Cardinal Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 3, 2025), Cardinal Capital Management, Inc. reported 77 stock positions worth $3.5 billion. Its top holding was Gildan Activewear (GIL) at 4.5% of the portfolio, followed by Suncor Energy (SU, 4.4%) and Manulife Financial (MFC, 4.3%). Compared with Q2 2025, it opened 9 new positions, added to 47 and reduced 19. The biggest buy was a new position in LVMH Moet Hennessy-Unsp ADR (LVMUY) and the biggest sale Canadian Tire Class A (CDNAF, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $3.5B (Q3 2025)
- SEC Filing
- 0001518235-25-000008 ↗ filed Oct 3, 2025
Holdings Value
Holdings 77 stocks · $3.5B
| GIL Gildan Activewear Inc. | 4.52% | 2,706,566 | $156.5M | Reduce -0.8% |
| SU Suncor Energy Inc. | 4.40% | 3,641,023 | $152.5M | Add +0.5% |
| MFC Manulife Financial Corp. | 4.32% | 4,792,309 | $149.4M | Add +0.0% |
| BN Brookfield Corp. | 4.29% | 2,164,145 | $148.6M | Reduce -2.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 4.23% | 1,831,480 | $146.4M | Reduce -0.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.17% | 1,107,992 | $144.5M | Add +0.1% |
| SAPIF Saputo Inc. | 4.10% | 5,843,711 | $142.0M | Add +4.8% |
| TRP TC Energy Corp. | 3.92% | 2,496,017 | $135.8M | Add +0.7% |
| RY Royal Bank of Canada | 3.91% | 917,144 | $135.3M | Add +0.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.90% | 2,085,294 | $134.9M | Add +0.3% |
| ENB Enbridge Inc. | 3.82% | 2,619,954 | $132.3M | Add +0.6% |
| CDNAF Canadian Tire Corp. Class A | 3.53% | 1,026,702 | $122.3M | Reduce -7.9% |
| PBA Pembina Pipeline Corp. | 3.48% | 2,975,924 | $120.4M | Add +1.3% |
| CP Canadian Pacific Kansas City | 3.22% | 1,494,133 | $111.3M | Add +11.6% |
| IFCZF Intact Financial Corp. | 2.87% | 510,975 | $99.5M | Add +18.9% |
| ELEEF Element Fleet Management Cor | 2.77% | 3,700,850 | $95.9M | Reduce -0.1% |
| CCDBF CCL Industries Inc. Class B | 2.54% | 1,561,966 | $88.1M | Add +1.3% |
| NTIOF National Bank of Canada | 2.46% | 800,544 | $85.1M | Reduce -0.3% |
| CNI Canadian Natl Railway Co. | 2.02% | 742,230 | $70.0M | Add +1.5% |
| SLF Sun Life Financial Inc. | 1.99% | 1,145,224 | $68.8M | Add +0.6% |
| CMI Cummins Inc. | 1.31% | 107,510 | $45.4M | Add +0.2% |
| WFC Wells Fargo & Co. | 1.29% | 533,131 | $44.7M | Add +0.1% |
| ABBV Abbvie Inc. | 1.28% | 192,068 | $44.5M | Add +0.7% |
| AMAT Applied Materials Inc. | 1.23% | 207,674 | $42.5M | Add +1.3% |
| TMUS T-Mobile US Inc. | 1.18% | 171,071 | $41.0M | Add +0.6% |
| ORCL Oracle Corp. | 1.14% | 139,871 | $39.3M | Reduce -0.3% |
| URI United Rentals Inc. | 1.13% | 41,061 | $39.2M | Add +0.9% |
| SIEGY Siemens AG-Spons ADR | 1.09% | 280,625 | $37.9M | Reduce -0.7% |
| BKNG Booking Holdings Inc. | 1.09% | 6,972 | $37.6M | Add +0.4% |
| HD Home Depot Inc. | 1.00% | 85,308 | $34.6M | Add +1.5% |
| NEE Nextera Energy Inc. | 1.00% | 456,546 | $34.5M | Add +2.3% |
| BOWFF Boardwalk Real Estate Invest | 0.99% | 688,497 | $34.2M | Reduce -0.1% |
| NTR Nutrien Ltd. | 0.98% | 578,782 | $34.0M | Reduce -2.3% |
| APD Air Products & Chemicals Inc. | 0.95% | 120,233 | $32.8M | Add +1.6% |
| AVGO Broadcom Inc. | 0.92% | 96,165 | $31.7M | Reduce -0.9% |
| MDT Medtronic PLC | 0.80% | 289,535 | $27.6M | Add +2.2% |
| HON Honeywell International Inc. | 0.80% | 130,797 | $27.5M | Add +2.7% |
| NXPI NXP Semiconductors NV | 0.78% | 118,542 | $27.0M | Add +1.9% |
