Cardinal Capital Management, Inc.

CIK

1518235

Location

WINNIPEG, A2

Portfolio Value

Mid $2,827,955,940

Diversification

Diversified

Filing Date

Global Rank

#968 / 8,603 ▲ 71 · as of Mar 2026

Top Industry

Banks - Diversified 21.5%

3Y Alpha vs SPY

+1.7%

Period ended 3 months ago

Filed Apr 7, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+89.1%

SPY

+76.0%

Annualised alpha

+2.9%

Max drawdown

−15.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

54 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.2%

+1.8 pts

Top 5

30.4%

−0.2 pts

Top 10

55.3%

−1.4 pts

HHI

413

Diversified+8

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	37.5%	$1,061,605,095	13
Energy	20.9%	$591,742,382	6
Industrials	14.2%	$401,062,077	6
Technology	7.3%	$206,678,164	10
Consumer Cyclical	6.2%	$176,538,293	3
Healthcare	4.7%	$133,432,599	5
Utilities	3.0%	$86,191,845	4
Basic Materials	2.6%	$73,457,437	3
Communication Services	1.4%	$40,872,468	1
Real Estate	1.2%	$32,692,183	2
Consumer Defensive	0.8%	$23,683,397	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
SLF	Sun Life Financial Inc	+1,157,110	2,231,424	$139,597,883
PBA	Pembina Pipeline Corp	+280,665	3,555,001	$159,121,844
CNI	Canadian National Railway Co	+211,111	1,185,461	$121,829,826
ETR	Entergy Corp /De/	+150,810	299,000	$33,595,640
TRP	Tc Energy Corp	+137,786	2,534,676	$158,670,717
CARR	CARRIER GLOBAL Corp	+127,205	537,401	$30,261,050
CP	Canadian Pacific Kansas City Ltd/Cn	+120,368	1,669,924	$131,356,221
MFC	Manulife Financial Corp	+105,380	4,675,188	$161,013,474
BN	BROOKFIELD Corp /ON/	+89,141	3,166,889	$128,163,997
ABBV	AbbVie Inc.	+60,677	252,513	$54,919,052
BDX	Becton Dickinson & Co	+44,298	167,382	$26,317,471
GIL	Gildan Activewear Inc.	+42,249	2,586,145	$143,918,969
COP	Conocophillips	+36,075	137,868	$18,198,576
UL	Unilever PLC	+32,659	415,717	$23,683,397
BNS	Bank Of Nova Scotia	+25,210	2,022,859	$140,204,357
USB	US Bancorp De	+24,555	309,751	$16,110,149
MSFT	Microsoft Corp	+21,435	76,652	$28,374,270
CDW	CDW Corp	+20,297	70,347	$8,513,393
TMUS	T-Mobile US, Inc.	+17,859	194,603	$40,872,468
RY	Royal Bank Of Canada	+16,611	895,739	$144,912,655
BMO	Bank Of Montreal /Can/	+16,035	1,004,527	$135,952,684
MDT	Medtronic plc	+15,701	310,911	$26,940,438
WFC	Wells Fargo & Company/Mn	+12,199	462,710	$36,836,343
NXPI	NXP Semiconductors N.V.	+12,090	156,109	$30,731,617
SU	Suncor Energy Inc	+9,967	3,510,340	$232,068,577
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
ENB	Enbridge Inc	−451,711	433,145	$23,450,470
CM	Canadian Imperial Bank Of Commerce /Can/	−179,828	1,557,036	$147,529,161
MRK	Merck & Co., Inc.	−97,064	207,470	$24,956,566
NTR	Nutrien Ltd.	−52,405	473,902	$35,760,644
AMAT	Applied Materials Inc /De	−15,163	187,682	$64,147,830
GRTUF	Granite Real Estate Investment Trust	−10,491	269,724	$15,819,312
CNQ	CANADIAN NATURAL RESOURCES Ltd	−3,893	4,765	$232,198
BAC	Bank Of America Corp /De/	−2,035	5,335	$260,081
TD	Toronto Dominion Bank	−1,786	15,723	$1,467,113
AEM	Agnico Eagle Mines Ltd	−110	1,455	$295,335
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
AJG	Arthur J. Gallagher & Co.	43,167	$9,349,108
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
ORCL	Oracle Corp	133,990	$26,115,990
GPN	Global Payments Inc	63,631	$4,925,039
SONY	Sony Group Corp	15,180	$388,608
JPM	Jpmorgan Chase & Co	745	$240,053
TU	Telus Corp	15,435	$203,278
CMCSA	Comcast Corp	4,970	$139,225
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

