Guardian Capital LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Guardian Capital LP reported 152 stock positions worth $3.1 billion. Its top holding was Royal Bank of Canada (RY) at 7.5% of the portfolio, followed by Bank of Montreal (BMO, 7.2%) and Agnico Eagle Mines (AEM, 5.1%). Compared with Q2 2025, it opened 16 new positions, sold out of 3, added to 74 and reduced 51. The biggest buy was Apple (AAPL, shares +32%) and the biggest sale Thomson Reuters (TRI, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001224324
- Portfolio Value
- $3.1B (Q3 2025)
- SEC Filing
- 0001062993-25-016671 ↗ filed Nov 12, 2025
Holdings Value
Holdings 152 stocks · $3.1B
| RY Royal Bank of Canada | 7.52% | 1,579,883 | $232.9M | Reduce -1.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 7.23% | 1,717,242 | $223.8M | Reduce -17.6% |
| AEM Agnico Eagle Mines Ltd. | 5.12% | 940,728 | $158.5M | Reduce -6.8% |
| OTEX Open Text Corp. | 4.98% | 4,121,132 | $154.1M | Reduce -0.8% |
| BN Brookfield Corp. | 3.87% | 1,743,597 | $119.7M | Add +0.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 2.88% | 1,113,740 | $89.0M | Reduce -2.8% |
| MSFT Microsoft Corp. | 2.57% | 153,350 | $79.4M | Add +8.8% |
| CNQ Canadian Natural Resources | 2.54% | 2,456,263 | $78.6M | Add +4.8% |
| SU Suncor Energy Inc. | 2.53% | 1,867,860 | $78.2M | Add +0.4% |
| GIB Cgi Inc. | 2.48% | 860,215 | $76.6M | Add +14.9% |
| AAPL Apple Inc. | 2.36% | 286,722 | $73.0M | Add +32.5% |
| QSR Restaurant Brands Intern | 2.33% | 1,122,610 | $72.0M | Reduce -2.0% |
| TD Toronto-Dominion Bank | 2.05% | 793,613 | $63.5M | Reduce -1.7% |
| AVGO Broadcom Inc. | 2.03% | 190,895 | $63.0M | Reduce -25.2% |
| TU Telus Corp. | 1.86% | 3,646,770 | $57.5M | Reduce -3.6% |
| CP Canadian Pacific Kansas City | 1.79% | 743,054 | $55.4M | Reduce -3.5% |
| COST Costco Wholesale Corp. | 1.72% | 57,507 | $53.2M | Add +5.9% |
| WMB Williams Cos Inc. | 1.57% | 768,852 | $48.7M | Add +7.7% |
| ENB Enbridge Inc. | 1.42% | 868,338 | $43.8M | Add +0.0% |
| TECK Teck Resources Ltd.-CLS B | 1.31% | 925,851 | $40.6M | Add +46.0% |
| WPM Wheaton Precious Metals Corp. | 1.21% | 335,706 | $37.6M | Reduce -14.2% |
| MA Mastercard Inc. Class A | 1.21% | 65,647 | $37.3M | Add +6.9% |
| ASML ASML Holding NV-NY Reg SHS | 1.19% | 38,108 | $36.9M | Add +6.3% |
| FTS Fortis Inc. | 1.17% | 711,833 | $36.1M | Reduce -2.5% |
| GOOGL Alphabet Inc. Class A | 1.11% | 141,006 | $34.3M | Add +32.0% |
| CNI Canadian Natl Railway Co. | 1.09% | 359,196 | $33.9M | Add +4.1% |
| MCD McDonald's Corp. | 1.08% | 110,436 | $33.6M | Add +14.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.04% | 496,676 | $32.1M | Add +7.2% |
