CIK: 0001434845
Total reported value
$775.6M
Reporting period: 2026-03-31 · Number of holdings: 136
Cardinal Capital Management disclosed 136 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $775.6M and a quarterly turnover rate of 14.0%.
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Cardinal Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.014 — mathematically equivalent to about 72 equally-sized positions, well below its 136 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.95), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-0.1% -$5.6M
Trim LLY
-2.2% -$4.8M
Add XOM
-0.2% $5.7M
Add JNJ
-0.6% $4.2M
Add COP
+0.5% $3.6M
Trim QCOM
+1.4% -$2.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.67% | +0.46% | -0.62% | |
| 2 | LLY | Eli Lilly & Co | Stock-Healthcare | 3.18% | -0.72% | -2.20% | |
| 3 | AAPL | Apple INC | Stock-Tech | 2.85% | -0.29% | -0.19% | |
| 4 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 2.67% | +0.29% | -0.39% | |
| 5 | XOM | Exxon Mobil CORP | Stock-Energy | 2.52% | +0.68% | -0.24% | |
| 6 | WMT | Walmart INC | Stock-Consumer Staples | 2.49% | +0.18% | -0.81% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.38% | -0.34% | -2.27% | |
| 8 | MSFT | Microsoft CORP | Stock-Tech | 2.37% | -0.81% | -0.06% | |
| 9 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.23% | -0.30% | -0.65% | |
| 10 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 2.09% | — | -1.64% | |
| 11 | DE | Deere & Co | Stock-Industrials | 2.03% | +0.30% | -0.35% | |
| 12 | CSCO | Cisco Systems INC | Stock-Tech | 1.58% | — | +0.42% | |
| 13 | COP | Conocophillips | Stock-Energy | 1.56% | +0.43% | +0.52% | |
| 14 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.51% | +0.16% | +0.36% | |
| 15 | EMR | Emerson Electric Co | Stock-Industrials | 1.50% | — | -0.39% | |
| 16 | ECL | Ecolab INC | Stock-Materials | 1.48% | — | +0.24% | |
| 17 | ITW | Illinois Tool Works | Stock-Industrials | 1.47% | +0.05% | +0.59% | |
| 18 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 1.47% | — | +0.71% | |
| 19 | CMI | Cummins INC | Stock-Industrials | 1.46% | — | -1.95% | |
| 20 | KEYS | Keysight Technologies In | Stock-Tech | 1.43% | +0.35% | -1.71% | |
| 21 | IBM | Intl Business Machines CORP | Stock-Tech | 1.40% | -0.33% | +1.21% | |
| 22 | LH | Labcorp Holdings INC | Stock-Healthcare | 1.33% | +0.05% | +0.48% | |
| 23 | TFC | Truist Financial CORP | Stock-Financials | 1.24% | -0.12% | +0.18% | |
| 24 | NFG | National Fuel Gas Co | Stock-Energy | 1.23% | +0.16% | +0.90% | |
| 25 | AGX | Argan INC | Stock-Industrials | 1.22% | +0.10% | -35.34% | |
| 26 | HAS | Hasbro INC | Stock-Consumer Disc | 1.21% | +0.13% | +0.15% | |
| 27 | GIS | General Mills INC | Stock-Consumer Staples | 1.20% | +0.39% | +89.92% | |
| 28 | ADP | Automatic Data Processing | Stock-Tech | 1.17% | -0.31% | +2.33% | |
| 29 | QCOM | Qualcomm INC | Stock-Tech | 1.16% | -0.40% | +1.37% | |
| 30 | A | Agilent Technologies INC | Stock-Healthcare | 1.11% | -0.24% | +0.29% | |
| 31 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.10% | — | +1.75% | |
| 32 | SBUX | Starbucks CORP | Stock-Consumer Disc | 1.08% | — | +1.05% | |
| 33 | MMM | 3m Co | Stock-Industrials | 1.02% | -0.14% | +0.26% | |
| 34 | IDXX | Idexx Laboratories INC | Stock-Healthcare | 1.02% | -0.24% | -0.06% | |
| 35 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.98% | +0.07% | +0.04% | |
| 36 | MDT | Medtronic plc | Stock-Healthcare | 0.94% | -0.12% | +0.95% | |
| 37 | UTHR | United Therapeutics CORP | Stock-Healthcare | 0.93% | +0.15% | +0.31% | |
| 38 | STT | State Street CORP | Stock-Financials | 0.90% | — | -0.17% | |
| 39 | CW | Curtiss-wright CORP | Stock-Industrials | 0.90% | +0.13% | -2.14% | |
| 40 | TROW | T Rowe Price Group INC | Stock-Financials | 0.85% | -0.11% | +2.70% | |
| 41 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 0.84% | — | +0.36% | |
| 42 | FDX | Fedex CORP | Stock-Industrials | 0.84% | +0.14% | +0.20% | |
| 43 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.83% | — | +1.10% | |
| 44 | RY | Royal Bank Of Canada | Stock-Financials | 0.83% | — | +0.10% | |
| 45 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.82% | +0.08% | +0.21% | |
| 46 | USLM | United States Lime & Mineral | Stock-Other | 0.75% | — | +0.06% | |
