Cardinal Point Capital Management ULC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 31, 2025), Cardinal Point Capital Management ULC reported 242 stock positions worth $1.3 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 13.3% of the portfolio, followed by Wisdomtree Floating Rate Tre (USFR, 5.7%) and Vanguard Intermediate-Term T (VGIT, 4.4%). Compared with Q1 2025, it opened 75 new positions, sold out of 12, added to 76 and reduced 67. The biggest buy was Royal Bank of Canada (RY, shares +73%) and the biggest sale Wisdomtree International Hed (IHDG, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001950841
- Portfolio Value
- $1.3B (Q2 2025)
- SEC Filing
- 0001085146-25-004346 ↗ filed Jul 31, 2025
Holdings Value
Holdings 242 stocks · $1.3B
| VTI VG Morningstar TS MKT ETF-US | 13.26% | 549,135 | $167.4M | Add +3.0% |
| USFR Wisdomtree Floating Rate Tre | 5.74% | 1,439,759 | $72.4M | Add +1.8% |
| VGIT Vanguard Intermediate-Term T | 4.38% | 923,716 | $55.2M | Add +1.8% |
| DFAX Dimensional World Ex US Core | 3.95% | 1,699,457 | $49.9M | Add +33.0% |
| AAPL Apple Inc. | 3.86% | 237,427 | $48.7M | Add +560.1% |
| VEU Vanguard Ftse All-World Ex-U | 3.85% | 723,104 | $48.6M | Add +10.1% |
| LRGF iShares US Equity Factor ETF | 3.54% | 697,614 | $44.7M | Add +2.4% |
| MUB iShares National Muni Bond E | 2.65% | 320,647 | $33.5M | Reduce -3.2% |
| DFAC Dimensional US Core Equity 2 | 2.50% | 880,460 | $31.6M | Add +4.5% |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | 2.21% | 1,084,995 | $27.9M | Reduce -0.3% |
| RY Royal Bank of Canada | 2.12% | 203,319 | $26.7M | Add +73.5% |
| PYLD PIMCO Multisector Bond Actv | 1.92% | 914,827 | $24.3M | Add +4.8% |
| JNJ Johnson & Johnson | 1.84% | 152,684 | $23.2M | Add +99.3% |
| TD Toronto-Dominion Bank | 1.78% | 305,827 | $22.5M | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 1.71% | 109,078 | $21.6M | Add +771.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.60% | 182,403 | $20.2M | Reduce -0.5% |
| IAU iShares Gold Trust | 1.51% | 305,491 | $19.1M | Reduce -1.4% |
| JPM JPMorgan Chase & Co. | 1.40% | 60,967 | $17.7M | Add +0.1% |
| WMT Walmart Inc. | 1.29% | 166,318 | $16.3M | Reduce -0.2% |
| TFLO iShares Treasury Floating Ra | 1.28% | 318,421 | $16.1M | Add +109.5% |
| CSCO Cisco Systems Inc. | 1.25% | 227,485 | $15.8M | Add +0.1% |
| ENB Enbridge Inc. | 1.19% | 332,153 | $15.0M | Reduce -1.1% |
| MFC Manulife Financial Corp. | 1.17% | 461,756 | $14.7M | Add +0.1% |
| ORCL Oracle Corp. | 1.16% | 67,185 | $14.7M | Add +13.9% |
| SU Suncor Energy Inc. | 1.16% | 391,847 | $14.7M | Reduce -0.6% |
| MSFT Microsoft Corp. | 1.10% | 27,824 | $13.8M | Add +406.2% |
| PM Philip Morris International | 1.00% | 69,201 | $12.6M | Reduce -1.4% |
| TRP TC Energy Corp. | 0.99% | 255,288 | $12.4M | Reduce -1.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.97% | 222,393 | $12.3M | Add +0.2% |
