Institutional Manager · CIK 0001539919
Waratah Capital Advisors Ltd.
TORONTO, A6 · File #028-15447
Latest AUM
$2.97B
Positions
152
Top-10 Concentration
60.0%
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 | INVESCO QQQ TR | IVZ | -1,818,100 | -$1.12B | +$31.8M |
| REDUCE | SPDR GOLD TR | GLD | -1,579,200 | -$625.9M | +$115.5M |
| REDUCE | VANECK ETF TRUST | 92189F106 | -3,732,700 | -$320.2M | +$35.9M |
| EXITED | ISHARES TR | 464287432 | -3,100,200 | -$277.1M | $0 |
| REDUCE | ISHARES TR | 464288513 | -2,373,400 | -$191.4M | -$2.4M |
| EXITED | SELECT SECTOR SPDR TR | 81369Y886 | -1,370,000 | -$119.5M | $0 |
| REDUCE | INVESCO EXCHANGE TRADED FD T | IVZ | -400,000 | -$76.6M | +$1.0M |
| REDUCE | PAN AMERN SILVER CORP | 697900108 | -1,186,507 | -$61.5M | +$17.5M |
| REDUCE | ISHARES TR | 464287655 | -224,000 | -$55.1M | +$1.2M |
| REDUCE | ROGERS COMMUNICATIONS INC | RCIAF | -1,250,000 | -$47.2M | +$4.7M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025152 pos · $2.97B
- 13F HOLDINGS REPORTQ/E Sep 2025183 pos · $5.66B
- 13F HOLDINGS REPORTQ/E Jun 2025155 pos · $3.76B
- 13F HOLDINGS REPORTQ/E Mar 2025171 pos · $3.72B
- 13F HOLDINGS REPORTQ/E Dec 2024146 pos · $2.98B
- 13F HOLDINGS REPORTQ/E Sep 2024137 pos · $5.07B
- 13F HOLDINGS REPORTQ/E Jun 2024115 pos · $2.73B
- 13F HOLDINGS REPORTQ/E Mar 2024146 pos · $3.34B
- 13F HOLDINGS REPORTQ/E Dec 2023155 pos · $7.00B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | SPDR GOLD TR | GLD | 1,248,200 | $494.7M | 20.81% |
| 2 | INVESCO QQQ TR | IVZ | 461,200 | $283.3M | 11.92% |
| 3 | SPDR GOLD TR | GLD | 460,000 | $182.3M | 7.67% |
| 4 | ISHARES TR | 464288513 | 1,936,600 | $156.1M | 6.57% |
| 5 | KINROSS GOLD CORP | KGCRF | 2,114,712 | $59.6M | 2.50% |
| 6 | ISHARES SILVER TR | SLV | 904,000 | $58.2M | 2.45% |
| 7 | CENTERRA GOLD INC | CGAU | 3,703,468 | $53.2M | 2.24% |
| 8 | ROPER TECHNOLOGIES INC | ROP | 107,300 | $47.8M | 2.01% |
| 9 | BOYD GROUP SERVICES INC | BGSI | 291,886 | $46.5M | 1.96% |
| 10 | BARRICK MNG CORP | 06849F108 | 1,022,153 | $44.5M | 1.87% |
| 11 | IAMGOLD CORP | IAG | 2,603,269 | $42.9M | 1.81% |
| 12 | ALAMOS GOLD INC NEW | AGI | 939,614 | $36.3M | 1.52% |
| 13 | SKEENA RES LTD NEW | 83056P715 | 1,526,799 | $36.2M | 1.52% |
| 14 | ENDEAVOUR SILVER CORP | EXK | 3,737,025 | $35.1M | 1.48% |
| 15 | VIZSLA SILVER CORP | VZLA | 6,343,121 | $34.7M | 1.46% |
| 16 | ROYAL BK CDA | 780087102 | 200,000 | $34.1M | 1.43% |
| 17 | AMAZON COM INC | AMZN | 144,186 | $33.3M | 1.40% |
| 18 | DANAHER CORPORATION | 235851102 | 141,082 | $32.3M | 1.36% |
| 19 | INVESCO EXCHANGE TRADED FD T | IVZ | 150,000 | $28.7M | 1.21% |
| 20 | ROPER TECHNOLOGIES INC | ROP | 64,540 | $28.7M | 1.21% |