Cardinal Capital Management

WINNIPEG, A2files as Cardinal Capital Management, Inc.

$4.1bn in 70 US stocks at the end of 30 June 2026. The top 10 are 41.4% of the money. It changed about 10.2% of the portfolio this quarter.

Value

$4.1bn

Stocks

Top 10 share

41.4%

Turnover

10.2%

What changed this quarter

New

Bought for the first time this quarter.

Exchange IncomeEIFZF
1.1% of the fund
VisaV
1.0% of the fund
TE ConnectivityTEL
0.8% of the fund
Lvmh Moet Hennessy LOU FLVMUY
0.5% of the fund
Honeywell InternationalHON
0.4% of the fund
the North West CompanyNNWWF
0.2% of the fund
Brookfield Asset ManagementBAM
<0.1% of the fund

Added

Bought more of a stock they already held.

Pembina PipelinePBA
4.1% of the fund
+2%
Gildan ActivewearGIL
3.8% of the fund
+17%
Intact FinancialIFCZF
3.6% of the fund
+15%
Canadian National RailwayCNI
3.6% of the fund
+6%
BrookfieldBN
3.3% of the fund
+3%
CCL IndustriesCCDBF
3.3% of the fund
+11%
Element Fleet ManagementELEEF
2.5% of the fund
+25%
AbbVieABBV
1.7% of the fund
+8%
United RentalsURI
1.4% of the fund
+12%
Taiwan Semiconductor ManufacturingTSM
1.2% of the fund
+3%
NXP SemiconductorsNXPI
1.1% of the fund
+2%
Home DepotHD
1.0% of the fund
+26%
Carrier GlobalCARR
1.0% of the fund
+7%
Schneider Elec SA ADRSBGSY
1.0% of the fund
+3%
Air Products & ChemicalsAPD
1.0% of the fund
+7%
EntergyETR
0.9% of the fund
+8%
Booking HoldingsBKNG
0.9% of the fund
+2%
BroadcomAVGO
0.8% of the fund
+18%
Boardwalk Real Estate Investment trustBOWFF
0.8% of the fund
+4%
MicrosoftMSFT
0.7% of the fund
+4%
Becton DickinsonBDX
0.7% of the fund
+7%
UnileverUL
0.6% of the fund
+6%
MedtronicMDT
0.6% of the fund
+6%
US BancorpUSB
0.5% of the fund
+5%
DollaramaDLMAF
<0.1% of the fund
+4%

Cut

Sold some of their stake.

Suncor EnergySU
4.1% of the fund
-10%
SaputoSAPIF
2.9% of the fund
-26%
Sun Life FinancialSLF
2.2% of the fund
-48%
Applied MaterialsAMAT
1.8% of the fund
-46%
NutrienNTR
0.7% of the fund
-5%
EnbridgeENB
0.5% of the fund
-3%
Toronto Dominion BankTD
<0.1% of the fund
-24%
Texas InstrumentsTXN
<0.1% of the fund
-5%
T-Mobile USTMUS
<0.1% of the fund
-99%
Bank of AmericaBAC
<0.1% of the fund
-22%

Sold out

Sold their entire stake.

Honeywell InternationalHON
-100%
Granite Real Estate Invt TRGRTUF
-100%
CDWCDW
-100%

