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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

Waratah Capital Advisors Ltd.

Quarter ended Q1 2025 · Filed May 13, 2025 · Accession 0001539919-25-000002

Total Value
$3.72B
Positions
171
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (171)

#IssuerTicker / CUSIPSharesValue% of Filing
1SPDR GOLD TRGLD1,563,600$450.5M12.11%
2ISHARES TR4642874323,403,100$309.8M8.33%
3ISHARES TR4642885133,855,400$304.2M8.18%
4ISHARES SILVER TRSLV8,896,500$275.7M7.41%
5SPDR S&P 500 ETF TRSPY293,200$164.0M4.41%
6VANECK ETF TRUST92189F1062,500,000$114.9M3.09%
7INVESCO QQQ TRIVZ189,200$88.7M2.38%
8SPDR S&P 500 ETF TRSPY152,400$85.3M2.29%
9SELECT SECTOR SPDR TR81369Y852800,000$77.2M2.07%
10ISHARES TR464287655351,100$70.0M1.88%
11INVESCO EXCHANGE TRADED FD TIVZ400,000$69.3M1.86%
12MCCORMICK & CO INCMKC-V643,774$53.0M1.42%
13IDEXX LABS INC45168D104123,393$51.8M1.39%
14CANADIAN NAT RES LTD1363851011,635,803$50.4M1.35%
15AGNICO EAGLE MINES LTDAEM430,211$46.6M1.25%
16SPDR GOLD TRGLD142,600$41.1M1.10%
17KINROSS GOLD CORPKGCRF3,180,236$40.1M1.08%
18TELEDYNE TECHNOLOGIES INCTDY71,873$35.8M0.96%
19CARRIER GLOBAL CORPORATIONCARR563,336$35.7M0.96%
20THOMSON REUTERS CORPTMSOF200,972$34.7M0.93%
21STANTEC INCSTN385,424$31.9M0.86%
22MANULIFE FINL CORP56501R1061,008,066$31.4M0.84%
23GRAPHIC PACKAGING HLDG COGPK1,209,215$31.4M0.84%
24CENTERRA GOLD INCCGAU4,930,005$31.3M0.84%
25DANAHER CORPORATION235851102150,000$30.8M0.83%
26PARKER-HANNIFIN CORPPH47,952$29.1M0.78%
27KKR & CO INCKKRT250,000$28.9M0.78%
28HUDBAY MINERALS INCHBM3,580,871$27.2M0.73%
29FRANCO NEV CORPFNV154,622$24.4M0.65%
30ENTERGY CORP NEWENO281,932$24.1M0.65%
31SHARKNINJA INCSN282,158$23.5M0.63%
32FOX CORPFOX393,611$22.3M0.60%
33JOHNSON CTLS INTL PLCG51502105272,227$21.8M0.59%
34EXPAND ENERGY CORPORATIONEXE193,000$21.5M0.58%
35CONOCOPHILLIPSCOP200,000$21.0M0.56%
36QUANTA SVCS INC74762E10279,038$20.1M0.54%
37WASTE CONNECTIONS INCWCN102,408$20.0M0.54%
38IMPERIAL OIL LTDIMO275,000$19.9M0.53%
39XPO INCXPO184,635$19.9M0.53%
40EOG RES INCEOG150,000$19.2M0.52%
41S&P GLOBAL INCSPGI37,357$19.0M0.51%
42SPROTT INCSII398,424$17.9M0.48%
43TRANSDIGM GROUP INCTDG12,575$17.4M0.47%
44VAIL RESORTS INCMTN108,441$17.4M0.47%
45PROLOGIS INC.PLDGP153,702$17.2M0.46%
46NEXGEN ENERGY LTDNXE3,763,259$16.9M0.45%
47CANADIAN NATL RY CO136375102154,819$15.1M0.41%
48CHIPOTLE MEXICAN GRILL INCCMG300,000$15.1M0.40%
49NUTRIEN LTDNTR300,000$14.9M0.40%
50STARBUCKS CORPSBUX150,000$14.7M0.40%
51ALAMOS GOLD INC NEWAGI543,854$14.5M0.39%
52SHERWIN WILLIAMS COSHW41,012$14.3M0.38%
