Cardinal Capital Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Cardinal Capital Management, Inc. reported 68 stock positions worth $3.2 billion. Its top holding was Manulife Financial (MFC) at 4.8% of the portfolio, followed by Canadian Tire Class A (CDNAF, 4.7%) and Brookfield (BN, 4.3%). Compared with Q1 2025, it opened 2 new positions, sold out of 4, added to 18 and reduced 45. The biggest buy was Schneider Elect SE-Unsp ADR (SBGSY, shares +6793%) and the biggest sale Comcast Class A (CMCSA, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $3.2B (Q2 2025)
- SEC Filing
- 0001518235-25-000005 ↗ filed Jul 11, 2025
Holdings Value
Holdings 68 stocks · $3.2B
| MFC Manulife Financial Corp. | 4.79% | 4,792,234 | $153.2M | Reduce -0.9% |
| CDNAF Canadian Tire Corp. Class A | 4.75% | 1,115,012 | $151.7M | Reduce -7.0% |
| BN Brookfield Corp. | 4.28% | 2,208,764 | $136.7M | Reduce -0.1% |
| SU Suncor Energy Inc. | 4.25% | 3,622,337 | $135.6M | Reduce -0.1% |
| GIL Gildan Activewear Inc. | 4.21% | 2,728,046 | $134.4M | Add +0.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 4.10% | 1,846,069 | $131.0M | Reduce -0.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.84% | 1,106,867 | $122.6M | Reduce -0.1% |
| TRP TC Energy Corp. | 3.79% | 2,478,552 | $121.0M | Reduce -0.3% |
| RY Royal Bank of Canada | 3.78% | 916,245 | $120.7M | Reduce -0.3% |
| ENB Enbridge Inc. | 3.70% | 2,605,525 | $118.1M | Reduce -1.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.60% | 2,078,609 | $114.9M | Add +0.8% |
| SAPIF Saputo Inc. | 3.57% | 5,573,504 | $114.0M | Add +9.8% |
| PBA Pembina Pipeline Corp. | 3.45% | 2,936,644 | $110.2M | Add +0.4% |
| CP Canadian Pacific Kansas City | 3.33% | 1,338,493 | $106.3M | Add +0.6% |
| IFCZF Intact Financial Corp. | 3.13% | 429,684 | $99.9M | Reduce -1.2% |
| ELEEF Element Fleet Management Cor | 2.90% | 3,704,911 | $92.8M | Add +0.2% |
| CCDBF CCL Industries Inc. Class B | 2.81% | 1,542,095 | $89.9M | Add +0.9% |
| NTIOF National Bank of Canada | 2.59% | 802,828 | $82.8M | Reduce -0.2% |
| CNI Canadian Natl Railway Co. | 2.38% | 731,350 | $76.2M | Add +3.1% |
| SLF Sun Life Financial Inc. | 2.37% | 1,138,144 | $75.7M | Add +0.8% |
| WFC Wells Fargo & Co. | 1.34% | 532,402 | $42.7M | Reduce -4.1% |
| TMUS T-Mobile US Inc. | 1.27% | 170,019 | $40.5M | Reduce -5.0% |
| BKNG Booking Holdings Inc. | 1.26% | 6,943 | $40.2M | Reduce -3.5% |
| SONY Sony Group Corp. - SP ADR | 1.25% | 1,536,850 | $40.0M | Reduce -3.7% |
| AMAT Applied Materials Inc. | 1.18% | 205,044 | $37.5M | Reduce -0.6% |
| SIEGY Siemens AG-Spons ADR | 1.14% | 282,710 | $36.4M | Reduce -1.0% |
| ABBV Abbvie Inc. | 1.11% | 190,773 | $35.4M | Reduce -3.5% |
| BOWFF Boardwalk Real Estate Invest | 1.11% | 688,937 | $35.4M | Reduce 0.0% |
| CMI Cummins Inc. | 1.10% | 107,330 | $35.2M | Reduce -2.8% |
| NTR Nutrien Ltd. | 1.08% | 592,242 | $34.5M | Reduce -0.5% |
| APD Air Products & Chemicals Inc. | 1.04% | 118,352 | $33.4M | Reduce -0.6% |
| NEE Nextera Energy Inc. | 0.97% | 446,091 | $31.0M | Add +0.1% |
| HD Home Depot Inc. | 0.96% | 84,020 | $30.8M | Reduce -2.3% |
| ORCL Oracle Corp. | 0.96% | 140,346 | $30.7M | Reduce -1.2% |
| URI United Rentals Inc. | 0.96% | 40,709 | $30.7M | Add +6.0% |
