SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Cardinal Capital Management, Inc.

CIK 0001518235 · 400 - 1780 WELLINGTON AVENUE, WINNIPEG, A2, R3H 1B3 · 204-783-0716

Reported Value
$2.1B
Q4 2021
Positions
84
Filings on Record
30
2019–present window
Filed
Jan 19, 2022
original filing

Summary

Cardinal Capital Management, Inc. reported $2.1B in U.S.-listed holdings across 84 positions for Q4 2021.

Its largest position, TD, represents 6.9% of the portfolio.

Compared with Q3 2021, the fund opened 19 new positions and exited 17.

Portfolio Metrics

Turnover
+2.0%
vs prior filed quarter
Top-10 Concentration
+56.7%
share of reported value
Largest Position
+6.9%
Toronto Dominion Bank
New / Exited
19 / 17
positions this quarter

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: $853MQ4 ’18Q1 ’19: $1000MQ2 ’19: $1.0BQ3 ’19: $1.1BQ4 ’19: $1.5BQ4 ’19Q1 ’20: $1.2BQ2 ’20: $1.2BQ3 ’20: $1.4BQ4 ’20: $1.6BQ4 ’20Q1 ’21: $1.7BQ2 ’21: $1.8BQ3 ’21: $1.8BQ4 ’21: $2.1BQ4 ’21Q1 ’22: $2.1BQ2 ’22: $1.8BQ3 ’22: $1.6BQ4 ’22: $1.8BQ4 ’22Q1 ’23: $1.8BQ2 ’23: $2.0BQ3 ’23: $1.9BQ4 ’23: $2.1BQ4 ’23Q1 ’24: $2.3BQ2 ’24: $2.6BQ3 ’24: $2.4BQ4 ’24: $2.9BQ4 ’24Q1 ’25: $2.9BQ2 ’25: $3.2BQ3 ’25: $3.5BQ4 ’25: $4.5BQ4 ’25Q1 ’26: $3.7Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 89.5%Other: 5.5%ADR: 3.0%REIT: 2.1%
  • Common Stock · 89.5% · $1.9B
  • Other · 5.5% · $117M
  • ADR · 3.0% · $64M
  • REIT · 2.1% · $45M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ATD/AEURAlimentation Couche Tard Inc.NEW+3.05M3.05M+$128M$128M
SONYSony Group Corp. - SP ADRNEW+265.3K265.3K+$34M$34M
Shaw Communications Inc. Class BNEW+21.0K21.0K+$638,000$638,000
Brookfield Infrastructure PartNEW+767767+$47,000$47,000
FFIVFS Networks Inc.NEW+8080+$20,000$20,000
SPAQUSDFisker Inc.NEW+1.1K1.1K+$17,000$17,000
INDIIndie Semiconductor Inc.NEW+1.4K1.4K+$17,000$17,000
PINGUSDPing Identity Holding Corp.NEW+650650+$15,000$15,000

