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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

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

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

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
TD icon
1
Toronto Dominion Bank
TD
$205B
$72.1M 8.02%
906,632
-94,507
-9% -$7.09M
RY icon
2
Royal Bank of Canada
RY
$300B
$65M 7.24%
443,782
-51,926
-10% -$7.16M
BCE icon
3
BCE
BCE
$20.6B
$45.2M 5.04%
1,947,511
+89,824
+5% +$2.16M
BNS icon
4
Scotiabank
BNS
$110B
$44.9M 5%
698,397
-66,463
-9% -$3.92M
TRP icon
5
TC Energy
TRP
$72.8B
$44.6M 4.97%
825,906
-61,696
-7% -$3.1M
QSR icon
6
Restaurant Brands International
QSR
$26.8B
$43.2M 4.81%
484,125
+21,167
+5% +$1.39M
CNI icon
7
Canadian National Railway
CNI
$77.8B
$40.7M 4.53%
434,344
+17,257
+4% +$1.67M
PBA icon
8
Pembina Pipeline
PBA
$29.6B
$37.3M 4.15%
927,892
+68,013
+8% +$2.57M
BN icon
9
Brookfield
BN
$109B
$36.1M 4.02%
794,069
-92,754
-10% -$4.11M
NTR icon
10
Nutrien
NTR
$32.2B
$31.6M 3.52%
541,282
-50,746
-9% -$2.96M
MGA icon
11
Magna International
MGA
$18.4B
$31.5M 3.51%
669,153
-51,954
-7% -$2.29M
CM icon
12
Canadian Imperial Bank of Commerce
CM
$110B
$30.7M 3.41%
385,862
-47,282
-11% -$3.56M
MFC icon
13
Manulife Financial
MFC
$72.1B
$26.7M 2.97%
861,530
-76,800
-8% -$2.37M
TU icon
14
Telus
TU
$16.5B
$26M 2.89%
1,660,506
-251,973
-13% -$4.09M
SU icon
15
Suncor Energy
SU
$71.6B
$23.2M 2.58%
557,712
-47,877
-8% -$1.92M
CNQ icon
16
Canadian Natural Resources
CNQ
$89.4B
$22.3M 2.48%
700,082
-48,220
-6% -$1.51M
BEP icon
17
Brookfield Renewable
BEP
$9.64B
$15.4M 1.72%
601,344
-62,108
-9% -$1.6M
VZ icon
18
Verizon
VZ
$183B
$11.2M 1.25%
254,696
-833
-0.3% -$36.1K
GOOGL icon
19
Alphabet (Google) Class A
GOOGL
$4.33T
$10.7M 1.19%
43,831
-6,038
-12% -$1.26M
PFE icon
20
Pfizer
PFE
$143B
$10.5M 1.17%
412,028
-1,530
-0.4% -$37.8K
CSCO icon
21
Cisco
CSCO
$432B
$10.1M 1.12%
147,274
-45,009
-23% -$3.07M
MSFT icon
22
Microsoft
MSFT
$2.98T
$9.68M 1.08%
18,694
-101
-0.5% -$51.5K
LEN icon
23
Lennar Class A
LEN
$20.8B
$8.33M 0.93%
+66,066
New +$8.2M
AMT icon
24
American Tower
AMT
$78.7B
$7.92M 0.88%
41,175
+775
+2% +$161K
FSV icon
25
FirstService
FSV
$6.95B
$7.78M 0.87%
41,080
-2,390
-5% -$462K
1
2 3 4

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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.