Guardian Capital LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Guardian Capital LP reported 125 stock positions worth $2.7 billion. Its top holding was Bank of Montreal (BMO) at 7.8% of the portfolio, followed by Royal Bank of Canada (RY, 7.3%) and Open Text (OTEX, 4.2%). Compared with Q3 2024, it opened 4 new positions, sold out of 4, added to 77 and reduced 33. The biggest buy was Magna International (MGA, shares +1153%) and the biggest sale Telus (TU, shares −20%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001224324
- Portfolio Value
- $2.7B (Q4 2024)
- SEC Filing
- 0001062993-25-002571 ↗ filed Feb 14, 2025
Holdings Value
Holdings 125 stocks · $2.7B
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 7.76% | 2,151,876 | $208.8M | Reduce -0.3% |
| RY Royal Bank of Canada | 7.34% | 1,637,559 | $197.3M | Reduce -0.7% |
| OTEX Open Text Corp. | 4.22% | 4,011,047 | $113.5M | Add +2.8% |
| BN Brookfield Corp. | 4.02% | 1,883,274 | $108.2M | Reduce -3.7% |
| AEM Agnico Eagle Mines Ltd. | 3.61% | 1,241,639 | $97.1M | Reduce -1.5% |
| CNQ Canadian Natural Resources | 3.57% | 3,108,699 | $96.0M | Add +6.8% |
| QSR Restaurant Brands Intern | 3.17% | 1,308,057 | $85.2M | Add +2.7% |
| SU Suncor Energy Inc. | 2.90% | 2,188,063 | $78.1M | Reduce -3.7% |
| GIB Cgi Inc. | 2.79% | 686,159 | $75.0M | Add +1.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 2.77% | 1,179,929 | $74.6M | Add +1.3% |
| AAPL Apple Inc. | 2.27% | 243,274 | $60.9M | Add +1.9% |
| MSFT Microsoft Corp. | 2.16% | 137,881 | $58.1M | Add +1.0% |
| CP Canadian Pacific Kansas City | 2.15% | 799,719 | $57.9M | Add +0.3% |
| AVGO Broadcom Inc. | 2.15% | 248,939 | $57.7M | Reduce -5.0% |
| TU Telus Corp. | 1.96% | 3,899,682 | $52.8M | Reduce -19.6% |
| COST Costco Wholesale Corp. | 1.81% | 53,015 | $48.6M | Add +0.8% |
| TD Toronto-Dominion Bank | 1.67% | 844,922 | $45.0M | Add +1.7% |
| ENB Enbridge Inc. | 1.42% | 901,358 | $38.2M | Reduce -7.9% |
| WMB Williams Cos Inc. | 1.37% | 680,667 | $36.8M | Add +1.1% |
| ACN Accenture PLC Class A | 1.24% | 95,006 | $33.4M | Add +0.9% |
| CNI Canadian Natl Railway Co. | 1.24% | 327,417 | $33.2M | Add +5.8% |
| MFC Manulife Financial Corp. | 1.23% | 1,079,267 | $33.1M | Reduce -12.3% |
| MA Mastercard Inc. Class A | 1.19% | 61,008 | $32.1M | Reduce -1.4% |
| FTS Fortis Inc. | 1.17% | 758,555 | $31.5M | Reduce -0.2% |
| MGA Magna International Inc. | 1.08% | 695,980 | $29.1M | Add +1153.0% |
| MCD McDonald's Corp. | 1.03% | 95,416 | $27.7M | Add +0.3% |
| TRI Thomson Reuters Corp. | 1.03% | 172,110 | $27.6M | Add +2.4% |
| CCJ Cameco Corp. | 1.03% | 537,149 | $27.6M | Reduce -1.4% |
| STN Stantec Inc. | 1.00% | 343,333 | $26.9M | Add +1.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.96% | 481,235 | $25.8M | Add +5.9% |
| UNH Unitedhealth Group Inc. | 0.96% | 50,934 | $25.8M | Add +0.6% |
| WPM Wheaton Precious Metals Corp. | 0.95% | 451,928 | $25.4M | Reduce -28.6% |
