Cardinal Capital Management, Inc.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 28 quarters, returned +4.5% per quarter — versus +2.9% per quarter from simply owning every 13F stock. It beat that baseline in only 46.4% of quarters (excess t = 1.47, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 66 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| SU | $231M | | HOLD |
| MFC | $161M | | ADD |
| PBA | $159M | | ADD |
| TRP | $158M | | ADD |
| CM | $147M | | TRIM |
| RY | $144M | | HOLD |
| GIL | $144M | | HOLD |
| BNS | $140M | | HOLD |
| SLF | $139M | | ADD |
| BMO | $136M | | HOLD |
| CP | $131M | | ADD |
| BN | $128M | | ADD |
| CNI | $122M | | ADD |
| AMAT | $64M | | TRIM |
| ABBV | $55M | | ADD |
| CMI | $52M | | HOLD |
| TMUS | $41M | | ADD |
| NEE | $40M | | HOLD |
| APD | $37M | | ADD |
| WFC | $37M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.