Guardian Capital LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Guardian Capital LP reported 139 stock positions worth $2.8 billion. Its top holding was Bank of Montreal (BMO) at 8.1% of the portfolio, followed by Royal Bank of Canada (RY, 7.4%) and Open Text (OTEX, 4.3%). Compared with Q1 2025, it opened 8 new positions, sold out of 1, added to 83 and reduced 38. The biggest buy was Broadcom (AVGO, shares +2%) and the biggest sale Unitedhealth (UNH, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001224324
- Portfolio Value
- $2.8B (Q2 2025)
- SEC Filing
- 0001062993-25-013803 ↗ filed Aug 7, 2025
Holdings Value
Holdings 139 stocks · $2.8B
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 8.15% | 2,083,207 | $230.4M | Add +0.9% |
| RY Royal Bank of Canada | 7.44% | 1,600,205 | $210.5M | Add +2.0% |
| OTEX Open Text Corp. | 4.28% | 4,155,805 | $121.2M | Add +4.8% |
| AEM Agnico Eagle Mines Ltd. | 4.24% | 1,009,200 | $120.0M | Reduce -1.9% |
| BN Brookfield Corp. | 3.80% | 1,739,726 | $107.5M | Add +4.7% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 2.87% | 1,145,207 | $81.1M | Add +3.8% |
| GIB Cgi Inc. | 2.77% | 748,638 | $78.5M | Add +16.2% |
| QSR Restaurant Brands Intern | 2.68% | 1,146,048 | $75.9M | Add +2.5% |
| CNQ Canadian Natural Resources | 2.60% | 2,343,554 | $73.5M | Reduce -8.0% |
| AVGO Broadcom Inc. | 2.49% | 255,328 | $70.4M | Add +2.2% |
| MSFT Microsoft Corp. | 2.48% | 141,012 | $70.1M | Add +2.1% |
| SU Suncor Energy Inc. | 2.46% | 1,860,547 | $69.6M | Reduce -0.7% |
| CP Canadian Pacific Kansas City | 2.16% | 769,806 | $61.0M | Add +3.2% |
| TU Telus Corp. | 2.14% | 3,784,877 | $60.7M | Reduce -0.2% |
| TD Toronto-Dominion Bank | 2.09% | 807,226 | $59.3M | Reduce -2.1% |
| COST Costco Wholesale Corp. | 1.90% | 54,315 | $53.8M | Add +2.4% |
| WMB Williams Cos Inc. | 1.59% | 714,000 | $44.8M | Add +2.9% |
| AAPL Apple Inc. | 1.57% | 216,471 | $44.4M | Reduce -11.3% |
| ENB Enbridge Inc. | 1.39% | 868,336 | $39.3M | Reduce -0.5% |
| CNI Canadian Natl Railway Co. | 1.27% | 344,914 | $35.9M | Add +7.6% |
| WPM Wheaton Precious Metals Corp. | 1.24% | 391,180 | $35.1M | Reduce -3.9% |
| FTS Fortis Inc. | 1.23% | 730,096 | $34.8M | Add +1.5% |
| MA Mastercard Inc. Class A | 1.22% | 61,410 | $34.5M | Add +0.5% |
| TRI Thomson Reuters Corp. | 1.17% | 165,185 | $33.2M | Add +2.5% |
| STN Stantec Inc. | 1.13% | 293,774 | $31.9M | Reduce -9.0% |
| CCJ Cameco Corp. | 1.11% | 422,886 | $31.3M | Reduce -18.0% |
| ASML ASML Holding NV-NY Reg SHS | 1.02% | 35,855 | $28.7M | Add +1.7% |
| MFC Manulife Financial Corp. | 1.01% | 897,518 | $28.6M | Reduce -0.7% |
| MCD McDonald's Corp. | 1.00% | 96,408 | $28.2M | Add +2.1% |
| RSG Republic Services Inc. | 0.99% | 113,745 | $28.1M | Add +2.5% |