| STN Stantec Inc. | 1.00% | 286,858 | $30.9M | Reduce -2.4% |
| META Meta Platforms Inc. Class A | 0.95% | 40,222 | $29.5M | Add +35.9% |
| RSG Republic Services Inc. | 0.91% | 123,062 | $28.2M | Add +8.2% |
| MFC Manulife Financial Corp. | 0.90% | 894,211 | $27.9M | Reduce -0.4% |
| JNJ Johnson & Johnson | 0.89% | 147,984 | $27.4M | Add +6.5% |
| SLF Sun Life Financial Inc. | 0.88% | 452,127 | $27.2M | Add +44.2% |
| SHEL Shell PLC-ADR | 0.78% | 339,733 | $24.3M | Add +7.0% |
| MSI Motorola Solutions Inc. | 0.76% | 51,602 | $23.6M | Add +213.5% |
| TTE Totalenergies SE -Spon ADR | 0.74% | 385,142 | $23.0M | Add +7.8% |
| EQIX Equinix Inc. | 0.73% | 28,698 | $22.5M | Add +7.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.71% | 151,824 | $21.9M | Add +18.5% |
| HIG Hartford Insurance Group Inc. | 0.70% | 162,364 | $21.7M | Add +7.4% |
| RCI Rogers Communications Inc. Class B | 0.69% | 623,545 | $21.5M | Add +5.3% |
| BEPC Brookfield Renewable Corp. | 0.68% | 613,814 | $21.1M | Reduce -2.7% |
| WM Waste Management Inc. | 0.68% | 95,325 | $21.1M | Add +7.9% |
| BIP Brookfield Infrastructure Pa | 0.68% | 635,690 | $21.0M | Reduce -1.8% |
| HD Home Depot Inc. | 0.67% | 51,519 | $20.9M | Add +6.8% |
| B Barrick Mining Corp. | 0.63% | 597,422 | $19.6M | Add +42.8% |
| ABBV Abbvie Inc. | 0.62% | 82,528 | $19.1M | Add +7.7% |
| CCJ Cameco Corp. | 0.61% | 224,519 | $18.8M | Reduce -46.9% |
| GIL Gildan Activewear Inc. | 0.60% | 323,687 | $18.7M | New |
| PBA Pembina Pipeline Corp. | 0.59% | 451,083 | $18.2M | Add +0.2% |
| TRP TC Energy Corp. | 0.55% | 315,292 | $17.1M | Reduce -0.9% |
| NTR Nutrien Ltd. | 0.50% | 261,067 | $15.3M | Reduce -4.4% |
| GRTUF Granite Real Estate Investme | 0.49% | 271,986 | $15.1M | Reduce -0.9% |
| CME Cme Group Inc. | 0.48% | 54,760 | $14.8M | Add +22.0% |
| APD Air Products & Chemicals Inc. | 0.46% | 52,348 | $14.3M | Add +8.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.46% | 469,775 | $14.2M | Add +11.2% |
| DRI Darden Restaurants Inc. | 0.42% | 68,852 | $13.1M | Add +130.0% |
| BIPC Brookfield Infrastructure-A | 0.40% | 300,593 | $12.3M | Reduce -1.1% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.40% | 12,897 | $12.3M | Add +4.7% |
| PH Parker Hannifin Corp. | 0.39% | 15,746 | $11.9M | Add +5.5% |
| BKNG Booking Holdings Inc. | 0.38% | 2,151 | $11.6M | Reduce -3.3% |
| PG The Procter & Gamble Co. | 0.37% | 75,322 | $11.6M | Add +7.5% |
| WEC WEC Energy Group Inc. | 0.37% | 99,881 | $11.4M | Add +7.7% |
| UNH Unitedhealth Group Inc. | 0.32% | 28,995 | $10.0M | Add +39.5% |
| SHOP Shopify Inc. Class A | 0.32% | 67,251 | $10.0M | Reduce -9.4% |
| UL Unilever PLC | 0.32% | 165,353 | $9.8M | Add +7.0% |