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

Holdings — Q4 2021

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDToronto-Dominion Bankhistory →COM6.89%$148M1.93M
2BNSBank of Nova Scotiahistory →COM6.48%$139M1.96M
3BMOBank of Montrealhistory →COM6.33%$136M1.26M
4RYRoyal Bank of Canadahistory →COM6.18%$133M1.25M
5ATD/AEURAlimentation Couche Tard Inc.history →COM5.95%$128M3.05M
6CMCanadian Imperial Bank of Commercehistory →COM5.88%$126M1.08M
7ENBEnbridge Inc.history →COM4.85%$104M2.67M
8PPLPembina Pipeline Corp.history →COM4.73%$101M3.35M
9SUSuncor Energy Inc.history →COM4.71%$101M4.04M
10TRPTC Energy Corp.history →COM4.70%$101M2.17M
11MFCManulife Financial Corp.history →COM4.38%$94M4.93M
12Canadian Pacific Railway Ltd.COM4.07%$87M1.21M
13CNRCanadian National Railway Co.history →COM2.69%$58M470.3K
14TTELUS Corp.history →COM2.19%$47M2.00M
15SONYSony Group Corp. - SP ADRhistory →SPONSORED ADR1.56%$34M265.3K
16CSCOCisco Systems Inc.history →COM1.55%$33M523.7K
17CVSCVS Health Corp.history →COM1.47%$32M305.4K
18NTRNutrien Ltd.history →COM1.34%$29M382.5K
19MRKMerck & Co. Inc.history →COM1.34%$29M373.9K
20BACBank of America Corp.history →COM1.31%$28M633.5K
21AMATApplied Materials Inc.history →COM1.31%$28M178.0K
22JPMJPMorgan Chase & Co.history →COM1.29%$28M175.1K
23ORCLOracle Corphistory →COM1.25%$27M308.5K
24LIESun Life Financial Inc.history →COM1.25%$27M482.9K
25FQIDigital Realty Trust Inc.history →COM1.25%$27M151.6K
26CMCSAComcast Corp. Class Ahistory →COM1.17%$25M497.6K
27WFCWells Fargo & Co.history →COM1.10%$24M491.1K
28UNHUnitedHealth Group Inc.history →COM1.08%$23M46.0K
29VFCVF Corporationhistory →COM1.07%$23M313.3K
30BDXBecton Dickinson and Co.history →COM0.98%$21M83.6K
31AVGOBroadcom Ltd.history →COM0.96%$21M31.0K
32Granite Real Estate InvestmentCOM0.85%$18M220.1K
33HONGBPHoneywell International Inc.history →COM0.83%$18M85.4K
34GILDGilead Sciences Inc.history →COM0.82%$18M242.1K
35USBUS Bancorphistory →COM0.75%$16M285.5K
36NVSNNovartis AG ADRhistory →SPONSORED ADR0.74%$16M180.9K
37Unilever PLC ADRSPONSORED ADR0.73%$16M292.4K
38INTCIntel Corp.history →COM0.70%$15M293.4K
39SAPSAP SE ADRhistory →SPONSORED ADR0.67%$14M102.3K
40Medtronic PLCSPONSORED ADR0.66%$14M136.7K
41SWKStanley Black & Decker Inc.history →COM0.54%$12M61.9K
42WBAWalgreen Boots Alliance Inc.COM0.45%$10M186.4K
43BCEBCE Inc.COM0.25%$5M102.2K
44RCI/BRogers Communications Inc. - CCOM0.16%$3M73.1K
45ABBVAbbVie Inc.COM0.09%$2M14.2K
46BACVerizon Communications Inc.COM0.06%$1M23.4K
47AEMAgnico-Eagle Mines Ltd.COM0.06%$1M22.6K
48PFEPfizer Inc.COM0.05%$1M18.6K
49BMYBristol-Myers Squibb Co.COM0.04%$817,00013.1K
50MGAMagna International Inc.COM0.04%$800,0009.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$3.7B69Apr 7, 202613F-HRchanges · EDGAR ↗
Q4 2025$4.5B72Jan 22, 202613F-HRchanges · EDGAR ↗
Q3 2025$3.5B77Oct 3, 202513F-HRchanges · EDGAR ↗
Q2 2025$3.2B68Jul 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$2.9B71Apr 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$2.9B69Jan 17, 202513F-HRchanges · EDGAR ↗
Q3 2024$2.4B60Oct 10, 202413F-HRchanges · EDGAR ↗
Q2 2024$2.6B70Jul 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.3B54Apr 9, 202413F-HRchanges · EDGAR ↗
Q4 2023$2.1B52Feb 23, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.9B56Oct 12, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.0B55Jul 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.8B55Apr 6, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.8B54Feb 3, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.6B54Oct 7, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.8B77Jul 13, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.1B88Apr 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.1B84Jan 19, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.8B82Oct 7, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.8B77Jul 9, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.7B79Apr 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.6B78Jan 15, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.4B73Oct 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.2B73Jul 8, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.2B70Apr 8, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.5B70Jan 15, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.1B61Oct 8, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.0B46Jul 11, 201913F-HRchanges · EDGAR ↗
Q1 2019$1000M57Apr 4, 201913F-HRchanges · EDGAR ↗
Q4 2018$853M52Jan 14, 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 ↗.