Cardinal Capital Management, Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 9, 2024), Cardinal Capital Management, Inc. reported 53 stock positions worth $2.3 billion. Its top holding was Suncor Energy (SU) at 6.1% of the portfolio, followed by Manulife Financial (MFC, 5.8%) and Bank of Montreal (BMO, 5.3%). Compared with Q4 2023, it opened 4 new positions, sold out of 3, added to 27 and reduced 20. The biggest buy was a new position in Canadian Pacific Kansas City (CP) and the biggest sale an exit from Canadian Pacific Kansas City.
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $2.3B (Q1 2024)
- SEC Filing
- 0001518235-24-000003 ↗ filed Apr 9, 2024
Holdings Value
Holdings 53 stocks · $2.3B
| SU Suncor Energy Inc. | 6.08% | 3,708,549 | $137.0M | Reduce -3.0% |
| MFC Manulife Financial Corp. | 5.76% | 5,188,673 | $129.7M | Reduce -1.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 5.35% | 1,233,075 | $120.5M | Add +0.1% |
| RY Royal Bank of Canada | 5.29% | 1,180,530 | $119.2M | Add +0.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO | 5.13% | 2,279,009 | $115.6M | Reduce -0.9% |
| GIL Gildan Activewear Inc. | 4.72% | 2,865,050 | $106.4M | Reduce -0.8% |
| CP Canadian Pacific Kansas City | 4.60% | 1,174,210 | $103.6M | New |
| TRP TC Energy Corp. | 4.50% | 2,516,832 | $101.2M | Add +1.3% |
| ENB Enbridge Inc. | 4.42% | 2,755,230 | $99.6M | Add +1.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.41% | 1,918,252 | $99.3M | Add +2.1% |
| BN Brookfield Corp. | 4.31% | 2,320,364 | $97.2M | Reduce -0.5% |
| PBA Pembina Pipeline Corp. | 4.18% | 2,666,186 | $94.2M | Add +1.1% |
| TD Toronto-Dominion Bank | 4.15% | 1,547,298 | $93.5M | Reduce -13.8% |
| CNI Canadian Natl Railway Co. | 2.62% | 448,479 | $59.1M | Reduce -0.6% |
| SLF Sun Life Financial Inc. | 1.87% | 771,631 | $42.1M | Reduce -1.8% |
| AMAT Applied Materials Inc. | 1.86% | 203,248 | $41.9M | Reduce -8.6% |
| JPM JPMorgan Chase & Co. | 1.63% | 183,601 | $36.8M | Reduce -6.5% |
| ABBV Abbvie Inc. | 1.59% | 196,491 | $35.8M | Reduce -1.8% |
| CMI Cummins Inc. | 1.48% | 112,753 | $33.2M | Reduce -0.2% |
| WFC Wells Fargo & Co. | 1.47% | 571,442 | $33.1M | Reduce -1.2% |
| TMUS T-Mobile US Inc. | 1.37% | 188,530 | $30.8M | Add +0.9% |
| NTR Nutrien Ltd. | 1.31% | 542,380 | $29.5M | Add +23.2% |
| SAP Sap SE-Sponsored ADR | 1.30% | 150,415 | $29.3M | Reduce -3.3% |
| HD Home Depot Inc. | 1.30% | 76,150 | $29.2M | Add +2.0% |
| MRK Merck & Co. Inc. | 1.29% | 220,413 | $29.1M | Reduce -24.6% |
| ORCL Oracle Corp. | 1.26% | 225,956 | $28.4M | Reduce -0.8% |
| APD Air Products & Chemicals Inc. | 1.26% | 116,775 | $28.3M | New |
