Q4 2025 · 13F-HR
Waratah Capital Advisors Ltd.holdings as filed
Filed 2026-02-09 · accession 0002060757-26-000003
$2.97B
Reported value
151
Positions
2025-12-31
Period end
The Brief · Waratah Capital Advisors Ltd. · Q4 2025
AI · grounded in 13F
Waratah Capital Advisors Ltd. closed its position in TLT, reducing exposure by $277.1M. The fund also exited its position in XLU for $119.5M and trimmed its holdings in GDX by 97.4%. On the buy side, the fund established new positions in BGSI for $46.5M, AGI for $36.3M, and EXK for $35.1M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78463V107 | GLD | SPDR GOLD TR | $494.7M | 16.7% | 1,248,200 | PUT | SOLE |
| 46090E103 | QQQ | INVESCO QQQ TR | $283.3M | 9.54% | 461,200 | PUT | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $182.3M | 6.14% | 460,000 | CALL | SOLE |
| 464288513 | HYG | ISHARES TR | $156.1M | 5.26% | 1,936,600 | PUT | SOLE |
| 496902404 | KGC | KINROSS GOLD CORP | $59.6M | 2.00% | 2,114,712 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $58.2M | 1.96% | 904,000 | PUT | SOLE |
| 152006102 | CGAU | CENTERRA GOLD INC | $53.2M | 1.79% | 3,703,468 | Common | SOLE |
| 776696106 | ROP | ROPER TECHNOLOGIES INC | $47.8M | 1.61% | 107,300 | CALL | SOLE |
| 103310108 | BGSI | BOYD GROUP SERVICES INC | $46.5M | 1.57% | 291,886 | Common | SOLE |
| 06849F108 | B | BARRICK MNG CORP | $44.5M | 1.50% | 1,022,153 | Common | SOLE |
| 450913108 | IAG | IAMGOLD CORP | $42.9M | 1.45% | 2,603,269 | Common | SOLE |
| 011532108 | AGI | ALAMOS GOLD INC NEW | $36.3M | 1.22% | 939,614 | Common | SOLE |
| 83056P715 | SKE | SKEENA RES LTD NEW | $36.2M | 1.22% | 1,526,799 | Common | SOLE |
| 29258Y103 | EXK | ENDEAVOUR SILVER CORP | $35.1M | 1.18% | 3,737,025 | Common | SOLE |
| 92859G608 | VZLA | VIZSLA SILVER CORP | $34.7M | 1.17% | 6,343,121 | Common | SOLE |
| 780087102 | RY | ROYAL BK CDA | $34.1M | 1.15% | 200,000 | CALL | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $33.3M | 1.12% | 144,186 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $32.3M | 1.09% | 141,082 | Common | SOLE |
| 46137V357 | RSP | INVESCO EXCHANGE TRADED FD T | $28.7M | 0.97% | 150,000 | CALL | SOLE |
| 776696106 | ROP | ROPER TECHNOLOGIES INC | $28.7M | 0.97% | 64,540 | Common | SOLE |
| 008474108 | AEM | AGNICO EAGLE MINES LTD | $28.3M | 0.95% | 166,852 | Common | SOLE |
| 199908104 | FIX | COMFORT SYS USA INC | $28.1M | 0.95% | 30,161 | Common | SOLE |
| 891160509 | TD | TORONTO DOMINION BK ONT | $28.1M | 0.95% | 298,574 | Common | SOLE |
| 06849F108 | B | BARRICK MNG CORP | $28.1M | 0.94% | 644,500 | CALL | SOLE |
| 224408104 | CR | CRANE COMPANY | $27.6M | 0.93% | 149,641 | Common | SOLE |
| 165167735 | EXE | EXPAND ENERGY CORPORATION | $26.2M | 0.88% | 237,000 | Common | SOLE |
| 032095101 | APH | AMPHENOL CORP NEW | $24.8M | 0.84% | 183,546 | Common | SOLE |
| 375916103 | GIL | GILDAN ACTIVEWEAR INC | $24.2M | 0.81% | 387,109 | Common | SOLE |
| 05577W200 | DOO | BRP INC | $23.6M | 0.79% | 332,953 | Common | SOLE |
| 339750101 | FND | FLOOR & DECOR HLDGS INC | $21.7M | 0.73% | 355,818 | Common | SOLE |
| 91232N207 | USO | UNITED STS OIL FD LP | $21.4M | 0.72% | 310,000 | PUT | SOLE |
| 231561101 | CW | CURTISS WRIGHT CORP | $21.3M | 0.72% | 38,688 | Common | SOLE |
| 91879Q109 | MTN | VAIL RESORTS INC | $20.8M | 0.70% | 156,622 | Common | SOLE |
| 03674X106 | AR | ANTERO RESOURCES CORP | $20.3M | 0.68% | 590,000 | Common | SOLE |
| 13646K108 | CP | CANADIAN PACIFIC KANSAS CITY | $19.9M | 0.67% | 270,599 | Common | SOLE |
| 780087102 | RY | ROYAL BK CDA | $18.9M | 0.64% | 111,008 | Common | SOLE |
| 95082P105 | WCC | WESCO INTL INC | $18.8M | 0.63% | 77,040 | Common | SOLE |
| 00162Q452 | AMLP | ALPS ETF TR | $18.8M | 0.63% | 400,000 | CALL | SOLE |
| 136375102 | CNI | CANADIAN NATL RY CO | $18.2M | 0.61% | 184,374 | Common | SOLE |
