Institutional Manager · CIK 0001518235
Cardinal Capital Management, Inc.
WINNIPEG, A2 · File #028-16118
Latest AUM
$4.45B
Positions
72
Top-10 Concentration
46.7%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | Saputo Inc. | SAPIF | -5,837,686 | -$241.0M | +$99.3M |
| REDUCE | TC Energy Corp. | TRPRF | -2,482,042 | -$187.6M | +$52.8M |
| REDUCE | Enbridge Inc. | ENNPF | -1,735,098 | -$114.0M | +$39.8M |
| EXITED | CCL Industries Inc. | 124900309 | -1,561,966 | -$88.1M | $0 |
| EXITED | National Bank of Canada | 633067103 | -800,544 | -$85.1M | $0 |
| ADD | Brookfield Corp. | 11271J107 | +913,603 | +$57.6M | -$12.2M |
| ADD | Microsoft Corp. | MSFT | +54,287 | +$36.0M | +$135,270 |
| NEW | Unilever PLC - ADR | UNLYF | +383,058 | +$34.4M | $0 |
| ADD | Canadian National Railway Co. | 136375102 | +232,120 | +$31.5M | +$30.7M |
| EXITED | Unilever PLC - ADR | 904767704 | -432,684 | -$25.6M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202572 pos · $4.45B
- 13F HOLDINGS REPORTQ/E Sep 202577 pos · $3.46B
- 13F HOLDINGS REPORTQ/E Jun 202568 pos · $3.19B
- 13F HOLDINGS REPORTQ/E Mar 202571 pos · $2.94B
- 13F HOLDINGS REPORTQ/E Dec 202469 pos · $2.94B
- 13F HOLDINGS REPORTQ/E Sep 202460 pos · $2.43B
- 13F HOLDINGS REPORTQ/E Jun 202470 pos · $2.60B
- 13F HOLDINGS REPORTQ/E Mar 202454 pos · $2.25B
- 13F HOLDINGS REPORTQ/E Dec 202356 pos · $1.92B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | Saputo Inc. | SAPIF | 5,519,830 | $228.0M | 5.17% |
| 2 | Manulife Financial Corp. | 56501R106 | 4,569,808 | $227.8M | 5.16% |
| 3 | Gildan Activewear Inc. | GIL | 2,543,896 | $218.2M | 4.95% |
| 4 | Canadian Imperial Bank of Commerce | CNDIF | 1,736,864 | $216.1M | 4.90% |
| 5 | Suncor Energy Inc. | SU | 3,500,373 | $213.2M | 4.83% |
| 6 | Royal Bank of Canada | 780087102 | 879,128 | $205.7M | 4.66% |
| 7 | Bank of Nova Scotia | 064149107 | 1,997,649 | $202.2M | 4.58% |
| 8 | Brookfield Corp. | 11271J107 | 3,077,748 | $194.0M | 4.40% |
| 9 | TC Energy Corp. | TRPRF | 2,382,915 | $180.1M | 4.08% |
| 10 | Bank of Montreal | 063671101 | 988,492 | $176.2M | 3.99% |
| 11 | Canadian Tire Corp. Ltd. - Cla | 136681202 | 985,701 | $171.5M | 3.89% |
| 12 | Pembina Pipeline Corp. | PPLOF | 3,274,336 | $171.2M | 3.88% |
| 13 | Canadian Pacific Kansas City Ltd. | CP | 1,549,556 | $156.6M | 3.55% |
| 14 | Intact Financial Corp | 45823T106 | 534,672 | $152.8M | 3.46% |
| 15 | Canadian National Railway Co. | 136375102 | 974,350 | $132.3M | 3.00% |
| 16 | Element Fleet Management Corp. | ELEEF | 3,566,874 | $128.6M | 2.91% |
| 17 | Sun Life Financial Inc. | SUNFF | 1,074,314 | $92.0M | 2.09% |
| 18 | Applied Materials Inc. | 038222105 | 202,845 | $71.5M | 1.62% |
| 19 | Cummins Inc. | CMI | 95,871 | $67.1M | 1.52% |
| 20 | AbbVie Inc. | ABBV | 191,836 | $60.1M | 1.36% |