| YUMC Yum China Holdings Inc. | 0.30% | 217,887 | $9.4M | Add +32.4% |
| LLY Eli Lilly & Co. | 0.29% | 11,636 | $8.9M | Add +412.6% |
| NKE Nike Inc. Class B | 0.28% | 124,340 | $8.7M | Add +45.5% |
| NVDA Nvidia Corp. | 0.26% | 43,016 | $8.0M | Reduce -3.9% |
| KVUE Kenvue Inc. | 0.25% | 469,900 | $7.6M | No change |
| AMGN Amgen Inc. | 0.23% | 25,366 | $7.2M | Add +7.4% |
| CL Colgate-Palmolive Co. | 0.23% | 89,189 | $7.1M | Add +32.1% |
| ITW Illinois Tool Works | 0.23% | 26,822 | $7.0M | Add +6.5% |
| EOG EOG Resources Inc. | 0.21% | 57,850 | $6.5M | Add +7.7% |
| AZN Astrazeneca PLC-Spons ADR | 0.21% | 83,074 | $6.4M | Add +31.0% |
| VRSK Verisk Analytics Inc. | 0.20% | 24,457 | $6.2M | Add +21.4% |
| SNY Sanofi-ADR | 0.19% | 125,456 | $5.9M | Add +7.6% |
| GOOG Alphabet Inc. Class C | 0.19% | 24,128 | $5.9M | Reduce -1.4% |
| MKTX Marketaxess Holdings Inc. | 0.19% | 33,597 | $5.9M | Add +27.8% |
| AMZN Amazon.com Inc. | 0.18% | 25,857 | $5.7M | Reduce -1.3% |
| ADP Automatic Data Processing | 0.15% | 16,202 | $4.8M | Add +14.6% |
| ACN Accenture PLC Class A | 0.15% | 19,052 | $4.7M | Reduce -74.5% |
| WAT Waters Corp. | 0.15% | 15,593 | $4.7M | Add +25.7% |
| ILMN Illumina Inc. | 0.14% | 46,779 | $4.4M | Add +26.8% |
| RTX RTX Corp. | 0.14% | 26,501 | $4.4M | Reduce -1.0% |
| ADBE Adobe Inc. | 0.14% | 11,966 | $4.2M | Add +28.7% |
| JPM JPMorgan Chase & Co. | 0.13% | 13,033 | $4.1M | Add +8.3% |
| IMO Imperial Oil Ltd. | 0.13% | 44,063 | $4.0M | Reduce -21.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.12% | 33,226 | $3.8M | No change |
| EMR Emerson Electric Co. | 0.12% | 28,837 | $3.8M | No change |
| DUK Duke Energy Corp. | 0.11% | 28,566 | $3.5M | No change |
| INTU Intuit Inc. | 0.11% | 5,171 | $3.5M | Reduce -1.8% |
| TXN Texas Instruments Inc. | 0.11% | 19,006 | $3.5M | Reduce -0.3% |
| AXP American Express Co. | 0.10% | 9,588 | $3.2M | No change |
| ISRG Intuitive Surgical Inc. | 0.10% | 7,059 | $3.2M | Reduce -2.4% |
| MGA Magna International Inc. | 0.10% | 66,445 | $3.1M | No change |
| ROP Roper Technologies Inc. | 0.10% | 6,243 | $3.1M | Reduce -0.0% |
| AMAT Applied Materials Inc. | 0.10% | 15,150 | $3.1M | Add +1.3% |
| AFL Aflac Inc. | 0.10% | 27,522 | $3.1M | Add +3.2% |
Options reported separately and not counted above: COLGATE PALMOLIVE CO puts ($173K), MARKETAXESS HLDGS INC puts ($159K), VERISK ANALYTICS INC puts ($150K), CME GROUP INC puts ($143K), ACCENTURE PLC IRELAND puts ($137K), ADOBE INC puts ($130K), ILLUMINA INC puts ($125K), YUM CHINA HLDGS INC puts ($114K), MICROSOFT CORP puts ($108K), BOOKING HOLDINGS INC puts ($104K), NIKE INC puts ($84K), UNITEDHEALTH GROUP INC puts ($75K), and 6 more.
