Cardinal Point Capital Management ULC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Cardinal Point Capital Management ULC reported 266 stock positions worth $1.4 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 13.0% of the portfolio, followed by Wisdomtree Floating Rate Tre (USFR, 5.0%) and Apple (AAPL, 4.9%). Compared with Q2 2025, it opened 39 new positions, sold out of 15, added to 76 and reduced 103. The biggest buy was Apple (AAPL, shares +17%) and the biggest sale Johnson & Johnson (JNJ, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001950841
- Portfolio Value
- $1.4B (Q3 2025)
- SEC Filing
- 0001950841-25-000002 ↗ filed Nov 6, 2025
Holdings Value
Holdings 266 stocks · $1.4B
| VTI VG Morningstar TS MKT ETF-US | 13.03% | 569,574 | $186.2M | Add +3.7% |
| USFR Wisdomtree Floating Rate Tre | 5.02% | 1,425,906 | $71.8M | Reduce -1.0% |
| AAPL Apple Inc. | 4.94% | 278,354 | $70.6M | Add +17.2% |
| VGIT Vanguard Intermediate-Term T | 4.18% | 991,034 | $59.7M | Add +7.3% |
| DFAX Dimensional World Ex US Core | 3.91% | 1,790,092 | $55.8M | Add +5.3% |
| VEU Vanguard Ftse All-World Ex-U | 3.89% | 779,705 | $55.6M | Add +7.8% |
| LRGF iShares US Equity Factor ETF | 3.46% | 722,756 | $49.4M | Add +3.6% |
| MUB iShares National Muni Bond E | 2.62% | 349,470 | $37.4M | Add +9.0% |
| DFAC Dimensional US Core Equity 2 | 2.50% | 934,099 | $35.7M | Add +6.1% |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | 2.20% | 1,123,011 | $31.4M | Add +3.5% |
| RY Royal Bank of Canada | 2.05% | 199,081 | $29.3M | Reduce -2.1% |
| PYLD PIMCO Multisector Bond Actv | 1.86% | 997,175 | $26.6M | Add +9.0% |
| GOOG Alphabet Inc. Class C | 1.84% | 107,687 | $26.2M | Reduce -1.3% |
| TD Toronto-Dominion Bank | 1.67% | 298,640 | $23.9M | Reduce -2.4% |
| IAU iShares Gold Trust | 1.63% | 300,056 | $23.2M | Reduce -1.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.62% | 177,447 | $23.1M | Reduce -2.7% |
| JPM JPMorgan Chase & Co. | 1.31% | 59,463 | $18.8M | Reduce -2.5% |
| ORCL Oracle Corp. | 1.31% | 66,433 | $18.7M | Reduce -1.1% |
| WMT Walmart Inc. | 1.19% | 164,808 | $17.0M | Reduce -0.9% |
| ENB Enbridge Inc. | 1.16% | 328,738 | $16.6M | Reduce -1.0% |
| CSCO Cisco Systems Inc. | 1.15% | 241,236 | $16.5M | Add +6.0% |
| TFLO iShares Treasury Floating Ra | 1.14% | 321,727 | $16.2M | Add +1.0% |
| SU Suncor Energy Inc. | 1.13% | 386,319 | $16.2M | Reduce -1.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.99% | 218,990 | $14.2M | Reduce -1.5% |
| MFC Manulife Financial Corp. | 0.99% | 453,336 | $14.1M | Reduce -1.8% |
| JNJ Johnson & Johnson | 0.98% | 75,657 | $14.0M | Reduce -50.5% |
| TRP TC Energy Corp. | 0.96% | 252,443 | $13.7M | Reduce -1.1% |
