B
$42.3M 4.67%
764,860
-17,194
-2% -$875K
BCE icon
6
BCE
BCE
$20.2B
$41.2M 4.55%
1,857,687
-39,397
-2% -$862K
BN icon
7
Brookfield
BN
$104B
$36.6M 4.04%
886,823
-53,014
-6% -$1.96M
NTR icon
8
Nutrien
NTR
$32B
$34.5M 3.81%
+592,028
New +$33.5M
PBA icon
9
Pembina Pipeline
PBA
$29.5B
$32.3M 3.56%
859,879
+100,472
+13% +$3.79M
CM icon
10
Canadian Imperial Bank of Commerce
CM
$108B
$30.7M 3.39%
433,144
-9,219
-2% -$593K
TU icon
11
Telus
TU
$16.1B
$30.7M 3.39%
1,912,479
-30,113
-2% -$467K
QSR icon
12
Restaurant Brands International
QSR
$25.7B
$30.7M 3.39%
462,958
+207,618
+81% +$13.9M
MFC icon
13
Manulife Financial
MFC
$70.6B
$30M 3.31%
938,330
-19,395
-2% -$598K
MGA icon
14
Magna International
MGA
$18B
$27.9M 3.08%
721,107
+62,697
+10% +$2.21M
CNQ icon
15
Canadian Natural Resources
CNQ
$91.7B
$23.5M 2.6%
748,302
+635,393
+563% +$19.3M
SU icon
16
Suncor Energy
SU
$73.5B
$22.7M 2.5%
605,589
-12,671
-2% -$458K
BIP icon
17
Brookfield Infrastructure Partners
BIP
$18B
$19.3M 2.13%
576,851
-13,432
-2% -$421K
BEP icon
18
Brookfield Renewable
BEP
$9.72B
$16.9M 1.87%
663,452
-18,457
-3% -$434K
CSCO icon
19
Cisco
CSCO
$436B
$13.3M 1.47%
192,283
-519
-0.3% -$31.9K
ORCL icon
20
Oracle
ORCL
$350B
$11.5M 1.27%
52,460
-17,737
-25% -$2.86M
VZ icon
21
Verizon
VZ
$182B
$11.1M 1.22%
255,529
-2,551
-1% -$110K
PFE icon
22
Pfizer
PFE
$141B
$10M 1.11%
413,558
-1,896
-0.5% -$44.2K
MSFT icon
23
Microsoft
MSFT
$2.99T
$9.35M 1.03%
18,795
-297
-2% -$129K
AMT icon
24
American Tower
AMT
$77.8B
$8.93M 0.99%
40,400
-176
-0.4% -$38K
GOOGL icon
25
Alphabet (Google) Class A
GOOGL
$4.3T
$8.79M 0.97%
49,869
-289
-0.6% -$47.3K
1
2 3 4

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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.