# Cardinal Capital Management, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1518235. Source: https://holderbook.com/funds/1518235-cardinal-capital-management-inc/

- Reported value: $4.1B
- Positions: 70
- Weight of the ten largest: 41.4%
- Filed: 2026-07-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $189.4M | 4,679,180 | 4.6% | 24 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $184.5M | 892,539 | 4.5% | 31 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $176.3M | 999,266 | 4.3% | 31 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $176.2M | 1,533,246 | 4.3% | 31 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $175.1M | 2,018,524 | 4.2% | 31 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $169.1M | 3,149,688 | 4.1% | 31 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $168.8M | 2,553,583 | 4.1% | 29 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $167.8M | 3,634,579 | 4.1% | 28 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $155.7M | 3,026,915 | 3.8% | 17 |
| INTACT FINANCIAL | - | $149.7M | 726,629 | 3.6% | 7 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $149.4M | 1,254,252 | 3.6% | 31 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $147.3M | 1,702,045 | 3.6% | 10 |
| Canadian Tire Corp Ltd | [CDNAF](https://holderbook.com/stocks/CDNAF/) | $138.8M | 1,009,480 | 3.4% | 7 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $138.3M | 3,247,627 | 3.3% | 13 |
| CCLINDUSTRIESINC | [CCDBF](https://holderbook.com/stocks/CCDBF/) | $137.0M | 2,104,843 | 3.3% | 2 |
| SAPUTOINC | [SAPIF](https://holderbook.com/stocks/SAPIF/) | $120.1M | 4,153,825 | 2.9% | 7 |
| National Bank of Canada | [NTIOF](https://holderbook.com/stocks/NTIOF/) | $117.7M | 746,743 | 2.8% | 2 |
| ELEMENT FLEET MANAGEMENT CORP | - | $102.5M | 4,977,480 | 2.5% | 7 |
| SUN LIFE FINANCIAL INC. | [SLF](https://holderbook.com/stocks/SLF/) | $91.6M | 1,168,774 | 2.2% | 24 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $73.5M | 101,688 | 1.8% | 24 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $68.9M | 273,719 | 1.7% | 27 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $68.3M | 95,826 | 1.7% | 18 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $56.2M | 49,644 | 1.4% | 8 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $51.4M | 107,564 | 1.2% | 4 |
| SIEMENS A G            FSPONSORED ADR           1 ADR REPS  0.5  ORD SHS | [SIEGY](https://holderbook.com/stocks/SIEGY/) | $47.2M | 293,443 | 1.1% | 7 |
| EXCHANGE INCOME CORPORATION | - | $45.4M | 487,183 | 1.1% | 1 |
| NXP SEMICONDUCTORS N V | [NXPI](https://holderbook.com/stocks/NXPI/) | $44.8M | 159,579 | 1.1% | 10 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $42.4M | 120,109 | 1.0% | 12 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $42.2M | 575,335 | 1.0% | 5 |
| SCHNEIDER ELEC SA    ADR | [SBGSY](https://holderbook.com/stocks/SBGSY/) | $40.6M | 623,232 | 1.0% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $40.6M | 118,305 | 1.0% | 1 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $40.5M | 138,116 | 1.0% | 10 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $38.7M | 468,300 | 0.9% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $38.5M | 439,005 | 0.9% | 11 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $37.2M | 323,483 | 0.9% | 4 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $36.7M | 206,024 | 0.9% | 9 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $33.4M | 88,286 | 0.8% | 21 |
| Enel SpA | [ENLAY](https://holderbook.com/stocks/ENLAY/) | $32.8M | 2,869,792 | 0.8% | 7 |
| Boardwalk Real Estate Investment trust | [BOWFF](https://holderbook.com/stocks/BOWFF/) | $32.1M | 705,195 | 0.8% | 7 |
| TE CONNECTIVITY PLC | [TEL](https://holderbook.com/stocks/TEL/) | $31.5M | 156,207 | 0.8% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $29.8M | 79,815 | 0.7% | 15 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $28.3M | 449,452 | 0.7% | 31 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $27.0M | 178,421 | 0.7% | 8 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $26.6M | 441,818 | 0.6% | 3 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $26.5M | 206,451 | 0.6% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $25.8M | 329,175 | 0.6% | 13 |
| LVMH MOET HENNESSY LOU VUITTON ADR | [LVMUY](https://holderbook.com/stocks/LVMUY/) | $22.7M | 205,448 | 0.5% | 1 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $22.7M | 419,175 | 0.5% | 31 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $19.7M | 326,565 | 0.5% | 31 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $18.4M | 82,012 | 0.4% | 1 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $17.9M | 17,220 | 0.4% | 11 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $14.4M | 138,844 | 0.3% | 11 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $14.0M | 90,961 | 0.3% | 31 |
| EMERA INC | [EMA](https://holderbook.com/stocks/EMA/) | $11.8M | 223,815 | 0.3% | 4 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $10.0M | 43,710 | 0.2% | 2 |
| THE NORTH WEST COMPANY INC | [NNWWF](https://holderbook.com/stocks/NNWWF/) | $8.3M | 240,105 | 0.2% | 1 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $3.8M | 84,812 | 0.1% | 1 |
| Iberdrola SA | [IBDRY](https://holderbook.com/stocks/IBDRY/) | $2.1M | 20,715 | 0.1% | 7 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $1.5M | 12,020 | 0.0% | 31 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $744.0K | 13,000 | 0.0% | 31 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $515.7K | 1,730 | 0.0% | 10 |
| DOLLARAMA INC | - | $510.3K | 3,865 | 0.0% | 7 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $507.2K | 1,277 | 0.0% | 5 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $343.0K | 8,685 | 0.0% | 3 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $324.9K | 1,937 | 0.0% | 11 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $310.5K | 1,073 | 0.0% | 14 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $307.8K | 850 | 0.0% | 30 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $246.2K | 1,000 | 0.0% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $237.9K | 4,175 | 0.0% | 30 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $225.6K | 1,455 | 0.0% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.2% | +14.8% | -1.6% | 82% |
| Q1 2026 | +3.3% | -4.6% | +7.9% | 61% |
| Q4 2025 | +4.3% | +2.4% | +1.9% | 82% |
| Q3 2025 | +7.8% | +7.8% | -0.1% | 81% |
| Q2 2025 | +8.5% | +10.5% | -1.9% | 85% |
| Q1 2025 | -1.6% | -4.6% | +3.0% | 87% |
| Q4 2024 | -1.4% | +2.1% | -3.5% | 99% |
| Q3 2024 | +13.4% | +5.4% | +8.0% | 87% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.1B | 70 |
| Q1 2026 | $3.7B | 66 |
| Q4 2025 | $4.5B | 70 |
| Q3 2025 | $3.5B | 77 |
| Q2 2025 | $3.2B | 68 |
| Q1 2025 | $2.9B | 70 |
| Q4 2024 | $2.9B | 69 |
| Q3 2024 | $2.4B | 58 |
| Q2 2024 | $2.6B | 66 |
| Q1 2024 | $2.3B | 53 |
| Q4 2023 | $2.1B | 52 |
| Q3 2023 | $1.9B | 55 |