| GIB Cgi Inc. | 0.95% | 114,758 | $12.0M | Add +8.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.83% | 35,563 | $10.5M | Reduce -0.1% |
| CNI Canadian Natl Railway Co. | 0.80% | 96,569 | $10.0M | Add +2.5% |
| RCI Rogers Communications Inc. Class B | 0.79% | 336,263 | $10.0M | Add +2.7% |
| CVS CVS Health Corp. | 0.68% | 125,320 | $8.6M | Reduce -0.7% |
| AEM Agnico Eagle Mines Ltd. | 0.67% | 71,170 | $8.5M | Reduce -24.7% |
| NEM Newmont Corp. | 0.66% | 142,905 | $8.3M | Reduce -5.7% |
| GDX Vaneck Gold Miners ETF | 0.65% | 156,905 | $8.2M | Reduce -1.2% |
| V Visa Inc. Class A | 0.63% | 22,563 | $8.0M | Add +597.0% |
| FTLS First Trust Long/Short Eqty | 0.62% | 118,969 | $7.9M | Reduce -4.2% |
| PEP Pepsico Inc. | 0.62% | 59,475 | $7.9M | Add +4.7% |
| COST Costco Wholesale Corp. | 0.61% | 7,732 | $7.7M | Add +1665.3% |
| OTEX Open Text Corp. | 0.60% | 261,354 | $7.6M | Reduce -0.5% |
| PFE Pfizer Inc. | 0.60% | 312,032 | $7.6M | Add +0.9% |
| CMCSA Comcast Corp. Class A | 0.59% | 209,915 | $7.5M | Add +2.2% |
| CNQ Canadian Natural Resources | 0.58% | 232,120 | $7.3M | Add +0.2% |
| DFSU Dimensional US Sus CORE1 ETF | 0.57% | 183,755 | $7.2M | Reduce -0.1% |
| KVUE Kenvue Inc. | 0.57% | 341,930 | $7.2M | Add +0.6% |
| AMZN Amazon.com Inc. | 0.53% | 30,424 | $6.7M | Add +173.3% |
| BBU Brookfield Business PT-Unit | 0.50% | 242,757 | $6.3M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 0.49% | 29,811 | $6.2M | Reduce -2.1% |
| NVDA Nvidia Corp. | 0.48% | 37,970 | $6.0M | Add +117.1% |
| FDX FedEx Corp. | 0.47% | 26,219 | $6.0M | Add +3.0% |
| TSLA Tesla Inc. | 0.43% | 17,025 | $5.4M | Add +9.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.42% | 25,569 | $5.3M | Add +133.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.41% | 41,287 | $5.1M | Add +3.1% |
| VGT Vanguard Info Tech ETF | 0.36% | 6,904 | $4.6M | Add +18.4% |
| FIX Comfort Systems USA Inc. | 0.36% | 8,450 | $4.5M | New |
| MCD McDonald's Corp. | 0.30% | 12,859 | $3.8M | Reduce -1.5% |
| BBUC Brookfield Business Class A | 0.29% | 118,368 | $3.7M | Add +0.2% |
| CVE Cenovus Energy Inc. | 0.26% | 242,939 | $3.3M | Add +3.7% |
| VTRS Viatris Inc. | 0.24% | 340,250 | $3.0M | Add +3.3% |
| TU Telus Corp. | 0.23% | 181,775 | $2.9M | Add +0.3% |
| DFSI Dimensional Int Sus COR1 ETF | 0.22% | 69,135 | $2.7M | Reduce -1.2% |
| META Meta Platforms Inc. Class A | 0.21% | 3,624 | $2.7M | Add +188.1% |
| NFLX Netflix Inc. | 0.19% | 1,832 | $2.5M | Add +306.2% |
| VOO Vanguard S&P 500 ETF | 0.19% | 4,162 | $2.4M | Reduce -2.1% |
| NKE Nike Inc. Class B | 0.19% | 33,332 | $2.4M | Add +5.0% |
| SLF Sun Life Financial Inc. | 0.18% | 34,469 | $2.3M | Reduce -2.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.18% | 4,112 | $2.3M | Add +2.4% |
