Guardian Capital LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Guardian Capital LP reported 147 stock positions worth $2.9 billion. Its top holding was Bank of Montreal (BMO) at 9.0% of the portfolio, followed by Royal Bank of Canada (RY, 6.5%) and Canadian Natural Resources (CNQ, 5.3%). Compared with Q4 2023, it opened 5 new positions, sold out of 11, added to 71 and reduced 57. The biggest buy was Open Text (OTEX, shares +21%) and the biggest sale Toronto-Dominion Bank (TD, shares −8%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001224324
Portfolio Value
$2.9B (Q1 2024)
SEC Filing
0001062993-24-010168 ↗ filed May 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $2.9B $2.9B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $2.7B Q3 2024 Q4 2024: $2.7B Q4 2024 Q1 2025: $2.5B Q1 2025 Q2 2025: $2.8B Q2 2025 Q3 2025: $3.1B Q3 2025 Q4 2025: $3.4B Q4 2025 Q1 2026: $3.8B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 147 stocks · $2.9B
BMO Bank of Montreal filed as BANK MONTREAL QUE 8.97% 2,632,909 $257.3M Reduce -0.1%
RY Royal Bank of Canada 6.48% 1,841,597 $185.9M Reduce -0.8%
CNQ Canadian Natural Resources 5.32% 1,997,671 $152.5M Reduce -2.6%
OTEX Open Text Corp. 4.51% 3,333,632 $129.5M Add +20.6%
SU Suncor Energy Inc. 3.94% 3,059,627 $113.0M Reduce -3.9%
BN Brookfield Corp. 3.40% 2,329,686 $97.6M Reduce -0.6%
CP Canadian Pacific Kansas City 3.08% 1,002,132 $88.4M Reduce -6.3%
TU Telus Corp. 3.06% 5,486,529 $87.9M Add +27.9%
QSR Restaurant Brands Intern 2.85% 1,029,895 $81.9M Add +0.3%
GIB Cgi Inc. 2.84% 736,882 $81.4M Add +0.1%
AEM Agnico Eagle Mines Ltd. 2.81% 1,352,636 $80.7M Reduce -10.4%
TD Toronto-Dominion Bank 2.30% 1,092,329 $66.0M Reduce -7.7%
MSFT Microsoft Corp. 1.97% 134,085 $56.4M Add +0.1%
CLS Celestica Inc. 1.76% 1,124,305 $50.6M Reduce -41.8%
FTS Fortis Inc. 1.67% 1,214,547 $48.0M Reduce -4.3%
AVGO Broadcom Inc. 1.65% 35,762 $47.4M Reduce -6.5%
AAPL Apple Inc. 1.47% 246,510 $42.3M Add +1.0%
WPM Wheaton Precious Metals Corp. 1.46% 889,669 $41.9M Add +13.2%
CNI Canadian Natl Railway Co. 1.37% 299,037 $39.4M Reduce -1.6%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 1.35% 765,225 $38.8M Add +10.2%
ENB Enbridge Inc. 1.32% 1,043,432 $37.7M Add +5.5%
COST Costco Wholesale Corp. 1.30% 50,758 $37.2M Add +0.3%
CCJ Cameco Corp. 1.27% 843,759 $36.6M Reduce -5.6%
MFC Manulife Financial Corp. 1.21% 1,391,902 $34.8M Add +9.0%
STN Stantec Inc. 1.21% 417,713 $34.7M Add +0.3%
