# Caldwell Investment Management Ltd.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1904373. Source: https://holderbook.com/funds/1904373-caldwell-investment-management-ltd/

- Reported value: $152.3M
- Positions: 33
- Weight of the ten largest: 84.6%
- Filed: 2026-08-11

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 |
|---|---|---|---|---|---|
| CBOE GLOBAL MKTS INC | [CBOE](https://holderbook.com/stocks/CBOE/) | $26.7M | 110,000 | 17.5% | 19 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $22.3M | 600,000 | 14.6% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $21.1M | 370,400 | 13.8% | 2 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $18.3M | 200,000 | 12.0% | 3 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $12.3M | 100,000 | 8.1% | 19 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $10.1M | 411,000 | 6.6% | 3 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $9.9M | 244,000 | 6.5% | 1 |
| ELECTROVAYA INC | [ELVA](https://holderbook.com/stocks/ELVA/) | $4.2M | 398,000 | 2.7% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.2M | 9,300 | 1.5% | 17 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $1.9M | 74,800 | 1.2% | 4 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $1.7M | 60,800 | 1.1% | 10 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.7M | 5,100 | 1.1% | 19 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.6M | 2,200 | 1.0% | 1 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $1.5M | 4,400 | 1.0% | 2 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.3M | 4,100 | 0.9% | 18 |
| ACADIAN ASSET MANAGEMENT INC | [AAMI](https://holderbook.com/stocks/AAMI/) | $1.3M | 17,500 | 0.8% | 1 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $1.2M | 13,900 | 0.8% | 7 |
| BROOKFIELD RENEWABLE CORP | [BEPC](https://holderbook.com/stocks/BEPC/) | $1.2M | 31,200 | 0.8% | 1 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $1.2M | 9,900 | 0.8% | 1 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $1.1M | 14,300 | 0.7% | 1 |
| RYMAN HOSPITALITY PPTYS INC | [RHP](https://holderbook.com/stocks/RHP/) | $912.0K | 7,100 | 0.6% | 1 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $881.5K | 1,700 | 0.6% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $879.7K | 4,400 | 0.6% | 2 |
| APPLIED INDL TECHNOLOGIES IN | [AIT](https://holderbook.com/stocks/AIT/) | $878.5K | 2,600 | 0.6% | 1 |
| JACOBS SOLUTIONS INC | [J](https://holderbook.com/stocks/J/) | $868.8K | 6,900 | 0.6% | 3 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $849.5K | 5,100 | 0.6% | 2 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $832.8K | 12,910 | 0.5% | 19 |
| LEONARDO DRS INC | [DRS](https://holderbook.com/stocks/DRS/) | $810.1K | 19,000 | 0.5% | 1 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $694.4K | 7,000 | 0.5% | 4 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $647.1K | 9,400 | 0.4% | 2 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $544.6K | 56,000 | 0.4% | 1 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $465.2K | 3,000 | 0.3% | 9 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $397.9K | 3,200 | 0.3% | 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 | +3.6% | +14.8% | -11.2% | 102% |
| Q1 2026 | -2.8% | -4.6% | +1.8% | 99% |
| Q4 2025 | +1.9% | +2.4% | -0.5% | 88% |
| Q3 2025 | +3.9% | +7.8% | -4.0% | 100% |
| Q2 2025 | +9.9% | +10.5% | -0.6% | 100% |
| Q1 2025 | -1.8% | -4.6% | +2.7% | 97% |
| Q4 2024 | +6.6% | +2.1% | +4.5% | 96% |
| Q3 2024 | +10.8% | +5.4% | +5.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $152.3M | 33 |
| Q1 2026 | $255.2M | 57 |
| Q4 2025 | $162.6M | 29 |
| Q3 2025 | $152.4M | 26 |
| Q2 2025 | $115.4M | 20 |
| Q1 2025 | $134.8M | 31 |
| Q4 2024 | $148.3M | 34 |
| Q3 2024 | $142.6M | 32 |
| Q2 2024 | $132.9M | 33 |
| Q1 2024 | $134.4M | 34 |
| Q4 2023 | $130.1M | 31 |
| Q3 2023 | $102.8M | 27 |