Cardinal Capital Management, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 17, 2025), Cardinal Capital Management, Inc. reported 69 stock positions worth $2.9 billion. Its top holding was Manulife Financial (MFC) at 5.1% of the portfolio, followed by Gildan Activewear (GIL, 4.5%) and Brookfield (BN, 4.4%). Compared with Q3 2024, it opened 13 new positions, sold out of 2, added to 18 and reduced 37. The biggest buy was a new position in Canadian Tire Class A (CDNAF) and the biggest sale Royal Bank of Canada (RY, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $2.9B (Q4 2024)
- SEC Filing
- 0001518235-25-000001 ↗ filed Jan 17, 2025
Holdings Value
Holdings 69 stocks · $2.9B
| MFC Manulife Financial Corp. | 5.13% | 4,923,852 | $150.9M | Reduce -2.6% |
| GIL Gildan Activewear Inc. | 4.49% | 2,812,686 | $132.1M | Reduce -2.3% |
| BN Brookfield Corp. | 4.42% | 2,270,319 | $130.2M | Reduce -2.2% |
| SU Suncor Energy Inc. | 4.42% | 3,654,107 | $130.1M | Reduce -1.5% |
| CDNAF Canadian Tire Corp. Class A | 4.28% | 1,199,279 | $125.9M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.24% | 1,286,702 | $124.6M | Reduce -0.9% |
| RY Royal Bank of Canada | 4.16% | 1,018,136 | $122.5M | Reduce -13.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 4.06% | 1,894,773 | $119.6M | Reduce -16.5% |
| ENB Enbridge Inc. | 3.95% | 2,747,175 | $116.3M | Reduce -1.1% |
| TRP TC Energy Corp. | 3.95% | 2,499,532 | $116.2M | Reduce -1.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.76% | 2,067,324 | $110.8M | Reduce -0.8% |
| PBA Pembina Pipeline Corp. | 3.66% | 2,920,900 | $107.7M | Add +1.3% |
| CP Canadian Pacific Kansas City | 3.06% | 1,247,403 | $90.1M | Add +4.7% |
| IFCZF Intact Financial Corp. | 2.73% | 441,622 | $80.2M | New |
| CCDBF CCL Industries Inc. Class B | 2.60% | 1,491,111 | $76.5M | New |
| NTIOF National Bank of Canada filed as NATL BANK OF CANADA | 2.52% | 815,597 | $74.2M | New |
| ELEEF Element Fleet Management Cor | 2.49% | 3,637,800 | $73.4M | New |
| SAPIF Saputo Inc. | 2.43% | 4,114,835 | $71.4M | New |
| CNI Canadian Natl Railway Co. | 2.34% | 678,211 | $68.7M | Add +42.6% |
| SLF Sun Life Financial Inc. | 2.26% | 1,123,354 | $66.5M | Add +29.1% |
| TMUS T-Mobile US Inc. | 1.37% | 182,213 | $40.2M | Reduce -2.3% |
| WFC Wells Fargo & Co. | 1.35% | 563,995 | $39.6M | Reduce -2.0% |
| CMI Cummins Inc. | 1.32% | 111,207 | $38.8M | Reduce -1.0% |
| ORCL Oracle Corp. | 1.21% | 213,386 | $35.6M | Reduce -3.2% |
| BKNG Booking Holdings Inc. | 1.20% | 7,087 | $35.2M | Reduce -0.7% |
| ABBV Abbvie Inc. | 1.19% | 197,324 | $35.1M | Reduce -0.1% |
| APD Air Products & Chemicals Inc. | 1.17% | 118,220 | $34.3M | Reduce -1.1% |
| SONY Sony Group Corp. - SP ADR | 1.15% | 1,606,160 | $34.0M | Add +0.7% |
| AVGO Broadcom Inc. | 1.10% | 139,335 | $32.3M | Reduce -3.0% |
| NEE Nextera Energy Inc. | 1.05% | 430,416 | $30.9M | Reduce -0.6% |
| HD Home Depot Inc. | 1.03% | 78,097 | $30.4M | Reduce -0.5% |
| BDX Becton Dickinson and Co. | 0.99% | 128,433 | $29.1M | Add +2.9% |
| BOWFF Boardwalk Real Estate Invest | 0.97% | 642,847 | $28.7M | New |
| HON Honeywell International Inc. | 0.97% | 126,635 | $28.6M | Add +0.7% |
| SIEGY Siemens AG-Spons ADR | 0.95% | 290,667 | $28.1M | New |
