Cardinal Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), Cardinal Capital Management, Inc. reported 70 stock positions worth $4.5 billion. Its top holding was Saputo (SAPIF) at 5.1% of the portfolio, followed by Manulife Financial (MFC, 5.1%) and Gildan Activewear (GIL, 4.9%). Compared with Q3 2025, it opened 1 new position, sold out of 8, added to 25 and reduced 42. The biggest buy was Canadian Natl Railway (CNI, shares +31%) and the biggest sale an exit from CCL Industries Class B (CCDBF).
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $4.5B (Q4 2025)
- SEC Filing
- 0001518235-26-000001 ↗ filed Jan 22, 2026
Holdings Value
Holdings 70 stocks · $4.5B
| SAPIF Saputo Inc. | 5.13% | 5,525,855 | $228.3M | Reduce -5.4% |
| MFC Manulife Financial Corp. | 5.11% | 4,569,808 | $227.8M | Reduce -4.6% |
| GIL Gildan Activewear Inc. | 4.90% | 2,543,896 | $218.2M | Reduce -6.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 4.85% | 1,736,864 | $216.1M | Reduce -5.2% |
| SU Suncor Energy Inc. | 4.79% | 3,500,373 | $213.2M | Reduce -3.9% |
| RY Royal Bank of Canada | 4.62% | 879,128 | $205.7M | Reduce -4.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.54% | 1,997,649 | $202.2M | Reduce -4.2% |
| BN Brookfield Corp. | 4.36% | 3,077,748 | $194.0M | Reduce -5.2% |
| TRP TC Energy Corp. | 4.07% | 2,396,890 | $181.2M | Reduce -4.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.96% | 988,492 | $176.2M | Reduce -10.8% |
| CDNAF Canadian Tire Corp. Class A | 3.85% | 985,701 | $171.5M | Reduce -4.0% |
| PBA Pembina Pipeline Corp. | 3.84% | 3,274,336 | $171.2M | Add +10.0% |
| CP Canadian Pacific Kansas City | 3.52% | 1,549,556 | $156.6M | Add +3.7% |
| IFCZF Intact Financial Corp. | 3.43% | 534,672 | $152.8M | Add +4.6% |
| CNI Canadian Natl Railway Co. | 2.97% | 974,350 | $132.3M | Add +31.3% |
| ELEEF Element Fleet Management Cor | 2.89% | 3,566,874 | $128.6M | Reduce -3.6% |
| SLF Sun Life Financial Inc. | 2.07% | 1,074,314 | $92.0M | Reduce -6.2% |
| AMAT Applied Materials Inc. | 1.61% | 202,845 | $71.5M | Reduce -2.3% |
| CMI Cummins Inc. | 1.51% | 95,871 | $67.1M | Reduce -10.8% |
| ABBV Abbvie Inc. | 1.35% | 191,836 | $60.1M | Reduce -0.1% |
| ENB Enbridge Inc. | 1.30% | 884,856 | $58.1M | Reduce -66.2% |
| WFC Wells Fargo & Co. | 1.29% | 450,511 | $57.6M | Reduce -15.5% |
| SIEGY Siemens AG-Spons ADR | 1.20% | 277,659 | $53.3M | Reduce -1.1% |
| BKNG Booking Holdings Inc. | 1.17% | 7,107 | $52.2M | Add +1.9% |
| TMUS T-Mobile US Inc. | 1.11% | 176,744 | $49.2M | Add +3.3% |
| NEE Nextera Energy Inc. | 1.07% | 432,636 | $47.6M | Reduce -5.2% |
