Waratah Capital Advisors Ltd.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), Waratah Capital Advisors Ltd. reported 77 stock positions worth $1.6 billion. Its top holding was Canadian Natural Resources (CNQ) at 5.4% of the portfolio, followed by Dutch Bros Class A (BROS, 5.2%) and Graphic Packaging (GPK, 4.9%). Compared with Q1 2024, it opened 8 new positions, sold out of 59, added to 33 and reduced 35. The biggest buy was a new position in Dutch Bros Class A (BROS) and the biggest sale an exit from Cedar Fair.
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001539919
- Portfolio Value
- $1.6B (Q2 2024)
- SEC Filing
- 0001539919-24-000003 ↗ filed Aug 12, 2024
Holdings Value
Holdings 77 stocks · $1.6B
| CNQ Canadian Natural Resources | 5.35% | 2,475,393 | $88.2M | Add +60.8% |
| BROS Dutch Bros Inc. Class A | 5.18% | 2,061,875 | $85.4M | New |
| GPK Graphic Packaging Holding Co. | 4.92% | 3,089,793 | $81.0M | Add +1.9% |
| AEM Agnico Eagle Mines Ltd. | 4.88% | 1,229,404 | $80.4M | Add +56.2% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 4.77% | 653,180 | $78.6M | Reduce -22.4% |
| KGC Kinross Gold Corp. | 4.68% | 9,264,000 | $77.1M | New |
| CP Canadian Pacific Kansas City | 3.93% | 821,545 | $64.7M | Add +124.4% |
| HBM Hudbay Minerals Inc. | 3.02% | 5,496,486 | $49.7M | Add +8158.7% |
| ROP Roper Technologies Inc. | 2.40% | 69,979 | $39.4M | Reduce -19.7% |
| ELS Equity Lifestyle Properties | 2.37% | 597,869 | $38.9M | Add +28.8% |
| MSFT Microsoft Corp. | 2.27% | 83,645 | $37.4M | Reduce -49.4% |
| AZEK The Azek Co. Inc. | 2.14% | 837,864 | $35.3M | Add +13.7% |
| AR Antero Resources Corp. | 2.07% | 1,044,241 | $34.1M | Add +45.1% |
| MLM Martin Marietta Materials | 1.99% | 60,612 | $32.8M | Reduce -22.3% |
| EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP | 1.98% | 396,180 | $32.6M | Add +67.5% |
| SII Sprott Inc. | 1.96% | 779,177 | $32.3M | Reduce -30.7% |
| CARR Carrier Global Corp. | 1.81% | 471,608 | $29.7M | Add +0.9% |
| TECK Teck Resources Ltd.-CLS B | 1.79% | 616,172 | $29.5M | Add +121.3% |
| LPLA LPL Financial Holdings Inc. | 1.73% | 102,017 | $28.5M | Reduce -36.4% |
| NXE Nexgen Energy Ltd. | 1.61% | 3,809,034 | $26.6M | Reduce -41.7% |
| TMO Thermo Fisher Scientific Inc. | 1.59% | 47,447 | $26.2M | Add +64.6% |
| HCC Warrior Met Coal Inc. | 1.54% | 402,707 | $25.3M | Reduce -1.5% |
| STN Stantec Inc. | 1.49% | 292,557 | $24.5M | Reduce -44.9% |
| AMZN Amazon.com Inc. | 1.46% | 124,471 | $24.1M | Reduce -24.4% |
| OVV Ovintiv Inc. | 1.42% | 500,000 | $23.4M | Add +65.3% |
| ICLR Icon PLC | 1.35% | 70,669 | $22.2M | Add +19.1% |
| LNG Cheniere Energy Inc. | 1.25% | 118,011 | $20.6M | Reduce -39.3% |
| SPXC SPX Technologies Inc. | 1.22% | 141,574 | $20.1M | New |
| RGLD Royal Gold Inc. | 1.09% | 142,998 | $17.9M | Reduce -3.2% |
| PR Permian Resources Corp. Class A | 1.07% | 1,094,439 | $17.7M | Add +143.2% |
| WCN Waste Connections Inc. | 1.06% | 99,556 | $17.5M | Reduce -44.5% |
| CVE Cenovus Energy Inc. | 1.05% | 880,857 | $17.3M | Reduce -66.7% |
| KKR KKR & Co. Inc. | 0.97% | 152,053 | $16.0M | Add +205.7% |
