SEC 13F Intelligence

Managers / Q4 2022 · view latest →

Cardinal Capital Management

CIK 0001434845 · 2626 GLENWOOD AVENUE, SUITE 380, RALEIGH, NC, 27608 · 919-532-7500

Reported Value
$470M
Q4 2022
Positions
138
Filings on Record
34
2019–present window
Filed
Jan 23, 2023
original filing

Summary

Cardinal Capital Management reported $470M in U.S.-listed holdings across 138 positions for Q4 2022.

Its largest position, JNJ, represents 3.7% of the portfolio.

Compared with Q3 2022, the fund opened 0 new positions and exited 3.

Portfolio Metrics

Turnover
+1.2%
vs prior filed quarter
Top-10 Concentration
+24.4%
share of reported value
Largest Position
+3.7%
Johnson Johnson

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $303MQ4 ’18Q1 ’19: $350MQ2 ’19: $352MQ3 ’19: $362MQ4 ’19: $385MQ4 ’19Q1 ’20: $303MQ2 ’20: $348MQ3 ’20: $363MQ4 ’20: $422MQ4 ’20Q1 ’21: $454MQ2 ’21: $474MQ3 ’21: $462MQ4 ’21: $505MQ4 ’21Q1 ’22: $494MQ2 ’22: $437MQ3 ’22: $423MQ4 ’22: $470MQ4 ’22Q1 ’23: $482MQ2 ’23: $497MQ3 ’23: $491MQ4 ’23: $528MQ4 ’23Q1 ’24: $615MQ2 ’24: $594MQ3 ’24: $643MQ4 ’24: $638MQ4 ’24Q1 ’25: $646MQ2 ’25: $681MQ3 ’25: $723MQ4 ’25: $755MQ4 ’25Q1 ’26: $776Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 88.5%ADR: 7.0%Other: 4.5%
  • Common Stock · 88.5% · $416M
  • ADR · 7.0% · $33M
  • Other · 4.5% · $21M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PAHCPHIBRO ANIMAL HEALTH CORP-ASOLD OUT−51.4K0−$683,000$0
IDIInterdigital IncSOLD OUT−11.1K0−$451,000$0
PRLBProto Labs IncSOLD OUT−10.6K0−$386,000$0
GRFSGrifolsADDED+23.7K71.4K+$312,943$606,943
MKTAYMakita Corp. ADRTRIMMED−42.5K83.2K−$506,737$2M
Unilever PLC NEW ADRADDED+6.9K33.8K+$521,031$2M
NRCIAEURNational Research CorpADDED+1.8K14.2K+$34,376$531,376
UNBUnion Bankshares IncADDED+4.8K39.1K+$138,629$914,629

