Caldwell Investment Management Ltd.

CIK

1904373

Location

TORONTO, A6

Portfolio Value

Small $259,416,405

Diversification

Diversified

Filing Date

Global Rank

#3,676 / 8,607 ▲ 1147 · as of Mar 2026

Top Industry

Capital Markets 26.2%

3Y Alpha vs SPY

+2.2%

Period ended 3 months ago

Filed May 14, 2026 · 57d

18 quarters · since Dec 2021

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

+88.9%

SPY

+75.5%

Annualised alpha

+3.0%

Max drawdown

−20.1%

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

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

Top Position

15.9%

−4.4 pts

Top 5

52.3%

−17.1 pts

Top 10

71.1%

−11.4 pts

HHI

715

Diversified−463

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	67.2%	$174,332,186	12
Energy	9.6%	$24,952,838	6
Industrials	8.3%	$21,644,516	14
Basic Materials	4.9%	$12,707,816	2
Technology	4.9%	$12,670,559	12
Healthcare	2.7%	$7,097,649	5
Consumer Cyclical	1.9%	$4,884,601	3
Communication Services	0.3%	$718,900	1
Unclassified	0.2%	$407,340	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
CVE	Cenovus Energy Inc.	+180,000	290,800	$7,714,924
V	Visa Inc.	+200	5,100	$1,541,424
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
MIAX	Miami International Holdings, Inc.	−75,000	663,810	$25,835,485
IBKR	Interactive Brokers Group, Inc.	−13,200	13,900	$932,273
AEM	Agnico Eagle Mines Ltd	−10,200	37,000	$7,510,260
JPM	Jpmorgan Chase & Co	−8,600	4,100	$1,206,056
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
MS	Morgan Stanley	250,000	$41,142,500
BAC	Bank Of America Corp /De/	350,000	$17,062,500
C	Citigroup Inc	75,000	$8,505,750
SII	Sprott Inc.	57,300	$8,188,170
KGC	Kinross Gold Corp	170,300	$5,197,556
LHX	L3harris Technologies, Inc. /De/	7,600	$2,623,140
RY	Royal Bank Of Canada	15,600	$2,523,768
FIX	Comfort Systems USA Inc	1,600	$2,206,384
PFE	Pfizer Inc	75,000	$2,106,000
OVV	Ovintiv Inc.	34,900	$2,071,664
MSI	Motorola Solutions, Inc.	4,200	$1,822,674
TJX	Tjx Companies Inc /De/	11,100	$1,772,670
CAE	Cae Inc	66,100	$1,721,905
MSFT	Microsoft Corp	4,500	$1,665,765
CW	Curtiss Wright Corp	2,400	$1,634,688
TMO	Thermo Fisher Scientific Inc.	3,300	$1,622,049
STN	Stantec Inc	17,800	$1,537,920
HWM	Howmet Aerospace Inc.	6,400	$1,474,944
ROL	Rollins Inc	22,000	$1,175,020
LRCX	Lam Research Corp	5,400	$1,153,764
CNI	Canadian National Railway Co	10,800	$1,109,916
AROC	Archrock, Inc.	31,500	$1,096,200
WWD	Woodward, Inc.	3,000	$1,073,760
WMB	Williams Companies, Inc.	14,000	$1,018,920
VRT	Vertiv Holdings Co	3,600	$902,088
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
MFC	Manulife Financial Corp	105,000	$3,809,400
BABA	Alibaba Group Holding Ltd	20,000	$2,931,600
TFII	TFI International Inc.	14,200	$1,467,570
AVGO	Broadcom Inc.	4,100	$1,419,010
IDCC	InterDigital, Inc.	3,900	$1,241,682
TKO	TKO Group Holdings, Inc.	5,000	$1,045,000
PWR	Quanta Services, Inc.	2,200	$928,532
META	Meta Platforms, Inc.	1,050	$693,094
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

56 positions · $259,416,405 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Healthcare Industrials Technology

