Waratah Capital Advisors Ltd.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 11, 2026), Waratah Capital Advisors Ltd. reported 107 stock positions worth $1.3 billion. Its top holding was Descartes Systems Grp (DSGX) at 7.7% of the portfolio, followed by Teledyne Technologies (TDY, 3.6%) and Federal Signal (FSS, 3.6%). Compared with Q1 2026, it opened 52 new positions, sold out of 43, added to 24 and reduced 29. The biggest buy was a new position in Federal Signal (FSS) and the biggest sale an exit from Boyd Group Services (BGSI).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001539919
Portfolio Value
$1.3B (Q2 2026)
SEC Filing
0002060757-26-000046 ↗ filed Aug 11, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.9B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.7B Q3 2024 Q4 2024: $1.8B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.5B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.3B $1.3B Q2 2026

Holdings 107 stocks · $1.3B
DSGX The Descartes Systems Grp 7.70% 1,447,678 $100.2M Add +21.7%
TDY Teledyne Technologies Inc. 3.63% 70,874 $47.3M Add +111.1%
FSS Federal Signal Corp. 3.56% 360,200 $46.3M New
AGI Alamos Gold Inc. Class A 2.97% 1,274,296 $38.7M Reduce -7.5%
STN Stantec Inc. 2.34% 441,245 $30.4M Add +582.0%
SXT Sensient Technologies Corp. 2.29% 241,237 $29.7M Add +60.0%
NI Nisource Inc. 2.25% 616,779 $29.3M Add +63.9%
AVGO Broadcom Inc. 2.24% 77,197 $29.2M New
CVE Cenovus Energy Inc. 2.12% 1,110,707 $27.6M Add +3.6%
AME Ametek Inc. 2.04% 109,913 $26.6M Add +42.4%
CMG Chipotle Mexican Grill Inc. 2.04% 779,976 $26.5M New
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 2.03% 13,292 $26.4M Add +900.1%
AMZN Amazon.com Inc. 1.98% 107,937 $25.7M New
WELL Welltower Inc. 1.93% 110,586 $25.1M Reduce -27.7%
TD Toronto-Dominion Bank 1.90% 203,254 $24.7M Reduce -4.3%
MLM Martin Marietta Materials 1.78% 40,094 $23.1M Reduce -8.1%
SKE Skeena Resources Ltd. 1.68% 820,459 $21.9M Reduce -27.2%
LNG Cheniere Energy Inc. 1.65% 90,018 $21.5M Add +29.9%
PWR Quanta Services Inc. 1.64% 29,599 $21.3M Add +61.3%
ARMK Aramark 1.62% 370,785 $21.1M New
NVDA Nvidia Corp. 1.59% 103,208 $20.7M New
MOD Modine Manufacturing Co. 1.54% 75,084 $20.0M Add +51.9%
CR Crane Co. 1.54% 89,767 $20.0M Reduce -44.4%
CHRW C.H. Robinson Worldwide Inc. 1.48% 102,215 $19.3M New
SPXC SPX Technologies Inc. 1.48% 78,488 $19.2M Reduce -49.6%
AEM Agnico Eagle Mines Ltd. 1.44% 120,423 $18.7M Reduce -0.6%
NVT Nvent Electric PLC 1.34% 103,121 $17.5M Reduce -52.7%
SU Suncor Energy Inc. 1.30% 315,916 $17.0M Reduce -37.2%
RY Royal Bank of Canada 1.26% 79,399 $16.4M Reduce -4.5%
STRL Sterling Infrastructure Inc. 1.25% 19,370 $16.3M New
MSFT Microsoft Corp. 1.25% 43,433 $16.2M New
IMO Imperial Oil Ltd. 1.19% 138,623 $15.5M New
MNST Monster Beverage Corp. 1.17% 157,783 $15.2M New
TXN Texas Instruments Inc. 1.15% 50,303 $15.0M Add +206.4%
TFII Tfi International Inc. 1.14% 103,433 $14.8M New
RRX Regal Rexnord Corp. 1.13% 61,469 $14.6M Add +11.5%
PUMP Propetro Holding Corp. 1.06% 963,358 $13.8M New
NXE Nexgen Energy Ltd. 1.06% 1,464,523 $13.8M Reduce -13.5%
BEP Brookfield Renewable Partner 1.04% 388,000 $13.5M Reduce -20.5%
IAG Iamgold Corp. 1.03% 849,801 $13.5M Reduce -56.2%
PAYX Paychex Inc. 1.01% 134,023 $13.2M New
KGC Kinross Gold Corp. 0.98% 539,646 $12.7M Reduce -58.5%