TRI Thomson Reuters Corp. 1.19% 218,538 $34.0M Reduce -0.7%
ACN Accenture PLC Class A 1.12% 93,108 $32.3M Add +2.1%
MA Mastercard Inc. Class A 1.11% 66,186 $31.9M Add +1.3%
UNH Unitedhealth Group Inc. 0.97% 56,015 $27.7M Add +0.9%
ASML ASML Holding NV-NY Reg SHS 0.96% 28,313 $27.5M Add +5.9%
NVO Novo-Nordisk A/S-Spons ADR 0.95% 211,233 $27.1M Reduce -0.1%
MCD McDonald's Corp. 0.94% 95,930 $27.0M Add +2.2%
WMB Williams Cos Inc. 0.92% 680,194 $26.5M Reduce -0.0%
TECK Teck Resources Ltd.-CLS B 0.90% 563,825 $25.8M Reduce -3.0%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.86% 479,088 $24.8M Reduce -0.7%
TTE Totalenergies SE -Spon ADR 0.83% 346,636 $23.9M Add +0.0%
SLF Sun Life Financial Inc. 0.74% 388,614 $21.2M Reduce -0.9%
RSG Republic Services Inc. 0.74% 110,616 $21.2M Add +0.0%
JNJ Johnson & Johnson 0.73% 132,929 $21.0M Reduce -0.1%
SHEL Shell PLC-ADR 0.73% 310,865 $20.8M Reduce -0.5%
HD Home Depot Inc. 0.68% 50,482 $19.4M Reduce -2.5%
WM Waste Management Inc. 0.64% 85,905 $18.3M Add +0.0%
PBA Pembina Pipeline Corp. 0.63% 509,626 $18.0M Add +4.4%
NTR Nutrien Ltd. 0.58% 308,234 $16.8M Add +13.4%
RCI Rogers Communications Inc. Class B 0.58% 405,123 $16.6M Reduce -1.6%
NVEI Nuvei Corp.-Subordinate VTG 0.56% 508,810 $16.1M Reduce -2.2%
B Barrick Gold Corp. 0.52% 901,275 $15.0M Reduce -17.7%
BEPC Brookfield Renewable Cor-A 0.51% 590,767 $14.5M Reduce -0.4%
GOOGL Alphabet Inc. Class A 0.49% 92,803 $14.0M Add +2.3%
ABBV Abbvie Inc. 0.47% 74,464 $13.6M Add +0.0%
TRP TC Energy Corp. 0.44% 315,607 $12.7M Reduce -40.8%
GRP.U Granite Real Estate Investme 0.43% 217,383 $12.4M Add +13.4%
KVUE Kenvue Inc. 0.41% 543,073 $11.7M Add +21.4%
APD Air Products & Chemicals Inc. 0.41% 48,040 $11.6M Add +0.6%
BKNG Booking Holdings Inc. 0.40% 3,187 $11.6M Add +3.0%
HIG Hartford Insurance Group Inc. 0.39% 109,886 $11.3M Add +0.0%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.39% 10,992 $11.2M Add +14.8%
PG The Procter & Gamble Co. 0.38% 67,966 $11.0M Reduce -0.6%
BEP Brookfield Renewable Partner 0.36% 444,075 $10.3M Reduce -2.7%
CME Cme Group Inc. 0.36% 47,919 $10.3M Reduce -1.0%
BIPC Brookfield Infrastructure-A 0.35% 278,240 $10.0M Add +2.3%
EQIX Equinix Inc. 0.35% 12,008 $9.9M Add +45.3%
SHOP Shopify Inc. Class A 0.32% 118,037 $9.1M Add +7.4%
UL Unilever PLC 0.26% 150,421 $7.5M Add +0.0%
AMGN Amgen Inc. 0.23% 23,089 $6.6M Reduce -0.6%
ITW Illinois Tool Works 0.23% 24,295 $6.5M Add +5.5%
WEC WEC Energy Group Inc. 0.22% 78,346 $6.4M Reduce -0.4%