53CHIPOTLE MEXICAN GRILL INCCMG281,432$14.1M0.38%
54MARTIN MARIETTA MATLS INC57328410629,317$14.0M0.38%
55TC ENERGY CORPTRPRF292,952$13.8M0.37%
56EVERCORE INCEVR68,828$13.7M0.37%
57BROADRIDGE FINL SOLUTIONS IN11133T10356,651$13.7M0.37%
58ISHARES INC464286806370,130$13.7M0.37%
59VIPER ENERGY INCVNOM300,000$13.5M0.36%
60ROYAL BK CDA780087102119,992$13.5M0.36%
61EQUINOX GOLD CORPEQX1,965,875$13.5M0.36%
62LAMAR ADVERTISING CO NEWLAMR116,755$13.3M0.36%
63ALIBABA GROUP HLDG LTDBBAAY100,000$13.2M0.36%
64OVINTIV INCOVV305,000$13.1M0.35%
65JPMORGAN CHASE & CO.VYLD53,142$13.0M0.35%
66WILLIS TOWERS WATSON PLC LTDWTW38,536$13.0M0.35%
67DARDEN RESTAURANTS INCDRI61,976$12.9M0.35%
68WEC ENERGY GROUP INCWEC112,011$12.2M0.33%
69MARTIN MARIETTA MATLS INC57328410625,000$12.0M0.32%
70BURLINGTON STORES INCBURL49,743$11.9M0.32%
71META PLATFORMS INCMETA20,421$11.8M0.32%
72ROPER TECHNOLOGIES INCROP19,679$11.6M0.31%
73VISTRA CORPVST96,390$11.3M0.30%
74CHENIERE ENERGY INCLNG48,723$11.3M0.30%
75BCE INCBCPPF490,359$11.3M0.30%
76AT&T INCT-PC395,960$11.2M0.30%
77ISHARES TR464287432120,800$11.0M0.30%
78AZEK CO INC05478C105220,467$10.8M0.29%
79CAVA GROUP INCCAVA118,620$10.2M0.28%
80UL SOLUTIONS INCULS177,499$10.0M0.27%
81APPLE INCAAPL44,030$9.8M0.26%
82VISA INCV27,869$9.8M0.26%
83HUDBAY MINERALS INCHBM1,264,200$9.6M0.26%
84SUN LIFE FINANCIAL INC.SUNFF153,246$8.8M0.24%
85CANADIAN PACIFIC KANSAS CITYCP121,759$8.5M0.23%
86WEST FRASER TIMBER CO LTDWFG105,521$8.1M0.22%
87MICRON TECHNOLOGY INCMU89,701$7.8M0.21%
88REGAL REXNORD CORPORATIONRRX65,859$7.5M0.20%
89ISHARES TR46428765537,319$7.4M0.20%
90FIRSTSERVICE CORP NEWFSV43,945$7.3M0.20%
91PERMIAN RESOURCES CORPPR525,000$7.3M0.20%
92NEWMONT CORPNEMCL150,000$7.2M0.19%
93EQUITY LIFESTYLE PPTYS INC29472R108103,961$6.9M0.19%
94OKTA INCOKTA64,883$6.8M0.18%
95HOME DEPOT INCHD18,203$6.7M0.18%
96AUTOZONE INCAZO1,744$6.6M0.18%
97TORONTO DOMINION BK ONTTORO99,093$5.9M0.16%
98TELUS CORPORATIONTU402,470$5.8M0.16%
99DANAHER CORPORATION23585110226,943$5.5M0.15%
100TRANSALTA CORPTACPF577,972$5.4M0.15%
101WEYERHAEUSER CO MTN BEWY178,707$5.2M0.14%
102FISERV INCFISV21,539$4.8M0.13%
103BUILDERS FIRSTSOURCE INCBLDR36,300$4.5M0.12%
104HOWMET AEROSPACE INCHWM34,588$4.5M0.12%
105PG&E CORPPCG-PX250,000$4.3M0.12%
106DIAMONDBACK ENERGY INCFANG25,000$4.0M0.11%
107ISHARES TR464287184110,104$3.9M0.11%
108DT MIDSTREAM INCDTM38,000$3.7M0.10%
109ISHARES TR464287184100,000$3.6M0.10%
110SENSIENT TECHNOLOGIES CORPSXT47,145$3.5M0.09%
111TRANE TECHNOLOGIES PLCTT9,905$3.3M0.09%
112VALERO ENERGY CORPVLO25,000$3.3M0.09%