| BDX Becton Dickinson and Co. | 0.78% | 143,928 | $26.9M | Add +4.4% |
| ENLAY Enel SPA - Unspon ADR filed as ENEL SOCIETA PER AZIONI | 0.78% | 2,845,097 | $26.9M | Add +0.7% |
| UL Unilever PLC | 0.74% | 432,684 | $25.6M | Add +1.9% |
| MRK Merck & Co. Inc. | 0.71% | 293,875 | $24.7M | Add +9.0% |
| SBGSY Schneider Elect SE-Unsp ADR | 0.67% | 412,887 | $23.1M | Add +8.1% |
| LVMUY LVMH Moet Hennessy-Unsp ADR | 0.64% | 181,821 | $22.2M | New |
| CARR Carrier Global Corp. | 0.64% | 368,549 | $22.0M | Add +9447.9% |
| SAP Sap SE-Sponsored ADR | 0.62% | 79,828 | $21.3M | Add +3.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.57% | 70,352 | $19.6M | New |
| SONY Sony Group Corp. - SP ADR | 0.51% | 613,445 | $17.7M | Reduce -60.1% |
| GRTUF Granite Real Estate Investme | 0.49% | 304,235 | $16.9M | Reduce -3.5% |
| APYRF Allied Properties Real Estat | 0.49% | 1,127,817 | $16.8M | Reduce -0.2% |
| EQIX Equinix Inc. | 0.37% | 16,218 | $12.7M | Add +0.1% |
| COP Conocophillips | 0.36% | 131,443 | $12.4M | Add +6.0% |
| ETR Entergy Corp. | 0.35% | 128,830 | $12.0M | New |
| USB US Bancorp | 0.34% | 243,101 | $11.7M | Add +698.5% |
| CDW CDW Corp. | 0.34% | 72,985 | $11.6M | Add +1.4% |
| EMA Emera Inc. | 0.30% | 218,770 | $10.5M | New |
| GPN Global Payments Inc. | 0.24% | 100,286 | $8.3M | Reduce -2.0% |
| NNWWF The North West Co. Inc. filed as THE NORTH WEST COMPANY INC | 0.19% | 194,680 | $6.7M | New |
| TU Telus Corp. | 0.16% | 350,756 | $5.5M | Add +3.8% |
| EIFZF Exchange Income Corp. | 0.08% | 50,530 | $2.6M | New |
| IBDRY Iberdrola SA-Sponsored ADR | 0.05% | 24,240 | $1.8M | Reduce -5.9% |
| TD Toronto-Dominion Bank | 0.04% | 17,520 | $1.4M | Add +1.1% |
| SWK Stanley Black & Decker Inc. | 0.02% | 9,935 | $738K | Reduce -96.7% |
| FTS Fortis Inc. | 0.02% | 10,945 | $556K | Add +9.3% |
| DLMAF Dollarama Inc. | 0.01% | 3,810 | $503K | Add +3.5% |
| MSFT Microsoft Corp. | 0.01% | 930 | $482K | Add +10.1% |
| PEP Pepsico Inc. | 0.01% | 3,180 | $447K | Reduce -97.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 7,570 | $391K | Add +4.2% |
| ADI Analog Devices Inc. | 0.01% | 1,215 | $299K | Add +2.1% |
| JPM JPMorgan Chase & Co. | 0.01% | 944 | $298K | Add +13.7% |
| TXN Texas Instruments Inc. | 0.01% | 1,570 | $288K | Add +3.6% |
| AAPL Apple Inc. | 0.01% | 1,085 | $276K | No change |
| CMCSA Comcast Corp. Class A | 0.01% | 8,070 | $254K | Reduce -81.0% |
| AEM Agnico Eagle Mines Ltd. | 0.01% | 1,455 | $245K | New |
| AMGN Amgen Inc. | 0.01% | 850 | $240K | No change |
| PNC PNC Financial Services Group | 0.01% | 1,000 | $201K | New |
| NPIFF Northland Power Inc. | 0.00% | 10,000 | $168K | New |
Portfolio Sells Q2 2025 → Q3 2025
| CDNAF Canadian Tire Corp. Class A | Reduce -7.9% | 3.53% | −1.22 |
| SONY Sony Group Corp. - SP ADR | Reduce -60.1% | 0.51% | −0.74 |
| SWK Stanley Black & Decker Inc. | Reduce -96.7% | 0.02% | −0.61 |
| PEP Pepsico Inc. | Reduce -97.0% | 0.01% | −0.43 |
| NTIOF National Bank of Canada | Reduce -0.3% | 2.46% | −0.13 |
| ELEEF Element Fleet Management Cor | Reduce -0.1% | 2.77% | −0.13 |
| BOWFF Boardwalk Real Estate Invest | Reduce -0.1% | 0.99% | −0.12 |
| NTR Nutrien Ltd. | Reduce -2.3% | 0.98% | −0.10 |
| SIEGY Siemens AG-Spons ADR | Reduce -0.7% | 1.09% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -81.0% | 0.01% | −0.04 |