| XPO Xpo Inc. | 0.97% | 149,854 | $15.9M | Reduce -8.1% |
| MFC Manulife Financial Corp. | 0.95% | 589,037 | $15.7M | Add +15.9% |
| FSV Firstservice Corp. | 0.90% | 97,856 | $14.9M | Reduce -1.6% |
| CIGI Colliers Intl GR-Subord Vot | 0.89% | 131,576 | $14.7M | Reduce -47.9% |
| STE Steris PLC | 0.89% | 66,388 | $14.6M | Add +32.2% |
| GOOGL Alphabet Inc. Class A | 0.86% | 77,895 | $14.2M | Add +89.2% |
| SHW The Sherwin-Williams Co. | 0.84% | 46,131 | $13.8M | Add +58.0% |
| V Visa Inc. Class A | 0.82% | 51,237 | $13.4M | Reduce -55.6% |
| NEE Nextera Energy Inc. | 0.82% | 189,731 | $13.4M | Add +145.9% |
| CEG Constellation Energy | 0.80% | 65,987 | $13.2M | Reduce -57.9% |
| FANG Diamondback Energy Inc. | 0.79% | 64,673 | $12.9M | Add +17.6% |
| MDU Mdu Resources Group Inc. | 0.76% | 497,991 | $12.5M | Add +394.4% |
| RY Royal Bank of Canada | 0.73% | 112,221 | $11.9M | Reduce -55.3% |
| IMO Imperial Oil Ltd. | 0.70% | 170,100 | $11.6M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.66% | 129,662 | $10.9M | Reduce -51.9% |
| GMS GMS Inc. | 0.62% | 126,647 | $10.2M | Add +24.4% |
| PH Parker Hannifin Corp. | 0.62% | 20,074 | $10.2M | Add +204.8% |
| VMC Vulcan Materials Co. | 0.61% | 40,604 | $10.1M | Add +19.5% |
| VST Vistra Corp. | 0.59% | 113,132 | $9.7M | Reduce -78.8% |
| TTEK Tetra Tech Inc. | 0.58% | 46,875 | $9.6M | Reduce -15.0% |
| UNP Union Pacific Corp. | 0.58% | 41,868 | $9.5M | Reduce -60.6% |
| ATLX Atlas Lithium Inc. | 0.55% | 661,158 | $9.1M | No change |
| SLF Sun Life Financial Inc. | 0.53% | 176,362 | $8.6M | Reduce -29.1% |
| AIT Applied Industrial Tech Inc. | 0.50% | 42,299 | $8.2M | New |
| DELL Dell Technologies -C | 0.49% | 58,839 | $8.1M | New |
| DXCM Dexcom Inc. | 0.48% | 70,149 | $8.0M | Add +33.4% |
| IR Ingersoll-Rand Inc. | 0.47% | 86,082 | $7.8M | Add +29.6% |
| WFG West Fraser Timber Co. Ltd. | 0.42% | 90,670 | $7.0M | Reduce -68.5% |
| FNV Franco-Nevada Corp. | 0.39% | 53,695 | $6.4M | Add +0.5% |
| BN Brookfield Corp. | 0.38% | 149,236 | $6.2M | New |
| LAMR Lamar Advertising Co. Class A | 0.36% | 50,096 | $6.0M | Add +10.3% |
| PRKS United Parks & Resorts Inc. | 0.35% | 105,187 | $5.7M | Reduce -59.6% |
| TU Telus Corp. | 0.34% | 368,044 | $5.6M | New |
| POOL Pool Corp. | 0.22% | 11,686 | $3.6M | Add +232.1% |
| TT Trane Technologies PLC | 0.20% | 9,948 | $3.3M | Reduce -63.4% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.18% | 7,864 | $3.0M | Reduce -2.2% |
| NVR NVR Inc. | 0.15% | 335 | $2.5M | Reduce -2.0% |
| SPGI S&P Global Inc. | 0.12% | 4,574 | $2.0M | Reduce -2.4% |
| CHE Chemed Corp. | 0.10% | 3,024 | $1.6M | Reduce -3.5% |
| DHR Danaher Corp. | 0.10% | 6,387 | $1.6M | Reduce -10.0% |
| PLD Prologis Inc. | 0.09% | 12,827 | $1.4M | Reduce -3.3% |
| TDY Teledyne Technologies Inc. | 0.08% | 3,552 | $1.4M | Reduce -3.4% |
| AGI Alamos Gold Inc. Class A | 0.07% | 75,386 | $1.2M | Add +148.7% |
| MUX McEwen Inc. | 0.01% | 23,304 | $214K | Add +13.9% |
