Guardian Capital LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Guardian Capital LP reported 160 stock positions worth $3.4 billion. Its top holding was Royal Bank of Canada (RY) at 8.9% of the portfolio, followed by Agnico Eagle Mines (AEM, 5.2%) and Toronto-Dominion Bank (TD, 3.7%). Compared with Q3 2025, it opened 20 new positions, sold out of 12, added to 57 and reduced 70. The biggest buy was a new position in Boyd Group Services (BGSI) and the biggest sale Bank of Montreal (BMO, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001224324
- Portfolio Value
- $3.4B (Q4 2025)
- SEC Filing
- 0001062993-26-001013 ↗ filed Feb 18, 2026
Holdings Value
Holdings 160 stocks · $3.4B
| RY Royal Bank of Canada | 8.94% | 1,767,408 | $301.4M | Add +11.9% |
| AEM Agnico Eagle Mines Ltd. | 5.16% | 1,024,503 | $173.8M | Add +8.9% |
| TD Toronto-Dominion Bank | 3.69% | 1,319,972 | $124.5M | Add +66.3% |
| BN Brookfield Corp. | 3.60% | 2,642,075 | $121.4M | Add +1.0% |
| OTEX Open Text Corp. | 3.59% | 3,715,835 | $121.1M | Reduce -9.8% |
| GIB Cgi Inc. | 3.54% | 1,292,690 | $119.5M | Add +50.3% |
| CNQ Canadian Natural Resources | 3.33% | 3,310,091 | $112.2M | Add +34.8% |
| CP Canadian Pacific Kansas City | 2.69% | 1,230,640 | $90.6M | Add +65.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.62% | 680,733 | $88.4M | Reduce -60.4% |
| SU Suncor Energy Inc. | 2.62% | 1,989,193 | $88.3M | Add +6.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 2.53% | 940,253 | $85.3M | Reduce -15.6% |
| AAPL Apple Inc. | 2.29% | 283,872 | $77.2M | Reduce -1.0% |
| GIL Gildan Activewear Inc. | 2.27% | 1,221,049 | $76.4M | Add +277.2% |
| BGSI Boyd Group Services Inc. | 2.12% | 448,067 | $71.4M | New |
| MSFT Microsoft Corp. | 2.10% | 146,530 | $70.9M | Reduce -4.5% |
| ENB Enbridge Inc. | 1.91% | 1,342,206 | $64.3M | Add +54.6% |
| AVGO Broadcom Inc. | 1.88% | 183,521 | $63.5M | Reduce -3.9% |
| QSR Restaurant Brands Intern | 1.79% | 881,913 | $60.2M | Reduce -21.4% |
| MFC Manulife Financial Corp. | 1.64% | 1,516,983 | $55.2M | Add +69.6% |
| GOOGL Alphabet Inc. Class A | 1.50% | 161,081 | $50.4M | Add +14.2% |
| COST Costco Wholesale Corp. | 1.43% | 56,015 | $48.3M | Reduce -2.6% |
| WMB Williams Cos Inc. | 1.32% | 738,403 | $44.4M | Reduce -4.0% |
| TECK Teck Resources Ltd.-CLS B | 1.28% | 900,873 | $43.2M | Reduce -2.7% |
| CNI Canadian Natl Railway Co. | 1.17% | 399,231 | $39.5M | Add +11.2% |
| ASML ASML Holding NV-NY Reg SHS | 1.17% | 36,767 | $39.3M | Reduce -3.5% |
| B Barrick Mining Corp. | 1.16% | 897,066 | $39.1M | Add +50.2% |
| WPM Wheaton Precious Metals Corp. | 1.16% | 332,289 | $39.1M | Reduce -1.0% |
| FTS Fortis Inc. | 1.14% | 737,570 | $38.4M | Add +3.6% |
