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LINCLUDEN MANAGEMENT LTD

Q4 2025 · Filed 2026-01-30
Market Value
$1.2B
+30.3%
Holdings
68
-7
New Purchases
2
Added To
10
Closed
0
Reduced
48
Top 10 Concentration
55.3%
Turnover
2.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BIP 2.65% 0.00% +2.65% $31M
RY 8.64% 7.32% +1.32% $100M
TD 9.27% 8.11% +1.16% $107M
BNS 5.87% 5.05% +0.82% $68M
MGA 4.06% 3.55% +0.51% $47M
CNI 4.92% 4.58% +0.33% $57M
NTR 3.80% 3.56% +0.24% $44M
BCE 5.33% 5.09% +0.24% $62M
SU 2.82% 2.61% +0.21% $33M
CNQ 2.71% 2.51% +0.20% $31M
TRP 5.18% 5.03% +0.16% $60M
AHR 0.15% 0.00% +0.15% $2M
DEO 0.74% 0.62% +0.12% $9M
BEP 1.84% 1.73% +0.11% $21M
BN 4.16% 4.06% +0.09% $48M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
QSR 3.78% 4.87% -1.09% $44M
VZ 0.85% 1.26% -0.41% $10M
MSFT 0.71% 1.09% -0.38% $8M
GOOGL 0.85% 1.20% -0.35% $10M
PFE 0.84% 1.18% -0.34% $10M
LEN 0.62% 0.94% -0.32% $7M
AMT 0.60% 0.89% -0.29% $7M
EQIX 0.25% 0.51% -0.26% $3M
HD 0.37% 0.63% -0.26% $4M
SAP 0.58% 0.83% -0.25% $7M
TMO 0.56% 0.81% -0.24% $7M
WMT 0.40% 0.61% -0.20% $5M
BAC 0.60% 0.80% -0.20% $7M
GNTX 0.27% 0.47% -0.20% $3M
CSCO 0.94% 1.13% -0.20% $11M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 17 $192M 16.6%
Large Cap 41 $923M 79.7%
Mid Cap 9 $38M 3.3%
Small Cap 1 $4M 0.4%

Portfolio Analytics

Avg Market Cap
$245.0B
Median Market Cap
$77.6B
Avg P/E
27.1
Median P/E
20.0
Avg Dividend Yield
0.03%
Avg Beta
0.89
# Stocks
68
# ETFs / Funds
0