| TECK Teck Resources Ltd.-CLS B | 0.90% | 634,102 | $25.6M | Add +34.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.90% | 463,140 | $25.6M | Reduce -0.5% |
| ACN Accenture PLC Class A | 0.79% | 74,845 | $22.4M | Reduce -15.6% |
| SHEL Shell PLC-ADR | 0.79% | 317,512 | $22.4M | Add +2.5% |
| TTE Totalenergies SE -Spon ADR | 0.78% | 357,346 | $21.9M | Add +2.9% |
| META Meta Platforms Inc. Class A | 0.77% | 29,602 | $21.8M | Add +65.6% |
| BIP Brookfield Infrastructure Pa | 0.76% | 647,084 | $21.6M | Add +0.9% |
| EQIX Equinix Inc. | 0.75% | 26,813 | $21.3M | Add +14.3% |
| JNJ Johnson & Johnson | 0.75% | 138,913 | $21.2M | Add +2.1% |
| SLF Sun Life Financial Inc. | 0.74% | 313,579 | $20.8M | Add +3.6% |
| BEPC Brookfield Renewable Corp. | 0.73% | 630,922 | $20.6M | Add +3.9% |
| WM Waste Management Inc. | 0.71% | 88,334 | $20.2M | Add +2.5% |
| HIG Hartford Insurance Group Inc. | 0.68% | 151,167 | $19.2M | Add +2.9% |
| GOOGL Alphabet Inc. Class A | 0.67% | 106,787 | $18.8M | Add +3.0% |
| HD Home Depot Inc. | 0.63% | 48,218 | $17.7M | Add +1.9% |
| RCI Rogers Communications Inc. Class B | 0.62% | 592,244 | $17.5M | Add +40.8% |
| PBA Pembina Pipeline Corp. | 0.60% | 450,262 | $16.9M | Reduce -0.5% |
| NTR Nutrien Ltd. | 0.56% | 272,959 | $15.9M | Reduce -35.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.56% | 128,160 | $15.8M | Add +30.3% |
| TRP TC Energy Corp. | 0.55% | 318,065 | $15.5M | Reduce -1.2% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.53% | 217,665 | $15.0M | Add +2.8% |
| ABBV Abbvie Inc. | 0.50% | 76,625 | $14.2M | Add +2.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.50% | 422,593 | $14.2M | Reduce -9.6% |
| GRTUF Granite Real Estate Investme | 0.49% | 274,502 | $13.9M | Add +4.5% |
| APD Air Products & Chemicals Inc. | 0.48% | 48,303 | $13.6M | Add +1.9% |
| BKNG Booking Holdings Inc. | 0.46% | 2,225 | $12.9M | Add +0.3% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.45% | 12,323 | $12.8M | Add +1.4% |
| BIPC Brookfield Infrastructure-A | 0.45% | 304,054 | $12.6M | Add +2.1% |
| CME Cme Group Inc. | 0.44% | 44,900 | $12.4M | No change |
| PG The Procter & Gamble Co. | 0.39% | 70,067 | $11.2M | Add +2.6% |
| PH Parker Hannifin Corp. | 0.37% | 14,923 | $10.4M | Add +2.4% |
| KVUE Kenvue Inc. | 0.35% | 469,900 | $9.8M | Reduce -0.5% |
| WEC WEC Energy Group Inc. | 0.34% | 92,742 | $9.7M | Add +17.9% |
| UL Unilever PLC | 0.33% | 154,504 | $9.5M | Add +2.0% |
| B Barrick Mining Corp. | 0.31% | 418,360 | $8.7M | Reduce -0.6% |
| SHOP Shopify Inc. Class A | 0.30% | 74,206 | $8.5M | Add +0.9% |
| YUMC Yum China Holdings Inc. | 0.26% | 164,600 | $7.4M | Reduce -0.4% |
| NVDA Nvidia Corp. | 0.25% | 44,779 | $7.1M | Add +2.4% |