NKE Nike Inc. Class B 0.21% 65,608 $6.2M Add +0.3%
CL Colgate-Palmolive Co. 0.21% 66,820 $6.0M Add +0.6%
EOG EOG Resources Inc. 0.20% 44,876 $5.7M Reduce -4.2%
SNY Sanofi-ADR 0.19% 113,445 $5.5M Reduce -10.3%
MKTX Marketaxess Holdings Inc. 0.19% 25,074 $5.5M Add +15.3%
BCE Bce Inc. 0.19% 156,623 $5.3M Reduce -65.2%
ADP Automatic Data Processing 0.17% 19,951 $5.0M Add +0.3%
NVDA Nvidia Corp. 0.17% 5,447 $4.9M Reduce -18.3%
WCN Waste Connections Inc. 0.16% 26,703 $4.6M Reduce -2.5%
INTU Intuit Inc. 0.16% 6,945 $4.5M Reduce -2.1%
AMZN Amazon.com Inc. 0.15% 24,650 $4.4M Add +9.4%
VRSK Verisk Analytics Inc. 0.15% 18,466 $4.4M Add +3.0%
WAT Waters Corp. 0.14% 11,934 $4.1M Add +36.6%
IMO Imperial Oil Ltd. 0.14% 57,689 $4.0M No change
AZN Astrazeneca PLC-Spons ADR 0.12% 52,274 $3.5M Add +10.5%
PEP Pepsico Inc. 0.12% 20,086 $3.5M Add +4.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.12% 27,856 $3.4M Reduce -0.4%
ILMN Illumina Inc. 0.11% 23,063 $3.2M Add +25.5%
YUMC Yum China Holdings Inc. 0.11% 76,525 $3.0M New
DSGX The Descartes Systems Grp 0.10% 32,104 $2.9M Reduce -2.9%
ROP Roper Technologies Inc. 0.10% 5,208 $2.9M No change
EMR Emerson Electric Co. 0.10% 25,563 $2.9M Add +6.7%
JPM JPMorgan Chase & Co. 0.10% 14,004 $2.8M Reduce -11.8%
TXN Texas Instruments Inc. 0.10% 16,055 $2.8M Add +10.3%
MGA Magna International Inc. 0.10% 50,045 $2.7M Add +6.4%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.09% 33,500 $2.6M No change
BAM Brookfield Asset Mgmt-A 0.09% 60,851 $2.6M Reduce -7.7%
DUK Duke Energy Corp. 0.09% 25,766 $2.5M Reduce -3.7%
AFL Aflac Inc. 0.08% 27,622 $2.4M No change
AXP American Express Co. 0.08% 10,388 $2.4M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.08% 21,921 $2.2M Add +17.2%
ADSK Autodesk Inc. 0.08% 8,534 $2.2M Add +0.1%
CMCSA Comcast Corp. Class A 0.07% 49,365 $2.1M No change
BAX Baxter International Inc. 0.07% 49,375 $2.1M Add +13.7%
GOOG Alphabet Inc. Class C 0.07% 13,621 $2.1M Add +6.3%
RTX RTX Corp. 0.07% 20,983 $2.0M Add +30.5%
ADBE Adobe Inc. 0.07% 4,054 $2.0M Add +55.3%
CIGI Colliers Intl GR-Subord Vot 0.07% 16,251 $2.0M Reduce -16.6%
CVX Chevron Corp. 0.07% 12,554 $2.0M Reduce -1.2%
LOW Lowe's Cos Inc. 0.07% 7,588 $1.9M Add +2.5%
APH Amphenol Corp. Class A 0.07% 16,225 $1.9M Reduce -1.0%
TMO Thermo Fisher Scientific Inc. 0.06% 3,198 $1.9M No change
SBUX Starbucks Corp. 0.06% 20,044 $1.8M Add +5.0%
SHW The Sherwin-Williams Co. 0.06% 4,648 $1.6M Reduce -1.3%