| ASML ASML Holding NV-NY Reg SHS | 0.92% | 35,605 | $24.7M | Add +8.1% |
| GOOGL Alphabet Inc. Class A | 0.89% | 126,123 | $23.9M | Reduce -13.5% |
| RSG Republic Services Inc. | 0.83% | 111,450 | $22.4M | Add +1.9% |
| BIP Brookfield Infrastructure Pa | 0.78% | 664,287 | $21.1M | New |
| TECK Teck Resources Ltd.-CLS B | 0.74% | 492,667 | $20.0M | Reduce -0.3% |
| NTR Nutrien Ltd. | 0.73% | 439,179 | $19.6M | Add +43.0% |
| HD Home Depot Inc. | 0.73% | 50,136 | $19.5M | Add +0.6% |
| SHEL Shell PLC-ADR | 0.72% | 311,009 | $19.5M | Add +1.1% |
| JNJ Johnson & Johnson | 0.71% | 132,000 | $19.1M | Add +2.7% |
| SLF Sun Life Financial Inc. | 0.71% | 320,223 | $19.0M | Add +0.8% |
| TTE Totalenergies SE -Spon ADR | 0.70% | 346,680 | $18.9M | Add +1.1% |
| EQIX Equinix Inc. | 0.68% | 19,463 | $18.4M | Add +29.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.68% | 211,452 | $18.2M | Add +1.1% |
| WM Waste Management Inc. | 0.65% | 86,003 | $17.4M | Add +0.6% |
| PBA Pembina Pipeline Corp. | 0.64% | 469,160 | $17.3M | Reduce -2.8% |
| HIG Hartford Insurance Group Inc. | 0.60% | 146,584 | $16.0M | Add +1.2% |
| IBN Icici Bank Ltd.-Spon ADR | 0.52% | 472,455 | $14.1M | Add +32.1% |
| APD Air Products & Chemicals Inc. | 0.51% | 47,284 | $13.7M | Add +1.1% |
| TRP TC Energy Corp. | 0.50% | 287,117 | $13.4M | Reduce -3.0% |
| GRTUF Granite Real Estate Investme | 0.50% | 275,225 | $13.3M | Reduce -1.4% |
| RCI Rogers Communications Inc. Class B | 0.50% | 434,445 | $13.3M | Reduce -1.4% |
| ABBV Abbvie Inc. | 0.50% | 74,960 | $13.3M | Add +1.5% |
| BIPC Brookfield Infrastructure-A | 0.48% | 320,688 | $12.9M | Add +1.7% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.47% | 11,969 | $12.6M | Add +2.3% |
| BEPC Brookfield Renewable Corp. | 0.46% | 446,124 | $12.3M | Add +0.6% |
| BKNG Booking Holdings Inc. | 0.45% | 2,456 | $12.2M | Reduce -13.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.44% | 97,966 | $11.8M | Add +797.0% |
| PG The Procter & Gamble Co. | 0.42% | 68,091 | $11.4M | Add +1.1% |
| BEP Brookfield Renewable Partner | 0.40% | 468,295 | $10.7M | Add +12.2% |
| CME Cme Group Inc. | 0.39% | 45,619 | $10.6M | Reduce -2.8% |
| KVUE Kenvue Inc. | 0.39% | 492,400 | $10.5M | Reduce -3.0% |
| META Meta Platforms Inc. Class A | 0.38% | 17,283 | $10.1M | Add +429.5% |
| PH Parker Hannifin Corp. | 0.34% | 14,499 | $9.2M | Add +613.5% |
| UL Unilever PLC | 0.32% | 151,115 | $8.6M | Add +1.1% |
| SHOP Shopify Inc. Class A | 0.31% | 77,510 | $8.2M | Reduce -17.4% |
| B Barrick Gold Corp. | 0.30% | 526,285 | $8.2M | Reduce -44.7% |
| YUMC Yum China Holdings Inc. | 0.30% | 165,719 | $8.0M | Add +26.1% |
| WEC WEC Energy Group Inc. | 0.27% | 78,523 | $7.4M | Add +1.4% |
| EOG EOG Resources Inc. | 0.24% | 52,126 | $6.4M | Add +0.1% |
| ITW Illinois Tool Works | 0.23% | 24,398 | $6.2M | Add +1.1% |
| CL Colgate-Palmolive Co. | 0.23% | 67,320 | $6.1M | No change |
| AMGN Amgen Inc. | 0.23% | 23,248 | $6.1M | Add +1.1% |