| MSFT Microsoft Corp. | 0.95% | 26,371 | $13.6M | Reduce -5.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.92% | 26,489 | $13.1M | Add +3.6% |
| AEM Agnico Eagle Mines Ltd. | 0.83% | 70,396 | $11.9M | Reduce -1.1% |
| NEM Newmont Corp. | 0.83% | 140,460 | $11.8M | Reduce -1.7% |
| GDX Vaneck Gold Miners ETF | 0.83% | 154,445 | $11.8M | Reduce -1.6% |
| CNI Canadian Natl Railway Co. | 0.82% | 124,426 | $11.7M | Add +28.9% |
| RCI Rogers Communications Inc. Class B | 0.80% | 330,330 | $11.4M | Reduce -1.8% |
| PM Philip Morris International | 0.78% | 68,786 | $11.2M | Reduce -0.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.72% | 36,671 | $10.3M | Add +3.1% |
| EMA Emera Inc. | 0.71% | 213,007 | $10.2M | New |
| PEP Pepsico Inc. | 0.68% | 69,232 | $9.7M | Add +16.4% |
| OTEX Open Text Corp. | 0.68% | 258,139 | $9.6M | Reduce -1.2% |
| GIB Cgi Inc. | 0.67% | 107,383 | $9.6M | Reduce -6.4% |
| CVS CVS Health Corp. | 0.65% | 123,920 | $9.3M | Reduce -1.1% |
| WTW Willis Towers Watson PLC | 0.62% | 25,591 | $8.8M | New |
| FTLS First Trust Long/Short Eqty | 0.61% | 127,324 | $8.8M | Add +7.0% |
| GOOGL Alphabet Inc. Class A | 0.57% | 33,388 | $8.1M | Add +12.0% |
| PFE Pfizer Inc. | 0.56% | 314,272 | $8.0M | Add +0.7% |
| DFSU Dimensional US Sus CORE1 ETF | 0.56% | 188,873 | $7.9M | Add +2.8% |
| BBU Brookfield Business PT-Unit | 0.54% | 235,564 | $7.7M | Reduce -3.0% |
| V Visa Inc. Class A | 0.54% | 22,384 | $7.6M | Reduce -0.8% |
| TSLA Tesla Inc. | 0.53% | 17,379 | $7.6M | Add +2.1% |
| COST Costco Wholesale Corp. | 0.51% | 7,824 | $7.2M | Add +1.2% |
| CNQ Canadian Natural Resources | 0.49% | 219,331 | $7.0M | Reduce -5.5% |
| NVDA Nvidia Corp. | 0.48% | 36,731 | $6.9M | Reduce -3.3% |
| CMCSA Comcast Corp. Class A | 0.47% | 212,775 | $6.7M | Add +1.4% |
| FDX FedEx Corp. | 0.45% | 27,553 | $6.5M | Add +5.1% |
| AMZN Amazon.com Inc. | 0.45% | 29,124 | $6.4M | Reduce -4.3% |
| KVUE Kenvue Inc. | 0.38% | 337,782 | $5.5M | Reduce -1.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 41,165 | $4.7M | Reduce -0.3% |
| VGT Vanguard Info Tech ETF | 0.33% | 6,197 | $4.7M | Reduce -10.2% |
| CVE Cenovus Energy Inc. | 0.29% | 244,634 | $4.2M | Add +0.7% |
| BBUC Brookfield Business Class A | 0.27% | 113,878 | $3.8M | Reduce -3.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.26% | 6,173 | $3.7M | Add +50.1% |
| FIX Comfort Systems USA Inc. | 0.26% | 4,472 | $3.7M | Reduce -47.1% |
| MCD McDonald's Corp. | 0.25% | 11,802 | $3.6M | Reduce -8.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.24% | 5,180 | $3.4M | Add +83.9% |
| VTRS Viatris Inc. | 0.23% | 327,100 | $3.2M | Reduce -3.9% |
| DFSI Dimensional Int Sus COR1 ETF | 0.21% | 72,446 | $3.0M | Add +4.8% |
| META Meta Platforms Inc. Class A | 0.19% | 3,639 | $2.7M | Add +0.4% |
