Waratah Capital Advisors Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Waratah Capital Advisors Ltd. reported 138 stock positions worth $1.5 billion. Its top holding was Centerra Gold (CGAU) at 5.1% of the portfolio, followed by Pan American Silver (PAAS, 3.5%) and Teledyne Technologies (TDY, 3.3%). Compared with Q2 2025, it opened 62 new positions, sold out of 45, added to 29 and reduced 43. The biggest buy was Teledyne Technologies (TDY, shares +790%) and the biggest sale Nvidia (NVDA, shares −94%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001539919
Portfolio Value
$1.5B (Q3 2025)
SEC Filing
0002060757-25-000005 ↗ filed Nov 10, 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 Q2 2025 Q3 2025: $1.5B $1.5B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 138 stocks · $1.5B
CGAU Centerra Gold Inc. 5.07% 6,954,407 $74.6M Add +4.1%
PAAS Pan American Silver Corp. 3.53% 1,340,842 $51.9M Add +113.5%
TDY Teledyne Technologies Inc. 3.29% 82,596 $48.4M Add +789.7%
KGC Kinross Gold Corp. 3.16% 1,869,033 $46.4M Reduce -8.6%
FND Floor & Decor Holdings Inc. Class A 2.87% 572,801 $42.2M Add +31.5%
DHR Danaher Corp. 2.72% 201,578 $40.0M Add +55.8%
EQX Equinox Gold Corp. 2.69% 3,526,159 $39.6M Add +717.8%
MTN Vail Resorts Inc. 2.32% 228,388 $34.2M Add +31.5%
SN Sharkninja Inc. 2.15% 306,133 $31.6M Add +84.1%
NXE Nexgen Energy Ltd. 2.10% 3,453,329 $30.9M Reduce -2.5%
ELS Equity Lifestyle Properties 1.98% 480,572 $29.2M Add +73.5%
TT Trane Technologies PLC 1.98% 68,982 $29.1M Add +773.7%
CVE Cenovus Energy Inc. 1.94% 1,678,336 $28.5M New
VZLA Vizsla Silver Corp. 1.93% 6,554,415 $28.3M Add +26.0%
AEM Agnico Eagle Mines Ltd. 1.91% 166,852 $28.1M Reduce -37.9%
IAG Iamgold Corp. 1.86% 2,113,558 $27.3M Add +731.8%
MLM Martin Marietta Materials 1.66% 38,681 $24.4M Reduce -12.1%
CNQ Canadian Natural Resources 1.65% 757,028 $24.2M Reduce -45.8%
LNG Cheniere Energy Inc. 1.59% 99,468 $23.4M Reduce -33.3%
SKE Skeena Resources Ltd. 1.54% 1,227,900 $22.6M Add +114.9%
POOL Pool Corp. 1.52% 71,891 $22.3M Add +460.7%
FIX Comfort Systems USA Inc. 1.51% 26,852 $22.2M Reduce -39.3%
RCI Rogers Communications Inc. Class B 1.43% 609,300 $21.0M New
MKC McCormick & Co.-Non VTG SHRS 1.43% 313,439 $21.0M Add +147.4%
ETR Entergy Corp. 1.37% 216,584 $20.2M New
ROP Roper Technologies Inc. 1.32% 38,892 $19.4M Add +14.3%
TD Toronto-Dominion Bank 1.32% 241,926 $19.3M Add +85.1%
ANET Arista Networks Inc. 1.25% 126,492 $18.4M New
VST Vistra Corp. 1.15% 86,521 $17.0M Add +33.8%
RY Royal Bank of Canada 1.08% 107,588 $15.8M Add +20.6%
AVGO Broadcom Inc. 1.07% 47,807 $15.8M New
CMG Chipotle Mexican Grill Inc. 1.06% 398,934 $15.6M Reduce -17.9%
EXE Expand Energy Corp. 1.04% 144,396 $15.3M Reduce -20.4%
PLD Prologis Inc. 1.04% 133,259 $15.3M Add +79.4%
WELL Welltower Inc. 1.03% 84,837 $15.1M Reduce -37.5%
VRT Vertiv Holdings Co. Class A 0.93% 90,341 $13.6M New