| MKTX Marketaxess Holdings Inc. | 0.22% | 26,374 | $6.0M | Add +4.3% |
| NVDA Nvidia Corp. | 0.21% | 42,772 | $5.7M | Add +7.1% |
| AMZN Amazon.com Inc. | 0.21% | 25,391 | $5.6M | Add +7.3% |
| SNY Sanofi-ADR | 0.20% | 113,296 | $5.5M | Add +1.2% |
| VRSK Verisk Analytics Inc. | 0.20% | 19,816 | $5.5M | Add +3.9% |
| NKE Nike Inc. Class B | 0.20% | 71,108 | $5.4M | Add +5.8% |
| ILMN Illumina Inc. | 0.18% | 35,497 | $4.7M | Add +5.7% |
| WAT Waters Corp. | 0.17% | 12,334 | $4.6M | Add +2.5% |
| GOOG Alphabet Inc. Class C | 0.17% | 23,835 | $4.5M | Add +7.2% |
| ADP Automatic Data Processing | 0.17% | 15,434 | $4.5M | Reduce -23.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.14% | 58,951 | $3.9M | Add +8.3% |
| IMO Imperial Oil Ltd. | 0.13% | 56,789 | $3.5M | No change |
| ISRG Intuitive Surgical Inc. | 0.13% | 6,593 | $3.4M | Add +7.3% |
| PEP Pepsico Inc. | 0.13% | 22,236 | $3.4M | Add +3.0% |
| EMR Emerson Electric Co. | 0.12% | 25,563 | $3.2M | No change |
| TXN Texas Instruments Inc. | 0.11% | 16,455 | $3.1M | Add +2.5% |
| WCN Waste Connections Inc. | 0.11% | 17,961 | $3.1M | Reduce -3.8% |
| JPM JPMorgan Chase & Co. | 0.11% | 12,669 | $3.0M | Reduce -7.3% |
| DUK Duke Energy Corp. | 0.11% | 27,266 | $2.9M | Add +2.6% |
| ROP Roper Technologies Inc. | 0.11% | 5,578 | $2.9M | No change |
| NOW ServiceNow Inc. | 0.11% | 2,724 | $2.9M | Add +7.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.10% | 25,326 | $2.8M | Add +5.8% |
| INTU Intuit Inc. | 0.10% | 4,470 | $2.8M | No change |
| AXP American Express Co. | 0.10% | 9,188 | $2.7M | Reduce -11.6% |
| RTX RTX Corp. | 0.10% | 22,778 | $2.6M | Add +2.0% |
| AFL Aflac Inc. | 0.09% | 24,422 | $2.5M | Reduce -7.6% |
Options reported separately and not counted above: NIKE INC puts ($245K), MICROSOFT CORP puts ($128K), ILLUMINA INC puts ($113K), WATERS CORP puts ($98K), MARKETAXESS HLDGS INC puts ($90K), COLGATE PALMOLIVE CO puts ($78K), UNITEDHEALTH GROUP INC puts ($71K), YUM CHINA HLDGS INC puts ($54K), VERISK ANALYTICS INC puts ($46K), ACCENTURE PLC IRELAND puts ($45K), ALPHABET INC puts ($34K), PEPSICO INC puts ($32K), and 6 more.
Portfolio Sells Q3 2024 → Q4 2024
| TU Telus Corp. | Reduce -19.6% | 1.96% | −1.02 |
| WPM Wheaton Precious Metals Corp. | Reduce -28.6% | 0.95% | −0.47 |
| B Barrick Gold Corp. | Reduce -44.7% | 0.30% | −0.39 |
| RY Royal Bank of Canada | Reduce -0.7% | 7.34% | −0.22 |
| TECK Teck Resources Ltd.-CLS B | Reduce -0.3% | 0.74% | −0.20 |
| SU Suncor Energy Inc. | Reduce -3.7% | 2.90% | −0.18 |
| RCI Rogers Communications Inc. Class B | Reduce -1.4% | 0.50% | −0.15 |
| GRTUF Granite Real Estate Investme | Reduce -1.4% | 0.50% | −0.12 |
| AEM Agnico Eagle Mines Ltd. | Reduce -1.5% | 3.61% | −0.11 |
| MFC Manulife Financial Corp. | Reduce -12.3% | 1.23% | −0.10 |
| ESMV iShares ESG Optimized MSCI U | Sold out | 0.00% | −0.10 |
| FTS Fortis Inc. | Reduce -0.2% | 1.17% | −0.10 |
| PBA Pembina Pipeline Corp. | Reduce -2.8% | 0.64% | −0.09 |
