Waratah Capital Advisors Ltd.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Waratah Capital Advisors Ltd. reported 121 stock positions worth $1.5 billion. Its top holding was Nvidia (NVDA) at 4.0% of the portfolio, followed by Centerra Gold (CGAU, 3.3%) and Stantec (STN, 3.0%). Compared with Q1 2025, it opened 36 new positions, sold out of 52, added to 34 and reduced 50. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale McCormick & Co.-Non VTG SHRS (MKC, shares −80%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001539919
Portfolio Value
$1.5B (Q2 2025)
SEC Filing
0001539919-25-000003 ↗ filed Aug 11, 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 Q1 2025 Q2 2025: $1.5B $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 121 stocks · $1.5B
NVDA Nvidia Corp. 4.03% 374,017 $59.1M New
CGAU Centerra Gold Inc. 3.28% 6,678,897 $48.2M Add +35.5%
STN Stantec Inc. 3.04% 410,497 $44.6M Add +6.5%
CNQ Canadian Natural Resources 2.99% 1,397,570 $43.9M Reduce -14.6%
HBM Hudbay Minerals Inc. 2.55% 3,522,351 $37.4M Reduce -1.6%
LNG Cheniere Energy Inc. 2.47% 149,073 $36.3M Add +206.0%
MSFT Microsoft Corp. 2.41% 71,157 $35.4M Add +1200.2%
FND Floor & Decor Holdings Inc. Class A 2.25% 435,458 $33.1M New
AEM Agnico Eagle Mines Ltd. 2.18% 268,875 $32.0M Reduce -37.5%
KGC Kinross Gold Corp. 2.18% 2,045,851 $32.0M Reduce -35.7%
MTN Vail Resorts Inc. 1.86% 173,666 $27.3M Add +60.1%
CMG Chipotle Mexican Grill Inc. 1.86% 485,793 $27.3M Add +72.6%
TRI Thomson Reuters Corp. 1.83% 133,793 $26.9M Reduce -33.4%
META Meta Platforms Inc. Class A 1.75% 34,782 $25.7M Add +70.3%
DHR Danaher Corp. 1.74% 129,394 $25.6M Add +380.3%
NXE Nexgen Energy Ltd. 1.67% 3,539,978 $24.6M Reduce -5.9%
PG The Procter & Gamble Co. 1.65% 152,100 $24.2M Add +1490.7%
MLM Martin Marietta Materials 1.65% 44,017 $24.2M Add +50.1%
FIX Comfort Systems USA Inc. 1.61% 44,203 $23.7M Add +920.4%
CP Canadian Pacific Kansas City 1.59% 295,149 $23.4M Add +142.4%
JCI Johnson Controls Internation 1.59% 220,588 $23.3M Reduce -19.0%
EXE Expand Energy Corp. 1.45% 181,496 $21.2M Reduce -6.0%
WELL Welltower Inc. 1.42% 135,788 $20.9M New
IMO Imperial Oil Ltd. 1.42% 262,010 $20.8M Reduce -4.7%
BR Broadridge Financial Solutio 1.32% 79,692 $19.4M Add +40.7%
ROP Roper Technologies Inc. 1.31% 34,019 $19.3M Add +72.9%
SXT Sensient Technologies Corp. 1.25% 186,447 $18.4M Add +295.5%
PAAS Pan American Silver Corp. 1.22% 628,023 $17.8M Add +6882.7%
EVR Evercore Inc. Class A 1.20% 65,470 $17.7M Reduce -4.9%
FOXA Fox Corp. Class A 1.19% 311,143 $17.4M Reduce -20.9%
T AT&T Inc. 1.19% 602,277 $17.4M Add +52.1%
XPO Xpo Inc. 1.18% 137,115 $17.3M Reduce -25.7%
ELS Equity Lifestyle Properties 1.16% 277,027 $17.1M Add +166.5%
WCN Waste Connections Inc. 1.14% 89,983 $16.8M Reduce -12.1%
CEG Constellation Energy 1.14% 51,967 $16.8M New
CAVA Cava Group Inc. 1.12% 195,445 $16.5M Add +64.8%
