Cardinal Capital Management, Inc.
Long book
$3.71B
Q1 2026
Positions
66
Top-10 weight
43%
concentration
Last quarter
+11.5%
SPY +14.8%
Turnover
14%
of book per quarter
Strategy in plain words
auto-generated from filingsCardinal Capital Management, Inc. is a diversified fundamental manager, running a $3.71B US long book across 66 positions.
The portfolio is moderately concentrated (top 10 ≈ 43% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: SUNCOR ENERGY INC, SAPUTO INC, MANULIFE FINANCIAL CORP, PEMBINA PIPELINE CORP, TC ENERGY CORP.
Over the last 9 quarters its long book ran on average 1pp per quarter ahead of 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
-1.6%
Q2 2024
+14.7%
Q3 2024
-0.5%
Q4 2024
-0.4%
Q1 2025
+11.0%
Q2 2025
+6.6%
Q3 2025
+5.2%
Q4 2025
+2.9%
Q1 2026
+11.5%
Sector allocation
Financials 27%
Other 26%
Energy 12%
Industrials 12%
Utilities 7%
Technology 4%
Healthcare 4%
Real estate 4%
Long book by quarter
What does Cardinal Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SU SUNCOR ENERGY INC | Energy | 3.5M | $231.4M | 6.2% | +0.3% |
| SAPIF SAPUTO INC | — | 5.6M | $174.0M | 4.7% | +1.1% |
| MFC MANULIFE FINANCIAL CORP | Financials | 4.7M | $160.5M | 4.3% | +2.3% |
| PBA PEMBINA PIPELINE CORP | Energy | 3.6M | $158.6M | 4.3% | +8.6% |
| TRP TC ENERGY CORP | Utilities | 2.5M | $158.2M | 4.3% | +5.7% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 1.6M | $147.1M | 4.0% | -10.4% |
| RY ROYAL BANK OF CANADA | Financials | 895.7K | $144.3M | 3.9% | +1.9% |
| GIL GILDAN ACTIVEWEAR INC | Other | 2.6M | $143.6M | 3.9% | +1.7% |
| BNS BANK OF NOVA SCOTIA | Financials | 2.0M | $139.8M | 3.8% | +1.3% |
| SLF SUN LIFE FINANCIAL INC | Financials | 2.2M | $139.4M | 3.8% | +107.7% |
| BMO BANK OF MONTREAL | Financials | 1.0M | $135.6M | 3.7% | +1.6% |
| CDNAF CANADIAN TIRE CORP-CLASS A | — | 1.0M | $134.5M | 3.6% | +1.8% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 1.7M | $131.0M | 3.5% | +7.8% |
| BN BROOKFIELD CORP | Real estate | 3.2M | $127.9M | 3.4% | +2.9% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 1.2M | $121.6M | 3.3% | +21.7% |
| CCDBF CCL INDUSTRIES INC - CL B | — | 1.9M | $118.8M | 3.2% | New |
| IFCZF INTACT FINANCIAL CORP | — | 631.2K | $114.0M | 3.1% | +18.0% |
| NTIOF NATIONAL BANK OF CANADA | — | 758.9K | $97.9M | 2.6% | New |
| ELEEF ELEMENT FLEET MANAGEMENT COR | — | 4.0M | $86.2M | 2.3% | +11.8% |
| AMAT APPLIED MATERIALS INC | Technology | 187.7K | $64.1M | 1.7% | -7.5% |
| ABBV ABBVIE INC | Healthcare | 252.5K | $54.9M | 1.5% | +31.6% |
| CMI CUMMINS INC | Industrials | 96.0K | $51.7M | 1.4% | +0.2% |
| TMUS T-MOBILE US INC | Communications | 194.6K | $40.9M | 1.1% | +10.1% |
| NEE NEXTERA ENERGY INC | Utilities | 434.6K | $40.4M | 1.1% | +0.5% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 128.8K | $37.4M | 1.0% | +3.6% |
| WFC WELLS FARGO & CO | Financials | 462.7K | $36.8M | 1.0% | +2.7% |
| NTR NUTRIEN LTD | Other | 473.9K | $35.7M | 1.0% | -10.0% |
| BKNG BOOKING HOLDINGS INC | Industrials | 8.0K | $33.9M | 0.9% | +13.2% |
| ETR ENTERGY CORP | Utilities | 299.0K | $33.6M | 0.9% | +101.8% |
| URI UNITED RENTALS INC | Services media | 44.5K | $32.4M | 0.9% | +6.5% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 141.4K | $32.0M | 0.9% | +1.9% |
| HD HOME DEPOT INC | Consumer discretionary | 95.1K | $31.3M | 0.8% | +8.2% |
| NXPI NXP SEMICONDUCTORS NV | Technology | 156.1K | $30.7M | 0.8% | +8.4% |
| CARR CARRIER GLOBAL CORP | Industrials | 537.4K | $30.3M | 0.8% | +31.0% |
| MSFT MICROSOFT CORP | Technology | 76.7K | $28.4M | 0.8% | +38.8% |
| MDT MEDTRONIC PLC | Healthcare | 310.9K | $26.9M | 0.7% | +5.3% |
| BDX BECTON DICKINSON AND CO | Healthcare | 167.4K | $26.3M | 0.7% | +36.0% |
| MRK MERCK & CO. INC. | Healthcare | 207.5K | $25.0M | 0.7% | -31.9% |
| ENB ENBRIDGE INC | Energy | 433.1K | $23.4M | 0.6% | -51.0% |
| AVGO BROADCOM INC | Technology | 74.6K | $23.1M | 0.6% | +5.9% |
| COP CONOCOPHILLIPS | Energy | 137.9K | $18.2M | 0.5% | +35.4% |
| USB US BANCORP | Financials | 309.8K | $16.1M | 0.4% | +8.6% |
| EMA EMERA INC | Utilities | 221.8K | $11.5M | 0.3% | +1.8% |
| AJG ARTHUR J GALLAGHER & CO | Financials | 43.2K | $9.3M | 0.3% | New |
| CDW CDW CORP/DE | Consumer discretionary | 70.3K | $8.5M | 0.2% | +40.6% |
| TD TORONTO-DOMINION BANK | Financials | 15.7K | $1.5M | 0.0% | -10.2% |
| FTS FORTIS INC | Utilities | 13.0K | $725K | 0.0% | +11.0% |
| DLMAF DOLLARAMA INC | — | 3.7K | $454K | 0.0% | Held |
| ADI ANALOG DEVICES INC | Technology | 1.3K | $402K | 0.0% | +2.0% |
| TXN TEXAS INSTRUMENTS INC | Technology | 1.8K | $354K | 0.0% | +10.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 7, 2026 | 69 | $3.71B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 22, 2026 | 72 | $4.45B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 3, 2025 | 77 | $3.46B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 11, 2025 | 68 | $3.19B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 14, 2025 | 71 | $2.94B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 17, 2025 | 69 | $2.94B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 10, 2024 | 60 | $2.43B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 9, 2024 | 70 | $2.60B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 9, 2024 | 54 | $2.25B | canonical | SEC ↗ |
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