Cardinal Capital Management, Inc.
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| SUNCOR ENERGY INC NEW | SU | $430.4M | 6,331,336 | +5.68pp | 32q | +101.0%+$216.3M | |
| PEMBINA PIPELINE CORP | PBA | $329.2M | 7,356,398 | +3.41pp | 29q | +102.4%+$166.6M | |
| MANULIFE FINL CORP | MFC | $175.1M | 4,099,098 | -0.61pp | 25q | -12.4%-$24.8M | |
| ROYAL BK CDA | RY | $174.9M | 886,886 | -0.49pp | 32q | -0.6%-$1.1M | |
| BANK NOVA SCOTIA B C | BNS | $169.4M | 1,858,134 | -0.39pp | 32q | -7.9%-$14.6M | |
| BANK OF MONTREAL | BMO | $164.9M | 983,830 | -0.52pp | 32q | -1.5%-$2.6M | |
| CANADIAN IMPERIAL BANK OF CO | CM | $155.4M | 1,407,112 | -0.74pp | 32q | -8.2%-$13.9M | |
| CANADIAN PACIFIC KANSAS CITY | CP | $147.9M | 1,732,658 | -0.21pp | 11q | +1.8%+$2.6M | |
| TC ENERGY CORP | TRP | $147.3M | 2,537,275 | -0.74pp | 30q | -0.6%-$946.6K | |
| CCL INDS B | CCDBF | $142.9M | 2,162,426 | -0.07pp | 3q | +2.7%+$3.8M | |
| CANADIAN NATL RY CO | CNI | $142.0M | 1,190,268 | -0.39pp | 32q | -5.1%-$7.6M | |
| GILDAN ACTIVEWEAR INC | GIL | $141.4M | 3,309,542 | -0.56pp | 18q | +9.3%+$12.1M | |
| INTACT FINANCIAL | $129.6M | 748,038 | -0.68pp | 8q | +2.9%+$3.7M | ||
| BROOKFIELD CORP | BN | $121.5M | 3,321,845 | -0.59pp | 14q | +2.3%+$2.7M | |
| SAPUTOINC | SAPIF | $118.5M | 4,203,742 | -0.22pp | 8q | +1.2%+$1.4M | |
| STANTEC INC | STN | $109.5M | 1,620,272 | - | new | NEW | |
| NATL BANK OF CANADA COM | NTIOF | $106.1M | 741,834 | -0.44pp | 3q | -0.7%-$702.4K | |
| Sun Life Financial, Inc. | SLF | $91.9M | 1,176,271 | -0.13pp | 25q | +0.6%+$585.8K | |
| Canadian Tire Ltd | CDNAF | $90.5M | 666,026 | -1.30pp | 8q | -34.0%-$46.7M | |
| ELEMENT FLEET MANAGE F | $80.9M | 5,069,906 | -0.64pp | 8q | +1.9%+$1.5M | ||
| ABBVIE INC | ABBV | $64.1M | 245,195 | -0.21pp | 28q | -10.4%-$7.5M | |
| NXP SEMICONDUCTORS N V | NXPI | $57.6M | 242,298 | +0.22pp | 11q | +51.8%+$19.6M | |
| APPLIED MATLS INC | AMAT | $51.9M | 101,516 | -0.60pp | 25q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $49.6M | 108,640 | -0.12pp | 5q | +1.0%+$490.9K | |
| UNITED RENTALS INC | URI | $49.3M | 49,221 | -0.24pp | 9q | -0.9%-$423.3K | |
| CUMMINS INC | CMI | $48.5M | 93,947 | -0.55pp | 19q | -2.0%-$970.6K | |
| EXCHANGE INCOME CORPORATION | $48.2M | 551,247 | flat | 2q | +13.1%+$5.6M | ||
| SIEMENS AG-SPONS ADR | SIEGY | $45.7M | 294,346 | -0.10pp | 8q | HELD | |
| VISA INC | V | $43.2M | 120,294 | flat | 2q | +1.7%+$714.7K | |
| SCHNEIDER ELECTRIC SE | SBGSY | $41.3M | 627,927 | -0.05pp | 8q | +0.8%+$308.7K | |
| MICROSOFT CORP | MSFT | $41.3M | 80,427 | +0.22pp | 16q | +0.8%+$313.9K | |
| AIR PRODUCTS AND CHEMICALS I | APD | $38.5M | 138,410 | -0.11pp | 11q | HELD | |
| BROADCOM INC | AVGO | $38.4M | 109,353 | +0.06pp | 22q | +23.9%+$7.4M | |
| WELLS FARGO & CO | WFC | $37.8M | 471,833 | -0.08pp | 32q | +0.8%+$282.8K | |