| BN Brookfield Corp. | 0.17% | 35,720 | $2.2M | Reduce -0.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.17% | 29,633 | $2.1M | Add +2.7% |
| EAOR iShares ESG Aware 60/40 Bala | 0.15% | 56,605 | $1.9M | Add +16.7% |
| TAC Transalta Corp. | 0.15% | 172,985 | $1.9M | Add +19.4% |
| SUSB iShares ESG Aware 1-5 Year U | 0.15% | 73,618 | $1.9M | Add +35.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.14% | 2,817 | $1.7M | Reduce -5.2% |
| ITA iShares U.S. Aerospace & Def | 0.14% | 9,170 | $1.7M | New |
| ZTS Zoetis Inc. | 0.14% | 11,056 | $1.7M | Reduce -8.7% |
| CDNS Cadence Design SYS Inc. | 0.14% | 5,560 | $1.7M | New |
| VZ Verizon Communications Inc. | 0.13% | 37,896 | $1.6M | Reduce -2.8% |
| GLW Corning Inc. | 0.13% | 30,982 | $1.6M | Add +1.6% |
| AGI Alamos Gold Inc. Class A | 0.13% | 60,092 | $1.6M | No change |
| C Citigroup Inc. | 0.12% | 18,157 | $1.5M | Add +7.4% |
| XLK SS Technology Select Sector | 0.12% | 6,041 | $1.5M | Add +314.9% |
| FISV Fiserv Inc. | 0.12% | 8,607 | $1.5M | Add +585.8% |
| CRBN Ish Low Car Opt Ms Ac ETF-US | 0.12% | 6,905 | $1.5M | Reduce -1.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.12% | 2 | $1.5M | No change |
| BCE Bce Inc. | 0.11% | 65,067 | $1.4M | Add +3.0% |
| CL Colgate-Palmolive Co. | 0.11% | 15,206 | $1.4M | Add +39.8% |
| GILD Gilead Sciences Inc. | 0.10% | 11,883 | $1.3M | Reduce -0.6% |
| ABBV Abbvie Inc. | 0.10% | 6,930 | $1.3M | Add +614.4% |
| PYPL PayPal Holdings Inc. | 0.10% | 17,095 | $1.3M | Add +46.0% |
| HD Home Depot Inc. | 0.10% | 3,444 | $1.3M | New |
| LOW Lowe's Cos Inc. | 0.10% | 5,690 | $1.3M | New |
| UBER Uber Technologies Inc. | 0.10% | 13,425 | $1.3M | Add +1.5% |
| UNH Unitedhealth Group Inc. | 0.10% | 3,966 | $1.2M | New |
| EAOA iShares ESG Aware 80/20 Aggr | 0.10% | 31,545 | $1.2M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.09% | 25,285 | $1.2M | Add +22.5% |
| MGNI Magnite Inc. | 0.09% | 49,100 | $1.2M | Reduce -8.7% |
| BIP Brookfield Infrastructure Pa | 0.09% | 35,120 | $1.2M | Reduce -3.1% |
| EQX Equinox Gold Corp. | 0.09% | 201,170 | $1.2M | Add +210.0% |
Portfolio Sells Q1 2025 → Q2 2025
| IHDG Wisdomtree International Hed | Reduce -95.3% | 0.07% | −1.50 |
| MUB iShares National Muni Bond E | Reduce -3.2% | 2.65% | −0.56 |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | Reduce -0.3% | 2.21% | −0.31 |
| SU Suncor Energy Inc. | Reduce -0.6% | 1.16% | −0.19 |
| IAU iShares Gold Trust | Reduce -1.4% | 1.51% | −0.17 |
| ENB Enbridge Inc. | Reduce -1.1% | 1.19% | −0.16 |
| AEM Agnico Eagle Mines Ltd. | Reduce -24.7% | 0.67% | −0.15 |
| TRP TC Energy Corp. | Reduce -1.7% | 0.99% | −0.12 |
| FTLS First Trust Long/Short Eqty | Reduce -4.2% | 0.62% | −0.11 |
| CVS CVS Health Corp. | Reduce -0.7% | 0.68% | −0.10 |
| MCD McDonald's Corp. | Reduce -1.5% | 0.30% | −0.08 |
| VCSH Vanguard S/T Corp. Bond ETF | Sold out | 0.00% | −0.06 |
| WMT Walmart Inc. | Reduce -0.2% | 1.29% | −0.06 |
