Waratah Capital Advisors Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Waratah Capital Advisors Ltd. reported 104 stock positions worth $1.3 billion. Its top holding was Kinross Gold (KGC) at 4.5% of the portfolio, followed by Centerra Gold (CGAU, 4.0%) and Boyd Group Services (BGSI, 3.5%). Compared with Q3 2025, it opened 31 new positions, sold out of 65, added to 34 and reduced 28. The biggest buy was a new position in Boyd Group Services (BGSI) and the biggest sale Pan American Silver (PAAS, shares −88%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001539919
Portfolio Value
$1.3B (Q4 2025)
SEC Filing
0002060757-26-000003 ↗ filed Feb 9, 2026

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 Q3 2025 Q4 2025: $1.3B $1.3B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 104 stocks · $1.3B
KGC Kinross Gold Corp. 4.53% 2,114,712 $59.6M Add +13.1%
CGAU Centerra Gold Inc. 4.05% 3,703,468 $53.2M Reduce -46.8%
BGSI Boyd Group Services Inc. 3.54% 291,886 $46.5M New
B Barrick Mining Corp. 3.38% 1,022,153 $44.5M Add +1944.3%
IAG Iamgold Corp. 3.26% 2,603,269 $42.9M Add +23.2%
AGI Alamos Gold Inc. Class A 2.76% 939,614 $36.3M New
SKE Skeena Resources Ltd. 2.75% 1,526,799 $36.2M Add +24.3%
EXK Endeavour Silver Corp. 2.67% 3,737,025 $35.1M New
VZLA Vizsla Silver Corp. 2.64% 6,343,121 $34.7M Reduce -3.2%
AMZN Amazon.com Inc. 2.53% 144,186 $33.3M New
DHR Danaher Corp. 2.46% 141,082 $32.3M Reduce -30.0%
ROP Roper Technologies Inc. 2.18% 64,540 $28.7M Add +66.0%
AEM Agnico Eagle Mines Ltd. 2.15% 166,852 $28.3M No change
FIX Comfort Systems USA Inc. 2.14% 30,161 $28.1M Add +12.3%
TD Toronto-Dominion Bank 2.14% 298,574 $28.1M Add +23.4%
CR Crane Co. 2.10% 149,641 $27.6M Add +657.0%
EXE Expand Energy Corp. 1.99% 237,000 $26.2M Add +64.1%
APH Amphenol Corp. Class A 1.89% 183,546 $24.8M Add +158.8%
GIL Gildan Activewear Inc. 1.84% 387,109 $24.2M Add +393.2%
DOO BRP Inc./Ca- Sub Voting 1.79% 332,953 $23.6M Add +129.1%
FND Floor & Decor Holdings Inc. Class A 1.65% 355,818 $21.7M Reduce -37.9%
CW Curtiss-Wright Corp. 1.62% 38,688 $21.3M Add +256.3%
MTN Vail Resorts Inc. 1.58% 156,622 $20.8M Reduce -31.4%
AR Antero Resources Corp. 1.55% 590,000 $20.3M New
CP Canadian Pacific Kansas City 1.51% 270,599 $19.9M Add +148.7%
RY Royal Bank of Canada 1.44% 111,008 $18.9M Add +3.2%
WCC Wesco International Inc. 1.43% 77,040 $18.8M New
CNI Canadian Natl Railway Co. 1.39% 184,374 $18.2M New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 1.38% 200,809 $18.2M Add +79.6%
SN Sharkninja Inc. 1.33% 156,016 $17.5M Reduce -49.0%
CAT Caterpillar Inc. 1.25% 28,811 $16.5M Add +12.6%
BROS Dutch Bros Inc. Class A 1.22% 262,741 $16.1M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.13% 271,035 $14.9M Add +41.4%
SII Sprott Inc. 1.12% 150,137 $14.7M Add +41.0%
WELL Welltower Inc. 1.10% 77,730 $14.4M Reduce -8.4%
NXE Nexgen Energy Ltd. 1.07% 1,535,236 $14.1M Reduce -55.5%