| CARRIER GLOBAL CORPORATION | CARR | $37.7M | 686,997 | -0.17pp | 6q | +19.4%+$6.1M | |
| TE CONNECTIVITY PLC | TEL | $37.2M | 176,320 | +0.08pp | 2q | +12.9%+$4.2M | |
| NEXTERA ENERGY INC | NEE | $34.9M | 460,576 | -0.14pp | 12q | +4.9%+$1.6M | |
| ENTERGY CORP NEW | ETR | $34.5M | 347,670 | -0.12pp | 5q | +7.5%+$2.4M | |
| HOME DEPOT INC | HD | $34.5M | 121,238 | -0.24pp | 13q | +0.9%+$321.2K | |
| BOOKING HOLDINGS INC | BKNG | $33.6M | 206,488 | -0.12pp | 10q | HELD | |
| NUTRIEN LTD | NTR | $32.0M | 453,977 | +0.04pp | 32q | +1.0%+$318.6K | |
| BECTON DICKINSON CO | BDX | $31.8M | 177,450 | +0.07pp | 9q | -0.5%-$173.8K | |
| BOARDWALK REAL ESTATE | BOWFF | $30.8M | 710,780 | -0.08pp | 8q | +0.8%+$242.1K | |
| MERCK & CO INC | MRK | $29.7M | 204,106 | +0.03pp | 32q | -1.1%-$340.8K | |
| MEDTRONIC PLC | MDT | $29.4M | 340,500 | +0.04pp | 14q | +3.4%+$977.2K | |
| ENEL SOCIETA PER AZIONI | ENLAY | $28.0M | 2,833,130 | -0.16pp | 8q | -1.3%-$361.9K | |
| UNILEVER PLC | UL | $27.4M | 450,494 | -0.02pp | 4q | +2.0%+$526.9K | |
| SAP SE | SAP | $19.0M | 90,908 | +0.09pp | 32q | HELD | |
| US BANCORP | USB | $18.8M | 325,446 | -0.05pp | 32q | HELD | |
| CONOCOPHILLIPS | COP | $18.0M | 143,522 | +0.06pp | 12q | +3.4%+$585.5K | |
| HONEYWELL INTL INC | HON | $17.4M | 82,284 | -0.05pp | 2q | HELD | |
| EQUINIX INC | EQIX | $17.4M | 17,156 | -0.04pp | 12q | HELD | |
| GRANITE REAL ESTATE INVT TR TR | GRTUF | $16.3M | 272,809 | - | new | NEW | |
| GALLAGHER ARTHUR J CO | AJG | $11.6M | 51,044 | +0.02pp | 3q | +16.8%+$1.7M | |
| EMERA INC | EMA | $10.6M | 221,475 | -0.05pp | 5q | -1.0%-$112.1K | |
| ENBRIDGE INC | ENB | $10.2M | 219,173 | -0.32pp | 32q | -47.7%-$9.3M | |
| NORTH WEST CO INC/THE | NNWWF | $9.5M | 245,430 | +0.01pp | 2q | +2.2%+$205.7K | |
| BROOKFIELD ASSET MANAGMT LTD | BAM | $3.9M | 87,292 | flat | 2q | +2.9%+$111.0K | |
| IBERDROLA SA | IBDRY | $1.9M | 20,605 | -0.01pp | 8q | -0.5%-$10.3K | |
| TORONTO DOMINION BK ONT | TD | $1.4M | 11,870 | flat | 32q | -1.2%-$17.7K | |
| FORTIS INC | FTS | $664.2K | 12,575 | flat | 32q | -3.3%-$22.4K | |
| CANADIAN NAT RES LTD MED TER | CNQ | $545.4K | 11,566 | flat | 4q | +33.2%+$135.8K | |
| ANALOG DEVICES INC | ADI | $506.6K | 1,277 | flat | 6q | HELD | |
| DOLLARAMA INC COM | $506.2K | 3,905 | flat | 8q | +1.0%+$5.2K | ||
| TEXAS INSTRS INC | TXN | $484.6K | 1,730 | flat | 11q | HELD | |
| APPLE INC | AAPL | $332.0K | 997 | flat | 15q | -7.1%-$25.3K | |
| AMGEN INC | AMGN | $274.0K | 650 | flat | 31q | -23.5%-$84.3K | |
| CONSTELLATION SOFTWARE INC COM | CNSWF | $269.2K | 132 | - | new | NEW | |
| AGNICO EAGLE MINES LTD | AEM | $267.1K | 1,455 | flat | 5q | HELD | |
| BANK OF AMER CORP | BAC | $227.2K | 4,175 | flat | 31q | HELD | |
| PNC FINL SVCS GROUP INC | PNC | $222.3K | 1,000 | flat | 5q | HELD | |
