Cardinal Capital Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 14, 2025), Cardinal Capital Management, Inc. reported 70 stock positions worth $2.9 billion. Its top holding was Manulife Financial (MFC) at 5.1% of the portfolio, followed by Suncor Energy (SU, 4.8%) and Canadian Tire Class A (CDNAF, 4.2%). Compared with Q4 2024, it opened 3 new positions, sold out of 2, added to 35 and reduced 30. The biggest buy was a new position in LVMH Moet Hennessy-Unsp ADR (LVMUY) and the biggest sale Royal Bank of Canada (RY, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $2.9B (Q1 2025)
- SEC Filing
- 0001518235-25-000004 ↗ filed Apr 14, 2025
Holdings Value
Holdings 70 stocks · $2.9B
| MFC Manulife Financial Corp. | 5.12% | 4,835,800 | $150.7M | Reduce -1.8% |
| SU Suncor Energy Inc. | 4.77% | 3,624,028 | $140.4M | Reduce -0.8% |
| CDNAF Canadian Tire Corp. Class A | 4.23% | 1,199,499 | $124.6M | Add +0.0% |
| GIL Gildan Activewear Inc. | 4.08% | 2,713,981 | $120.0M | Reduce -3.5% |
| TRP TC Energy Corp. | 3.99% | 2,486,197 | $117.5M | Reduce -0.5% |
| PBA Pembina Pipeline Corp. | 3.97% | 2,924,071 | $117.0M | Add +0.1% |
| ENB Enbridge Inc. | 3.96% | 2,636,334 | $116.7M | Reduce -4.0% |
| BN Brookfield Corp. | 3.93% | 2,210,174 | $115.7M | Reduce -2.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.60% | 1,108,517 | $105.9M | Reduce -13.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.55% | 1,856,161 | $104.5M | Reduce -2.0% |
| RY Royal Bank of Canada | 3.52% | 919,466 | $103.6M | Reduce -9.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.32% | 2,061,256 | $97.8M | Reduce -0.3% |
| CP Canadian Pacific Kansas City | 3.17% | 1,331,108 | $93.5M | Add +6.7% |
| IFCZF Intact Financial Corp. | 3.02% | 434,809 | $88.9M | Reduce -1.5% |
| SAPIF Saputo Inc. | 2.98% | 5,077,139 | $87.6M | Add +23.4% |
| CCDBF CCL Industries Inc. Class B | 2.54% | 1,528,325 | $74.7M | Add +2.5% |
| ELEEF Element Fleet Management Cor | 2.50% | 3,695,901 | $73.5M | Add +1.6% |
| CNI Canadian Natl Railway Co. | 2.35% | 709,315 | $69.1M | Add +4.6% |
| NTIOF National Bank of Canada | 2.26% | 804,423 | $66.4M | Reduce -1.4% |
| SLF Sun Life Financial Inc. | 2.20% | 1,129,139 | $64.7M | Add +0.5% |
| TMUS T-Mobile US Inc. | 1.62% | 179,046 | $47.8M | Reduce -1.7% |
| ABBV Abbvie Inc. | 1.41% | 197,613 | $41.4M | Add +0.1% |
| SONY Sony Group Corp. - SP ADR | 1.38% | 1,595,810 | $40.5M | Reduce -0.6% |
| WFC Wells Fargo & Co. | 1.35% | 555,382 | $39.9M | Reduce -1.5% |
| APD Air Products & Chemicals Inc. | 1.19% | 119,087 | $35.1M | Add +0.7% |
| CMI Cummins Inc. | 1.18% | 110,449 | $34.6M | Reduce -0.7% |
| BKNG Booking Holdings Inc. | 1.13% | 7,195 | $33.1M | Add +1.5% |
| SIEGY Siemens AG-Spons ADR | 1.12% | 285,470 | $32.9M | Reduce -1.8% |
| BOWFF Boardwalk Real Estate Invest | 1.09% | 688,947 | $32.1M | Add +7.2% |
| NEE Nextera Energy Inc. | 1.07% | 445,802 | $31.6M | Add +3.6% |
| HD Home Depot Inc. | 1.07% | 86,021 | $31.5M | Add +10.2% |
| BDX Becton Dickinson and Co. | 1.05% | 135,563 | $31.1M | Add +5.5% |
| AMAT Applied Materials Inc. | 1.02% | 206,289 | $29.9M | Add +38.6% |
| NTR Nutrien Ltd. | 1.00% | 595,187 | $29.6M | Add +9.3% |
| HON Honeywell International Inc. | 0.94% | 130,355 | $27.6M | Add +2.9% |