| TU Telus Corp. | 0.18% | 164,418 | $2.6M | Reduce -9.6% |
| VOO Vanguard S&P 500 ETF | 0.18% | 4,112 | $2.5M | Reduce -1.2% |
| BN Brookfield Corp. | 0.17% | 35,195 | $2.4M | Reduce -1.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.16% | 29,485 | $2.4M | Reduce -0.5% |
| NKE Nike Inc. Class B | 0.16% | 33,377 | $2.3M | Add +0.1% |
| MTD Mettler-Toledo International | 0.16% | 1,845 | $2.3M | New |
| TAC Transalta Corp. | 0.16% | 164,585 | $2.2M | Reduce -4.9% |
| AMRZ Amrize Ltd. | 0.16% | 46,185 | $2.2M | New |
| GLW Corning Inc. | 0.15% | 26,922 | $2.2M | Reduce -13.1% |
| NFLX Netflix Inc. | 0.15% | 1,829 | $2.2M | Reduce -0.2% |
| EAOR iShares ESG Aware 60/40 Bala | 0.15% | 61,865 | $2.2M | Add +9.3% |
| AGI Alamos Gold Inc. Class A | 0.15% | 60,092 | $2.1M | No change |
| CDNS Cadence Design SYS Inc. | 0.14% | 5,680 | $2.0M | Add +2.2% |
| SUSB iShares ESG Aware 1-5 Year U | 0.14% | 78,083 | $2.0M | Add +6.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.13% | 38,156 | $1.9M | Add +50.9% |
| SLF Sun Life Financial Inc. | 0.13% | 31,969 | $1.9M | Reduce -7.3% |
| ITA iShares U.S. Aerospace & Def | 0.13% | 9,170 | $1.9M | No change |
| EQX Equinox Gold Corp. | 0.13% | 164,725 | $1.8M | Reduce -18.1% |
| MINO PIMCO Municipal Income Oppor | 0.13% | 39,600 | $1.8M | New |
| C Citigroup Inc. | 0.12% | 17,507 | $1.8M | Reduce -3.6% |
| VZ Verizon Communications Inc. | 0.11% | 37,296 | $1.6M | Reduce -1.6% |
| CRBN Ish Low Car Opt Ms Ac ETF-US | 0.11% | 7,082 | $1.6M | Add +2.6% |
| XLK SS Technology Select Sector | 0.11% | 5,567 | $1.6M | Reduce -7.8% |
| SNPS Synopsys Inc. | 0.11% | 3,507 | $1.6M | New |
| ABBV Abbvie Inc. | 0.11% | 6,570 | $1.5M | Reduce -5.2% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.10% | 16,860 | $1.5M | Add +303.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.10% | 2 | $1.5M | No change |
| NGD New Gold Inc. | 0.10% | 205,600 | $1.5M | No change |
| LOW Lowe's Cos Inc. | 0.10% | 5,715 | $1.4M | Add +0.4% |
| BCE Bce Inc. | 0.10% | 60,370 | $1.4M | Reduce -7.2% |
| CL Colgate-Palmolive Co. | 0.10% | 17,907 | $1.4M | Add +17.8% |
| IVV iShares Core S&P 500 ETF | 0.10% | 2,084 | $1.4M | Add +94.8% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.10% | 41,545 | $1.4M | Add +44.2% |
Portfolio Sells Q2 2025 → Q3 2025
| JNJ Johnson & Johnson | Reduce -50.5% | 0.98% | −0.86 |
| USFR Wisdomtree Floating Rate Tre | Reduce -1.0% | 5.02% | −0.72 |
| GIB Cgi Inc. | Reduce -6.4% | 0.67% | −0.28 |
| PM Philip Morris International | Reduce -0.6% | 0.78% | −0.22 |
| KVUE Kenvue Inc. | Reduce -1.2% | 0.38% | −0.18 |
| MFC Manulife Financial Corp. | Reduce -1.8% | 0.99% | −0.18 |
| MSFT Microsoft Corp. | Reduce -5.2% | 0.95% | −0.14 |