XPO Xpo Inc. 0.91% 103,353 $13.4M Reduce -24.6%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.86% 1,170,554 $12.6M New
CEG Constellation Energy 0.85% 38,143 $12.6M Reduce -26.6%
JPM JPMorgan Chase & Co. 0.84% 39,115 $12.3M Add +6.9%
CAT Caterpillar Inc. 0.83% 25,584 $12.2M New
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.82% 94,028 $12.1M Reduce -26.5%
CMI Cummins Inc. 0.80% 28,019 $11.8M New
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.80% 90,548 $11.8M New
BTG B2GOLD Corp. 0.76% 2,250,259 $11.1M Add +459.1%
FNV Franco-Nevada Corp. 0.74% 48,956 $10.9M No change
DVN Devon Energy Corp. 0.73% 308,207 $10.8M New
NVT Nvent Electric PLC 0.73% 109,140 $10.8M New
TLN Talen Energy Corp. 0.73% 25,294 $10.8M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.67% 191,681 $9.9M New
CDE Coeur Mining Inc. 0.67% 525,785 $9.9M New
EME Emcor Group Inc. 0.65% 14,822 $9.6M Add +103.8%
IMO Imperial Oil Ltd. 0.62% 100,000 $9.1M Reduce -61.8%
FOXA Fox Corp. Class A 0.61% 142,026 $9.0M Reduce -54.4%
HD Home Depot Inc. 0.61% 22,095 $9.0M New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.61% 111,809 $8.9M Add +34.9%
SII Sprott Inc. 0.60% 106,459 $8.9M Reduce -32.1%
DOO BRP Inc./Ca- Sub Voting 0.60% 145,328 $8.8M Reduce -30.1%
APH Amphenol Corp. Class A 0.60% 70,934 $8.8M New
DTM DT Midstream Inc. 0.58% 75,000 $8.5M Add +1.3%
T AT&T Inc. 0.56% 293,201 $8.3M Reduce -51.3%
CP Canadian Pacific Kansas City 0.55% 108,819 $8.1M Reduce -63.1%
SXT Sensient Technologies Corp. 0.51% 79,486 $7.5M Reduce -57.4%
SPOT Spotify Technology SA 0.50% 10,531 $7.4M Add +395.1%
STN Stantec Inc. 0.48% 66,092 $7.1M Reduce -83.9%
CVX Chevron Corp. 0.48% 45,000 $7.0M New
SPXC SPX Technologies Inc. 0.46% 35,914 $6.7M New
GLW Corning Inc. 0.44% 78,034 $6.4M New
TU Telus Corp. 0.43% 396,669 $6.3M Reduce -2.1%
BWXT BWX Technologies Inc. 0.42% 33,392 $6.2M Add +382.3%
PBA Pembina Pipeline Corp. 0.41% 150,109 $6.1M New
FSV Firstservice Corp. 0.41% 31,677 $6.0M Reduce -24.1%
CW Curtiss-Wright Corp. 0.40% 10,858 $5.9M New
SLF Sun Life Financial Inc. 0.39% 96,701 $5.8M Reduce -44.6%
IBIT iShares Bitcoin Trust ETF 0.37% 83,529 $5.4M Reduce -11.3%
TRI Thomson Reuters Corp. 0.34% 32,130 $5.0M Reduce -76.0%
PRKS United Parks & Resorts Inc. 0.32% 92,022 $4.8M New
TAC Transalta Corp. 0.31% 334,994 $4.6M Reduce -29.9%
GIL Gildan Activewear Inc. 0.31% 78,487 $4.5M New
BABA Alibaba Group Holding-SP ADR 0.30% 25,087 $4.5M New
NVDA Nvidia Corp. 0.29% 22,639 $4.2M Reduce -94.0%
JCI Johnson Controls Internation 0.26% 35,238 $3.9M Reduce -84.0%
C Citigroup Inc. 0.26% 37,924 $3.8M No change
LEN Lennar Corp. Class A 0.26% 30,230 $3.8M New
LYV Live Nation Entertainment Inc. 0.26% 23,106 $3.8M Reduce -13.3%
UAL United Airlines Holdings Inc. 0.25% 38,360 $3.7M New
EVR Evercore Inc. Class A 0.25% 10,901 $3.7M Reduce -83.3%
HCC Warrior Met Coal Inc. 0.25% 57,362 $3.7M New
