LINCLUDEN MANAGEMENT LTD Diversified Active

CIK: 0001058231 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 30, 2026

Total Value ($000): $1,177 (100.0% shares, 0.0% debt)

Holdings (71)

New Positions (3)

BIP BROOKFIELD INFRAST PARTNERS 2.6%

Value ($000) $31 Shares 643,160 Est. Cost $0.05 Unrealized —

BGSI BOYD GROUP SERVICES INC 0.6%

Value ($000) $7 Shares 31,892 Est. Cost $160.25 Unrealized 0.0%

AHR AMERICAN HEALTHCARE REIT INC 0.2%

Value ($000) $2 Shares 37,595 Est. Cost $0.05 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIP	BROOKFIELD INFRAST PARTNERS	643,160	$31	2.6%	$0.05	—	LP INT UNIT	G16252101
BGSI	BOYD GROUP SERVICES INC	31,892	$7	0.6%	$160.25	0.0%	COM	103310108
AHR	AMERICAN HEALTHCARE REIT INC	37,595	$2	0.2%	$0.05	—	COM	398182303

Increased Positions (10)

BN BROOKFIELD CORP 4.1%

Value ($000) $48 (+33.2%) Shares 763,376 (+44.2%) Est. Cost $29.39 Unrealized +55.0%

TU TELUS CORP. 2.8%

Value ($000) $33 (+26.8%) Shares 1,821,826 (+9.7%) Est. Cost $19.05 Unrealized -26.1%

DEO DIAGEO PLC-SPONS ADR 0.7%

Value ($000) $9 (+55.9%) Shares 99,706 (+72.4%) Est. Cost $0.12 Unrealized —

FSV FIRST SERVICE CORP 0.9%

Value ($000) $10 (+28.6%) Shares 46,898 (+14.2%) Est. Cost $161.85 Unrealized +0.3%

EQIX EQUINIX INC. 0.2%

Value ($000) $3 (-36.3%) Shares 3,800 (+47.0%) Est. Cost $734.90 Unrealized +6.3%

LEN LENNAR CORP 0.6%

Value ($000) $7 (-13.7%) Shares 69,917 (+5.8%) Est. Cost $123.42 Unrealized -2.2%

GSK GSK PLC 0.3%

Value ($000) $4 (+33.2%) Shares 100,877 (+64.1%) Est. Cost $0.04 Unrealized —

DIS DISNEY WALT CO 0.3%

Value ($000) $4 (+16.2%) Shares 37,955 (+26.7%) Est. Cost $112.62 Unrealized -2.7%

J JACOBS SOLUTIONS INC. 0.6%

Value ($000) $7 (+5.0%) Shares 50,397 (+18.7%) Est. Cost $128.55 Unrealized +13.9%

KBH KB HOME 0.2%

Value ($000) $2 (-6.1%) Shares 32,730 (+6.0%) Est. Cost $59.96 Unrealized +2.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BN	BROOKFIELD CORP	763,376 (+44.2%)	$48 (+33.2%)	4.1%	$29.39	+55.0%	CLA LTD VTSH	11271J107
TU	TELUS CORP.	1,821,826 (+9.7%)	$33 (+26.8%)	2.8%	$19.05	-26.1%	COM	87971M103
DEO	DIAGEO PLC-SPONS ADR	99,706 (+72.4%)	$9 (+55.9%)	0.7%	$0.12	—	SPON ADR NEW	25243Q205
FSV	FIRST SERVICE CORP	46,898 (+14.2%)	$10 (+28.6%)	0.9%	$161.85	+0.3%	COM	33767E202
EQIX	EQUINIX INC.	3,800 (+47.0%)	$3 (-36.3%)	0.2%	$734.90	+6.3%	COM	29444U700
LEN	LENNAR CORP	69,917 (+5.8%)	$7 (-13.7%)	0.6%	$123.42	-2.2%	CL A	526057104
GSK	GSK PLC	100,877 (+64.1%)	$4 (+33.2%)	0.3%	$0.04	—	SPONSORED ADR	37733W204
DIS	DISNEY WALT CO	37,955 (+26.7%)	$4 (+16.2%)	0.3%	$112.62	-2.7%	COM	254687106
J	JACOBS SOLUTIONS INC.	50,397 (+18.7%)	$7 (+5.0%)	0.6%	$128.55	+13.9%	COM	46982L108
KBH	KB HOME	32,730 (+6.0%)	$2 (-6.1%)	0.2%	$59.96	+2.0%	COM	48666K109