| TD Toronto-Dominion Bank | Reduce -2.4% | 1.67% | −0.11 |
| ZTS Zoetis Inc. | Reduce -74.7% | 0.03% | −0.11 |
| FIX Comfort Systems USA Inc. | Reduce -47.1% | 0.26% | −0.10 |
| WMT Walmart Inc. | Reduce -0.9% | 1.19% | −0.10 |
| V Visa Inc. Class A | Reduce -0.8% | 0.54% | −0.10 |
| JPM JPMorgan Chase & Co. | Reduce -2.5% | 1.31% | −0.09 |
| CNQ Canadian Natural Resources | Reduce -5.5% | 0.49% | −0.09 |
| AMZN Amazon.com Inc. | Reduce -4.3% | 0.45% | −0.08 |
| DIS The Walt Disney Co. | Reduce -0.3% | 0.33% | −0.08 |
| RY Royal Bank of Canada | Reduce -2.1% | 2.05% | −0.07 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.05 |
| MAG Mag Silver Corp. | Sold out | 0.00% | −0.05 |
| SCHZ Schwab US Aggregate Bond ETF | Sold out | 0.00% | −0.05 |
| TU Telus Corp. | Reduce -9.6% | 0.18% | −0.05 |
| SLF Sun Life Financial Inc. | Reduce -7.3% | 0.13% | −0.05 |
| MCD McDonald's Corp. | Reduce -8.2% | 0.25% | −0.05 |
| NFLX Netflix Inc. | Reduce -0.2% | 0.15% | −0.04 |
| MGNI Magnite Inc. | Reduce -24.4% | 0.06% | −0.04 |
| IHDG Wisdomtree International Hed | Reduce -49.7% | 0.03% | −0.04 |
| VGT Vanguard Info Tech ETF | Reduce -10.2% | 0.33% | −0.04 |
| CP Canadian Pacific Kansas City | Reduce -46.3% | 0.03% | −0.03 |
| CVS CVS Health Corp. | Reduce -1.1% | 0.65% | −0.03 |
| ENB Enbridge Inc. | Reduce -1.0% | 1.16% | −0.03 |
| TIXT Telus International Cda Inc. | Sold out | 0.00% | −0.03 |
| SU Suncor Energy Inc. | Reduce -1.4% | 1.13% | −0.03 |
| PJAN Innovator U.S. Equity Power | Sold out | 0.00% | −0.03 |
| BBUC Brookfield Business Class A | Reduce -3.8% | 0.27% | −0.03 |
| TRP TC Energy Corp. | Reduce -1.1% | 0.96% | −0.03 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.03 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −0.02 |
| PFEB Innovator U.S. Equity Power | Sold out | 0.00% | −0.02 |
| SCHO Schwab Short-Term US Treas | Sold out | 0.00% | −0.02 |
| GILD Gilead Sciences Inc. | Reduce -8.9% | 0.08% | −0.02 |
| UBER Uber Technologies Inc. | Reduce -14.0% | 0.08% | −0.02 |
| BNDX Vanguard Total Intl Bond ETF | Sold out | 0.00% | −0.02 |
| HD Home Depot Inc. | Reduce -17.4% | 0.08% | −0.02 |
| PJUL Innovator U.S. Equity Power | Reduce -16.6% | 0.06% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -8.6% | 0.07% | −0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Sold out | 0.00% | −0.02 |
| NOW ServiceNow Inc. | Reduce -22.9% | 0.03% | −0.02 |
| HON Honeywell International Inc. | Reduce -42.1% | 0.01% | −0.02 |
| PMAY Innovator U.S. Equity Power | Sold out | 0.00% | −0.02 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +17.2% | 4.94% | +1.08 |
| EMA Emera Inc. | New | 0.71% | +0.71 |
| WTW Willis Towers Watson PLC | New | 0.62% | +0.62 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +3.6% | 0.92% | +0.50 |