| HON Honeywell International Inc. | 0.93% | 127,407 | $29.7M | Reduce -2.3% |
| ENLAY Enel SPA - Unspon ADR filed as ENEL SOCIETA PER AZIONI | 0.84% | 2,825,567 | $26.8M | Reduce -0.4% |
| AVGO Broadcom Inc. | 0.84% | 97,010 | $26.7M | Reduce -8.7% |
| UL Unilever PLC | 0.81% | 424,549 | $26.0M | Add +0.3% |
| NXPI NXP Semiconductors NV | 0.80% | 116,384 | $25.4M | Add +2.7% |
| MDT Medtronic PLC | 0.77% | 283,210 | $24.7M | Add +1.0% |
| BDX Becton Dickinson and Co. | 0.74% | 137,815 | $23.7M | Add +1.7% |
| SAP Sap SE-Sponsored ADR | 0.74% | 77,454 | $23.6M | Add +0.8% |
| MRK Merck & Co. Inc. | 0.67% | 269,671 | $21.3M | Add +1.1% |
| SBGSY Schneider Elect SE-Unsp ADR | 0.64% | 381,875 | $20.4M | Add +6793.1% |
| SWK Stanley Black & Decker Inc. | 0.63% | 297,542 | $20.2M | Reduce -0.2% |
| GRTUF Granite Real Estate Investme | 0.50% | 315,185 | $16.0M | Reduce -0.1% |
| APYRF Allied Properties Real Estat | 0.45% | 1,129,982 | $14.2M | Reduce -0.4% |
| PEP Pepsico Inc. | 0.44% | 106,875 | $14.1M | Reduce -4.6% |
| EQIX Equinix Inc. | 0.40% | 16,193 | $12.9M | Reduce -5.5% |
| CDW CDW Corp. | 0.40% | 71,940 | $12.8M | Reduce -4.5% |
| COP Conocophillips | 0.35% | 124,023 | $11.1M | Reduce -2.9% |
| GPN Global Payments Inc. | 0.26% | 102,386 | $8.2M | Reduce -6.7% |
| TU Telus Corp. | 0.17% | 337,956 | $5.4M | Reduce -11.5% |
| IBDRY Iberdrola SA-Sponsored ADR | 0.06% | 25,770 | $2.0M | Reduce -5.4% |
| CMCSA Comcast Corp. Class A | 0.05% | 42,520 | $1.5M | Reduce -93.8% |
| USB US Bancorp | 0.04% | 30,446 | $1.4M | Reduce -2.3% |
| TD Toronto-Dominion Bank | 0.04% | 17,320 | $1.3M | No change |
| DLMAF Dollarama Inc. | 0.02% | 3,680 | $518K | Reduce -4.2% |
| FTS Fortis Inc. | 0.01% | 10,015 | $478K | Reduce -1.7% |
| MSFT Microsoft Corp. | 0.01% | 845 | $420K | Reduce -2.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 7,265 | $344K | Reduce -2.1% |
| TXN Texas Instruments Inc. | 0.01% | 1,515 | $315K | Reduce -0.3% |
| ADI Analog Devices Inc. | 0.01% | 1,190 | $283K | New |
| CARR Carrier Global Corp. | 0.01% | 3,860 | $283K | New |
| JPM JPMorgan Chase & Co. | 0.01% | 830 | $241K | Reduce -2.9% |
| AMGN Amgen Inc. | 0.01% | 850 | $237K | No change |
| AAPL Apple Inc. | 0.01% | 1,085 | $223K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| CMCSA Comcast Corp. Class A | Reduce -93.8% | 0.05% | −0.81 |
| LVMUY LVMH Moet Hennessy-Unsp ADR | Sold out | 0.00% | −0.70 |
| SU Suncor Energy Inc. | Reduce -0.1% | 4.25% | −0.52 |
| TMUS T-Mobile US Inc. | Reduce -5.0% | 1.27% | −0.35 |
| MFC Manulife Financial Corp. | Reduce -0.9% | 4.79% | −0.33 |
| EMA Emera Inc. | Sold out | 0.00% | −0.32 |
| ABBV Abbvie Inc. | Reduce -3.5% | 1.11% | −0.30 |
| ENB Enbridge Inc. | Reduce -1.2% | 3.70% | −0.27 |
| NNWWF The North West Co. Inc. | Sold out | 0.00% | −0.22 |
| TRP TC Energy Corp. | Reduce -0.3% | 3.79% | −0.20 |
| APD Air Products & Chemicals Inc. | Reduce -0.6% | 1.04% | −0.15 |
| SWK Stanley Black & Decker Inc. | Reduce -0.2% | 0.63% | −0.15 |
| PEP Pepsico Inc. | Reduce -4.6% | 0.44% | −0.13 |
| SONY Sony Group Corp. - SP ADR | Reduce -3.7% | 1.25% | −0.12 |
| GPN Global Payments Inc. | Reduce -6.7% | 0.26% | −0.11 |
| COP Conocophillips | Reduce -2.9% | 0.35% | −0.11 |
