Cardinal Capital Management, Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 7, 2026), Cardinal Capital Management, Inc. reported 66 stock positions worth $3.7 billion. Its top holding was Suncor Energy (SU) at 6.2% of the portfolio, followed by Saputo (SAPIF, 4.7%) and Manulife Financial (MFC, 4.3%). Compared with Q4 2025, it opened 3 new positions, sold out of 7, added to 48 and reduced 11. The biggest buy was a new position in CCL Industries Class B (CCDBF) and the biggest sale Can Imperial BK of Commerce (CM, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- WINNIPEG, A2
- CIK
- 0001518235
- Portfolio Value
- $3.7B (Q1 2026)
- SEC Filing
- 0001518235-26-000002 ↗ filed Apr 7, 2026
Holdings Value
Holdings 66 stocks · $3.7B
| SU Suncor Energy Inc. | 6.24% | 3,510,340 | $231.4M | Add +0.3% |
| SAPIF Saputo Inc. | 4.69% | 5,587,163 | $174.0M | Add +1.1% |
| MFC Manulife Financial Corp. | 4.33% | 4,675,188 | $160.5M | Add +2.3% |
| PBA Pembina Pipeline Corp. | 4.27% | 3,555,001 | $158.6M | Add +8.6% |
| TRP TC Energy Corp. | 4.26% | 2,534,676 | $158.2M | Add +5.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 3.96% | 1,557,036 | $147.1M | Reduce -10.3% |
| RY Royal Bank of Canada | 3.89% | 895,739 | $144.3M | Add +1.9% |
| GIL Gildan Activewear Inc. | 3.87% | 2,586,145 | $143.6M | Add +1.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C | 3.77% | 2,022,859 | $139.8M | Add +1.3% |
| SLF Sun Life Financial Inc. | 3.76% | 2,231,424 | $139.4M | Add +107.7% |
| BMO Bank of Montreal filed as BANK MONTREAL MEDIUM | 3.65% | 1,004,527 | $135.6M | Add +1.6% |
| CDNAF Canadian Tire Corp. Class A | 3.63% | 1,003,524 | $134.5M | Add +1.8% |
| CP Canadian Pacific Kansas City | 3.53% | 1,669,924 | $131.0M | Add +7.8% |
| BN Brookfield Corp. | 3.45% | 3,166,889 | $127.9M | Add +2.9% |
| CNI Canadian Natl Railway Co. | 3.28% | 1,185,461 | $121.6M | Add +21.7% |
| CCDBF CCL Industries Inc. Class B | 3.20% | 1,902,215 | $118.8M | New |
| IFCZF Intact Financial Corp. | 3.07% | 631,157 | $114.0M | Add +18.1% |
| NTIOF National Bank of Canada filed as BANQUE NATIONALE DU CANADA | 2.64% | 758,948 | $97.9M | New |
| ELEEF Element Fleet Management Cor | 2.32% | 3,988,477 | $86.2M | Add +11.8% |
| AMAT Applied Materials Inc. | 1.73% | 187,682 | $64.1M | Reduce -7.5% |
| ABBV Abbvie Inc. | 1.48% | 252,513 | $54.9M | Add +31.6% |
| CMI Cummins Inc. | 1.39% | 96,047 | $51.7M | Add +0.2% |
| TMUS T-Mobile US Inc. | 1.10% | 194,603 | $40.9M | Add +10.1% |
| NEE Nextera Energy Inc. | 1.09% | 434,614 | $40.4M | Add +0.5% |
| APD Air Products & Chemicals Inc. | 1.01% | 128,753 | $37.4M | Add +3.6% |
| WFC Wells Fargo & Co. | 0.99% | 462,710 | $36.8M | Add +2.7% |
| NTR Nutrien Ltd. | 0.96% | 473,902 | $35.7M | Reduce -10.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.95% | 104,741 | $35.4M | Add +6.0% |
| SIEGY Siemens AG-Spons ADR | 0.95% | 288,065 | $35.1M | Add +3.8% |
| BKNG Booking Holdings Inc. | 0.91% | 8,044 | $33.9M | Add +13.2% |
| ETR Entergy Corp. | 0.91% | 299,000 | $33.6M | Add +101.8% |
| SBGSY Schneider Elect SE-Unsp ADR | 0.89% | 604,121 | $32.9M | Add +6.6% |
| URI United Rentals Inc. | 0.87% | 44,502 | $32.4M | Add +6.5% |
