Waratah Capital Advisors Ltd.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Waratah Capital Advisors Ltd. reported 137 stock positions worth $1.5 billion. Its top holding was McCormick & Co.-Non VTG SHRS (MKC) at 3.6% of the portfolio, followed by Idexx Laboratories (IDXX, 3.5%) and Canadian Natural Resources (CNQ, 3.4%). Compared with Q4 2024, it opened 65 new positions, sold out of 40, added to 23 and reduced 44. The biggest buy was a new position in McCormick & Co.-Non VTG SHRS (MKC) and the biggest sale Transalta (TAC, shares −89%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001539919
Portfolio Value
$1.5B (Q1 2025)
SEC Filing
0001539919-25-000002 ↗ filed May 13, 2025

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 $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 Q2 2026

Holdings 137 stocks · $1.5B
MKC McCormick & Co.-Non VTG SHRS 3.61% 643,774 $53.0M New
IDXX Idexx Laboratories Inc. 3.53% 123,393 $51.8M New
CNQ Canadian Natural Resources 3.43% 1,635,803 $50.4M Reduce -5.2%
AEM Agnico Eagle Mines Ltd. 3.18% 430,211 $46.6M Reduce -48.2%
KGC Kinross Gold Corp. 2.73% 3,180,236 $40.1M Reduce -49.3%
TDY Teledyne Technologies Inc. 2.44% 71,873 $35.8M Add +16.3%
CARR Carrier Global Corp. 2.43% 563,336 $35.7M Add +6.2%
TRI Thomson Reuters Corp. 2.37% 200,972 $34.7M Reduce -16.3%
STN Stantec Inc. 2.18% 385,424 $31.9M Add +57.4%
MFC Manulife Financial Corp. 2.14% 1,008,066 $31.4M Reduce -40.6%
GPK Graphic Packaging Holding Co. 2.14% 1,209,215 $31.4M Reduce -38.8%
CGAU Centerra Gold Inc. 2.13% 4,930,005 $31.3M New
PH Parker Hannifin Corp. 1.99% 47,952 $29.1M Add +53.0%
HBM Hudbay Minerals Inc. 1.85% 3,580,871 $27.2M Reduce -8.2%
FNV Franco-Nevada Corp. 1.66% 154,622 $24.4M Add +202.3%
ETR Entergy Corp. 1.64% 281,932 $24.1M Add +31.0%
SN Sharkninja Inc. 1.60% 282,158 $23.5M Add +67.0%
FOXA Fox Corp. Class A 1.52% 393,611 $22.3M New
JCI Johnson Controls Internation 1.49% 272,227 $21.8M New
EXE Expand Energy Corp. 1.46% 193,000 $21.5M Reduce -62.7%
PWR Quanta Services Inc. 1.37% 79,038 $20.1M New
WCN Waste Connections Inc. 1.36% 102,408 $20.0M Reduce -2.4%
IMO Imperial Oil Ltd. 1.36% 275,000 $19.9M New
XPO Xpo Inc. 1.35% 184,635 $19.9M Add +34.4%
EOG EOG Resources Inc. 1.31% 150,000 $19.2M Reduce -40.0%
SPGI S&P Global Inc. 1.29% 37,357 $19.0M Add +230.3%
SII Sprott Inc. 1.22% 398,424 $17.9M Reduce -29.0%
TDG Transdigm Group Inc. 1.19% 12,575 $17.4M New
MTN Vail Resorts Inc. 1.18% 108,441 $17.4M New
PLD Prologis Inc. 1.17% 153,702 $17.2M Reduce -19.6%
NXE Nexgen Energy Ltd. 1.15% 3,763,259 $16.9M Reduce -36.1%
CNI Canadian Natl Railway Co. 1.03% 154,819 $15.1M Add +0.8%
AGI Alamos Gold Inc. Class A 0.99% 543,854 $14.5M Reduce -11.8%
SHW The Sherwin-Williams Co. 0.98% 41,012 $14.3M Reduce -23.9%
CMG Chipotle Mexican Grill Inc. 0.96% 281,432 $14.1M New
MLM Martin Marietta Materials 0.96% 29,317 $14.0M Reduce -72.1%
TRP TC Energy Corp. 0.94% 292,952 $13.8M Reduce -4.0%
EVR Evercore Inc. Class A 0.94% 68,828 $13.7M New
BR Broadridge Financial Solutio 0.94% 56,651 $13.7M New
EWG iShares MSCI Germany ETF 0.94% 370,130 $13.7M New
VNOM Viper Energy Inc. 0.92% 300,000 $13.5M Add +500.0%