| MCD McDonald's Corp. | 1.12% | 123,635 | $37.8M | Add +11.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.09% | 496,719 | $36.7M | Add +0.0% |
| TTE Totalenergies SE | 1.05% | 538,757 | $35.2M | Add +39.9% |
| TU Telus Corp. | 1.05% | 2,671,700 | $35.2M | Reduce -26.7% |
| MA Mastercard Inc. Class A | 0.98% | 57,830 | $33.0M | Reduce -11.9% |
| NTR Nutrien Ltd. | 0.96% | 526,741 | $32.5M | Add +101.8% |
| JNJ Johnson & Johnson | 0.88% | 142,938 | $29.6M | Reduce -3.4% |
| SLF Sun Life Financial Inc. | 0.87% | 467,976 | $29.2M | Add +3.5% |
| STN Stantec Inc. | 0.83% | 294,684 | $27.8M | Add +2.7% |
| META Meta Platforms Inc. Class A | 0.77% | 39,349 | $26.0M | Reduce -2.2% |
| RSG Republic Services Inc. | 0.74% | 117,768 | $25.0M | Reduce -4.3% |
| SHEL Shell PLC-ADR | 0.71% | 325,130 | $23.9M | Reduce -4.3% |
| RCI Rogers Communications Inc. Class B | 0.70% | 627,572 | $23.7M | Add +0.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.67% | 147,759 | $22.7M | Reduce -2.7% |
| HIG Hartford Insurance Group Inc. | 0.64% | 157,070 | $21.6M | Reduce -3.3% |
| BIP Brookfield Infrastructure Pa | 0.63% | 611,953 | $21.3M | Reduce -3.7% |
| EQIX Equinix Inc. | 0.63% | 27,690 | $21.2M | Reduce -3.5% |
| WM Waste Management Inc. | 0.60% | 91,428 | $20.1M | Reduce -4.1% |
| ABBV Abbvie Inc. | 0.54% | 79,700 | $18.2M | Reduce -3.4% |
| ORCL Oracle Corp. | 0.51% | 89,026 | $17.4M | New |
| PBA Pembina Pipeline Corp. | 0.51% | 446,491 | $17.0M | Reduce -1.0% |
| HD Home Depot Inc. | 0.49% | 48,088 | $16.5M | Reduce -6.7% |
| GRTUF Granite Real Estate Investme | 0.48% | 269,961 | $16.1M | Reduce -0.7% |
| TRP TC Energy Corp. | 0.46% | 283,494 | $15.6M | Reduce -10.1% |
| IBN Icici Bank Ltd.-Spon ADR | 0.42% | 478,281 | $14.3M | Add +1.8% |
| BIPC Brookfield Infrastructure-A | 0.41% | 303,852 | $13.8M | Add +1.1% |
| PH Parker Hannifin Corp. | 0.41% | 15,686 | $13.8M | Reduce -0.4% |
| DSGX The Descartes Systems Grp | 0.39% | 150,501 | $13.2M | Add +819.9% |
| LLY Eli Lilly & Co. | 0.37% | 11,615 | $12.5M | Reduce -0.2% |
| DRI Darden Restaurants Inc. | 0.36% | 66,528 | $12.2M | Reduce -3.4% |
| HBM Hudbay Minerals Inc. | 0.35% | 601,889 | $12.0M | New |
| GWW WW Grainger Inc. | 0.33% | 11,138 | $11.2M | Reduce -13.6% |
| CME Cme Group Inc. | 0.32% | 39,100 | $10.7M | Reduce -28.6% |
| PG The Procter & Gamble Co. | 0.31% | 73,091 | $10.5M | Reduce -3.0% |
| WEC WEC Energy Group Inc. | 0.30% | 97,018 | $10.2M | Reduce -2.9% |
| MSI Motorola Solutions Inc. | 0.29% | 25,414 | $9.7M | Reduce -50.8% |
| UL Unilever PLC-Sponsored ADR | 0.27% | 140,642 | $9.2M | Reduce -4.3% |
| NVDA Nvidia Corp. | 0.26% | 47,025 | $8.8M | Add +9.3% |
| BKNG Booking Holdings Inc. | 0.25% | 1,551 | $8.3M | Reduce -27.9% |