| URI United Rentals Inc. | 1.04% | 41,773 | $46.4M | Add +1.7% |
| NTR Nutrien Ltd. | 1.00% | 526,307 | $44.6M | Reduce -9.1% |
| MRK Merck & Co. Inc. | 0.99% | 304,534 | $44.0M | Add +3.6% |
| NXPI NXP Semiconductors NV | 0.96% | 144,019 | $42.9M | Add +21.5% |
| SBGSY Schneider Elect SE-Unsp ADR | 0.96% | 566,826 | $42.7M | Add +37.3% |
| BOWFF Boardwalk Real Estate Invest | 0.95% | 656,695 | $42.3M | Reduce -4.6% |
| APD Air Products & Chemicals Inc. | 0.95% | 124,278 | $42.1M | Add +3.4% |
| HD Home Depot Inc. | 0.93% | 87,850 | $41.5M | Add +3.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.92% | 98,806 | $41.2M | Add +40.5% |
| ENLAY Enel SPA - Unspon ADR filed as ENEL SOCIETA PER AZIONI UNSPON | 0.90% | 2,806,452 | $40.0M | Reduce -1.4% |
| MDT Medtronic PLC | 0.87% | 295,210 | $38.9M | Add +2.0% |
| HON Honeywell International Inc. | 0.83% | 138,726 | $37.1M | Add +6.1% |
| MSFT Microsoft Corp. | 0.82% | 55,217 | $36.6M | Add +5837.3% |
| ORCL Oracle Corp. | 0.80% | 133,990 | $35.8M | Reduce -4.2% |
| UL Unilever PLC-Sponsored ADR | 0.77% | 383,058 | $34.4M | Reduce -0.4% |
| AVGO Broadcom Inc. | 0.75% | 70,413 | $33.4M | Reduce -26.8% |
| BDX Becton Dickinson and Co. | 0.74% | 123,084 | $32.8M | Reduce -14.5% |
| CARR Carrier Global Corp. | 0.67% | 410,196 | $29.7M | Add +11.3% |
| SAP Sap SE-Sponsored ADR | 0.63% | 83,841 | $27.9M | Add +5.0% |
| GRTUF Granite Real Estate Investme | 0.51% | 280,215 | $22.9M | Reduce -7.9% |
| USB US Bancorp | 0.47% | 285,196 | $20.9M | Add +17.3% |
| ETR Entergy Corp. | 0.42% | 148,190 | $18.8M | Add +15.0% |
| EQIX Equinix Inc. | 0.38% | 16,275 | $17.1M | Add +0.3% |
| EMA Emera Inc. | 0.33% | 217,825 | $14.7M | Reduce -0.4% |
| COP Conocophillips | 0.29% | 101,793 | $13.1M | Reduce -22.6% |
| CDW CDW Corp. | 0.21% | 50,050 | $9.4M | Reduce -31.4% |
| GPN Global Payments Inc. | 0.15% | 63,631 | $6.8M | Reduce -36.5% |
| IBDRY Iberdrola SA-Sponsored ADR | 0.06% | 21,323 | $2.5M | Reduce -12.0% |
| TD Toronto-Dominion Bank | 0.05% | 17,509 | $2.3M | Reduce -0.1% |
| FTS Fortis Inc. | 0.02% | 11,715 | $835K | Add +7.0% |
| DLMAF Dollarama Inc. | 0.02% | 3,710 | $761K | Reduce -2.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 7,370 | $556K | Reduce -2.6% |
| SONY Sony Group Corp. - SP ADR | 0.01% | 15,180 | $533K | Reduce -97.5% |
| ADI Analog Devices Inc. | 0.01% | 1,240 | $461K | Add +2.1% |
| CNQ Canadian Natural Resources | 0.01% | 8,658 | $403K | New |
| TXN Texas Instruments Inc. | 0.01% | 1,645 | $391K | Add +4.8% |