MLM Martin Marietta Materials 1.05% 22,274 $13.9M Reduce -42.4%
SXT Sensient Technologies Corp. 1.05% 146,311 $13.7M Add +84.1%
UAL United Airlines Holdings Inc. 1.00% 117,625 $13.2M Add +206.6%
CNQ Canadian Natural Resources 0.99% 383,028 $13.0M Reduce -49.4%
LULU Lululemon Athletica Inc. 0.98% 62,266 $12.9M New
MGA Magna International Inc. 0.89% 220,000 $11.7M Add +214.3%
FNV Franco-Nevada Corp. 0.88% 55,773 $11.6M Add +13.9%
OIH Vaneck Oil Services ETF 0.80% 37,000 $10.5M New
FANG Diamondback Energy Inc. 0.80% 70,000 $10.5M New
PWR Quanta Services Inc. 0.80% 24,846 $10.5M Add +917.4%
TDY Teledyne Technologies Inc. 0.80% 20,471 $10.5M Reduce -75.2%
CHRW C.H. Robinson Worldwide Inc. 0.76% 61,767 $9.9M Add +124.5%
DSGX The Descartes Systems Grp 0.74% 111,259 $9.8M New
AME Ametek Inc. 0.73% 46,771 $9.6M New
CAE Cae Inc. 0.72% 312,748 $9.5M New
ELS Equity Lifestyle Properties 0.72% 156,639 $9.5M Reduce -67.4%
ODFL Old Dominion Freight Line 0.70% 58,736 $9.2M New
EVR Evercore Inc. Class A 0.70% 27,010 $9.2M Add +147.8%
STE Steris PLC 0.65% 33,628 $8.5M New
PAAS Pan American Silver Corp. 0.61% 154,335 $8.0M Reduce -88.5%
SPXC SPX Technologies Inc. 0.54% 35,649 $7.1M Reduce -0.7%
STN Stantec Inc. 0.46% 64,541 $6.1M Reduce -2.4%
BRK.B Berkshire Hathaway Inc. Class B 0.44% 11,640 $5.9M New
ANET Arista Networks Inc. 0.44% 44,500 $5.8M Reduce -64.8%
AVGO Broadcom Inc. 0.42% 15,911 $5.5M Reduce -66.7%
ALB Albemarle Corp. 0.40% 37,011 $5.2M New
GD General Dynamics Corp. 0.39% 15,254 $5.1M New
FSV Firstservice Corp. 0.37% 31,677 $4.9M No change
ULS Ul Solutions Inc. Class A 0.37% 61,827 $4.9M New
USAS Americas Gold and Silver Cor 0.35% 888,715 $4.5M Add +412.2%
IEX Idex Corp. 0.34% 25,308 $4.5M New
SGML Sigma Lithium Corp. 0.30% 296,330 $3.9M No change
LGN Legence Corp. Class A 0.28% 85,602 $3.7M New
SILJ Amplify Junior Silver Miners 0.28% 131,400 $3.6M New
HST Host Hotels & Resorts Inc. 0.26% 196,133 $3.5M New
CEPT Cantor Equity Partners Class A 0.26% 307,474 $3.5M New
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.26% 25,894 $3.4M Reduce -71.4%
TVA Texas Ventures Acquisition-A 0.25% 303,607 $3.2M New
ATLX Atlas Lithium Inc. 0.24% 749,217 $3.2M Add +66.8%
VICR Vicor Corp. 0.24% 28,798 $3.2M New
CIGI Colliers Intl GR-Subord Vot 0.22% 20,108 $3.0M No change
HCC Warrior Met Coal Inc. 0.16% 23,774 $2.1M Reduce -58.5%
GLW Corning Inc. 0.14% 20,962 $1.8M Reduce -73.1%
AEXA American Exceptionalism Class A 0.14% 160,124 $1.8M Add +48.9%
PLD Prologis Inc. 0.13% 13,187 $1.7M Reduce -90.1%
CMI Cummins Inc. 0.13% 3,279 $1.7M Reduce -88.3%
TGT Target Corp. 0.13% 17,027 $1.7M New
BEAG Bold Eagle Acquisition Cor-A 0.11% 140,541 $1.5M Add +0.4%
HCMAU HCM III Acquisition Corp. 0.11% 143,724 $1.5M Add +0.4%
CEPF Cantor Equity Partners Class A 0.11% 143,442 $1.5M Add +0.4%
DAAQ Digital Asset Acquisiti Class A 0.11% 142,881 $1.5M Add +0.4%
FOXA Fox Corp. Class A 0.11% 19,474 $1.4M Reduce -86.3%