| ZTS Zoetis Inc. | Reduce -8.7% | 0.14% | −0.05 |
| AGG iShares Core U.S. Aggregate | Sold out | 0.00% | −0.04 |
| VEA Vanguard Ftse Developed ETF | Sold out | 0.00% | −0.03 |
| DFSU Dimensional US Sus CORE1 ETF | Reduce -0.1% | 0.57% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -2.8% | 0.13% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.3% | 0.06% | −0.03 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.03 |
| SCHP Schwab U.S. Tips ETF | Sold out | 0.00% | −0.03 |
| ASA ASA Gold and Precious Metals | Reduce -48.0% | 0.02% | −0.03 |
| BOND PIMCO Active Bond Exchange-T | Reduce -37.7% | 0.03% | −0.03 |
| PM Philip Morris International | Reduce -1.4% | 1.00% | −0.03 |
| GDX Vaneck Gold Miners ETF | Reduce -1.2% | 0.65% | −0.02 |
| DFSD Dimensional Short Duration | Sold out | 0.00% | −0.02 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Sold out | 0.00% | −0.02 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Sold out | 0.00% | −0.02 |
| VCIT Vanguard Int-Term Corporate | Sold out | 0.00% | −0.02 |
| BSVO EA Bridgeway Omni Sm-Cp Val | Sold out | 0.00% | −0.02 |
| GILD Gilead Sciences Inc. | Reduce -0.6% | 0.10% | −0.02 |
| EMB iShares JP Morgan Usd Emergi | Sold out | 0.00% | −0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | Sold out | 0.00% | −0.02 |
| VYM Vanguard High DVD Yield ETF | Reduce -36.4% | 0.02% | −0.02 |
| DFAI Dimensional International Co. | Reduce -36.2% | 0.03% | −0.02 |
| TXT Textron Inc. | Reduce -21.1% | 0.05% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.2% | 0.14% | −0.01 |
| FSM Fortuna Mining Corp. | Reduce -35.5% | 0.02% | −0.01 |
| AOR iShares Core 60/40 Balanced | Reduce -20.7% | 0.04% | −0.01 |
| KGC Kinross Gold Corp. | Reduce -41.2% | 0.02% | −0.01 |
| BBU Brookfield Business PT-Unit | Reduce -0.3% | 0.50% | −0.01 |
| DGRO iShares Core Dividend Growth | Reduce -9.6% | 0.05% | −0.01 |
| DFSE Dimensional Em Sus CORE1 ETF | Reduce -15.2% | 0.06% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -2.1% | 0.19% | −0.01 |
| PSEP Innovator U.S. Equity Power | Reduce -24.5% | 0.02% | −0.01 |
| AVUV Avantis US Small Cap Value | Reduce -10.7% | 0.04% | −0.01 |
| IAG Iamgold Corp. | Reduce -29.2% | 0.03% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -31.2% | 0.02% | −0.01 |
| SOBO South Bow Corp. | Reduce -10.5% | 0.04% | −0.01 |
| FTS Fortis Inc. | Reduce -9.2% | 0.04% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| RY Royal Bank of Canada | Add +73.5% | 2.12% | +0.92 |
| DFAX Dimensional World Ex US Core | Add +33.0% | 3.95% | +0.88 |
| JNJ Johnson & Johnson | Add +99.3% | 1.84% | +0.68 |
| TFLO iShares Treasury Floating Ra | Add +109.5% | 1.28% | +0.57 |
| COST Costco Wholesale Corp. | Add +1665.3% | 0.61% | +0.57 |
| MSFT Microsoft Corp. | Add +406.2% | 1.10% | +0.50 |
| ORCL Oracle Corp. | Add +13.9% | 1.16% | +0.41 |