GDDY GoDaddy Inc. Class A 0.05% 13,200 $1.6M Reduce -7.0%
SPGI S&P Global Inc. 0.05% 3,590 $1.5M Add +11.7%
ATS Ats Corp. 0.05% 43,126 $1.5M Reduce -18.2%
CPAY Corpay Inc. 0.05% 4,600 $1.4M No change
FISV Fiserv Inc. 0.05% 8,735 $1.4M Reduce -0.8%
CTAS Cintas Corp. 0.05% 1,975 $1.4M Add +14.5%
CPRT Copart Inc. 0.05% 23,400 $1.4M Add +21.9%
ESMV iShares ESG Optimized MSCI U 0.05% 50,798 $1.4M Add +31.3%
NSSC Napco Security Technologies 0.05% 33,200 $1.3M Reduce -4.9%
ZBRA Zebra Technologies Corp. Class A 0.04% 3,925 $1.2M Reduce -7.1%
MKL Markel Group Inc. 0.04% 760 $1.2M Add +6.3%
NOW ServiceNow Inc. 0.04% 1,507 $1.1M Add +15.0%
ARM Arm Holdings PLC-ADR 0.04% 8,132 $1.0M Add +184.5%
GRID First TRST Nasd Class Edg Sgiif 0.03% 8,538 $979K New
DG Dollar General Corp. 0.03% 6,225 $971K No change
TTWO Take-Two Interactive Softwre 0.03% 6,445 $957K No change
AZO AutoZone Inc. 0.03% 301 $949K No change
SNPS Synopsys Inc. 0.03% 1,543 $882K Add +1.0%
POOL Pool Corp. 0.03% 2,150 $868K No change
CRH CRH PLC 0.03% 9,511 $820K Reduce -2.3%
V Visa Inc. Class A 0.03% 2,691 $751K Add +5.8%
IBN Icici Bank Ltd.-Spon ADR 0.03% 28,419 $751K Add +193.0%
LLY Eli Lilly & Co. 0.03% 921 $717K Add +3.0%
ISRG Intuitive Surgical Inc. 0.02% 1,759 $702K New
FDS Factset Research Systems Inc. 0.02% 1,491 $677K Add +3.7%
IDXX Idexx Laboratories Inc. 0.02% 1,135 $613K Add +9.7%
CDNS Cadence Design SYS Inc. 0.02% 1,874 $583K Add +86.3%
MDB Mongodb Inc. 0.02% 1,486 $533K Add +0.3%
AQN Algonquin Power & Utilities 0.02% 83,701 $529K No change
A Agilent Technologies Inc. 0.02% 3,438 $500K Reduce -3.0%
PH Parker Hannifin Corp. 0.01% 762 $424K New
TM Toyota Motor Corp. -Spon ADR 0.01% 1,257 $316K No change
STE Steris PLC 0.01% 1,272 $286K Reduce -35.3%
MEOH Methanex Corp. 0.01% 5,203 $232K Reduce -7.7%
CNDT Conduent Inc. 0.00% 10,085 $34K New
LUMN Lumen Technologies Inc. 0.00% 13,129 $20K Reduce -40.7%

Options reported separately and not counted above: YUMC puts ($218K).

Portfolio Sells Q4 2023 → Q1 2024
TD Toronto-Dominion Bank Reduce -7.7% 2.30% −0.46
BCE Bce Inc. Reduce -65.2% 0.19% −0.45
BMO Bank of Montreal Reduce -0.1% 8.97% −0.43
CSCO Cisco Systems Inc. Sold out 0.00% −0.42
TRP TC Energy Corp. Reduce -40.8% 0.44% −0.31
RY Royal Bank of Canada Reduce -0.8% 6.48% −0.29
CLS Celestica Inc. Reduce -41.8% 1.76% −0.27
FTS Fortis Inc. Reduce -4.3% 1.67% −0.21
B Barrick Gold Corp. Reduce -17.7% 0.52% −0.19
AEM Agnico Eagle Mines Ltd. Reduce -10.4% 2.81% −0.17