Exited Positions (1)

BNT BROOKFIELD WEALTH SOLUTIONS 0.0%

Value ($000) $0 Shares 959 Est. Cost $37.45 Unrealized +21.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BNT	BROOKFIELD WEALTH SOLUTIONS	959	$0	0.0%	$37.45	+21.7%	—	G17434104

Decreased Positions (48)

TD TORONTO DOMINION BK ONT 9.1%

Value ($000) $107 (+48.9%) Shares 829,383 (-8.5%) Est. Cost $51.81 Unrealized +63.0%

RY ROYAL BANK OF CANADA 8.5%

Value ($000) $100 (+53.8%) Shares 427,261 (-3.7%) Est. Cost $72.64 Unrealized +111.4%

BNS BANK NOVA SCOTIA HALIFAX 5.8%

Value ($000) $68 (+51.3%) Shares 671,166 (-3.9%) Est. Cost $36.91 Unrealized +84.2%

BCE BCE INC 5.2%

Value ($000) $62 (+36.5%) Shares 1,885,402 (-3.2%) Est. Cost $31.12 Unrealized -26.0%

CNI CANADIAN NATIONAL RAILWAY CO 4.8%

Value ($000) $57 (+39.7%) Shares 419,122 (-3.5%) Est. Cost $93.36 Unrealized +3.0%

MGA MAGNA INTL INC 4.0%

Value ($000) $47 (+49.2%) Shares 642,618 (-4.0%) Est. Cost $45.09 Unrealized +8.4%

TRP TC ENERGY CORP. 5.1%

Value ($000) $60 (+34.4%) Shares 793,599 (-3.9%) Est. Cost $34.68 Unrealized +53.8%

NTR NUTRIEN LTD. 3.7%

Value ($000) $44 (+39.1%) Shares 518,869 (-4.1%) Est. Cost $55.98 Unrealized +5.1%

CM CANADIAN IMPERIAL BANK OF COMMERCE 3.5%

Value ($000) $41 (+33.7%) Shares 329,398 (-14.6%) Est. Cost $36.49 Unrealized +135.1%

SU SUNCOR ENERGY INC 2.8%

Value ($000) $33 (+40.8%) Shares 536,309 (-3.8%) Est. Cost $16.86 Unrealized +150.6%

PBA PEMBINA PIPELINE CORP. 4.0%

Value ($000) $47 (+25.4%) Shares 894,163 (-3.6%) Est. Cost $27.78 Unrealized +38.4%

CNQ CANADIAN NAT RES LTD 2.7%

Value ($000) $31 (+40.7%) Shares 673,512 (-3.8%) Est. Cost $29.97 Unrealized +8.2%

MFC MANULIFE FINL CORP COM 2.9%

Value ($000) $35 (+29.8%) Shares 695,123 (-19.3%) Est. Cost $19.24 Unrealized +76.4%

BEP BROOKFIELD RENEWABLE PARTNERS LP 1.8%

Value ($000) $21 (+38.5%) Shares 575,275 (-4.3%) Est. Cost $0.02 Unrealized —

GIB CGI INC 0.5%

Value ($000) $6 (+41.3%) Shares 49,716 (-1.3%) Est. Cost $92.37 Unrealized -3.6%

GIL GILDAN ACTIVEWEAR INC 0.5%

Value ($000) $5 (+45.9%) Shares 62,103 (-2.3%) Est. Cost $32.39 Unrealized +83.6%