Showing 1–50 of 56 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MS	Morgan Stanley Financial Services	NEW	250,000	NEW	$41,142,500	NEW	15.86%
CBOE	Cboe Global Markets, Inc. Financial Services	Held	118,000	0	$33,166,260	+12.0%	12.78%
MIAX	Miami International Holdings, Inc. Financial Services	Reduced	663,810	-75,000	$25,835,485	−21.2%	9.96%
KKR	KKR & Co. Inc. Financial Services	Held	200,000	0	$18,500,000	−27.4%	7.13%
BAC	Bank Of America Corp /De/ Financial Services	NEW	350,000	NEW	$17,062,500	NEW	6.58%
ICE	Intercontinental Exchange, Inc. Financial Services	Held	100,000	0	$15,728,000	−2.9%	6.06%
EFXT	Enerflex Ltd. Energy	Held	411,000	0	$8,598,120	+35.6%	3.31%
C	Citigroup Inc Financial Services	NEW	75,000	NEW	$8,505,750	NEW	3.28%
SII	Sprott Inc. Financial Services	NEW	57,300	NEW	$8,188,170	NEW	3.16%
CVE	Cenovus Energy Inc. Energy	Added	290,800	+180,000	$7,714,924	+311.5%	2.97%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	37,000	-10,200	$7,510,260	−6.1%	2.90%
KGC	Kinross Gold Corp Basic Materials	NEW	170,300	NEW	$5,197,556	NEW	2.00%
CCJ	Cameco Corp Energy	Held	41,000	0	$4,453,010	+18.7%	1.72%
ELVA	Electrovaya Inc. Industrials	Held	398,000	0	$3,112,360	−1.0%	1.20%
LHX	L3harris Technologies, Inc. /De/ Industrials	NEW	7,600	NEW	$2,623,140	NEW	1.01%
RY	Royal Bank Of Canada Financial Services	NEW	15,600	NEW	$2,523,768	NEW	0.97%
CLS	Celestica Inc Technology	Held	8,900	0	$2,506,952	−4.7%	0.97%
FIX	Comfort Systems USA Inc Industrials	NEW	1,600	NEW	$2,206,384	NEW	0.85%
PFE	Pfizer Inc Healthcare	NEW	75,000	NEW	$2,106,000	NEW	0.81%
OVV	Ovintiv Inc. Energy	NEW	34,900	NEW	$2,071,664	NEW	0.80%
AMZN	Amazon Com Inc Consumer Cyclical	Held	9,300	0	$1,936,911	−9.8%	0.75%
MCK	Mckesson Corp Healthcare	Held	2,200	0	$1,903,792	+5.5%	0.73%
MSI	Motorola Solutions, Inc. Technology	NEW	4,200	NEW	$1,822,674	NEW	0.70%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	NEW	11,100	NEW	$1,772,670	NEW	0.68%
CAE	Cae Inc Industrials	NEW	66,100	NEW	$1,721,905	NEW	0.66%
ATS	ATS Corp /ATS Industrials	Held	60,800	0	$1,714,560	+2.4%	0.66%
MSFT	Microsoft Corp Technology	NEW	4,500	NEW	$1,665,765	NEW	0.64%
CW	Curtiss Wright Corp Industrials	NEW	2,400	NEW	$1,634,688	NEW	0.63%
TMO	Thermo Fisher Scientific Inc. Healthcare	NEW	3,300	NEW	$1,622,049	NEW	0.63%
V	Visa Inc. Financial Services	Added	5,100	+200	$1,541,424	−10.3%	0.59%
STN	Stantec Inc Industrials	NEW	17,800	NEW	$1,537,920	NEW	0.59%
HWM	Howmet Aerospace Inc. Industrials	NEW	6,400	NEW	$1,474,944	NEW	0.57%
J	Jacobs Solutions Inc. Industrials	Held	11,000	0	$1,400,080	−3.9%	0.54%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	4,100	-8,600	$1,206,056	−70.5%	0.46%
ROL	Rollins Inc Consumer Cyclical	NEW	22,000	NEW	$1,175,020	NEW	0.45%
LRCX	Lam Research Corp Technology	NEW	5,400	NEW	$1,153,764	NEW	0.44%
CNI	Canadian National Railway Co Industrials	NEW	10,800	NEW	$1,109,916	NEW	0.43%
AROC	Archrock, Inc. Energy	NEW	31,500	NEW	$1,096,200	NEW	0.42%
WWD	Woodward, Inc. Industrials	NEW	3,000	NEW	$1,073,760	NEW	0.41%
WMB	Williams Companies, Inc. Energy	NEW	14,000	NEW	$1,018,920	NEW	0.39%
GIB	Cgi Inc Technology	Held	12,910	0	$943,721	−20.8%	0.36%
IBKR	Interactive Brokers Group, Inc. Financial Services	Reduced	13,900	-13,200	$932,273	−46.5%	0.36%
VRT	Vertiv Holdings Co Industrials	NEW	3,600	NEW	$902,088	NEW	0.35%
RMD	Resmed Inc Healthcare	NEW	4,000	NEW	$897,920	NEW	0.35%
APH	Amphenol Corp /De/ Technology	NEW	6,800	NEW	$859,180	NEW	0.33%
WCN	Waste Connections, Inc. Industrials	NEW	5,100	NEW	$828,444	NEW	0.32%
NVDA	Nvidia Corp Technology	NEW	4,400	NEW	$767,360	NEW	0.30%
CACI	Caci International Inc /De/ Technology	NEW	1,400	NEW	$761,418	NEW	0.29%
NOW	ServiceNow, Inc. Technology	Held	7,000	0	$731,850	−31.8%	0.28%
GOOGL	Alphabet Inc. Communication Services	NEW	2,500	NEW	$718,900	NEW	0.28%