Cardinal Capital Management, Inc. — 13F Holdings & Portfolio
CIK 1518235 · latest 13F-HR filed 2026-10-16
Cardinal Capital Management, Inc. manages $4.41B in 13F-reported U.S. long-equity assets across 76 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are SU (4.88%), SU (4.88%), MFC (3.97%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 4 new positions and exited 2; 19 existing positions rose in reported value and 29 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$4.41B
Long-equity book
Holdings
76
Distinct positions
Period
2026-09-30
Filed 2026-10-16
Q/Q Activity
+4 / −2 / ↑19 / ↓29
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26SU9.8% · +101%PBA7.5% · +102%MFC4.0% · -12%RY4.0% · -1%BNS3.8% · -8%BMO3.7% · -2%CM3.5% · -8%CP3.4% · +2%TRP3.3% · -1%CCL Industries3.2% · +3%CNI3.2% · -5%GIL3.2% · +9%IFCZF2.9% · +3%BN2.8% · +2%SAPIF2.7% · +1%STN2.5% · newNTIOF2.4% · newSLF2.1% · +1%CDNAF2.1% · -34%ELEEF1.8% · +2%ABBV1.5% · -10%NXPI1.3% · +52%AMAT1.2% · -0%TSM1.1% · +1%URI1.1% · -1%CMI1.1% · -2%EIFZF1.1% · +13%SMMNY1.0% · +0%V1.0% · +2%SBGSF0.9% · newMSFT0.9% · +1%APD0.9% · +0%AVGO0.9% · +24%WFC0.9% · +1%CARR0.9% · +19%TEL0.8% · +13%NEE0.8% · +5%ETR0.8% · +8%HD0.8% · +1%BKNG0.8% · +0%NTR0.7% · +1%BDX0.7% · -0%Boardwalk Real0.7% · +1%MRK0.7% · -1%MDT0.7% · +3%ENLAY0.6% · newUL0.6% · +2%SAP0.4% · -0%USB0.4% · -0%COP0.4% · +3%HON0.4% · +0%EQIX0.4% · -0%GRP.U0.4% · newAJG0.3% · +17%EMA0.2% · -1%ENB0.2% · -48%NWOL0.2% · +2%BAM0.1% · +3%IBRRF0.0% · -0%TD0.0% · -1%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 26 → Q3 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 46.2%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Jan 6, 2026.
Assets Under Management
$4.02B
Discretionary
$3.99B
Employees
81
Accounts
10,416
Address
1780 WELLINGTON AVENUE
SUITE 400
WINNIPEG R3H-1B3
Canada
SUITE 400
WINNIPEG R3H-1B3
Canada
Phone
(800) 310-4664
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BURT, EMILY, ANNE Control | CHAIRMAN/SHAREHOLDER since Sep 2019 | 10–25% | Individual |
| BURT, TIMOTHY, E. Control | SHAREHOLDER since Oct 2016 | 10–25% | Individual |
| CHRISTIE, DAVID, BRUCE Control | DIRECTOR since Dec 2019 | Less than 5% | Individual |
| COUGHLIN, BRIAN, ROBERT Control | DIRECTOR/SHAREHOLDER since Dec 2016 | 10–25% | Individual |
| ENGEL, DONALD, CRAIG Control | DIRECTOR since May 2000 | Less than 5% | Individual |
| FRASER, DANNY Control | CHIEF FINANCIAL OFFICER since Sep 2017 | Less than 5% | Individual |
| Malech, Ronald, Timothy Control | DIRECTOR since Jul 2021 | Less than 5% | Individual |
| Mancer, Evan Control | PRESIDENT/CIO/SHAREHOLDER since Oct 2016 | 10–25% | Individual |
| Osborn, DeWayne Control | CHIEF COMPLIANCE OFFICER since Mar 2017 | Less than 5% | Individual |
| WILSON-KOWAL, SHEILA, MARIE Control | DIRECTOR/SHAREHOLDER since Dec 2019 | Less than 5% | Individual |
| PURDY, BRETT, ANN MIRANDA | SHAREHOLDER since Dec 2019 | 5–10% | Individual |
Ownership & leadership changes · 9 filings with changes since Dec 16, 2011
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Dec 8, 2021 filing
- No longer listedEULLSCHULTZ, DONNA · DIRECTOR · Less than 5% · control person · listed since Dec 2019
- AddedMalech, Ronald, Timothy · DIRECTOR · Less than 5% · control person
- ChangedBURT, TIMOTHY, E. · title SENIOR VICE PRESIDENT/SHAREHOLDER → SHAREHOLDER
