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Livermore
Livermore
ZHEN

Lincluden Management Ltd

SEC CIK
0001058231
Latest filing
Jul 24, 2026

The latest 13F from Lincluden Management Ltd covers Q2 2026 (filed Jul 24, 2026): 68 long positions worth $1.02B. The top 10 holdings make up 53.3% of the portfolio, and the largest is Royal Bank of Canada (RY) at 9.2%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$4.84M
Added
23
Est. +$23.6M
Reduced
35
Est. −$236.8M
Sold out
4
Est. −$55.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. RYRoyal Bank of Canada
    9.2%$93.8MHistory
  2. TDToronto Dominion Bank
    8.9%$90.9MHistory
  3. TRPTC Energy Corp
    5.6%$56.9MHistory
  4. BNSBank of Nova Scotia
    5.6%$56.6MHistory
  5. CNICanadian National Railway Co
    5.4%$54.9MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. GIBCgi Inc
    +$6.46MAddedHistory
  2. DSGXDescartes Systems Group Inc
    +$3.35MNewHistory
  3. JJacobs Solutions Inc.
    +$2.38MAddedHistory
  4. TSCOTractor Supply Co
    +$2.28MAddedHistory
  5. BGSIBoyd Group Services Inc.
    +$1.64MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. GIBCgi Inc
    +1.01 pp2.7% → 3.8%History
  2. BIPBrookfield Infrastructure Partners L.P.
    +0.88 pp2.5% → 3.4%History
  3. FSVFirstService Corp
    +0.35 pp1.0% → 1.3%History
  4. DSGXDescartes Systems Group Inc
    +0.33 pp0.0% → 0.3%History
  5. UNHUnitedHealth Group Inc
    +0.27 pp0.6% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. PBAPembina Pipeline Corp
    −$45.4MSold outHistory
  2. TDToronto Dominion Bank
    −$28.2MReducedHistory
  3. RYRoyal Bank of Canada
    −$25.8MReducedHistory
  4. TRPTC Energy Corp
    −$15.2MReducedHistory
  5. BNBROOKFIELD Corp
    −$15.0MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. PBAPembina Pipeline Corp
    −4.84 pp4.8% → 0.0%History
  2. NTRNutrien Ltd.
    −0.74 pp3.6% → 2.8%History
  3. BCEBce Inc
    −0.70 pp5.0% → 4.3%History
  4. GRTUFGranite Real Estate Investment Trust
    −0.67 pp0.7% → 0.0%History
  5. SUSuncor Energy Inc
    −0.61 pp3.7% → 3.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.02B
+$79.8M (+8.5%) vs. prior quarter
Positions
68
−2 vs. prior quarter
Top 10 concentration
53.3%
Top 10 as share of value
Turnover
2.9%
Q2 2026, one quarter
Average holding period
18.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.18B (Q4 2025)

Q1 2021: $1.03BQ2 2021: $1.04BQ3 2021: $996.7MQ4 2021: $1.09BQ1 2022: $1.13BQ2 2022: $913.8MQ3 2022: $785.0MQ4 2022: $843.6MQ1 2023: $857.6MQ2 2023: $868.1MQ3 2023: $826.7MQ4 2023: $824.0MQ1 2024: $842.9MQ2 2024: $823.4MQ3 2024: $916.9MQ4 2024: $826.1MQ1 2025: $787.1MQ2 2025: $905.4MQ3 2025: $898.3MQ4 2025: $1.18BQ1 2026: $938.9MQ2 2026: $1.02B
Q1 2021Q2 2026
13F filings of Lincluden Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 24, 202668$1.02BRYTDTRPvs. Q1 2026SEC
Q1 2026May 13, 202670$938.9MRYTDTRPvs. Q4 2025SEC
Q4 2025Jan 30, 202671$1.18BTDRYBNSvs. Q3 2025SEC
Q3 2025Nov 14, 202569$898.3MTDRYBCEvs. Q2 2025SEC
Q2 2025Jul 25, 202577$905.4MTDRYCNIvs. Q1 2025SEC
Q1 2025May 6, 202572$787.1MTDRYTRPvs. Q4 2024SEC
Q4 2024Feb 4, 202573$826.1MRYTDTRPvs. Q3 2024SEC
Q3 2024Oct 28, 202472$916.9MRYTDTRPvs. Q2 2024SEC
Q2 2024Jul 24, 202472$823.4MRYTDTRPvs. Q1 2024SEC
Q1 2024May 7, 202473$842.9MTDRYTRPvs. Q4 2023SEC
Q4 2023Feb 7, 202475$824.0MTDRYTRPvs. Q3 2023SEC
Q3 2023Nov 8, 202372$826.7MTDRYTRPvs. Q2 2023SEC
Q2 2023Aug 9, 202374$868.1MTDRYBNSvs. Q1 2023SEC
Q1 2023May 12, 202375$857.6MTDRYBCEvs. Q4 2022SEC
Q4 2022Feb 2, 202371$843.6MTDRYRCIvs. Q3 2022SEC
Q3 2022Nov 7, 202268$785.0MTDRYCMvs. Q2 2022SEC
Q2 2022Aug 8, 202270$913.8MTDRYBCEvs. Q1 2022SEC
Q1 2022May 12, 202274$1.13BTDRYCMvs. Q4 2021SEC
Q4 2021Feb 9, 202276$1.09BTDRYCMvs. Q3 2021SEC
Q3 2021Nov 9, 202176$996.7MTDRYCMvs. Q2 2021SEC
Q2 2021Aug 12, 202177$1.04BTDRYBCEvs. Q1 2021SEC
Q1 2021May 6, 202173$1.03BTDRYBNS–SEC