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Asset Manager ← All Institutions

Cardinal Capital Management, Inc.

400 - 1780 WELLINGTON AVENUE, WINNIPEG, A2 R3H 1B3 • 204-783-0716

Q4 2025 · Filed 2026-01-22
Market Value
$4.2B
+27.2%
Holdings
76
+1
New Purchases
1
Added To
25
Closed
9
Reduced
39
Top 10 Concentration
48.7%
Turnover
13.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SAP.TO 5.38% 4.26% +1.12% $228M
CNI 3.12% 2.10% +1.02% $132M
MFC 5.37% 4.48% +0.89% $228M
MSFT 0.86% 0.01% +0.85% $37M
RY 4.85% 4.06% +0.79% $206M
BNS 4.77% 4.05% +0.72% $202M
CM 5.10% 4.39% +0.70% $216M
IFC.TO 3.60% 2.98% +0.62% $153M
SU 5.03% 4.57% +0.46% $213M
GIL 5.15% 4.69% +0.45% $218M
PBA 4.04% 3.61% +0.43% $171M
AMAT 1.69% 1.28% +0.41% $72M
TSM 0.97% 0.59% +0.38% $41M
CTC-A.TO 4.04% 3.67% +0.38% $171M
SBGSY 1.01% 0.69% +0.31% $43M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CCL-B.TO 0.00% 2.64% -2.64% $0
ENB 1.37% 3.97% -2.60% $58M
NA.TO 0.00% 2.55% -2.55% $0
UL 0.00% 0.77% -0.77% $0
LVMUY 0.00% 0.67% -0.67% $0
SONY 0.01% 0.53% -0.52% $533K
AP-UN.TO 0.01% 0.50% -0.50% $245K
ORCL 0.84% 1.18% -0.33% $36M
NWC.TO 0.00% 0.20% -0.20% $0
BMO 4.16% 4.33% -0.18% $176M
AVGO 0.79% 0.95% -0.16% $33M
TU 0.01% 0.17% -0.16% $279K
CDW 0.22% 0.35% -0.13% $9M
GPN 0.16% 0.25% -0.09% $7M
URI 1.09% 1.18% -0.08% $46M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 35.9%
Energy 16.7%
Consumer Cyclical 13.0%
Industrials 11.9%
Technology 5.8%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 19 $760M 17.9%
Large Cap 50 $3.0B 71.9%
Mid Cap 6 $432M 10.2%
Small Cap 1 $245K 0.0%

Portfolio Analytics

Avg Market Cap
$275.8B
Median Market Cap
$99.6B
Avg P/E
28.1
Median P/E
23.5
Avg Dividend Yield
0.03%
Avg Beta
0.88
# Stocks
76
# ETFs / Funds
0