Dec 24, 2019 filing
- No longer listedICPM HOLDINGS, INC. · SHAREHOLDER · 25–50% · control person · listed since May 2001
- No longer listedKAYCO, INC. · SHAREHOLDER · 50–75% · indirect via ICPM HOLDINGS, INC. · listed since May 2001
- No longer listedLAWTON, JAMES · DIRECTOR · Less than 5% · listed since May 2001
- No longer listedLAWTON, KATHLEEN · PRESIDENT · 75% or more · indirect via KAYCO, INC. · listed since May 2001
- No longer listedTOWNSEND, WAYNE · DIRECTOR · Less than 5% · listed since May 2001
- No longer listedWITTMIER, ELDEN · DIRECTOR · Less than 5% · listed since May 2001
- AddedCHRISTIE, DAVID, BRUCE · DIRECTOR · Less than 5% · control person
- AddedEULLSCHULTZ, DONNA · DIRECTOR · Less than 5% · control person
- AddedPURDY, BRETT, ANN MIRANDA · SHAREHOLDER · 5–10%
- AddedWILSON-KOWAL, SHEILA, MARIE · DIRECTOR/SHAREHOLDER · Less than 5% · control person
- ChangedBURT, EMILY, ANNE · title DIRECTOR/SHAREHOLDER → CHAIRMAN/SHAREHOLDER; ownership Less than 5% → 10–25%; now a control person
- ChangedBURT, TIMOTHY, E. · title SENIOR VICE PRESIDENT - BUSINESS DEVELOPMENT → SENIOR VICE PRESIDENT/SHAREHOLDER; ownership 25–50% → 10–25%
- ChangedCOUGHLIN, BRIAN, ROBERT · title DIRECTOR → DIRECTOR/SHAREHOLDER; ownership Less than 5% → 10–25%; now a control person
- ChangedENGEL, DONALD, CRAIG · now a control person
- ChangedMancer, Evan · title PRESIDENT/CIO → PRESIDENT/CIO/SHAREHOLDER; ownership Less than 5% → 10–25%
Dec 21, 2018 filing
- No longer listedSHAW, BRIAN, D · DIRECTOR/SHAREHOLDER · 10–25% · listed since Oct 1993
- AddedCOUGHLIN, BRIAN, ROBERT · DIRECTOR · Less than 5%
- AddedFRASER, DANNY · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Apr 7, 2017 filing
- AddedOsborn, DeWayne · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedBURT, TIMOTHY, E. · title SENIOR VICE PRESIDENT - BUSINESS DEVELOPMENT/CHIEF COMPLIANCE OFFICER → SENIOR VICE PRESIDENT - BUSINESS DEVELOPMENT
Jan 12, 2017 filing
- No longer listedROBSON, GRAHAM · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Feb 2012
- ChangedBURT, TIMOTHY, E. · title SENIOR VICE PRESIDENT - BUSINESS DEVELOPMENT → SENIOR VICE PRESIDENT - BUSINESS DEVELOPMENT/CHIEF COMPLIANCE OFFICER
Oct 27, 2016 filing
- AddedMancer, Evan · PRESIDENT/CIO · Less than 5% · control person
- ChangedBURT, TIMOTHY, E. · title PRESIDENT → SENIOR VICE PRESIDENT - BUSINESS DEVELOPMENT
Dec 21, 2015 filing
- No longer listedSTOLLER, DANIEL, RICHARD · CHIEF FINANCIAL OFFICER · Less than 5% · listed since May 2006
Dec 20, 2012 filing
- ChangedBURT, EMILY, ANNE · ownership 5–10% → Less than 5%
Mar 8, 2012 filing
- AddedROBSON, GRAHAM · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedBURT, EMILY, ANNE · title DIRECTOR → DIRECTOR/SHAREHOLDER; ownership Less than 5% → 5–10%
- ChangedBURT, TIMOTHY, E. · title PRESIDENT AND CHIEF COMPLIANCE OFFICER → PRESIDENT
- ChangedSHAW, BRIAN, D · title DIRECTOR → DIRECTOR/SHAREHOLDER
Dec 16, 2011 filing (earliest on record)
- ListedBURT, EMILY, ANNE · DIRECTOR · Less than 5%
- ListedBURT, TIMOTHY, E. · PRESIDENT AND CHIEF COMPLIANCE OFFICER · 25–50% · control person
- ListedENGEL, DONALD, CRAIG · DIRECTOR · Less than 5%
- ListedICPM HOLDINGS, INC. · SHAREHOLDER · 25–50% · control person
- ListedKAYCO, INC. · SHAREHOLDER · 50–75% · indirect via ICPM HOLDINGS, INC.