Portfolio Sells Q2 2025 → Q3 2025
| TRI Thomson Reuters Corp. | Reduce -95.0% | 0.04% | −1.13 |
| BMO Bank of Montreal | Reduce -17.6% | 7.23% | −0.92 |
| ACN Accenture PLC Class A | Reduce -74.5% | 0.15% | −0.64 |
| CCJ Cameco Corp. | Reduce -46.9% | 0.61% | −0.50 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -91.2% | 0.03% | −0.50 |
| AVGO Broadcom Inc. | Reduce -25.2% | 2.03% | −0.45 |
| CP Canadian Pacific Kansas City | Reduce -3.5% | 1.79% | −0.37 |
| QSR Restaurant Brands Intern | Reduce -2.0% | 2.33% | −0.36 |
| TU Telus Corp. | Reduce -3.6% | 1.86% | −0.29 |
| STN Stantec Inc. | Reduce -2.4% | 1.00% | −0.13 |
| MFC Manulife Financial Corp. | Reduce -0.4% | 0.90% | −0.11 |
| BIP Brookfield Infrastructure Pa | Reduce -1.8% | 0.68% | −0.09 |
| BKNG Booking Holdings Inc. | Reduce -3.3% | 0.38% | −0.08 |
| IWTR iShares MSCI Water Mgmt Msec | Sold out | 0.00% | −0.07 |
| NTR Nutrien Ltd. | Reduce -4.4% | 0.50% | −0.07 |
| FTS Fortis Inc. | Reduce -2.5% | 1.17% | −0.06 |
| BIPC Brookfield Infrastructure-A | Reduce -1.1% | 0.40% | −0.05 |
| BEPC Brookfield Renewable Corp. | Reduce -2.7% | 0.68% | −0.05 |
| TD Toronto-Dominion Bank | Reduce -1.7% | 2.05% | −0.04 |
| ISRG Intuitive Surgical Inc. | Reduce -2.4% | 0.10% | −0.04 |
| INTU Intuit Inc. | Reduce -1.8% | 0.11% | −0.03 |
| IMO Imperial Oil Ltd. | Reduce -21.9% | 0.13% | −0.03 |
| WPM Wheaton Precious Metals Corp. | Reduce -14.2% | 1.21% | −0.03 |
| TXN Texas Instruments Inc. | Reduce -0.3% | 0.11% | −0.03 |
| ARM Arm Holdings PLC-ADR | Reduce -1.4% | 0.09% | −0.02 |
| ROP Roper Technologies Inc. | Reduce -0.0% | 0.10% | −0.02 |
| NOW ServiceNow Inc. | Reduce -2.6% | 0.09% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -1.3% | 0.18% | −0.02 |
| WCN Waste Connections Inc. | Reduce -2.3% | 0.08% | −0.01 |
| DSGX The Descartes Systems Grp | Reduce -4.3% | 0.05% | −0.01 |
| BAM Brookfield Asset Mgmt-A | Reduce -7.8% | 0.07% | −0.01 |
| V Visa Inc. Class A | Reduce -1.5% | 0.06% | −0.01 |
| JXI iShares Global Utilities ETF | Reduce -6.6% | 0.07% | −0.01 |
| FISV Fiserv Inc. | Reduce -6.6% | 0.01% | −0.01 |
| MCO Moody's Corp. | Reduce -5.2% | 0.03% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -5.1% | 0.03% | −0.00 |
| GTM Zoominfo Technologies Inc. | Sold out | 0.00% | −0.00 |
| VLY Valley National Bancorp | Sold out | 0.00% | −0.00 |
| GRTUF Granite Real Estate Investme | Reduce -0.9% | 0.49% | −0.00 |
| VST Vistra Corp. | Reduce -1.5% | 0.03% | −0.00 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -10.9% | 0.03% | −0.00 |
| AME Ametek Inc. | Reduce -0.4% | 0.01% | −0.00 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -1.6% | 0.01% | +0.00 |
| MPWR Monolithic Power Systems Inc. | Reduce -1.4% | 0.01% | +0.00 |
| CRH CRH PLC | Reduce -1.6% | 0.03% | +0.00 |
| RTX RTX Corp. | Reduce -1.0% | 0.14% | +0.01 |
| TRP TC Energy Corp. | Reduce -0.9% | 0.55% | +0.01 |
| CM Can Imperial BK of Commerce | Reduce -2.8% | 2.88% | +0.01 |
| NVDA Nvidia Corp. | Reduce -3.9% | 0.26% | +0.01 |
| SHOP Shopify Inc. Class A | Reduce -9.4% | 0.32% | +0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +32.5% | 2.36% | +0.79 |
| GIL Gildan Activewear Inc. | New | 0.60% | +0.60 |