| SAP Sap SE-Sponsored ADR | 0.92% | 109,809 | $27.0M | Add +0.2% |
| NTR Nutrien Ltd. | 0.83% | 544,642 | $24.3M | Reduce -3.5% |
| CMCSA Comcast Corp. Class A | 0.83% | 647,091 | $24.3M | Add +0.6% |
| AMAT Applied Materials Inc. | 0.82% | 148,794 | $24.2M | Add +2.7% |
| UL Unilever PLC | 0.80% | 414,394 | $23.5M | Add +1.6% |
| MRK Merck & Co. Inc. | 0.78% | 230,852 | $23.0M | Add +2.0% |
| MDT Medtronic PLC | 0.73% | 270,111 | $21.6M | Reduce -0.4% |
| NXPI NXP Semiconductors NV | 0.73% | 103,320 | $21.5M | Add +3.1% |
| URI United Rentals Inc. | 0.71% | 29,862 | $21.0M | Add +2.1% |
| SWK Stanley Black & Decker Inc. | 0.71% | 261,811 | $21.0M | Reduce -5.6% |
| ENLAY Enel SPA - Unspon ADR filed as ENEL SOCIETA PER AZIONI | 0.68% | 2,809,208 | $19.9M | New |
| EQIX Equinix Inc. | 0.54% | 16,828 | $15.9M | Reduce -1.1% |
| GRTUF Granite Real Estate Investme | 0.52% | 316,380 | $15.3M | Reduce -3.9% |
| PEP Pepsico Inc. | 0.47% | 90,565 | $13.8M | Reduce -1.4% |
| APYRF Allied Properties Real Estat | 0.44% | 1,086,647 | $12.9M | New |
| GPN Global Payments Inc. | 0.35% | 92,251 | $10.3M | Reduce -8.1% |
| COP Conocophillips | 0.33% | 99,073 | $9.8M | Reduce -20.0% |
| CDW CDW Corp. | 0.28% | 47,810 | $8.3M | Reduce -27.1% |
| TU Telus Corp. | 0.17% | 375,091 | $5.1M | Add +7.7% |
| USB US Bancorp | 0.06% | 36,451 | $1.7M | Reduce -5.1% |
| IBDRY Iberdrola SA-Sponsored ADR | 0.05% | 28,505 | $1.6M | New |
| TD Toronto-Dominion Bank | 0.04% | 23,770 | $1.3M | Reduce -0.7% |
| JPM JPMorgan Chase & Co. | 0.04% | 5,235 | $1.3M | Reduce -47.9% |
| GILD Gilead Sciences Inc. | 0.04% | 12,575 | $1.2M | Reduce -37.9% |
| UNH Unitedhealth Group Inc. | 0.03% | 1,960 | $991K | Add +0.5% |
| CVS CVS Health Corp. | 0.02% | 13,605 | $611K | Reduce -9.5% |
| FTS Fortis Inc. | 0.01% | 10,015 | $416K | Reduce -1.4% |
| MSFT Microsoft Corp. | 0.01% | 935 | $394K | Add +5.1% |
| DLMAF Dollarama Inc. | 0.01% | 3,980 | $388K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 7,757 | $341K | Reduce -8.0% |
| TXN Texas Instruments Inc. | 0.01% | 1,535 | $288K | Add +3.4% |
| AAPL Apple Inc. | 0.01% | 1,085 | $272K | Reduce -7.7% |
| SBGSY Schneider Elect SE-Unsp ADR | 0.01% | 5,410 | $269K | New |
| AMGN Amgen Inc. | 0.01% | 850 | $222K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| RY Royal Bank of Canada | Reduce -13.2% | 4.16% | −1.87 |
| CM Can Imperial BK of Commerce | Reduce -16.5% | 4.06% | −1.68 |
| SU Suncor Energy Inc. | Reduce -1.5% | 4.42% | −1.23 |
| GIL Gildan Activewear Inc. | Reduce -2.3% | 4.49% | −1.10 |
| MFC Manulife Financial Corp. | Reduce -2.6% | 5.13% | −1.03 |
| TRP TC Energy Corp. | Reduce -1.2% | 3.95% | −1.01 |
| BNS Bank of Nova Scotia | Reduce -0.8% | 3.76% | −0.92 |
| ENB Enbridge Inc. | Reduce -1.1% | 3.95% | −0.70 |
| BN Brookfield Corp. | Reduce -2.2% | 4.42% | −0.66 |
| BMO Bank of Montreal | Reduce -0.9% | 4.24% | −0.60 |
| SWK Stanley Black & Decker Inc. | Reduce -5.6% | 0.71% | −0.54 |
| NEE Nextera Energy Inc. | Reduce -0.6% | 1.05% | −0.46 |
| ABBV Abbvie Inc. | Reduce -0.1% | 1.19% | −0.41 |
| ORCL Oracle Corp. | Reduce -3.2% | 1.21% | −0.34 |
| CDW CDW Corp. | Reduce -27.1% | 0.28% | −0.33 |