| 47 | ODC | Oil-dri CORP Of America | Stock-Other | 0.74% | +0.17% | +0.14% | |
| 48 | FFIV | F5 INC | Stock-Tech | 0.72% | +0.07% | +1.25% | |
| 49 | PAHC | Phibro Animal Health Corp-a | Stock-Other | 0.71% | +0.22% | -0.13% | |
| 50 | MKC | Mccormick & Co-non Vtg Shrs | Stock-Consumer Staples | 0.69% | -0.25% | +3.75% |
Performance for Q3 2026
+3.1%
Performance Last 4 Quarters
+25.8%
Based on 70% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 136 | $775.6M | 14 | |
| 2025-12-31 | 133 | $755.0M | 13 | |
| 2025-09-30 | 131 | $723.4M | 18 | |
| 2025-06-30 | 128 | $681.4M | 0 | |
| 2025-03-31 | 132 | $645.7M | 100 | |
| 2024-12-31 | 131 | $637.7M | 0 | |
| 2024-09-30 | 130 | $642.8M | 0 | |
| 2024-06-30 | 134 | $593.7M | 0 | |
| 2024-03-31 | 139 | $614.6M | 0 | |
| 2023-12-31 | 135 | $528.1M | 0 | |
| 2023-09-30 | 138 | $491.3M | 0 | |
| 2023-06-30 | 137 | $496.6M | — | |
| 2023-03-31 | 138 | $482.0M | 0 | |
| 2022-12-31 | 138 | $469.8M | 0 | |
| 2022-09-30 | 141 | $422.5M | 0 | |
| 2022-06-30 | 140 | $437.0M | 0 | |
| 2022-03-31 | 143 | $494.3M | 0 | |
| 2021-12-31 | 141 | $505.0M | 0 | |
| 2021-09-30 | 142 | $461.9M | 0 | |
| 2021-06-30 | 141 | $473.7M | 100 | |
| 2021-03-31 | 140 | $453.5M | 13 | |
| 2020-12-31 | 140 | $422.4M | 16 | |
| 2020-09-30 | 135 | $363.0M | 11 | |
| 2020-06-30 | 131 | $347.6M | 18 | |
| 2020-03-31 | 132 | $302.8M | 27 | |
| 2019-12-31 | 131 | $385.1M | 23 | |
| 2019-09-30 | 129 | $362.0M | 7 | |
| 2019-06-30 | 128 | $352.4M | 11 | |
| 2019-03-31 | 128 | $350.0M | 15 | |
| 2018-12-31 | 120 | $303.4M | 17 | |
| 2018-09-30 | 126 | $353.4M | 10 | |
| 2018-06-30 | 126 | $330.3M | 14 | |
| 2018-03-31 | 121 | $318.3M | 8 | |
| 2017-12-31 | 121 | $330.5M | 12 | |
| 2017-09-30 | 121 | $316.8M | 13 | |
| 2017-06-30 | 118 | $302.5M | 11 | |
| 2017-03-31 | 118 | $276.3M | 9 | |
| 2016-12-31 | 118 | $262.6M | 11 | |
| 2016-09-30 | 116 | $255.0M | 10 | |
| 2016-06-30 | 116 | $246.0M | 9 | |
| 2016-03-31 | 117 | $238.1M | 15 | |
| 2015-12-31 | 118 | $223.9M | 18 | |
| 2015-09-30 | 118 | $213.9M | 14 | |
| 2015-06-30 | 120 | $229.0M | 16 | |
| 2015-03-31 | 121 | $236.8M | 16 | |
| 2014-12-31 | 111 | $218.6M | 14 | |
| 2014-09-30 | 105 | $210.2M | 10 | |
| 2014-06-30 | 102 | $201.7M | 15 | |
| 2014-03-31 | 101 | $194.4M | 8 | |
| 2013-12-31 | 95 | $195.1M | 11 | |
| 2013-09-30 | 88 | $176.2M | 31 | |
| 2013-06-30 | 86 | $168.9M | — |
Cardinal Capital Management's most significant position changes for 2026-03-31: New buy: Waters CORP (WAT); Trim: Microsoft CORP (MSFT) — shares -0.06%; Trim: Eli Lilly & Co (LLY) — shares -2.20%; Trim: Exxon Mobil CORP (XOM) — shares -0.24%; Trim: Johnson & Johnson (JNJ) — shares -0.62%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.7% | -0.24% | Trim |
| 2 | JNJ | Johnson & Johnson | +0.5% | -0.62% | Trim |
| 3 | COP | Conocophillips | +0.4% | +0.52% | Add |
| 4 | GIS | General Mills INC | +0.4% | +89.92% | Add |
| 5 | KEYS | Keysight Technologies In | +0.4% | -1.71% | Trim |
| 6 | DE | Deere & Co | +0.3% | -0.35% | Trim |
| 7 | COST | Costco Wholesale CORP | +0.3% | -0.39% | Trim |
| 8 | PAHC | Phibro Animal Health Corp-a | +0.2% | -0.13% | Trim |
| 9 | WMT | Walmart INC | +0.2% | -0.81% | Trim |
| 10 | PSX | Phillips 66 | +0.2% | +0.16% | Add |
| 11 | ODC | Oil-dri CORP Of America | +0.2% | +0.14% | Add |
| 12 | MRK | Merck & Co. INC. | +0.2% | +0.36% | Add |
| 13 | NFG | National Fuel Gas Co | +0.2% | +0.90% | Add |
| 14 | UTHR | United Therapeutics CORP | +0.2% | +0.31% | Add |
| 15 | TTE | Totalenergies Se | +0.2% | +0.65% | Add |
| 16 | FDX | Fedex CORP | +0.1% | +0.20% | Add |
| 17 | MASI* | Masimo CORP | +0.1% | +3.12% | Add |
| 18 | CW | Curtiss-wright CORP | +0.1% | -2.14% | Trim |
| 19 | HAS | Hasbro INC | +0.1% | +0.15% | Add |
| 20 | SHEL | Shell Plc-adr | +0.1% | +0.14% | Add |
| 21 | AGX | Argan INC | +0.1% | -35.34% | Trim |
| 22 | PLPC | Preformed Line Products Co | +0.1% | +0.68% | Add |
| 23 | SAM | Boston Beer Company Inc-a | +0.1% | +19.19% | Add |
| 24 | TDY | Teledyne Technologies INC | +0.1% | +0.72% | Add |
| 25 | BMY | Bristol-myers Squibb Co | +0.1% | +0.21% | Add |
| 26 | CRUS | Cirrus Logic INC | +0.1% | +2.34% | Add |
| 27 | NVS | Novartis Ag-sponsored Adr | +0.1% | +0.04% | Add |
| 28 | FFIV | F5 INC | +0.1% | +1.25% | Add |
| 29 | ITW | Illinois Tool Works | +0.1% | +0.59% | Add |