Top Holdings (76 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SAP.TO 5.38% 5,525,855 $228M $41.31 $86M -317,856 -5.4%
2 MFC 5.37% 4,569,808 $228M $49.84 $78M -222,501 -4.6%
3 GIL 5.15% 2,543,896 $218M $85.79 $62M -162,670 -6.0%
4 CM 5.10% 1,736,864 $216M $124.43 $70M -94,616 -5.2%
5 SU 5.03% 3,500,373 $213M $60.92 $61M -140,650 -3.9%
6 RY 4.85% 879,128 $206M $233.99 $70M -38,016 -4.2%
7 BNS 4.77% 1,997,649 $202M $101.23 $67M -87,645 -4.2%
8 BN 4.57% 3,077,748 $194M $63.02 $45M +913,603 +42.2%
9 TRP 4.27% 2,396,890 $181M $75.58 $45M -99,127 -4.0%
10 BMO 4.16% 988,492 $176M $178.25 $32M -119,500 -10.8%
11 CTC-A.TO 4.04% 985,701 $171M $173.94 $49M -41,001 -4.0%
12 PBA 4.04% 3,274,336 $171M $52.29 $51M +298,412 +10.0%
13 IFC.TO 3.60% 534,672 $153M $285.73 $53M +23,697 +4.6%
14 CNI 3.12% 974,350 $132M $135.75 $62M +232,120 +31.3%
15 EFN.TO 3.03% 3,566,874 $129M $36.05 $33M -133,976 -3.6%
16 SLF 2.17% 1,074,314 $92M $85.68 $23M -70,910 -6.2%
17 AMAT 1.69% 202,845 $72M $352.52 $29M -4,829 -2.3%
18 CMI 1.58% 95,871 $67M $700.21 $22M -11,639 -10.8%
19 ABBV 1.42% 191,836 $60M $313.43 $16M -232 -0.1%
20 ENB 1.37% 884,856 $58M $65.68 -$74M -1,735,098 -66.2%
21 WFC 1.36% 450,511 $58M $127.85 $13M -82,620 -15.5%
22 SIEGY 1.26% 277,659 $53M $191.98 $15M -2,966 -1.1%
23 BKNG 1.23% 7,107 $52M $7,346.13 $15M +135 +1.9%
24 TMUS 1.16% 176,744 $49M $278.52 $8M +5,673 +3.3%
25 NEE 1.12% 432,636 $48M $110.12 $13M -23,910 -5.2%
26 URI 1.09% 41,773 $46M $1,110.18 $7M +712 +1.7%
27 NTR 1.05% 526,307 $45M $84.72 $11M -52,475 -9.1%
28 MRK 1.04% 304,534 $44M $144.39 $19M +10,659 +3.6%
29 NXPI 1.01% 144,019 $43M $297.75 $16M +25,477 +21.5%
30 SBGSY 1.01% 566,826 $43M $75.36 $20M +153,939 +37.3%
31 BEI-UN.TO 1.00% 656,695 $42M $64.48 $8M -31,802 -4.6%
32 APD 0.99% 124,278 $42M $338.85 $9M +4,045 +3.4%
33 HD 0.98% 87,850 $41M $472.02 $7M +2,542 +3.0%
34 TSM 0.97% 98,806 $41M $416.86 $22M +28,454 +40.5%
35 ENLAY 0.94% 2,806,452 $40M $14.24 $13M -38,645 -1.4%
36 MDT 0.92% 295,210 $39M $131.77 $11M +5,675 +2.0%
37 HON 0.88% 138,726 $37M $267.61 $10M +7,929 +6.1%
38 MSFT 0.86% 55,217 $37M $663.40 $36M +54,287 +5837.3%
39 ORCL 0.84% 133,990 $36M $267.37 -$4M -5,881 -4.2%
40 AVGO 0.79% 70,413 $33M $474.76 $2M -25,752 -26.8%
41 BDX 0.77% 123,084 $33M $266.21 $6M -20,844 -14.5%
42 CARR 0.70% 410,196 $30M $72.48 $8M +41,647 +11.3%
43 SAP 0.66% 83,841 $28M $333.21 $7M +4,013 +5.0%
44 USB 0.49% 285,196 $21M $73.20 $9M +42,095 +17.3%
45 ETR 0.44% 148,190 $19M $126.79 $7M +19,360 +15.0%
46 EQIX 0.40% 16,275 $17M $1,050.97 $4M +57 +0.3%
47 EMRAF 0.35% 217,825 $15M $67.64 $4M -945 -0.4%
48 COP 0.31% 101,793 $13M $128.41 $638K -29,650 -22.6%
49 CDW 0.22% 50,050 $9M $186.83 -$2M -22,935 -31.4%
50 GPN 0.16% 63,631 $7M $106.17 -$2M -36,655 -36.5%
51 IBDRY 0.06% 21,323 $3M $118.52 $683K -2,917 -12.0%
52 TD 0.05% 17,509 $2M $129.36 $863K -11 -0.1%
53 FTS 0.02% 11,715 $835K $71.25 $279K +770 +7.0%
54 DOL.TO 0.02% 3,710 $761K $205.14 $258K -100 -2.6%
55 BAC 0.01% 7,370 $556K $75.45 $166K -200 -2.6%
56 SONY 0.01% 15,180 $533K $35.12 -$17M -598,265 -97.5%
57 ADI 0.01% 1,240 $461K $372.02 $163K +25 +2.1%
58 CNQ 0.01% 8,658 $403K $46.49 +8,658 NEW
59 TXN 0.01% 1,645 $391K $237.98 $103K +75 +4.8%
60 AMGN 0.01% 850 $382K $448.98 $142K
61 AAPL 0.01% 997 $372K $372.92 $96K -88 -8.1%
62 AEM 0.01% 1,565 $364K $232.76 $119K +110 +7.6%
63 JPM 0.01% 745 $329K $442.00 $32K -199 -21.1%
64 PNC 0.01% 1,000 $286K $286.32 $85K
65 TU 0.01% 15,435 $279K $18.09 -$5M -335,321 -95.6%
66 AP-UN.TO 0.01% 18,295 $245K $13.37 -$17M -1,109,522 -98.4%
67 CMCSA —% 4,970 $204K $41.00 -$50K -3,100 -38.4%
68 NWC.TO —% -$7M -194,680 -100.0% SOLD
69 UL —% -$26M -432,684 -100.0% SOLD
70 NA.TO —% -$85M -800,544 -100.0% SOLD
71 SWK —% -$738K -9,935 -100.0% SOLD
72 EIF.TO —% -$3M -50,530 -100.0% SOLD
73 NPI.TO —% -$168K -10,000 -100.0% SOLD
74 CCL-B.TO —% -$88M -1,561,966 -100.0% SOLD
75 PEP —% -$447K -3,180 -100.0% SOLD
76 LVMUY —% -$22M -181,821 -100.0% SOLD

New Positions

SymbolValue% Port
CNQ $403K 0.01%

Sold Out Positions

SymbolValue% Port
UL —%
SWK —%
PEP —%
NWC.TO —%
NPI.TO —%
NA.TO —%
EIF.TO —%
CCL-B.TO —%
LVMUY —%
View SEC EDGAR Filings for Cardinal Capital Management, Inc. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms