CIK: 0001904373
Total reported value
$255.2M
Reporting period: 2026-03-31 · Number of holdings: 57
Caldwell Investment Management Ltd. disclosed 57 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $255.2M and a quarterly turnover rate of 80.1%.
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Caldwell Investment Management Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.071 — mathematically equivalent to about 14 equally-sized positions, well below its 57 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.75), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MIAX
-10.2% -$8.8M
Trim KKR
0.0% -$7.6M
Trim CBOE
0.0% $3.3M
Trim AEM
-21.6% -$1.0M
Trim JPM
-67.7% -$2.9M
Add CVE
+162.5% $5.9M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MS | Morgan Stanley | Stock-Financials | 15.54% | +15.54% | NEW | |
| 2 | CBOE | Cboe Global Markets INC | Stock-Financials | 13.07% | -5.38% | — | |
| 3 | MIAX | Miami International Holdings | Stock-Other | 9.77% | -10.97% | -10.15% | |
| 4 | KKR | Kkr & Co INC | Stock-Financials | 7.09% | -8.72% | — | |
| 5 | BAC | Bank Of America CORP | Stock-Financials | 6.49% | +6.49% | NEW | |
| 6 | ICE | Intercontinental Exchange In | Stock-Financials | 6.16% | — | — | |
| 7 | EFXT | Enerflex LTD | Stock-Other | 3.31% | -0.65% | — | |
| 8 | C | Citigroup INC | Stock-Financials | 3.16% | +3.16% | NEW | |
| 9 | CVE | Cenovus Energy INC | Stock-Energy | 3.03% | +1.87% | +162.45% | |
| 10 | SII | Sprott INC | Stock-Other | 3.02% | +3.02% | NEW | |
| 11 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 2.78% | -2.20% | -21.61% | |
| 12 | KGC | Kinross Gold CORP | Stock-Materials | 1.91% | +1.91% | NEW | |
| 13 | CCJ | Cameco CORP | Stock-Energy | 1.65% | — | — | |
| 14 | ELVA | Electrovaya INC | Stock-Other | 1.13% | — | — | |
| 15 | LHX | L3harris Technologies INC | Stock-Industrials | 1.01% | +1.01% | NEW | |
| 16 | RY | Royal Bank Of Canada | Stock-Financials | 0.97% | +0.97% | NEW | |
| 17 | CLS | Celestica INC | Stock-Tech | 0.90% | — | — | |
| 18 | OVV | Ovintiv INC | Stock-Energy | 0.83% | +0.83% | NEW | |
| 19 | PFE | Pfizer INC | Stock-Healthcare | 0.82% | +0.82% | NEW | |
| 20 | FIX | Comfort Systems USA INC | Stock-Industrials | 0.80% | +0.80% | NEW | |
| 21 | MCK | Mckesson CORP | Stock-Healthcare | 0.74% | — | — | |
| 22 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.73% | — | — | |
| 23 | MSI | Motorola Solutions INC | Stock-Tech | 0.70% | +0.70% | NEW | |
| 24 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.68% | +0.68% | NEW | |
| 25 | CAE | Cae INC | Stock-Other | 0.66% | +0.66% | NEW | |
| 26 | KLAC | Kla CORP | Stock-Tech | 0.65% | +0.65% | NEW | |
| 27 | ATS | Ats CORP | Stock-Other | 0.65% | — | — | |
| 28 | MSFT | Microsoft CORP | Stock-Tech | 0.63% | +0.63% | NEW | |
| 29 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.62% | +0.62% | NEW | |
| 30 | V | Visa Inc-class A Shares | Stock-Financials | 0.60% | +0.11% | +4.08% | |
| 31 | CW | Curtiss-wright CORP | Stock-Industrials | 0.60% | +0.60% | NEW | |
| 32 | STN | Stantec INC | Stock-Other | 0.59% | +0.59% | NEW | |
| 33 | HWM | Howmet Aerospace INC | Stock-Industrials | 0.56% | +0.56% | NEW | |
| 34 | J | Jacobs Solutions INC | Stock-Industrials | 0.54% | — | — | |
| 35 | ✓ | Stock-Other | 0.46% | +0.46% | NEW | ||
| 36 | ROL | Rollins INC | Stock-Consumer Disc | 0.46% | +0.46% | NEW | |
| 37 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.46% | -2.06% | -67.72% | |
| 38 | CNI | Canadian Natl Railway Co | Stock-Industrials | 0.43% | +0.43% | NEW | |
| 39 | AROC | Archrock INC | Stock-Energy | 0.43% | +0.43% | NEW | |
| 40 | LRCX | Lam Research CORP | Stock-Tech | 0.42% | +0.42% | NEW | |
| 41 | WWD | Woodward INC | Stock-Industrials | 0.40% | +0.40% | NEW | |
| 42 | WMB | Williams Cos INC | Stock-Energy | 0.40% | +0.40% | NEW | |
| 43 | GIB | Cgi INC | Stock-Tech | 0.37% | — | — | |
| 44 | IBKR | Interactive Brokers Gro-cl A | Stock-Financials | 0.35% | -0.73% | -48.71% | |
| 45 | RMD | Resmed INC | Stock-Healthcare | 0.35% | +0.35% | NEW | |
| 46 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.33% | +0.33% | NEW | |
| 47 | WCN | Waste Connections INC | Stock-Industrials | 0.32% | +0.32% | NEW | |
| 48 | APH | Amphenol Corp-cl A | Stock-Tech | 0.32% | +0.32% | NEW | |
| 49 | CACI | Caci International INC -cl A | Stock-Tech | 0.31% | +0.31% | NEW | |
| 50 | NOW | Servicenow INC | Stock-Tech | 0.29% | — | — |
Performance for Q3 2026
-3.4%
Performance Last 4 Quarters