| AMGN Amgen Inc. | 0.24% | 24,777 | $8.1M | Reduce -2.3% |
| UNH Unitedhealth Group Inc. | 0.22% | 22,422 | $7.4M | Reduce -22.7% |
| YUMC Yum China Holdings Inc. | 0.22% | 153,900 | $7.3M | Reduce -29.4% |
| SHOP Shopify Inc. Class A | 0.21% | 44,590 | $7.2M | Reduce -33.7% |
| NKE Nike Inc. Class B | 0.20% | 104,761 | $6.7M | Reduce -15.8% |
| ITW Illinois Tool Works | 0.20% | 26,689 | $6.6M | Reduce -0.5% |
| AMZN Amazon.com Inc. | 0.19% | 28,361 | $6.5M | Add +9.7% |
| APD Air Products & Chemicals Inc. | 0.19% | 25,922 | $6.4M | Reduce -50.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.18% | 65,473 | $6.0M | Reduce -21.2% |
| GOOG Alphabet Inc. Class C | 0.18% | 19,177 | $6.0M | Reduce -20.5% |
| SNY Sanofi-ADR | 0.17% | 120,355 | $5.8M | Reduce -4.1% |
| JPM JPMorgan Chase & Co. | 0.16% | 16,980 | $5.5M | Add +30.3% |
| EQX Equinox Gold Corp. | 0.15% | 357,019 | $5.0M | New |
| CL Colgate-Palmolive Co. | 0.14% | 61,500 | $4.9M | Reduce -31.1% |
| OSK Oshkosh Corp. | 0.14% | 37,227 | $4.7M | New |
| ILMN Illumina Inc. | 0.13% | 33,000 | $4.3M | Reduce -29.5% |
| MKTX Marketaxess Holdings Inc. | 0.13% | 23,700 | $4.3M | Reduce -29.5% |
| VRSK Verisk Analytics Inc. | 0.13% | 18,920 | $4.2M | Reduce -22.6% |
| WAT Waters Corp. | 0.12% | 10,900 | $4.1M | Reduce -30.1% |
| ISRG Intuitive Surgical Inc. | 0.12% | 7,260 | $4.1M | Add +2.9% |
| CVE Cenovus Energy Inc. | 0.12% | 239,597 | $4.1M | New |
| EMR Emerson Electric Co. | 0.12% | 29,286 | $3.9M | Add +1.6% |
| MGA Magna International Inc. | 0.11% | 71,945 | $3.8M | Add +8.3% |
| AMAT Applied Materials Inc. | 0.11% | 14,850 | $3.8M | Reduce -2.0% |
| IMO Imperial Oil Ltd. | 0.11% | 44,063 | $3.8M | No change |
| RTX RTX Corp. | 0.11% | 20,630 | $3.8M | Reduce -22.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.11% | 33,226 | $3.8M | No change |
| TFII Tfi International Inc. | 0.11% | 35,746 | $3.7M | Add +19.0% |
| ACN Accenture PLC Class A | 0.11% | 13,600 | $3.6M | Reduce -28.6% |
| INTU Intuit Inc. | 0.11% | 5,463 | $3.6M | Add +5.7% |
| CCJ Cameco Corp. | 0.11% | 38,672 | $3.5M | Reduce -82.8% |
| DUK Duke Energy Corp. | 0.10% | 28,566 | $3.3M | No change |
| AXP American Express Co. | 0.10% | 8,988 | $3.3M | Reduce -6.3% |
Options reported separately and not counted above: MICROSOFT CORP puts ($173K), CME GROUP INC puts ($115K), YUM CHINA HLDGS INC puts ($115K), NIKE INC puts ($111K), AUTOMATIC DATA PROCESSING IN puts ($110K), VERISK ANALYTICS INC puts ($100K), COLGATE PALMOLIVE CO puts ($98K), BOOKING HOLDINGS INC puts ($89K), MARKETAXESS HLDGS INC puts ($82K), UNITEDHEALTH GROUP INC puts ($79K), ADOBE INC puts ($75K), APPLE INC puts ($42K), and 6 more.
