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

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $2.9B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $2.7B Q3 2024 Q4 2024: $2.7B $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 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%
ARM Arm Holdings PLC-ADR 0.09% 20,229 $2.5M Add +7.6%
BAM Brookfield Asset Mgmt-A 0.09% 42,501 $2.3M Reduce -3.0%
ALC Alcon Inc. filed as ALCON AG 0.09% 27,000 $2.3M New
DSGX The Descartes Systems Grp 0.08% 19,725 $2.2M Reduce -5.5%
SBUX Starbucks Corp. 0.08% 24,244 $2.2M No change
DHR Danaher Corp. 0.08% 9,552 $2.2M Add +16.5%
CVX Chevron Corp. 0.08% 14,954 $2.2M Add +12.0%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.08% 24,500 $2.1M No change
EWJV iShares MSCI Japan Value ETF 0.08% 95,574 $2.1M Add +0.1%
CDNS Cadence Design SYS Inc. 0.06% 5,708 $1.7M Add +9.2%
SNPS Synopsys Inc. 0.06% 3,323 $1.6M Add +7.5%
V Visa Inc. Class A 0.06% 5,090 $1.6M Add +7.7%
LLY Eli Lilly & Co. 0.06% 1,966 $1.5M Add +6.9%
CIGI Colliers Intl GR-Subord Vot 0.04% 8,203 $1.1M Reduce -4.9%
SHW The Sherwin-Williams Co. 0.04% 2,807 $954K Add +7.8%
APH Amphenol Corp. Class A 0.03% 13,256 $921K Add +6.0%
CRH CRH PLC 0.03% 9,174 $849K Reduce -3.5%
A Agilent Technologies Inc. 0.03% 6,235 $838K Add +7.8%
MCO Moody's Corp. 0.03% 1,579 $747K New
TSM Taiwan Semiconductor-SP ADR 0.02% 2,826 $558K New
AQN Algonquin Power & Utilities 0.01% 83,701 $371K No change
MSI Motorola Solutions Inc. 0.01% 696 $322K No change
AME Ametek Inc. 0.01% 1,577 $284K No change
MPWR Monolithic Power Systems Inc. 0.01% 443 $262K Add +18.8%
BCE Bce Inc. 0.01% 10,439 $242K No change

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

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