Caldwell Investment Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), Caldwell Investment Management Ltd. reported 26 stock positions worth $152.4 million. Its top holding was Cboe Global Markets (CBOE) at 19.1% of the portfolio, followed by Miami International (MIAX, 17.8%) and Bank of America (12.0%). Compared with Q2 2025, it opened 12 new positions, sold out of 6, added to 1 and reduced 1. The biggest buy was a new position in Miami International (MIAX) and the biggest sale an exit from KKR (KKR).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001904373
- Portfolio Value
- $152.4M (Q3 2025)
- SEC Filing
- 0001904373-25-000009 ↗ filed Oct 27, 2025
Holdings Value
Holdings 26 stocks · $152.4M
| CBOE Cboe Global Markets Inc. | 19.07% | 118,000 | $29.0M | No change |
| MIAX Miami International Holdings | 17.76% | 663,810 | $27.1M | New |
| BANK OF AMERICA INC | 12.04% | 350,000 | $18.3M | New |
| ICE Intercontinental Exchange Inc. | 11.02% | 100,000 | $16.8M | No change |
| AEM Agnico Eagle Mines Ltd. | 6.43% | 58,700 | $9.8M | No change |
| STN Stantec Inc. | 4.02% | 57,900 | $6.1M | No change |
| RBA RB Global Inc. | 3.87% | 54,800 | $5.9M | No change |
| AGI Alamos Gold Inc. Class A | 3.82% | 168,000 | $5.8M | Add +143.5% |
| JPM JPMorgan Chase & Co. | 2.63% | 12,700 | $4.0M | No change |
| BABA Alibaba Group Holding-SP ADR | 2.36% | 20,000 | $3.6M | New |
| CCJ Cameco Corp. | 1.75% | 31,500 | $2.7M | New |
| ELVA Electrovaya Inc. | 1.59% | 398,000 | $2.4M | New |
| AMZN Amazon.com Inc. | 1.36% | 9,300 | $2.1M | No change |
| IDCC Interdigital Inc. | 1.26% | 5,500 | $1.9M | No change |
| CVE Cenovus Energy Inc. | 1.26% | 110,800 | $1.9M | New |
| IBKR Interactive Brokers Gro Class A | 1.22% | 27,100 | $1.9M | Reduce -10.9% |
| V Visa Inc. Class A | 1.14% | 5,100 | $1.7M | No change |
| MCK McKesson Corp. | 1.10% | 2,200 | $1.7M | New |
| ATS Ats Corp. | 1.05% | 60,800 | $1.6M | No change |
| META Meta Platforms Inc. Class A | 1.02% | 2,100 | $1.6M | New |
| NOW ServiceNow Inc. | 0.86% | 1,400 | $1.3M | New |
| BKNG Booking Holdings Inc. | 0.81% | 225 | $1.2M | New |
| GIB Cgi Inc. | 0.75% | 12,910 | $1.1M | No change |
| TKO Tko Group Holdings Inc. | 0.67% | 5,000 | $1.0M | New |
| ORLY O'reilly Automotive Inc. | 0.64% | 9,000 | $968K | No change |
| ACN Accenture PLC Class A | 0.52% | 3,200 | $790K | New |
Portfolio Sells Q2 2025 → Q3 2025
| KKR KKR & Co. Inc. | Sold out | 0.00% | −23.02 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −1.62 |
| ANSS Ansys Inc. | Sold out | 0.00% | −1.46 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −1.28 |
| J Jacobs Solutions Inc. | Sold out | 0.00% | −1.25 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.97 |
| IBKR Interactive Brokers Gro Class A | Reduce -10.9% | 1.22% | −0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| MIAX Miami International Holdings | New | 17.76% | +17.76 |
| BANK OF AMERICA INC | New | 12.04% | +12.04 |
| BABA Alibaba Group Holding-SP ADR | New | 2.36% | +2.36 |
| AGI Alamos Gold Inc. Class A | Add +143.5% | 3.82% | +2.23 |
| CCJ Cameco Corp. | New | 1.75% | +1.75 |
| ELVA Electrovaya Inc. | New | 1.59% | +1.59 |
| CVE Cenovus Energy Inc. | New | 1.26% | +1.26 |
| MCK McKesson Corp. | New | 1.10% | +1.10 |
| META Meta Platforms Inc. Class A | New | 1.02% | +1.02 |
| NOW ServiceNow Inc. | New | 0.86% | +0.86 |
| BKNG Booking Holdings Inc. | New | 0.81% | +0.81 |
| TKO Tko Group Holdings Inc. | New | 0.67% | +0.67 |
| ACN Accenture PLC Class A | New | 0.52% | +0.52 |
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 |