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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
+6.14%
1 Year Est. Return
+31.43%
3 Year Est. Return
+47%
5 Year Est. Return
+49.95%
10 Year Est. Return
+133.14%
AUM
$1.18B
AUM Growth
+$279M
Cap. Flow
-$14.2M
Cap. Flow %
-1.2%
Top 10 Hldgs %
54.34%
Holding
72
New
3
Increased
9
Reduced
50
Closed
1

Top Buys

1
BIP icon
Brookfield Infrastructure Partners
BIP
+$22.4M
2
BGSI
Boyd Group Services
BGSI
+$5.11M
3
DEO icon
Diageo
DEO
+$3.86M
4
TU icon
Telus
TU
+$2.27M
5
GSK icon
GSK
GSK
+$1.84M

Top Sells

1
TD icon
Toronto Dominion Bank
TD
+$6.52M
2
MFC icon
Manulife Financial
MFC
+$5.65M
3
CM icon
Canadian Imperial Bank of Commerce
CM
+$4.84M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$3.53M
5
RY icon
Royal Bank of Canada
RY
+$2.54M

Sector Composition

1 Financials 36.85%
2 Energy 15.3%
3 Consumer Discretionary 10.64%
4 Communication Services 10.49%
5 Industrials 5.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TD icon
1
Toronto Dominion Bank
TD
$205B
$107M 9.11%
829,383
-77,249
-9% -$6.52M
RY icon
2
Royal Bank of Canada
RY
$300B
$100M 8.49%
427,261
-16,521
-4% -$2.54M
BNS icon
3
Scotiabank
BNS
$110B
$67.9M 5.77%
671,166
-27,231
-4% -$1.85M
BCE icon
4
BCE
BCE
$20.6B
$61.7M 5.24%
1,885,402
-62,109
-3% -$1.45M
TRP icon
5
TC Energy
TRP
$72.8B
$60M 5.1%
793,599
-32,307
-4% -$1.72M
CNI icon
6
Canadian National Railway
CNI
$77.8B
$56.9M 4.83%
419,122
-15,222
-4% -$1.46M
BN icon
7
Brookfield
BN
$109B
$48.1M 4.09%
763,376
-30,693
-4% -$1.4M
MGA icon
8
Magna International
MGA
$18.4B
$47M 3.99%
642,618
-26,535
-4% -$1.3M
PBA icon
9
Pembina Pipeline
PBA
$29.6B
$46.8M 3.97%
894,163
-33,729
-4% -$1.3M
NTR icon
10
Nutrien
NTR
$32.2B
$44M 3.73%
518,869
-22,413
-4% -$1.32M
QSR icon
11
Restaurant Brands International
QSR
$26.8B
$43.8M 3.72%
467,154
-16,971
-4% -$1.17M
CM icon
12
Canadian Imperial Bank of Commerce
CM
$110B
$41M 3.48%
329,398
-56,464
-15% -$4.84M
MFC icon
13
Manulife Financial
MFC
$72.1B
$34.6M 2.94%
695,123
-166,407
-19% -$5.65M
TU icon
14
Telus
TU
$16.5B
$33M 2.8%
1,821,826
+161,320
+10% +$2.27M
SU icon
15
Suncor Energy
SU
$71.6B
$32.7M 2.78%
536,309
-21,403
-4% -$905K
CNQ icon
16
Canadian Natural Resources
CNQ
$89.4B
$31.3M 2.66%
673,512
-26,570
-4% -$862K
BIP icon
17
Brookfield Infrastructure Partners
BIP
$18B
$30.7M 2.61%
+643,160
New +$22.4M
BEP icon
18
Brookfield Renewable
BEP
$9.64B
$21.3M 1.81%
575,275
-26,069
-4% -$741K
CSCO icon
19
Cisco
CSCO
$432B
$10.9M 0.92%
141,007
-6,267
-4% -$465K
FSV icon
20
FirstService
FSV
$6.95B
$10M 0.85%
46,898
+5,818
+14% +$947K
GOOGL icon
21
Alphabet (Google) Class A
GOOGL
$4.33T
$9.85M 0.84%
31,483
-12,348
-28% -$3.53M
VZ icon
22
Verizon
VZ
$183B
$9.84M 0.84%
241,578
-13,118
-5% -$532K
PFE icon
23
Pfizer
PFE
$143B
$9.69M 0.82%
389,203
-22,825
-6% -$576K
GRP.U
24
DELISTED
Granite Real Estate Investment Trust
GRP.U
$9.16M 0.78%
112,144
– –
DEO icon
25
Diageo
DEO
$47.5B
$8.6M 0.73%
99,706
+41,871
+72% +$3.86M
1
2 3

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PGA
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OCM
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SAM
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MPMG
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CM
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Lincluden Management's Q4 2025 Portfolio in Review

As of Q4 2025, Lincluden Management held 72 positions worth $1.18B, up 31% from $898M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Lincluden Management's Q4 2025 filing shows 3 new, 9 increased, 50 reduced and 1 closed positions. Its largest new stake was Brookfield Infrastructure Partners: 643,160 shares worth $30.7M. The largest sale was Toronto Dominion Bank, an estimated $6.52M.

By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 35% a quarter earlier, followed by Energy and Consumer Discretionary.

  • Lincluden Management's largest Q4 2025 buy was Brookfield Infrastructure Partners: 643,160 shares worth $30.7M.
  • Lincluden Management added most to Diageo in Q4 2025, an estimated $3.86M increase.
  • Lincluden Management's biggest Q4 2025 reduction was Toronto Dominion Bank, cutting an estimated $6.52M.
  • Lincluden Management fully exited Brookfield Wealth Solutions in Q4 2025, selling an estimated $65K.
  • Lincluden Management's ten largest holdings make up 54% of its $1.18B portfolio in Q4 2025.
  • Lincluden Management opened 3 new positions and closed 1 in Q4 2025.
  • Lincluden Management's portfolio value rose 31% quarter-over-quarter to $1.18B.

Based on Lincluden Management's 13F filing for Q4 2025, filed 30 Jan 2026.