Caldwell Investment Management Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Caldwell Investment Management Ltd. reported 29 stock positions worth $162.6 million. Its top holding was Miami International (MIAX) at 20.7% of the portfolio, followed by Cboe Global Markets (CBOE, 18.5%) and KKR (KKR, 15.8%). Compared with Q3 2025, it opened 9 new positions, sold out of 6, added to 2 and reduced 4. The biggest buy was a new position in KKR (KKR) and the biggest sale an exit from Bank of America.
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001904373
- Portfolio Value
- $162.6M (Q4 2025)
- SEC Filing
- 0001904373-26-000001 ↗ filed Feb 11, 2026
Holdings Value
Holdings 29 stocks · $162.6M
| MIAX Miami International Holdings | 20.74% | 738,810 | $33.7M | Add +11.3% |
| CBOE Cboe Global Markets Inc. | 18.45% | 118,000 | $30.0M | No change |
| KKR KKR & Co. Inc. | 15.81% | 200,000 | $25.7M | New |
| ICE Intercontinental Exchange Inc. | 10.02% | 100,000 | $16.3M | No change |
| AEM Agnico Eagle Mines Ltd. | 4.98% | 47,200 | $8.1M | Reduce -19.6% |
| EFXT Enerflex Ltd. | 3.96% | 411,000 | $6.4M | New |
| JPM JPMorgan Chase & Co. | 2.52% | 12,700 | $4.1M | No change |
| MFC Manulife Financial Corp. | 2.36% | 105,000 | $3.8M | New |
| CCJ Cameco Corp. | 2.30% | 41,000 | $3.7M | Add +30.2% |
| ELVA Electrovaya Inc. | 1.90% | 398,000 | $3.1M | No change |
| BABA Alibaba Group Holding-SP ADR | 1.81% | 20,000 | $2.9M | No change |
| CLS Celestica Inc. | 1.64% | 8,900 | $2.7M | New |
| AMZN Amazon.com Inc. | 1.33% | 9,300 | $2.2M | No change |
| CVE Cenovus Energy Inc. | 1.16% | 110,800 | $1.9M | No change |
| MCK McKesson Corp. | 1.12% | 2,200 | $1.8M | No change |
| IBKR Interactive Brokers Gro Class A | 1.08% | 27,100 | $1.8M | No change |
| ATS Ats Corp. | 1.04% | 60,800 | $1.7M | No change |
| TFII Tfi International Inc. | 0.91% | 14,200 | $1.5M | New |
| J Jacobs Solutions Inc. | 0.91% | 11,000 | $1.5M | New |
| AVGO Broadcom Inc. | 0.88% | 4,100 | $1.4M | New |
| IDCC Interdigital Inc. | 0.78% | 3,900 | $1.3M | Reduce -29.1% |
| GIB Cgi Inc. | 0.74% | 12,910 | $1.2M | No change |
| NOW ServiceNow Inc. | 0.66% | 7,000 | $1.1M | No change |
| TKO Tko Group Holdings Inc. | 0.66% | 5,000 | $1.1M | No change |
| PWR Quanta Services Inc. | 0.58% | 2,200 | $943K | New |
| ACN Accenture PLC Class A | 0.53% | 3,200 | $863K | No change |
| V Visa Inc. Class A | 0.49% | 4,900 | $805K | Reduce -3.9% |
| META Meta Platforms Inc. Class A | 0.43% | 1,050 | $699K | Reduce -50.0% |
| AMTM Amentum Holdings Inc. | 0.21% | 11,669 | $342K | New |
Portfolio Sells Q3 2025 → Q4 2025
| BANK OF AMERICA INC | Sold out | 0.00% | −12.04 |
| STN Stantec Inc. | Sold out | 0.00% | −4.02 |
| RBA RB Global Inc. | Sold out | 0.00% | −3.87 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −3.82 |
| AEM Agnico Eagle Mines Ltd. | Reduce -19.6% | 4.98% | −1.45 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.81 |
| V Visa Inc. Class A | Reduce -3.9% | 0.49% | −0.64 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.64 |
| META Meta Platforms Inc. Class A | Reduce -50.0% | 0.43% | −0.59 |
| IDCC Interdigital Inc. | Reduce -29.1% | 0.78% | −0.48 |
Portfolio Buys Q3 2025 → Q4 2025
| KKR KKR & Co. Inc. | New | 15.81% | +15.81 |
| EFXT Enerflex Ltd. | New | 3.96% | +3.96 |
| MIAX Miami International Holdings | Add +11.3% | 20.74% | +2.98 |
| MFC Manulife Financial Corp. | New | 2.36% | +2.36 |
| CLS Celestica Inc. | New | 1.64% | +1.64 |
| TFII Tfi International Inc. | New | 0.91% | +0.91 |
| J Jacobs Solutions Inc. | New | 0.91% | +0.91 |
| AVGO Broadcom Inc. | New | 0.88% | +0.88 |
| PWR Quanta Services Inc. | New | 0.58% | +0.58 |
| CCJ Cameco Corp. | Add +30.2% | 2.30% | +0.56 |
| AMTM Amentum Holdings Inc. | New | 0.21% | +0.21 |
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 |