Cardinal Point Capital Management ULC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Cardinal Point Capital Management ULC reported 179 stock positions worth $1.1 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 13.5% of the portfolio, followed by Wisdomtree Floating Rate Tre (USFR, 6.5%) and Vanguard Intermediate-Term T (VGIT, 5.0%). Compared with Q4 2024, it opened 99 new positions, sold out of 4, added to 37 and reduced 28. The biggest buy was Apple (AAPL, shares +3%) and the biggest sale iShares Gold Trust (IAU, shares −24%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001950841
Portfolio Value
$1.1B (Q1 2025)
SEC Filing
0001085146-25-002760 ↗ filed May 8, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $525.6M Q1 2024 Q2 2024: $574.8M Q2 2024 Q3 2024: $599.9M Q3 2024 Q4 2024: $629.9M Q4 2024 Q1 2025: $1.1B $1.1B Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.5B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 179 stocks · $1.1B
VTI VG Morningstar TS MKT ETF-US 13.46% 532,928 $146.5M Add +0.7%
USFR Wisdomtree Floating Rate Tre 6.54% 1,414,349 $71.2M Add +0.2%
VGIT Vanguard Intermediate-Term T 4.95% 907,306 $53.9M Add +3.8%
AAPL Apple Inc. 4.89% 35,967 $53.2M Add +2.7%
VEU Vanguard Ftse All-World Ex-U 3.66% 656,961 $39.9M Add +2.2%
LRGF iShares US Equity Factor ETF 3.62% 681,016 $39.4M Add +0.9%
MUB iShares National Muni Bond E 3.21% 331,175 $34.9M Add +5.6%
DFAX Dimensional World Ex US Core 3.08% 1,278,063 $33.5M Add +3.7%
DFAC Dimensional US Core Equity 2 2.56% 842,968 $27.8M Add +10.9%
DBMF Imgp Dbi MFT STR ETF-Usd Inc. 2.53% 1,087,845 $27.5M Add +2.3%
PYLD PIMCO Multisector Bond Actv 2.12% 873,330 $23.0M Add +2.4%
IAU iShares Gold Trust 1.68% 309,798 $18.3M Reduce -24.1%
TD Toronto-Dominion Bank 1.67% 307,468 $18.2M New
BMO Bank of Montreal filed as BANK MONTREAL QUE 1.60% 183,378 $17.4M New
IHDG Wisdomtree International Hed 1.57% 392,484 $17.0M Add +1.0%
GOOG Alphabet Inc. Class C 1.56% 12,523 $17.0M Reduce -15.2%
JPM JPMorgan Chase & Co. 1.37% 60,888 $14.9M New
ENB Enbridge Inc. 1.35% 335,773 $14.7M New
SU Suncor Energy Inc. 1.35% 394,061 $14.7M New
WMT Walmart Inc. 1.34% 166,643 $14.6M New
MFC Manulife Financial Corp. 1.31% 461,433 $14.3M New
CSCO Cisco Systems Inc. 1.29% 227,245 $14.0M New
BRK.B Berkshire Hathaway Inc. Class B 1.23% 10,955 $13.4M Reduce -17.9%
RY Royal Bank of Canada 1.20% 117,217 $13.0M New
JNJ Johnson & Johnson 1.16% 76,597 $12.7M New
TRP TC Energy Corp. 1.11% 259,688 $12.1M New
PM Philip Morris International 1.02% 70,221 $11.1M New
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.96% 221,928 $10.5M New
GIB Cgi Inc. 0.96% 105,933 $10.4M New
CNI Canadian Natl Railway Co. 0.84% 94,219 $9.1M New
AEM Agnico Eagle Mines Ltd. 0.82% 94,513 $8.9M New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.81% 35,580 $8.8M New
RCI Rogers Communications Inc. Class B 0.80% 327,552 $8.7M New
CVS CVS Health Corp. 0.79% 126,145 $8.5M New
PEP Pepsico Inc. 0.78% 56,795 $8.5M New
ORCL Oracle Corp. 0.76% 58,967 $8.2M New
KVUE Kenvue Inc. 0.75% 339,935 $8.2M New
FTLS First Trust Long/Short Eqty 0.73% 124,164 $8.0M Reduce -0.8%
PFE Pfizer Inc. 0.72% 309,287 $7.8M New
TFLO iShares Treasury Floating Ra 0.71% 152,029 $7.7M Reduce -7.7%
CMCSA Comcast Corp. Class A 0.70% 205,315 $7.6M New
GDX Vaneck Gold Miners ETF 0.67% 158,780 $7.3M New
CNQ Canadian Natural Resources 0.65% 231,600 $7.1M New
DFSU Dimensional US Sus CORE1 ETF 0.61% 183,930 $6.6M Add +3.8%
OTEX Open Text Corp. 0.60% 262,619 $6.5M New
MSFT Microsoft Corp. 0.59% 5,497 $6.5M Add +4.6%
FDX FedEx Corp. 0.57% 25,448 $6.2M New
NEM Newmont Corp. 0.55% 151,495 $6.0M New
AMZN Amazon.com Inc. 0.52% 11,133 $5.7M Add +0.1%
BBU Brookfield Business PT-Unit 0.51% 243,432 $5.6M New
GOOGL Alphabet Inc. Class A 0.50% 30,460 $5.5M Add +547.5%
V Visa Inc. Class A 0.50% 3,237 $5.4M Add +1.5%
NVDA Nvidia Corp. 0.38% 17,492 $4.1M Add +1.6%
MCD McDonald's Corp. 0.37% 13,059 $4.1M New
TSLA Tesla Inc. 0.37% 15,572 $4.0M Add +0.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.36% 40,052 $4.0M New
VGT Vanguard Info Tech ETF 0.29% 5,831 $3.2M Reduce -11.9%
CVE Cenovus Energy Inc. 0.28% 234,251 $3.1M New
BBUC Brookfield Business Class A 0.28% 118,118 $3.0M New
VTRS Viatris Inc. 0.26% 329,325 $2.9M New
TU Telus Corp. 0.24% 181,275 $2.6M New
DFSI Dimensional Int Sus COR1 ETF 0.22% 69,950 $2.4M Add +2.0%
VOO Vanguard S&P 500 ETF 0.20% 4,252 $2.2M Add +0.7%
SLF Sun Life Financial Inc. 0.19% 35,177 $2.0M New
NKE Nike Inc. Class B 0.19% 31,742 $2.0M New
ZTS Zoetis Inc. 0.18% 12,106 $2.0M New
QQQ Invesco QQQ Trust Series 1 0.17% 4,017 $1.9M Add +3.0%
BN Brookfield Corp. 0.17% 35,738 $1.9M New
VZ Verizon Communications Inc. 0.16% 38,986 $1.8M New
SPY SS SPDR S&P 500 ETF Trust-US 0.15% 2,972 $1.7M Add +128.1%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.15% 28,851 $1.6M New
AGI Alamos Gold Inc. Class A 0.15% 60,092 $1.6M New
BRK.A Berkshire Hathaway Inc. Class A 0.15% 2 $1.6M No change
EAOR iShares ESG Aware 60/40 Bala 0.14% 48,490 $1.5M Reduce -7.4%
CL Colgate-Palmolive Co. 0.13% 10,881 $1.5M Add +130.5%
BCE Bce Inc. 0.13% 63,201 $1.5M New
GLW Corning Inc. 0.13% 30,482 $1.4M New
SUSB iShares ESG Aware 1-5 Year U 0.13% 54,448 $1.4M Reduce -5.5%
TAC Transalta Corp. 0.12% 144,815 $1.4M New
CRBN Ish Low Car Opt Ms Ac ETF-US 0.12% 7,025 $1.3M Add +2.3%
GILD Gilead Sciences Inc. 0.12% 11,958 $1.3M New
C Citigroup Inc. 0.11% 16,907 $1.2M New
EAOA iShares ESG Aware 80/20 Aggr 0.10% 31,545 $1.1M Reduce -9.3%
BMY Bristol-Myers Squibb Co. 0.09% 16,663 $1.0M New
UBER Uber Technologies Inc. 0.09% 13,225 $964K New
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.09% 28,815 $954K New
BIP Brookfield Infrastructure Pa 0.09% 36,245 $949K New
PBA Pembina Pipeline Corp. 0.09% 23,526 $942K New
PJUL Innovator U.S. Equity Power 0.09% 23,348 $938K Reduce -23.1%
EAGG iShares ESG Aware US Aggrega 0.08% 18,380 $873K Add +1.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.08% 20,641 $861K New
DFSE Dimensional Em Sus CORE1 ETF 0.07% 23,005 $775K Reduce -8.3%
PYPL PayPal Holdings Inc. 0.07% 11,705 $764K New
CP Canadian Pacific Kansas City 0.07% 10,739 $754K New
IAPR Innovator International Deve 0.07% 26,550 $731K No change
META Meta Platforms Inc. Class A 0.07% 1,258 $725K Add +4.7%
DGRO iShares Core Dividend Growth 0.07% 11,684 $722K Add +0.0%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.07% 8,200 $714K Reduce -19.6%
TXT Textron Inc. 0.06% 9,488 $686K New
IVV iShares Core S&P 500 ETF 0.06% 1,146 $644K Add +14.9%

Show all 179 holdings

Portfolio Sells Q4 2024 → Q1 2025
IAU iShares Gold Trust Reduce -24.1% 1.68% −1.53
TFLO iShares Treasury Floating Ra Reduce -7.7% 0.71% −0.61
FTLS First Trust Long/Short Eqty Reduce -0.8% 0.73% −0.58
VGT Vanguard Info Tech ETF Reduce -11.9% 0.29% −0.36
PJUN Innovator U.S. Equity Power Reduce -53.9% 0.06% −0.15
EAOR iShares ESG Aware 60/40 Bala Reduce -7.4% 0.14% −0.12
PJUL Innovator U.S. Equity Power Reduce -23.1% 0.09% −0.11
BOND PIMCO Active Bond Exchange-T Reduce -43.1% 0.06% −0.11
PAUG Innovator U.S. Equity Power Reduce -70.7% 0.02% −0.11
IRM Iron Mountain Inc. Reduce -19.6% 0.07% −0.11
SUSB iShares ESG Aware 1-5 Year U Reduce -5.5% 0.13% −0.10
EAOA iShares ESG Aware 80/20 Aggr Reduce -9.3% 0.10% −0.09
GLD SPDR Gold Shares Reduce -46.1% 0.05% −0.08
PJAN Innovator U.S. Equity Power Reduce -50.1% 0.03% −0.08
MSI Motorola Solutions Inc. Reduce -40.8% 0.03% −0.07
PFEB Innovator U.S. Equity Power Reduce -53.6% 0.02% −0.07
AVUV Avantis US Small Cap Value Reduce -9.4% 0.06% −0.06
DFSE Dimensional Em Sus CORE1 ETF Reduce -8.3% 0.07% −0.06
XLV SS Health Care Select Sector Sold out 0.00% −0.06
SHV iShares 0-1 Year Treasury Bo Sold out 0.00% −0.05
ECL Ecolab Inc. Reduce -32.9% 0.03% −0.04
POCT Innovator U.S. Equity Power Sold out 0.00% −0.04
LULU Lululemon Athletica Inc. Sold out 0.00% −0.04
FBND Fidelity Total Bond ETF Reduce -28.7% 0.03% −0.03
VNQ Vanguard Real Estate ETF Reduce -3.0% 0.04% −0.03
BGRN iShares Usd Green Bond ETF Reduce -7.0% 0.04% −0.03
XLE SS Energy Select Sector Reduce -23.3% 0.03% −0.03
WM Waste Management Inc. Reduce -5.4% 0.05% −0.03