VHCPU Vine Hill Capital Investment 0.08% 100,000 $1.0M New
ADI Analog Devices Inc. 0.06% 2,748 $745K New
IDXX Idexx Laboratories Inc. 0.05% 1,034 $700K No change
PSLV Sprott Physical Silver Trust 0.05% 27,777 $657K No change
TER Teradyne Inc. 0.05% 3,135 $607K No change
NVDA Nvidia Corp. 0.03% 2,302 $429K Reduce -89.8%
FLEX Flex Ltd. 0.03% 6,917 $418K No change
RBC RBC Bearings Inc. 0.03% 924 $414K No change
KOID Kraneshares Global Humanoid 0.03% 12,525 $399K No change
RRX Regal Rexnord Corp. 0.03% 2,565 $360K Add +5.3%
AIT Applied Industrial Tech Inc. 0.03% 1,385 $356K No change
SHW The Sherwin-Williams Co. 0.03% 1,072 $347K Reduce -80.2%

Show all 104 holdings

Options reported separately and not counted above: GLD puts ($494.7M), QQQ puts ($283.3M), GLD calls ($182.3M), HYG puts ($156.1M), SLV puts ($58.2M), ROP calls ($47.8M), RY calls ($34.1M), RSP calls ($28.7M), B calls ($28.1M), USO puts ($21.4M), AMLP calls ($18.8M), SLV calls ($17.0M), and 35 more.

Portfolio Sells Q3 2025 → Q4 2025
PAAS Pan American Silver Corp. Reduce -88.5% 0.61% −2.92
EQX Equinox Gold Corp. Sold out 0.00% −2.69
TDY Teledyne Technologies Inc. Reduce -75.2% 0.80% −2.50
TT Trane Technologies PLC Sold out 0.00% −1.98
CVE Cenovus Energy Inc. Sold out 0.00% −1.94
LNG Cheniere Energy Inc. Sold out 0.00% −1.59
POOL Pool Corp. Sold out 0.00% −1.52
RCI Rogers Communications Inc. Class B Sold out 0.00% −1.43
MKC McCormick & Co.-Non VTG SHRS Sold out 0.00% −1.43
ETR Entergy Corp. Sold out 0.00% −1.37
ELS Equity Lifestyle Properties Reduce -67.4% 0.72% −1.26
FND Floor & Decor Holdings Inc. Class A Reduce -37.9% 1.65% −1.22
VST Vistra Corp. Sold out 0.00% −1.15
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −1.06
NXE Nexgen Energy Ltd. Reduce -55.5% 1.07% −1.03
CGAU Centerra Gold Inc. Reduce -46.8% 4.05% −1.03
VRT Vertiv Holdings Co. Class A Sold out 0.00% −0.93
PLD Prologis Inc. Reduce -90.1% 0.13% −0.91
XPO Xpo Inc. Reduce -97.7% 0.03% −0.88
ORLA Orla Mining Ltd. Sold out 0.00% −0.86
CEG Constellation Energy Sold out 0.00% −0.85
SUI Sun Communities Inc. Sold out 0.00% −0.82
SN Sharkninja Inc. Reduce -49.0% 1.33% −0.82
JPM JPMorgan Chase & Co. Reduce -97.3% 0.03% −0.81
ANET Arista Networks Inc. Reduce -64.8% 0.44% −0.81
BTG B2GOLD Corp. Sold out 0.00% −0.76
MTN Vail Resorts Inc. Reduce -31.4% 1.58% −0.74
DVN Devon Energy Corp. Sold out 0.00% −0.73
TLN Talen Energy Corp. Sold out 0.00% −0.73
NVT Nvent Electric PLC Reduce -97.0% 0.03% −0.71
CMI Cummins Inc. Reduce -88.3% 0.13% −0.68
CDE Coeur Mining Inc. Sold out 0.00% −0.67
CNQ Canadian Natural Resources Reduce -49.4% 0.99% −0.66
EME Emcor Group Inc. Sold out 0.00% −0.65
AVGO Broadcom Inc. Reduce -66.7% 0.42% −0.65
IMO Imperial Oil Ltd. Sold out 0.00% −0.62
HD Home Depot Inc. Sold out 0.00% −0.61
MLM Martin Marietta Materials Reduce -42.4% 1.05% −0.60
DTM DT Midstream Inc. Sold out 0.00% −0.58
T AT&T Inc. Sold out 0.00% −0.56
BMO Bank of Montreal Reduce -71.4% 0.26% −0.55