| MSI Motorola Solutions Inc. | 0.24% | 16,462 | $6.9M | Add +2071.8% |
| AMGN Amgen Inc. | 0.23% | 23,613 | $6.6M | Add +2.2% |
| DRI Darden Restaurants Inc. | 0.23% | 29,934 | $6.5M | New |
| UNH Unitedhealth Group Inc. | 0.23% | 20,791 | $6.5M | Reduce -60.3% |
| EOG EOG Resources Inc. | 0.23% | 53,738 | $6.4M | Add +2.7% |
| VRSK Verisk Analytics Inc. | 0.22% | 20,137 | $6.3M | Add +2.9% |
| ITW Illinois Tool Works | 0.22% | 25,183 | $6.2M | Add +3.0% |
| CL Colgate-Palmolive Co. | 0.22% | 67,507 | $6.1M | Add +0.6% |
| NKE Nike Inc. Class B | 0.21% | 85,461 | $6.1M | Add +8.2% |
| MKTX Marketaxess Holdings Inc. | 0.21% | 26,300 | $5.9M | No change |
| AMZN Amazon.com Inc. | 0.20% | 26,201 | $5.7M | Add +1.0% |
| SNY Sanofi-ADR | 0.20% | 116,565 | $5.6M | Add +2.7% |
| IMO Imperial Oil Ltd. | 0.16% | 56,389 | $4.5M | Reduce -5.8% |
| AZN Astrazeneca PLC-Spons ADR | 0.16% | 63,426 | $4.4M | Add +9.5% |
| ADP Automatic Data Processing | 0.15% | 14,142 | $4.4M | Reduce -2.5% |
| GOOG Alphabet Inc. Class C | 0.15% | 24,477 | $4.3M | Add +0.4% |
| WAT Waters Corp. | 0.15% | 12,405 | $4.3M | Add +0.8% |
| INTU Intuit Inc. | 0.15% | 5,267 | $4.1M | Add +9.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.15% | 33,226 | $4.1M | Add +27.7% |
| TXN Texas Instruments Inc. | 0.14% | 19,055 | $4.0M | Add +15.8% |
| ISRG Intuitive Surgical Inc. | 0.14% | 7,235 | $3.9M | Add +2.5% |
| RTX RTX Corp. | 0.14% | 26,761 | $3.9M | Add +12.6% |
| EMR Emerson Electric Co. | 0.14% | 28,837 | $3.8M | Add +12.8% |
| ADBE Adobe Inc. | 0.13% | 9,295 | $3.6M | Reduce -1.4% |
| ROP Roper Technologies Inc. | 0.13% | 6,244 | $3.5M | Add +1.1% |
| ILMN Illumina Inc. | 0.12% | 36,900 | $3.5M | No change |
| JPM JPMorgan Chase & Co. | 0.12% | 12,036 | $3.5M | Reduce -19.2% |
| DUK Duke Energy Corp. | 0.12% | 28,566 | $3.4M | Add +4.8% |
| ARM Arm Holdings PLC-ADR | 0.12% | 20,481 | $3.3M | Reduce -0.7% |
| NOW ServiceNow Inc. | 0.11% | 3,135 | $3.2M | Add +0.2% |
| AXP American Express Co. | 0.11% | 9,588 | $3.1M | Add +4.3% |
| ALC Alcon Inc. filed as ALCON AG | 0.10% | 32,600 | $2.9M | Add +20.7% |
Options reported separately and not counted above: UNITEDHEALTH GROUP INC puts ($462K), CME GROUP INC puts ($166K), BOOKING HOLDINGS INC puts ($150K), ACCENTURE PLC IRELAND puts ($139K), ILLUMINA INC puts ($135K), MASTERCARD INCORPORATED puts ($99K), MICROSOFT CORP puts ($96K), ADOBE INC puts ($87K), COLGATE PALMOLIVE CO puts ($79K), WATERS CORP puts ($73K), YUM CHINA HLDGS INC puts ($71K), APPLE INC puts ($66K), and 6 more.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -60.3% | 0.23% | −0.85 |
| MGA Magna International Inc. | Reduce -88.1% | 0.09% | −0.66 |
| AAPL Apple Inc. | Reduce -11.3% | 1.57% | −0.56 |
| CNQ Canadian Natural Resources | Reduce -8.0% | 2.60% | −0.48 |
