Caldwell Investment Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Caldwell Investment Management Ltd. reported 31 stock positions worth $134.8 million. Its top holding was Cboe Global Markets (CBOE) at 18.8% of the portfolio, followed by KKR (KKR, 16.9%) and Intercontinental Exchange (ICE, 12.9%). Compared with Q4 2024, it opened 5 new positions, sold out of 8, added to 3 and reduced 7. The biggest buy was Cboe Global Markets (CBOE, shares +4%) and the biggest sale KKR (KKR, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001904373
- Portfolio Value
- $134.8M (Q1 2025)
- SEC Filing
- 0001904373-25-000004 ↗ filed May 13, 2025
Holdings Value
Holdings 31 stocks · $134.8M
| CBOE Cboe Global Markets Inc. | 18.78% | 114,400 | $25.3M | Add +4.0% |
| KKR KKR & Co. Inc. | 16.93% | 200,000 | $22.8M | Reduce -5.8% |
| ICE Intercontinental Exchange Inc. | 12.88% | 100,000 | $17.4M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 10.64% | 350,000 | $14.3M | No change |
| AEM Agnico Eagle Mines Ltd. | 6.28% | 79,100 | $8.5M | Reduce -9.8% |
| RBA RB Global Inc. | 3.96% | 54,800 | $5.3M | No change |
| AGI Alamos Gold Inc. Class A | 3.84% | 195,300 | $5.2M | New |
| WCN Waste Connections Inc. | 2.98% | 20,900 | $4.0M | No change |
| JPM JPMorgan Chase & Co. | 2.27% | 12,700 | $3.1M | Add +53.0% |
| CCJ Cameco Corp. | 1.95% | 63,000 | $2.6M | No change |
| MFC Manulife Financial Corp. | 1.75% | 77,200 | $2.4M | Reduce -57.4% |
| COST Costco Wholesale Corp. | 1.64% | 2,400 | $2.2M | No change |
| AMZN Amazon.com Inc. | 1.32% | 9,300 | $1.8M | Reduce -22.5% |
| V Visa Inc. Class A | 1.29% | 5,100 | $1.7M | No change |
| STN Stantec Inc. | 1.27% | 20,900 | $1.7M | No change |
| CLS Celestica Inc. | 1.25% | 20,400 | $1.7M | Reduce -51.9% |
| ATS Ats Corp. | 1.16% | 60,800 | $1.6M | Add +26.4% |
| ANSS Ansys Inc. | 1.12% | 4,800 | $1.5M | No change |
| MA Mastercard Inc. Class A | 1.12% | 2,800 | $1.5M | No change |
| UNH Unitedhealth Group Inc. | 1.02% | 2,690 | $1.4M | No change |
| J Jacobs Solutions Inc. | 0.98% | 11,000 | $1.3M | No change |
| GIB Cgi Inc. | 0.94% | 12,910 | $1.3M | No change |
| IBKR Interactive Brokers Gro Class A | 0.83% | 6,800 | $1.1M | No change |
| ACN Accenture PLC Class A | 0.72% | 3,200 | $968K | No change |
| MCK McKesson Corp. | 0.59% | 1,200 | $797K | New |
| META Meta Platforms Inc. Class A | 0.55% | 1,300 | $745K | Reduce -51.9% |
| BABA Alibaba Group Holding-SP ADR | 0.49% | 5,000 | $658K | New |
| IDCC Interdigital Inc. | 0.48% | 3,100 | $647K | New |
| AVGO Broadcom Inc. | 0.45% | 3,600 | $605K | Reduce -65.7% |
| BA The Boeing Co. | 0.38% | 3,000 | $517K | New |
| AMTM Amentum Holdings Inc. | 0.15% | 11,000 | $198K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| KKR KKR & Co. Inc. | Reduce -5.8% | 16.93% | −4.29 |
| MFC Manulife Financial Corp. | Reduce -57.4% | 1.75% | −1.98 |
| CLS Celestica Inc. | Reduce -51.9% | 1.25% | −1.43 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −1.31 |
| TTEK Tetra Tech Inc. | Sold out | 0.00% | −1.25 |
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −1.24 |
| AVGO Broadcom Inc. | Reduce -65.7% | 0.45% | −1.22 |
| BBU Brookfield Business PT-Unit | Sold out | 0.00% | −1.17 |
| BAH Booz Allen Hamilton Holdings | Sold out | 0.00% | −0.89 |
| AAON Aaon Inc. | Sold out | 0.00% | −0.74 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.66 |
| META Meta Platforms Inc. Class A | Reduce -51.9% | 0.55% | −0.52 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.47 |
| AMZN Amazon.com Inc. | Reduce -22.5% | 1.32% | −0.47 |
| AEM Agnico Eagle Mines Ltd. | Reduce -9.8% | 6.28% | +1.68 |
Portfolio Buys Q4 2024 → Q1 2025
| CBOE Cboe Global Markets Inc. | Add +4.0% | 18.78% | +4.26 |
| AGI Alamos Gold Inc. Class A | New | 3.84% | +3.84 |
| JPM JPMorgan Chase & Co. | Add +53.0% | 2.27% | +0.94 |
| MCK McKesson Corp. | New | 0.59% | +0.59 |
| BABA Alibaba Group Holding-SP ADR | New | 0.49% | +0.49 |
| IDCC Interdigital Inc. | New | 0.48% | +0.48 |
| BA The Boeing Co. | New | 0.38% | +0.38 |
| ATS Ats Corp. | Add +26.4% | 1.16% | +0.18 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 33 | $152.3M | CBOE, MIAX, BAC, KKR, ICE |
| Q1 2026 | 57 | $255.2M | MS, CBOE, MIAX, KKR, BAC |
| Q4 2025 | 29 | $162.6M | MIAX, CBOE, KKR, ICE, AEM |
| Q3 2025 | 26 | $152.4M | CBOE, MIAX, BANK OF AMERICA INC, ICE, AEM |
| Q2 2025 | 20 | $115.4M | CBOE, KKR, ICE, AEM, STN |
| Q1 2025 | 31 | $134.8M | CBOE, KKR, ICE, BAC, AEM |
| Q4 2024 | 34 | $148.3M | KKR, CBOE, BAC, ICE, AEM |
| Q3 2024 | 32 | $142.6M | KKR, CBOE, ICE, BAC, CLS |
| Q2 2024 | 33 | $132.9M | KKR, CBOE, BAC, ICE, CLS |
| Q1 2024 | 34 | $134.4M | CBOE, KKR, ICE, BAC, CLS |