Cardinal Point Capital Management ULC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Cardinal Point Capital Management ULC reported 260 stock positions worth $1.5 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 12.8% of the portfolio, followed by Apple (AAPL, 4.9%) and Wisdomtree Floating Rate Tre (USFR, 4.7%). Compared with Q3 2025, it opened 23 new positions, sold out of 29, added to 105 and reduced 82. The biggest buy was PIMCO Municipal Income Oppor (MINO, shares +1303%) and the biggest sale an exit from Emera (EMA).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001950841
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001950841-26-000001 ↗ filed Feb 5, 2026
Holdings Value
Holdings 260 stocks · $1.5B
| VTI VG Morningstar TS MKT ETF-US | 12.75% | 581,804 | $195.1M | Add +2.1% |
| AAPL Apple Inc. | 4.87% | 274,167 | $74.5M | Reduce -1.5% |
| USFR Wisdomtree Floating Rate Tre | 4.73% | 1,436,883 | $72.3M | Add +0.8% |
| VGIT Vanguard Intermediate-Term T | 4.26% | 1,088,041 | $65.2M | Add +9.8% |
| DFAX Dimensional World Ex US Core | 3.94% | 1,842,315 | $60.3M | Add +2.9% |
| VEU Vanguard Ftse All-World Ex-U | 3.92% | 814,585 | $59.9M | Add +4.5% |
| LRGF iShares US Equity Factor ETF | 3.36% | 741,187 | $51.5M | Add +2.5% |
| DFAC Dimensional US Core Equity 2 | 2.51% | 969,697 | $38.4M | Add +3.8% |
| MUB iShares National Muni Bond E | 2.50% | 356,448 | $38.2M | Add +2.0% |
| RY Royal Bank of Canada | 2.21% | 198,039 | $33.8M | Reduce -0.5% |
| DBMF Imgp Dbi MFT STR ETF-Usd Inc. | 2.14% | 1,164,616 | $32.7M | Add +3.7% |
| GOOG Alphabet Inc. Class C | 2.10% | 102,541 | $32.2M | Reduce -4.8% |
| PYLD PIMCO Multisector Bond Actv | 1.88% | 1,074,809 | $28.8M | Add +7.8% |
| TD Toronto-Dominion Bank | 1.83% | 296,898 | $28.0M | Reduce -0.6% |
| MINO PIMCO Municipal Income Oppor | 1.65% | 555,458 | $25.3M | Add +1302.7% |
| IAU iShares Gold Trust | 1.58% | 298,440 | $24.2M | Reduce -0.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.52% | 178,488 | $23.2M | Add +0.6% |
| TFLO iShares Treasury Floating Ra | 1.28% | 388,922 | $19.6M | Add +20.9% |
| JPM JPMorgan Chase & Co. | 1.27% | 60,166 | $19.4M | Add +1.2% |
| WMT Walmart Inc. | 1.24% | 170,480 | $19.0M | Add +3.4% |
| CSCO Cisco Systems Inc. | 1.23% | 244,165 | $18.8M | Add +1.2% |
| SU Suncor Energy Inc. | 1.15% | 395,317 | $17.6M | Add +2.3% |
| MFC Manulife Financial Corp. | 1.10% | 464,665 | $16.9M | Add +2.5% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.06% | 219,961 | $16.2M | Add +0.4% |
| JNJ Johnson & Johnson | 1.03% | 76,385 | $15.8M | Add +1.0% |
| ENB Enbridge Inc. | 1.03% | 327,831 | $15.7M | Reduce -0.3% |
| NEM Newmont Corp. | 0.92% | 140,490 | $14.0M | Add +0.0% |
| TRP TC Energy Corp. | 0.92% | 254,100 | $14.0M | Add +0.7% |
| MSFT Microsoft Corp. | 0.90% | 28,504 | $13.8M | Add +8.1% |
| ORCL Oracle Corp. | 0.89% | 69,582 | $13.6M | Add +4.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.87% | 26,399 | $13.3M | Reduce -0.3% |
| CNI Canadian Natl Railway Co. | 0.86% | 132,473 | $13.1M | Add +6.5% |
| GDX Vaneck Gold Miners ETF | 0.86% | 152,671 | $13.1M | Reduce -1.1% |
| RCI Rogers Communications Inc. Class B | 0.81% | 328,047 | $12.4M | Reduce -0.7% |
| PM Philip Morris International | 0.80% | 76,370 | $12.3M | Add +11.0% |
| AEM Agnico Eagle Mines Ltd. | 0.77% | 69,386 | $11.8M | Reduce -1.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.72% | 36,991 | $11.0M | Add +0.9% |