CAE Cae Inc. 0.92% 476,531 $11.9M Reduce -46.4%
CGAU Centerra Gold Inc. 0.92% 752,615 $11.9M Reduce -65.8%
FND Floor & Decor Holdings Inc. Class A 0.87% 190,568 $11.3M Add +1892.3%
AS Amer Sports Inc. 0.87% 334,093 $11.3M Add +6.9%
CW Curtiss-Wright Corp. 0.83% 14,316 $10.8M Add +7.6%
CNI Canadian Natl Railway Co. 0.83% 90,425 $10.8M Reduce -66.4%
ARM Arm Holdings PLC-ADR 0.82% 30,070 $10.7M New
SII Sprott Inc. 0.79% 92,015 $10.3M Reduce -28.1%
LPX Louisiana-Pacific Corp. 0.79% 130,743 $10.3M New
FIX Comfort Systems USA Inc. 0.78% 5,136 $10.2M Reduce -52.1%
ATS Ats Corp. 0.74% 334,923 $9.6M Add +49.5%
ELS Equity Lifestyle Properties 0.65% 130,438 $8.4M New
PLD Prologis Inc. 0.63% 60,944 $8.3M Add +30.5%
EVR Evercore Inc. Class A 0.61% 23,408 $8.0M Add +41.2%
OVV Ovintiv Inc. 0.60% 148,671 $7.8M Add +48.7%
SN Sharkninja Inc. 0.60% 51,247 $7.8M Reduce -76.1%
FNV Franco-Nevada Corp. 0.57% 35,858 $7.5M Reduce -36.0%
WCN Waste Connections Inc. 0.57% 44,122 $7.4M New
TRI Thomson Reuters Corp. 0.53% 85,099 $7.0M New
IDXX Idexx Laboratories Inc. 0.50% 12,474 $6.6M Add +1637.3%
FSV Firstservice Corp. 0.49% 45,179 $6.4M Add +38.3%
CARR Carrier Global Corp. 0.46% 81,468 $6.0M New
VMC Vulcan Materials Co. 0.46% 20,203 $6.0M New
WRN Western Copper and Gold Corp. 0.45% 2,588,763 $5.8M Reduce -17.3%
SLB SLB Ltd. filed as SLB LIMITED 0.41% 115,000 $5.3M Add +15.0%
PGR Progressive Corp. 0.41% 24,367 $5.3M New
EQT Eqt Corp. 0.41% 100,057 $5.3M Reduce -23.0%
ESTC Elastic NV 0.40% 92,053 $5.2M New
BRO Brown & Brown Inc. 0.38% 77,951 $5.0M New
SBUX Starbucks Corp. 0.38% 47,853 $4.9M New
SIRI Sirius XM Holdings Inc. 0.37% 160,836 $4.8M New
SGML Sigma Lithium Corp. 0.36% 367,775 $4.7M Add +36.7%
KO The Coca-Cola Co. 0.29% 45,765 $3.7M New
PAAS Pan American Silver Corp. 0.27% 78,962 $3.5M New
APO Apollo Global Management Inc. 0.24% 26,443 $3.1M New
APA Apa Corp. 0.24% 95,000 $3.1M New
ATLX Atlas Lithium Inc. 0.21% 749,217 $2.8M No change
LION Lionsgate Studios Corp. 0.21% 178,624 $2.7M No change
HD Home Depot Inc. 0.20% 7,373 $2.6M New
TOL Toll Brothers Inc. 0.20% 15,668 $2.6M New
PKE Park Aerospace Corp. 0.18% 60,416 $2.3M New
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.15% 16,279 $2.0M New
BWXT BWX Technologies Inc. 0.14% 9,310 $1.8M New
KRMN Karman Holdings Inc. 0.14% 35,413 $1.8M New
ECHO Echostar Corp. Class A 0.12% 14,751 $1.5M New
MRCY Mercury Systems Inc. 0.11% 12,222 $1.5M New
BLDR Builders Firstsource Inc. 0.10% 14,970 $1.3M New
ALB Albemarle Corp. 0.10% 9,732 $1.3M Reduce -68.7%
RTX RTX Corp. 0.10% 6,640 $1.3M New
SPGI S&P Global Inc. 0.09% 2,951 $1.2M New
VRSK Verisk Analytics Inc. 0.09% 6,664 $1.2M New
EXP Eagle Materials Inc. 0.09% 5,064 $1.1M New
DCO Ducommun Inc. 0.08% 5,687 $1.1M New
HII Huntington Ingalls Industrie 0.08% 3,721 $1.0M New
IESC Ies Holdings Inc. 0.07% 1,177 $865K New
ADP Automatic Data Processing 0.06% 3,301 $739K New
MTN Vail Resorts Inc. 0.05% 4,472 $609K Reduce -92.1%
APH Amphenol Corp. Class A 0.03% 2,551 $450K New

Show all 107 holdings

Options reported separately and not counted above: QQQ puts ($514.1M), SPY puts ($282.1M), HYG puts ($240.5M), LQD puts ($163.6M), TLT calls ($57.0M), BMO calls ($56.5M), SPY calls ($27.3M), TLT puts ($25.9M), MTUM puts ($25.7M), ASML puts ($22.7M), SOXX puts ($22.0M), MGA calls ($19.7M), and 23 more.

