LINCLUDEN MANAGEMENT LTD

CIK

1058231

Location

MISSISSAUGA, A6

Portfolio Value

Small $921,137,096

Diversification

Diversified

Filing Date

Global Rank

#1,853 / 8,605 ▲ 68 · as of Mar 2026

Top Industry

Banks - Diversified 23.9%

3Y Alpha vs SPY

-4.5%

Period ended 3 months ago

Filed May 13, 2026 · 57d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+59.6%

SPY

+76.5%

Annualised alpha

-4.0%

Max drawdown

−15.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

68 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.2%

−1.4 pts

Top 5

29.3%

−2.4 pts

Top 10

49.1%

−2.0 pts

HHI

344

Diversified−24

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	31.9%	$294,077,596	14
Energy	18.4%	$169,396,734	6
Communication Services	10.7%	$98,766,091	6
Consumer Cyclical	8.2%	$75,408,657	8
Real Estate	6.2%	$56,884,057	15
Technology	5.9%	$54,457,751	5
Industrials	5.2%	$48,310,506	2
Utilities	4.5%	$41,748,542	3
Basic Materials	3.6%	$32,823,439	1
Healthcare	3.3%	$29,976,837	5
Consumer Defensive	2.1%	$19,286,886	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
GIB	Cgi Inc	+297,310	347,026	$25,367,600
TU	Telus Corp	+281,410	2,103,236	$26,984,517
PBA	Pembina Pipeline Corp	+105,360	999,523	$44,738,649
CNQ	CANADIAN NATURAL RESOURCES Ltd	+23,527	697,039	$33,966,710
FSV	FirstService Corp	+17,768	64,666	$8,984,694
DEO	Diageo PLC	+15,257	114,963	$8,558,995
PFE	Pfizer Inc	+12,107	401,310	$11,268,784
CIGI	Colliers International Group Inc.	+11,724	52,615	$5,624,017
ING	Ing Groep NV	+10,114	218,394	$5,689,163
UNH	Unitedhealth Group Inc	+9,456	22,555	$6,103,157
GNTX	Gentex Corp	+7,305	139,828	$3,055,241
BAC	Bank Of America Corp /De/	+6,226	132,830	$6,475,462
USB	US Bancorp De	+6,190	138,634	$7,210,354
MSFT	Microsoft Corp	+5,007	22,004	$8,145,220
TSCO	Tractor Supply Co /De/	+4,259	56,244	$2,547,853
CSCO	Cisco Systems, Inc.	+3,278	144,285	$11,195,073
TMO	Thermo Fisher Scientific Inc.	+3,178	14,421	$7,088,354
C	Citigroup Inc	+3,053	42,269	$4,793,727
J	Jacobs Solutions Inc.	+2,748	53,145	$6,764,295
SAP	Sap SE	+2,423	29,833	$5,107,707
WMT	Walmart Inc.	+2,096	43,851	$5,449,802
AMT	American Tower Corp /Ma/	+1,995	41,505	$7,162,932
MS	Morgan Stanley	+1,857	28,279	$4,653,875
GOOGL	Alphabet Inc.	+1,731	33,214	$9,551,017
TRNO	Terreno Realty Corp	+1,342	63,499	$3,900,108
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
MGA	Magna International Inc	−249,603	393,015	$21,934,167
TD	Toronto Dominion Bank	−138,950	690,433	$64,424,303
BNS	Bank Of Nova Scotia	−93,715	577,451	$40,023,128
NTR	Nutrien Ltd.	−83,891	434,978	$32,823,439
BN	BROOKFIELD Corp /ON/	−75,767	687,609	$27,827,536
VZ	Verizon Communications Inc	−55,574	186,004	$9,337,400
BEPC	Brookfield Renewable Corp	−55,229	1,257	$50,066
GSK	GSK plc	−42,506	58,371	$3,221,495
BCE	Bce Inc	−41,572	1,843,830	$46,538,269
CM	Canadian Imperial Bank Of Commerce /Can/	−35,892	293,506	$27,809,693
TRP	Tc Energy Corp	−25,838	767,761	$48,061,838
GLW	Corning Inc /Ny	−24,314	34,141	$4,642,151
SU	Suncor Energy Inc	−23,158	513,151	$33,924,412
RCI	Rogers Communications Inc	−23,070	76,562	$2,943,808
RY	Royal Bank Of Canada	−19,987	407,274	$65,888,787
CNI	Canadian National Railway Co	−14,858	404,264	$41,546,211
QSR	Restaurant Brands International Inc.	−13,754	453,400	$33,506,260
GIL	Gildan Activewear Inc.	−10,820	51,283	$2,853,898
GRTUF	Granite Real Estate Investment Trust	−7,517	104,627	$6,136,373
SHEL	Shell plc	−7,480	33,038	$3,072,534
MFC	Manulife Financial Corp	−6,330	688,793	$23,722,030
BIPH	Brookfield Infrastructure Partners L.P.	−5,959	637,201	$23,015,700
EXR	Extra Space Storage Inc.	−4,365	12,429	$1,629,814
BXP	BXP, Inc.	−3,500	12,098	$627,886
BEP	Brookfield Renewable Partners L.P.	−2,886	572,389	$18,682,776
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
V	Visa Inc.	23,216	$7,016,803
BAM	Brookfield Asset Management Ltd.	70,083	$3,115,189
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
LEN	Lennar Corp /New/	69,917	$7,187,467
ULTA	Ulta Beauty, Inc.	5,133	$3,105,516
KBH	Kb Home	32,730	$1,846,299
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

