Data as of Q4 2025 (Dec 31, 2025)

LINCLUDEN MANAGEMENT LTD

•CIK: 1058231•Filing: Q4 2025

**LINCLUDEN MANAGEMENT LTD** manages $1.2B across a diversified portfolio of 71 positions. The firm maintains significant exposure to Canadian financial and utility sectors, evidenced by top holdings including TD ($107.3M) and RY ($100.0M). Further concentration is visible in BNS ($67.9M), BCE ($61.7M), and TRP ($60.0M). This allocation profile suggests a focused, large-cap Canadian equity mandate.

Total AUM
$1.2B
QoQ Performance
+31.0%
Positions
71
Top 10 Concentration
54.3%
Latest Filing
Q4 2025

Top Holdings Allocation

TD
RY
BNS
BCE
TRP
TD9.1%
RY8.5%
BNS5.8%
BCE5.2%
TRP5.1%
CNR4.8%
BN4.1%
MGA4.0%

📈 Biggest Buys

BIP
BROOKFIELD INFRAST PARTNERS
NEW
2.6% of portfolio
BN
BROOKFIELD CORP
+44.2%
4.1% of portfolio
BYD
BOYD GROUP SERVICES INC
NEW
0.6% of portfolio
DGED
DIAGEO PLC-SPONS ADR
+72.4%
0.7% of portfolio
T
TELUS CORP.
+9.7%
2.8% of portfolio

📉 Biggest Sells

TD
TORONTO DOMINION BK ONT
-8.5%
9.1% of portfolio
MFC
MANULIFE FINL CORP COM
-19.3%
2.9% of portfolio
CM
CANADIAN IMPERIAL BANK OF COMMERCE
-14.6%
3.5% of portfolio
RY
ROYAL BANK OF CANADA
-3.7%
8.5% of portfolio
GOOGL
ALPHABET INC.
-28.2%
0.8% of portfolio

Sector Breakdown

Other79.4%
Financial6.0%
Consumer5.5%
Communication3.1%
Technology2.5%
Healthcare1.9%
Real Estate1.2%
Energy0.4%

🚪 Exited Positionssold since Q3 2025

—
BROOKFIELD WEALTH SOLUTIONS
SOLD
$65.0K

Changes from Q3 2025

NEW3 new positions
↑10 increased
↓49 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

TD9.1%
TORONTO DOMINION BK ONT
$107.3M
RY8.5%
ROYAL BANK OF CANADA
$100.0M
BNS5.8%
BANK NOVA SCOTIA HALIFAX
$67.9M
BCE5.2%
BCE INC
$61.7M
TRP5.1%
TC ENERGY CORP.
$60.0M

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