RY Royal Bank of Canada 0.92% 119,992 $13.5M Add +0.3%
EQX Equinox Gold Corp. 0.92% 1,965,875 $13.5M Reduce -48.6%
LAMR Lamar Advertising Co. Class A 0.91% 116,755 $13.3M New
OVV Ovintiv Inc. 0.89% 305,000 $13.1M Add +10.9%
JPM JPMorgan Chase & Co. 0.89% 53,142 $13.0M Add +2662.1%
WTW Willis Towers Watson PLC 0.89% 38,536 $13.0M New
DRI Darden Restaurants Inc. 0.88% 61,976 $12.9M New
WEC WEC Energy Group Inc. 0.83% 112,011 $12.2M New
BURL Burlington Stores Inc. 0.81% 49,743 $11.9M New
META Meta Platforms Inc. Class A 0.80% 20,421 $11.8M Reduce -70.0%
ROP Roper Technologies Inc. 0.79% 19,679 $11.6M Reduce -69.8%
VST Vistra Corp. 0.77% 96,390 $11.3M Add +44.5%
LNG Cheniere Energy Inc. 0.77% 48,723 $11.3M Reduce -72.9%
BCE Bce Inc. 0.77% 490,359 $11.3M New
T AT&T Inc. 0.76% 395,960 $11.2M Reduce -44.9%
AZEK The Azek Co. Inc. 0.73% 220,467 $10.8M Reduce -65.1%
CAVA Cava Group Inc. 0.70% 118,620 $10.2M New
ULS Ul Solutions Inc. Class A 0.68% 177,499 $10.0M New
AAPL Apple Inc. 0.67% 44,030 $9.8M Reduce -63.7%
V Visa Inc. Class A 0.67% 27,869 $9.8M Add +4.0%
SLF Sun Life Financial Inc. 0.60% 153,246 $8.8M Reduce -64.1%
CP Canadian Pacific Kansas City 0.58% 121,759 $8.5M Reduce -71.1%
WFG West Fraser Timber Co. Ltd. 0.55% 105,521 $8.1M Reduce -1.3%
MU Micron Technology Inc. 0.53% 89,701 $7.8M New
RRX Regal Rexnord Corp. 0.51% 65,859 $7.5M Add +0.8%
IWM iShares Russell 2000 ETF 0.51% 37,319 $7.4M New
FSV Firstservice Corp. 0.50% 43,945 $7.3M Reduce -73.4%
PR Permian Resources Corp. Class A 0.50% 525,000 $7.3M Reduce -56.1%
ELS Equity Lifestyle Properties 0.47% 103,961 $6.9M Add +412.7%
OKTA Okta Inc. 0.47% 64,883 $6.8M New
HD Home Depot Inc. 0.45% 18,203 $6.7M New
AZO AutoZone Inc. 0.45% 1,744 $6.6M New
TD Toronto-Dominion Bank 0.40% 99,093 $5.9M New
TU Telus Corp. 0.39% 402,470 $5.8M New
DHR Danaher Corp. 0.38% 26,943 $5.5M Add +345.2%
TAC Transalta Corp. 0.37% 577,972 $5.4M Reduce -89.3%
WY Weyerhaeuser Co. 0.36% 178,707 $5.2M New
FISV Fiserv Inc. 0.32% 21,539 $4.8M New
HWM Howmet Aerospace Inc. 0.31% 34,588 $4.5M New
FANG Diamondback Energy Inc. 0.27% 25,000 $4.0M Reduce -77.7%
FXI iShares China Large-Cap ETF 0.27% 110,104 $3.9M Reduce -73.2%
DTM DT Midstream Inc. 0.25% 38,000 $3.7M Reduce -65.5%
SXT Sensient Technologies Corp. 0.24% 47,145 $3.5M New
TT Trane Technologies PLC 0.23% 9,905 $3.3M Reduce -1.5%
VLO Valero Energy Corp. 0.23% 25,000 $3.3M Reduce -77.7%
UNP Union Pacific Corp. 0.22% 13,885 $3.3M Add +120.5%
ATLX Atlas Lithium Inc. 0.20% 568,893 $2.9M No change
CRWD CrowdStrike Holdings Inc. Class A 0.20% 8,325 $2.9M Reduce -74.7%
RGLD Royal Gold Inc. 0.19% 17,186 $2.8M Reduce -93.9%
ATS Ats Corp. 0.18% 107,175 $2.7M New
ECL Ecolab Inc. 0.18% 10,379 $2.6M New
CDE Coeur Mining Inc. 0.17% 418,886 $2.5M New
NVR NVR Inc. 0.17% 341 $2.5M No change
IBIT iShares Bitcoin Trust ETF 0.17% 52,261 $2.4M Reduce -67.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.15% 26,317 $2.2M New
HII Huntington Ingalls Industrie 0.15% 10,620 $2.2M New
MSFT Microsoft Corp. 0.14% 5,473 $2.1M Reduce -94.3%
CHE Chemed Corp. 0.13% 3,122 $1.9M No change
PM Philip Morris International 0.13% 11,970 $1.9M New