54 positions · $2,827,955,940 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 54 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SU	Suncor Energy Inc Energy	Added	3,510,340	+9,967	$232,068,577	+49.5%	8.21%
MFC	Manulife Financial Corp Financial Services	Added	4,675,188	+105,380	$161,013,474	−2.9%	5.69%
PBA	Pembina Pipeline Corp Energy	Added	3,555,001	+280,665	$159,121,844	+27.7%	5.63%
TRP	Tc Energy Corp Energy	Added	2,534,676	+137,786	$158,670,717	+20.3%	5.61%
CM	Canadian Imperial Bank Of Commerce /Can/ Financial Services	Reduced	1,557,036	-179,828	$147,529,161	−6.3%	5.22%
RY	Royal Bank Of Canada Financial Services	Added	895,739	+16,611	$144,912,655	−3.3%	5.12%
GIL	Gildan Activewear Inc. Consumer Cyclical	Added	2,586,145	+42,249	$143,918,969	−9.4%	5.09%
BNS	Bank Of Nova Scotia Financial Services	Added	2,022,859	+25,210	$140,204,357	−4.8%	4.96%
SLF	Sun Life Financial Inc Financial Services	Added	2,231,424	+1,157,110	$139,597,883	+108.2%	4.94%
BMO	Bank Of Montreal /Can/ Financial Services	Added	1,004,527	+16,035	$135,952,684	+6.0%	4.81%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Added	1,669,924	+120,368	$131,356,221	+15.1%	4.64%
BN	BROOKFIELD Corp /ON/ Financial Services	Added	3,166,889	+89,141	$128,163,997	−9.3%	4.53%
CNI	Canadian National Railway Co Industrials	Added	1,185,461	+211,111	$121,829,826	+26.5%	4.31%
AMAT	Applied Materials Inc /De Technology	Reduced	187,682	-15,163	$64,147,830	+23.1%	2.27%
ABBV	AbbVie Inc. Healthcare	Added	252,513	+60,677	$54,919,052	+25.3%	1.94%
CMI	Cummins Inc Industrials	Added	96,047	+176	$51,675,206	+5.6%	1.83%
TMUS	T-Mobile US, Inc. Communication Services	Added	194,603	+17,859	$40,872,468	+13.9%	1.45%
NEE	Nextera Energy Inc Utilities	Added	434,614	+1,978	$40,366,948	+16.2%	1.43%
APD	Air Products & Chemicals, Inc. Basic Materials	Added	128,753	+4,475	$37,401,458	+21.8%	1.32%
WFC	Wells Fargo & Company/Mn Financial Services	Added	462,710	+12,199	$36,836,343	−12.3%	1.30%
NTR	Nutrien Ltd. Basic Materials	Reduced	473,902	-52,405	$35,760,644	+10.1%	1.26%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	104,741	+5,935	$35,397,220	+17.9%	1.25%
ETR	Entergy Corp /De/ Utilities	Added	299,000	+150,810	$33,595,640	+145.3%	1.19%
HON	Honeywell International Inc Industrials	Added	141,392	+2,666	$33,517,397	+18.1%	1.19%
URI	United Rentals, Inc. Industrials	Added	44,502	+2,729	$32,422,377	−4.1%	1.15%
HD	Home Depot, Inc. Consumer Cyclical	Added	95,061	+7,211	$31,264,612	+3.4%	1.11%
NXPI	NXP Semiconductors N.V. Technology	Added	156,109	+12,090	$30,731,617	−1.7%	1.09%
CARR	CARRIER GLOBAL Corp Industrials	Added	537,401	+127,205	$30,261,050	+39.6%	1.07%
MSFT	Microsoft Corp Technology	Added	76,652	+21,435	$28,374,270	+6.3%	1.00%
MDT	Medtronic plc Healthcare	Added	310,911	+15,701	$26,940,438	−5.0%	0.95%
BDX	Becton Dickinson & Co Healthcare	Added	167,382	+44,298	$26,317,471	+40.1%	0.93%
MRK	Merck & Co., Inc. Healthcare	Reduced	207,470	-97,064	$24,956,566	−22.1%	0.88%
UL	Unilever PLC Consumer Defensive	Added	415,717	+32,659	$23,683,397	−5.5%	0.84%
ENB	Enbridge Inc Energy	Reduced	433,145	-451,711	$23,450,470	−44.6%	0.83%
AVGO	Broadcom Inc. Technology	Added	74,593	+4,180	$23,087,279	−5.3%	0.82%
COP	Conocophillips Energy	Added	137,868	+36,075	$18,198,576	+91.0%	0.64%
EQIX	Equinix Inc Real Estate	Added	17,213	+938	$16,872,871	+35.3%	0.60%
USB	US Bancorp De Financial Services	Added	309,751	+24,555	$16,110,149	+5.9%	0.57%
GRTUF	Granite Real Estate Investment Trust Real Estate	Reduced	269,724	-10,491	$15,819,312	−4.6%	0.56%
SAP	Sap SE Technology	Added	90,046	+6,205	$15,416,775	−24.3%	0.55%
EMA	Emera Inc Utilities	Added	221,785	+3,960	$11,503,987	+7.3%	0.41%
AJG	Arthur J. Gallagher & Co. Financial Services	NEW	43,167	NEW	$9,349,108	NEW	0.33%
CDW	CDW Corp Technology	Added	70,347	+20,297	$8,513,393	+24.9%	0.30%
TD	Toronto Dominion Bank Financial Services	Reduced	15,723	-1,786	$1,467,113	−11.0%	0.05%
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	8,044	+937	$1,354,712	−11.0%	0.05%
FTS	Fortis Inc. Utilities	Added	13,000	+1,285	$725,270	+19.2%	0.03%
ADI	Analog Devices Inc Technology	Added	1,265	+25	$402,447	+19.7%	0.01%
TXN	Texas Instruments Inc Technology	Added	1,825	+180	$354,305	+24.1%	0.01%
AMGN	Amgen Inc Healthcare	Held	850	0	$299,072	+7.5%	0.01%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	1,455	-110	$295,335	+11.3%	0.01%