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

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 Q4 2024 Q1 2025: $2.5B $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 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
CVX Chevron Corp. 0.10% 14,954 $2.5M No change
NOW ServiceNow Inc. 0.10% 3,129 $2.5M Add +14.9%
AXP American Express Co. 0.10% 9,188 $2.5M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.09% 29,500 $2.3M Add +20.4%
ARM Arm Holdings PLC-ADR 0.09% 20,616 $2.2M Add +1.9%
DHR Danaher Corp. 0.09% 10,552 $2.2M Add +10.5%
SBUX Starbucks Corp. 0.08% 21,344 $2.1M Reduce -12.0%
JXI iShares Global Utilities ETF 0.08% 30,200 $2.1M New
BAM Brookfield Asset Mgmt-A 0.07% 38,601 $1.9M Reduce -9.2%
DSGX The Descartes Systems Grp 0.07% 18,048 $1.8M Reduce -8.5%
V Visa Inc. Class A 0.07% 5,183 $1.8M Add +1.8%
LLY Eli Lilly & Co. 0.07% 2,108 $1.7M Add +7.2%
IWTR iShares MSCI Water Mgmt Msec 0.06% 55,300 $1.6M New
CDNS Cadence Design SYS Inc. 0.06% 5,895 $1.5M Add +3.3%
SHW The Sherwin-Williams Co. 0.04% 2,825 $986K Add +0.6%
CIGI Colliers Intl GR-Subord Vot 0.04% 7,481 $905K Reduce -8.8%
APH Amphenol Corp. Class A 0.03% 13,530 $887K Add +2.1%
MCO Moody's Corp. 0.03% 1,610 $750K Add +2.0%
NFLX Netflix Inc. 0.03% 795 $741K New
CRH CRH PLC 0.03% 7,784 $685K Reduce -15.2%
VST Vistra Corp. 0.02% 5,025 $590K New
PLTR Palantir Technologies Inc. Class A 0.02% 6,746 $569K New
TSM Taiwan Semiconductor-SP ADR 0.02% 3,110 $516K Add +10.1%
VRT Vertiv Holdings Co. Class A 0.02% 7,064 $510K New
EUSB Ishr ESG Advn Universal BD-$ 0.02% 11,400 $494K New
AQN Algonquin Power & Utilities 0.02% 76,301 $392K Reduce -8.8%
MSI Motorola Solutions Inc. 0.01% 758 $332K Add +8.9%
MFG Mizuho Financial Group-ADR 0.01% 56,403 $311K New
AME Ametek Inc. 0.01% 1,723 $297K Add +9.3%
MPWR Monolithic Power Systems Inc. 0.01% 483 $280K Add +9.0%
BEP Brookfield Renewable Partner 0.01% 10,050 $222K Reduce -97.8%
BCE Bce Inc. 0.01% 9,039 $207K Reduce -13.4%

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

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