FOXA Fox Corp. Class A Reduce -86.3% 0.11% −0.50
SPOT Spotify Technology SA Sold out 0.00% −0.50
CVX Chevron Corp. Sold out 0.00% −0.48
TU Telus Corp. Sold out 0.00% −0.43
BWXT BWX Technologies Inc. Sold out 0.00% −0.42
PBA Pembina Pipeline Corp. Sold out 0.00% −0.41
SLF Sun Life Financial Inc. Sold out 0.00% −0.39
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.37
TRI Thomson Reuters Corp. Sold out 0.00% −0.34

Portfolio Buys Q3 2025 → Q4 2025
BGSI Boyd Group Services Inc. New 3.54% +3.54
B Barrick Mining Corp. Add +1944.3% 3.38% +3.27
AGI Alamos Gold Inc. Class A New 2.76% +2.76
EXK Endeavour Silver Corp. New 2.67% +2.67
AMZN Amazon.com Inc. New 2.53% +2.53
CR Crane Co. Add +657.0% 2.10% +1.85
AR Antero Resources Corp. New 1.55% +1.55
GIL Gildan Activewear Inc. Add +393.2% 1.84% +1.53
WCC Wesco International Inc. New 1.43% +1.43
IAG Iamgold Corp. Add +23.2% 3.26% +1.41
CNI Canadian Natl Railway Co. New 1.39% +1.39
KGC Kinross Gold Corp. Add +13.1% 4.53% +1.37
APH Amphenol Corp. Class A Add +158.8% 1.89% +1.29
BROS Dutch Bros Inc. Class A New 1.22% +1.22
CW Curtiss-Wright Corp. Add +256.3% 1.62% +1.22
SKE Skeena Resources Ltd. Add +24.3% 2.75% +1.22
DOO BRP Inc./Ca- Sub Voting Add +129.1% 1.79% +1.19
LULU Lululemon Athletica Inc. New 0.98% +0.98
CP Canadian Pacific Kansas City Add +148.7% 1.51% +0.96
EXE Expand Energy Corp. Add +64.1% 1.99% +0.95
ROP Roper Technologies Inc. Add +66.0% 2.18% +0.87
TD Toronto-Dominion Bank Add +23.4% 2.14% +0.82
OIH Vaneck Oil Services ETF New 0.80% +0.80
FANG Diamondback Energy Inc. New 0.80% +0.80
CM Can Imperial BK of Commerce Add +79.6% 1.38% +0.78
UAL United Airlines Holdings Inc. Add +206.6% 1.00% +0.75
DSGX The Descartes Systems Grp New 0.74% +0.74
AME Ametek Inc. New 0.73% +0.73
PWR Quanta Services Inc. Add +917.4% 0.80% +0.73
CAE Cae Inc. New 0.72% +0.72
ODFL Old Dominion Freight Line New 0.70% +0.70
MGA Magna International Inc. Add +214.3% 0.89% +0.67
STE Steris PLC New 0.65% +0.65
FIX Comfort Systems USA Inc. Add +12.3% 2.14% +0.63
SXT Sensient Technologies Corp. Add +84.1% 1.05% +0.54
SII Sprott Inc. Add +41.0% 1.12% +0.52
CHRW C.H. Robinson Worldwide Inc. Add +124.5% 0.76% +0.51
BAC Bank of America Corp. Add +41.4% 1.13% +0.46
EVR Evercore Inc. Class A Add +147.8% 0.70% +0.45
BRK.B Berkshire Hathaway Inc. Class B New 0.44% +0.44
CAT Caterpillar Inc. Add +12.6% 1.25% +0.42
ALB Albemarle Corp. New 0.40% +0.40
GD General Dynamics Corp. New 0.39% +0.39
ULS Ul Solutions Inc. Class A New 0.37% +0.37
RY Royal Bank of Canada Add +3.2% 1.44% +0.36
IEX Idex Corp. New 0.34% +0.34
USAS Americas Gold and Silver Cor Add +412.2% 0.35% +0.30
LGN Legence Corp. Class A New 0.28% +0.28
SILJ Amplify Junior Silver Miners New 0.28% +0.28
HST Host Hotels & Resorts Inc. New 0.26% +0.26

Options Activity Q3 2025 → Q4 2025
GLD SPDR Gold Shares put Reduce -55.9% 1,248,200 $494.7M
QQQ Invesco QQQ Trust Series 1 put Reduce -79.8% 461,200 $283.3M