| FIX Comfort Systems USA Inc. | New | 0.36% | +0.36 |
| VEU Vanguard Ftse All-World Ex-U | Add +10.1% | 3.85% | +0.19 |
| NFLX Netflix Inc. | Add +306.2% | 0.19% | +0.16 |
| GOOG Alphabet Inc. Class C | Add +771.0% | 1.71% | +0.15 |
| META Meta Platforms Inc. Class A | Add +188.1% | 0.21% | +0.15 |
| ITA iShares U.S. Aerospace & Def | New | 0.14% | +0.14 |
| CDNS Cadence Design SYS Inc. | New | 0.14% | +0.14 |
| V Visa Inc. Class A | Add +597.0% | 0.63% | +0.14 |
| HD Home Depot Inc. | New | 0.10% | +0.10 |
| LOW Lowe's Cos Inc. | New | 0.10% | +0.10 |
| NVDA Nvidia Corp. | Add +117.1% | 0.48% | +0.10 |
| UNH Unitedhealth Group Inc. | New | 0.10% | +0.10 |
| XLK SS Technology Select Sector | Add +314.9% | 0.12% | +0.09 |
| FISV Fiserv Inc. | Add +585.8% | 0.12% | +0.09 |
| PG The Procter & Gamble Co. | New | 0.09% | +0.09 |
| MA Mastercard Inc. Class A | New | 0.09% | +0.09 |
| ABBV Abbvie Inc. | Add +614.4% | 0.10% | +0.08 |
| NGD New Gold Inc. | New | 0.08% | +0.08 |
| VGT Vanguard Info Tech ETF | Add +18.4% | 0.36% | +0.07 |
| GS Goldman Sachs Group Inc. | New | 0.07% | +0.07 |
| GEV GE Vernova Inc. | New | 0.07% | +0.07 |
| TSLA Tesla Inc. | Add +9.3% | 0.43% | +0.06 |
| TJX TJX Companies Inc. | New | 0.06% | +0.06 |
| EQX Equinox Gold Corp. | Add +210.0% | 0.09% | +0.05 |
| SBUX Starbucks Corp. | New | 0.05% | +0.05 |
| WPM Wheaton Precious Metals Corp. | New | 0.04% | +0.04 |
| DIS The Walt Disney Co. | Add +3.1% | 0.41% | +0.04 |
| NTR Nutrien Ltd. | New | 0.04% | +0.04 |
| MRK Merck & Co. Inc. | New | 0.04% | +0.04 |
| ABT Abbott Laboratories | New | 0.04% | +0.04 |
| CVX Chevron Corp. | New | 0.04% | +0.04 |
| IWM iShares Russell 2000 ETF | New | 0.04% | +0.04 |
| XOM Exxon Mobil Corp. | New | 0.04% | +0.04 |
| BAM Brookfield Asset Mgmt-A | New | 0.04% | +0.04 |
| CARR Carrier Global Corp. | New | 0.04% | +0.04 |
| BA The Boeing Co. | New | 0.04% | +0.04 |
| HON Honeywell International Inc. | New | 0.03% | +0.03 |
| CRM Salesforce Inc. | New | 0.03% | +0.03 |
| TIXT Telus International Cda Inc. | New | 0.03% | +0.03 |
| PYPL PayPal Holdings Inc. | Add +46.0% | 0.10% | +0.03 |
| TFII Tfi International Inc. | New | 0.03% | +0.03 |
| SCHZ Schwab US Aggregate Bond ETF | Add +6517.7% | 0.05% | +0.03 |
| WFC Wells Fargo & Co. | New | 0.03% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 294 | $1.8B | VTI, VEU, DFAX, USFR, VGIT |
| Q1 2026 | 286 | $1.6B | VTI, USFR, VEU, VGIT, DFAX |
| Q4 2025 | 260 | $1.5B | VTI, AAPL, USFR, VGIT, DFAX |
| Q3 2025 | 266 | $1.4B | VTI, USFR, AAPL, VGIT, DFAX |
| Q2 2025 | 242 | $1.3B | VTI, USFR, VGIT, DFAX, AAPL |
| Q1 2025 | 179 | $1.1B | VTI, USFR, VGIT, AAPL, VEU |
| Q4 2024 | 84 | $629.9M | VTI, USFR, VGIT, LRGF, VEU |
| Q3 2024 | 83 | $599.9M | VTI, USFR, VGIT, VEU, LRGF |
| Q2 2024 | 73 | $574.8M | VTI, USFR, VGIT, VEU, LRGF |
| Q1 2024 | 72 | $525.6M | VTI, USFR, VGIT, VEU, LRGF |