SN Sharkninja Inc. 1.12% 166,275 $16.5M Reduce -41.1%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 1.10% 127,955 $16.2M New
VZLA Vizsla Silver Corp. 1.04% 5,200,837 $15.3M New
IDXX Idexx Laboratories Inc. 1.01% 27,709 $14.9M Reduce -77.5%
TDG Transdigm Group Inc. 0.97% 9,381 $14.3M Reduce -25.4%
OVV Ovintiv Inc. 0.91% 350,622 $13.3M Add +15.0%
RRX Regal Rexnord Corp. 0.88% 89,559 $13.0M Add +36.0%
TRP TC Energy Corp. 0.87% 260,571 $12.7M Reduce -11.1%
VST Vistra Corp. 0.85% 64,655 $12.5M Reduce -32.9%
CNI Canadian Natl Railway Co. 0.82% 115,955 $12.1M Reduce -25.1%
EQT Eqt Corp. 0.80% 202,513 $11.8M New
RY Royal Bank of Canada 0.80% 89,199 $11.7M Reduce -25.7%
SLF Sun Life Financial Inc. 0.79% 174,679 $11.6M Add +14.0%
CNP Centerpoint Energy Inc. 0.79% 314,424 $11.6M New
SHW The Sherwin-Williams Co. 0.78% 33,126 $11.4M Reduce -19.2%
SII Sprott Inc. 0.74% 156,853 $10.8M Reduce -60.6%
JPM JPMorgan Chase & Co. 0.72% 36,603 $10.6M Reduce -31.1%
VNOM Viper Energy Inc. 0.72% 277,289 $10.6M Reduce -7.6%
DOO BRP Inc./Ca- Sub Voting 0.69% 207,877 $10.1M New
BC Brunswick Corp. 0.67% 177,768 $9.8M New
MKC McCormick & Co.-Non VTG SHRS 0.65% 126,706 $9.6M Reduce -80.3%
TD Toronto-Dominion Bank 0.65% 130,683 $9.6M Add +31.9%
MFC Manulife Financial Corp. 0.62% 285,252 $9.1M Reduce -71.7%
SKE Skeena Resources Ltd. 0.62% 571,429 $9.1M New
KKR KKR & Co. Inc. 0.61% 67,179 $8.9M New
ANF Abercrombie & Fitch Co. Class A 0.58% 102,043 $8.5M New
GPK Graphic Packaging Holding Co. 0.57% 396,003 $8.3M Reduce -67.3%
PR Permian Resources Corp. Class A 0.57% 612,392 $8.3M Add +16.6%
DTM DT Midstream Inc. 0.55% 74,067 $8.1M Add +94.9%
FNV Franco-Nevada Corp. 0.55% 48,956 $8.0M Reduce -68.3%
PLD Prologis Inc. 0.53% 74,292 $7.8M Reduce -51.7%
ESLT Elbit Systems Ltd. 0.50% 16,475 $7.4M Add +533.9%
NVR NVR Inc. 0.50% 992 $7.3M Add +190.9%
FSV Firstservice Corp. 0.50% 41,740 $7.3M Reduce -5.0%
TECK Teck Resources Ltd.-CLS B 0.47% 172,599 $7.0M New
TU Telus Corp. 0.44% 405,060 $6.5M Add +0.6%
CARR Carrier Global Corp. 0.43% 87,186 $6.4M Reduce -84.5%
PWR Quanta Services Inc. 0.40% 15,639 $5.9M Reduce -80.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.40% 82,900 $5.9M Add +992.1%
IBIT iShares Bitcoin Trust ETF 0.39% 94,164 $5.8M Add +80.2%
ORCL Oracle Corp. 0.39% 25,892 $5.7M New
ULS Ul Solutions Inc. Class A 0.36% 71,972 $5.2M Reduce -59.5%
TAC Transalta Corp. 0.35% 477,972 $5.2M Reduce -17.3%
TDY Teledyne Technologies Inc. 0.32% 9,284 $4.8M Reduce -87.1%
BA The Boeing Co. 0.32% 22,181 $4.6M Add +113.1%
LYV Live Nation Entertainment Inc. 0.27% 26,653 $4.0M New
SPGI S&P Global Inc. 0.27% 7,586 $4.0M Reduce -79.7%
KTOS Kratos Defense & Security 0.27% 84,096 $3.9M New
EME Emcor Group Inc. 0.27% 7,273 $3.9M New
PH Parker Hannifin Corp. 0.27% 5,569 $3.9M Reduce -88.4%
TTEK Tetra Tech Inc. 0.26% 107,734 $3.9M New
ATS Ats Corp. 0.26% 118,480 $3.8M Add +10.6%