| HD Home Depot Inc. | Reduce -2.3% | 0.96% | −0.11 |
| CMI Cummins Inc. | Reduce -2.8% | 1.10% | −0.08 |
| EQIX Equinix Inc. | Reduce -5.5% | 0.40% | −0.07 |
| WFC Wells Fargo & Co. | Reduce -4.1% | 1.34% | −0.02 |
| TU Telus Corp. | Reduce -11.5% | 0.17% | −0.02 |
| HON Honeywell International Inc. | Reduce -2.3% | 0.93% | −0.01 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.01 |
| CDW CDW Corp. | Reduce -4.5% | 0.40% | −0.01 |
| USB US Bancorp | Reduce -2.3% | 0.04% | −0.00 |
| FTS Fortis Inc. | Reduce -1.7% | 0.01% | −0.00 |
| BAC Bank of America Corp. | Reduce -2.1% | 0.01% | +0.00 |
| JPM JPMorgan Chase & Co. | Reduce -2.9% | 0.01% | +0.00 |
| TXN Texas Instruments Inc. | Reduce -0.3% | 0.01% | +0.00 |
| GRTUF Granite Real Estate Investme | Reduce -0.1% | 0.50% | +0.00 |
| MSFT Microsoft Corp. | Reduce -2.9% | 0.01% | +0.00 |
| DLMAF Dollarama Inc. | Reduce -4.2% | 0.02% | +0.00 |
| IBDRY Iberdrola SA-Sponsored ADR | Reduce -5.4% | 0.06% | +0.00 |
| APYRF Allied Properties Real Estat | Reduce -0.4% | 0.45% | +0.01 |
| BOWFF Boardwalk Real Estate Invest | Reduce 0.0% | 1.11% | +0.02 |
| SIEGY Siemens AG-Spons ADR | Reduce -1.0% | 1.14% | +0.02 |
| ENLAY Enel SPA - Unspon ADR | Reduce -0.4% | 0.84% | +0.06 |
| NTR Nutrien Ltd. | Reduce -0.5% | 1.08% | +0.08 |
| IFCZF Intact Financial Corp. | Reduce -1.2% | 3.13% | +0.11 |
| BKNG Booking Holdings Inc. | Reduce -3.5% | 1.26% | +0.13 |
| AMAT Applied Materials Inc. | Reduce -0.6% | 1.18% | +0.16 |
| AVGO Broadcom Inc. | Reduce -8.7% | 0.84% | +0.23 |
| BMO Bank of Montreal | Reduce -0.1% | 3.84% | +0.24 |
| RY Royal Bank of Canada | Reduce -0.3% | 3.78% | +0.26 |
| ORCL Oracle Corp. | Reduce -1.2% | 0.96% | +0.29 |
| NTIOF National Bank of Canada | Reduce -0.2% | 2.59% | +0.34 |
| BN Brookfield Corp. | Reduce -0.1% | 4.28% | +0.35 |
| CDNAF Canadian Tire Corp. Class A | Reduce -7.0% | 4.75% | +0.52 |
| CM Can Imperial BK of Commerce | Reduce -0.5% | 4.10% | +0.55 |
Portfolio Buys Q1 2025 → Q2 2025
| SBGSY Schneider Elect SE-Unsp ADR | Add +6793.1% | 0.64% | +0.63 |
| SAPIF Saputo Inc. | Add +9.8% | 3.57% | +0.59 |
| ELEEF Element Fleet Management Cor | Add +0.2% | 2.90% | +0.41 |
| CCDBF CCL Industries Inc. Class B | Add +0.9% | 2.81% | +0.28 |
| BNS Bank of Nova Scotia | Add +0.8% | 3.60% | +0.28 |
| SLF Sun Life Financial Inc. | Add +0.8% | 2.37% | +0.17 |
| CP Canadian Pacific Kansas City | Add +0.6% | 3.33% | +0.15 |
| URI United Rentals Inc. | Add +6.0% | 0.96% | +0.14 |
| GIL Gildan Activewear Inc. | Add +0.5% | 4.21% | +0.13 |
| NXPI NXP Semiconductors NV | Add +2.7% | 0.80% | +0.06 |
| CNI Canadian Natl Railway Co. | Add +3.1% | 2.38% | +0.04 |
| SAP Sap SE-Sponsored ADR | Add +0.8% | 0.74% | +0.04 |
| ADI Analog Devices Inc. | New | 0.01% | +0.01 |
| CARR Carrier Global Corp. | New | 0.01% | +0.01 |
| UL Unilever PLC | Add +0.3% | 0.81% | −0.04 |
| MDT Medtronic PLC | Add +1.0% | 0.77% | −0.08 |
| NEE Nextera Energy Inc. | Add +0.1% | 0.97% | −0.10 |
| MRK Merck & Co. Inc. | Add +1.1% | 0.67% | −0.14 |
| BDX Becton Dickinson and Co. | Add +1.7% | 0.74% | −0.31 |
| PBA Pembina Pipeline Corp. | Add +0.4% | 3.45% | −0.52 |
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 |