| GOOGL Alphabet Inc. Class A | 0.70% | 34,200 | $10.7M | Add +2.4% |
| GIB Cgi Inc. | 0.68% | 112,078 | $10.4M | Add +4.4% |
| PEP Pepsico Inc. | 0.67% | 71,217 | $10.2M | Add +2.9% |
| SUNC Sunococorp LLC | 0.66% | 204,153 | $10.1M | New |
| CVS CVS Health Corp. | 0.64% | 122,555 | $9.7M | Reduce -1.1% |
| FTLS First Trust Long/Short Eqty | 0.63% | 135,565 | $9.6M | Add +6.5% |
| BBU Brookfield Business PT-Unit | 0.55% | 236,389 | $8.4M | Add +0.3% |
| OTEX Open Text Corp. | 0.55% | 256,484 | $8.4M | Reduce -0.6% |
| FDX FedEx Corp. | 0.54% | 28,842 | $8.3M | Add +4.7% |
| DFSU Dimensional US Sus CORE1 ETF | 0.54% | 190,293 | $8.3M | Add +0.8% |
| PFE Pfizer Inc. | 0.53% | 323,657 | $8.1M | Add +3.0% |
| V Visa Inc. Class A | 0.52% | 22,604 | $7.9M | Add +1.0% |
| TSLA Tesla Inc. | 0.51% | 17,340 | $7.8M | Reduce -0.2% |
| CNQ Canadian Natural Resources | 0.51% | 228,221 | $7.7M | Add +4.0% |
| AMZN Amazon.com Inc. | 0.49% | 32,674 | $7.5M | Add +12.2% |
| NVDA Nvidia Corp. | 0.46% | 38,079 | $7.1M | Add +3.7% |
| COST Costco Wholesale Corp. | 0.44% | 7,880 | $6.8M | Add +0.7% |
| KVUE Kenvue Inc. | 0.34% | 303,690 | $5.2M | Reduce -10.1% |
| SCHW Schwab (charles) Corp. | 0.34% | 52,034 | $5.2M | New |
| CMCSA Comcast Corp. Class A | 0.34% | 173,370 | $5.2M | Reduce -18.5% |
| VGT Vanguard Info Tech ETF | 0.30% | 6,185 | $4.7M | Reduce -0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.30% | 40,668 | $4.6M | Reduce -1.2% |
| BBUC Brookfield Business Class A | 0.28% | 119,133 | $4.3M | Add +4.6% |
| CVE Cenovus Energy Inc. | 0.27% | 243,739 | $4.1M | Reduce -0.4% |
| FIX Comfort Systems USA Inc. | 0.27% | 4,397 | $4.1M | Reduce -1.7% |
| VTRS Viatris Inc. | 0.27% | 327,681 | $4.1M | Add +0.2% |
| MCD McDonald's Corp. | 0.25% | 12,539 | $3.8M | Add +6.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 5,232 | $3.6M | Add +1.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.21% | 5,352 | $3.3M | Reduce -13.3% |
| DFSI Dimensional Int Sus COR1 ETF | 0.21% | 74,795 | $3.2M | Add +3.2% |
| BGSI Boyd Group Services Inc. | 0.19% | 18,600 | $3.0M | New |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.17% | 29,449 | $2.7M | Reduce -0.1% |
| VOO Vanguard S&P 500 ETF | 0.17% | 4,237 | $2.7M | Add +3.0% |
| BN Brookfield Corp. | 0.16% | 52,106 | $2.4M | Reduce -1.3% |
| AGI Alamos Gold Inc. Class A | 0.15% | 60,092 | $2.3M | No change |
| TU Telus Corp. | 0.15% | 174,338 | $2.3M | Add +6.0% |
| GLW Corning Inc. | 0.15% | 26,222 | $2.3M | Reduce -2.6% |
| EQX Equinox Gold Corp. | 0.15% | 159,075 | $2.2M | Reduce -3.4% |
| NKE Nike Inc. Class B | 0.15% | 34,902 | $2.2M | Add +4.6% |
| EAOR iShares ESG Aware 60/40 Bala | 0.14% | 61,660 | $2.2M | Reduce -0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.14% | 38,848 | $2.1M | Add +1.8% |
| TAC Transalta Corp. | 0.14% | 168,411 | $2.1M | Add +2.3% |
| META Meta Platforms Inc. Class A | 0.14% | 3,210 | $2.1M | Reduce -11.8% |
| SLF Sun Life Financial Inc. | 0.14% | 33,241 | $2.1M | Add +4.0% |
| SUSB iShares ESG Aware 1-5 Year U | 0.13% | 80,278 | $2.0M | Add +2.8% |
| ITA iShares U.S. Aerospace & Def | 0.13% | 9,170 | $2.0M | No change |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.13% | 18,475 | $1.9M | Add +9.6% |
| C Citigroup Inc. | 0.13% | 16,439 | $1.9M | Reduce -6.1% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.12% | 41,845 | $1.8M | Add +0.7% |