| UL Unilever PLC | 0.86% | 423,359 | $25.2M | Add +2.2% |
| MDT Medtronic PLC | 0.86% | 280,320 | $25.2M | Add +3.8% |
| CMCSA Comcast Corp. Class A | 0.85% | 680,615 | $25.1M | Add +5.2% |
| URI United Rentals Inc. | 0.82% | 38,412 | $24.1M | Add +28.6% |
| MRK Merck & Co. Inc. | 0.81% | 266,606 | $23.9M | Add +15.5% |
| SWK Stanley Black & Decker Inc. | 0.78% | 298,165 | $22.9M | Add +13.9% |
| ENLAY Enel SPA - Unspon ADR filed as ENEL SOCIETA PER AZIONI | 0.78% | 2,838,187 | $22.9M | Add +1.0% |
| NXPI NXP Semiconductors NV | 0.73% | 113,340 | $21.5M | Add +9.7% |
| SAP Sap SE-Sponsored ADR | 0.70% | 76,862 | $20.6M | Reduce -30.0% |
| LVMUY LVMH Moet Hennessy-Unsp ADR | 0.70% | 165,911 | $20.6M | New |
| ORCL Oracle Corp. | 0.67% | 141,999 | $19.9M | Reduce -33.5% |
| AVGO Broadcom Inc. | 0.60% | 106,255 | $17.8M | Reduce -23.7% |
| PEP Pepsico Inc. | 0.57% | 112,040 | $16.8M | Add +23.7% |
| GRTUF Granite Real Estate Investme | 0.50% | 315,590 | $14.7M | Reduce -0.3% |
| EQIX Equinix Inc. | 0.47% | 17,130 | $14.0M | Add +1.8% |
| COP Conocophillips | 0.46% | 127,718 | $13.4M | Add +28.9% |
| APYRF Allied Properties Real Estat | 0.44% | 1,134,747 | $12.9M | Add +4.4% |
| CDW CDW Corp. | 0.41% | 75,355 | $12.1M | Add +57.6% |
| GPN Global Payments Inc. | 0.36% | 109,706 | $10.7M | Add +18.9% |
| EMA Emera Inc. | 0.32% | 223,575 | $9.4M | New |
| NNWWF The North West Co. Inc. filed as THE NORTH WEST COMPANY INC | 0.22% | 187,345 | $6.6M | New |
| TU Telus Corp. | 0.19% | 381,871 | $5.5M | Add +1.8% |
| IBDRY Iberdrola SA-Sponsored ADR | 0.06% | 27,245 | $1.8M | Reduce -4.4% |
| USB US Bancorp | 0.04% | 31,171 | $1.3M | Reduce -14.5% |
| TD Toronto-Dominion Bank | 0.04% | 17,320 | $1.0M | Reduce -27.1% |
| FTS Fortis Inc. | 0.02% | 10,190 | $464K | Add +1.8% |
| DLMAF Dollarama Inc. | 0.01% | 3,840 | $411K | Reduce -3.5% |
| MSFT Microsoft Corp. | 0.01% | 870 | $327K | Reduce -7.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 7,420 | $310K | Reduce -4.3% |
| TXN Texas Instruments Inc. | 0.01% | 1,520 | $273K | Reduce -1.0% |
| AMGN Amgen Inc. | 0.01% | 850 | $265K | No change |
| SBGSY Schneider Elect SE-Unsp ADR | 0.01% | 5,540 | $254K | Add +2.4% |
| GILD Gilead Sciences Inc. | 0.01% | 2,250 | $252K | Reduce -82.1% |
| AAPL Apple Inc. | 0.01% | 1,085 | $241K | No change |
| JPM JPMorgan Chase & Co. | 0.01% | 855 | $210K | Reduce -83.7% |
Portfolio Sells Q4 2024 → Q1 2025
| RY Royal Bank of Canada | Reduce -9.7% | 3.52% | −0.64 |
| BMO Bank of Montreal | Reduce -13.8% | 3.60% | −0.64 |
| ORCL Oracle Corp. | Reduce -33.5% | 0.67% | −0.53 |
| CM Can Imperial BK of Commerce | Reduce -2.0% | 3.55% | −0.52 |
| BN Brookfield Corp. | Reduce -2.6% | 3.93% | −0.49 |
| AVGO Broadcom Inc. | Reduce -23.7% | 0.60% | −0.49 |
| BNS Bank of Nova Scotia | Reduce -0.3% | 3.32% | −0.44 |
| GIL Gildan Activewear Inc. | Reduce -3.5% | 4.08% | −0.41 |
| NTIOF National Bank of Canada | Reduce -1.4% | 2.26% | −0.27 |
| SAP Sap SE-Sponsored ADR | Reduce -30.0% | 0.70% | −0.22 |
| CMI Cummins Inc. | Reduce -0.7% | 1.18% | −0.14 |
| JPM JPMorgan Chase & Co. | Reduce -83.7% | 0.01% | −0.04 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.03 |
| GILD Gilead Sciences Inc. | Reduce -82.1% | 0.01% | −0.03 |
