Caldwell Investment Management Ltd.
Long book
$255.2M
Q1 2026
Positions
57
Top-10 weight
71%
concentration
Last quarter
+5.4%
SPY +14.8%
Turnover
68%
of book per quarter
Strategy in plain words
auto-generated from filingsCaldwell Investment Management Ltd. is a concentrated fundamental stock-picker, specialised in financials (66% of the long book), running a $255.2M US long book across 57 positions.
The portfolio is concentrated: the top 10 names carry 71% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: MORGAN STANLEY, CBOE GLOBAL MARKETS INC, MIAMI INTERNATIONAL HOLDINGS, KKR & CO INC, BANK OF AMERICA CORP.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.1%
Q2 2024
+11.3%
Q3 2024
+7.0%
Q4 2024
-1.9%
Q1 2025
+11.4%
Q2 2025
+4.1%
Q3 2025
+2.0%
Q4 2025
-2.6%
Q1 2026
+5.4%
Sector allocation
Financials 66%
Industrials 8%
Technology 7%
Materials 6%
Energy 4%
Services media 3%
Consumer discretionary 2%
Healthcare 1%
Long book by quarter
What does Caldwell Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MS MORGAN STANLEY | Financials | 250.0K | $39.6M | 15.5% | New |
| CBOE CBOE GLOBAL MARKETS INC | Financials | 118.0K | $33.4M | 13.1% | Held |
| MIAX MIAMI INTERNATIONAL HOLDINGS | Financials | 663.8K | $24.9M | 9.8% | -10.2% |
| KKR KKR & CO INC | Financials | 200.0K | $18.1M | 7.1% | Held |
| BAC BANK OF AMERICA CORP | Financials | 350.0K | $16.6M | 6.5% | New |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 100.0K | $15.7M | 6.2% | Held |
| EFXT ENERFLEX LTD | Industrials | 411.0K | $8.4M | 3.3% | Held |
| C CITIGROUP INC | Financials | 75.0K | $8.1M | 3.2% | New |
| CVE CENOVUS ENERGY INC | Energy | 290.8K | $7.7M | 3.0% | +162.5% |
| SII SPROTT INC | Financials | 57.3K | $7.7M | 3.0% | New |
| AEM AGNICO EAGLE MINES LTD | Materials | 37.0K | $7.1M | 2.8% | -21.6% |
| KGC KINROSS GOLD CORP | Materials | 170.3K | $4.9M | 1.9% | New |
| CCJ CAMECO CORP | Materials | 41.0K | $4.2M | 1.7% | Held |
| ELVA ELECTROVAYA INC | Technology | 398.0K | $2.9M | 1.1% | Held |
| LHX L3HARRIS TECHNOLOGIES INC | Technology | 7.6K | $2.6M | 1.0% | New |
| RY ROYAL BANK OF CANADA | Financials | 15.6K | $2.5M | 1.0% | New |
| CLS CELESTICA INC | Technology | 8.9K | $2.3M | 0.9% | Held |
| OVV OVINTIV INC | Energy | 34.9K | $2.1M | 0.8% | New |
| PFE PFIZER INC | Healthcare | 75.0K | $2.1M | 0.8% | New |
| FIX COMFORT SYSTEMS USA INC | Industrials | 1.6K | $2.0M | 0.8% | New |
| MCK MCKESSON CORP | Consumer discretionary | 2.2K | $1.9M | 0.7% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 9.3K | $1.9M | 0.7% | Held |
| MSI MOTOROLA SOLUTIONS INC | Technology | 4.2K | $1.8M | 0.7% | New |
| TJX TJX COMPANIES INC | Consumer discretionary | 11.1K | $1.7M | 0.7% | New |
| CAE CAE INC | Technology | 66.1K | $1.7M | 0.7% | New |
| KLAC KLA CORP | Other | 1.2K | $1.7M | 0.7% | New |
| ATS ATS CORP | Industrials | 60.8K | $1.6M | 0.6% | Held |
| MSFT MICROSOFT CORP | Technology | 4.5K | $1.6M | 0.6% | New |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 3.3K | $1.6M | 0.6% | New |
| V VISA INC-CLASS A SHARES | Services media | 5.1K | $1.5M | 0.6% | +4.1% |
| CW CURTISS-WRIGHT CORP | Industrials | 2.4K | $1.5M | 0.6% | New |
| STN STANTEC INC | Services media | 17.8K | $1.5M | 0.6% | New |
| HWM HOWMET AEROSPACE INC | Industrials | 6.4K | $1.4M | 0.6% | New |
| J JACOBS SOLUTIONS INC | Industrials | 11.0K | $1.4M | 0.5% | Held |
| ROL ROLLINS INC | Services media | 22.0K | $1.2M | 0.5% | New |
| JPM JPMORGAN CHASE & CO | Financials | 4.1K | $1.2M | 0.5% | -67.7% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 10.8K | $1.1M | 0.4% | New |
| AROC ARCHROCK INC | Utilities | 31.5K | $1.1M | 0.4% | New |
| LRCX LAM RESEARCH CORP | Industrials | 5.4K | $1.1M | 0.4% | New |
| WWD WOODWARD INC | Industrials | 3.0K | $1.0M | 0.4% | New |
| WMB WILLIAMS COS INC | Utilities | 14.0K | $1.0M | 0.4% | New |
| GIB CGI INC | Services media | 12.9K | $937K | 0.4% | Held |
| IBKR INTERACTIVE BROKERS GRO-CL A | Financials | 13.9K | $886K | 0.3% | -48.7% |
| RMD RESMED INC | Healthcare | 4.0K | $881K | 0.3% | New |
| VRT VERTIV HOLDINGS CO-A | Technology | 3.6K | $844K | 0.3% | New |
| WCN WASTE CONNECTIONS INC | Utilities | 5.1K | $826K | 0.3% | New |
| APH AMPHENOL CORP-CL A | Technology | 6.8K | $811K | 0.3% | New |
| CACI CACI INTERNATIONAL INC -CL A | Technology | 1.4K | $783K | 0.3% | New |
| NOW SERVICENOW INC | Technology | 7.0K | $736K | 0.3% | Held |
| NVDA NVIDIA CORP | Technology | 4.4K | $728K | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 57 | $255.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 29 | $162.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 27, 2025 | 26 | $152.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 20 | $115.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 31 | $134.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 14, 2025 | 34 | $148.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 32 | $142.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 22, 2024 | 33 | $132.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 26, 2024 | 34 | $134.4M | canonical | SEC ↗ |