| MTD Mettler-Toledo International | New | 0.16% | +0.16 |
| AMRZ Amrize Ltd. | New | 0.16% | +0.16 |
| MINO PIMCO Municipal Income Oppor | New | 0.13% | +0.13 |
| SNPS Synopsys Inc. | New | 0.11% | +0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +83.9% | 0.24% | +0.10 |
| TSLA Tesla Inc. | Add +2.1% | 0.53% | +0.10 |
| QQQ Invesco QQQ Trust Series 1 | Add +50.1% | 0.26% | +0.08 |
| EL Estee Lauder Companies Class A | Add +303.4% | 0.10% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +12.0% | 0.57% | +0.07 |
| VOD Vodafone Group PLC-SP ADR | New | 0.06% | +0.06 |
| PEP Pepsico Inc. | Add +16.4% | 0.68% | +0.06 |
| MDT Medtronic PLC | New | 0.05% | +0.05 |
| IVV iShares Core S&P 500 ETF | Add +94.8% | 0.10% | +0.04 |
| PAAS Pan American Silver Corp. | Add +81.3% | 0.07% | +0.04 |
| BAC Bank of America Corp. | Add +50.9% | 0.13% | +0.04 |
| ERIC Ericsson (lm) Tel-SP ADR | New | 0.04% | +0.04 |
| VEU Vanguard Ftse All-World Ex-U | Add +7.8% | 3.89% | +0.04 |
| BOXX Alpha Architect 1-3 MNTH Box | New | 0.03% | +0.03 |
| PAVE Global X US Infrastructure | New | 0.03% | +0.03 |
| SGOL Abrdn Physical Gold Shares | New | 0.03% | +0.03 |
| DBC Invesco DB Commodity Index T | New | 0.03% | +0.03 |
| MELI MercadoLibre Inc. | New | 0.03% | +0.03 |
| DEO Diageo PLC-Sponsored ADR | New | 0.03% | +0.03 |
| PINS Pinterest Inc. Class A | New | 0.03% | +0.03 |
| CVE Cenovus Energy Inc. | Add +0.7% | 0.29% | +0.03 |
| GLD SPDR Gold Shares | Add +51.7% | 0.07% | +0.03 |
| PHO Invesco Water Resources ETF | New | 0.03% | +0.03 |
| CNI Canadian Natl Railway Co. | Add +28.9% | 0.82% | +0.03 |
| HACK Amplify Cybersecurity ETF | New | 0.03% | +0.03 |
| YETI Yeti Holdings Inc. | Add +44.2% | 0.10% | +0.02 |
| VEA Vanguard Ftse Developed ETF | New | 0.02% | +0.02 |
| PUBM Pubmatic Inc. Class A | New | 0.02% | +0.02 |
| AOA iShares Core 80/20 Aggressiv | New | 0.02% | +0.02 |
| NVS Novartis AG-Sponsored ADR | New | 0.02% | +0.02 |
| IWD iShares Russell 1000 Value E | New | 0.02% | +0.02 |
| XOM Exxon Mobil Corp. | Add +64.1% | 0.06% | +0.02 |
| CPB The Campbell's Company | New | 0.02% | +0.02 |
| EEM iShares MSCI Emerging Market | New | 0.02% | +0.02 |
| BP BP PLC-Spons ADR | New | 0.02% | +0.02 |
| ESGV Vanguard ESG US Stock ETF | New | 0.02% | +0.02 |
| BABA Alibaba Group Holding-SP ADR | New | 0.02% | +0.02 |
| MU Micron Technology Inc. | New | 0.02% | +0.02 |
| FEZ State Street SPDR Euro Stoxx | New | 0.02% | +0.02 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.02% | +0.02 |
| HEI Heico Corp. | New | 0.02% | +0.02 |
| IBIT iShares Bitcoin Trust ETF | Add +94.2% | 0.03% | +0.02 |
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 |