| SU Suncor Energy Inc. | Reduce -0.7% | 2.46% | −0.40 |
| ACN Accenture PLC Class A | Reduce -15.6% | 0.79% | −0.30 |
| NTR Nutrien Ltd. | Reduce -35.4% | 0.56% | −0.26 |
| AEM Agnico Eagle Mines Ltd. | Reduce -1.9% | 4.24% | −0.15 |
| ENB Enbridge Inc. | Reduce -0.5% | 1.39% | −0.13 |
| PBA Pembina Pipeline Corp. | Reduce -0.5% | 0.60% | −0.12 |
| EWJV iShares MSCI Japan Value ETF | Sold out | 0.00% | −0.10 |
| KVUE Kenvue Inc. | Reduce -0.5% | 0.35% | −0.10 |
| MFC Manulife Financial Corp. | Reduce -0.7% | 1.01% | −0.10 |
| YUMC Yum China Holdings Inc. | Reduce -0.4% | 0.26% | −0.08 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -9.6% | 0.50% | −0.08 |
| PEP Pepsico Inc. | Reduce -62.3% | 0.03% | −0.07 |
| TRP TC Energy Corp. | Reduce -1.2% | 0.55% | −0.05 |
| WCN Waste Connections Inc. | Reduce -12.3% | 0.10% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -19.2% | 0.12% | −0.02 |
| ADP Automatic Data Processing | Reduce -2.5% | 0.15% | −0.02 |
| ADBE Adobe Inc. | Reduce -1.4% | 0.13% | −0.02 |
| B Barrick Mining Corp. | Reduce -0.6% | 0.31% | −0.01 |
| IMO Imperial Oil Ltd. | Reduce -5.8% | 0.16% | −0.01 |
| DSGX The Descartes Systems Grp | Reduce -5.3% | 0.06% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -56.4% | 0.01% | −0.01 |
| V Visa Inc. Class A | Reduce -0.6% | 0.06% | −0.01 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -4.1% | 0.03% | −0.00 |
| AME Ametek Inc. | Reduce -8.4% | 0.01% | −0.00 |
| WPM Wheaton Precious Metals Corp. | Reduce -3.9% | 1.24% | −0.00 |
| TU Telus Corp. | Reduce -0.2% | 2.14% | +0.00 |
| CDNS Cadence Design SYS Inc. | Reduce -2.1% | 0.06% | +0.00 |
| PLTR Palantir Technologies Inc. Class A | Reduce -1.2% | 0.03% | +0.01 |
| VST Vistra Corp. | Reduce -1.0% | 0.03% | +0.01 |
| APH Amphenol Corp. Class A | Reduce -0.8% | 0.05% | +0.01 |
| ARM Arm Holdings PLC-ADR | Reduce -0.7% | 0.12% | +0.03 |
| BNS Bank of Nova Scotia | Reduce -0.5% | 0.90% | +0.04 |
| STN Stantec Inc. | Reduce -9.0% | 1.13% | +0.07 |
| TD Toronto-Dominion Bank | Reduce -2.1% | 2.09% | +0.15 |
| CCJ Cameco Corp. | Reduce -18.0% | 1.11% | +0.27 |
Portfolio Buys Q1 2025 → Q2 2025
| AVGO Broadcom Inc. | Add +2.2% | 2.49% | +0.84 |
| RY Royal Bank of Canada | Add +2.0% | 7.44% | +0.48 |
| MSFT Microsoft Corp. | Add +2.1% | 2.48% | +0.44 |
| CM Can Imperial BK of Commerce | Add +3.8% | 2.87% | +0.43 |
| BMO Bank of Montreal | Add +0.9% | 8.15% | +0.39 |
| BN Brookfield Corp. | Add +4.7% | 3.80% | +0.38 |
| META Meta Platforms Inc. Class A | Add +65.6% | 0.77% | +0.37 |
| OTEX Open Text Corp. | Add +4.8% | 4.28% | +0.35 |
| GIB Cgi Inc. | Add +16.2% | 2.77% | +0.24 |
| MSI Motorola Solutions Inc. | Add +2071.8% | 0.24% | +0.23 |
