CI
Caldwell Investment Management Ltd. 13F Portfolio & Top Holdings (Q2 2026)
Caldwell Investment Management Ltd.CIK: 0001904373
Sector-focusedMomentum followerHigh-turnover trader
Total reported value
$152.3M
Reporting period: 2026-06-30 · Number of holdings: 33
Caldwell Investment Management Ltd. disclosed 33 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $152.3M and a quarterly turnover rate of 79.8%.
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Personality snowflake
- Concentration
- 41.26
- Portfolio Stability
- 79.76
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 66
- Sizing Uniformity
- 84.25
Caldwell Investment Management Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.103 — mathematically equivalent to about 10 equally-sized positions, well below its 33 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 1.57), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.2 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out MS
Add BAC
+5.8% $4.5M
New buy MFC
Add KKR
0.0% $248.3K
Add MIAX
-9.6% -$2.6M
Add CBOE
-6.8% -$6.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CBOE | Cboe Global Markets Inc | Stock-Financials | 17.52% | +4.45% | -6.78% | |
| 2 | MIAX | Miami International Holdings | Stock-Other | 14.63% | +4.86% | -9.61% | |
| 3 | BAC | Bank Of America CORP | Stock-Financials | 13.85% | +7.36% | +5.83% | |
| 4 | KKR | Kkr & Co Inc | Stock-Financials | 12.05% | +4.96% | — | |
| 5 | ICE | Intercontinental Exchange In | Stock-Financials | 8.08% | +1.92% | — | |
| 6 | EFXT | Enerflex LTD | Stock-Other | 6.62% | +3.31% | — | |
| 7 | MFC | Manulife Financial CORP | Stock-Financials | 6.49% | +6.49% | NEW | |
| 8 | ELVA | Electrovaya Inc | Stock-Other | 2.74% | +1.61% | — | |
| 9 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.45% | +0.72% | — | |
| 10 | CVE | Cenovus Energy Inc | Stock-Energy | 1.22% | -1.81% | -74.28% | |
| 11 | ATS | Ats CORP | Stock-Other | 1.15% | +0.50% | — | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 1.15% | +0.55% | — | |
| 13 | AMAT | Applied Materials Inc | Stock-Tech | 1.04% | +1.04% | NEW | |
| 14 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.97% | +0.64% | +22.22% | |
| 15 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.88% | +0.42% | — | |
| 16 | AAMI | Acadian Asset Management Inc | Stock-Other | 0.82% | +0.82% | NEW | |
| 17 | IBKR | Interactive Brokers Gro-cl A | Stock-Financials | 0.79% | +0.44% | — | |
| 18 | BEPC | Brookfield Renewable CORP | Stock-Utilities | 0.76% | +0.76% | NEW | |
| 19 | RBA | Rb Global Inc | Stock-Industrials | 0.76% | +0.76% | NEW | |
| 20 | KRE | Ss Spdr S&p Regional Bank | ETF-Other | 0.70% | +0.70% | NEW | |
| 21 | RHP | Ryman Hospitality Properties | Stock-Real Estate | 0.60% | +0.60% | NEW | |
| 22 | LIN | Linde plc | Stock-Materials | 0.58% | +0.58% | NEW | |
| 23 | NVDA | Nvidia CORP | Stock-Tech | 0.58% | +0.29% | — | |
| 24 | AIT | Applied Industrial Tech Inc | Stock-Industrials | 0.58% | +0.58% | NEW | |
| 25 | J | Jacobs Solutions Inc | Stock-Industrials | 0.57% | +0.03% | -37.27% | |
| 26 | WCN | Waste Connections Inc | Stock-Industrials | 0.56% | +0.24% | — | |
| 27 | GIB | Cgi Inc | Stock-Tech | 0.55% | +0.18% | — | |
| 28 | DRS | Leonardo Drs Inc | Stock-Industrials | 0.53% | +0.53% | NEW | |
| 29 | NOW | Servicenow Inc | Stock-Tech | 0.46% | +0.17% | — | |
| 30 | STN | Stantec Inc | Stock-Other | 0.42% | -0.17% | -47.19% | |
| 31 | EQX | Equinox Gold CORP | Stock-Other | 0.36% | +0.36% | NEW | |