RCI Rogers Communications Inc. Class B Reduce -1.6% 0.58% −0.12
CCJ Cameco Corp. Reduce -5.6% 1.27% −0.11
BEPC Brookfield Renewable Cor-A Reduce -0.4% 0.51% −0.11
BEP Brookfield Renewable Partner Reduce -2.7% 0.36% −0.07
SNY Sanofi-ADR Reduce -10.3% 0.19% −0.03
ATS Ats Corp. Reduce -18.2% 0.05% −0.03
ROK Rockwell Automation Inc. Sold out 0.00% −0.03
ICLN iShares Global Clean Energy Sold out 0.00% −0.02
PYPL PayPal Holdings Inc. Sold out 0.00% −0.02
CIGI Colliers Intl GR-Subord Vot Reduce -16.6% 0.07% −0.02
GIL Gildan Activewear Inc. Sold out 0.00% −0.02
JNJ Johnson & Johnson Reduce -0.1% 0.73% −0.01
WEC WEC Energy Group Inc. Reduce -0.4% 0.22% −0.01
STM Stmicroelectronics NV-NY SHS Sold out 0.00% −0.01
EQNR Equinor ASA-Spon ADR Sold out 0.00% −0.01
AMGN Amgen Inc. Reduce -0.6% 0.23% −0.01
MCHP Microchip Technology Inc. Sold out 0.00% −0.01
SHEL Shell PLC-ADR Reduce -0.5% 0.73% −0.01
CAT Caterpillar Inc. Sold out 0.00% −0.01
LYFT LYFT Inc. Class A Sold out 0.00% −0.01
BAM Brookfield Asset Mgmt-A Reduce -7.7% 0.09% −0.01
DUK Duke Energy Corp. Reduce -3.7% 0.09% −0.01
CME Cme Group Inc. Reduce -1.0% 0.36% −0.01
STE Steris PLC Reduce -35.3% 0.01% −0.01
SCS Steelcase Inc. Class A Sold out 0.00% −0.01
EOG EOG Resources Inc. Reduce -4.2% 0.20% −0.00
CNI Canadian Natl Railway Co. Reduce -1.6% 1.37% −0.00
INTU Intuit Inc. Reduce -2.1% 0.16% −0.00
MEOH Methanex Corp. Reduce -7.7% 0.01% −0.00
LUMN Lumen Technologies Inc. Reduce -40.7% 0.00% −0.00
A Agilent Technologies Inc. Reduce -3.0% 0.02% −0.00
ZBRA Zebra Technologies Corp. Class A Reduce -7.1% 0.04% −0.00
GDDY GoDaddy Inc. Class A Reduce -7.0% 0.05% +0.00
JPM JPMorgan Chase & Co. Reduce -11.8% 0.10% +0.00
CVX Chevron Corp. Reduce -1.2% 0.07% +0.00
DSGX The Descartes Systems Grp Reduce -2.9% 0.10% +0.00
NSSC Napco Security Technologies Reduce -4.9% 0.05% +0.00
SHW The Sherwin-Williams Co. Reduce -1.3% 0.06% +0.00
CRH CRH PLC Reduce -2.3% 0.03% +0.00
FISV Fiserv Inc. Reduce -0.8% 0.05% +0.01

Portfolio Buys Q4 2023 → Q1 2024
OTEX Open Text Corp. Add +20.6% 4.51% +0.33
TU Telus Corp. Add +27.9% 3.06% +0.31
ASML ASML Holding NV-NY Reg SHS Add +5.9% 0.96% +0.23
MFC Manulife Financial Corp. Add +9.0% 1.21% +0.20
MSFT Microsoft Corp. Add +0.1% 1.97% +0.16
CM Can Imperial BK of Commerce Add +10.2% 1.35% +0.15
MA Mastercard Inc. Class A Add +1.3% 1.11% +0.11
EQIX Equinix Inc. Add +45.3% 0.35% +0.11
YUMC Yum China Holdings Inc. New 0.11% +0.11
GWW WW Grainger Inc. Add +14.8% 0.39% +0.11
