Cardinal Capital Management, Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 10, 2024), Cardinal Capital Management, Inc. reported 58 stock positions worth $2.4 billion. Its top holding was Manulife Financial (MFC) at 6.2% of the portfolio, followed by Royal Bank of Canada (RY, 6.0%) and Can Imperial BK of Commerce (CM, 5.7%). Compared with Q2 2024, it opened 4 new positions, sold out of 12, added to 27 and reduced 26. The biggest buy was a new position in Becton Dickinson and (BDX) and the biggest sale an exit from Canadian Tire Class A (CDNAF).
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $2.4B (Q3 2024)
- SEC Filing
- 0001518235-24-000007 ↗ filed Oct 10, 2024
Holdings Value
Holdings 58 stocks · $2.4B
| MFC Manulife Financial Corp. | 6.16% | 5,054,027 | $149.5M | Reduce -0.8% |
| RY Royal Bank of Canada | 6.04% | 1,172,565 | $146.5M | Reduce -0.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 5.74% | 2,269,103 | $139.4M | Reduce -0.7% |
| SU Suncor Energy Inc. | 5.65% | 3,711,026 | $137.1M | Add +0.5% |
| GIL Gildan Activewear Inc. | 5.59% | 2,877,758 | $135.6M | Reduce -1.0% |
| BN Brookfield Corp. | 5.09% | 2,322,064 | $123.5M | Reduce -1.3% |
| TRP TC Energy Corp. | 4.96% | 2,529,144 | $120.4M | Reduce -50.1% |
| PBA Pembina Pipeline Corp. | 4.90% | 2,883,305 | $119.0M | Reduce -0.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.83% | 1,298,627 | $117.3M | Add +4.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.68% | 2,083,696 | $113.7M | Add +1.4% |
| ENB Enbridge Inc. | 4.66% | 2,778,833 | $113.0M | Reduce -0.1% |
| CP Canadian Pacific Kansas City | 4.20% | 1,191,391 | $102.0M | Add +0.6% |
| CNI Canadian Natl Railway Co. | 2.30% | 475,519 | $55.8M | Add +1.0% |
| SLF Sun Life Financial Inc. | 2.08% | 869,866 | $50.5M | Reduce -1.7% |
| ABBV Abbvie Inc. | 1.61% | 197,427 | $39.0M | Add +0.3% |
| TMUS T-Mobile US Inc. | 1.59% | 186,551 | $38.5M | Reduce -0.3% |
| ORCL Oracle Corp. | 1.55% | 220,342 | $37.5M | Reduce -1.0% |
| NEE Nextera Energy Inc. | 1.51% | 432,956 | $36.6M | Reduce -0.2% |
| CMI Cummins Inc. | 1.50% | 112,297 | $36.4M | Add +0.8% |
| APD Air Products & Chemicals Inc. | 1.47% | 119,552 | $35.6M | Reduce -0.8% |
| WFC Wells Fargo & Co. | 1.34% | 575,419 | $32.5M | Add +2.0% |
| HD Home Depot Inc. | 1.31% | 78,459 | $31.8M | Add +2.2% |
| SONY Sony Group Corp. - SP ADR | 1.27% | 318,901 | $30.8M | Add +1.5% |
| SWK Stanley Black & Decker Inc. | 1.26% | 277,426 | $30.6M | Add +3.1% |
| BDX Becton Dickinson and Co. | 1.24% | 124,800 | $30.1M | New |
| BKNG Booking Holdings Inc. | 1.24% | 7,134 | $30.0M | Add +5.3% |
| AMAT Applied Materials Inc. | 1.21% | 144,836 | $29.3M | Add +1.7% |
| NTR Nutrien Ltd. | 1.12% | 564,078 | $27.1M | Add +4.3% |
| CMCSA Comcast Corp. Class A | 1.11% | 643,491 | $26.9M | Add +1.9% |
| UL Unilever PLC | 1.09% | 407,747 | $26.5M | Add +1.6% |
| HON Honeywell International Inc. | 1.07% | 125,750 | $26.0M | Add +2.4% |