| 32 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 0.31% | -2.47% | -91.89% | |
| 33 | ACN | Accenture plc | Stock-Tech | 0.26% | +0.01% | — |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q3 2026
+1.1%
Performance Last 4 Quarters
+16.9%
- Stdev
- +17%
- Beta
- +0.99
- Alpha
- +4.2%
- Max Drawdown
- -8.5%
- Annualized Perf
- +25.2%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +2.8
- Stutzer
- +0.41
- Treynor
- +0.24
- Sterling
- +1.5
- Calmar
- +2.97
- Information Ratio
- +0.36
- Tracking Error
- +11.1%
- Stdev Down
- +8.6%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +55.2%
- Worst 12 Months
- +5.7%
- Efficiency Ratio
- +0.62
- Sharpe
- +1.42
- Stdev Sectors
- +27%
- Skewness
- -0.03
- Kurtosis
- -0.18
- Upside Potential
- +4.41
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 33 | $152.3M | 80 | ||
| 2026 Q1 | 57 | $255.2M | 80 | ||
| 2025 Q4 | 29 | $162.6M | 62 | ||
| 2025 Q3 | 26 | $152.4M | 96 | ||
| 2025 Q2 | 20 | $115.4M | 0 | ||
| 2025 Q1 | 31 | $134.8M | 0 | ||
| 2024 Q4 | 34 | $148.3M | 0 | ||
| 2024 Q3 | 32 | $142.6M | 0 | ||
| 2024 Q2 | 33 | $132.9M | 0 | ||
| 2024 Q1 | 34 | $134.4M | 0 | ||
| 2023 Q4 | 31 | $130.1M | 0 | ||
| 2023 Q3 | 27 | $102.8M | 0 | ||
| 2023 Q2 | 29 | $132.2M | 0 | ||
| 2023 Q1 | 23 | $100.8M | 0 | ||
| 2022 Q4 | 26 | $94.7M | 0 | ||
| 2022 Q3 | 26 | $82.2M | 0 | ||
| 2022 Q2 | 27 | $99.6M | 0 | ||
| 2022 Q1 | 33 | $126.4M | 0 | ||
| 2021 Q4 | 33 | $128.0M | 0 |
Holding changes this quarter
Caldwell Investment Management Ltd.'s most significant position changes for 2026-06-30: Sold out: Morgan Stanley (MS); New buy: Manulife Financial CORP (MFC); Sold out: Citigroup Inc (C); Sold out: Sprott Inc (SII); Sold out: Kinross Gold CORP (KGC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BAC | Bank Of America CORP | +7.4% | +5.83% | Add |
| 2 | MFC | Manulife Financial CORP | +6.5% | NEW | New buy |
| 3 | KKR | Kkr & Co Inc | +5% | — | Unchanged |
| 4 | MIAX | Miami International Holdings | +4.9% | -9.61% | Trim |
| 5 | CBOE | Cboe Global Markets Inc | +4.5% | -6.78% | Trim |
| 6 | EFXT | Enerflex LTD | +3.3% | — | Unchanged |
| 7 | ICE | Intercontinental Exchange In | +1.9% | — | Unchanged |
| 8 | ELVA | Electrovaya Inc | +1.6% | — | Unchanged |
| 9 | AMAT | Applied Materials Inc | +1% | NEW | New buy |
| 10 | AAMI | Acadian Asset Management Inc | +0.8% | NEW | New buy |
| 11 | BEPC | Brookfield Renewable CORP | +0.8% | NEW | New buy |
| 12 | RBA | Rb Global Inc | +0.8% | NEW | New buy |
| 13 | AMZN | Amazon.com Inc | +0.7% | — | Unchanged |
| 14 | KRE | Ss Spdr S&p Regional Bank | +0.7% | NEW | New buy |
| 15 | VRT | Vertiv Holdings Co-a | +0.6% | +22.22% | Add |
| 16 | RHP | Ryman Hospitality Properties | +0.6% | NEW | New buy |
| 17 | LIN | Linde plc | +0.6% | NEW | New buy |
| 18 | AIT | Applied Industrial Tech Inc | +0.6% | NEW | New buy |
| 19 | V | Visa Inc-class A Shares | +0.6% | — | Unchanged |
| 20 | DRS | Leonardo Drs Inc | +0.5% | NEW | New buy |
| 21 | ATS | Ats CORP | +0.5% | — | Unchanged |
| 22 | IBKR | Interactive Brokers Gro-cl A | +0.4% | — | Unchanged |
| 23 | JPM | Jpmorgan Chase & Co | +0.4% | — | Unchanged |
| 24 | EQX | Equinox Gold CORP | +0.4% | NEW | New buy |
| 25 | NVDA | Nvidia CORP | +0.3% | — | Unchanged |
| 26 | WCN | Waste Connections Inc | +0.2% | — | Unchanged |
| 27 | GIB | Cgi Inc | +0.2% | — | Unchanged |
| 28 | NOW | Servicenow Inc | +0.2% | — | Unchanged |