CHRW C.H. Robinson Worldwide Inc. 0.25% 27,512 $3.6M New
CR Crane Co. 0.25% 19,768 $3.6M New
ETN Eaton Corp. PLC 0.25% 9,706 $3.6M New
MGA Magna International Inc. 0.23% 70,000 $3.3M New
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 0.22% 198,188 $3.3M New
RTX RTX Corp. 0.21% 18,835 $3.2M New
CIGI Colliers Intl GR-Subord Vot 0.21% 20,108 $3.1M New
BBY Best Buy Co. Inc. 0.21% 40,090 $3.0M New
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.20% 233,975 $3.0M New
KKR KKR & Co. Inc. 0.18% 20,000 $2.6M Reduce -70.2%
LHX L3HARRIS Technologies Inc. 0.15% 7,114 $2.2M New
ATLX Atlas Lithium Inc. 0.15% 449,217 $2.1M No change

Show all 138 holdings

Options reported separately and not counted above: QQQ puts ($1.4B), GLD puts ($1.0B), HYG puts ($349.9M), GDX puts ($292.8M), TLT calls ($277.1M), GLD calls ($168.5M), XLU calls ($119.5M), RSP calls ($104.3M), IWM puts ($67.6M), RCI calls ($50.0M), SLV calls ($44.2M), COST puts ($24.0M), and 33 more.

Portfolio Sells Q2 2025 → Q3 2025
NVDA Nvidia Corp. Reduce -94.0% 0.29% −3.74
STN Stantec Inc. Reduce -83.9% 0.48% −2.56
HBM Hudbay Minerals Inc. Sold out 0.00% −2.55
MSFT Microsoft Corp. Reduce -97.8% 0.05% −2.36
PG The Procter & Gamble Co. Sold out 0.00% −1.65
META Meta Platforms Inc. Class A Reduce -91.8% 0.14% −1.61
TRI Thomson Reuters Corp. Reduce -76.0% 0.34% −1.49
CNQ Canadian Natural Resources Reduce -45.8% 1.65% −1.34
JCI Johnson Controls Internation Reduce -84.0% 0.26% −1.32
BR Broadridge Financial Solutio Sold out 0.00% −1.32
WCN Waste Connections Inc. Sold out 0.00% −1.14
CAVA Cava Group Inc. Sold out 0.00% −1.12
CP Canadian Pacific Kansas City Reduce -63.1% 0.55% −1.04
TDG Transdigm Group Inc. Sold out 0.00% −0.97
IDXX Idexx Laboratories Inc. Reduce -96.3% 0.04% −0.97
EVR Evercore Inc. Class A Reduce -83.3% 0.25% −0.95
OVV Ovintiv Inc. Sold out 0.00% −0.91
LNG Cheniere Energy Inc. Reduce -33.3% 1.59% −0.88
TRP TC Energy Corp. Sold out 0.00% −0.87
RRX Regal Rexnord Corp. Reduce -97.3% 0.02% −0.86
CNI Canadian Natl Railway Co. Sold out 0.00% −0.82
EQT Eqt Corp. Sold out 0.00% −0.80
IMO Imperial Oil Ltd. Reduce -61.8% 0.62% −0.80
CMG Chipotle Mexican Grill Inc. Reduce -17.9% 1.06% −0.80
CNP Centerpoint Energy Inc. Sold out 0.00% −0.79
SXT Sensient Technologies Corp. Reduce -57.4% 0.51% −0.74
VNOM Viper Energy Inc. Sold out 0.00% −0.72
SHW The Sherwin-Williams Co. Reduce -83.7% 0.13% −0.65
BC Brunswick Corp. Reduce -96.7% 0.03% −0.64
T AT&T Inc. Reduce -51.3% 0.56% −0.62
MFC Manulife Financial Corp. Sold out 0.00% −0.62
FOXA Fox Corp. Class A Reduce -54.4% 0.61% −0.58
GPK Graphic Packaging Holding Co. Sold out 0.00% −0.57
PR Permian Resources Corp. Class A Sold out 0.00% −0.57
ANF Abercrombie & Fitch Co. Class A Reduce -95.8% 0.03% −0.55
ESLT Elbit Systems Ltd. Sold out 0.00% −0.50
NVR NVR Inc. Sold out 0.00% −0.50
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.47