Options reported separately and not counted above: QQQ puts ($404.8M), HYG puts ($192.0M), CVE calls ($80.7M), TLT puts ($56.5M), LQD puts ($53.6M), USO puts ($47.8M), BN calls ($47.2M), FNV calls ($44.1M), IWM puts ($23.7M), COST puts ($22.9M), TLT calls ($22.9M), UBER calls ($14.5M), and 25 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 79,166,665 | $6.3M | No change |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q1 2024 → Q2 2024
| CEDAR FAIR LP | Sold out | 0.00% | −3.97 |
| CVE Cenovus Energy Inc. | Reduce -66.7% | 1.05% | −1.66 |
| CRH CRH PLC | Sold out | 0.00% | −1.37 |
| VST Vistra Corp. | Reduce -78.8% | 0.59% | −1.32 |
| MSFT Microsoft Corp. | Reduce -49.4% | 2.27% | −1.30 |
| XYL Xylem Inc. | Sold out | 0.00% | −1.30 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −1.25 |
| ARMK Aramark | Sold out | 0.00% | −1.23 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −1.02 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −1.02 |
| NXE Nexgen Energy Ltd. | Reduce -41.7% | 1.61% | −0.99 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.99 |
| PDS Precision Drilling Corp. | Sold out | 0.00% | −0.95 |
| WFG West Fraser Timber Co. Ltd. | Reduce -68.5% | 0.42% | −0.85 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.84 |
| V Visa Inc. Class A | Reduce -55.6% | 0.82% | −0.84 |
| SUI Sun Communities Inc. | Reduce -22.4% | 4.77% | −0.78 |
| STN Stantec Inc. | Reduce -44.9% | 1.49% | −0.78 |
| UNP Union Pacific Corp. | Reduce -60.6% | 0.58% | −0.77 |
| WMS Advanced Drainage Systems Inc. | Sold out | 0.00% | −0.76 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.73 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -47.9% | 0.89% | −0.69 |
| BMO Bank of Montreal | Reduce -51.9% | 0.66% | −0.69 |
| CEG Constellation Energy | Reduce -57.9% | 0.80% | −0.69 |
| RY Royal Bank of Canada | Reduce -55.3% | 0.73% | −0.57 |
| DPZ Domino's Pizza Inc. | Sold out | 0.00% | −0.57 |
| PNR Pentair PLC | Sold out | 0.00% | −0.55 |
| WCN Waste Connections Inc. | Reduce -44.5% | 1.06% | −0.52 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.51 |
| MLM Martin Marietta Materials | Reduce -22.3% | 1.99% | −0.46 |
| LPLA LPL Financial Holdings Inc. | Reduce -36.4% | 1.73% | −0.44 |
| PRKS United Parks & Resorts Inc. | Reduce -59.6% | 0.35% | −0.40 |
| ACA Arcosa Inc. | Sold out | 0.00% | −0.39 |
| LNG Cheniere Energy Inc. | Reduce -39.3% | 1.25% | −0.36 |
| CM Can Imperial BK of Commerce | Sold out | 0.00% | −0.32 |
| DFIN Donnelley Financial Solution | Sold out | 0.00% | −0.30 |
| RRX Regal Rexnord Corp. | Sold out | 0.00% | −0.27 |
| TD Toronto-Dominion Bank | Sold out | 0.00% | −0.26 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.25 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.25 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.24 |
| LPX Louisiana-Pacific Corp. | Sold out | 0.00% | −0.24 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.24 |
| TT Trane Technologies PLC | Reduce -63.4% | 0.20% | −0.22 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.21 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −0.18 |
| SLF Sun Life Financial Inc. | Reduce -29.1% | 0.53% | −0.17 |
| SII Sprott Inc. | Reduce -30.7% | 1.96% | −0.17 |
