Caldwell Investment Management Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Caldwell Investment Management Ltd. reported 20 stock positions worth $115.4 million. Its top holding was Cboe Global Markets (CBOE) at 23.8% of the portfolio, followed by KKR (KKR, 23.0%) and Intercontinental Exchange (ICE, 15.9%). Compared with Q1 2025, it opened 2 new positions, sold out of 13, added to 5 and reduced 3. The biggest buy was Cboe Global Markets (CBOE, shares +3%) and the biggest sale an exit from Bank of America (BAC).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001904373
- Portfolio Value
- $115.4M (Q2 2025)
- SEC Filing
- 0001904373-25-000007 ↗ filed Aug 14, 2025
Holdings Value
Holdings 20 stocks · $115.4M
| CBOE Cboe Global Markets Inc. | 23.81% | 118,000 | $27.5M | Add +3.1% |
| KKR KKR & Co. Inc. | 23.02% | 200,000 | $26.6M | No change |
| ICE Intercontinental Exchange Inc. | 15.88% | 100,000 | $18.3M | No change |
| AEM Agnico Eagle Mines Ltd. | 6.05% | 58,700 | $7.0M | Reduce -25.8% |
| STN Stantec Inc. | 5.45% | 57,900 | $6.3M | Add +177.0% |
| RBA RB Global Inc. | 5.03% | 54,800 | $5.8M | No change |
| JPM JPMorgan Chase & Co. | 3.19% | 12,700 | $3.7M | No change |
| AMZN Amazon.com Inc. | 1.77% | 9,300 | $2.0M | No change |
| ATS Ats Corp. | 1.68% | 60,800 | $1.9M | No change |
| AVGO Broadcom Inc. | 1.62% | 6,800 | $1.9M | Add +88.9% |
| AGI Alamos Gold Inc. Class A | 1.59% | 69,000 | $1.8M | Reduce -64.7% |
| V Visa Inc. Class A | 1.57% | 5,100 | $1.8M | No change |
| ANSS Ansys Inc. | 1.46% | 4,800 | $1.7M | No change |
| IBKR Interactive Brokers Gro Class A | 1.46% | 30,400 | $1.7M | Add +11.8% |
| COST Costco Wholesale Corp. | 1.28% | 1,500 | $1.5M | Reduce -37.5% |
| J Jacobs Solutions Inc. | 1.25% | 11,000 | $1.4M | No change |
| GIB Cgi Inc. | 1.17% | 12,910 | $1.4M | No change |
| IDCC Interdigital Inc. | 1.07% | 5,500 | $1.2M | Add +77.4% |
| VRT Vertiv Holdings Co. Class A | 0.97% | 8,700 | $1.1M | New |
| ORLY O'reilly Automotive Inc. | 0.70% | 9,000 | $810K | New |
Portfolio Sells Q1 2025 → Q2 2025
| BAC Bank of America Corp. | Sold out | 0.00% | −10.64 |
| WCN Waste Connections Inc. | Sold out | 0.00% | −2.98 |
| AGI Alamos Gold Inc. Class A | Reduce -64.7% | 1.59% | −2.25 |
| CCJ Cameco Corp. | Sold out | 0.00% | −1.95 |
| MFC Manulife Financial Corp. | Sold out | 0.00% | −1.75 |
| CLS Celestica Inc. | Sold out | 0.00% | −1.25 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −1.12 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.02 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.72 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.59 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.55 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.49 |
| BA The Boeing Co. | Sold out | 0.00% | −0.38 |
| COST Costco Wholesale Corp. | Reduce -37.5% | 1.28% | −0.36 |
| AEM Agnico Eagle Mines Ltd. | Reduce -25.8% | 6.05% | −0.23 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.15 |
Portfolio Buys Q1 2025 → Q2 2025
| CBOE Cboe Global Markets Inc. | Add +3.1% | 23.81% | +5.03 |
| STN Stantec Inc. | Add +177.0% | 5.45% | +4.18 |
| AVGO Broadcom Inc. | Add +88.9% | 1.62% | +1.17 |
| VRT Vertiv Holdings Co. Class A | New | 0.97% | +0.97 |
| ORLY O'reilly Automotive Inc. | New | 0.70% | +0.70 |
| IBKR Interactive Brokers Gro Class A | Add +11.8% | 1.46% | +0.63 |
| IDCC Interdigital Inc. | Add +77.4% | 1.07% | +0.59 |
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 |