| GRID First TRST Nasd Class Edg Sgiif | Sold out | 0.00% | −0.07 |
| KVUE Kenvue Inc. | Reduce -3.0% | 0.39% | −0.04 |
| ENB Enbridge Inc. | Reduce -7.9% | 1.42% | −0.04 |
| ADP Automatic Data Processing | Reduce -23.0% | 0.17% | −0.04 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.03 |
| TRP TC Energy Corp. | Reduce -3.0% | 0.50% | −0.02 |
| AFL Aflac Inc. | Reduce -7.6% | 0.09% | −0.01 |
| WCN Waste Connections Inc. | Reduce -3.8% | 0.11% | −0.01 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -4.9% | 0.04% | −0.01 |
| HL Hecla Mining Co. | Sold out | 0.00% | −0.00 |
| AXP American Express Co. | Reduce -11.6% | 0.10% | −0.00 |
| CRH CRH PLC | Reduce -3.5% | 0.03% | −0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -13.5% | 0.89% | +0.00 |
| DSGX The Descartes Systems Grp | Reduce -5.5% | 0.08% | +0.00 |
| JPM JPMorgan Chase & Co. | Reduce -7.3% | 0.11% | +0.01 |
| BAM Brookfield Asset Mgmt-A | Reduce -3.0% | 0.09% | +0.01 |
| CME Cme Group Inc. | Reduce -2.8% | 0.39% | +0.01 |
| BKNG Booking Holdings Inc. | Reduce -13.5% | 0.45% | +0.02 |
| SHOP Shopify Inc. Class A | Reduce -17.4% | 0.31% | +0.03 |
| CCJ Cameco Corp. | Reduce -1.4% | 1.03% | +0.07 |
| MA Mastercard Inc. Class A | Reduce -1.4% | 1.19% | +0.07 |
| BN Brookfield Corp. | Reduce -3.7% | 4.02% | +0.21 |
| AVGO Broadcom Inc. | Reduce -5.0% | 2.15% | +0.49 |
| BMO Bank of Montreal | Reduce -0.3% | 7.76% | +0.62 |
Portfolio Buys Q3 2024 → Q4 2024
| MGA Magna International Inc. | Add +1153.0% | 1.08% | +1.00 |
| BIP Brookfield Infrastructure Pa | New | 0.78% | +0.78 |
| TJX TJX Companies Inc. | Add +797.0% | 0.44% | +0.39 |
| META Meta Platforms Inc. Class A | Add +429.5% | 0.38% | +0.31 |
| PH Parker Hannifin Corp. | Add +613.5% | 0.34% | +0.30 |
| WMB Williams Cos Inc. | Add +1.1% | 1.37% | +0.24 |
| AAPL Apple Inc. | Add +1.9% | 2.27% | +0.23 |
| EQIX Equinix Inc. | Add +29.6% | 0.68% | +0.19 |
| NTR Nutrien Ltd. | Add +43.0% | 0.73% | +0.19 |
| CM Can Imperial BK of Commerce | Add +1.3% | 2.77% | +0.15 |
| IBN Icici Bank Ltd.-Spon ADR | Add +32.1% | 0.52% | +0.13 |
| COST Costco Wholesale Corp. | Add +0.8% | 1.81% | +0.10 |
| ALC Alcon Inc. | New | 0.09% | +0.09 |
| YUMC Yum China Holdings Inc. | Add +26.1% | 0.30% | +0.08 |
| BNS Bank of Nova Scotia | Add +5.9% | 0.96% | +0.05 |
| AMZN Amazon.com Inc. | Add +7.3% | 0.21% | +0.05 |
| NVDA Nvidia Corp. | Add +7.1% | 0.21% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +7.2% | 0.17% | +0.03 |
| SLF Sun Life Financial Inc. | Add +0.8% | 0.71% | +0.03 |
| RSG Republic Services Inc. | Add +1.9% | 0.83% | +0.03 |
| MCO Moody's Corp. | New | 0.03% | +0.03 |
| NOW ServiceNow Inc. | Add +7.2% | 0.11% | +0.02 |
| GWW WW Grainger Inc. | Add +2.3% | 0.47% | +0.02 |
| ACN Accenture PLC Class A | Add +0.9% | 1.24% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.02% | +0.02 |
| CNQ Canadian Natural Resources | Add +6.8% | 3.57% | +0.02 |
| DIS The Walt Disney Co. | Add +5.8% | 0.10% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +7.3% | 0.13% | +0.02 |
| ILMN Illumina Inc. | Add +5.7% | 0.18% | +0.02 |
| VRSK Verisk Analytics Inc. | Add +3.9% | 0.20% | +0.02 |
| V Visa Inc. Class A | Add +7.7% | 0.06% | +0.01 |
| CDNS Cadence Design SYS Inc. | Add +9.2% | 0.06% | +0.01 |
| WAT Waters Corp. | Add +2.5% | 0.17% | +0.01 |
| CVX Chevron Corp. | Add +12.0% | 0.08% | +0.01 |
| MSFT Microsoft Corp. | Add +1.0% | 2.16% | +0.01 |
| APH Amphenol Corp. Class A | Add +6.0% | 0.03% | +0.00 |
| EOG EOG Resources Inc. | Add +0.1% | 0.24% | +0.00 |
| SNPS Synopsys Inc. | Add +7.5% | 0.06% | +0.00 |
| WEC WEC Energy Group Inc. | Add +1.4% | 0.27% | +0.00 |
| APD Air Products & Chemicals Inc. | Add +1.1% | 0.51% | −0.00 |
| A Agilent Technologies Inc. | Add +7.8% | 0.03% | −0.00 |
| SHW The Sherwin-Williams Co. | Add +7.8% | 0.04% | −0.00 |
| RTX RTX Corp. | Add +2.0% | 0.10% | −0.00 |
| ITW Illinois Tool Works | Add +1.1% | 0.23% | −0.00 |
| STN Stantec Inc. | Add +1.0% | 1.00% | −0.00 |
| DHR Danaher Corp. | Add +16.5% | 0.08% | −0.00 |
| MPWR Monolithic Power Systems Inc. | Add +18.8% | 0.01% | −0.00 |
| PG The Procter & Gamble Co. | Add +1.1% | 0.42% | −0.00 |
| DUK Duke Energy Corp. | Add +2.6% | 0.11% | −0.00 |
| LLY Eli Lilly & Co. | Add +6.9% | 0.06% | −0.00 |
Options Activity Q3 2024 → Q4 2024
| NVO Novo-Nordisk A/S-Spons ADR | put | Sold out | 18,200 | $1.8Mbefore exit |
| NIKE INC | put | New | 11,400 | $245K |
| YUMC Yum China Holdings Inc. | put | Sold out | 352 | $222Kbefore exit |
| BKNG Booking Holdings Inc. | put | Sold out | 7 | $216Kbefore exit |
| MICROSOFT CORP | put | New | 4,100 | $128K |
| ILLUMINA INC | put | New | 9,500 | $113K |
| WATERS CORP | put | New | 3,400 | $98K |
| MARKETAXESS HLDGS INC | put | New | 7,200 | $90K |
| COLGATE PALMOLIVE CO | put | New | 18,400 | $78K |
| UNITEDHEALTH GROUP INC | put | New | 3,300 | $71K |
| YUM CHINA HLDGS INC | put | New | 41,200 | $54K |
| VERISK ANALYTICS INC | put | New | 3,500 | $46K |
| ACCENTURE PLC IRELAND | put | New | 5,100 | $45K |
| ALPHABET INC | put | New | 7,100 | $34K |
| PEPSICO INC | put | New | 2,100 | $32K |
| APPLE INC | put | New | 1,900 | $26K |
| BOOKING HOLDINGS INC | put | New | 600 | $21K |
| CME GROUP INC | put | New | 12,300 | $19K |
| MASTERCARD INCORPORATED | put | New | 4,800 | $12K |
| HOME DEPOT INC | put | New | 1,600 | $5K |
| AUTOMATIC DATA PROCESSING IN | put | New | 4,300 | $5K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 159 | $4.1B | RY, CNQ, TD, GIB, BN |
| Q1 2026 | 160 | $3.8B | RY, CNQ, AEM, TD, SU |
| Q4 2025 | 160 | $3.4B | RY, AEM, TD, BN, OTEX |
| Q3 2025 | 152 | $3.1B | RY, BMO, AEM, OTEX, BN |
| Q2 2025 | 139 | $2.8B | BMO, RY, OTEX, AEM, BN |
| Q1 2025 | 132 | $2.5B | BMO, RY, AEM, OTEX, BN |
| Q4 2024 | 125 | $2.7B | BMO, RY, OTEX, BN, AEM |
| Q3 2024 | 125 | $2.7B | RY, BMO, OTEX, BN, AEM |
| Q2 2024 | 126 | $2.7B | BMO, RY, OTEX, CNQ, SU |
| Q1 2024 | 147 | $2.9B | BMO, RY, CNQ, OTEX, SU |