- ListedLAWTON, JAMES · DIRECTOR · Less than 5%
- ListedLAWTON, KATHLEEN · PRESIDENT · 75% or more · indirect via KAYCO, INC.
- ListedSHAW, BRIAN, D · DIRECTOR · 10–25%
- ListedSTOLLER, DANIEL, RICHARD · CHIEF FINANCIAL OFFICER · Less than 5%
- ListedTOWNSEND, WAYNE · DIRECTOR · Less than 5%
- ListedWITTMIER, ELDEN · DIRECTOR · Less than 5%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- Suncor Energy Inc.$261.3M +154.5%
- Pembina Pipeline Corp.$161.4M +96.2%
- NXP Semiconductors NV$12.7M +28.3%
- Microsoft Corp.$11.5M +38.6%
- TE Connectivity PLC$5.7M +18.2%
Top Trims
- Canadian Tire Corp. Ltd. - Cla-$48.2M -34.8%
- Element Fleet Management Corp.-$21.6M -21.1%
- Applied Materials Inc.-$21.6M -29.4%
- TC Energy Corp.-$21.5M -12.7%
- Canadian Imperial Bank of Comm-$20.8M -11.8%
New Positions
- Stantec Inc.$109.5M
- Granite Real Estate Investment$16.3M
- Constellation Software Inc.$269.2K
- Grafton Resources Inc.$4.3K
Cardinal Capital Management, Inc. Holdings (2026-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | Suncor Energy Inc. | SU | 867224107 | $215.2M | 4.88% | 3,165,668 | SH |
| 2 | Suncor Energy Inc. | SU | 867224107 | $214.9M | 4.88% | 3,161,753 | SH |
| 3 | Manulife Financial Corp. | MFC | 56501R106 | $175.1M | 3.97% | 4,099,098 | SH |
| 4 | Royal Bank of Canada | RY | 780087102 | $174.9M | 3.97% | 886,886 | SH |
| 5 | Bank of Nova Scotia | BNS | 064149107 | $169.4M | 3.84% | 1,858,134 | SH |
| 6 | Bank of Montreal | BMO | 063671101 | $164.9M | 3.74% | 983,830 | SH |
| 7 | Pembina Pipeline Corp. | PBA | 706327103 | $164.6M | 3.74% | 3,678,199 | SH |
| 8 | Pembina Pipeline Corp. | PBA | 706327103 | $163.8M | 3.72% | 3,660,037 | SH |
| 9 | Canadian Imperial Bank of Comm | CM | 136069101 | $155.4M | 3.53% | 1,407,112 | SH |
| 10 | Canadian Pacific Kansas City L | CP | 13646K108 | $147.9M | 3.36% | 1,732,658 | SH |
| 11 | TC Energy Corp. | TRP | 87807B107 | $147.3M | 3.34% | 2,537,275 | SH |
| 12 | CCL Industries Inc. | — | 124900309 | $142.9M | 3.24% | 2,162,426 | SH |
| 13 | Canadian National Railway Co. | CNI | 136375102 | $142.0M | 3.22% | 1,190,268 | SH |
| 14 | Gildan Activewear Inc. | GIL | 375916103 | $141.4M | 3.21% | 3,309,542 | SH |
| 15 | Intact Financial Corp | IFCZF | 45823T106 | $129.6M | 2.94% | 748,038 | SH |
| 16 | Brookfield Corp. | BN | 11271J107 | $121.5M | 2.76% | 3,321,845 | SH |
| 17 | Saputo Inc. | SAPIF | 802912105 | $118.5M | 2.69% | 4,203,742 | SH |
| 18 | Stantec Inc. | STN | 85472N109 | $109.5M | 2.49% | 1,620,272 | SH |
| 19 | National Bank of Canada | NTIOF | 633067103 | $106.1M | 2.41% | 741,834 | SH |
| 20 | Sun Life Financial Inc. | SLF | 866796105 | $91.9M | 2.09% | 1,176,271 | SH |
| 21 | Canadian Tire Corp. Ltd. - Cla | CDNAF | 136681202 | $90.5M | 2.05% | 666,026 | SH |