| HON Honeywell International Inc. | 0.86% | 141,392 | $32.0M | Add +1.9% |
| HD Home Depot Inc. | 0.84% | 95,061 | $31.3M | Add +8.2% |
| ENLAY Enel SPA - Unspon ADR filed as ENEL SOCIETA PER AZIONI | 0.83% | 2,845,262 | $31.0M | Add +1.4% |
| NXPI NXP Semiconductors NV | 0.83% | 156,109 | $30.7M | Add +8.4% |
| BOWFF Boardwalk Real Estate Invest | 0.83% | 680,865 | $30.7M | Add +3.7% |
| CARR Carrier Global Corp. | 0.82% | 537,401 | $30.3M | Add +31.0% |
| MSFT Microsoft Corp. | 0.76% | 76,652 | $28.4M | Add +38.8% |
| MDT Medtronic PLC | 0.73% | 310,911 | $26.9M | Add +5.3% |
| BDX Becton Dickinson and Co. | 0.71% | 167,382 | $26.3M | Add +36.0% |
| MRK Merck & Co. Inc. | 0.67% | 207,470 | $25.0M | Reduce -31.9% |
| UL Unilever PLC-Sponsored ADR | 0.64% | 415,717 | $23.7M | Add +8.5% |
| ENB Enbridge Inc. | 0.63% | 433,145 | $23.4M | Reduce -51.0% |
| AVGO Broadcom Inc. | 0.62% | 74,593 | $23.1M | Add +5.9% |
| COP Conocophillips | 0.49% | 137,868 | $18.2M | Add +35.4% |
| EQIX Equinix Inc. | 0.45% | 17,213 | $16.9M | Add +5.8% |
| USB US Bancorp | 0.43% | 309,751 | $16.1M | Add +8.6% |
| GRTUF Granite Real Estate Investme | 0.43% | 269,724 | $15.8M | Reduce -3.7% |
| SAP Sap SE-Sponsored ADR | 0.42% | 90,046 | $15.4M | Add +7.4% |
| EMA Emera Inc. | 0.31% | 221,785 | $11.5M | Add +1.8% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.25% | 43,167 | $9.3M | New |
| CDW CDW Corp. | 0.23% | 70,347 | $8.5M | Add +40.5% |
| IBDRY Iberdrola SA-Sponsored ADR | 0.05% | 20,348 | $1.9M | Reduce -4.6% |
| TD Toronto-Dominion Bank | 0.04% | 15,723 | $1.5M | Reduce -10.2% |
| FTS Fortis Inc. | 0.02% | 13,000 | $725K | Add +11.0% |
| DLMAF Dollarama Inc. | 0.01% | 3,710 | $454K | No change |
| ADI Analog Devices Inc. | 0.01% | 1,265 | $402K | Add +2.0% |
| TXN Texas Instruments Inc. | 0.01% | 1,825 | $354K | Add +10.9% |
| AMGN Amgen Inc. | 0.01% | 850 | $299K | No change |
| AEM Agnico Eagle Mines Ltd. | 0.01% | 1,455 | $294K | Reduce -7.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 5,335 | $260K | Reduce -27.6% |
| AAPL Apple Inc. | 0.01% | 997 | $253K | No change |
| CNQ Canadian Natural Resources | 0.01% | 4,765 | $232K | Reduce -45.0% |
| PNC PNC Financial Services Group | 0.01% | 1,000 | $208K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| CM Can Imperial BK of Commerce | Reduce -10.3% | 3.96% | −0.89 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.80 |
| ENB Enbridge Inc. | Reduce -51.0% | 0.63% | −0.67 |
| MRK Merck & Co. Inc. | Reduce -31.9% | 0.67% | −0.31 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.15 |
| GRTUF Granite Real Estate Investme | Reduce -3.7% | 0.43% | −0.09 |
| NTR Nutrien Ltd. | Reduce -10.0% | 0.96% | −0.04 |
| SONY Sony Group Corp. - SP ADR | Sold out | 0.00% | −0.01 |
| TD Toronto-Dominion Bank | Reduce -10.2% | 0.04% | −0.01 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.01 |
| TU Telus Corp. | Sold out | 0.00% | −0.01 |
| IBDRY Iberdrola SA-Sponsored ADR | Reduce -4.6% | 0.05% | −0.01 |
| APYRF Allied Properties Real Estat | Sold out | 0.00% | −0.01 |
| BAC Bank of America Corp. | Reduce -27.6% | 0.01% | −0.01 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.00 |