| NGD New Gold Inc. | 0.12% | 205,600 | $1.8M | No change |
| NFLX Netflix Inc. | 0.12% | 18,850 | $1.8M | Add +3.1% |
| CDNS Cadence Design SYS Inc. | 0.11% | 5,550 | $1.7M | Reduce -2.3% |
| XLK SS Technology Select Sector | 0.11% | 11,608 | $1.7M | Add +4.3% |
| CRBN Ish Low Car Opt Ms Ac ETF-US | 0.11% | 6,998 | $1.6M | Reduce -1.2% |
| UNH Unitedhealth Group Inc. | 0.10% | 4,796 | $1.6M | Add +20.9% |
| ABBV Abbvie Inc. | 0.10% | 6,870 | $1.6M | Add +4.6% |
| VZ Verizon Communications Inc. | 0.10% | 37,496 | $1.5M | Add +0.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.10% | 2 | $1.5M | No change |
| PYPL PayPal Holdings Inc. | 0.10% | 25,470 | $1.5M | Add +41.7% |
| IVV iShares Core S&P 500 ETF | 0.10% | 2,138 | $1.5M | Add +2.6% |
| HD Home Depot Inc. | 0.09% | 4,154 | $1.4M | Add +46.1% |
| BCE Bce Inc. | 0.09% | 59,687 | $1.4M | Reduce -1.1% |
| CL Colgate-Palmolive Co. | 0.09% | 17,960 | $1.4M | Add +0.3% |
Portfolio Sells Q3 2025 → Q4 2025
| EMA Emera Inc. | Sold out | 0.00% | −0.71 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.62 |
| MTD Mettler-Toledo International | Sold out | 0.00% | −0.16 |
| AMRZ Amrize Ltd. | Sold out | 0.00% | −0.16 |
| ENB Enbridge Inc. | Reduce -0.3% | 1.03% | −0.13 |
| CMCSA Comcast Corp. Class A | Reduce -18.5% | 0.34% | −0.13 |
| OTEX Open Text Corp. | Reduce -0.6% | 0.55% | −0.13 |
| AAPL Apple Inc. | Reduce -1.5% | 4.87% | −0.07 |
| VOD Vodafone Group PLC-SP ADR | Sold out | 0.00% | −0.06 |
| AEM Agnico Eagle Mines Ltd. | Reduce -1.4% | 0.77% | −0.06 |
| FISV Fiserv Inc. | Reduce -27.7% | 0.03% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 0.87% | −0.05 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.05 |
| META Meta Platforms Inc. Class A | Reduce -11.8% | 0.14% | −0.05 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -13.3% | 0.21% | −0.05 |
| INTC Intel Corp. | Sold out | 0.00% | −0.04 |
| IAU iShares Gold Trust | Reduce -0.5% | 1.58% | −0.04 |
| KVUE Kenvue Inc. | Reduce -10.1% | 0.34% | −0.04 |
| ERIC Ericsson (lm) Tel-SP ADR | Sold out | 0.00% | −0.04 |
| SNPS Synopsys Inc. | Reduce -28.5% | 0.08% | −0.03 |
| PAVE Global X US Infrastructure | Sold out | 0.00% | −0.03 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.03 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.03 |
| FIVN FIVE9 Inc. | Reduce -25.3% | 0.04% | −0.03 |
| DIS The Walt Disney Co. | Reduce -1.2% | 0.30% | −0.03 |
| PHO Invesco Water Resources ETF | Sold out | 0.00% | −0.03 |
| CDNS Cadence Design SYS Inc. | Reduce -2.3% | 0.11% | −0.03 |
| HACK Amplify Cybersecurity ETF | Sold out | 0.00% | −0.03 |
| VGT Vanguard Info Tech ETF | Reduce -0.2% | 0.30% | −0.02 |
| TSLA Tesla Inc. | Reduce -0.2% | 0.51% | −0.02 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.02 |
| CVE Cenovus Energy Inc. | Reduce -0.4% | 0.27% | −0.02 |
| MOS The Mosaic Co. | Sold out | 0.00% | −0.02 |
| RBLX Roblox Corp. Class A | Sold out | 0.00% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -9.6% | 0.08% | −0.02 |
| CPB The Campbell's Company | Sold out | 0.00% | −0.02 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.02 |
| CVS CVS Health Corp. | Reduce -1.1% | 0.64% | −0.02 |
| WTMF Wisdomtree MGD Futures Strat | Sold out | 0.00% | −0.02 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.02 |
| FEZ State Street SPDR Euro Stoxx | Sold out | 0.00% | −0.02 |