AMZN Amazon.com Inc. 0.25% 17,056 $3.7M New
POOL Pool Corp. 0.25% 12,821 $3.7M New
TT Trane Technologies PLC 0.24% 7,895 $3.5M Reduce -20.3%
SANM Sanmina Corp. 0.22% 33,570 $3.3M New
C Citigroup Inc. 0.22% 37,924 $3.2M New
FCX Freeport-McMoran Inc. 0.21% 70,283 $3.0M New
TMO Thermo Fisher Scientific Inc. 0.20% 7,266 $2.9M Add +153.0%
CRWD CrowdStrike Holdings Inc. Class A 0.20% 5,769 $2.9M Reduce -30.7%
EQX Equinox Gold Corp. 0.17% 431,193 $2.5M Reduce -78.1%
QXO Qxo Inc. 0.16% 109,410 $2.4M No change
GEV GE Vernova Inc. 0.14% 3,948 $2.1M New
IAG Iamgold Corp. 0.13% 254,095 $1.9M New

Show all 121 holdings

Options reported separately and not counted above: SPY puts ($562.6M), QQQ puts ($449.9M), GLD puts ($257.9M), COST puts ($165.7M), IWM puts ($145.8M), HYG puts ($143.6M), SLV calls ($142.7M), CTAS puts ($93.2M), CVE calls ($68.0M), TLT puts ($58.5M), SPY calls ($32.9M), GDX puts ($25.2M), and 22 more.

Portfolio Sells Q1 2025 → Q2 2025
MKC McCormick & Co.-Non VTG SHRS Reduce -80.3% 0.65% −2.96
IDXX Idexx Laboratories Inc. Reduce -77.5% 1.01% −2.52
TDY Teledyne Technologies Inc. Reduce -87.1% 0.32% −2.11
CARR Carrier Global Corp. Reduce -84.5% 0.43% −2.00
PH Parker Hannifin Corp. Reduce -88.4% 0.27% −1.72
ETR Entergy Corp. Sold out 0.00% −1.64
GPK Graphic Packaging Holding Co. Reduce -67.3% 0.57% −1.57
MFC Manulife Financial Corp. Reduce -71.7% 0.62% −1.52
EOG EOG Resources Inc. Sold out 0.00% −1.31
FNV Franco-Nevada Corp. Reduce -68.3% 0.55% −1.11
SPGI S&P Global Inc. Reduce -79.7% 0.27% −1.02
AEM Agnico Eagle Mines Ltd. Reduce -37.5% 2.18% −1.00
AGI Alamos Gold Inc. Class A Sold out 0.00% −0.99
PWR Quanta Services Inc. Reduce -80.2% 0.40% −0.97
WTW Willis Towers Watson PLC Sold out 0.00% −0.89
EWG iShares MSCI Germany ETF Reduce -92.2% 0.08% −0.85
LAMR Lamar Advertising Co. Class A Reduce -94.2% 0.06% −0.85
DRI Darden Restaurants Inc. Reduce -94.4% 0.05% −0.83
BURL Burlington Stores Inc. Sold out 0.00% −0.81
WEC WEC Energy Group Inc. Reduce -93.4% 0.05% −0.78
BCE Bce Inc. Sold out 0.00% −0.77
EQX Equinox Gold Corp. Reduce -78.1% 0.17% −0.75
AZEK The Azek Co. Inc. Sold out 0.00% −0.73
AAPL Apple Inc. Sold out 0.00% −0.67
V Visa Inc. Class A Sold out 0.00% −0.67
PLD Prologis Inc. Reduce -51.7% 0.53% −0.64
KGC Kinross Gold Corp. Reduce -35.7% 2.18% −0.55
WFG West Fraser Timber Co. Ltd. Sold out 0.00% −0.55
TRI Thomson Reuters Corp. Reduce -33.4% 1.83% −0.53
MU Micron Technology Inc. Sold out 0.00% −0.53
IWM iShares Russell 2000 ETF Sold out 0.00% −0.51
SN Sharkninja Inc. Reduce -41.1% 1.12% −0.48
SII Sprott Inc. Reduce -60.6% 0.74% −0.48
OKTA Okta Inc. Sold out 0.00% −0.47
HD Home Depot Inc. Sold out 0.00% −0.45
AZO AutoZone Inc. Sold out 0.00% −0.45
CNQ Canadian Natural Resources Reduce -14.6% 2.99% −0.44
WY Weyerhaeuser Co. Sold out 0.00% −0.36
FOXA Fox Corp. Class A Reduce -20.9% 1.19% −0.33
ULS Ul Solutions Inc. Class A Reduce -59.5% 0.36% −0.33