Portfolio Sells Q1 2026 → Q2 2026
BGSI Boyd Group Services Inc. Sold out 0.00% −2.66
CGAU Centerra Gold Inc. Reduce -65.8% 0.92% −2.59
KGC Kinross Gold Corp. Reduce -58.5% 0.98% −2.58
AGI Alamos Gold Inc. Class A Reduce -7.5% 2.97% −2.51
IAG Iamgold Corp. Reduce -56.2% 1.03% −2.24
SU Suncor Energy Inc. Reduce -37.2% 1.30% −1.68
CNI Canadian Natl Railway Co. Reduce -66.4% 0.83% −1.65
SN Sharkninja Inc. Reduce -76.1% 0.60% −1.43
LULU Lululemon Athletica Inc. Sold out 0.00% −1.33
SKE Skeena Resources Ltd. Reduce -27.2% 1.68% −1.32
SPXC SPX Technologies Inc. Reduce -49.6% 1.48% −1.31
DOO BRP Inc./Ca- Sub Voting Sold out 0.00% −1.23
CAE Cae Inc. Reduce -46.4% 0.92% −1.16
NVT Nvent Electric PLC Reduce -52.7% 1.34% −0.96
AMAT Applied Materials Inc. Sold out 0.00% −0.94
CR Crane Co. Reduce -44.4% 1.54% −0.93
COP Conocophillips Sold out 0.00% −0.89
SII Sprott Inc. Reduce -28.1% 0.79% −0.84
ETR Entergy Corp. Sold out 0.00% −0.81
WELL Welltower Inc. Reduce -27.7% 1.93% −0.78
AEM Agnico Eagle Mines Ltd. Reduce -0.6% 1.44% −0.77
NXE Nexgen Energy Ltd. Reduce -13.5% 1.06% −0.70
FNV Franco-Nevada Corp. Reduce -36.0% 0.57% −0.67
BC Brunswick Corp. Sold out 0.00% −0.64
AAPL Apple Inc. Sold out 0.00% −0.63
GIL Gildan Activewear Inc. Sold out 0.00% −0.62
CP Canadian Pacific Kansas City Sold out 0.00% −0.62
MTN Vail Resorts Inc. Reduce -92.1% 0.05% −0.60
GLW Corning Inc. Reduce -99.5% 0.01% −0.59
FIX Comfort Systems USA Inc. Reduce -52.1% 0.78% −0.54
MLM Martin Marietta Materials Reduce -8.1% 1.78% −0.52
XPO Xpo Inc. Sold out 0.00% −0.49
GD General Dynamics Corp. Sold out 0.00% −0.42
ALB Albemarle Corp. Reduce -68.7% 0.10% −0.40
BEP Brookfield Renewable Partner Reduce -20.5% 1.04% −0.39
BNO United States Brent Oil Fund Sold out 0.00% −0.37
LGN Legence Corp. Class A Sold out 0.00% −0.35
EME Emcor Group Inc. Sold out 0.00% −0.35
EQT Eqt Corp. Reduce -23.0% 0.41% −0.33
META Meta Platforms Inc. Class A Sold out 0.00% −0.29
PR Permian Resources Corp. Class A Sold out 0.00% −0.29
TER Teradyne Inc. Sold out 0.00% −0.27
WRN Western Copper and Gold Corp. Reduce -17.3% 0.45% −0.26
VICR Vicor Corp. Sold out 0.00% −0.25
CEPT Cantor Equity Partners Class A Sold out 0.00% −0.24
GEV GE Vernova Inc. Sold out 0.00% −0.24
ITA iShares U.S. Aerospace & Def Sold out 0.00% −0.23
TGT Target Corp. Sold out 0.00% −0.22
GFUZ General Fusion Group Ltd. Sold out 0.00% −0.15
TVA Texas Ventures Acquisition-A Sold out 0.00% −0.14

Portfolio Buys Q1 2026 → Q2 2026
FSS Federal Signal Corp. New 3.56% +3.56
AVGO Broadcom Inc. New 2.24% +2.24
CMG Chipotle Mexican Grill Inc. New 2.04% +2.04
AMZN Amazon.com Inc. New 1.98% +1.98