Show all 137 holdings

Options reported separately and not counted above: GLD puts ($450.5M), TLT calls ($309.8M), HYG puts ($304.2M), SLV calls ($275.7M), SPY calls ($164.0M), GDX puts ($114.9M), QQQ puts ($88.7M), SPY puts ($85.3M), XLC calls ($77.2M), IWM calls ($70.0M), RSP puts ($69.3M), GLD calls ($41.1M), and 22 more.

Portfolio Sells Q4 2024 → Q1 2025
TAC Transalta Corp. Reduce -89.3% 0.37% −3.90
GOOGL Alphabet Inc. Class A Sold out 0.00% −2.40
MSFT Microsoft Corp. Reduce -94.3% 0.14% −2.13
MLM Martin Marietta Materials Reduce -72.1% 0.96% −2.09
RGLD Royal Gold Inc. Reduce -93.9% 0.19% −1.88
META Meta Platforms Inc. Class A Reduce -70.0% 0.80% −1.43
EXE Expand Energy Corp. Reduce -62.7% 1.46% −1.42
LNG Cheniere Energy Inc. Reduce -72.9% 0.77% −1.40
CIGI Colliers Intl GR-Subord Vot Sold out 0.00% −1.27
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −1.19
FSV Firstservice Corp. Reduce -73.4% 0.50% −1.17
CP Canadian Pacific Kansas City Reduce -71.1% 0.58% −1.13
ROP Roper Technologies Inc. Reduce -69.8% 0.79% −1.11
AAPL Apple Inc. Reduce -63.7% 0.67% −1.04
NXE Nexgen Energy Ltd. Reduce -36.1% 1.15% −1.03
HON Honeywell International Inc. Sold out 0.00% −0.99
BN Brookfield Corp. Sold out 0.00% −0.97
AZEK The Azek Co. Inc. Reduce -65.1% 0.73% −0.94
GPK Graphic Packaging Holding Co. Reduce -38.8% 2.14% −0.87
SLF Sun Life Financial Inc. Reduce -64.1% 0.60% −0.82
PCG P G & E Corp. Sold out 0.00% −0.81
MFC Manulife Financial Corp. Reduce -40.6% 2.14% −0.78
FANG Diamondback Energy Inc. Reduce -77.7% 0.27% −0.76
SPXC SPX Technologies Inc. Sold out 0.00% −0.75
SHAK Shake Shack Inc. Class A Sold out 0.00% −0.68
BNS Bank of Nova Scotia Sold out 0.00% −0.68
WAB Wabtec Corp. Sold out 0.00% −0.68
ECG Everus Construction Group Sold out 0.00% −0.66
OR Osisko Gold Royalties Ltd. Sold out 0.00% −0.64
INTU Intuit Inc. Sold out 0.00% −0.59
BA The Boeing Co. Reduce -85.0% 0.12% −0.57
VLO Valero Energy Corp. Reduce -77.7% 0.23% −0.54
KGC Kinross Gold Corp. Reduce -49.3% 2.73% −0.52
CEG Constellation Energy Sold out 0.00% −0.49
AR Antero Resources Corp. Reduce -88.0% 0.10% −0.49
WMS Advanced Drainage Systems Inc. Reduce -90.9% 0.06% −0.48
PR Permian Resources Corp. Class A Reduce -56.1% 0.50% −0.47
KKR KKR & Co. Inc. Sold out 0.00% −0.46
AEM Agnico Eagle Mines Ltd. Reduce -48.2% 3.18% −0.46
TTEK Tetra Tech Inc. Sold out 0.00% −0.45
CSX CSX Corp. Sold out 0.00% −0.45
NOW ServiceNow Inc. Sold out 0.00% −0.44
FXI iShares China Large-Cap ETF Reduce -73.2% 0.27% −0.43
CRWD CrowdStrike Holdings Inc. Class A Reduce -74.7% 0.20% −0.43
EOG EOG Resources Inc. Reduce -40.0% 1.31% −0.40
DTM DT Midstream Inc. Reduce -65.5% 0.25% −0.36
C Citigroup Inc. Sold out 0.00% −0.36
BMO Bank of Montreal Sold out 0.00% −0.35
IBIT iShares Bitcoin Trust ETF Reduce -67.7% 0.17% −0.31
CM Can Imperial BK of Commerce Reduce -92.0% 0.03% −0.31