FISV Fiserv Inc. Sold out 0.00% −0.32
HWM Howmet Aerospace Inc. Reduce -93.6% 0.03% −0.28
FANG Diamondback Energy Inc. Sold out 0.00% −0.27
FXI iShares China Large-Cap ETF Sold out 0.00% −0.27
VLO Valero Energy Corp. Sold out 0.00% −0.23
WCN Waste Connections Inc. Reduce -12.1% 1.14% −0.22
TDG Transdigm Group Inc. Reduce -25.4% 0.97% −0.21
CNI Canadian Natl Railway Co. Reduce -25.1% 0.82% −0.21
VNOM Viper Energy Inc. Reduce -7.6% 0.72% −0.20
SHW The Sherwin-Williams Co. Reduce -19.2% 0.78% −0.20

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. New 4.03% +4.03
MSFT Microsoft Corp. Add +1200.2% 2.41% +2.27
FND Floor & Decor Holdings Inc. Class A New 2.25% +2.25
LNG Cheniere Energy Inc. Add +206.0% 2.47% +1.70
PG The Procter & Gamble Co. Add +1490.7% 1.65% +1.54
FIX Comfort Systems USA Inc. Add +920.4% 1.61% +1.52
WELL Welltower Inc. New 1.42% +1.42
DHR Danaher Corp. Add +380.3% 1.74% +1.36
PAAS Pan American Silver Corp. Add +6882.7% 1.22% +1.20
CGAU Centerra Gold Inc. Add +35.5% 3.28% +1.15
CEG Constellation Energy New 1.14% +1.14
SUI Sun Communities Inc. New 1.10% +1.10
VZLA Vizsla Silver Corp. New 1.04% +1.04
SXT Sensient Technologies Corp. Add +295.5% 1.25% +1.01
CP Canadian Pacific Kansas City Add +142.4% 1.59% +1.01
META Meta Platforms Inc. Class A Add +70.3% 1.75% +0.95
CMG Chipotle Mexican Grill Inc. Add +72.6% 1.86% +0.90
STN Stantec Inc. Add +6.5% 3.04% +0.86
EQT Eqt Corp. New 0.80% +0.80
CNP Centerpoint Energy Inc. New 0.79% +0.79
ELS Equity Lifestyle Properties Add +166.5% 1.16% +0.69
MLM Martin Marietta Materials Add +50.1% 1.65% +0.69
DOO BRP Inc./Ca- Sub Voting New 0.69% +0.69
MTN Vail Resorts Inc. Add +60.1% 1.86% +0.68
BC Brunswick Corp. New 0.67% +0.67
SKE Skeena Resources Ltd. New 0.62% +0.62
KKR KKR & Co. Inc. New 0.61% +0.61
ANF Abercrombie & Fitch Co. Class A New 0.58% +0.58
ROP Roper Technologies Inc. Add +72.9% 1.31% +0.52
TECK Teck Resources Ltd.-CLS B New 0.47% +0.47
ESLT Elbit Systems Ltd. Add +533.9% 0.50% +0.44
T AT&T Inc. Add +52.1% 1.19% +0.42
CAVA Cava Group Inc. Add +64.8% 1.12% +0.42
ORCL Oracle Corp. New 0.39% +0.39
BR Broadridge Financial Solutio Add +40.7% 1.32% +0.38
RRX Regal Rexnord Corp. Add +36.0% 0.88% +0.37
CM Can Imperial BK of Commerce Add +992.1% 0.40% +0.37
NVR NVR Inc. Add +190.9% 0.50% +0.33
DTM DT Midstream Inc. Add +94.9% 0.55% +0.30
LYV Live Nation Entertainment Inc. New 0.27% +0.27
KTOS Kratos Defense & Security New 0.27% +0.27
EME Emcor Group Inc. New 0.27% +0.27
TTEK Tetra Tech Inc. New 0.26% +0.26
AMZN Amazon.com Inc. New 0.25% +0.25
POOL Pool Corp. New 0.25% +0.25
TD Toronto-Dominion Bank Add +31.9% 0.65% +0.25
IBIT iShares Bitcoin Trust ETF Add +80.2% 0.39% +0.23
SANM Sanmina Corp. New 0.22% +0.22
C Citigroup Inc. New 0.22% +0.22
FCX Freeport-McMoran Inc. New 0.21% +0.21

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +497.5% 910,600 $562.6M