COST Costco Wholesale Corp. Add +0.3% 1.30% +0.10
WM Waste Management Inc. Add +0.0% 0.64% +0.09
RSG Republic Services Inc. Add +0.0% 0.74% +0.08
HIG Hartford Insurance Group Inc. Add +0.0% 0.39% +0.08
WPM Wheaton Precious Metals Corp. Add +13.2% 1.46% +0.07
KVUE Kenvue Inc. Add +21.4% 0.41% +0.06
ABBV Abbvie Inc. Add +0.0% 0.47% +0.06
WAT Waters Corp. Add +36.6% 0.14% +0.04
GRP.U Granite Real Estate Investme Add +13.4% 0.43% +0.04
GRID First TRST Nasd Class Edg Sgiif New 0.03% +0.03
GOOGL Alphabet Inc. Class A Add +2.3% 0.49% +0.03
ENB Enbridge Inc. Add +5.5% 1.32% +0.03
NTR Nutrien Ltd. Add +13.4% 0.58% +0.03
AMZN Amazon.com Inc. Add +9.4% 0.15% +0.03
ARM Arm Holdings PLC-ADR Add +184.5% 0.04% +0.03
ISRG Intuitive Surgical Inc. New 0.02% +0.02
RTX RTX Corp. Add +30.5% 0.07% +0.02
PBA Pembina Pipeline Corp. Add +4.4% 0.63% +0.02
CL Colgate-Palmolive Co. Add +0.6% 0.21% +0.02
ILMN Illumina Inc. Add +25.5% 0.11% +0.02
IBN Icici Bank Ltd.-Spon ADR Add +193.0% 0.03% +0.02
EMR Emerson Electric Co. Add +6.7% 0.10% +0.02
ADBE Adobe Inc. Add +55.3% 0.07% +0.02
PH Parker Hannifin Corp. New 0.01% +0.01
TJX TJX Companies Inc. Add +17.2% 0.08% +0.01
CPRT Copart Inc. Add +21.9% 0.05% +0.01
BAX Baxter International Inc. Add +13.7% 0.07% +0.01
ESMV iShares ESG Optimized MSCI U Add +31.3% 0.05% +0.01
ITW Illinois Tool Works Add +5.5% 0.23% +0.01
CDNS Cadence Design SYS Inc. Add +86.3% 0.02% +0.01
CTAS Cintas Corp. Add +14.5% 0.05% +0.01
BKNG Booking Holdings Inc. Add +3.0% 0.40% +0.01
SHOP Shopify Inc. Class A Add +7.4% 0.32% +0.01
AZN Astrazeneca PLC-Spons ADR Add +10.5% 0.12% +0.01
TXN Texas Instruments Inc. Add +10.3% 0.10% +0.01
LOW Lowe's Cos Inc. Add +2.5% 0.07% +0.01
GOOG Alphabet Inc. Class C Add +6.3% 0.07% +0.01
ADP Automatic Data Processing Add +0.3% 0.17% +0.01
NOW ServiceNow Inc. Add +15.0% 0.04% +0.01
LLY Eli Lilly & Co. Add +3.0% 0.03% +0.01

Options Activity Q4 2023 → Q1 2024
NVO Novo-Nordisk A/S-Spons ADR put Sold out 35,200 $1.7Mbefore exit
YUMC Yum China Holdings Inc. put New 260 $218K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 159$4.1BRY, CNQ, TD, GIB, BN
Q1 2026 160$3.8BRY, CNQ, AEM, TD, SU
Q4 2025 160$3.4BRY, AEM, TD, BN, OTEX
Q3 2025 152$3.1BRY, BMO, AEM, OTEX, BN
Q2 2025 139$2.8BBMO, RY, OTEX, AEM, BN
Q1 2025 132$2.5BBMO, RY, AEM, OTEX, BN
Q4 2024 125$2.7BBMO, RY, OTEX, BN, AEM
Q3 2024 125$2.7BRY, BMO, OTEX, BN, AEM
Q2 2024 126$2.7BBMO, RY, OTEX, CNQ, SU
Q1 2024 147$2.9BBMO, RY, CNQ, OTEX, SU