| APD Air Products & Chemicals Inc. | Reduce -1.1% | 1.17% | −0.30 |
| GRTUF Granite Real Estate Investme | Reduce -3.9% | 0.52% | −0.30 |
| NTR Nutrien Ltd. | Reduce -3.5% | 0.83% | −0.29 |
| HD Home Depot Inc. | Reduce -0.5% | 1.03% | −0.28 |
| MDT Medtronic PLC | Reduce -0.4% | 0.73% | −0.27 |
| TMUS T-Mobile US Inc. | Reduce -2.3% | 1.37% | −0.22 |
| COP Conocophillips | Reduce -20.0% | 0.33% | −0.20 |
| CMI Cummins Inc. | Reduce -1.0% | 1.32% | −0.18 |
| PEP Pepsico Inc. | Reduce -1.4% | 0.47% | −0.18 |
| BAM Brookfield Asset Mgmt-A | Sold out | 0.00% | −0.15 |
| BCE Bce Inc. | Sold out | 0.00% | −0.09 |
| EQIX Equinix Inc. | Reduce -1.1% | 0.54% | −0.08 |
| GPN Global Payments Inc. | Reduce -8.1% | 0.35% | −0.07 |
| JPM JPMorgan Chase & Co. | Reduce -47.9% | 0.04% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -0.7% | 1.20% | −0.04 |
| GILD Gilead Sciences Inc. | Reduce -37.9% | 0.04% | −0.03 |
| TD Toronto-Dominion Bank | Reduce -0.7% | 0.04% | −0.02 |
| CVS CVS Health Corp. | Reduce -9.5% | 0.02% | −0.02 |
| USB US Bancorp | Reduce -5.1% | 0.06% | −0.01 |
| FTS Fortis Inc. | Reduce -1.4% | 0.01% | −0.00 |
| BAC Bank of America Corp. | Reduce -8.0% | 0.01% | −0.00 |
| AAPL Apple Inc. | Reduce -7.7% | 0.01% | −0.00 |
| WFC Wells Fargo & Co. | Reduce -2.0% | 1.35% | +0.01 |
| AVGO Broadcom Inc. | Reduce -3.0% | 1.10% | +0.08 |
Portfolio Buys Q3 2024 → Q4 2024
| CDNAF Canadian Tire Corp. Class A | New | 4.28% | +4.28 |
| IFCZF Intact Financial Corp. | New | 2.73% | +2.73 |
| CCDBF CCL Industries Inc. Class B | New | 2.60% | +2.60 |
| NTIOF National Bank of Canada | New | 2.52% | +2.52 |
| ELEEF Element Fleet Management Cor | New | 2.49% | +2.49 |
| SAPIF Saputo Inc. | New | 2.43% | +2.43 |
| BOWFF Boardwalk Real Estate Invest | New | 0.97% | +0.97 |
| SIEGY Siemens AG-Spons ADR | New | 0.95% | +0.95 |
| ENLAY Enel SPA - Unspon ADR | New | 0.68% | +0.68 |
| APYRF Allied Properties Real Estat | New | 0.44% | +0.44 |
| SLF Sun Life Financial Inc. | Add +29.1% | 2.26% | +0.18 |
| IBDRY Iberdrola SA-Sponsored ADR | New | 0.05% | +0.05 |
| CNI Canadian Natl Railway Co. | Add +42.6% | 2.34% | +0.04 |
| DLMAF Dollarama Inc. | New | 0.01% | +0.01 |
| SBGSY Schneider Elect SE-Unsp ADR | New | 0.01% | +0.01 |
| MSFT Microsoft Corp. | Add +5.1% | 0.01% | −0.00 |
| TXN Texas Instruments Inc. | Add +3.4% | 0.01% | −0.00 |
| UNH Unitedhealth Group Inc. | Add +0.5% | 0.03% | −0.01 |
| TU Telus Corp. | Add +7.7% | 0.17% | −0.07 |
| HON Honeywell International Inc. | Add +0.7% | 0.97% | −0.10 |
| SONY Sony Group Corp. - SP ADR | Add +0.7% | 1.15% | −0.11 |
| SAP Sap SE-Sponsored ADR | Add +0.2% | 0.92% | −0.12 |
| BDX Becton Dickinson and Co. | Add +2.9% | 0.99% | −0.25 |
| URI United Rentals Inc. | Add +2.1% | 0.71% | −0.26 |
| NXPI NXP Semiconductors NV | Add +3.1% | 0.73% | −0.26 |
| MRK Merck & Co. Inc. | Add +2.0% | 0.78% | −0.28 |
| CMCSA Comcast Corp. Class A | Add +0.6% | 0.83% | −0.28 |
| UL Unilever PLC | Add +1.6% | 0.80% | −0.29 |
| AMAT Applied Materials Inc. | Add +2.7% | 0.82% | −0.38 |
| CP Canadian Pacific Kansas City | Add +4.7% | 3.06% | −1.14 |
| PBA Pembina Pipeline Corp. | Add +1.3% | 3.66% | −1.24 |
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 |