Holdings

Manulife FinancialMFC
Share
4.6%
Value
$189m
Shares
4,679,180
Held
Royal Bank of CanadaRY
Share
4.5%
Value
$184m
Shares
892,539
Held
Bank of Montreal /canBMO
Share
4.3%
Value
$176m
Shares
999,266
Held
Canadian Imperial Bank of Commerce /canCM
Share
4.3%
Value
$176m
Shares
1,533,246
Held
Bank of Nova ScotiaBNS
Share
4.2%
Value
$175m
Shares
2,018,524
Held
Suncor EnergySU
Share
4.1%
Value
$169m
Shares
3,149,688
-10%
TC EnergyTRP
Share
4.1%
Value
$169m
Shares
2,553,583
Held
Pembina PipelinePBA
Share
4.1%
Value
$168m
Shares
3,634,579
+2%
Gildan ActivewearGIL
Share
3.8%
Value
$156m
Shares
3,026,915
+17%
Intact FinancialIFCZF
Share
3.6%
Value
$150m
Shares
726,629
+15%
Canadian National RailwayCNI
Share
3.6%
Value
$149m
Shares
1,254,252
+6%
Canadian Pacific Kansas CityCP
Share
3.6%
Value
$147m
Shares
1,702,045
Held
Canadian TireCDNAF
Share
3.4%
Value
$139m
Shares
1,009,480
Held
BrookfieldBN
Share
3.3%
Value
$138m
Shares
3,247,627
+3%
CCL IndustriesCCDBF
Share
3.3%
Value
$137m
Shares
2,104,843
+11%
SaputoSAPIF
Share
2.9%
Value
$120m
Shares
4,153,825
-26%
National Bank of CanadaNTIOF
Share
2.8%
Value
$118m
Shares
746,743
Held
Element Fleet ManagementELEEF
Share
2.5%
Value
$103m
Shares
4,977,480
+25%
Sun Life FinancialSLF
Share
2.2%
Value
$92m
Shares
1,168,774
-48%
Applied MaterialsAMAT
Share
1.8%
Value
$74m
Shares
101,688
-46%
AbbVieABBV
Share
1.7%
Value
$69m
Shares
273,719
+8%
CumminsCMI
Share
1.7%
Value
$68m
Shares
95,826
Held
United RentalsURI
Share
1.4%
Value
$56m
Shares
49,644
+12%
Taiwan Semiconductor ManufacturingTSM
Share
1.2%
Value
$51m
Shares
107,564
+3%
Siemens A G - ADRSIEGY
Share
1.1%
Value
$47m
Shares
293,443
Held
Exchange IncomeEIFZF
Share
1.1%
Value
$45m
Shares
487,183
New
NXP SemiconductorsNXPI
Share
1.1%
Value
$45m
Shares
159,579
+2%
Home DepotHD
Share
1.0%
Value
$42m
Shares
120,109
+26%
Carrier GlobalCARR
Share
1.0%
Value
$42m
Shares
575,335
+7%
Schneider Elec SA ADRSBGSY
Share
1.0%
Value
$41m
Shares
623,232
+3%
VisaV
Share
1.0%
Value
$41m
Shares
118,305
New
Air Products & ChemicalsAPD
Share
1.0%
Value
$40m
Shares
138,116
+7%
Wells Fargo & CompanyWFC
Share
0.9%
Value
$39m
Shares
468,300
Held
NextEra EnergyNEE
Share
0.9%
Value
$39m
Shares
439,005
