LINCLUDEN MANAGEMENT LTD
Long book
$938.9M
Q1 2026
Positions
70
Top-10 weight
49%
concentration
Last quarter
+7.9%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsLINCLUDEN MANAGEMENT LTD is a diversified fundamental manager, running a $938.9M US long book across 70 positions.
The portfolio is moderately concentrated (top 10 ≈ 49% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ROYAL BANK OF CANADA, TORONTO-DOMINION BANK, TC ENERGY CORP, BCE INC, PEMBINA PIPELINE CORP.
Over the last 9 quarters its long book ran on average 0.1pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.5%
Q2 2024
+13.9%
Q3 2024
-4.7%
Q4 2024
-1.0%
Q1 2025
+10.1%
Q2 2025
+7.5%
Q3 2025
+5.6%
Q4 2025
+4.7%
Q1 2026
+7.9%
Sector allocation
Financials 32%
Energy 15%
Communications 11%
Industrials 10%
Consumer discretionary 7%
Utilities 6%
Services media 5%
Other 5%
Long book by quarter
What does LINCLUDEN MANAGEMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RY ROYAL BANK OF CANADA | Financials | 407.3K | $66.9M | 7.1% | -4.7% |
| TD TORONTO-DOMINION BANK | Financials | 690.4K | $65.5M | 7.0% | -16.8% |
| TRP TC ENERGY CORP | Utilities | 767.8K | $48.8M | 5.2% | -3.3% |
| BCE BCE INC | Communications | 1.8M | $47.2M | 5.0% | -2.2% |
| PBA PEMBINA PIPELINE CORP | Energy | 999.5K | $45.4M | 4.8% | +11.8% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 404.3K | $42.3M | 4.5% | -3.5% |
| BNS BANK OF NOVA SCOTIA | Financials | 577.5K | $40.7M | 4.3% | -14.0% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 697.0K | $34.5M | 3.7% | +3.5% |
| SU SUNCOR ENERGY INC | Energy | 513.2K | $34.5M | 3.7% | -4.3% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 453.4K | $34.1M | 3.6% | -2.9% |
| NTR NUTRIEN LTD | Other | 435.0K | $33.3M | 3.6% | -16.2% |
| BN BROOKFIELD CORP | Real estate | 687.6K | $28.3M | 3.0% | -9.9% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 293.5K | $28.2M | 3.0% | -10.9% |
| TU TELUS CORP | Communications | 2.1M | $27.5M | 2.9% | +15.4% |
| GIB CGI INC | Services media | 347.0K | $25.8M | 2.7% | +598.0% |
| MFC MANULIFE FINANCIAL CORP | Financials | 688.8K | $24.1M | 2.6% | -0.9% |
| MGA MAGNA INTERNATIONAL INC | Industrials | 393.0K | $22.3M | 2.4% | -38.8% |
| PFE PFIZER INC | Healthcare | 401.3K | $11.3M | 1.2% | +3.1% |
| CSCO CISCO SYSTEMS INC | Technology | 144.3K | $11.2M | 1.2% | +2.3% |
| GOOGL ALPHABET INC-CL A | Technology | 33.2K | $9.6M | 1.0% | +5.5% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 186.0K | $9.3M | 1.0% | -23.0% |
| FSV FIRSTSERVICE CORP | Real estate | 64.7K | $9.1M | 1.0% | +37.9% |
| MSFT MICROSOFT CORP | Technology | 22.0K | $8.1M | 0.9% | +29.5% |
| USB US BANCORP | Financials | 138.6K | $7.2M | 0.8% | +4.7% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 14.4K | $7.1M | 0.8% | +28.3% |
| V VISA INC-CLASS A SHARES | Services media | 23.2K | $7.0M | 0.7% | New |
| J JACOBS SOLUTIONS INC | Industrials | 53.1K | $6.8M | 0.7% | +5.5% |
| BAC BANK OF AMERICA CORP | Financials | 132.8K | $6.5M | 0.7% | +4.9% |
| UNH UNITEDHEALTH GROUP INC | Financials | 22.6K | $6.1M | 0.6% | +72.2% |
| CIGI COLLIERS INTL GR-SUBORD VOT | Real estate | 52.6K | $5.7M | 0.6% | +28.7% |
| EOG EOG RESOURCES INC | Energy | 39.0K | $5.6M | 0.6% | -4.4% |
| WMT WALMART INC | Consumer discretionary | 43.9K | $5.4M | 0.6% | +5.0% |
| JPM JPMORGAN CHASE & CO | Financials | 18.5K | $5.4M | 0.6% | +4.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 5.3K | $5.3M | 0.6% | +4.7% |
| C CITIGROUP INC | Financials | 42.3K | $4.8M | 0.5% | +7.8% |
| MS MORGAN STANLEY | Financials | 28.3K | $4.7M | 0.5% | +7.0% |
| GLW CORNING INC | Industrials | 34.1K | $4.6M | 0.5% | -41.6% |
| RMR RMR GROUP INC/THE - A | Services media | 290.0K | $4.5M | 0.5% | Held |
| HD HOME DEPOT INC | Consumer discretionary | 13.2K | $4.3M | 0.5% | +5.4% |
| BGSI THE BOYD GROUP INC | Services media | 29.1K | $3.8M | 0.4% | -8.7% |
| TJX TJX COMPANIES INC | Consumer discretionary | 21.5K | $3.4M | 0.4% | +6.5% |
| DIS WALT DISNEY CO/THE | Services media | 35.4K | $3.4M | 0.4% | -6.8% |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 70.1K | $3.2M | 0.3% | New |
| GNTX GENTEX CORP | Industrials | 139.8K | $3.1M | 0.3% | +5.5% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 76.6K | $3.0M | 0.3% | -23.2% |
| GIL GILDAN ACTIVEWEAR INC | Other | 51.3K | $2.9M | 0.3% | -17.4% |
| TSCO TRACTOR SUPPLY COMPANY | Consumer discretionary | 56.2K | $2.5M | 0.3% | +8.2% |
| JNJ JOHNSON & JOHNSON | Healthcare | 9.4K | $2.3M | 0.2% | -19.2% |
| BEPC BROOKFIELD RENEWABLE CORP | Utilities | 1.3K | $50K | 0.0% | -97.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 70 | $938.9M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 30, 2026 | 71 | $1.18B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 69 | $898.3M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 25, 2025 | 77 | $905.4M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 6, 2025 | 72 | $787.1M | confidential $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 73 | $826.1M | confidential $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 28, 2024 | 72 | $916.9M | confidential $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 24, 2024 | 72 | $823.4M | confidential $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 73 | $842.9M | confidential $K fixed canonical | SEC ↗ |
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