Top Holdings (68 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TD 9.27% 829,383 $107M $129.36 $35M -77,249 -8.5%
2 RY 8.64% 427,261 $100M $233.99 $35M -16,521 -3.7%
3 BNS 5.87% 671,166 $68M $101.23 $23M -27,231 -3.9%
4 BCE 5.33% 1,885,402 $62M $32.74 $16M -62,109 -3.2%
5 TRP 5.18% 793,599 $60M $75.58 $15M -32,307 -3.9%
6 CNI 4.92% 419,122 $57M $135.75 $16M -15,222 -3.5%
7 BN 4.16% 763,376 $48M $63.02 $12M +233,997 +44.2%
8 MGA 4.06% 642,618 $47M $73.17 $16M -26,535 -4.0%
9 PBA 4.04% 894,163 $47M $52.29 $9M -33,729 -3.6%
10 NTR 3.80% 518,869 $44M $84.72 $12M -22,413 -4.1%
11 QSR 3.78% 467,154 $44M $93.66 $531K -16,971 -3.5%
12 CM 3.54% 329,398 $41M $124.43 $10M -56,464 -14.6%
13 MFC 2.99% 695,123 $35M $49.84 $8M -166,407 -19.3%
14 TU 2.85% 1,821,826 $33M $18.09 $7M +161,320 +9.7%
15 SU 2.82% 536,309 $33M $60.92 $9M -21,403 -3.8%
16 CNQ 2.71% 673,512 $31M $46.49 $9M -26,570 -3.8%
17 BIP 2.65% 643,160 $31M $47.71 +643,160 NEW
18 BEP 1.84% 575,275 $21M $37.09 $6M -26,069 -4.3%
19 CSCO 0.94% 141,007 $11M $77.03 $786K -6,267 -4.3%
20 FSV 0.86% 46,898 $10M $213.44 $2M +5,818 +14.2%
21 GOOGL 0.85% 31,483 $10M $312.99 -$801K -12,348 -28.2%
22 VZ 0.85% 241,578 $10M $40.73 -$1M -13,118 -5.2%
23 PFE 0.84% 389,203 $10M $24.90 -$807K -22,825 -5.5%
24 DEO 0.74% 99,706 $9M $86.27 $3M +41,871 +72.4%
25 CIGI 0.71% 40,891 $8M $201.73 $2M
26 MSFT 0.71% 16,997 $8M $483.61 -$1M -1,697 -9.1%
27 LEN 0.62% 69,917 $7M $102.79 -$1M +3,851 +5.8%
28 USB 0.61% 132,444 $7M $53.36 $46K -12,828 -8.8%
29 BAC 0.60% 126,604 $7M $55.00 -$181K -11,867 -8.6%
30 AMT 0.60% 39,510 $7M $175.55 -$983K -1,665 -4.0%
31 J 0.58% 50,397 $7M $132.47 $315K +7,952 +18.7%
32 SAP 0.58% 27,410 $7M $242.90 -$674K -29 -0.1%
33 TMO 0.56% 11,243 $7M $579.47 -$639K -3,506 -23.8%
34 GIB 0.54% 49,716 $6M $126.78 $2M -655 -1.3%
35 ING 0.50% 208,280 $6M $28.00 -$95K -18,979 -8.3%
36 JPM 0.49% 17,687 $6M $322.21 -$325K -1,411 -7.4%
37 GIL 0.46% 62,103 $5M $85.79 $2M -1,491 -2.3%
38 RCI 0.45% 99,632 $5M $51.81 $2M -2,262 -2.2%
39 GLW 0.44% 58,455 $5M $87.55 -$132K -5,543 -8.7%
40 MS 0.41% 26,422 $5M $177.54 -$419K -5,724 -17.8%
41 WMT 0.40% 41,755 $5M $111.41 -$724K -10,409 -19.9%
42 C 0.40% 39,216 $5M $116.69 $113K -4,752 -10.8%
43 EOG 0.39% 40,739 $5M $112.13
44 COST 0.38% 5,058 $4M $862.40 -$666K -374 -6.9%
45 UNH 0.37% 13,099 $4M $330.10 -$621K -1,223 -8.5%
46 RMR 0.37% 290,000 $4M $14.90 -$241K
47 HD 0.37% 12,544 $4M $344.07 -$1M -1,250 -9.1%
48 FRT 0.34% 39,591 $4M $100.81 -$20K
49 DIS 0.34% 37,955 $4M $105.02 $557K +8,008 +26.7%
50 TRNO 0.32% 62,157 $4M $58.71 $122K
51 WELL 0.31% 19,273 $4M $185.60 -$636K -4,377 -18.5%
52 GSK 0.31% 100,877 $4M $35.02 $880K +39,397 +64.1%
53 TJX 0.27% 20,232 $3M $153.62 -$166K -2,417 -10.7%
54 ULTA 0.27% 5,133 $3M $605.10 -$908K -2,209 -30.1%
55 GNTX 0.27% 132,523 $3M $23.27 -$1M -13,645 -9.3%
56 SHEL 0.26% 40,518 $3M $73.47 -$167K -3,438 -7.8%
57 BEPC 0.26% 56,486 $3M $52.65 $822K -6,398 -10.2%
58 EQIX 0.25% 3,800 $3M $766.05 -$2M +1,215 +47.0%
59 AVB 0.23% 14,565 $3M $181.26 -$173K
60 TSCO 0.22% 51,985 $3M $50.01 -$719K -6,378 -10.9%
61 JNJ 0.21% 11,615 $2M $206.97 $3K -1,335 -10.3%
62 EXR 0.19% 16,794 $2M $130.23 -$180K
63 SPG 0.17% 10,519 $2M $185.09 -$27K
64 KBH 0.16% 32,730 $2M $56.40 -$119K +1,846 +6.0%
65 TTE 0.15% 27,414 $2M $65.40 -$42K -3,331 -10.8%
66 AHR 0.15% 37,595 $2M $47.05 +37,595 NEW
67 SUI 0.14% 13,407 $2M $123.89 -$1M -9,071 -40.4%
68 BXP 0.09% 15,598 $1M $67.51 -$526K -5,648 -26.6%

New Positions

SymbolValue% Port
BIP $31M 2.65%
AHR $2M 0.15%
View SEC EDGAR Filings for LINCLUDEN MANAGEMENT LTD →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms