Guardian Capital LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Guardian Capital LP reported 132 stock positions worth $2.5 billion. Its top holding was Bank of Montreal (BMO) at 7.8% of the portfolio, followed by Royal Bank of Canada (RY, 7.0%) and Agnico Eagle Mines (AEM, 4.4%). Compared with Q4 2024, it opened 9 new positions, sold out of 2, added to 52 and reduced 64. The biggest buy was Williams Cos (WMB, shares +2%) and the biggest sale Brookfield (BN, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001224324
- Portfolio Value
- $2.5B (Q1 2025)
- SEC Filing
- 0001062993-25-009339 ↗ filed May 14, 2025
Holdings Value
Holdings 132 stocks · $2.5B
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 7.76% | 2,064,127 | $197.1M | Reduce -4.1% |
| RY Royal Bank of Canada | 6.96% | 1,569,445 | $176.8M | Reduce -4.2% |
| AEM Agnico Eagle Mines Ltd. | 4.39% | 1,029,233 | $111.5M | Reduce -17.1% |
| OTEX Open Text Corp. | 3.94% | 3,963,586 | $100.0M | Reduce -1.2% |
| BN Brookfield Corp. | 3.42% | 1,661,484 | $86.9M | Reduce -11.8% |
| CNQ Canadian Natural Resources | 3.08% | 2,546,161 | $78.3M | Reduce -18.1% |
| QSR Restaurant Brands Intern | 2.93% | 1,117,683 | $74.5M | Reduce -14.6% |
| SU Suncor Energy Inc. | 2.85% | 1,873,189 | $72.5M | Reduce -14.4% |
| GIB Cgi Inc. | 2.53% | 644,028 | $64.3M | Reduce -6.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 2.44% | 1,102,826 | $62.0M | Reduce -6.5% |
| TU Telus Corp. | 2.14% | 3,793,441 | $54.4M | Reduce -2.7% |
| AAPL Apple Inc. | 2.13% | 243,978 | $54.2M | Add +0.3% |
| CP Canadian Pacific Kansas City | 2.06% | 746,190 | $52.4M | Reduce -6.7% |
| MSFT Microsoft Corp. | 2.04% | 138,053 | $51.8M | Add +0.1% |
| COST Costco Wholesale Corp. | 1.98% | 53,069 | $50.2M | Add +0.1% |
| TD Toronto-Dominion Bank | 1.94% | 824,343 | $49.4M | Reduce -2.4% |
| AVGO Broadcom Inc. | 1.65% | 249,837 | $41.8M | Add +0.4% |
| WMB Williams Cos Inc. | 1.63% | 694,230 | $41.5M | Add +2.0% |
| ENB Enbridge Inc. | 1.52% | 872,403 | $38.6M | Reduce -3.2% |
| MA Mastercard Inc. Class A | 1.32% | 61,109 | $33.5M | Add +0.2% |
| FTS Fortis Inc. | 1.29% | 718,988 | $32.7M | Reduce -5.2% |
| WPM Wheaton Precious Metals Corp. | 1.24% | 406,889 | $31.6M | Reduce -10.0% |
| CNI Canadian Natl Railway Co. | 1.23% | 320,481 | $31.2M | Reduce -2.1% |
| MCD McDonald's Corp. | 1.16% | 94,399 | $29.5M | Reduce -1.1% |
| MFC Manulife Financial Corp. | 1.11% | 903,716 | $28.2M | Reduce -16.3% |
| TRI Thomson Reuters Corp. | 1.09% | 161,103 | $27.8M | Reduce -6.4% |
| ACN Accenture PLC Class A | 1.09% | 88,705 | $27.7M | Reduce -6.6% |
| UNH Unitedhealth Group Inc. | 1.08% | 52,398 | $27.4M | Add +2.9% |
| RSG Republic Services Inc. | 1.06% | 110,970 | $26.9M | Reduce -0.4% |
| STN Stantec Inc. | 1.05% | 322,804 | $26.8M | Reduce -6.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.92% | 35,241 | $23.4M | Reduce -1.0% |
| SHEL Shell PLC-ADR | 0.89% | 309,630 | $22.7M | Reduce -0.4% |