| AMGN Amgen Inc. | 0.01% | 850 | $382K | No change |
| AAPL Apple Inc. | 0.01% | 997 | $372K | Reduce -8.1% |
| AEM Agnico Eagle Mines Ltd. | 0.01% | 1,565 | $364K | Add +7.6% |
| JPM JPMorgan Chase & Co. | 0.01% | 745 | $329K | Reduce -21.1% |
| PNC PNC Financial Services Group | 0.01% | 1,000 | $286K | No change |
| TU Telus Corp. | 0.01% | 15,435 | $279K | Reduce -95.6% |
| APYRF Allied Properties Real Estat | 0.01% | 18,295 | $245K | Reduce -98.4% |
| CMCSA Comcast Corp. Class A | 0.00% | 4,970 | $204K | Reduce -38.4% |
Portfolio Sells Q3 2025 → Q4 2025
| CCDBF CCL Industries Inc. Class B | Sold out | 0.00% | −2.54 |
| ENB Enbridge Inc. | Reduce -66.2% | 1.30% | −2.52 |
| NTIOF National Bank of Canada | Sold out | 0.00% | −2.46 |
| LVMUY LVMH Moet Hennessy-Unsp ADR | Sold out | 0.00% | −0.64 |
| SONY Sony Group Corp. - SP ADR | Reduce -97.5% | 0.01% | −0.50 |
| APYRF Allied Properties Real Estat | Reduce -98.4% | 0.01% | −0.48 |
| ORCL Oracle Corp. | Reduce -4.2% | 0.80% | −0.33 |
| BMO Bank of Montreal | Reduce -10.8% | 3.96% | −0.22 |
| NNWWF The North West Co. Inc. | Sold out | 0.00% | −0.19 |
| AVGO Broadcom Inc. | Reduce -26.8% | 0.75% | −0.17 |
| TU Telus Corp. | Reduce -95.6% | 0.01% | −0.15 |
| CDW CDW Corp. | Reduce -31.4% | 0.21% | −0.13 |
| GPN Global Payments Inc. | Reduce -36.5% | 0.15% | −0.09 |
| EIFZF Exchange Income Corp. | Sold out | 0.00% | −0.08 |
| COP Conocophillips | Reduce -22.6% | 0.29% | −0.07 |
| BDX Becton Dickinson and Co. | Reduce -14.5% | 0.74% | −0.04 |
| BOWFF Boardwalk Real Estate Invest | Reduce -4.6% | 0.95% | −0.04 |
| SWK Stanley Black & Decker Inc. | Sold out | 0.00% | −0.02 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.01 |
| NPIFF Northland Power Inc. | Sold out | 0.00% | −0.00 |
| CMCSA Comcast Corp. Class A | Reduce -38.4% | 0.00% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -21.1% | 0.01% | −0.00 |
| AAPL Apple Inc. | Reduce -8.1% | 0.01% | +0.00 |
| BAC Bank of America Corp. | Reduce -2.6% | 0.01% | +0.00 |
| WFC Wells Fargo & Co. | Reduce -15.5% | 1.29% | +0.00 |
| DLMAF Dollarama Inc. | Reduce -2.6% | 0.02% | +0.00 |
| IBDRY Iberdrola SA-Sponsored ADR | Reduce -12.0% | 0.06% | +0.00 |
| TD Toronto-Dominion Bank | Reduce -0.1% | 0.05% | +0.01 |
| NTR Nutrien Ltd. | Reduce -9.1% | 1.00% | +0.02 |
| GRTUF Granite Real Estate Investme | Reduce -7.9% | 0.51% | +0.03 |
| EMA Emera Inc. | Reduce -0.4% | 0.33% | +0.03 |
| UL Unilever PLC-Sponsored ADR | Reduce -0.4% | 0.77% | +0.03 |
| BN Brookfield Corp. | Reduce -5.2% | 4.36% | +0.06 |
| ABBV Abbvie Inc. | Reduce -0.1% | 1.35% | +0.07 |