| NEE Nextera Energy Inc. | 1.23% | 434,701 | $27.8M | Add +129.9% |
| CMCSA Comcast Corp. Class A | 1.22% | 632,431 | $27.4M | Add +0.1% |
| SWK Stanley Black & Decker Inc. | 1.16% | 265,831 | $26.0M | Add +4.0% |
| CVS CVS Health Corp. | 1.15% | 323,790 | $25.8M | Add +0.8% |
| SONY Sony Group Corp. - SP ADR | 1.13% | 297,851 | $25.5M | Add +0.3% |
| HON Honeywell International Inc. | 1.11% | 122,060 | $25.1M | Add +1.4% |
| NXPI NXP Semiconductors NV | 1.08% | 97,904 | $24.3M | New |
| MDT Medtronic PLC | 0.92% | 236,476 | $20.6M | Add +13.6% |
| AVGO Broadcom Inc. | 0.91% | 15,516 | $20.6M | Reduce -15.1% |
| UL Unilever PLC | 0.89% | 398,947 | $20.0M | Add +8.9% |
| GRP.U Granite Real Estate Investme | 0.87% | 342,105 | $19.5M | Add +19.2% |
| COP Conocophillips | 0.69% | 122,140 | $15.5M | Add +5.3% |
| UNH Unitedhealth Group Inc. | 0.66% | 30,267 | $15.0M | Add +4.2% |
| GILD Gilead Sciences Inc. | 0.62% | 189,220 | $13.9M | Add +5.0% |
| EQIX Equinix Inc. | 0.61% | 16,610 | $13.7M | Add +6.7% |
| GPN Global Payments Inc. | 0.60% | 101,166 | $13.5M | Add +5.6% |
| TU Telus Corp. | 0.24% | 333,576 | $5.3M | Add +0.2% |
| BCE Bce Inc. | 0.22% | 146,588 | $5.0M | Reduce -0.0% |
| USB US Bancorp | 0.08% | 38,031 | $1.7M | Add +3.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.02% | 11,165 | $423K | Reduce -98.6% |
| FTS Fortis Inc. | 0.02% | 10,115 | $400K | Add +10.1% |
| MSFT Microsoft Corp. | 0.02% | 902 | $379K | Reduce -11.8% |
| EA Electronic Arts Inc. | 0.01% | 2,445 | $324K | Add +18.7% |
| AMGN Amgen Inc. | 0.01% | 1,000 | $284K | No change |
| AAPL Apple Inc. | 0.01% | 1,325 | $227K | No change |
| TXN Texas Instruments Inc. | 0.01% | 1,200 | $209K | New |
Portfolio Sells Q4 2023 → Q1 2024
| CANADIAN PACIFIC KANSAS CITY | Sold out | 0.00% | −4.44 |
| TD Toronto-Dominion Bank | Reduce -13.8% | 4.15% | −1.36 |
| BAC Bank of America Corp. | Reduce -98.6% | 0.02% | −1.28 |
| MRK Merck & Co. Inc. | Reduce -24.6% | 1.29% | −0.22 |
| BN Brookfield Corp. | Reduce -0.5% | 4.31% | −0.13 |
| CM Can Imperial BK of Commerce | Reduce -0.9% | 5.13% | −0.13 |
| CNI Canadian Natl Railway Co. | Reduce -0.6% | 2.62% | −0.07 |
| SLF Sun Life Financial Inc. | Reduce -1.8% | 1.87% | −0.07 |
| BCE Bce Inc. | Reduce -0.0% | 0.22% | −0.05 |
| AVGO Broadcom Inc. | Reduce -15.1% | 0.91% | −0.05 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.02 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.02 |
| MSFT Microsoft Corp. | Reduce -11.8% | 0.02% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -6.5% | 1.63% | +0.05 |
| ABBV Abbvie Inc. | Reduce -1.8% | 1.59% | +0.12 |
| WFC Wells Fargo & Co. | Reduce -1.2% | 1.47% | +0.12 |
| ORCL Oracle Corp. | Reduce -0.8% | 1.26% | +0.12 |
| AMAT Applied Materials Inc. | Reduce -8.6% | 1.86% | +0.15 |
| SAP Sap SE-Sponsored ADR | Reduce -3.3% | 1.30% | +0.16 |
| GIL Gildan Activewear Inc. | Reduce -0.8% | 4.72% | +0.19 |
| CMI Cummins Inc. | Reduce -0.2% | 1.48% | +0.19 |
| MFC Manulife Financial Corp. | Reduce -1.5% | 5.76% | +0.23 |
| SU Suncor Energy Inc. | Reduce -3.0% | 6.08% | +0.26 |
Portfolio Buys Q4 2023 → Q1 2024
| CP Canadian Pacific Kansas City | New | 4.60% | +4.60 |
| APD Air Products & Chemicals Inc. | New | 1.26% | +1.26 |
| NXPI NXP Semiconductors NV | New | 1.08% | +1.08 |
| NEE Nextera Energy Inc. | Add +129.9% | 1.23% | +0.69 |
| NTR Nutrien Ltd. | Add +23.2% | 1.31% | +0.13 |
| MDT Medtronic PLC | Add +13.6% | 0.92% | +0.10 |
| GRP.U Granite Real Estate Investme | Add +19.2% | 0.87% | +0.08 |
| HD Home Depot Inc. | Add +2.0% | 1.30% | +0.07 |
| BNS Bank of Nova Scotia | Add +2.1% | 4.41% | +0.06 |
| COP Conocophillips | Add +5.3% | 0.69% | +0.05 |
| UL Unilever PLC | Add +8.9% | 0.89% | +0.05 |
| GPN Global Payments Inc. | Add +5.6% | 0.60% | +0.02 |
| EQIX Equinix Inc. | Add +6.7% | 0.61% | +0.01 |
| TXN Texas Instruments Inc. | New | 0.01% | +0.01 |
| EA Electronic Arts Inc. | Add +18.7% | 0.01% | +0.00 |
| FTS Fortis Inc. | Add +10.1% | 0.02% | −0.00 |
| USB US Bancorp | Add +3.0% | 0.08% | −0.00 |
| SWK Stanley Black & Decker Inc. | Add +4.0% | 1.16% | −0.03 |
| TU Telus Corp. | Add +0.2% | 0.24% | −0.04 |
| TMUS T-Mobile US Inc. | Add +0.9% | 1.37% | −0.05 |
| CVS CVS Health Corp. | Add +0.8% | 1.15% | −0.05 |
| UNH Unitedhealth Group Inc. | Add +4.2% | 0.66% | −0.06 |
| GILD Gilead Sciences Inc. | Add +5.0% | 0.62% | −0.08 |
| HON Honeywell International Inc. | Add +1.4% | 1.11% | −0.08 |
| CMCSA Comcast Corp. Class A | Add +0.1% | 1.22% | −0.09 |
| TRP TC Energy Corp. | Add +1.3% | 4.50% | −0.12 |
| PBA Pembina Pipeline Corp. | Add +1.1% | 4.18% | −0.13 |
| SONY Sony Group Corp. - SP ADR | Add +0.3% | 1.13% | −0.20 |
| ENB Enbridge Inc. | Add +1.4% | 4.42% | −0.23 |
| RY Royal Bank of Canada | Add +0.1% | 5.29% | −0.38 |
| BMO Bank of Montreal | Add +0.1% | 5.35% | −0.44 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 70 | $4.1B | MFC, RY, BMO, CM, BNS |
| Q1 2026 | 66 | $3.7B | SU, SAPIF, MFC, PBA, TRP |
| Q4 2025 | 70 | $4.5B | SAPIF, MFC, GIL, CM, SU |
| Q3 2025 | 77 | $3.5B | GIL, SU, MFC, BN, CM |
| Q2 2025 | 68 | $3.2B | MFC, CDNAF, BN, SU, GIL |
| Q1 2025 | 70 | $2.9B | MFC, SU, CDNAF, GIL, TRP |
| Q4 2024 | 69 | $2.9B | MFC, GIL, BN, SU, CDNAF |
| Q3 2024 | 58 | $2.4B | MFC, RY, CM, SU, GIL |
| Q2 2024 | 66 | $2.6B | TRP, SU, MFC, RY, GIL |
| Q1 2024 | 53 | $2.3B | SU, MFC, BMO, RY, CM |