| ROP Roper Technologies Inc. | Reduce -19.7% | 2.40% | −0.11 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.08 |
Portfolio Buys Q1 2024 → Q2 2024
| BROS Dutch Bros Inc. Class A | New | 5.18% | +5.18 |
| KGC Kinross Gold Corp. | New | 4.68% | +4.68 |
| HBM Hudbay Minerals Inc. | Add +8158.7% | 3.02% | +3.00 |
| AEM Agnico Eagle Mines Ltd. | Add +56.2% | 4.88% | +2.47 |
| CNQ Canadian Natural Resources | Add +60.8% | 5.35% | +2.34 |
| CP Canadian Pacific Kansas City | Add +124.4% | 3.93% | +2.27 |
| SPXC SPX Technologies Inc. | New | 1.22% | +1.22 |
| TECK Teck Resources Ltd.-CLS B | Add +121.3% | 1.79% | +1.14 |
| AR Antero Resources Corp. | Add +45.1% | 2.07% | +1.00 |
| EXE Expand Energy Corp. | Add +67.5% | 1.98% | +0.90 |
| ELS Equity Lifestyle Properties | Add +28.8% | 2.37% | +0.83 |
| TMO Thermo Fisher Scientific Inc. | Add +64.6% | 1.59% | +0.73 |
| KKR KKR & Co. Inc. | Add +205.7% | 0.97% | +0.72 |
| IMO Imperial Oil Ltd. | New | 0.70% | +0.70 |
| PR Permian Resources Corp. Class A | Add +143.2% | 1.07% | +0.67 |
| MDU Mdu Resources Group Inc. | Add +394.4% | 0.76% | +0.63 |
| OVV Ovintiv Inc. | Add +65.3% | 1.42% | +0.62 |
| NEE Nextera Energy Inc. | Add +145.9% | 0.82% | +0.56 |
| GOOGL Alphabet Inc. Class A | Add +89.2% | 0.86% | +0.54 |
| AIT Applied Industrial Tech Inc. | New | 0.50% | +0.50 |
| DELL Dell Technologies -C | New | 0.49% | +0.49 |
| PH Parker Hannifin Corp. | Add +204.8% | 0.62% | +0.43 |
| CARR Carrier Global Corp. | Add +0.9% | 1.81% | +0.41 |
| GPK Graphic Packaging Holding Co. | Add +1.9% | 4.92% | +0.38 |
| BN Brookfield Corp. | New | 0.38% | +0.38 |
| TU Telus Corp. | New | 0.34% | +0.34 |
| ICLR Icon PLC | Add +19.1% | 1.35% | +0.32 |
| SHW The Sherwin-Williams Co. | Add +58.0% | 0.84% | +0.32 |
| STE Steris PLC | Add +32.2% | 0.89% | +0.31 |
| MFC Manulife Financial Corp. | Add +15.9% | 0.95% | +0.30 |
| AZEK The Azek Co. Inc. | Add +13.7% | 2.14% | +0.24 |
| FANG Diamondback Energy Inc. | Add +17.6% | 0.79% | +0.23 |
| IR Ingersoll-Rand Inc. | Add +29.6% | 0.47% | +0.15 |
| POOL Pool Corp. | Add +232.1% | 0.22% | +0.15 |
| VMC Vulcan Materials Co. | Add +19.5% | 0.61% | +0.14 |
| GMS GMS Inc. | Add +24.4% | 0.62% | +0.11 |
| DXCM Dexcom Inc. | Add +33.4% | 0.48% | +0.11 |
| LAMR Lamar Advertising Co. Class A | Add +10.3% | 0.36% | +0.09 |
| FNV Franco-Nevada Corp. | Add +0.5% | 0.39% | +0.06 |
| AGI Alamos Gold Inc. Class A | Add +148.7% | 0.07% | +0.05 |
| MUX McEwen Inc. | Add +13.9% | 0.01% | +0.00 |
Options Activity Q1 2024 → Q2 2024
| QQQ Invesco QQQ Trust Series 1 | put | Add +0.6% | 844,900 | $404.8M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -43.6% | 2,502,100 | $192.0M |
| CVE Cenovus Energy Inc. | call | New | 3,000,000 | $80.7M |
| XOP SS SPDR S&P Og Exp & Prod | put | Sold out | 500,000 | $77.5Mbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | Sold out | 885,000 | $68.8Mbefore exit |
| TLT iShares 20+ Year Treasury BD | put | Reduce -29.8% | 615,400 | $56.5M |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | New | 500,000 | $53.6M |