Portfolio Buys Q4 2024 → Q1 2025
MKC McCormick & Co.-Non VTG SHRS New 3.61% +3.61
IDXX Idexx Laboratories Inc. New 3.53% +3.53
CGAU Centerra Gold Inc. New 2.13% +2.13
FOXA Fox Corp. Class A New 1.52% +1.52
JCI Johnson Controls Internation New 1.49% +1.49
PWR Quanta Services Inc. New 1.37% +1.37
IMO Imperial Oil Ltd. New 1.36% +1.36
FNV Franco-Nevada Corp. Add +202.3% 1.66% +1.32
TDG Transdigm Group Inc. New 1.19% +1.19
MTN Vail Resorts Inc. New 1.18% +1.18
STN Stantec Inc. Add +57.4% 2.18% +1.10
SPGI S&P Global Inc. Add +230.3% 1.29% +0.98
CMG Chipotle Mexican Grill Inc. New 0.96% +0.96
EVR Evercore Inc. Class A New 0.94% +0.94
BR Broadridge Financial Solutio New 0.94% +0.94
EWG iShares MSCI Germany ETF New 0.94% +0.94
LAMR Lamar Advertising Co. Class A New 0.91% +0.91
WTW Willis Towers Watson PLC New 0.89% +0.89
DRI Darden Restaurants Inc. New 0.88% +0.88
PH Parker Hannifin Corp. Add +53.0% 1.99% +0.87
JPM JPMorgan Chase & Co. Add +2662.1% 0.89% +0.86
WEC WEC Energy Group Inc. New 0.83% +0.83
TDY Teledyne Technologies Inc. Add +16.3% 2.44% +0.83
BURL Burlington Stores Inc. New 0.81% +0.81
VNOM Viper Energy Inc. Add +500.0% 0.92% +0.79
BCE Bce Inc. New 0.77% +0.77
ETR Entergy Corp. Add +31.0% 1.64% +0.73
CAVA Cava Group Inc. New 0.70% +0.70
SN Sharkninja Inc. Add +67.0% 1.60% +0.68
ULS Ul Solutions Inc. Class A New 0.68% +0.68
MU Micron Technology Inc. New 0.53% +0.53
IWM iShares Russell 2000 ETF New 0.51% +0.51
OKTA Okta Inc. New 0.47% +0.47
HD Home Depot Inc. New 0.45% +0.45
AZO AutoZone Inc. New 0.45% +0.45
CARR Carrier Global Corp. Add +6.2% 2.43% +0.41
TD Toronto-Dominion Bank New 0.40% +0.40
ELS Equity Lifestyle Properties Add +412.7% 0.47% +0.40
TU Telus Corp. New 0.39% +0.39
WY Weyerhaeuser Co. New 0.36% +0.36
XPO Xpo Inc. Add +34.4% 1.35% +0.34
FISV Fiserv Inc. New 0.32% +0.32
HWM Howmet Aerospace Inc. New 0.31% +0.31
DHR Danaher Corp. Add +345.2% 0.38% +0.30
OVV Ovintiv Inc. Add +10.9% 0.89% +0.27
VST Vistra Corp. Add +44.5% 0.77% +0.26
SXT Sensient Technologies Corp. New 0.24% +0.24
V Visa Inc. Class A Add +4.0% 0.67% +0.19
ATS Ats Corp. New 0.18% +0.18
ECL Ecolab Inc. New 0.18% +0.18