CARR Carrier Global Corp. Sold out 0.00% −0.43
KKR KKR & Co. Inc. Reduce -70.2% 0.18% −0.43
EXE Expand Energy Corp. Reduce -20.4% 1.04% −0.40
SLF Sun Life Financial Inc. Reduce -44.6% 0.39% −0.40
WELL Welltower Inc. Reduce -37.5% 1.03% −0.39
ORCL Oracle Corp. Reduce -99.0% 0.00% −0.38
ULS Ul Solutions Inc. Class A Sold out 0.00% −0.36
PWR Quanta Services Inc. Reduce -84.4% 0.07% −0.33
BA The Boeing Co. Sold out 0.00% −0.32
CEG Constellation Energy Reduce -26.6% 0.85% −0.29
SUI Sun Communities Inc. Reduce -26.5% 0.82% −0.28
SPGI S&P Global Inc. Sold out 0.00% −0.27

Portfolio Buys Q2 2025 → Q3 2025
TDY Teledyne Technologies Inc. Add +789.7% 3.29% +2.97
EQX Equinox Gold Corp. Add +717.8% 2.69% +2.52
PAAS Pan American Silver Corp. Add +113.5% 3.53% +2.32
CVE Cenovus Energy Inc. New 1.94% +1.94
CGAU Centerra Gold Inc. Add +4.1% 5.07% +1.79
TT Trane Technologies PLC Add +773.7% 1.98% +1.74
IAG Iamgold Corp. Add +731.8% 1.86% +1.73
RCI Rogers Communications Inc. Class B New 1.43% +1.43
ETR Entergy Corp. New 1.37% +1.37
POOL Pool Corp. Add +460.7% 1.52% +1.26
ANET Arista Networks Inc. New 1.25% +1.25
AVGO Broadcom Inc. New 1.07% +1.07
SN Sharkninja Inc. Add +84.1% 2.15% +1.03
DHR Danaher Corp. Add +55.8% 2.72% +0.98
VRT Vertiv Holdings Co. Class A New 0.93% +0.93
SKE Skeena Resources Ltd. Add +114.9% 1.54% +0.92
VZLA Vizsla Silver Corp. Add +26.0% 1.93% +0.88
ORLA Orla Mining Ltd. New 0.86% +0.86
CAT Caterpillar Inc. New 0.83% +0.83
ELS Equity Lifestyle Properties Add +73.5% 1.98% +0.82
CMI Cummins Inc. New 0.80% +0.80
BMO Bank of Montreal New 0.80% +0.80
MKC McCormick & Co.-Non VTG SHRS Add +147.4% 1.43% +0.77
DVN Devon Energy Corp. New 0.73% +0.73
NVT Nvent Electric PLC New 0.73% +0.73
TLN Talen Energy Corp. New 0.73% +0.73
BAC Bank of America Corp. New 0.67% +0.67
CDE Coeur Mining Inc. New 0.67% +0.67
TD Toronto-Dominion Bank Add +85.1% 1.32% +0.66
BTG B2GOLD Corp. Add +459.1% 0.76% +0.66
FND Floor & Decor Holdings Inc. Class A Add +31.5% 2.87% +0.62
HD Home Depot Inc. New 0.61% +0.61
APH Amphenol Corp. Class A New 0.60% +0.60
PLD Prologis Inc. Add +79.4% 1.04% +0.51
CVX Chevron Corp. New 0.48% +0.48
MTN Vail Resorts Inc. Add +31.5% 2.32% +0.46
SPXC SPX Technologies Inc. New 0.46% +0.46
GLW Corning Inc. New 0.44% +0.44
PBA Pembina Pipeline Corp. New 0.41% +0.41
CW Curtiss-Wright Corp. New 0.40% +0.40
EME Emcor Group Inc. Add +103.8% 0.65% +0.39
SPOT Spotify Technology SA Add +395.1% 0.50% +0.39
BWXT BWX Technologies Inc. Add +382.3% 0.42% +0.35
PRKS United Parks & Resorts Inc. New 0.32% +0.32
GIL Gildan Activewear Inc. New 0.31% +0.31
BABA Alibaba Group Holding-SP ADR New 0.30% +0.30
VST Vistra Corp. Add +33.8% 1.15% +0.30
RY Royal Bank of Canada Add +20.6% 1.08% +0.28
LEN Lennar Corp. Class A New 0.26% +0.26
UAL United Airlines Holdings Inc. New 0.25% +0.25

Options Activity Q2 2025 → Q3 2025