ASML ASML Holding NV-NY Reg SHS Add +900.1% 2.03% +1.88
STN Stantec Inc. Add +582.0% 2.34% +1.84
TDY Teledyne Technologies Inc. Add +111.1% 3.63% +1.81
ARMK Aramark New 1.62% +1.62
NVDA Nvidia Corp. New 1.59% +1.59
CHRW C.H. Robinson Worldwide Inc. New 1.48% +1.48
STRL Sterling Infrastructure Inc. New 1.25% +1.25
MSFT Microsoft Corp. New 1.25% +1.25
IMO Imperial Oil Ltd. New 1.19% +1.19
MNST Monster Beverage Corp. New 1.17% +1.17
TFII Tfi International Inc. New 1.14% +1.14
SXT Sensient Technologies Corp. Add +60.0% 2.29% +1.12
PUMP Propetro Holding Corp. New 1.06% +1.06
PAYX Paychex Inc. New 1.01% +1.01
TXN Texas Instruments Inc. Add +206.4% 1.15% +0.87
FND Floor & Decor Holdings Inc. Class A Add +1892.3% 0.87% +0.83
ARM Arm Holdings PLC-ADR New 0.82% +0.82
LPX Louisiana-Pacific Corp. New 0.79% +0.79
PWR Quanta Services Inc. Add +61.3% 1.64% +0.74
NI Nisource Inc. Add +63.9% 2.25% +0.68
ELS Equity Lifestyle Properties New 0.65% +0.65
MOD Modine Manufacturing Co. Add +51.9% 1.54% +0.58
WCN Waste Connections Inc. New 0.57% +0.57
AME Ametek Inc. Add +42.4% 2.04% +0.56
TRI Thomson Reuters Corp. New 0.53% +0.53
IDXX Idexx Laboratories Inc. Add +1637.3% 0.50% +0.47
CARR Carrier Global Corp. New 0.46% +0.46
VMC Vulcan Materials Co. New 0.46% +0.46
PGR Progressive Corp. New 0.41% +0.41
ESTC Elastic NV New 0.40% +0.40
BRO Brown & Brown Inc. New 0.38% +0.38
SBUX Starbucks Corp. New 0.38% +0.38
SIRI Sirius XM Holdings Inc. New 0.37% +0.37
KO The Coca-Cola Co. New 0.29% +0.29
PAAS Pan American Silver Corp. New 0.27% +0.27
APO Apollo Global Management Inc. New 0.24% +0.24
APA Apa Corp. New 0.24% +0.24
RRX Regal Rexnord Corp. Add +11.5% 1.13% +0.20
HD Home Depot Inc. New 0.20% +0.20
TOL Toll Brothers Inc. New 0.20% +0.20
PKE Park Aerospace Corp. New 0.18% +0.18
ATS Ats Corp. Add +49.5% 0.74% +0.18
EVR Evercore Inc. Class A Add +41.2% 0.61% +0.17
SUI Sun Communities Inc. New 0.15% +0.15
BWXT BWX Technologies Inc. New 0.14% +0.14
KRMN Karman Holdings Inc. New 0.14% +0.14

Options Activity Q1 2026 → Q2 2026
QQQ Invesco QQQ Trust Series 1 put Add +134.2% 698,100 $514.1M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -7.4% 377,700 $282.1M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -3.9% 3,007,700 $240.5M
LQD Ishr Ibx Usd Invgd CB ETF-Ui put Add +38.9% 1,500,000 $163.6M
GLD SPDR Gold Shares put Sold out 199,000 $85.6Mbefore exit
IWM iShares Russell 2000 ETF call Sold out 330,000 $81.8Mbefore exit
TLT iShares 20+ Year Treasury BD call Reduce -83.6% 660,000 $57.0M
BMO Bank of Montreal call New 320,000 $56.5M
SPY SS SPDR S&P 500 ETF Trust-US call Add +632.0% 36,600 $27.3M
TLT iShares 20+ Year Treasury BD put New 300,000 $25.9M