| JNJ Johnson & Johnson | 0.89% | 136,006 | $22.6M | Add +3.0% |
| TTE Totalenergies SE -Spon ADR | 0.88% | 347,431 | $22.5M | Add +0.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.87% | 465,407 | $22.1M | Reduce -3.3% |
| CCJ Cameco Corp. | 0.84% | 515,693 | $21.2M | Reduce -4.0% |
| NTR Nutrien Ltd. | 0.83% | 422,457 | $21.0M | Reduce -3.8% |
| WM Waste Management Inc. | 0.79% | 86,143 | $19.9M | Add +0.2% |
| EQIX Equinix Inc. | 0.75% | 23,467 | $19.1M | Add +20.6% |
| BIP Brookfield Infrastructure Pa | 0.75% | 641,038 | $19.1M | Reduce -3.5% |
| MGA Magna International Inc. | 0.75% | 558,111 | $19.0M | Reduce -19.8% |
| HIG Hartford Insurance Group Inc. | 0.72% | 146,926 | $18.2M | Add +0.2% |
| PBA Pembina Pipeline Corp. | 0.71% | 452,614 | $18.1M | Reduce -3.5% |
| HD Home Depot Inc. | 0.68% | 47,315 | $17.3M | Reduce -5.6% |
| SLF Sun Life Financial Inc. | 0.68% | 302,813 | $17.3M | Reduce -5.4% |
| TECK Teck Resources Ltd.-CLS B | 0.67% | 470,620 | $17.1M | Reduce -4.5% |
| BEPC Brookfield Renewable Corp. | 0.67% | 607,553 | $17.0M | Add +36.2% |
| GOOGL Alphabet Inc. Class A | 0.63% | 103,689 | $16.0M | Reduce -17.8% |
| ABBV Abbvie Inc. | 0.62% | 74,854 | $15.7M | Reduce -0.1% |
| TRP TC Energy Corp. | 0.60% | 322,027 | $15.2M | Add +12.2% |
| IBN Icici Bank Ltd.-Spon ADR | 0.58% | 467,422 | $14.7M | Reduce -1.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.58% | 211,795 | $14.7M | Add +0.2% |
| APD Air Products & Chemicals Inc. | 0.55% | 47,385 | $14.0M | Add +0.2% |
| GRTUF Granite Real Estate Investme | 0.48% | 262,749 | $12.2M | Reduce -4.5% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.47% | 12,152 | $12.0M | Add +1.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.47% | 98,369 | $12.0M | Add +0.4% |
| CME Cme Group Inc. | 0.47% | 44,900 | $11.9M | Reduce -1.6% |
| PG The Procter & Gamble Co. | 0.46% | 68,273 | $11.6M | Add +0.3% |
| KVUE Kenvue Inc. | 0.45% | 472,400 | $11.3M | Reduce -4.1% |
| RCI Rogers Communications Inc. Class B | 0.44% | 420,615 | $11.2M | Reduce -3.2% |
| BIPC Brookfield Infrastructure-A | 0.42% | 297,742 | $10.8M | Reduce -7.2% |
| META Meta Platforms Inc. Class A | 0.41% | 17,876 | $10.3M | Add +3.4% |
| BKNG Booking Holdings Inc. | 0.40% | 2,219 | $10.2M | Reduce -9.7% |
| UL Unilever PLC | 0.35% | 151,394 | $9.0M | Add +0.2% |
| PH Parker Hannifin Corp. | 0.35% | 14,572 | $8.9M | Add +0.5% |
| YUMC Yum China Holdings Inc. | 0.34% | 165,268 | $8.6M | Reduce -0.3% |
| WEC WEC Energy Group Inc. | 0.34% | 78,648 | $8.6M | Add +0.2% |
| B Barrick Gold Corp. | 0.32% | 420,680 | $8.2M | Reduce -20.1% |
| AMGN Amgen Inc. | 0.28% | 23,113 | $7.2M | Reduce -0.6% |
| SHOP Shopify Inc. Class A | 0.28% | 73,556 | $7.0M | Reduce -5.1% |
| EOG EOG Resources Inc. | 0.26% | 52,323 | $6.7M | Add +0.4% |
| SNY Sanofi-ADR | 0.25% | 113,544 | $6.3M | Add +0.2% |
| CL Colgate-Palmolive Co. | 0.25% | 67,100 | $6.3M | Reduce -0.3% |
| ITW Illinois Tool Works | 0.24% | 24,443 | $6.1M | Add +0.2% |
| VRSK Verisk Analytics Inc. | 0.23% | 19,570 | $5.8M | Reduce -1.2% |
| MKTX Marketaxess Holdings Inc. | 0.22% | 26,300 | $5.7M | Reduce -0.3% |
| NKE Nike Inc. Class B | 0.20% | 78,961 | $5.0M | Add +11.0% |
| AMZN Amazon.com Inc. | 0.19% | 25,939 | $4.9M | Add +2.2% |
| NVDA Nvidia Corp. | 0.19% | 43,738 | $4.7M | Add +2.3% |
| WAT Waters Corp. | 0.18% | 12,300 | $4.5M | Reduce -0.3% |
| ADP Automatic Data Processing | 0.17% | 14,500 | $4.4M | Reduce -6.0% |
| IMO Imperial Oil Ltd. | 0.17% | 59,889 | $4.3M | Add +5.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.17% | 57,930 | $4.3M | Reduce -1.7% |
| GOOG Alphabet Inc. Class C | 0.15% | 24,390 | $3.8M | Add +2.3% |
| JPM JPMorgan Chase & Co. | 0.14% | 14,898 | $3.7M | Add +17.6% |
| ROP Roper Technologies Inc. | 0.14% | 6,174 | $3.6M | Add +10.7% |
| ADBE Adobe Inc. | 0.14% | 9,425 | $3.6M | New |
| ISRG Intuitive Surgical Inc. | 0.14% | 7,055 | $3.5M | Add +7.0% |
| DUK Duke Energy Corp. | 0.13% | 27,266 | $3.3M | No change |
| WCN Waste Connections Inc. | 0.13% | 16,438 | $3.2M | Reduce -8.5% |
| RTX RTX Corp. | 0.12% | 23,778 | $3.1M | Add +4.4% |
| INTU Intuit Inc. | 0.12% | 4,820 | $3.0M | Add +7.8% |
| TXN Texas Instruments Inc. | 0.12% | 16,455 | $3.0M | No change |
| ILMN Illumina Inc. | 0.12% | 36,900 | $2.9M | Add +4.0% |
| EMR Emerson Electric Co. | 0.11% | 25,563 | $2.8M | No change |
| AFL Aflac Inc. | 0.11% | 24,422 | $2.7M | No change |
| PEP Pepsico Inc. | 0.10% | 17,457 | $2.6M | Reduce -21.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.10% | 26,026 | $2.6M | Add +2.8% |
| EWJV iShares MSCI Japan Value ETF | 0.10% | 77,038 | $2.6M | Reduce -19.4% |
| ALC Alcon Inc. filed as ALCON AG | 0.10% | 27,000 | $2.5M | No change |
Options reported separately and not counted above: ILLUMINA INC puts ($557K), NIKE INC puts ($294K), MICROSOFT CORP puts ($278K), BOOKING HOLDINGS INC puts ($172K), ACCENTURE PLC IRELAND puts ($117K), UNITEDHEALTH GROUP INC puts ($110K), ADOBE INC puts ($104K), COLGATE PALMOLIVE CO puts ($93K), WATERS CORP puts ($79K), YUM CHINA HLDGS INC puts ($70K), MASTERCARD INCORPORATED puts ($70K), CME GROUP INC puts ($49K), and 6 more.
Portfolio Sells Q4 2024 → Q1 2025
| BN Brookfield Corp. | Reduce -11.8% | 3.42% | −0.60 |
| CNQ Canadian Natural Resources | Reduce -18.1% | 3.08% | −0.48 |
| BEP Brookfield Renewable Partner | Reduce -97.8% | 0.01% | −0.39 |
| RY Royal Bank of Canada | Reduce -4.2% | 6.96% | −0.38 |
| MGA Magna International Inc. | Reduce -19.8% | 0.75% | −0.33 |
| CM Can Imperial BK of Commerce | Reduce -6.5% | 2.44% | −0.33 |
| OTEX Open Text Corp. | Reduce -1.2% | 3.94% | −0.28 |
| GIB Cgi Inc. | Reduce -6.1% | 2.53% | −0.26 |
| GOOGL Alphabet Inc. Class A | Reduce -17.8% | 0.63% | −0.26 |
| QSR Restaurant Brands Intern | Reduce -14.6% | 2.93% | −0.24 |
| CCJ Cameco Corp. | Reduce -4.0% | 0.84% | −0.19 |
| ACN Accenture PLC Class A | Reduce -6.6% | 1.09% | −0.15 |
| MFC Manulife Financial Corp. | Reduce -16.3% | 1.11% | −0.12 |
| BNS Bank of Nova Scotia | Reduce -3.3% | 0.87% | −0.09 |
| CP Canadian Pacific Kansas City | Reduce -6.7% | 2.06% | −0.09 |
| TECK Teck Resources Ltd.-CLS B | Reduce -4.5% | 0.67% | −0.07 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.06 |
| BIPC Brookfield Infrastructure-A | Reduce -7.2% | 0.42% | −0.06 |
| RCI Rogers Communications Inc. Class B | Reduce -3.2% | 0.44% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -9.7% | 0.40% | −0.05 |
| SU Suncor Energy Inc. | Reduce -14.4% | 2.85% | −0.05 |
| HD Home Depot Inc. | Reduce -5.6% | 0.68% | −0.04 |
| BIP Brookfield Infrastructure Pa | Reduce -3.5% | 0.75% | −0.03 |
| A Agilent Technologies Inc. | Sold out | 0.00% | −0.03 |
| SHOP Shopify Inc. Class A | Reduce -5.1% | 0.28% | −0.03 |
| SLF Sun Life Financial Inc. | Reduce -5.4% | 0.68% | −0.02 |
| PEP Pepsico Inc. | Reduce -21.5% | 0.10% | −0.02 |
| GRTUF Granite Real Estate Investme | Reduce -4.5% | 0.48% | −0.01 |
| BAM Brookfield Asset Mgmt-A | Reduce -9.2% | 0.07% | −0.01 |
| DSGX The Descartes Systems Grp | Reduce -8.5% | 0.07% | −0.01 |
| CNI Canadian Natl Railway Co. | Reduce -2.1% | 1.23% | −0.01 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -8.8% | 0.04% | −0.01 |
| BMO Bank of Montreal | Reduce -4.1% | 7.76% | −0.01 |
| CRH CRH PLC | Reduce -15.2% | 0.03% | −0.00 |
| BCE Bce Inc. | Reduce -13.4% | 0.01% | −0.00 |
| SBUX Starbucks Corp. | Reduce -12.0% | 0.08% | +0.00 |
| AQN Algonquin Power & Utilities | Reduce -8.8% | 0.02% | +0.00 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -1.0% | 0.92% | +0.00 |
| MKTX Marketaxess Holdings Inc. | Reduce -0.3% | 0.22% | +0.00 |
| ADP Automatic Data Processing | Reduce -6.0% | 0.17% | +0.01 |
| WAT Waters Corp. | Reduce -0.3% | 0.18% | +0.01 |
| WCN Waste Connections Inc. | Reduce -8.5% | 0.13% | +0.01 |
| B Barrick Gold Corp. | Reduce -20.1% | 0.32% | +0.02 |
| CL Colgate-Palmolive Co. | Reduce -0.3% | 0.25% | +0.02 |
| EWJV iShares MSCI Japan Value ETF | Reduce -19.4% | 0.10% | +0.02 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -1.7% | 0.17% | +0.02 |
| VRSK Verisk Analytics Inc. | Reduce -1.2% | 0.23% | +0.03 |
| YUMC Yum China Holdings Inc. | Reduce -0.3% | 0.34% | +0.04 |
| STN Stantec Inc. | Reduce -6.0% | 1.05% | +0.05 |
| KVUE Kenvue Inc. | Reduce -4.1% | 0.45% | +0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| WMB Williams Cos Inc. | Add +2.0% | 1.63% | +0.26 |
| BEPC Brookfield Renewable Corp. | Add +36.2% | 0.67% | +0.21 |
| TTE Totalenergies SE -Spon ADR | Add +0.2% | 0.88% | +0.18 |
| JNJ Johnson & Johnson | Add +3.0% | 0.89% | +0.18 |
| COST Costco Wholesale Corp. | Add +0.1% | 1.98% | +0.17 |
| ADBE Adobe Inc. | New | 0.14% | +0.14 |
| WM Waste Management Inc. | Add +0.2% | 0.79% | +0.14 |
| MA Mastercard Inc. Class A | Add +0.2% | 1.32% | +0.12 |
| UNH Unitedhealth Group Inc. | Add +2.9% | 1.08% | +0.12 |
| HIG Hartford Insurance Group Inc. | Add +0.2% | 0.72% | +0.12 |
| TRP TC Energy Corp. | Add +12.2% | 0.60% | +0.10 |