| GRTUF Granite Real Estate Investme | Reduce -0.3% | 0.50% | −0.02 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.02 |
| USB US Bancorp | Reduce -14.5% | 0.04% | −0.01 |
| MFC Manulife Financial Corp. | Reduce -1.8% | 5.12% | −0.01 |
| TD Toronto-Dominion Bank | Reduce -27.1% | 0.04% | −0.01 |
| MSFT Microsoft Corp. | Reduce -7.0% | 0.01% | −0.00 |
| BAC Bank of America Corp. | Reduce -4.3% | 0.01% | −0.00 |
| TXN Texas Instruments Inc. | Reduce -1.0% | 0.01% | −0.00 |
| DLMAF Dollarama Inc. | Reduce -3.5% | 0.01% | +0.00 |
| IBDRY Iberdrola SA-Sponsored ADR | Reduce -4.4% | 0.06% | +0.01 |
| WFC Wells Fargo & Co. | Reduce -1.5% | 1.35% | +0.01 |
| ENB Enbridge Inc. | Reduce -4.0% | 3.96% | +0.01 |
| TRP TC Energy Corp. | Reduce -0.5% | 3.99% | +0.04 |
| SIEGY Siemens AG-Spons ADR | Reduce -1.8% | 1.12% | +0.16 |
| SONY Sony Group Corp. - SP ADR | Reduce -0.6% | 1.38% | +0.22 |
| TMUS T-Mobile US Inc. | Reduce -1.7% | 1.62% | +0.26 |
| IFCZF Intact Financial Corp. | Reduce -1.5% | 3.02% | +0.29 |
| SU Suncor Energy Inc. | Reduce -0.8% | 4.77% | +0.35 |
Portfolio Buys Q4 2024 → Q1 2025
| LVMUY LVMH Moet Hennessy-Unsp ADR | New | 0.70% | +0.70 |
| SAPIF Saputo Inc. | Add +23.4% | 2.98% | +0.55 |
| EMA Emera Inc. | New | 0.32% | +0.32 |
| PBA Pembina Pipeline Corp. | Add +0.1% | 3.97% | +0.31 |
| NNWWF The North West Co. Inc. | New | 0.22% | +0.22 |
| ABBV Abbvie Inc. | Add +0.1% | 1.41% | +0.21 |
| AMAT Applied Materials Inc. | Add +38.6% | 1.02% | +0.19 |
| NTR Nutrien Ltd. | Add +9.3% | 1.00% | +0.18 |
| CDW CDW Corp. | Add +57.6% | 0.41% | +0.13 |
| MDT Medtronic PLC | Add +3.8% | 0.86% | +0.12 |
| COP Conocophillips | Add +28.9% | 0.46% | +0.12 |
| BOWFF Boardwalk Real Estate Invest | Add +7.2% | 1.09% | +0.12 |
| CP Canadian Pacific Kansas City | Add +6.7% | 3.17% | +0.11 |
| URI United Rentals Inc. | Add +28.6% | 0.82% | +0.10 |
| PEP Pepsico Inc. | Add +23.7% | 0.57% | +0.10 |
| ENLAY Enel SPA - Unspon ADR | Add +1.0% | 0.78% | +0.10 |
| BDX Becton Dickinson and Co. | Add +5.5% | 1.05% | +0.06 |
| SWK Stanley Black & Decker Inc. | Add +13.9% | 0.78% | +0.06 |
| UL Unilever PLC | Add +2.2% | 0.86% | +0.06 |
| HD Home Depot Inc. | Add +10.2% | 1.07% | +0.04 |
| MRK Merck & Co. Inc. | Add +15.5% | 0.81% | +0.03 |
| CMCSA Comcast Corp. Class A | Add +5.2% | 0.85% | +0.03 |
| APD Air Products & Chemicals Inc. | Add +0.7% | 1.19% | +0.03 |
| NEE Nextera Energy Inc. | Add +3.6% | 1.07% | +0.02 |
| TU Telus Corp. | Add +1.8% | 0.19% | +0.01 |
| GPN Global Payments Inc. | Add +18.9% | 0.36% | +0.01 |
| CNI Canadian Natl Railway Co. | Add +4.6% | 2.35% | +0.01 |
| ELEEF Element Fleet Management Cor | Add +1.6% | 2.50% | +0.00 |
| NXPI NXP Semiconductors NV | Add +9.7% | 0.73% | +0.00 |
| FTS Fortis Inc. | Add +1.8% | 0.02% | +0.00 |
| APYRF Allied Properties Real Estat | Add +4.4% | 0.44% | −0.00 |
| SBGSY Schneider Elect SE-Unsp ADR | Add +2.4% | 0.01% | −0.00 |
| HON Honeywell International Inc. | Add +2.9% | 0.94% | −0.03 |
| CDNAF Canadian Tire Corp. Class A | Add +0.0% | 4.23% | −0.05 |
| CCDBF CCL Industries Inc. Class B | Add +2.5% | 2.54% | −0.06 |
| EQIX Equinix Inc. | Add +1.8% | 0.47% | −0.06 |
| SLF Sun Life Financial Inc. | Add +0.5% | 2.20% | −0.07 |
| BKNG Booking Holdings Inc. | Add +1.5% | 1.13% | −0.07 |
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 |