RCI ROGERS COMMUNICATIONS INC 0.4%

Value ($000) $5 (+48.0%) Shares 99,632 (-2.2%) Est. Cost $38.94 Unrealized -3.8%

MSFT MICROSOFT CORP. 0.7%

Value ($000) $8 (-15.1%) Shares 16,997 (-9.1%) Est. Cost $105.84 Unrealized +373.0%

VZ VERIZON COMMUNICATIONS 0.8%

Value ($000) $10 (-12.1%) Shares 241,578 (-5.2%) Est. Cost $31.82 Unrealized +27.2%

HD HOME DEPOT 0.4%

Value ($000) $4 (-22.8%) Shares 12,544 (-9.1%) Est. Cost $291.66 Unrealized +25.0%

SUI SUN CMNTYS INC 0.1%

Value ($000) $2 (-42.7%) Shares 13,407 (-40.4%) Est. Cost $0.13 Unrealized —

GNTX GENTEX CORP. 0.3%

Value ($000) $3 (-25.5%) Shares 132,523 (-9.3%) Est. Cost $28.80 Unrealized -16.3%

AMT AMERICAN TOWER CORP 0.6%

Value ($000) $7 (-12.4%) Shares 39,510 (-4.0%) Est. Cost $190.12 Unrealized -5.2%

ULTA ULTA BEAUTY INC. 0.3%

Value ($000) $3 (-22.6%) Shares 5,133 (-30.1%) Est. Cost $413.52 Unrealized +32.9%

BEPC BROOKFIELD RENEWABLE 0.3%

Value ($000) $3 (+38.2%) Shares 56,486 (-10.2%) Est. Cost $29.14 Unrealized +37.2%

PFE PFIZER INC 0.8%

Value ($000) $10 (-7.7%) Shares 389,203 (-5.5%) Est. Cost $25.37 Unrealized -1.3%

GOOGL ALPHABET INC. 0.8%

Value ($000) $10 (-7.5%) Shares 31,483 (-28.2%) Est. Cost $104.01 Unrealized +174.6%

CSCO CISCO SYSTEMS INC. 0.9%

Value ($000) $11 (+7.8%) Shares 141,007 (-4.3%) Est. Cost $32.14 Unrealized +129.6%

WMT WALMART INC 0.4%

Value ($000) $5 (-13.5%) Shares 41,755 (-20.0%) Est. Cost $56.49 Unrealized +89.8%

TSCO TRACTOR SUPPLY CO 0.2%

Value ($000) $3 (-21.7%) Shares 51,985 (-10.9%) Est. Cost $48.78 Unrealized +10.1%

COST COSTCO WHOLESALE 0.4%

Value ($000) $4 (-13.2%) Shares 5,058 (-6.9%) Est. Cost $528.32 Unrealized +71.4%

TMO THERMO FISHER 0.6%

Value ($000) $7 (-8.9%) Shares 11,243 (-23.8%) Est. Cost $420.69 Unrealized +34.3%

WELL WELLTOWER INC. 0.3%

Value ($000) $4 (-15.1%) Shares 19,273 (-18.5%) Est. Cost $60.46 Unrealized +208.4%

UNH UNITEDHEALTH GROUP INC COM 0.4%

Value ($000) $4 (-12.6%) Shares 13,099 (-8.5%) Est. Cost $432.10 Unrealized -22.0%

QSR RESTAURANT BRANDS INTL INC. 3.7%

Value ($000) $44 (+1.2%) Shares 467,154 (-3.5%) Est. Cost $61.73 Unrealized +11.6%

BXP BXP INC. 0.1%

Value ($000) $1 (-33.3%) Shares 15,598 (-26.6%) Est. Cost $76.27 Unrealized -7.7%

MS MORGAN STANLEY 0.4%

Value ($000) $5 (-8.2%) Shares 26,422 (-17.8%) Est. Cost $37.09 Unrealized +348.9%

JPM JPMORGAN & CHASE & CO COM 0.5%

Value ($000) $6 (-5.4%) Shares 17,687 (-7.4%) Est. Cost $114.14 Unrealized +171.2%