| JXI iShares Global Utilities ETF | New | 0.08% | +0.08 |
| EQIX Equinix Inc. | Add +20.6% | 0.75% | +0.07 |
| IWTR iShares MSCI Water Mgmt Msec | New | 0.06% | +0.06 |
| WEC WEC Energy Group Inc. | Add +0.2% | 0.34% | +0.06 |
| SNY Sanofi-ADR | Add +0.2% | 0.25% | +0.04 |
| APD Air Products & Chemicals Inc. | Add +0.2% | 0.55% | +0.04 |
| IMO Imperial Oil Ltd. | Add +5.5% | 0.17% | +0.04 |
| UL Unilever PLC | Add +0.2% | 0.35% | +0.04 |
| ROP Roper Technologies Inc. | Add +10.7% | 0.14% | +0.04 |
| PG The Procter & Gamble Co. | Add +0.3% | 0.46% | +0.03 |
| TJX TJX Companies Inc. | Add +0.4% | 0.47% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +17.6% | 0.14% | +0.03 |
| META Meta Platforms Inc. Class A | Add +3.4% | 0.41% | +0.03 |
| NFLX Netflix Inc. | New | 0.03% | +0.03 |
| EOG EOG Resources Inc. | Add +0.4% | 0.26% | +0.03 |
| RTX RTX Corp. | Add +4.4% | 0.12% | +0.03 |
| VST Vistra Corp. | New | 0.02% | +0.02 |
| PLTR Palantir Technologies Inc. Class A | New | 0.02% | +0.02 |
| VRT Vertiv Holdings Co. Class A | New | 0.02% | +0.02 |
| EUSB Ishr ESG Advn Universal BD-$ | New | 0.02% | +0.02 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +20.4% | 0.09% | +0.01 |
| MFG Mizuho Financial Group-ADR | New | 0.01% | +0.01 |
| LLY Eli Lilly & Co. | Add +7.2% | 0.07% | +0.01 |
| INTU Intuit Inc. | Add +7.8% | 0.12% | +0.01 |
| V Visa Inc. Class A | Add +1.8% | 0.07% | +0.01 |
| ISRG Intuitive Surgical Inc. | Add +7.0% | 0.14% | +0.01 |
| ITW Illinois Tool Works | Add +0.2% | 0.24% | +0.01 |
| PH Parker Hannifin Corp. | Add +0.5% | 0.35% | +0.01 |
| DHR Danaher Corp. | Add +10.5% | 0.09% | +0.00 |
| GWW WW Grainger Inc. | Add +1.5% | 0.47% | +0.00 |
| SHW The Sherwin-Williams Co. | Add +0.6% | 0.04% | +0.00 |
| MCO Moody's Corp. | Add +2.0% | 0.03% | +0.00 |
| MPWR Monolithic Power Systems Inc. | Add +9.0% | 0.01% | +0.00 |
| AME Ametek Inc. | Add +9.3% | 0.01% | +0.00 |
| MSI Motorola Solutions Inc. | Add +8.9% | 0.01% | +0.00 |
| APH Amphenol Corp. Class A | Add +2.1% | 0.03% | +0.00 |
| TSM Taiwan Semiconductor-SP ADR | Add +10.1% | 0.02% | −0.00 |
| NKE Nike Inc. Class B | Add +11.0% | 0.20% | −0.00 |
| DIS The Walt Disney Co. | Add +2.8% | 0.10% | −0.00 |
Options Activity Q4 2024 → Q1 2025
| ILLUMINA INC | put | Add +15.8% | 11,000 | $557K |
| NIKE INC | put | Add +22.8% | 14,000 | $294K |
| ACCENTURE PLC IRELAND | put | Reduce -15.7% | 4,300 | $117K |
| UNITEDHEALTH GROUP INC | put | Add +21.2% | 4,000 | $110K |
| ADOBE INC | put | New | 2,700 | $104K |
| MASTERCARD INCORPORATED | put | Add +6.3% | 5,100 | $70K |
| CME GROUP INC | put | Add +2.4% | 12,600 | $49K |
| AUTOMATIC DATA PROCESSING IN | put | Reduce -7.0% | 4,000 | $40K |
| ALPHABET INC | put | Sold out | 7,100 | $34Kbefore exit |
| HOME DEPOT INC | put | Reduce -31.3% | 1,100 | $31K |
| PEPSICO INC | put | Reduce -9.5% | 1,900 | $25K |
| VERISK ANALYTICS INC | put | Reduce -5.7% | 3,300 | $11K |
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 |