| IRM Iron Mountain Inc. | Reduce -7.2% | 0.04% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -25.3% | 0.04% | −0.02 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.02 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.02 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.01 |
| PINS Pinterest Inc. Class A | Reduce -31.7% | 0.02% | −0.01 |
| QTUM Defiance Quantum ETF | Sold out | 0.00% | −0.01 |
| FLO Flowers Foods Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| MINO PIMCO Municipal Income Oppor | Add +1302.7% | 1.65% | +1.52 |
| SUNC Sunococorp LLC | New | 0.66% | +0.66 |
| SCHW Schwab (charles) Corp. | New | 0.34% | +0.34 |
| BGSI Boyd Group Services Inc. | New | 0.19% | +0.19 |
| TFLO iShares Treasury Floating Ra | Add +20.9% | 1.28% | +0.15 |
| GOOGL Alphabet Inc. Class A | Add +2.4% | 0.70% | +0.13 |
| MFC Manulife Financial Corp. | Add +2.5% | 1.10% | +0.12 |
| FDX FedEx Corp. | Add +4.7% | 0.54% | +0.09 |
| NEM Newmont Corp. | Add +0.0% | 0.92% | +0.09 |
| VGIT Vanguard Intermediate-Term T | Add +9.8% | 4.26% | +0.08 |
| CSCO Cisco Systems Inc. | Add +1.2% | 1.23% | +0.08 |
| BNS Bank of Nova Scotia | Add +0.4% | 1.06% | +0.07 |
| MPC Marathon Petroleum Corp. | New | 0.06% | +0.06 |
| WMT Walmart Inc. | Add +3.4% | 1.24% | +0.05 |
| JNJ Johnson & Johnson | Add +1.0% | 1.03% | +0.05 |
| CMI Cummins Inc. | Add +141.2% | 0.08% | +0.05 |
| AMZN Amazon.com Inc. | Add +12.2% | 0.49% | +0.05 |
| VNQ Vanguard Real Estate ETF | New | 0.04% | +0.04 |
| RSG Republic Services Inc. | New | 0.04% | +0.04 |
| VTRS Viatris Inc. | Add +0.2% | 0.27% | +0.04 |
| CNI Canadian Natl Railway Co. | Add +6.5% | 0.86% | +0.04 |
| DFAX Dimensional World Ex US Core | Add +2.9% | 3.94% | +0.03 |
| XOM Exxon Mobil Corp. | Add +56.1% | 0.09% | +0.03 |
| XLE SS Energy Select Sector | New | 0.03% | +0.03 |
| VEU Vanguard Ftse All-World Ex-U | Add +4.5% | 3.92% | +0.03 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.03% | +0.03 |
| TECK Teck Resources Ltd.-CLS B | New | 0.02% | +0.02 |
| GIL Gildan Activewear Inc. | New | 0.02% | +0.02 |
| YETI Yeti Holdings Inc. | Add +0.7% | 0.12% | +0.02 |
| EL Estee Lauder Companies Class A | Add +9.6% | 0.13% | +0.02 |
| BSV Vanguard Short-Term Bond ETF | New | 0.02% | +0.02 |
| PM Philip Morris International | Add +11.0% | 0.80% | +0.02 |
| CP Canadian Pacific Kansas City | Add +87.9% | 0.05% | +0.02 |
| PYLD PIMCO Multisector Bond Actv | Add +7.8% | 1.88% | +0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.02% | +0.02 |
| GEV GE Vernova Inc. | Add +30.0% | 0.08% | +0.02 |
| MU Micron Technology Inc. | Add +46.3% | 0.04% | +0.02 |
| SU Suncor Energy Inc. | Add +2.3% | 1.15% | +0.02 |
| EWC iShares MSCI Canada ETF | Add +34.9% | 0.07% | +0.02 |
| QXO Qxo Inc. | New | 0.02% | +0.02 |
| CVNA Carvana Co. | New | 0.02% | +0.02 |
| MGNI Magnite Inc. | Add +84.7% | 0.07% | +0.02 |
| PSX Phillips 66 | New | 0.02% | +0.02 |
| CNQ Canadian Natural Resources | Add +4.0% | 0.51% | +0.02 |
| FTLS First Trust Long/Short Eqty | Add +6.5% | 0.63% | +0.02 |
| COF Capital One Financial Corp. | New | 0.01% | +0.01 |
| EPD Enterprise Products Partners | New | 0.01% | +0.01 |
| DFAC Dimensional US Core Equity 2 | Add +3.8% | 2.51% | +0.01 |
| DELL Dell Technologies -C | New | 0.01% | +0.01 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.01% | +0.01 |
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 |