Waratah Capital Advisors Ltd.
Long book
$1.12B
Q1 2026
Positions
98
Top-10 weight
38%
concentration
Last quarter
+1.6%
SPY +14.8%
Turnover
53%
of book per quarter
Strategy in plain words
auto-generated from filingsWaratah Capital Advisors Ltd. is a quantitative fund whose holdings reflect models, not opinions, running a $1.12B US long book across 98 positions.
The portfolio is moderately concentrated (top 10 ≈ 38% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: DESCARTES SYSTEMS GRP/THE, ALAMOS GOLD INC-CLASS A, KINROSS GOLD CORP, CENTERRA GOLD INC, IAMGOLD 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
-2.0%
Q2 2024
+4.7%
Q3 2024
-1.2%
Q4 2024
-0.3%
Q1 2025
+10.6%
Q2 2025
+10.1%
Q3 2025
+5.4%
Q4 2025
+3.8%
Q1 2026
+1.6%
Sector allocation
Materials 30%
Industrials 24%
Technology 17%
Energy 9%
Financials 6%
Utilities 5%
Other 4%
Services media 4%
Long book by quarter
What does Waratah Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| DSGX DESCARTES SYSTEMS GRP/THE | Technology | 1.2M | $85.1M | 7.6% | +969.1% |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 1.4M | $61.2M | 5.5% | +46.6% |
| KGC KINROSS GOLD CORP | Materials | 1.3M | $39.7M | 3.6% | -38.4% |
| CGAU CENTERRA GOLD INC | Materials | 2.2M | $39.2M | 3.5% | -40.5% |
| IAG IAMGOLD CORP | Materials | 1.9M | $36.5M | 3.3% | -25.5% |
| SKE SKEENA RESOURCES LTD | Materials | 1.1M | $33.5M | 3.0% | -26.2% |
| SU SUNCOR ENERGY INC | Energy | 503.0K | $33.3M | 3.0% | New |
| SPXC SPX TECHNOLOGIES INC | Industrials | 155.6K | $31.1M | 2.8% | +336.6% |
| BGSI THE BOYD GROUP INC | Services media | 231.9K | $29.7M | 2.7% | -20.5% |
| CVE CENOVUS ENERGY INC | Energy | 1.1M | $28.4M | 2.5% | New |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 269.3K | $27.7M | 2.5% | +46.0% |
| CR CRANE CO | Industrials | 161.3K | $27.6M | 2.5% | +7.8% |
| NVT NVENT ELECTRIC PLC | Industrials | 217.9K | $25.8M | 2.3% | +6502.7% |
| MLM MARTIN MARIETTA MATERIALS | Materials | 43.6K | $25.7M | 2.3% | +95.8% |
| AEM AGNICO EAGLE MINES LTD | Materials | 121.1K | $24.6M | 2.2% | -27.4% |
| CAE CAE INC | Technology | 889.2K | $23.2M | 2.1% | +184.3% |
| SN SHARKNINJA INC | Industrials | 214.2K | $22.7M | 2.0% | +37.3% |
| TDY TELEDYNE TECHNOLOGIES INC | Technology | 33.6K | $20.3M | 1.8% | +64.0% |
| TD TORONTO-DOMINION BANK | Financials | 212.4K | $19.8M | 1.8% | -28.9% |
| LNG CHENIERE ENERGY INC | Utilities | 69.3K | $19.7M | 1.8% | New |
| NXE NEXGEN ENERGY LTD | Materials | 1.7M | $19.6M | 1.8% | +10.2% |
| SII SPROTT INC | Financials | 127.9K | $18.3M | 1.6% | -14.8% |
| NI NISOURCE INC | Utilities | 376.4K | $17.6M | 1.6% | New |
| AME AMETEK INC | Technology | 77.2K | $16.5M | 1.5% | +65.1% |
| LULU LULULEMON ATHLETICA INC | Other | 97.1K | $14.9M | 1.3% | +55.9% |
| FIX COMFORT SYSTEMS USA INC | Industrials | 10.7K | $14.8M | 1.3% | -64.4% |
| FNV FRANCO-NEVADA CORP | Materials | 56.0K | $13.8M | 1.2% | +0.5% |
| DOO BRP INC/CA- SUB VOTING | Industrials | 191.3K | $13.7M | 1.2% | -42.5% |
| RY ROYAL BANK OF CANADA | Financials | 83.1K | $13.5M | 1.2% | -25.1% |
| SXT SENSIENT TECHNOLOGIES CORP | Other | 150.7K | $13.0M | 1.2% | +3.0% |
| MOD MODINE MANUFACTURING CO | Industrials | 49.4K | $10.7M | 1.0% | New |
| AMAT APPLIED MATERIALS INC | Technology | 30.7K | $10.5M | 0.9% | New |
| RRX REGAL REXNORD CORP | Industrials | 55.1K | $10.3M | 0.9% | +2049.9% |
| AS AMER SPORTS INC | Other | 312.5K | $10.3M | 0.9% | New |
| PWR QUANTA SERVICES INC | Industrials | 18.3K | $10.1M | 0.9% | -26.1% |
| COP CONOCOPHILLIPS | Energy | 75.0K | $9.9M | 0.9% | New |
| ETR ENTERGY CORP | Utilities | 80.7K | $9.1M | 0.8% | New |
| CW CURTISS-WRIGHT CORP | Industrials | 13.3K | $9.1M | 0.8% | -65.6% |
| EQT EQT CORP | Energy | 130.0K | $8.3M | 0.7% | New |
| WRN WESTERN COPPER AND GOLD CORP | Materials | 3.1M | $7.9M | 0.7% | New |
| MTN VAIL RESORTS INC | Services media | 56.7K | $7.3M | 0.7% | -63.8% |
| BC BRUNSWICK CORP | Industrials | 97.9K | $7.1M | 0.6% | New |
| AAPL APPLE INC | Technology | 27.7K | $7.0M | 0.6% | New |
| GIL GILDAN ACTIVEWEAR INC | Other | 124.2K | $6.9M | 0.6% | -67.9% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 87.8K | $6.9M | 0.6% | -67.6% |
| GLW CORNING INC | Industrials | 48.7K | $6.6M | 0.6% | +132.4% |
| ATS ATS CORP | Industrials | 224.0K | $6.3M | 0.6% | New |
| OVV OVINTIV INC | Energy | 100.0K | $5.9M | 0.5% | New |
| STN STANTEC INC | Services media | 64.7K | $5.6M | 0.5% | +0.2% |
| ALB ALBEMARLE CORP | Materials | 31.1K | $5.6M | 0.5% | -15.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 127 | $2.63B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 152 | $2.97B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 183 | $5.66B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 155 | $3.76B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 171 | $3.72B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 146 | $2.98B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 137 | $5.07B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 115 | $2.73B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 146 | $3.34B | canonical | SEC ↗ |
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