— SANOFI SA 0.3%

Value ($000) $4 (-6.0%) Shares 73,340 (-8.5%) Est. Cost $33.48 Unrealized —

BAC BANK OF AMERICA CORPORATION 0.6%

Value ($000) $7 (-2.5%) Shares 126,604 (-8.6%) Est. Cost $16.33 Unrealized +222.6%

SHEL SHELL PLC 0.3%

Value ($000) $3 (-5.3%) Shares 40,518 (-7.8%) Est. Cost $0.07 Unrealized —

TJX TJX COMPANIES INC. 0.3%

Value ($000) $3 (-5.1%) Shares 20,232 (-10.7%) Est. Cost $60.33 Unrealized +144.8%

GLW CORNING INC. 0.4%

Value ($000) $5 (-2.5%) Shares 58,455 (-8.7%) Est. Cost $24.07 Unrealized +257.3%

C CITIGROUP INC. 0.4%

Value ($000) $5 (+2.5%) Shares 39,216 (-10.8%) Est. Cost $46.69 Unrealized +121.9%

ING ING GROEP N V 0.5%

Value ($000) $6 (-1.6%) Shares 208,280 (-8.4%) Est. Cost $10.11 Unrealized —

USB US BANCORP 0.6%

Value ($000) $7 (+0.7%) Shares 132,444 (-8.8%) Est. Cost $36.74 Unrealized +32.6%