| 22 | Element Fleet Management Corp. | ELEEF | 286181201 | $80.9M | 1.84% | 5,069,906 | SH |
| 23 | AbbVie Inc. | ABBV | 00287Y109 | $64.1M | 1.46% | 245,195 | SH |
| 24 | NXP Semiconductors NV | NXPI | N6596X109 | $57.6M | 1.31% | 242,298 | SH |
| 25 | Applied Materials Inc. | AMAT | 038222105 | $51.9M | 1.18% | 101,516 | SH |
| 26 | Taiwan Semiconductor Manufactu | TSM | 874039100 | $49.6M | 1.12% | 108,640 | SH |
| 27 | United Rentals Inc. | URI | 911363109 | $49.3M | 1.12% | 49,221 | SH |
| 28 | Cummins Inc. | CMI | 231021106 | $48.5M | 1.10% | 93,947 | SH |
| 29 | Exchange Income Corp. | EIFZF | 301283107 | $48.2M | 1.09% | 551,247 | SH |
| 30 | Siemens AG - ADR | SMMNY | 826197501 | $45.7M | 1.04% | 294,346 | SH |
| 31 | Visa Inc. | V | 92826C839 | $43.2M | 0.98% | 120,294 | SH |
| 32 | Schneider Electric SE - ADR | SBGSF | 80687P106 | $41.3M | 0.94% | 627,927 | SH |
| 33 | Microsoft Corp. | MSFT | 594918104 | $41.3M | 0.94% | 80,427 | SH |
| 34 | Air Products & Chemicals Inc. | APD | 009158106 | $38.5M | 0.87% | 138,410 | SH |
| 35 | Broadcom Inc. | AVGO | 11135F101 | $38.4M | 0.87% | 109,353 | SH |
| 36 | Wells Fargo & Co. | WFC | 949746101 | $37.8M | 0.86% | 471,833 | SH |
| 37 | Carrier Global Corp. | CARR | 14448C104 | $37.7M | 0.86% | 686,997 | SH |
| 38 | TE Connectivity PLC | TEL | G87052109 | $37.2M | 0.84% | 176,320 | SH |
| 39 | NextEra Energy Inc. | NEE | 65339F101 | $34.9M | 0.79% | 460,576 | SH |
| 40 | Entergy Corp. | ETR | 29364G103 | $34.5M | 0.78% | 347,670 | SH |
| 41 | Home Depot Inc./The | HD | 437076102 | $34.5M | 0.78% | 121,238 | SH |
| 42 | Booking Holdings Inc. | BKNG | 09857L108 | $33.6M | 0.76% | 206,488 | SH |
| 43 | Nutrien Ltd. | NTR | 67077M108 | $32.0M | 0.73% | 453,977 | SH |
| 44 | Becton Dickinson and Co. | BDX | 075887109 | $31.8M | 0.72% | 177,450 | SH |
| 45 | Boardwalk Real Estate Investme | — | 096631106 | $30.8M | 0.70% | 710,780 | SH |
| 46 | Merck & Co. Inc. | MRK | 58933Y105 | $29.7M | 0.67% | 204,106 | SH |
| 47 | Medtronic PLC | MDT | G5960L103 | $29.4M | 0.67% | 340,500 | SH |
| 48 | Enel SpA - ADR | ENLAY | 29265W207 | $28.0M | 0.63% | 2,833,130 | SH |
| 49 | Unilever PLC - ADR | UL | 904767803 | $27.4M | 0.62% | 450,494 | SH |
| 50 | SAP SE - ADR | SAP | 803054204 | $19.0M | 0.43% | 90,908 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-16 | $4.41B | 76 | 0001518235-26-000006 |
| 2026-06-30 | 2026-07-10 | $4.13B | 71 | 0001518235-26-000003 |
| 2026-03-31 | 2026-04-07 | $3.71B | 69 | 0001518235-26-000002 |
| 2025-12-31 | 2026-01-22 | $4.45B | 72 | 0001518235-26-000001 |
Filer Information
Address
400 - 1780 WELLINGTON AVENUEWINNIPEG, A2 R3H 1B3
Phone
(204) 783-0716
Filing Manager
Cardinal Capital Management, Inc.
WINNIPEG, A2
Signatory
DeWayne Osborn
Chief Compliance Officer