| GPN Global Payments Inc. | Reduce -2.0% | 0.24% | −0.02 |
| GRTUF Granite Real Estate Investme | Reduce -3.5% | 0.49% | −0.01 |
| IBDRY Iberdrola SA-Sponsored ADR | Reduce -5.9% | 0.05% | −0.01 |
| BN Brookfield Corp. | Reduce -2.0% | 4.29% | +0.01 |
| APYRF Allied Properties Real Estat | Reduce -0.2% | 0.49% | +0.04 |
| AVGO Broadcom Inc. | Reduce -0.9% | 0.92% | +0.08 |
| CM Can Imperial BK of Commerce | Reduce -0.8% | 4.23% | +0.13 |
| ORCL Oracle Corp. | Reduce -0.3% | 1.14% | +0.18 |
| GIL Gildan Activewear Inc. | Reduce -0.8% | 4.52% | +0.31 |
Portfolio Buys Q2 2025 → Q3 2025
| LVMUY LVMH Moet Hennessy-Unsp ADR | New | 0.64% | +0.64 |
| CARR Carrier Global Corp. | Add +9447.9% | 0.64% | +0.63 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.57% | +0.57 |
| SAPIF Saputo Inc. | Add +4.8% | 4.10% | +0.53 |
| ETR Entergy Corp. | New | 0.35% | +0.35 |
| BMO Bank of Montreal | Add +0.1% | 4.17% | +0.33 |
| EMA Emera Inc. | New | 0.30% | +0.30 |
| BNS Bank of Nova Scotia | Add +0.3% | 3.90% | +0.30 |
| USB US Bancorp | Add +698.5% | 0.34% | +0.30 |
| CMI Cummins Inc. | Add +0.2% | 1.31% | +0.21 |
| NNWWF The North West Co. Inc. | New | 0.19% | +0.19 |
| ABBV Abbvie Inc. | Add +0.7% | 1.28% | +0.18 |
| URI United Rentals Inc. | Add +0.9% | 1.13% | +0.17 |
| SU Suncor Energy Inc. | Add +0.5% | 4.40% | +0.16 |
| TRP TC Energy Corp. | Add +0.7% | 3.92% | +0.14 |
| RY Royal Bank of Canada | Add +0.1% | 3.91% | +0.13 |
| ENB Enbridge Inc. | Add +0.6% | 3.82% | +0.12 |
| EIFZF Exchange Income Corp. | New | 0.08% | +0.08 |
| AMAT Applied Materials Inc. | Add +1.3% | 1.23% | +0.05 |
| MRK Merck & Co. Inc. | Add +9.0% | 0.71% | +0.04 |
| BDX Becton Dickinson and Co. | Add +4.4% | 0.78% | +0.04 |
| HD Home Depot Inc. | Add +1.5% | 1.00% | +0.03 |
| SBGSY Schneider Elect SE-Unsp ADR | Add +8.1% | 0.67% | +0.03 |
| PBA Pembina Pipeline Corp. | Add +1.3% | 3.48% | +0.03 |
| NEE Nextera Energy Inc. | Add +2.3% | 1.00% | +0.03 |
| MDT Medtronic PLC | Add +2.2% | 0.80% | +0.02 |
| COP Conocophillips | Add +6.0% | 0.36% | +0.01 |
| AEM Agnico Eagle Mines Ltd. | New | 0.01% | +0.01 |
| PNC PNC Financial Services Group | New | 0.01% | +0.01 |
| NPIFF Northland Power Inc. | New | 0.00% | +0.00 |
| FTS Fortis Inc. | Add +9.3% | 0.02% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +13.7% | 0.01% | +0.00 |
| MSFT Microsoft Corp. | Add +10.1% | 0.01% | +0.00 |
| TD Toronto-Dominion Bank | Add +1.1% | 0.04% | +0.00 |
| BAC Bank of America Corp. | Add +4.2% | 0.01% | +0.00 |
| ADI Analog Devices Inc. | Add +2.1% | 0.01% | −0.00 |
| TXN Texas Instruments Inc. | Add +3.6% | 0.01% | −0.00 |
| DLMAF Dollarama Inc. | Add +3.5% | 0.01% | −0.00 |
| TU Telus Corp. | Add +3.8% | 0.16% | −0.01 |
| NXPI NXP Semiconductors NV | Add +1.9% | 0.78% | −0.02 |
| EQIX Equinix Inc. | Add +0.1% | 0.37% | −0.04 |
| WFC Wells Fargo & Co. | Add +0.1% | 1.29% | −0.04 |
| ENLAY Enel SPA - Unspon ADR | Add +0.7% | 0.78% | −0.06 |
| CDW CDW Corp. | Add +1.4% | 0.34% | −0.07 |
| UL Unilever PLC | Add +1.9% | 0.74% | −0.07 |
| TMUS T-Mobile US Inc. | Add +0.6% | 1.18% | −0.09 |
| APD Air Products & Chemicals Inc. | Add +1.6% | 0.95% | −0.10 |
| CP Canadian Pacific Kansas City | Add +11.6% | 3.22% | −0.11 |
| SAP Sap SE-Sponsored ADR | Add +3.1% | 0.62% | −0.12 |
| HON Honeywell International Inc. | Add +2.7% | 0.80% | −0.13 |
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 |