| MSI Motorola Solutions Inc. | Add +213.5% | 0.76% | +0.52 |
| GOOGL Alphabet Inc. Class A | Add +32.0% | 1.11% | +0.44 |
| TECK Teck Resources Ltd.-CLS B | Add +46.0% | 1.31% | +0.41 |
| B Barrick Mining Corp. | Add +42.8% | 0.63% | +0.33 |
| LLY Eli Lilly & Co. | Add +412.6% | 0.29% | +0.22 |
| DRI Darden Restaurants Inc. | Add +130.0% | 0.42% | +0.19 |
| META Meta Platforms Inc. Class A | Add +35.9% | 0.95% | +0.18 |
| ASML ASML Holding NV-NY Reg SHS | Add +6.3% | 1.19% | +0.18 |
| TJX TJX Companies Inc. | Add +18.5% | 0.71% | +0.15 |
| SLF Sun Life Financial Inc. | Add +44.2% | 0.88% | +0.14 |
| JNJ Johnson & Johnson | Add +6.5% | 0.89% | +0.14 |
| BNS Bank of Nova Scotia | Add +7.2% | 1.04% | +0.13 |
| ABBV Abbvie Inc. | Add +7.7% | 0.62% | +0.11 |
| UNH Unitedhealth Group Inc. | Add +39.5% | 0.32% | +0.09 |
| MCD McDonald's Corp. | Add +14.6% | 1.08% | +0.09 |
| MSFT Microsoft Corp. | Add +8.8% | 2.57% | +0.09 |
| TFII Tfi International Inc. | New | 0.09% | +0.09 |
| RCI Rogers Communications Inc. Class B | Add +5.3% | 0.69% | +0.07 |
| SU Suncor Energy Inc. | Add +0.4% | 2.53% | +0.07 |
| BN Brookfield Corp. | Add +0.2% | 3.87% | +0.07 |
| NKE Nike Inc. Class B | Add +45.5% | 0.28% | +0.07 |
| ICLN iShares Global Clean Energy | New | 0.05% | +0.05 |
| IBAT iShares Energy STRG Mats ETF | New | 0.05% | +0.05 |
| PHO Invesco Water Resources ETF | New | 0.05% | +0.05 |
| AZN Astrazeneca PLC-Spons ADR | Add +31.0% | 0.21% | +0.05 |
| HD Home Depot Inc. | Add +6.8% | 0.67% | +0.05 |
| PANW Palo Alto Networks Inc. | New | 0.04% | +0.04 |
| YUMC Yum China Holdings Inc. | Add +32.4% | 0.30% | +0.04 |
| CME Cme Group Inc. | Add +22.0% | 0.48% | +0.04 |
| SAN Banco Santander SA-Spon ADR | Add +61.7% | 0.08% | +0.04 |
| WEC WEC Energy Group Inc. | Add +7.7% | 0.37% | +0.03 |
| ENB Enbridge Inc. | Add +0.0% | 1.42% | +0.03 |
| APH Amphenol Corp. Class A | Add +29.3% | 0.07% | +0.02 |
| HIG Hartford Insurance Group Inc. | Add +7.4% | 0.70% | +0.02 |
| ILMN Illumina Inc. | Add +26.8% | 0.14% | +0.02 |
| PH Parker Hannifin Corp. | Add +5.5% | 0.39% | +0.02 |
| NGG National Grid PLC-SP ADR | New | 0.01% | +0.01 |
| CL Colgate-Palmolive Co. | Add +32.1% | 0.23% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +10.6% | 0.04% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +8.3% | 0.13% | +0.01 |
| ADBE Adobe Inc. | Add +28.7% | 0.14% | +0.01 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +100.4% | 0.02% | +0.01 |
| BYD Boyd Gaming Corp. | New | 0.01% | +0.01 |
| MFG Mizuho Financial Group-ADR | Add +54.6% | 0.02% | +0.01 |
| T AT&T Inc. | New | 0.01% | +0.01 |
| CNR Core Natural Resources Inc. | New | 0.01% | +0.01 |
| CDNS Cadence Design SYS Inc. | Add +5.7% | 0.07% | +0.01 |
| VRT Vertiv Holdings Co. Class A | Add +8.6% | 0.04% | +0.01 |
Options Activity Q2 2025 → Q3 2025
| CME GROUP INC | put | Reduce -2.4% | 12,300 | $143K |
| YUM CHINA HLDGS INC | put | Add +9.7% | 45,200 | $114K |
| BOOKING HOLDINGS INC | put | Reduce -33.3% | 400 | $104K |
| NIKE INC | put | Add +37.1% | 19,200 | $84K |
| UNITEDHEALTH GROUP INC | put | Add +15.0% | 4,600 | $75K |
| MASTERCARD INCORPORATED | put | Reduce -8.9% | 4,100 | $66K |
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 |