68 positions · $921,137,096 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 68 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
RY	Royal Bank Of Canada Financial Services	Reduced	407,274	-19,987	$65,888,787	−9.5%	7.15%
TD	Toronto Dominion Bank Financial Services	Reduced	690,433	-138,950	$64,424,303	−17.5%	6.99%
TRP	Tc Energy Corp Energy	Reduced	767,761	-25,838	$48,061,838	+10.1%	5.22%
BCE	Bce Inc Communication Services	Reduced	1,843,830	-41,572	$46,538,269	+3.6%	5.05%
PBA	Pembina Pipeline Corp Energy	Added	999,523	+105,360	$44,738,649	+31.5%	4.86%
CNI	Canadian National Railway Co Industrials	Reduced	404,264	-14,858	$41,546,211	+0.3%	4.51%
BNS	Bank Of Nova Scotia Financial Services	Reduced	577,451	-93,715	$40,023,128	−19.1%	4.34%
CNQ	CANADIAN NATURAL RESOURCES Ltd Energy	Added	697,039	+23,527	$33,966,710	+49.0%	3.69%
SU	Suncor Energy Inc Energy	Reduced	513,151	-23,158	$33,924,412	+42.6%	3.68%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Reduced	453,400	-13,754	$33,506,260	+5.1%	3.64%
NTR	Nutrien Ltd. Basic Materials	Reduced	434,978	-83,891	$32,823,439	+2.5%	3.56%
BN	BROOKFIELD Corp /ON/ Financial Services	Reduced	687,609	-75,767	$27,827,536	−20.6%	3.02%
CM	Canadian Imperial Bank Of Commerce /Can/ Financial Services	Reduced	293,506	-35,892	$27,809,693	−6.8%	3.02%
TU	Telus Corp Communication Services	Added	2,103,236	+281,410	$26,984,517	+12.5%	2.93%
GIB	Cgi Inc Technology	Added	347,026	+297,310	$25,367,600	+452.8%	2.75%
MFC	Manulife Financial Corp Financial Services	Reduced	688,793	-6,330	$23,722,030	−5.9%	2.58%
BIPH	Brookfield Infrastructure Partners L.P. Utilities	Reduced	637,201	-5,959	$23,015,700	+3.0%	2.50%
MGA	Magna International Inc Consumer Cyclical	Reduced	393,015	-249,603	$21,934,167	−36.0%	2.38%
BEP	Brookfield Renewable Partners L.P. Utilities	Reduced	572,389	-2,886	$18,682,776	+20.4%	2.03%
PFE	Pfizer Inc Healthcare	Added	401,310	+12,107	$11,268,784	+16.3%	1.22%
CSCO	Cisco Systems, Inc. Technology	Added	144,285	+3,278	$11,195,073	+3.1%	1.22%
GOOGL	Alphabet Inc. Communication Services	Added	33,214	+1,731	$9,551,017	−3.1%	1.04%
VZ	Verizon Communications Inc Communication Services	Reduced	186,004	-55,574	$9,337,400	−5.1%	1.01%
FSV	FirstService Corp Real Estate	Added	64,666	+17,768	$8,984,694	+23.2%	0.98%
DEO	Diageo PLC Consumer Defensive	Added	114,963	+15,257	$8,558,995	−0.5%	0.93%
MSFT	Microsoft Corp Technology	Added	22,004	+5,007	$8,145,220	−0.9%	0.88%
USB	US Bancorp De Financial Services	Added	138,634	+6,190	$7,210,354	+2.0%	0.78%
AMT	American Tower Corp /Ma/ Real Estate	Added	41,505	+1,995	$7,162,932	+3.3%	0.78%
TMO	Thermo Fisher Scientific Inc. Healthcare	Added	14,421	+3,178	$7,088,354	+8.8%	0.77%
V	Visa Inc. Financial Services	NEW	23,216	NEW	$7,016,803	NEW	0.76%
J	Jacobs Solutions Inc. Industrials	Added	53,145	+2,748	$6,764,295	+1.3%	0.73%
BAC	Bank Of America Corp /De/ Financial Services	Added	132,830	+6,226	$6,475,462	−7.0%	0.70%
GRTUF	Granite Real Estate Investment Trust Real Estate	Reduced	104,627	-7,517	$6,136,373	−7.6%	0.67%
UNH	Unitedhealth Group Inc Healthcare	Added	22,555	+9,456	$6,103,157	+41.1%	0.66%
ING	Ing Groep NV Financial Services	Added	218,394	+10,114	$5,689,163	−2.4%	0.62%
EOG	Eog Resources Inc Energy	Reduced	38,961	-1,778	$5,632,591	+31.7%	0.61%
CIGI	Colliers International Group Inc. Real Estate	Added	52,615	+11,724	$5,624,017	−6.4%	0.61%
WMT	Walmart Inc. Consumer Defensive	Added	43,851	+2,096	$5,449,802	+17.2%	0.59%
JPM	Jpmorgan Chase & Co Financial Services	Added	18,451	+764	$5,427,546	−4.8%	0.59%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	5,297	+239	$5,278,089	+21.0%	0.57%
SAP	Sap SE Technology	Added	29,833	+2,423	$5,107,707	−23.3%	0.55%
C	Citigroup Inc Financial Services	Added	42,269	+3,053	$4,793,727	+4.8%	0.52%
MS	Morgan Stanley Financial Services	Added	28,279	+1,857	$4,653,875	−0.8%	0.51%
GLW	Corning Inc /Ny Technology	Reduced	34,141	-24,314	$4,642,151	−9.3%	0.50%
RMR	Rmr Group Inc. Real Estate	Held	290,000	0	$4,486,300	+3.8%	0.49%
HD	Home Depot, Inc. Consumer Cyclical	Added	13,223	+679	$4,348,912	+0.8%	0.47%
FRT	Federal Realty Investment Trust Real Estate	Reduced	36,888	-2,703	$3,917,874	−1.8%	0.43%
TRNO	Terreno Realty Corp Real Estate	Added	63,499	+1,342	$3,900,108	+6.9%	0.42%
EQIX	Equinix Inc Real Estate	Added	3,971	+171	$3,892,533	+33.7%	0.42%
BGSI	Boyd Group Services Inc. Consumer Cyclical	Reduced	29,113	-2,779	$3,722,388	−26.7%	0.40%