Portfolio Sells Q3 2025 → Q4 2025
| BMO Bank of Montreal | Reduce -60.4% | 2.62% | −4.61 |
| OTEX Open Text Corp. | Reduce -9.8% | 3.59% | −1.39 |
| TU Telus Corp. | Reduce -26.7% | 1.05% | −0.81 |
| BEPC Brookfield Renewable Corp. | Sold out | 0.00% | −0.68 |
| QSR Restaurant Brands Intern | Reduce -21.4% | 1.79% | −0.54 |
| CCJ Cameco Corp. | Reduce -82.8% | 0.11% | −0.50 |
| MSI Motorola Solutions Inc. | Reduce -50.8% | 0.29% | −0.47 |
| MSFT Microsoft Corp. | Reduce -4.5% | 2.10% | −0.46 |
| CM Can Imperial BK of Commerce | Reduce -15.6% | 2.53% | −0.35 |
| COST Costco Wholesale Corp. | Reduce -2.6% | 1.43% | −0.29 |
| APD Air Products & Chemicals Inc. | Reduce -50.5% | 0.19% | −0.27 |
| WMB Williams Cos Inc. | Reduce -4.0% | 1.32% | −0.26 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.25 |
| MA Mastercard Inc. Class A | Reduce -11.9% | 0.98% | −0.23 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −0.21 |
| META Meta Platforms Inc. Class A | Reduce -2.2% | 0.77% | −0.18 |
| HD Home Depot Inc. | Reduce -6.7% | 0.49% | −0.18 |
| RSG Republic Services Inc. | Reduce -4.3% | 0.74% | −0.17 |
| CME Cme Group Inc. | Reduce -28.6% | 0.32% | −0.16 |
| AVGO Broadcom Inc. | Reduce -3.9% | 1.88% | −0.15 |
| BKNG Booking Holdings Inc. | Reduce -27.9% | 0.25% | −0.13 |
| SHOP Shopify Inc. Class A | Reduce -33.7% | 0.21% | −0.11 |
| UNH Unitedhealth Group Inc. | Reduce -22.7% | 0.22% | −0.10 |
| EQIX Equinix Inc. | Reduce -3.5% | 0.63% | −0.10 |
| TRP TC Energy Corp. | Reduce -10.1% | 0.46% | −0.09 |
| CL Colgate-Palmolive Co. | Reduce -31.1% | 0.14% | −0.09 |
| YUMC Yum China Holdings Inc. | Reduce -29.4% | 0.22% | −0.08 |
| PBA Pembina Pipeline Corp. | Reduce -1.0% | 0.51% | −0.08 |
| WM Waste Management Inc. | Reduce -4.1% | 0.60% | −0.08 |
| NKE Nike Inc. Class B | Reduce -15.8% | 0.20% | −0.08 |
| ABBV Abbvie Inc. | Reduce -3.4% | 0.54% | −0.08 |
| SHEL Shell PLC-ADR | Reduce -4.3% | 0.71% | −0.08 |
| VRSK Verisk Analytics Inc. | Reduce -22.6% | 0.13% | −0.07 |
| AAPL Apple Inc. | Reduce -1.0% | 2.29% | −0.07 |
| WEC WEC Energy Group Inc. | Reduce -2.9% | 0.30% | −0.07 |
| GWW WW Grainger Inc. | Reduce -13.6% | 0.33% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -3.0% | 0.31% | −0.06 |
| ADP Automatic Data Processing | Reduce -25.9% | 0.09% | −0.06 |
| MKTX Marketaxess Holdings Inc. | Reduce -29.5% | 0.13% | −0.06 |
| DRI Darden Restaurants Inc. | Reduce -3.4% | 0.36% | −0.06 |
| HIG Hartford Insurance Group Inc. | Reduce -3.3% | 0.64% | −0.06 |
| WCN Waste Connections Inc. | Reduce -68.9% | 0.02% | −0.06 |
| WPM Wheaton Precious Metals Corp. | Reduce -1.0% | 1.16% | −0.05 |
| ADBE Adobe Inc. | Reduce -26.8% | 0.09% | −0.05 |
| BIP Brookfield Infrastructure Pa | Reduce -3.7% | 0.63% | −0.05 |
| UL Unilever PLC-Sponsored ADR | Reduce -4.3% | 0.27% | −0.04 |
| ACN Accenture PLC Class A | Reduce -28.6% | 0.11% | −0.04 |
| TJX TJX Companies Inc. | Reduce -2.7% | 0.67% | −0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.03 |
| TRI Thomson Reuters Corp. | Reduce -72.5% | 0.01% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| BGSI Boyd Group Services Inc. | New | 2.12% | +2.12 |
| GIL Gildan Activewear Inc. | Add +277.2% | 2.27% | +1.66 |
| TD Toronto-Dominion Bank | Add +66.3% | 3.69% | +1.64 |
| RY Royal Bank of Canada | Add +11.9% | 8.94% | +1.42 |
| GIB Cgi Inc. | Add +50.3% | 3.54% | +1.07 |
| CP Canadian Pacific Kansas City | Add +65.6% | 2.69% | +0.90 |
| CNQ Canadian Natural Resources | Add +34.8% | 3.33% | +0.79 |
| MFC Manulife Financial Corp. | Add +69.6% | 1.64% | +0.74 |
| B Barrick Mining Corp. | Add +50.2% | 1.16% | +0.53 |
| ORCL Oracle Corp. | New | 0.51% | +0.51 |
| ENB Enbridge Inc. | Add +54.6% | 1.91% | +0.49 |
| NTR Nutrien Ltd. | Add +101.8% | 0.96% | +0.47 |
| GOOGL Alphabet Inc. Class A | Add +14.2% | 1.50% | +0.39 |
| HBM Hudbay Minerals Inc. | New | 0.35% | +0.35 |
| DSGX The Descartes Systems Grp | Add +819.9% | 0.39% | +0.34 |
| TTE Totalenergies SE | Add +39.9% | 1.05% | +0.30 |
| EQX Equinox Gold Corp. | New | 0.15% | +0.15 |
| OSK Oshkosh Corp. | New | 0.14% | +0.14 |
| CVE Cenovus Energy Inc. | New | 0.12% | +0.12 |
| SU Suncor Energy Inc. | Add +6.5% | 2.62% | +0.10 |
| HSIC Henry Schein Inc. | New | 0.09% | +0.09 |
| CNI Canadian Natl Railway Co. | Add +11.2% | 1.17% | +0.08 |
| BNS Bank of Nova Scotia | Add +0.0% | 1.09% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.05% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | New | 0.04% | +0.04 |
| ATS Ats Corp. | New | 0.04% | +0.04 |
| AZO AutoZone Inc. | New | 0.04% | +0.04 |
| AEM Agnico Eagle Mines Ltd. | Add +8.9% | 5.16% | +0.04 |
| ING ING Groep N.V.-Sponsored ADR | New | 0.04% | +0.04 |
| MCD McDonald's Corp. | Add +11.9% | 1.12% | +0.04 |
| WFG West Fraser Timber Co. Ltd. | New | 0.03% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +30.3% | 0.16% | +0.03 |
| ZBH Zimmer Biomet Holdings Inc. | New | 0.03% | +0.03 |
| DECK Deckers Outdoor Corp. | New | 0.03% | +0.03 |
| CB Chubb Ltd. | New | 0.03% | +0.03 |
| TFII Tfi International Inc. | Add +19.0% | 0.11% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +2.9% | 0.12% | +0.02 |
| WAB Wabtec Corp. | New | 0.02% | +0.02 |
| VRT Vertiv Holdings Co. Class A | Add +44.6% | 0.06% | +0.02 |
| ALC Alcon Inc. | Add +9.8% | 0.09% | +0.02 |
| DHR Danaher Corp. | Add +9.5% | 0.09% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +43.3% | 0.06% | +0.01 |
| MGA Magna International Inc. | Add +8.3% | 0.11% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +99.0% | 0.02% | +0.01 |
| AMZN Amazon.com Inc. | Add +9.7% | 0.19% | +0.01 |
| BIPC Brookfield Infrastructure-A | Add +1.1% | 0.41% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +46.8% | 0.05% | +0.01 |
| RCI Rogers Communications Inc. Class B | Add +0.7% | 0.70% | +0.01 |
| APH Amphenol Corp. Class A | Add +12.6% | 0.08% | +0.01 |
| LRCX Lam Research Corp. | New | 0.01% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| MICROSOFT CORP | put | Reduce -9.8% | 3,700 | $173K |
| CME GROUP INC | put | Reduce -5.7% | 11,600 | $115K |
| YUM CHINA HLDGS INC | put | Reduce -2.4% | 44,100 | $115K |
| NIKE INC | put | Reduce -0.5% | 19,100 | $111K |
| AUTOMATIC DATA PROCESSING IN | put | Reduce -2.8% | 3,500 | $110K |
| COLGATE PALMOLIVE CO | put | Reduce -0.5% | 18,300 | $98K |
| MARKETAXESS HLDGS INC | put | Reduce -4.2% | 6,900 | $82K |
| UNITEDHEALTH GROUP INC | put | Reduce -2.2% | 4,500 | $79K |
| ADOBE INC | put | Reduce -7.4% | 2,500 | $75K |
| MASTERCARD INCORPORATED | put | Reduce -12.2% | 3,600 | $37K |
| ACCENTURE PLC IRELAND | put | Reduce -2.4% | 4,100 | $33K |
| HOME DEPOT INC | put | Reduce -44.4% | 500 | $22K |
| ILLUMINA INC | put | Reduce -11.8% | 9,700 | $21K |
| PEPSICO INC | put | Reduce -57.1% | 600 | $2K |
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 |