QQQ Invesco QQQ Trust Series 1 put Add +331.1% 815,600 $449.9M
GLD SPDR Gold Shares put Reduce -45.9% 846,200 $257.9M
COST Costco Wholesale Corp. put New 167,400 $165.7M
IWM iShares Russell 2000 ETF put New 675,800 $145.8M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -53.8% 1,780,000 $143.6M
SLV iShares Silver Trust call Reduce -51.1% 4,350,000 $142.7M
CTAS Cintas Corp. put New 418,200 $93.2M
XLC SS Comm Select Sector SPDR call Sold out 800,000 $77.2Mbefore exit
IWM iShares Russell 2000 ETF call Sold out 351,100 $70.0Mbefore exit
RSP Invesco S&P 500 Equal Weight put Sold out 400,000 $69.3Mbefore exit
CVE Cenovus Energy Inc. call New 5,000,000 $68.0M
TLT iShares 20+ Year Treasury BD put Add +449.0% 663,200 $58.5M
GLD SPDR Gold Shares call Sold out 142,600 $41.1Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US call Reduce -81.9% 53,200 $32.9M
DHR Danaher Corp. call Sold out 150,000 $30.8Mbefore exit
KKR KKR & Co. Inc. call Sold out 250,000 $28.9Mbefore exit
GDX Vaneck Gold Miners ETF put Reduce -80.6% 485,000 $25.2M
COP Conocophillips put Sold out 200,000 $21.0Mbefore exit
TLT iShares 20+ Year Treasury BD call Reduce -93.2% 230,000 $20.3M
CMG Chipotle Mexican Grill Inc. call Sold out 300,000 $15.1Mbefore exit
NTR Nutrien Ltd. call Sold out 300,000 $14.9Mbefore exit
SBUX Starbucks Corp. call Sold out 150,000 $14.7Mbefore exit
BABA Alibaba Group Holding-SP ADR call Sold out 100,000 $13.2Mbefore exit
XOP SS SPDR S&P Og Exp & Prod call New 100,000 $12.6M
MTUM iShares MSCI USA Momentum Fa put New 50,000 $12.0M
MLM Martin Marietta Materials call Sold out 25,000 $12.0Mbefore exit
MGA Magna International Inc. call New 300,000 $11.6M
JETS US Global Jets ETF put New 500,000 $11.5M
USO United States Oil Fund LP call New 150,000 $11.0M
HBM Hudbay Minerals Inc. call Sold out 1,264,200 $9.6Mbefore exit
BA The Boeing Co. call New 40,000 $8.4M
MFC Manulife Financial Corp. call New 250,000 $8.0M
NEM Newmont Corp. call Sold out 150,000 $7.2Mbefore exit
ARKK ARK Innovation ETF put New 100,000 $7.0M
ASHR Xtrackers Harvest Csi 300 CH call New 205,300 $5.7M
WMT Walmart Inc. put New 54,000 $5.3M
SOXX iShares Semiconductor ETF put New 21,100 $5.0M
STZ Constellation Brands Inc. Class A call New 30,500 $5.0M
BLDR Builders Firstsource Inc. call Sold out 36,300 $4.5Mbefore exit
PCG P G & E Corp. call Sold out 250,000 $4.3Mbefore exit
FXI iShares China Large-Cap ETF call Add +11.9% 111,900 $4.1M
CM Can Imperial BK of Commerce put New 57,900 $4.1M
KGC Kinross Gold Corp. call Sold out 250,000 $3.2Mbefore exit
MU Micron Technology Inc. call New 25,000 $3.1M
C Citigroup Inc. call New 35,000 $3.0M
AAPL Apple Inc. put New 11,900 $2.4M
FCX Freeport-McMoran Inc. call Sold out 50,400 $1.9Mbefore exit
NVDA Nvidia Corp. put New 11,800 $1.9M
FUN Six Flags Entertainment Corp. call Sold out 48,700 $1.7Mbefore exit

Showing the first 50 of 58.

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