| MRK Merck & Co. Inc. | 1.06% | 226,264 | $25.7M | Add +2.1% |
| SAP Sap SE-Sponsored ADR | 1.03% | 109,605 | $25.1M | Add +2.2% |
| AVGO Broadcom Inc. | 1.02% | 143,565 | $24.8M | Reduce -6.2% |
| MDT Medtronic PLC | 1.01% | 271,296 | $24.4M | Add +7.1% |
| NXPI NXP Semiconductors NV | 0.99% | 100,185 | $24.0M | Add +2.4% |
| URI United Rentals Inc. | 0.97% | 29,235 | $23.7M | New |
| GRP.U Granite Real Estate Investme | 0.82% | 329,215 | $19.9M | Reduce -4.2% |
| PEP Pepsico Inc. | 0.64% | 91,870 | $15.6M | New |
| EQIX Equinix Inc. | 0.62% | 17,009 | $15.1M | Reduce -0.5% |
| CDW CDW Corp. | 0.61% | 65,565 | $14.8M | New |
| COP Conocophillips | 0.54% | 123,884 | $13.0M | Add +0.5% |
| GPN Global Payments Inc. | 0.42% | 100,336 | $10.3M | Reduce -0.8% |
| TU Telus Corp. | 0.24% | 348,436 | $5.9M | Add +1.9% |
| BAM Brookfield Asset Mgmt-A | 0.15% | 79,045 | $3.7M | Add +179.0% |
| JPM JPMorgan Chase & Co. | 0.09% | 10,040 | $2.1M | Reduce -93.9% |
| BCE Bce Inc. | 0.09% | 60,545 | $2.1M | Reduce -58.1% |
| USB US Bancorp | 0.07% | 38,424 | $1.8M | Reduce -0.5% |
| GILD Gilead Sciences Inc. | 0.07% | 20,248 | $1.7M | Reduce -89.4% |
| TD Toronto-Dominion Bank | 0.06% | 23,925 | $1.5M | Reduce -9.6% |
| UNH Unitedhealth Group Inc. | 0.05% | 1,950 | $1.1M | Reduce -93.6% |
| CVS CVS Health Corp. | 0.04% | 15,030 | $945K | Reduce -95.4% |
| FTS Fortis Inc. | 0.02% | 10,155 | $461K | Reduce -1.7% |
| MSFT Microsoft Corp. | 0.02% | 890 | $383K | Add +3.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 8,432 | $335K | Add +8.2% |
| TXN Texas Instruments Inc. | 0.01% | 1,485 | $307K | Add +5.3% |
| AMGN Amgen Inc. | 0.01% | 850 | $274K | Reduce -5.6% |
| AAPL Apple Inc. | 0.01% | 1,175 | $274K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| CDNAF Canadian Tire Corp. Class A | Sold out | 0.00% | −4.06 |
| CCDBF CCL Industries Inc. Class B | Sold out | 0.00% | −2.97 |
| IFCZF Intact Financial Corp. | Sold out | 0.00% | −2.92 |
| TRP TC Energy Corp. | Reduce -50.1% | 4.96% | −2.43 |
| ELEEF Element Fleet Management Cor | Sold out | 0.00% | −2.25 |
| JPM JPMorgan Chase & Co. | Reduce -93.9% | 0.09% | −1.19 |
| ENLAY Enel SPA - Unspon ADR | Sold out | 0.00% | −0.71 |
| CVS CVS Health Corp. | Reduce -95.4% | 0.04% | −0.71 |
| RHHBY Roche Holdings Ltd.-Spons ADR | Sold out | 0.00% | −0.65 |
| UNH Unitedhealth Group Inc. | Reduce -93.6% | 0.05% | −0.55 |
| GILD Gilead Sciences Inc. | Reduce -89.4% | 0.07% | −0.43 |
| EMA Emera Inc. | Sold out | 0.00% | −0.19 |
| NPIFF Northland Power Inc. | Sold out | 0.00% | −0.11 |
| BCE Bce Inc. | Reduce -58.1% | 0.09% | −0.09 |
| IBDRY Iberdrola SA-Sponsored ADR | Sold out | 0.00% | −0.06 |
| The North West Co Inc. | Sold out | 0.00% | −0.02 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −0.01 |
| SBGSY Schneider Elect SE-Unsp ADR | Sold out | 0.00% | −0.01 |
| AMGN Amgen Inc. | Reduce -5.6% | 0.01% | +0.00 |