| DRI Darden Restaurants Inc. | New | 0.23% | +0.23 |
| TECK Teck Resources Ltd.-CLS B | Add +34.7% | 0.90% | +0.23 |
| RCI Rogers Communications Inc. Class B | Add +40.8% | 0.62% | +0.18 |
| AMAT Applied Materials Inc. | New | 0.10% | +0.10 |
| CP Canadian Pacific Kansas City | Add +3.2% | 2.16% | +0.10 |
| ASML ASML Holding NV-NY Reg SHS | Add +1.7% | 1.02% | +0.10 |
| TJX TJX Companies Inc. | Add +30.3% | 0.56% | +0.09 |
| TRI Thomson Reuters Corp. | Add +2.5% | 1.17% | +0.08 |
| NVDA Nvidia Corp. | Add +2.4% | 0.25% | +0.06 |
| BEPC Brookfield Renewable Corp. | Add +3.9% | 0.73% | +0.06 |
| SLF Sun Life Financial Inc. | Add +3.6% | 0.74% | +0.05 |
| BKNG Booking Holdings Inc. | Add +0.3% | 0.46% | +0.05 |
| DIS The Walt Disney Co. | Add +27.7% | 0.15% | +0.04 |
| SAN Banco Santander SA-Spon ADR | New | 0.04% | +0.04 |
| CNI Canadian Natl Railway Co. | Add +7.6% | 1.27% | +0.04 |
| GOOGL Alphabet Inc. Class A | Add +3.0% | 0.67% | +0.03 |
| INTU Intuit Inc. | Add +9.3% | 0.15% | +0.03 |
| SHOP Shopify Inc. Class A | Add +0.9% | 0.30% | +0.03 |
| EMR Emerson Electric Co. | Add +12.8% | 0.14% | +0.03 |
| TXN Texas Instruments Inc. | Add +15.8% | 0.14% | +0.02 |
| BIPC Brookfield Infrastructure-A | Add +2.1% | 0.45% | +0.02 |
| FISV Fiserv Inc. | New | 0.02% | +0.02 |
| PH Parker Hannifin Corp. | Add +2.4% | 0.37% | +0.02 |
| NKE Nike Inc. Class B | Add +8.2% | 0.21% | +0.02 |
| NOW ServiceNow Inc. | Add +0.2% | 0.11% | +0.02 |
| VRT Vertiv Holdings Co. Class A | Add +10.9% | 0.04% | +0.02 |
| BIP Brookfield Infrastructure Pa | Add +0.9% | 0.76% | +0.01 |
| RTX RTX Corp. | Add +12.6% | 0.14% | +0.01 |
| EMA Emera Inc. | New | 0.01% | +0.01 |
| AXP American Express Co. | Add +4.3% | 0.11% | +0.01 |
| GRTUF Granite Real Estate Investme | Add +4.5% | 0.49% | +0.01 |
| NFLX Netflix Inc. | Add +2.9% | 0.04% | +0.01 |
| AMZN Amazon.com Inc. | Add +1.0% | 0.20% | +0.01 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | New | 0.01% | +0.01 |
| MCO Moody's Corp. | Add +26.8% | 0.04% | +0.01 |
| IWTR iShares MSCI Water Mgmt Msec | Add +5.2% | 0.07% | +0.01 |
| GTM Zoominfo Technologies Inc. | New | 0.00% | +0.00 |
| VLY Valley National Bancorp | New | 0.00% | +0.00 |
| WEC WEC Energy Group Inc. | Add +17.9% | 0.34% | +0.00 |
| GOOG Alphabet Inc. Class C | Add +0.4% | 0.15% | +0.00 |
Options Activity Q1 2025 → Q2 2025
| ACCENTURE PLC IRELAND | put | Reduce -2.3% | 4,200 | $139K |
| MASTERCARD INCORPORATED | put | Reduce -11.8% | 4,500 | $99K |
| AUTOMATIC DATA PROCESSING IN | put | Reduce -10.0% | 3,600 | $56K |
| VERISK ANALYTICS INC | put | Reduce -6.1% | 3,100 | $41K |
| HOME DEPOT INC | put | Reduce -18.2% | 900 | $26K |
| PEPSICO INC | put | Reduce -26.3% | 1,400 | $17K |
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 |