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

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 Q1 2025 Q2 2025: $2.8B $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 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%
AFL Aflac Inc. 0.10% 26,663 $2.8M Add +9.2%
AMAT Applied Materials Inc. 0.10% 14,960 $2.7M New
WCN Waste Connections Inc. 0.10% 14,425 $2.7M Reduce -12.3%
CVX Chevron Corp. 0.09% 18,454 $2.6M Add +23.4%
MGA Magna International Inc. 0.09% 66,445 $2.6M Reduce -88.1%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.08% 29,500 $2.4M No change
JXI iShares Global Utilities ETF 0.08% 31,700 $2.3M Add +5.0%
DHR Danaher Corp. 0.08% 11,252 $2.2M Add +6.6%
SBUX Starbucks Corp. 0.08% 23,844 $2.2M Add +11.7%
BAM Brookfield Asset Mgmt-A 0.08% 38,601 $2.1M No change
IWTR iShares MSCI Water Mgmt Msec 0.07% 58,200 $2.0M Add +5.2%
V Visa Inc. Class A 0.06% 5,153 $1.8M Reduce -0.6%
CDNS Cadence Design SYS Inc. 0.06% 5,768 $1.8M Reduce -2.1%
LLY Eli Lilly & Co. 0.06% 2,270 $1.8M Add +7.7%
DSGX The Descartes Systems Grp 0.06% 17,097 $1.7M Reduce -5.3%
APH Amphenol Corp. Class A 0.05% 13,419 $1.3M Reduce -0.8%
SAN Banco Santander SA-Spon ADR 0.04% 141,072 $1.2M New
NFLX Netflix Inc. 0.04% 818 $1.1M Add +2.9%
MCO Moody's Corp. 0.04% 2,042 $1.0M Add +26.8%
SHW The Sherwin-Williams Co. 0.04% 2,953 $1.0M Add +4.5%
VRT Vertiv Holdings Co. Class A 0.04% 7,832 $1.0M Add +10.9%
VST Vistra Corp. 0.03% 4,977 $965K Reduce -1.0%
CIGI Colliers Intl GR-Subord Vot 0.03% 7,174 $937K Reduce -4.1%
PLTR Palantir Technologies Inc. Class A 0.03% 6,667 $909K Reduce -1.2%
PEP Pepsico Inc. 0.03% 6,579 $869K Reduce -62.3%
CRH CRH PLC 0.03% 7,784 $715K No change
FISV Fiserv Inc. 0.02% 3,733 $644K New
EUSB Ishr ESG Advn Universal BD-$ 0.02% 11,700 $510K Add +2.6%
AQN Algonquin Power & Utilities 0.02% 76,301 $436K No change
EMA Emera Inc. 0.01% 8,260 $378K New
MPWR Monolithic Power Systems Inc. 0.01% 495 $362K Add +2.5%
MFG Mizuho Financial Group-ADR 0.01% 56,403 $314K No change
TSM Taiwan Semiconductor-SP ADR 0.01% 1,355 $307K Reduce -56.4%
AME Ametek Inc. 0.01% 1,579 $286K Reduce -8.4%
BEP Brookfield Renewable Partner 0.01% 10,050 $256K No change
MUFG Mitsubishi Ufj Finl-Spon ADR 0.01% 16,779 $230K New
BCE Bce Inc. 0.01% 9,039 $200K No change
GTM Zoominfo Technologies Inc. 0.00% 12,378 $125K New
VLY Valley National Bancorp 0.00% 13,760 $123K New

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

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