| 29 | J | Jacobs Solutions Inc | 0% | -37.27% | Trim |
| 30 | ACN | Accenture plc | 0% | — | Unchanged |
| 31 | AMTM | Amentum Holdings Inc | -0.1% | EXIT | Sold out |
| 32 | FISV | Fiserv Inc | -0.2% | EXIT | Sold out |
| 33 | STN | Stantec Inc | -0.2% | -47.19% | Trim |
| 34 | HCA | Hca Healthcare Inc | -0.2% | EXIT | Sold out |
| 35 | SNPS | Synopsys Inc | -0.3% | EXIT | Sold out |
| 36 | GOOGL | Alphabet Inc-cl A | -0.3% | EXIT | Sold out |
| 37 | CACI | Caci International Inc -cl A | -0.3% | EXIT | Sold out |
| 38 | APH | Amphenol Corp-cl A | -0.3% | EXIT | Sold out |
| 39 | RMD | Resmed Inc | -0.4% | EXIT | Sold out |
| 40 | WWD | Woodward Inc | -0.4% | EXIT | Sold out |
| 41 | WMB | Williams Cos Inc | -0.4% | EXIT | Sold out |
| 42 | LRCX | Lam Research CORP | -0.4% | EXIT | Sold out |
| 43 | CNI | Canadian Natl Railway Co | -0.4% | EXIT | Sold out |
| 44 | AROC | Archrock Inc | -0.4% | EXIT | Sold out |
| 45 | ✓ | -0.5% | EXIT | Sold out | |
| 46 | ROL | Rollins Inc | -0.5% | EXIT | Sold out |
| 47 | HWM | Howmet Aerospace Inc | -0.6% | EXIT | Sold out |
| 48 | CW | Curtiss-wright CORP | -0.6% | EXIT | Sold out |
| 49 | TMO | Thermo Fisher Scientific Inc | -0.6% | EXIT | Sold out |
| 50 | MSFT | Microsoft CORP | -0.6% | EXIT | Sold out |
1–50 of 68
Filing History
FAQ
What is Caldwell Investment Management Ltd. and what type of investor is it?
Caldwell Investment Management Ltd. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $152.3M, spread across 33 disclosed positions.
What are Caldwell Investment Management Ltd.'s largest equity positions?
Based on the latest 13F filing, Caldwell Investment Management Ltd.'s top holdings by market value are:
1. Cboe Global Markets Inc (CBOE) — $26.7M (17.5%)
2. Miami International Holdings (MIAX) — $22.3M (14.6%)
3. Bank Of America CORP (BAC) — $21.1M (13.8%)
4. Kkr & Co Inc (KKR) — $18.3M (12.1%)
5. Intercontinental Exchange In (ICE) — $12.3M (8.1%)
What changes did Caldwell Investment Management Ltd. make in its most recent portfolio filing?
In the latest reported quarter, Caldwell Investment Management Ltd. made 54 notable position adjustments: 11 new positions were initiated, 2 existing holdings were added to, 6 positions were partially reduced, and 35 were completely exited. The largest of these moves: Sold out: Morgan Stanley (MS); New buy: Manulife Financial CORP (MFC); Sold out: Citigroup Inc (C); Sold out: Sprott Inc (SII); Sold out: Kinross Gold CORP (KGC)
What sectors does Caldwell Investment Management Ltd. focus on?
Caldwell Investment Management Ltd. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 83.8%
• Industrials: 5.5%
• Information Technology: 4.0%
• Consumer Discretionary: 2.0%
• Energy: 1.7%
• Materials: 1.2%
Investment Profile
Caldwell Investment Management Ltd. returned an annualized 25.2% over the trailing 36 months — outperforming the S&P 500 by 4.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.99 (roughly in line with the market) and a 53% quarterly batting average against the index.
Its portfolio is moderately concentrated and fast-trading, with 83.8% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 80 over the past 4 quarters — a shift toward more active trading.
It has added to its EFXT position over the past two quarters (+$3.6M, now $10.1M), while trimming MIAX over the same stretch (-$11.4M, still holding $22.3M).
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Developer Access
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