| NEE Nextera Energy Inc. | Reduce -5.2% | 1.07% | +0.07 |
| SLF Sun Life Financial Inc. | Reduce -6.2% | 2.07% | +0.08 |
| SIEGY Siemens AG-Spons ADR | Reduce -1.1% | 1.20% | +0.10 |
| ELEEF Element Fleet Management Cor | Reduce -3.6% | 2.89% | +0.12 |
| ENLAY Enel SPA - Unspon ADR | Reduce -1.4% | 0.90% | +0.12 |
| TRP TC Energy Corp. | Reduce -4.0% | 4.07% | +0.15 |
| CMI Cummins Inc. | Reduce -10.8% | 1.51% | +0.20 |
| CDNAF Canadian Tire Corp. Class A | Reduce -4.0% | 3.85% | +0.32 |
| AMAT Applied Materials Inc. | Reduce -2.3% | 1.61% | +0.38 |
| GIL Gildan Activewear Inc. | Reduce -6.0% | 4.90% | +0.38 |
| SU Suncor Energy Inc. | Reduce -3.9% | 4.79% | +0.38 |
| CM Can Imperial BK of Commerce | Reduce -5.2% | 4.85% | +0.62 |
| BNS Bank of Nova Scotia | Reduce -4.2% | 4.54% | +0.64 |
| RY Royal Bank of Canada | Reduce -4.2% | 4.62% | +0.71 |
| MFC Manulife Financial Corp. | Reduce -4.6% | 5.11% | +0.80 |
| SAPIF Saputo Inc. | Reduce -5.4% | 5.13% | +1.02 |
Portfolio Buys Q3 2025 → Q4 2025
| CNI Canadian Natl Railway Co. | Add +31.3% | 2.97% | +0.95 |
| MSFT Microsoft Corp. | Add +5837.3% | 0.82% | +0.81 |
| IFCZF Intact Financial Corp. | Add +4.6% | 3.43% | +0.56 |
| PBA Pembina Pipeline Corp. | Add +10.0% | 3.84% | +0.37 |
| TSM Taiwan Semiconductor-SP ADR | Add +40.5% | 0.92% | +0.36 |
| CP Canadian Pacific Kansas City | Add +3.7% | 3.52% | +0.30 |
| SBGSY Schneider Elect SE-Unsp ADR | Add +37.3% | 0.96% | +0.29 |
| MRK Merck & Co. Inc. | Add +3.6% | 0.99% | +0.27 |
| NXPI NXP Semiconductors NV | Add +21.5% | 0.96% | +0.18 |
| USB US Bancorp | Add +17.3% | 0.47% | +0.13 |
| BKNG Booking Holdings Inc. | Add +1.9% | 1.17% | +0.09 |
| MDT Medtronic PLC | Add +2.0% | 0.87% | +0.08 |
| ETR Entergy Corp. | Add +15.0% | 0.42% | +0.08 |
| HON Honeywell International Inc. | Add +6.1% | 0.83% | +0.04 |
| CARR Carrier Global Corp. | Add +11.3% | 0.67% | +0.03 |
| EQIX Equinix Inc. | Add +0.3% | 0.38% | +0.02 |
| SAP Sap SE-Sponsored ADR | Add +5.0% | 0.63% | +0.01 |
| CNQ Canadian Natural Resources | New | 0.01% | +0.01 |
| FTS Fortis Inc. | Add +7.0% | 0.02% | +0.00 |
| ADI Analog Devices Inc. | Add +2.1% | 0.01% | +0.00 |
| AEM Agnico Eagle Mines Ltd. | Add +7.6% | 0.01% | +0.00 |
| TXN Texas Instruments Inc. | Add +4.8% | 0.01% | +0.00 |
| APD Air Products & Chemicals Inc. | Add +3.4% | 0.95% | −0.00 |
| HD Home Depot Inc. | Add +3.0% | 0.93% | −0.07 |
| TMUS T-Mobile US Inc. | Add +3.3% | 1.11% | −0.08 |
| URI United Rentals Inc. | Add +1.7% | 1.04% | −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 |