| CNQ Canadian Natural Resources | Reduce -45.0% | 0.01% | −0.00 |
| AEM Agnico Eagle Mines Ltd. | Reduce -7.0% | 0.01% | −0.00 |
| AMAT Applied Materials Inc. | Reduce -7.5% | 1.73% | +0.12 |
Portfolio Buys Q4 2025 → Q1 2026
| CCDBF CCL Industries Inc. Class B | New | 3.20% | +3.20 |
| NTIOF National Bank of Canada | New | 2.64% | +2.64 |
| SLF Sun Life Financial Inc. | Add +107.7% | 3.76% | +1.69 |
| SU Suncor Energy Inc. | Add +0.3% | 6.24% | +1.45 |
| ETR Entergy Corp. | Add +101.8% | 0.91% | +0.48 |
| PBA Pembina Pipeline Corp. | Add +8.6% | 4.27% | +0.43 |
| CNI Canadian Natl Railway Co. | Add +21.7% | 3.28% | +0.31 |
| AJG Arthur J Gallagher & Co. | New | 0.25% | +0.25 |
| COP Conocophillips | Add +35.4% | 0.49% | +0.20 |
| TRP TC Energy Corp. | Add +5.8% | 4.26% | +0.20 |
| CARR Carrier Global Corp. | Add +31.0% | 0.82% | +0.15 |
| ABBV Abbvie Inc. | Add +31.6% | 1.48% | +0.13 |
| EQIX Equinix Inc. | Add +5.8% | 0.45% | +0.07 |
| APD Air Products & Chemicals Inc. | Add +3.6% | 1.01% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +6.0% | 0.95% | +0.03 |
| HON Honeywell International Inc. | Add +1.9% | 0.86% | +0.03 |
| CDW CDW Corp. | Add +40.5% | 0.23% | +0.02 |
| NEE Nextera Energy Inc. | Add +0.5% | 1.09% | +0.02 |
| CP Canadian Pacific Kansas City | Add +7.8% | 3.53% | +0.01 |
| FTS Fortis Inc. | Add +11.0% | 0.02% | +0.00 |
| TXN Texas Instruments Inc. | Add +10.9% | 0.01% | +0.00 |
| ADI Analog Devices Inc. | Add +2.0% | 0.01% | +0.00 |
| TMUS T-Mobile US Inc. | Add +10.1% | 1.10% | −0.00 |
| EMA Emera Inc. | Add +1.8% | 0.31% | −0.02 |
| BDX Becton Dickinson and Co. | Add +36.0% | 0.71% | −0.03 |
| USB US Bancorp | Add +8.6% | 0.43% | −0.03 |
| MSFT Microsoft Corp. | Add +38.8% | 0.76% | −0.06 |
| ENLAY Enel SPA - Unspon ADR | Add +1.4% | 0.83% | −0.06 |
| SBGSY Schneider Elect SE-Unsp ADR | Add +6.6% | 0.89% | −0.07 |
| HD Home Depot Inc. | Add +8.2% | 0.84% | −0.09 |
| CMI Cummins Inc. | Add +0.2% | 1.39% | −0.11 |
| BOWFF Boardwalk Real Estate Invest | Add +3.7% | 0.83% | −0.12 |
| AVGO Broadcom Inc. | Add +5.9% | 0.62% | −0.13 |
| UL Unilever PLC-Sponsored ADR | Add +8.5% | 0.64% | −0.13 |
| NXPI NXP Semiconductors NV | Add +8.4% | 0.83% | −0.13 |
| MDT Medtronic PLC | Add +5.3% | 0.73% | −0.15 |
| URI United Rentals Inc. | Add +6.5% | 0.87% | −0.17 |
| SAP Sap SE-Sponsored ADR | Add +7.4% | 0.42% | −0.21 |
| CDNAF Canadian Tire Corp. Class A | Add +1.8% | 3.63% | −0.22 |
| SIEGY Siemens AG-Spons ADR | Add +3.8% | 0.95% | −0.25 |
| BKNG Booking Holdings Inc. | Add +13.2% | 0.91% | −0.26 |
| WFC Wells Fargo & Co. | Add +2.7% | 0.99% | −0.30 |
| BMO Bank of Montreal | Add +1.6% | 3.65% | −0.30 |
| IFCZF Intact Financial Corp. | Add +18.1% | 3.07% | −0.36 |
| SAPIF Saputo Inc. | Add +1.1% | 4.69% | −0.44 |
| ELEEF Element Fleet Management Cor | Add +11.8% | 2.32% | −0.56 |
| RY Royal Bank of Canada | Add +1.9% | 3.89% | −0.73 |
| BNS Bank of Nova Scotia | Add +1.3% | 3.77% | −0.77 |
| MFC Manulife Financial Corp. | Add +2.3% | 4.33% | −0.79 |
| BN Brookfield Corp. | Add +2.9% | 3.45% | −0.91 |
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 |