+18.5%
Based on 86% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 57 | $255.2M | 80 | |
| 2025-12-31 | 29 | $162.6M | 62 | |
| 2025-09-30 | 26 | $152.4M | 96 | |
| 2025-06-30 | 20 | $115.4M | 0 | |
| 2025-03-31 | 31 | $134.8M | 0 | |
| 2024-12-31 | 34 | $148.3M | 0 | |
| 2024-09-30 | 32 | $142.6M | 0 | |
| 2024-06-30 | 33 | $132.9M | 0 | |
| 2024-03-31 | 34 | $134.4M | 0 | |
| 2023-12-31 | 31 | $130.1M | 0 | |
| 2023-09-30 | 27 | $102.8M | 0 | |
| 2023-06-30 | 29 | $132.2M | 0 | |
| 2023-03-31 | 23 | $100.8M | 0 | |
| 2022-12-31 | 26 | $94.7M | 0 | |
| 2022-09-30 | 26 | $82.2M | 0 | |
| 2022-06-30 | 27 | $99.6M | 0 | |
| 2022-03-31 | 33 | $126.4M | 0 | |
| 2021-12-31 | 33 | $128.0M | 0 |
Caldwell Investment Management Ltd.'s most significant position changes for 2026-03-31: New buy: Morgan Stanley (MS); New buy: Bank Of America CORP (BAC); New buy: Citigroup INC (C); New buy: Sprott INC (SII); New buy: Kinross Gold CORP (KGC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CVE | Cenovus Energy INC | +1.9% | +162.45% | Add |
| 2 | V | Visa Inc-class A Shares | +0.1% | +4.08% | Add |
| 3 | EFXT | Enerflex LTD | -0.7% | — | Unchanged |
| 4 | IBKR | Interactive Brokers Gro-cl A | -0.7% | -48.71% | Trim |
| 5 | JPM | Jpmorgan Chase & Co | -2.1% | -67.72% | Trim |
| 6 | AEM | Agnico Eagle Mines LTD | -2.2% | -21.61% | Trim |
| 7 | CBOE | Cboe Global Markets INC | -5.4% | — | Unchanged |
| 8 | KKR | Kkr & Co INC | -8.7% | — | Unchanged |
| 9 | MIAX | Miami International Holdings | -11% | -10.15% | Trim |
| 10 | MS | Morgan Stanley | — | NEW | New buy |
| 11 | BAC | Bank Of America CORP | — | NEW | New buy |
| 12 | C | Citigroup INC | — | NEW | New buy |
| 13 | SII | Sprott INC | — | NEW | New buy |
| 14 | KGC | Kinross Gold CORP | — | NEW | New buy |
| 15 | MFC | Manulife Financial CORP | — | EXIT | Sold out |
| 16 | BABA | Alibaba Group Holding-sp Adr | — | EXIT | Sold out |
| 17 | LHX | L3harris Technologies INC | — | NEW | New buy |
| 18 | RY | Royal Bank Of Canada | — | NEW | New buy |
| 19 | OVV | Ovintiv INC | — | NEW | New buy |
| 20 | PFE | Pfizer INC | — | NEW | New buy |
| 21 | FIX | Comfort Systems USA INC | — | NEW | New buy |
| 22 | MSI | Motorola Solutions INC | — | NEW | New buy |
| 23 | TJX | Tjx Companies INC | — | NEW | New buy |
| 24 | CAE | Cae INC | — | NEW | New buy |
| 25 | KLAC | Kla CORP | — | NEW | New buy |
| 26 | MSFT | Microsoft CORP | — | NEW | New buy |
| 27 | TMO | Thermo Fisher Scientific INC | — | NEW | New buy |
| 28 | CW | Curtiss-wright CORP | — | NEW | New buy |
| 29 | STN | Stantec INC | — | NEW | New buy |
| 30 | TFII | Tfi International INC | — | EXIT | Sold out |
| 31 | AVGO | Broadcom INC | — | EXIT | Sold out |
| 32 | HWM | Howmet Aerospace INC | — | NEW | New buy |
| 33 | IDCC | Interdigital INC | — | EXIT | Sold out |
| 34 | ✓ | — | NEW | New buy | |
| 35 | ROL | Rollins INC | — | NEW | New buy |
| 36 | CNI | Canadian Natl Railway Co | — | NEW | New buy |
| 37 | AROC | Archrock INC | — | NEW | New buy |
| 38 | LRCX | Lam Research CORP | — | NEW | New buy |
| 39 | TKO | Tko Group Holdings INC | — | EXIT | Sold out |
| 40 | WWD | Woodward INC | — | NEW | New buy |
| 41 | WMB | Williams Cos INC | — | NEW | New buy |
| 42 | PWR | Quanta Services INC | — | EXIT | Sold out |
| 43 | RMD | Resmed INC | — | NEW | New buy |
| 44 | VRT | Vertiv Holdings Co-a | — | NEW | New buy |
| 45 | WCN | Waste Connections INC | — | NEW | New buy |
| 46 | APH | Amphenol Corp-cl A | — | NEW | New buy |
| 47 | CACI | Caci International INC -cl A | — | NEW | New buy |
| 48 | NVDA | Nvidia CORP | — | NEW | New buy |
| 49 | META | Meta Platforms Inc-class A | — | EXIT | Sold out |
| 50 | GOOGL | Alphabet Inc-cl A | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-27 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-07 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-22 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-26 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-11 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-25 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-19 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-16 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-01 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-27 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-25 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-29 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
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