TLT iShares 20+ Year Treasury BD call Sold out 3,100,200 $277.1Mbefore exit
GLD SPDR Gold Shares call Reduce -3.0% 460,000 $182.3M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -55.1% 1,936,600 $156.1M
XLU St Sr Utl SL SE SPDR ETF-Usd call Sold out 2,740,000 $119.5Mbefore exit
IWM iShares Russell 2000 ETF put Sold out 279,200 $67.6Mbefore exit
SLV iShares Silver Trust put Add +402.2% 904,000 $58.2M
ROP Roper Technologies Inc. call New 107,300 $47.8M
RY Royal Bank of Canada call New 200,000 $34.1M
RSP Invesco S&P 500 Equal Weight call Reduce -72.7% 150,000 $28.7M
B Barrick Mining Corp. call New 644,500 $28.1M
COST Costco Wholesale Corp. put Sold out 25,900 $24.0Mbefore exit
USO United States Oil Fund LP put New 310,000 $21.4M
MSFT Microsoft Corp. call Sold out 40,000 $20.7Mbefore exit
AMLP Alerian MLP ETF call New 400,000 $18.8M
BN Brookfield Corp. call Sold out 600,000 $18.3Mbefore exit
CTAS Cintas Corp. put Sold out 84,000 $17.2Mbefore exit
SLV iShares Silver Trust call Reduce -74.7% 264,200 $17.0M
ETHA iShares Ethereum Trust ETF call New 700,000 $15.7M
CMG Chipotle Mexican Grill Inc. call Sold out 400,000 $15.7Mbefore exit
USO United States Oil Fund LP call Add +100.0% 200,000 $13.8M
CCJ Cameco Corp. call New 150,000 $13.7M
CM Can Imperial BK of Commerce call New 150,000 $13.6M
IWM iShares Russell 2000 ETF call New 55,200 $13.6M
FIX Comfort Systems USA Inc. put New 14,000 $13.1M
KRE SS SPDR S&P Regional Bank call Reduce -33.3% 200,000 $13.0M
EWZ iShares MSCI Brazil ETF call New 400,000 $12.7M
KRE SS SPDR S&P Regional Bank put Sold out 200,000 $12.7Mbefore exit
LEN Lennar Corp. Class A call Sold out 100,000 $12.6Mbefore exit
GOOGL Alphabet Inc. Class A put New 40,000 $12.5M
IGV iShares Expanded Tech-Softwa put Sold out 100,000 $11.5Mbefore exit
MKC McCormick & Co.-Non VTG SHRS call New 166,200 $11.3M
XRT SS SPDR S&P Retail ETF put Sold out 130,000 $11.2Mbefore exit
MGA Magna International Inc. call Sold out 235,500 $11.2Mbefore exit
IEX Idex Corp. call New 61,800 $11.0M
ANET Arista Networks Inc. put Sold out 75,000 $10.9Mbefore exit
ELS Equity Lifestyle Properties call New 180,000 $10.9M
EXE Expand Energy Corp. call Sold out 100,000 $10.6Mbefore exit
TFII Tfi International Inc. call New 100,600 $10.4M
GNRC Generac Holdings Inc. call New 75,000 $10.2M
MU Micron Technology Inc. put Sold out 60,000 $10.0Mbefore exit
AVGO Broadcom Inc. put Sold out 30,000 $9.9Mbefore exit
AMZN Amazon.com Inc. call Sold out 45,000 $9.9Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 14,800 $9.9Mbefore exit
POOL Pool Corp. call New 42,500 $9.7M
JBHT Hunt (jb) Transprt SVCS Inc. put New 50,000 $9.7M
SHW The Sherwin-Williams Co. call Sold out 25,000 $8.7Mbefore exit
PLD Prologis Inc. call Sold out 75,000 $8.6Mbefore exit
GDX Vaneck Gold Miners ETF put Reduce -97.4% 100,000 $8.6M

Showing the first 50 of 76.

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