— TOTAL ENERGIES SE 0.2%

Value ($000) $2 (-2.3%) Shares 27,414 (-10.8%) Est. Cost $50.49 Unrealized —

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $2 (+0.1%) Shares 11,615 (-10.3%) Est. Cost $88.79 Unrealized +121.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TD	TORONTO DOMINION BK ONT	829,383 (-8.5%)	$107 (+48.9%)	9.1%	$51.81	+63.0%	COM NEW	891160509
RY	ROYAL BANK OF CANADA	427,261 (-3.7%)	$100 (+53.8%)	8.5%	$72.64	+111.4%	COM	780087102
BNS	BANK NOVA SCOTIA HALIFAX	671,166 (-3.9%)	$68 (+51.3%)	5.8%	$36.91	+84.2%	COM	064149107
BCE	BCE INC	1,885,402 (-3.2%)	$62 (+36.5%)	5.2%	$31.12	-26.0%	COM	05534B760
CNI	CANADIAN NATIONAL RAILWAY CO	419,122 (-3.5%)	$57 (+39.7%)	4.8%	$93.36	+3.0%	COM	136375102
MGA	MAGNA INTL INC	642,618 (-4.0%)	$47 (+49.2%)	4.0%	$45.09	+8.4%	COM	559222401
TRP	TC ENERGY CORP.	793,599 (-3.9%)	$60 (+34.4%)	5.1%	$34.68	+53.8%	COM	87807B107
NTR	NUTRIEN LTD.	518,869 (-4.1%)	$44 (+39.1%)	3.7%	$55.98	+5.1%	COM	67077M108
CM	CANADIAN IMPERIAL BANK OF COMMERCE	329,398 (-14.6%)	$41 (+33.7%)	3.5%	$36.49	+135.1%	COM	136069101
SU	SUNCOR ENERGY INC	536,309 (-3.8%)	$33 (+40.8%)	2.8%	$16.86	+150.6%	COM NEW	867224107
PBA	PEMBINA PIPELINE CORP.	894,163 (-3.6%)	$47 (+25.4%)	4.0%	$27.78	+38.4%	COM	706327103
CNQ	CANADIAN NAT RES LTD	673,512 (-3.8%)	$31 (+40.7%)	2.7%	$29.97	+8.2%	COM	136385101
MFC	MANULIFE FINL CORP COM	695,123 (-19.3%)	$35 (+29.8%)	2.9%	$19.24	+76.4%	COM	56501R106
BEP	BROOKFIELD RENEWABLE PARTNERS LP	575,275 (-4.3%)	$21 (+38.5%)	1.8%	$0.02	—	PARTNERSHIP UNIT	G16258108
GIB	CGI INC	49,716 (-1.3%)	$6 (+41.3%)	0.5%	$92.37	-3.6%	CL A SUB VTG	12532H104
GIL	GILDAN ACTIVEWEAR INC	62,103 (-2.3%)	$5 (+45.9%)	0.5%	$32.39	+83.6%	COM	375916103
RCI	ROGERS COMMUNICATIONS INC	99,632 (-2.2%)	$5 (+48.0%)	0.4%	$38.94	-3.8%	CL B	775109200
MSFT	MICROSOFT CORP.	16,997 (-9.1%)	$8 (-15.1%)	0.7%	$105.84	+373.0%	COM	594918104
VZ	VERIZON COMMUNICATIONS	241,578 (-5.2%)	$10 (-12.1%)	0.8%	$31.82	+27.2%	COM	92343V104
HD	HOME DEPOT	12,544 (-9.1%)	$4 (-22.8%)	0.4%	$291.66	+25.0%	COM	437076102
SUI	SUN CMNTYS INC	13,407 (-40.4%)	$2 (-42.7%)	0.1%	$0.13	—	COM	866674104
GNTX	GENTEX CORP.	132,523 (-9.3%)	$3 (-25.5%)	0.3%	$28.80	-16.3%	PUT	371901109
AMT	AMERICAN TOWER CORP	39,510 (-4.0%)	$7 (-12.4%)	0.6%	$190.12	-5.2%	COM	03027X100
ULTA	ULTA BEAUTY INC.	5,133 (-30.1%)	$3 (-22.6%)	0.3%	$413.52	+32.9%	COM	90384S303
BEPC	BROOKFIELD RENEWABLE	56,486 (-10.2%)	$3 (+38.2%)	0.3%	$29.14	+37.2%	CL A EX SUB VTG	11285B108
PFE	PFIZER INC	389,203 (-5.5%)	$10 (-7.7%)	0.8%	$25.37	-1.3%	COM	717081103
GOOGL	ALPHABET INC.	31,483 (-28.2%)	$10 (-7.5%)	0.8%	$104.01	+174.6%	CAP STK CL A	02079K305
CSCO	CISCO SYSTEMS INC.	141,007 (-4.3%)	$11 (+7.8%)	0.9%	$32.14	+129.6%	COM	17275R102
WMT	WALMART INC	41,755 (-20.0%)	$5 (-13.5%)	0.4%	$56.49	+89.8%	COM	931142103
TSCO	TRACTOR SUPPLY CO	51,985 (-10.9%)	$3 (-21.7%)	0.2%	$48.78	+10.1%	COM	892356106
COST	COSTCO WHOLESALE	5,058 (-6.9%)	$4 (-13.2%)	0.4%	$528.32	+71.4%	COM	22160K105
TMO	THERMO FISHER	11,243 (-23.8%)	$7 (-8.9%)	0.6%	$420.69	+34.3%	COM	883556102
WELL	WELLTOWER INC.	19,273 (-18.5%)	$4 (-15.1%)	0.3%	$60.46	+208.4%	COM	95040Q104
UNH	UNITEDHEALTH GROUP INC COM	13,099 (-8.5%)	$4 (-12.6%)	0.4%	$432.10	-22.0%	COM	91324P102
QSR	RESTAURANT BRANDS INTL INC.	467,154 (-3.5%)	$44 (+1.2%)	3.7%	$61.73	+11.6%	COM	76131D103
BXP	BXP INC.	15,598 (-26.6%)	$1 (-33.3%)	0.1%	$76.27	-7.7%	COM	101121101
MS	MORGAN STANLEY	26,422 (-17.8%)	$5 (-8.2%)	0.4%	$37.09	+348.9%	COM	617446448
JPM	JPMORGAN & CHASE & CO COM	17,687 (-7.4%)	$6 (-5.4%)	0.5%	$114.14	+171.2%	COM	46625H100
—	SANOFI SA	73,340 (-8.5%)	$4 (-6.0%)	0.3%	$33.48	—	ADR	80108N105
BAC	BANK OF AMERICA CORPORATION	126,604 (-8.6%)	$7 (-2.5%)	0.6%	$16.33	+222.6%	COM	060505104
SHEL	SHELL PLC	40,518 (-7.8%)	$3 (-5.3%)	0.3%	$0.07	—	SPON ADR	780259305
TJX	TJX COMPANIES INC.	20,232 (-10.7%)	$3 (-5.1%)	0.3%	$60.33	+144.8%	COM	872540109
GLW	CORNING INC.	58,455 (-8.7%)	$5 (-2.5%)	0.4%	$24.07	+257.3%	COM	219350105
C	CITIGROUP INC.	39,216 (-10.8%)	$5 (+2.5%)	0.4%	$46.69	+121.9%	COM	172967424
ING	ING GROEP N V	208,280 (-8.4%)	$6 (-1.6%)	0.5%	$10.11	—	SPON ADR	456837103
USB	US BANCORP	132,444 (-8.8%)	$7 (+0.7%)	0.6%	$36.74	+32.6%	COM NEW	902973304
—	TOTAL ENERGIES SE	27,414 (-10.8%)	$2 (-2.3%)	0.2%	$50.49	—	SPON ADR	89151E109
JNJ	JOHNSON & JOHNSON	11,615 (-10.3%)	$2 (+0.1%)	0.2%	$88.79	+121.9%	COM	478160104