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1JNJJohnson & Johnsonhistory →COM3.71%$17M98.6K
2LLYEli Lillyhistory →COM3.01%$14M38.6K
3MSFTMicrosofthistory →COM2.74%$13M53.7K
4EXMOCExxon-Mobilhistory →COM2.57%$12M109.4K
5DEDeere & Companyhistory →COM2.38%$11M26.0K
6COSTCostco Wholesale Corp Delhistory →COM2.09%$10M21.5K
7ADPAutomatic Data Processinghistory →COM2.06%$10M40.5K
8AAPLApple Computerhistory →COM2.06%$10M74.4K
9AG8Agilent Technologieshistory →COM1.91%$9M60.0K
10LOWLowe'shistory →COM1.87%$9M44.2K
11GISGeneral Millshistory →COM1.85%$9M103.8K
12COPConocoPhillipshistory →COM1.82%$9M72.4K
13ITWIllinois Tool Works Inchistory →COM1.74%$8M37.2K
14MRKMerck & Co. Inc.history →COM1.62%$8M68.7K
15BIIBBiogen Idec Inchistory →COM1.61%$8M27.2K
16EMREmerson Electrichistory →COM1.56%$7M76.4K
17PGProcter & Gamblehistory →COM1.54%$7M47.7K
18JPMJ. P. Morgan Chase & Co. Inc.history →COM1.54%$7M53.9K
19SBUXStarbucks Corp.history →COM1.49%$7M70.6K
20Laboratory CP Amer HldgsCOM1.47%$7M29.4K
21WMTWal-Mart Stores Inc.history →COM1.44%$7M47.8K
22MCXMcCormick & Companyhistory →COM1.38%$6M77.9K
23QCOMQualcomm Inchistory →COM1.35%$6M57.8K
24CSCOCisco Systems Inchistory →COM1.33%$6M131.2K
25KEYSKeysight Technologieshistory →COM1.33%$6M36.5K
26BNYBank of New York Mellonhistory →COM1.22%$6M126.2K
27BDXBecton Dickinson & Cohistory →COM1.22%$6M22.6K
28GOOGLAlphabet Inc. Class Ahistory →COM1.20%$6M63.9K
29IDXXIdexx Laboratorieshistory →COM1.17%$6M13.5K
30IBMInternat'l Business Machhistory →COM1.16%$5M38.8K
31ECLEcolab Inc.history →COM1.15%$5M37.0K
32REGNREGENERON PHARMACEUTICALShistory →COM1.14%$5M7.4K
33PEPPepsicohistory →COM1.13%$5M29.3K
34TROWT. Rowe Group Inc.history →COM1.11%$5M47.8K
35INTCIntelhistory →COM1.05%$5M185.9K
36KOCoca-Colahistory →COM1.03%$5M75.7K
37NVONovo Nordisk A S ADRhistory →ADR1.00%$5M34.8K
38CMICummins IncCOM1.00%$5M19.3K
39DLTRDollar Tree Inc.COM0.96%$5M32.0K
40NFGNational Fuel Gas CoCOM0.95%$4M70.3K
41PFEPfizer IncCOM0.94%$4M86.3K
42Medtronic Inc.COM0.93%$4M56.5K
43MMM3M CompanyCOM0.93%$4M36.6K
44TFCTruist Financial CorpCOM0.93%$4M101.5K
45WBAWalgreens Boots AllianceCOM0.90%$4M113.4K
46HASHasbro IncCOM0.83%$4M63.6K
47NVSNNovartis ADRADR0.80%$4M41.5K
48STTState Street CorpCOM0.79%$4M47.6K
49RYRoyal Bank Canada PV USD1COM0.73%$3M36.5K
50UPSUnited Parcel Service Inc Class BCOM0.70%$3M18.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$776M136Apr 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$755M133Jan 30, 202613F-HRchanges · EDGAR ↗
Q3 2025$723M131Oct 23, 202513F-HRchanges · EDGAR ↗
Q2 2025$681M128Jul 15, 202513F-HRchanges · EDGAR ↗
Q1 2025$646M132Apr 18, 202513F-HRchanges · EDGAR ↗
Q4 2024$638M131Jan 31, 202513F-HRchanges · EDGAR ↗
Q3 2024$643M130Oct 16, 202413F-HRchanges · EDGAR ↗
Q2 2024$594M134Jul 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$615M139Apr 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$528M135Jan 29, 202413F-HRchanges · EDGAR ↗
Q3 2023$491M138Oct 16, 202313F-HRchanges · EDGAR ↗
Q2 2023$497M137Jul 12, 202313F-HRchanges · EDGAR ↗
Q1 2023$482M138Apr 19, 202313F-HRchanges · EDGAR ↗
Q4 2022$470M138Jan 23, 202313F-HRchanges · EDGAR ↗
Q3 2022$423M141Oct 24, 202213F-HRchanges · EDGAR ↗
Q2 2022$437M140Aug 4, 202213F-HRchanges · EDGAR ↗
Q1 2022$494M143Apr 21, 202213F-HRchanges · EDGAR ↗
Q4 2021$505M141Jan 18, 202213F-HRchanges · EDGAR ↗
Q3 2021$462M142Oct 21, 202113F-HRchanges · EDGAR ↗
Q2 2021$474M141Jul 14, 202113F-HRchanges · EDGAR ↗
Q1 2021$454M140Apr 19, 202113F-HRchanges · EDGAR ↗
Q4 2020$422M140Feb 1, 202113F-HRchanges · EDGAR ↗
Q3 2020$363M135Oct 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$348M131Jul 16, 202013F-HRchanges · EDGAR ↗
Q1 2020$303M132Apr 20, 202013F-HRchanges · EDGAR ↗
Q4 2019$385M131Jan 21, 202013F-HRchanges · EDGAR ↗
Q3 2019$362M129Oct 18, 201913F-HRchanges · EDGAR ↗
Q2 2019$352M128Jul 8, 201913F-HRchanges · EDGAR ↗
Q1 2019$350M128Apr 11, 201913F-HRchanges · EDGAR ↗
Q4 2018$303M120Jan 15, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.