Cardinal Capital Management
Long book
$775.6M
Q1 2026
Positions
136
Top-10 weight
26%
concentration
Last quarter
+9.3%
SPY +14.8%
Turnover
2%
of book per quarter
Strategy in plain words
auto-generated from filingsCardinal Capital Management is an institutional manager, running a $775.6M US long book across 136 positions.
The portfolio is moderately concentrated (top 10 ≈ 26% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: JOHNSON & JOHNSON, ELI LILLY & CO, APPLE INC, COSTCO WHOLESALE CORP, EXXON MOBIL CORP.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.5%
Q2 2024
+6.5%
Q3 2024
-1.2%
Q4 2024
-0.3%
Q1 2025
+4.8%
Q2 2025
+6.0%
Q3 2025
+4.6%
Q4 2025
+2.8%
Q1 2026
+9.3%
Sector allocation
Technology 21%
Healthcare 20%
Industrials 15%
Financials 14%
Consumer discretionary 8%
Other 7%
Energy 6%
Consumer staples 4%
Long book by quarter
What does Cardinal Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| JNJ JOHNSON & JOHNSON | Healthcare | 116.4K | $28.4M | 3.7% | -0.6% |
| LLY ELI LILLY & CO | Healthcare | 26.8K | $24.6M | 3.2% | -2.2% |
| AAPL APPLE INC | Technology | 87.0K | $22.1M | 2.8% | -0.2% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 20.7K | $20.7M | 2.7% | -0.4% |
| XOM EXXON MOBIL CORP | Energy | 115.4K | $19.6M | 2.5% | -0.2% |
| WMT WALMART INC | Consumer discretionary | 155.0K | $19.3M | 2.5% | -0.8% |
| GOOGL ALPHABET INC-CL A | Technology | 64.2K | $18.5M | 2.4% | -2.3% |
| MSFT MICROSOFT CORP | Technology | 49.6K | $18.3M | 2.4% | -0.1% |
| JPM JPMORGAN CHASE & CO | Financials | 58.8K | $17.3M | 2.2% | -0.7% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 136.9K | $16.2M | 2.1% | -1.6% |
| DE DEERE & CO | Industrials | 27.9K | $15.7M | 2.0% | -0.4% |
| CSCO CISCO SYSTEMS INC | Technology | 157.7K | $12.2M | 1.6% | +0.4% |
| COP CONOCOPHILLIPS | Energy | 91.9K | $12.1M | 1.6% | +0.5% |
| MRK MERCK & CO. INC. | Healthcare | 96.6K | $11.7M | 1.5% | +0.4% |
| EMR EMERSON ELECTRIC CO | Industrials | 88.8K | $11.6M | 1.5% | -0.4% |
| ECL ECOLAB INC | Other | 43.1K | $11.5M | 1.5% | +0.2% |
| ITW ILLINOIS TOOL WORKS | Industrials | 43.6K | $11.4M | 1.5% | +0.6% |
| LOW LOWE'S COS INC | Consumer discretionary | 48.3K | $11.4M | 1.5% | +0.7% |
| CMI CUMMINS INC | Industrials | 21.0K | $11.3M | 1.5% | -1.9% |
| KEYS KEYSIGHT TECHNOLOGIES IN | Technology | 39.4K | $11.1M | 1.4% | -1.7% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 44.7K | $10.8M | 1.4% | +1.2% |
| LH LABCORP HOLDINGS INC | Healthcare | 38.6K | $10.3M | 1.3% | +0.5% |
| TFC TRUIST FINANCIAL CORP | Financials | 208.7K | $9.6M | 1.2% | +0.2% |
| NFG NATIONAL FUEL GAS CO | Utilities | 101.3K | $9.6M | 1.2% | +0.9% |
| AGX ARGAN INC | Industrials | 17.4K | $9.5M | 1.2% | -35.3% |
| HAS HASBRO INC | Other | 100.0K | $9.4M | 1.2% | +0.2% |
| GIS GENERAL MILLS INC | Consumer staples | 250.1K | $9.3M | 1.2% | +89.9% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 44.3K | $9.1M | 1.2% | +2.3% |
| QCOM QUALCOMM INC | Technology | 69.6K | $9.0M | 1.2% | +1.4% |
| A AGILENT TECHNOLOGIES INC | Healthcare | 75.3K | $8.6M | 1.1% | +0.3% |
| PG PROCTER & GAMBLE CO/THE | Other | 59.3K | $8.6M | 1.1% | +1.8% |
| SBUX STARBUCKS CORP | Consumer discretionary | 93.6K | $8.4M | 1.1% | +1.0% |
| MMM 3M CO | Healthcare | 54.7K | $7.9M | 1.0% | +0.3% |
| IDXX IDEXX LABORATORIES INC | Materials | 14.1K | $7.9M | 1.0% | -0.1% |
| MDT MEDTRONIC PLC | Healthcare | 83.7K | $7.3M | 0.9% | +1.0% |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 12.1K | $7.2M | 0.9% | +0.3% |
| STT STATE STREET CORP | Financials | 55.4K | $7.0M | 0.9% | -0.2% |
| CW CURTISS-WRIGHT CORP | Industrials | 10.3K | $7.0M | 0.9% | -2.1% |
| TROW T ROWE PRICE GROUP INC | Financials | 73.0K | $6.6M | 0.8% | +2.7% |
| REGN REGENERON PHARMACEUTICALS | Healthcare | 8.4K | $6.5M | 0.8% | +0.4% |
| FDX FEDEX CORP | Industrials | 18.2K | $6.5M | 0.8% | +0.2% |
| KO COCA-COLA CO/THE | Consumer staples | 84.2K | $6.5M | 0.8% | +1.1% |
| RY ROYAL BANK OF CANADA | Financials | 39.8K | $6.4M | 0.8% | +0.1% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 104.5K | $6.3M | 0.8% | +0.2% |
| USLM UNITED STATES LIME & MINERAL | Materials | 44.5K | $5.8M | 0.8% | +0.1% |
| ODC OIL-DRI CORP OF AMERICA | Other | 88.1K | $5.7M | 0.7% | +0.1% |
| FFIV F5 INC | Technology | 19.3K | $5.6M | 0.7% | +1.3% |
| PAHC PHIBRO ANIMAL HEALTH CORP-A | Healthcare | 99.0K | $5.5M | 0.7% | -0.1% |
| MKC MCCORMICK & CO-NON VTG SHRS | Consumer staples | 106.8K | $5.4M | 0.7% | +3.8% |
| BDX BECTON DICKINSON AND CO | Healthcare | 33.5K | $5.3M | 0.7% | +2.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 8, 2026 | 136 | $775.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 30, 2026 | 133 | $755.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 23, 2025 | 131 | $723.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 15, 2025 | 128 | $681.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 18, 2025 | 132 | $645.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 31, 2025 | 131 | $637.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 16, 2024 | 130 | $642.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 12, 2024 | 134 | $593.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | Jul 12, 2024 | 139 | $614.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 15, 2024 | 139 | $614.6M | SEC ↗ |
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