| 30 | LH | Labcorp Holdings INC | +0.1% | +0.48% | Add |
| 31 | IT | Gartner INC | -0.1% | -71.38% | Trim |
| 32 | VEEV | Veeva Systems Inc-class A | -0.1% | +1.60% | Add |
| 33 | TROW | T Rowe Price Group INC | -0.1% | +2.70% | Add |
| 34 | MDT | Medtronic plc | -0.1% | +0.95% | Add |
| 35 | TFC | Truist Financial CORP | -0.1% | +0.18% | Add |
| 36 | MMM | 3m Co | -0.1% | +0.26% | Add |
| 37 | BDX | Becton Dickinson And Co | -0.2% | +2.70% | Add |
| 38 | IDXX | Idexx Laboratories INC | -0.2% | -0.06% | Trim |
| 39 | A | Agilent Technologies INC | -0.2% | +0.29% | Add |
| 40 | MKC | Mccormick & Co-non Vtg Shrs | -0.3% | +3.75% | Add |
| 41 | SAP | Sap Se-sponsored Adr | -0.3% | +0.12% | Add |
| 42 | AAPL | Apple INC | -0.3% | -0.19% | Trim |
| 43 | JPM | Jpmorgan Chase & Co | -0.3% | -0.65% | Trim |
| 44 | ADP | Automatic Data Processing | -0.3% | +2.33% | Add |
| 45 | IBM | Intl Business Machines CORP | -0.3% | +1.21% | Add |
| 46 | GOOGL | Alphabet Inc-cl A | -0.3% | -2.27% | Trim |
| 47 | QCOM | Qualcomm INC | -0.4% | +1.37% | Add |
| 48 | LLY | Eli Lilly & Co | -0.7% | -2.20% | Trim |
| 49 | MSFT | Microsoft CORP | -0.8% | -0.06% | Trim |
| 50 | WAT | Waters CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-30 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-23 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-15 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-18 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-31 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-16 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-07-12 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-04-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-07-12 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-01-29 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-07-12 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-10-16 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-07-12 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-07-12 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-19 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-23 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-24 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-04 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-21 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-18 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-21 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-14 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-19 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-01 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-16 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-20 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-21 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-18 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-08 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-11 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-15 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-25 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-25 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-25 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-01 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-24 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-27 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-25 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-17 | Amendment | View on EDGAR |
| 2016-12-31 | 2017-01-23 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-02 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-28 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-21 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-29 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-23 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-03 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-24 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-28 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-24 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-22 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-25 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-24 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-28 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-24 | 13F-HR | View on EDGAR |
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