MTUM iShares MSCI USA Momentum Fa put New 75,000 $25.7M
ASML ASML Holding NV-NY Reg SHS put New 11,400 $22.7M
SOXX iShares Semiconductor ETF put New 34,300 $22.0M
LULU Lululemon Athletica Inc. call Sold out 135,000 $20.7Mbefore exit
MGA Magna International Inc. call New 300,000 $19.7M
EA Electronic Arts Inc. put Sold out 90,000 $18.3Mbefore exit
NVT Nvent Electric PLC put New 102,500 $17.4M
AMZN Amazon.com Inc. call New 70,000 $16.7M
TAC Transalta Corp. call Add +252.9% 1,200,000 $16.6M
ITB iShares U.S. Home Constructi call New 150,000 $15.7M
NOW ServiceNow Inc. call New 130,000 $12.9M
IBIT iShares Bitcoin Trust ETF call Sold out 300,000 $11.5Mbefore exit
FXI iShares China Large-Cap ETF call Sold out 300,000 $10.8Mbefore exit
XLE SS Energy Select Sector put Sold out 170,000 $10.4Mbefore exit
AVGO Broadcom Inc. call New 25,000 $9.4M
KRC Kilroy Realty Corp. call New 250,000 $9.4M
BLDR Builders Firstsource Inc. call New 100,000 $8.9M
IGV iShares Expanded Tech-Softwa call Sold out 100,000 $8.0Mbefore exit
CP Canadian Pacific Kansas City call Reduce -10.0% 90,000 $7.8M
TXN Texas Instruments Inc. put New 25,000 $7.5M
FNV Franco-Nevada Corp. call Sold out 30,000 $7.4Mbefore exit
KWEB Kranesh Csi China Internet call New 300,000 $7.3M
CNI Canadian Natl Railway Co. call New 60,000 $7.2M
FSV Firstservice Corp. call New 50,000 $7.1M
KKR KKR & Co. Inc. call Sold out 72,000 $6.7Mbefore exit
DBB Invesco DB Base Metals Fund call New 250,000 $6.0M
GLW Corning Inc. put New 20,000 $5.1M
CMG Chipotle Mexican Grill Inc. call Sold out 150,000 $4.8Mbefore exit
GLD SPDR Gold Shares call Reduce -87.5% 12,500 $4.6M
UAL United Airlines Holdings Inc. call Sold out 45,000 $4.1Mbefore exit
ICLN iShares Global Clean Energy call New 165,000 $3.4M
APO Apollo Global Management Inc. call New 26,400 $3.1M
AEM Agnico Eagle Mines Ltd. call Reduce -20.0% 20,000 $3.1M
ROP Roper Technologies Inc. call Sold out 8,600 $3.0Mbefore exit
TRI Thomson Reuters Corp. call Sold out 29,520 $2.7Mbefore exit
CGAU Centerra Gold Inc. call Add +200.0% 150,000 $2.4M
KGC Kinross Gold Corp. call Reduce -57.9% 80,000 $1.9M
CVE Cenovus Energy Inc. call Sold out 60,000 $1.6Mbefore exit

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 107$1.3BDSGX, TDY, FSS, AGI, STN
Q1 2026 98$1.1BDSGX, AGI, KGC, CGAU, IAG
Q4 2025 104$1.3BKGC, CGAU, BGSI, B, IAG
Q3 2025 138$1.5BCGAU, PAAS, TDY, KGC, FND
Q2 2025 121$1.5BNVDA, CGAU, STN, CNQ, HBM
Q1 2025 137$1.5BMKC, IDXX, CNQ, AEM, KGC
Q4 2024 112$1.8BTAC, AEM, KGC, MLM, GPK
Q3 2024 97$1.7BGPK, KGC, CNQ, AEM, CP
Q2 2024 77$1.6BCNQ, BROS, GPK, AEM, SUI
Q1 2024 128$1.9BSUI, GPK, CEDAR FAIR LP, MSFT, CNQ