MS Morgan Stanley Reduce -2.6% 0.03% −0.03
MCK McKesson Corp. Reduce -10.0% 0.04% −0.02
BRK.B Berkshire Hathaway Inc. Class B Reduce -17.9% 1.23% +0.27
GOOG Alphabet Inc. Class C Reduce -15.2% 1.56% +1.11

Portfolio Buys Q4 2024 → Q1 2025
AAPL Apple Inc. Add +2.7% 4.89% +3.49
TD Toronto-Dominion Bank New 1.67% +1.67
BMO Bank of Montreal New 1.60% +1.60
JPM JPMorgan Chase & Co. New 1.37% +1.37
ENB Enbridge Inc. New 1.35% +1.35
SU Suncor Energy Inc. New 1.35% +1.35
WMT Walmart Inc. New 1.34% +1.34
MFC Manulife Financial Corp. New 1.31% +1.31
CSCO Cisco Systems Inc. New 1.29% +1.29
RY Royal Bank of Canada New 1.20% +1.20
JNJ Johnson & Johnson New 1.16% +1.16
TRP TC Energy Corp. New 1.11% +1.11
PM Philip Morris International New 1.02% +1.02
BNS Bank of Nova Scotia New 0.96% +0.96
GIB Cgi Inc. New 0.96% +0.96
CNI Canadian Natl Railway Co. New 0.84% +0.84
AEM Agnico Eagle Mines Ltd. New 0.82% +0.82
IBM Intl Business Machines Corp. New 0.81% +0.81
RCI Rogers Communications Inc. Class B New 0.80% +0.80
CVS CVS Health Corp. New 0.79% +0.79
PEP Pepsico Inc. New 0.78% +0.78
ORCL Oracle Corp. New 0.76% +0.76
KVUE Kenvue Inc. New 0.75% +0.75
PFE Pfizer Inc. New 0.72% +0.72
CMCSA Comcast Corp. Class A New 0.70% +0.70
GDX Vaneck Gold Miners ETF New 0.67% +0.67
CNQ Canadian Natural Resources New 0.65% +0.65
OTEX Open Text Corp. New 0.60% +0.60
FDX FedEx Corp. New 0.57% +0.57
NEM Newmont Corp. New 0.55% +0.55
BBU Brookfield Business PT-Unit New 0.51% +0.51
MCD McDonald's Corp. New 0.37% +0.37
DIS The Walt Disney Co. New 0.36% +0.36
GOOGL Alphabet Inc. Class A Add +547.5% 0.50% +0.36
V Visa Inc. Class A Add +1.5% 0.50% +0.34
CVE Cenovus Energy Inc. New 0.28% +0.28
BBUC Brookfield Business Class A New 0.28% +0.28
VTRS Viatris Inc. New 0.26% +0.26
MSFT Microsoft Corp. Add +4.6% 0.59% +0.24
TU Telus Corp. New 0.24% +0.24
NKE Nike Inc. Class B New 0.19% +0.19
SLF Sun Life Financial Inc. New 0.19% +0.19
ZTS Zoetis Inc. New 0.18% +0.18
BN Brookfield Corp. New 0.17% +0.17
VZ Verizon Communications Inc. New 0.16% +0.16
CM Can Imperial BK of Commerce New 0.15% +0.15
AGI Alamos Gold Inc. Class A New 0.15% +0.15
BCE Bce Inc. New 0.13% +0.13
AMZN Amazon.com Inc. Add +0.1% 0.52% +0.13
GLW Corning Inc. New 0.13% +0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 294$1.8BVTI, VEU, DFAX, USFR, VGIT
Q1 2026 286$1.6BVTI, USFR, VEU, VGIT, DFAX
Q4 2025 260$1.5BVTI, AAPL, USFR, VGIT, DFAX
Q3 2025 266$1.4BVTI, USFR, AAPL, VGIT, DFAX
Q2 2025 242$1.3BVTI, USFR, VGIT, DFAX, AAPL
Q1 2025 179$1.1BVTI, USFR, VGIT, AAPL, VEU
Q4 2024 84$629.9MVTI, USFR, VGIT, LRGF, VEU
Q3 2024 83$599.9MVTI, USFR, VGIT, VEU, LRGF
Q2 2024 73$574.8MVTI, USFR, VGIT, VEU, LRGF
Q1 2024 72$525.6MVTI, USFR, VGIT, VEU, LRGF