QQQ Invesco QQQ Trust Series 1 put Add +179.5% 2,279,300 $1.4B
GLD SPDR Gold Shares put Add +234.1% 2,827,400 $1.0B
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +142.1% 4,310,000 $349.9M
GDX Vaneck Gold Miners ETF put Add +690.3% 3,832,700 $292.8M
TLT iShares 20+ Year Treasury BD call Add +1247.9% 3,100,200 $277.1M
GLD SPDR Gold Shares call New 474,000 $168.5M
XLU St Sr Utl SL SE SPDR ETF-Usd call New 1,370,000 $119.5M
RSP Invesco S&P 500 Equal Weight call New 550,000 $104.3M
CVE Cenovus Energy Inc. call Sold out 5,000,000 $68.0Mbefore exit
IWM iShares Russell 2000 ETF put Reduce -58.7% 279,200 $67.6M
TLT iShares 20+ Year Treasury BD put Sold out 663,200 $58.5Mbefore exit
RCI Rogers Communications Inc. Class B call New 1,450,000 $50.0M
SLV iShares Silver Trust call Reduce -76.0% 1,042,500 $44.2M
SPY SS SPDR S&P 500 ETF Trust-US call Sold out 53,200 $32.9Mbefore exit
COST Costco Wholesale Corp. put Reduce -84.5% 25,900 $24.0M
MSFT Microsoft Corp. call New 40,000 $20.7M
KRE SS SPDR S&P Regional Bank call New 300,000 $19.0M
BN Brookfield Corp. call New 400,000 $18.3M
CTAS Cintas Corp. put Reduce -79.9% 84,000 $17.2M
CMG Chipotle Mexican Grill Inc. call New 400,000 $15.7M
KRE SS SPDR S&P Regional Bank put New 200,000 $12.7M
LEN Lennar Corp. Class A call New 100,000 $12.6M
KWEB Kranesh Csi China Internet call New 300,000 $12.6M
XOP SS SPDR S&P Og Exp & Prod call Sold out 100,000 $12.6Mbefore exit
MTUM iShares MSCI USA Momentum Fa put Sold out 50,000 $12.0Mbefore exit
IBIT iShares Bitcoin Trust ETF call New 180,500 $11.7M
IGV iShares Expanded Tech-Softwa put New 100,000 $11.5M
JETS US Global Jets ETF put Sold out 500,000 $11.5Mbefore exit
XRT SS SPDR S&P Retail ETF put New 130,000 $11.2M
MGA Magna International Inc. call Reduce -21.5% 235,500 $11.2M
ANET Arista Networks Inc. put New 75,000 $10.9M
EXE Expand Energy Corp. call New 100,000 $10.6M
MU Micron Technology Inc. put New 60,000 $10.0M
AVGO Broadcom Inc. put New 30,000 $9.9M
AMZN Amazon.com Inc. call New 45,000 $9.9M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -98.4% 14,800 $9.9M
SHW The Sherwin-Williams Co. call New 25,000 $8.7M
PLD Prologis Inc. call New 75,000 $8.6M
T AT&T Inc. call New 300,000 $8.5M
BA The Boeing Co. call Sold out 40,000 $8.4Mbefore exit
MFC Manulife Financial Corp. call Sold out 250,000 $8.0Mbefore exit
CIGI Colliers Intl GR-Subord Vot call New 50,000 $7.8M
SLV iShares Silver Trust put New 180,000 $7.6M
USO United States Oil Fund LP call Reduce -33.3% 100,000 $7.4M
ORCL Oracle Corp. call New 25,000 $7.0M
ARKK ARK Innovation ETF put Sold out 100,000 $7.0Mbefore exit
NVDA Nvidia Corp. put Add +205.1% 36,000 $6.7M
ASHR Xtrackers Harvest Csi 300 CH call Sold out 205,300 $5.7Mbefore exit
WMT Walmart Inc. put Sold out 54,000 $5.3Mbefore exit
DVN Devon Energy Corp. call New 150,000 $5.3M

Showing the first 50 of 64.

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