| Grafton Resources Inc. | GFTFF | $4.3K | 12,000 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Energy | $925.4M | 21.0% |
| Banks & Lending | $723.0M | 16.4% |
| Transport & Logistics | $333.8M | 7.6% |
| Insurance | $278.7M | 6.3% |
| Business Services | $202.0M | 4.6% |
| Semiconductors & Electronics | $198.4M | 4.5% |
| Retail & Consumer | $175.9M | 4.0% |
| Real Estate | $155.2M | 3.5% |
| Funds & ETFs | $128.0M | 2.9% |
| Chemicals | $97.8M | 2.2% |
| Biotech & Pharma | $94.1M | 2.1% |
| Industrials | $86.2M | 2.0% |
| Other sectors | $261.1M | 5.9% |
| Not classified | $746.8M | 16.9% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -3.5% | +2.1% | -5.6% | 79% |
| Q2 2026 | +12.7% | +14.8% | -2.1% | 84% |
| Q1 2026 | +2.6% | -4.6% | +7.2% | 63% |
| Q4 2025 | +4.3% | +2.4% | +1.9% | 82% |
| Q3 2025 | +7.8% | +7.8% | -0.1% | 81% |
| Q2 2025 | +8.5% | +10.5% | -1.9% | 85% |
| Q1 2025 | -1.6% | -4.6% | +3.0% | 87% |
| Q4 2024 | -1.4% | +2.1% | -3.5% | 99% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $4.4B | 72 | 4 | 33 | 22 | 2 | 46.2% | 16 |
| Q2 2026 | $4.1B | 70 | 7 | 40 | 13 | 3 | 41.4% | 10 |
| Q1 2026 | $3.7B | 66 | 3 | 45 | 11 | 7 | 43.0% | 7 |
| Q4 2025 | $4.5B | 70 | 2 | 24 | 38 | 9 | 46.3% | 22 |
| Q3 2025 | $3.5B | 77 | 9 | 39 | 14 | 0 | 41.8% | 3 |
| Q2 2025 | $3.2B | 68 | 2 | 14 | 32 | 4 | 41.5% | 11 |
| Q1 2025 | $2.9B | 70 | 3 | 32 | 28 | 2 | 41.2% | 14 |
| Q4 2024 | $2.9B | 69 | 14 | 17 | 33 | 3 | 43.1% | 17 |
| Q3 2024 | $2.4B | 58 | 4 | 24 | 22 | 12 | 53.6% | 10 |
| Q2 2024 | $2.6B | 66 | 13 | 27 | 15 | 0 | 47.2% | 9 |
| Q1 2024 | $2.3B | 53 | 4 | 22 | 17 | 3 | 50.3% | 9 |
| Q4 2023 | $2.1B | 52 | 5 | 6 | 35 | 8 | 51.8% | 54 |
| Q3 2023 | $1.9B | 55 | 1 | 26 | 17 | 1 | 52.2% | 12 |
| Q2 2023 | $2.0B | 55 | 3 | 23 | 19 | 2 | 52.2% | 10 |
| Q1 2023 | $1.8B | 54 | 2 | 24 | 18 | 2 | 55.9% | 6 |
| Q4 2022 | $1.8B | 54 | 1 | 40 | 7 | 1 | 56.9% | 34 |
| Q3 2022 | $1.6B | 54 | 0 | 27 | 14 | 23 | 58.7% | 7 |
| Q2 2022 | $1.8B | 77 | 11 | 32 | 16 | 22 | 61.6% | 13 |
| Q1 2022 | $2.1B | 88 | 27 | 23 | 29 | 22 | 62.0% | 12 |
| Q4 2021 | $2.1B | 83 | 18 | 32 | 15 | 17 | 56.7% | 19 |
| Q3 2021 | $1.8B | 82 | 18 | 25 | 24 | 12 | 58.0% | 7 |
| Q2 2021 | $1.8B | 76 | 8 | 38 | 13 | 11 | 58.8% | 9 |
| Q1 2021 | $1.7B | 79 | 12 | 26 | 30 | 10 | 58.3% | 14 |
| Q4 2020 | $1.6B | 77 | 6 | 33 | 20 | 2 | 57.7% | 15 |
| Q3 2020 | $1.4B | 73 | 9 | 33 | 22 | 8 | 57.3% | 13 |
| Q2 2020 | $1.2B | 72 | 13 | 32 | 19 | 9 | 60.4% | 8 |
| Q1 2020 | $1.2B | 68 | 9 | 36 | 15 | 11 | 62.8% | 8 |
| Q4 2019 | $1.5B | 70 | 15 | 40 | 9 | 5 | 55.2% | 15 |
| Q3 2019 | $1.1B | 60 | 14 | 20 | 13 | 0 | 52.6% | 8 |
| Q2 2019 | $1.0B | 46 | 1 | 10 | 20 | 9 | 52.6% | 11 |
| Q1 2019 | $999.9M | 54 | 2 | 27 | 12 | 0 | 50.9% | 4 |
| Q4 2018 | $853.3M | 52 | 0 | 0 | 0 | 0 | 52.3% | 14 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.