113UNION PAC CORPUNP13,885$3.3M0.09%
114KINROSS GOLD CORPKGCRF250,000$3.2M0.08%
115ATLAS LITHIUM CORPATLX568,893$2.9M0.08%
116CROWDSTRIKE HLDGS INCCRWD8,325$2.9M0.08%
117ROYAL GOLD INCRGLD17,186$2.8M0.08%
118ATS CORPORATIONATS107,175$2.7M0.07%
119ECOLAB INCECL10,379$2.6M0.07%
120COEUR MNG INC192108504418,886$2.5M0.07%
121NVR INCNVR341$2.5M0.07%
122ISHARES BITCOIN TRUST ETFIBIT52,261$2.4M0.07%
123BANK NEW YORK MELLON CORP06405810026,317$2.2M0.06%
124HUNTINGTON INGALLS INDS INC44641310610,620$2.2M0.06%
125MICROSOFT CORPMSFT5,473$2.1M0.06%
126CHEMED CORP NEWCHE3,122$1.9M0.05%
127FREEPORT-MCMORAN INCFCX50,400$1.9M0.05%
128PHILIP MORRIS INTL INC71817210911,970$1.9M0.05%
129COCA COLA COKO26,441$1.9M0.05%
130SIMON PPTY GROUP INC NEW82880610910,726$1.8M0.05%
131BOEING COBA-PA10,409$1.8M0.05%
132SIX FLAGS ENTERTAINMENT CORPFUN48,700$1.7M0.05%
133APPLIED INDL TECHNOLOGIES IN03820C1057,620$1.7M0.05%
134KRANESHARES TRUST50076730648,811$1.7M0.05%
135BUILDERS FIRSTSOURCE INCBLDR13,592$1.7M0.05%
136PROCTER AND GAMBLE CO7427181099,562$1.6M0.04%
137STERIS PLCSTE6,730$1.5M0.04%
138QXO INCQXO-PB109,410$1.5M0.04%
139ANTERO RESOURCES CORPAR36,219$1.5M0.04%
140RYMAN HOSPITALITY PPTYS INC78377T10715,802$1.4M0.04%
141THERMO FISHER SCIENTIFIC INCTMO2,872$1.4M0.04%
142COMFORT SYS USA INC1999081044,332$1.4M0.04%
143ALTRIA GROUP INCMO22,737$1.4M0.04%
144CENTERRA GOLD INCCGAU211,200$1.3M0.04%
145ATS CORPORATIONATS50,000$1.2M0.03%
146SIGMA LITHIUM CORPORATIONSGML117,800$1.2M0.03%
147IDEXX LABS INC45168D1042,400$1.0M0.03%
148ELBIT SYS LTDESLT2,599$997,1840.03%
149NASDAQ INCNDAQ11,700$887,5620.02%
150TRIPLE FLAG PRECIOUS METALTFPM43,773$838,2530.02%
151ADVANCED DRAIN SYS INC DEL00790R1047,604$826,1750.02%
152SHARKNINJA INCSN7,400$617,2340.02%
153UNITED PARKS & RESORTS INCPRKS12,300$559,1580.02%
154CHURCH & DWIGHT CO INCCHD4,925$542,1930.01%
155BERRY GLOBAL GROUP INC08579W1037,754$541,3070.01%
156PEPSICO INCPEP3,558$533,4870.01%
157CATERPILLAR INCCAT1,589$524,0520.01%
158TELESAT CORPTSAT26,157$492,5360.01%
159NEWMONT CORPNEMCL10,008$483,1860.01%
160STARBUCKS CORPSBUX4,535$444,8380.01%
161CANADIAN IMPERIAL BK COMMCNDIF7,591$427,3730.01%
162CAE INCCAE17,321$425,9230.01%
163CAMECO CORPCCJ10,324$424,9360.01%
164PEMBINA PIPELINE CORPPPLOF10,507$420,5950.01%
165INMUNE BIO INCINMB53,774$419,9750.01%
166ENBRIDGE INCENNPF9,472$419,7040.01%
167ISHARES INC46428640015,937$411,9710.01%
168GMS INC36251C1035,406$395,5570.01%
169FASTENAL COFAST3,516$272,6660.01%
170PAN AMERN SILVER CORP6979001088,994$232,3150.01%
171SEABRIDGE GOLD INCSA13,508$157,6380.00%