Options Activity Q4 2024 → Q1 2025
GLD SPDR Gold Shares put New 1,563,600 $450.5M
COST Costco Wholesale Corp. put Sold out 480,500 $440.3Mbefore exit
TLT iShares 20+ Year Treasury BD call New 3,403,100 $309.8M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +178.6% 3,855,400 $304.2M
SLV iShares Silver Trust call Add +97.4% 8,896,500 $275.7M
SPY SS SPDR S&P 500 ETF Trust-US call New 293,200 $164.0M
GDX Vaneck Gold Miners ETF put New 2,500,000 $114.9M
QQQ Invesco QQQ Trust Series 1 put Add +23.0% 189,200 $88.7M
SPY SS SPDR S&P 500 ETF Trust-US put Add +509.6% 152,400 $85.3M
XLC SS Comm Select Sector SPDR call New 800,000 $77.2M
IWM iShares Russell 2000 ETF call Add +1070.3% 351,100 $70.0M
RSP Invesco S&P 500 Equal Weight put New 400,000 $69.3M
RSP Invesco S&P 500 Equal Weight call Sold out 300,000 $52.6Mbefore exit
USO United States Oil Fund LP put Sold out 600,000 $45.3Mbefore exit
GLD SPDR Gold Shares call New 142,600 $41.1M
XLE SS Energy Select Sector call Sold out 360,000 $30.8Mbefore exit
DHR Danaher Corp. call New 150,000 $30.8M
KKR KKR & Co. Inc. call New 250,000 $28.9M
WYNN WYNN Resorts Ltd. call Sold out 330,000 $28.4Mbefore exit
FICO Fair Isaac Corp. put Sold out 14,000 $27.9Mbefore exit
CNQ Canadian Natural Resources call Sold out 900,000 $27.8Mbefore exit
XLY SS Consumer Disc Select Sect put Sold out 115,500 $25.9Mbefore exit
XLF SS Financial Select Sector call Sold out 500,000 $24.2Mbefore exit
COP Conocophillips put New 200,000 $21.0M
GOOGL Alphabet Inc. Class A put Sold out 108,900 $20.6Mbefore exit
TT Trane Technologies PLC put Sold out 53,000 $19.6Mbefore exit
CMG Chipotle Mexican Grill Inc. call New 300,000 $15.1M
NTR Nutrien Ltd. call New 300,000 $14.9M
SBUX Starbucks Corp. call Reduce -40.0% 150,000 $14.7M
BABA Alibaba Group Holding-SP ADR call New 100,000 $13.2M
VLO Valero Energy Corp. call Sold out 100,000 $12.3Mbefore exit
IYR iShares US Real Estate ETF put Sold out 130,000 $12.1Mbefore exit
MLM Martin Marietta Materials call New 25,000 $12.0M
CSX CSX Corp. call Sold out 360,000 $11.6Mbefore exit
TLT iShares 20+ Year Treasury BD put Add +0.7% 120,800 $11.0M
AMZN Amazon.com Inc. put Sold out 44,700 $9.8Mbefore exit
HBM Hudbay Minerals Inc. call New 1,264,200 $9.6M
VRT Vertiv Holdings Co. Class A put Sold out 83,500 $9.5Mbefore exit
NEM Newmont Corp. call New 150,000 $7.2M
RY Royal Bank of Canada put Sold out 51,000 $6.1Mbefore exit
NVDA Nvidia Corp. put Sold out 43,600 $5.9Mbefore exit
AR Antero Resources Corp. call Sold out 150,000 $5.3Mbefore exit
BLDR Builders Firstsource Inc. call New 36,300 $4.5M
PCG P G & E Corp. call New 250,000 $4.3M
FXI iShares China Large-Cap ETF call Reduce -70.2% 100,000 $3.6M
KGC Kinross Gold Corp. call New 250,000 $3.2M
BN Brookfield Corp. call Sold out 50,000 $2.9Mbefore exit
FCX Freeport-McMoran Inc. call New 50,400 $1.9M
FUN Six Flags Entertainment Corp. call New 48,700 $1.7M
CGAU Centerra Gold Inc. call New 211,200 $1.3M

Showing the first 50 of 60.

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