Held
EntergyETR
Share
0.9%
Value
$37m
Shares
323,483
+8%
Booking HoldingsBKNG
Share
0.9%
Value
$37m
Shares
206,024
+2%
BroadcomAVGO
Share
0.8%
Value
$33m
Shares
88,286
+18%
Enel Societa PER Azioni UnsponENLAY
Share
0.8%
Value
$33m
Shares
2,869,792
Held
Boardwalk Real Estate Investment trustBOWFF
Share
0.8%
Value
$32m
Shares
705,195
+4%
TE ConnectivityTEL
Share
0.8%
Value
$31m
Shares
156,207
New
MicrosoftMSFT
Share
0.7%
Value
$30m
Shares
79,815
+4%
NutrienNTR
Share
0.7%
Value
$28m
Shares
449,452
-5%
Becton DickinsonBDX
Share
0.7%
Value
$27m
Shares
178,421
+7%
UnileverUL
Share
0.6%
Value
$27m
Shares
441,818
+6%
MerckMRK
Share
0.6%
Value
$27m
Shares
206,451
Held
MedtronicMDT
Share
0.6%
Value
$26m
Shares
329,175
+6%
Lvmh Moet Hennessy LOU FLVMUY
Share
0.5%
Value
$23m
Shares
205,448
New
EnbridgeENB
Share
0.5%
Value
$23m
Shares
419,175
-3%
US BancorpUSB
Share
0.5%
Value
$20m
Shares
326,565
+5%
Honeywell InternationalHON
Share
0.4%
Value
$18m
Shares
82,012
New
EquinixEQIX
Share
0.4%
Value
$18m
Shares
17,220
Held
ConocoPhillipsCOP
Share
0.3%
Value
$14m
Shares
138,844
Held
SAP SESAP
Share
0.3%
Value
$14m
Shares
90,961
Held
EmeraEMA
Share
0.3%
Value
$12m
Shares
223,815
Held
Arthur J. GallagherAJG
Share
0.2%
Value
$10m
Shares
43,710
Held
the North West CompanyNNWWF
Share
0.2%
Value
$8m
Shares
240,105
New
Brookfield Asset ManagementBAM
Share
<0.1%
Value
$4m
Shares
84,812
New
Iberdrola SAIBDRY
Share
<0.1%
Value
$2m
Shares
20,715
Held
Toronto Dominion BankTD
Share
<0.1%
Value
$1m
Shares
12,020
-24%
FortisFTS
Share
<0.1%
Value
$743,990
Shares
13,000
Held
Texas InstrumentsTXN
Share
<0.1%
Value
$515,661
Shares
1,730
-5%
DollaramaDLMAF
Share
<0.1%
Value
$510,289
Shares
3,865
+4%
Analog DevicesADI
Share
<0.1%
Value
$507,186
Shares
1,277
Held
Canadian Natural ResourcesCNQ
Share
<0.1%
Value
$342,985
Shares
8,685
+82%
T-Mobile USTMUS
Share
<0.1%
Value
$324,893
Shares
1,937
-99%
AppleAAPL
Share
<0.1%
Value
$310,483
Shares
1,073
+8%
AmgenAMGN
Share
<0.1%
Value
$307,802
Shares
850
Held
PNC Financial Services GroupPNC
Share
<0.1%
Value
$246,220
Shares
1,000
Held
Bank of AmericaBAC
Share
<0.1%
Value
$237,892
Shares
4,175
-22%
Agnico Eagle MinesAEM
Share
<0.1%
Value
$225,623
Shares
1,455
Held