| USO United States Oil Fund LP | put | New | 600,700 | $47.8M |
| BN Brookfield Corp. | call | New | 830,000 | $47.2M |
| FNV Franco-Nevada Corp. | call | New | 272,000 | $44.1M |
| IYR iShares US Real Estate ETF | call | Sold out | 472,000 | $42.4Mbefore exit |
| WFG West Fraser Timber Co. Ltd. | call | Sold out | 370,000 | $32.0Mbefore exit |
| AMZN Amazon.com Inc. | call | Sold out | 150,000 | $27.1Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Reduce -67.2% | 116,700 | $23.7M |
| COST Costco Wholesale Corp. | put | New | 27,000 | $22.9M |
| TLT iShares 20+ Year Treasury BD | call | New | 250,000 | $22.9M |
| UBER Uber Technologies Inc. | call | New | 200,000 | $14.5M |
| TFII Tfi International Inc. | call | Sold out | 90,000 | $14.4Mbefore exit |
| GOOGL Alphabet Inc. Class A | call | New | 72,000 | $13.1M |
| NEE Nextera Energy Inc. | call | Sold out | 200,000 | $12.8Mbefore exit |
| GDX Vaneck Gold Miners ETF | put | New | 220,000 | $7.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -97.0% | 11,600 | $6.3M |
| CIGI Colliers Intl GR-Subord Vot | call | Sold out | 50,000 | $6.1Mbefore exit |
| HBM Hudbay Minerals Inc. | call | New | 400,000 | $5.0M |
| NXE Nexgen Energy Ltd. | call | Sold out | 400,000 | $3.1Mbefore exit |
| HUM Humana Inc. | call | Sold out | 7,500 | $2.6Mbefore exit |
| MFC Manulife Financial Corp. | call | Sold out | 100,000 | $2.5Mbefore exit |
| GOOGL Alphabet Inc. Class A | put | New | 11,800 | $2.1M |
| MSFT Microsoft Corp. | put | New | 4,300 | $1.9M |
| AMZN Amazon.com Inc. | put | New | 7,900 | $1.5M |
| CTAS Cintas Corp. | put | New | 1,800 | $1.3M |
| AAPL Apple Inc. | put | New | 5,300 | $1.1M |
| RY Royal Bank of Canada | put | New | 7,500 | $1.1M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 2,000 | $1.1M |
| V Visa Inc. Class A | put | New | 3,200 | $840K |
| META Meta Platforms Inc. Class A | put | New | 1,600 | $807K |
| XLU St Sr Utl SL SE SPDR ETF-Usd | put | New | 10,800 | $736K |
| IYR iShares US Real Estate ETF | put | New | 8,200 | $719K |
| ITW Illinois Tool Works | put | New | 3,000 | $711K |
| MA Mastercard Inc. Class A | put | New | 1,600 | $706K |
| CMG Chipotle Mexican Grill Inc. | put | New | 10,000 | $627K |
| CPRT Copart Inc. | put | New | 10,900 | $590K |
| ISRG Intuitive Surgical Inc. | put | New | 1,100 | $489K |
| KKR KKR & Co. Inc. | put | New | 4,200 | $442K |
| ITB iShares U.S. Home Constructi | put | New | 3,900 | $394K |
| BX Blackstone Inc. | put | New | 3,100 | $384K |
| FICO Fair Isaac Corp. | put | New | 200 | $298K |
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 | 107 | $1.3B | DSGX, TDY, FSS, AGI, STN |
| Q1 2026 | 98 | $1.1B | DSGX, AGI, KGC, CGAU, IAG |
| Q4 2025 | 104 | $1.3B | KGC, CGAU, BGSI, B, IAG |
| Q3 2025 | 138 | $1.5B | CGAU, PAAS, TDY, KGC, FND |
| Q2 2025 | 121 | $1.5B | NVDA, CGAU, STN, CNQ, HBM |
| Q1 2025 | 137 | $1.5B | MKC, IDXX, CNQ, AEM, KGC |
| Q4 2024 | 112 | $1.8B | TAC, AEM, KGC, MLM, GPK |
| Q3 2024 | 97 | $1.7B | GPK, KGC, CNQ, AEM, CP |
| Q2 2024 | 77 | $1.6B | CNQ, BROS, GPK, AEM, SUI |
| Q1 2024 | 128 | $1.9B | SUI, GPK, CEDAR FAIR LP, MSFT, CNQ |