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
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 |
| KO The Coca-Cola Co. | 0.13% | 26,441 | $1.9M | New |
| SPG Simon Property Group Inc. | 0.12% | 10,726 | $1.8M | New |
| BA The Boeing Co. | 0.12% | 10,409 | $1.8M | Reduce -85.0% |
| AIT Applied Industrial Tech Inc. | 0.12% | 7,620 | $1.7M | New |
| KWEB Kranesh Csi China Internet | 0.12% | 48,811 | $1.7M | New |
| BLDR Builders Firstsource Inc. | 0.12% | 13,592 | $1.7M | Add +327.1% |
| PG The Procter & Gamble Co. | 0.11% | 9,562 | $1.6M | New |
| STE Steris PLC | 0.10% | 6,730 | $1.5M | Add +0.2% |
| QXO Qxo Inc. | 0.10% | 109,410 | $1.5M | No change |
| AR Antero Resources Corp. | 0.10% | 36,219 | $1.5M | Reduce -88.0% |
| RHP Ryman Hospitality Properties | 0.10% | 15,802 | $1.4M | New |
| TMO Thermo Fisher Scientific Inc. | 0.10% | 2,872 | $1.4M | Add +0.2% |
| FIX Comfort Systems USA Inc. | 0.10% | 4,332 | $1.4M | New |
| MO Altria Group Inc. | 0.09% | 22,737 | $1.4M | New |
| SGML Sigma Lithium Corp. | 0.08% | 117,800 | $1.2M | No change |
| ESLT Elbit Systems Ltd. | 0.07% | 2,599 | $997K | New |
| NDAQ Nasdaq Inc. | 0.06% | 11,700 | $888K | New |
| TFPM Triple Flag Precious Met | 0.06% | 43,773 | $838K | New |
| WMS Advanced Drainage Systems Inc. | 0.06% | 7,604 | $826K | Reduce -90.9% |
| CHD Church & Dwight Co. Inc. | 0.04% | 4,925 | $542K | New |
| BERY Berry Global Group Inc. | 0.04% | 7,754 | $541K | New |
| PEP Pepsico Inc. | 0.04% | 3,558 | $533K | New |
| CAT Caterpillar Inc. | 0.04% | 1,589 | $524K | New |
| TSAT Telesat Corp. | 0.03% | 26,157 | $493K | New |
| NEM Newmont Corp. | 0.03% | 10,008 | $483K | New |
| SBUX Starbucks Corp. | 0.03% | 4,535 | $445K | New |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.03% | 7,591 | $427K | Reduce -92.0% |
| CAE Cae Inc. | 0.03% | 17,321 | $426K | New |
| CCJ Cameco Corp. | 0.03% | 10,324 | $425K | New |
| PBA Pembina Pipeline Corp. | 0.03% | 10,507 | $421K | New |
| INMB Inmune Bio Inc. | 0.03% | 53,774 | $420K | New |
| ENB Enbridge Inc. | 0.03% | 9,472 | $420K | New |
| EWZ iShares MSCI Brazil ETF | 0.03% | 15,937 | $412K | New |
| GMS GMS Inc. | 0.03% | 5,406 | $396K | Reduce -87.4% |
| FAST Fastenal Co. | 0.02% | 3,516 | $273K | New |
| PAAS Pan American Silver Corp. | 0.02% | 8,994 | $232K | New |
| SA Seabridge Gold Inc. | 0.01% | 13,508 | $158K | New |
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
| 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 |