Unchanged Positions (10)

GRTUF GRANITE REAL ESTATE INVT TR 0.8%

Value ($000) $9 Shares 112,144 Est. Cost $0.05 Unrealized —

CIGI COLLIERS INTL GROUP INC. 0.7%

Value ($000) $8 Shares 40,891 Est. Cost $108.84 Unrealized +37.9%

SAP SAP SE 0.6%

Value ($000) $7 Shares 27,410 Est. Cost $13.71 Unrealized —

RMR RMR GROUP INC. 0.4%

Value ($000) $4 Shares 290,000 Est. Cost $24.09 Unrealized -39.1%

EXR EXTRA SPACE STORAGE INC. 0.2%

Value ($000) $2 Shares 16,794 Est. Cost $133.45 Unrealized +1.2%

AVB AVALONBAY CMNTYS INC. 0.2%

Value ($000) $3 Shares 14,565 Est. Cost $196.68 Unrealized -8.6%

TRNO TERRENO REALTY CORP. 0.3%

Value ($000) $4 Shares 62,157 Est. Cost $6.19 Unrealized —

SPG SIMON PPTY GROUP NEW 0.2%

Value ($000) $2 Shares 10,519 Est. Cost $84.06 Unrealized +114.1%

FRT FEDERAL REALTY INVT TR 0.3%

Value ($000) $4 Shares 39,591 Est. Cost $100.17 Unrealized -2.8%

EOG EOG RESOURCES 0.4%

Value ($000) $5 Shares 40,739 Est. Cost $93.15 Unrealized +15.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GRTUF	GRANITE REAL ESTATE INVT TR	112,144	$9	0.8%	$0.05	—	TR UNIT NEW	387437205
CIGI	COLLIERS INTL GROUP INC.	40,891	$8	0.7%	$108.84	+37.9%	SUB VTG SHS	194693107
SAP	SAP SE	27,410	$7	0.6%	$13.71	—	SPON ADR	803054204
RMR	RMR GROUP INC.	290,000	$4	0.4%	$24.09	-39.1%	CL A	74967R106
EXR	EXTRA SPACE STORAGE INC.	16,794	$2	0.2%	$133.45	+1.2%	COM	30225T102
AVB	AVALONBAY CMNTYS INC.	14,565	$3	0.2%	$196.68	-8.6%	COM	053484101
TRNO	TERRENO REALTY CORP.	62,157	$4	0.3%	$6.19	—	COM	88146M101
SPG	SIMON PPTY GROUP NEW	10,519	$2	0.2%	$84.06	+114.1%	COM	828806109
FRT	FEDERAL REALTY INVT TR	39,591	$4	0.3%	$100.17	-2.8%	SH BEN INT NEW	313745101
EOG	EOG RESOURCES	40,739	$5	0.4%	$93.15	+15.1%	COM	26875P101