Company	Share of fund	Value	Shares	Change
Manulife FinancialMFC	4.6%	$189m	4,679,180	Held
Royal Bank of CanadaRY	4.5%	$184m	892,539	Held
Bank of Montreal /canBMO	4.3%	$176m	999,266	Held
Canadian Imperial Bank of Commerce /canCM	4.3%	$176m	1,533,246	Held
Bank of Nova ScotiaBNS	4.2%	$175m	2,018,524	Held
Suncor EnergySU	4.1%	$169m	3,149,688	-10%
TC EnergyTRP	4.1%	$169m	2,553,583	Held
Pembina PipelinePBA	4.1%	$168m	3,634,579	+2%
Gildan ActivewearGIL	3.8%	$156m	3,026,915	+17%
Intact FinancialIFCZF	3.6%	$150m	726,629	+15%
Canadian National RailwayCNI	3.6%	$149m	1,254,252	+6%
Canadian Pacific Kansas CityCP	3.6%	$147m	1,702,045	Held
Canadian TireCDNAF	3.4%	$139m	1,009,480	Held
BrookfieldBN	3.3%	$138m	3,247,627	+3%
CCL IndustriesCCDBF	3.3%	$137m	2,104,843	+11%
SaputoSAPIF	2.9%	$120m	4,153,825	-26%
National Bank of CanadaNTIOF	2.8%	$118m	746,743	Held
Element Fleet ManagementELEEF	2.5%	$103m	4,977,480	+25%
Sun Life FinancialSLF	2.2%	$92m	1,168,774	-48%
Applied MaterialsAMAT	1.8%	$74m	101,688	-46%
AbbVieABBV	1.7%	$69m	273,719	+8%
CumminsCMI	1.7%	$68m	95,826	Held
United RentalsURI	1.4%	$56m	49,644	+12%
Taiwan Semiconductor ManufacturingTSM	1.2%	$51m	107,564	+3%
Siemens A G - ADRSIEGY	1.1%	$47m	293,443	Held
Exchange IncomeEIFZF	1.1%	$45m	487,183	New
NXP SemiconductorsNXPI	1.1%	$45m	159,579	+2%
Home DepotHD	1.0%	$42m	120,109	+26%
Carrier GlobalCARR	1.0%	$42m	575,335	+7%
Schneider Elec SA ADRSBGSY	1.0%	$41m	623,232	+3%
VisaV	1.0%	$41m	118,305	New
Air Products & ChemicalsAPD	1.0%	$40m	138,116	+7%
Wells Fargo & CompanyWFC	0.9%	$39m	468,300	Held
NextEra EnergyNEE	0.9%	$39m	439,005	Held
EntergyETR	0.9%	$37m	323,483	+8%
Booking HoldingsBKNG	0.9%	$37m	206,024	+2%
BroadcomAVGO	0.8%	$33m	88,286	+18%
Enel Societa PER Azioni UnsponENLAY	0.8%	$33m	2,869,792	Held
Boardwalk Real Estate Investment trustBOWFF	0.8%	$32m	705,195	+4%
TE ConnectivityTEL	0.8%	$31m	156,207	New
MicrosoftMSFT	0.7%	$30m	79,815	+4%
NutrienNTR	0.7%	$28m	449,452	-5%
Becton DickinsonBDX	0.7%	$27m	178,421	+7%
UnileverUL	0.6%	$27m	441,818	+6%
MerckMRK	0.6%	$27m	206,451	Held
MedtronicMDT	0.6%	$26m	329,175	+6%
Lvmh Moet Hennessy LOU FLVMUY	0.5%	$23m	205,448	New
EnbridgeENB	0.5%	$23m	419,175	-3%
US BancorpUSB	0.5%	$20m	326,565	+5%
Honeywell InternationalHON	0.4%	$18m	82,012	New
EquinixEQIX	0.4%	$18m	17,220	Held
ConocoPhillipsCOP	0.3%	$14m	138,844	Held
SAP SESAP	0.3%	$14m	90,961	Held
EmeraEMA	0.3%	$12m	223,815	Held
Arthur J. GallagherAJG	0.2%	$10m	43,710	Held
the North West CompanyNNWWF	0.2%	$8m	240,105	New
Brookfield Asset ManagementBAM	<0.1%	$4m	84,812	New
Iberdrola SAIBDRY	<0.1%	$2m	20,715	Held
Toronto Dominion BankTD	<0.1%	$1m	12,020	-24%
FortisFTS	<0.1%	$743,990	13,000	Held
Texas InstrumentsTXN	<0.1%	$515,661	1,730	-5%
DollaramaDLMAF	<0.1%	$510,289	3,865	+4%
Analog DevicesADI	<0.1%	$507,186	1,277	Held
Canadian Natural ResourcesCNQ	<0.1%	$342,985	8,685	+82%
T-Mobile USTMUS	<0.1%	$324,893	1,937	-99%
AppleAAPL	<0.1%	$310,483	1,073	+8%
AmgenAMGN	<0.1%	$307,802	850	Held
PNC Financial Services GroupPNC	<0.1%	$246,220	1,000	Held
Bank of AmericaBAC	<0.1%	$237,892	4,175	-22%
Agnico Eagle MinesAEM	<0.1%	$225,623	1,455	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 29.4% since 30 June 2025.

Where the money is

Financial services26.8%

Industrials11.7%

Energy9.1%

Technology6.8%

Utilities6.2%

Retail & consumer5.7%

Real estate3.8%

Health care3.6%

Materials1.7%

Media & telecom0.0%

Other24.8%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.