| FTS Fortis Inc. | Reduce -1.7% | 0.02% | +0.00 |
| TD Toronto-Dominion Bank | Reduce -9.6% | 0.06% | +0.01 |
| USB US Bancorp | Reduce -0.5% | 0.07% | +0.01 |
| GPN Global Payments Inc. | Reduce -0.8% | 0.42% | +0.05 |
| AVGO Broadcom Inc. | Reduce -6.2% | 1.02% | +0.08 |
| EQIX Equinix Inc. | Reduce -0.5% | 0.62% | +0.12 |
| GRP.U Granite Real Estate Investme | Reduce -4.2% | 0.82% | +0.17 |
| APD Air Products & Chemicals Inc. | Reduce -0.8% | 1.47% | +0.27 |
| TMUS T-Mobile US Inc. | Reduce -0.3% | 1.59% | +0.32 |
| NEE Nextera Energy Inc. | Reduce -0.2% | 1.51% | +0.33 |
| ORCL Oracle Corp. | Reduce -1.0% | 1.55% | +0.34 |
| SLF Sun Life Financial Inc. | Reduce -1.7% | 2.08% | +0.41 |
| PBA Pembina Pipeline Corp. | Reduce -0.1% | 4.90% | +0.79 |
| ENB Enbridge Inc. | Reduce -0.1% | 4.66% | +0.85 |
| MFC Manulife Financial Corp. | Reduce -0.8% | 6.16% | +0.94 |
| RY Royal Bank of Canada | Reduce -0.9% | 6.04% | +1.19 |
| BN Brookfield Corp. | Reduce -1.3% | 5.09% | +1.33 |
| GIL Gildan Activewear Inc. | Reduce -1.0% | 5.59% | +1.35 |
| CM Can Imperial BK of Commerce | Reduce -0.7% | 5.74% | +1.57 |
Portfolio Buys Q2 2024 → Q3 2024
| BDX Becton Dickinson and Co. | New | 1.24% | +1.24 |
| BNS Bank of Nova Scotia | Add +1.4% | 4.68% | +1.07 |
| URI United Rentals Inc. | New | 0.97% | +0.97 |
| BMO Bank of Montreal | Add +4.9% | 4.83% | +0.84 |
| PEP Pepsico Inc. | New | 0.64% | +0.64 |
| CP Canadian Pacific Kansas City | Add +0.6% | 4.20% | +0.62 |
| CDW CDW Corp. | New | 0.61% | +0.61 |
| SWK Stanley Black & Decker Inc. | Add +3.1% | 1.26% | +0.43 |
| CMI Cummins Inc. | Add +0.8% | 1.50% | +0.31 |
| ABBV Abbvie Inc. | Add +0.3% | 1.61% | +0.31 |
| HD Home Depot Inc. | Add +2.2% | 1.31% | +0.29 |
| SONY Sony Group Corp. - SP ADR | Add +1.5% | 1.27% | +0.24 |
| UL Unilever PLC | Add +1.6% | 1.09% | +0.24 |
| MDT Medtronic PLC | Add +7.1% | 1.01% | +0.24 |
| SU Suncor Energy Inc. | Add +0.5% | 5.65% | +0.24 |
| BKNG Booking Holdings Inc. | Add +5.3% | 1.24% | +0.21 |
| SAP Sap SE-Sponsored ADR | Add +2.2% | 1.03% | +0.20 |
| CNI Canadian Natl Railway Co. | Add +1.0% | 2.30% | +0.16 |
| CMCSA Comcast Corp. Class A | Add +1.9% | 1.11% | +0.16 |
| BAM Brookfield Asset Mgmt-A | Add +179.0% | 0.15% | +0.11 |
| HON Honeywell International Inc. | Add +2.4% | 1.07% | +0.06 |
| NTR Nutrien Ltd. | Add +4.3% | 1.12% | +0.06 |
| WFC Wells Fargo & Co. | Add +2.0% | 1.34% | +0.05 |
| TU Telus Corp. | Add +1.9% | 0.24% | +0.04 |
| MRK Merck & Co. Inc. | Add +2.1% | 1.06% | +0.00 |
| TXN Texas Instruments Inc. | Add +5.3% | 0.01% | +0.00 |
| BAC Bank of America Corp. | Add +8.2% | 0.01% | +0.00 |
| MSFT Microsoft Corp. | Add +3.4% | 0.02% | +0.00 |
| COP Conocophillips | Add +0.5% | 0.54% | −0.01 |
| NXPI NXP Semiconductors NV | Add +2.4% | 0.99% | −0.02 |
| AMAT Applied Materials Inc. | Add +1.7% | 1.21% | −0.09 |
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 |