| 136069101 | CM | CANADIAN IMPERIAL BANK OF CO | $18.2M | 0.61% | 200,809 | Common | SOLE |
| G8068L108 | SN | SHARKNINJA INC | $17.5M | 0.59% | 156,016 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $17.0M | 0.57% | 264,200 | CALL | SOLE |
| 149123101 | CAT | CATERPILLAR INC | $16.5M | 0.56% | 28,811 | Common | SOLE |
| 26701L100 | BROS | DUTCH BROS INC | $16.1M | 0.54% | 262,741 | Common | SOLE |
| 46438R105 | ETHA | ISHARES ETHEREUM TR | $15.7M | 0.53% | 700,000 | CALL | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $14.9M | 0.50% | 271,035 | Common | SOLE |
| 852066208 | SII | SPROTT INC | $14.7M | 0.49% | 150,137 | Common | SOLE |
| 95040Q104 | WELL | WELLTOWER INC | $14.4M | 0.49% | 77,730 | Common | SOLE |
| 65340P106 | NXE | NEXGEN ENERGY LTD | $14.1M | 0.48% | 1,535,236 | Common | SOLE |
| 573284106 | MLM | MARTIN MARIETTA MATLS INC | $13.9M | 0.47% | 22,274 | Common | SOLE |
| 91232N207 | USO | UNITED STS OIL FD LP | $13.8M | 0.47% | 200,000 | CALL | SOLE |
| 81725T100 | SXT | SENSIENT TECHNOLOGIES CORP | $13.7M | 0.46% | 146,311 | Common | SOLE |
| 13321L108 | CCJ | CAMECO CORP | $13.7M | 0.46% | 150,000 | CALL | SOLE |
| 136069101 | CM | CANADIAN IMPERIAL BANK OF CO | $13.6M | 0.46% | 150,000 | CALL | SOLE |
| 464287655 | IWM | ISHARES TR | $13.6M | 0.46% | 55,200 | CALL | SOLE |
| 910047109 | UAL | UNITED AIRLS HLDGS INC | $13.2M | 0.44% | 117,625 | Common | SOLE |
| 199908104 | FIX | COMFORT SYS USA INC | $13.1M | 0.44% | 14,000 | PUT | SOLE |
| 136385101 | CNQ | CANADIAN NAT RES LTD | $13.0M | 0.44% | 383,028 | Common | SOLE |
| 78464A698 | KRE | SPDR SERIES TRUST | $13.0M | 0.44% | 200,000 | CALL | SOLE |
| 550021109 | LULU | LULULEMON ATHLETICA INC | $12.9M | 0.44% | 62,266 | Common | SOLE |
| 464286400 | EWZ | ISHARES INC | $12.7M | 0.43% | 400,000 | CALL | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $12.5M | 0.42% | 40,000 | PUT | SOLE |
| 559222401 | MGA | MAGNA INTL INC | $11.7M | 0.39% | 220,000 | Common | SOLE |
| 351858105 | FNV | FRANCO NEV CORP | $11.6M | 0.39% | 55,773 | Common | SOLE |
| 579780206 | MKC | MCCORMICK & CO INC | $11.3M | 0.38% | 166,200 | CALL | SOLE |
| 45167R104 | IEX | IDEX CORP | $11.0M | 0.37% | 61,800 | CALL | SOLE |
| 29472R108 | ELS | EQUITY LIFESTYLE PPTYS INC | $10.9M | 0.37% | 180,000 | CALL | SOLE |
| 92189H607 | OIH | VANECK ETF TRUST | $10.5M | 0.35% | 37,000 | Common | SOLE |
| 25278X109 | FANG | DIAMONDBACK ENERGY INC | $10.5M | 0.35% | 70,000 | Common | SOLE |
| 74762E102 | QURE | QUANTA SVCS INC | $10.5M | 0.35% | 24,846 | Common | SOLE |
| 879360105 | TDY | TELEDYNE TECHNOLOGIES INC | $10.5M | 0.35% | 20,471 | Common | SOLE |
| 87241L109 | TFII | TFI INTL INC | $10.4M | 0.35% | 100,600 | CALL | SOLE |
| 368736104 | GNRC | GENERAC HLDGS INC | $10.2M | 0.34% | 75,000 | CALL | SOLE |
| 500767306 | KWEB | KRANESHARES TRUST | $10.2M | 0.34% | 300,000 | CALL | SOLE |
| 12541W209 | CHRW | C H ROBINSON WORLDWIDE INC | $9.9M | 0.33% | 61,767 | Common | SOLE |
| 249906108 | DSGX | DESCARTES SYS GROUP INC | $9.8M | 0.33% | 111,259 | Common | SOLE |
| 73278L105 | POOL | POOL CORP | $9.7M | 0.33% | 42,500 | CALL | SOLE |
| 445658107 | JBHT | HUNT J B TRANS SVCS INC | $9.7M | 0.33% | 50,000 | PUT | SOLE |
| 031100100 | AME | AMETEK INC | $9.6M | 0.32% | 46,771 | Common | SOLE |
| 124765108 | CAE | CAE INC | $9.5M | 0.32% | 312,748 | Common | SOLE |
| 29472R108 | ELS | EQUITY LIFESTYLE PPTYS INC | $9.5M | 0.32% | 156,639 | Common | SOLE |
| 679580100 | ODFL | OLD DOMINION FREIGHT LINE IN | $9.2M | 0.31% | 58,736 | Common | SOLE |
| 29977A105 | EVR | EVERCORE INC | $9.2M | 0.31% | 27,010 | Common | SOLE |
| 92189F106 | GDX | VANECK ETF TRUST | $8.6M | 0.29% | 100,000 | PUT | SOLE |
| G8473T100 | STE | STERIS PLC | $8.5M | 0.29% | 33,628 | Common | SOLE |
| 697900108 | PAAS | PAN AMERN SILVER CORP | $8.0M | 0.27% | 154,335 | Common | SOLE |
| 91879Q109 | MTN | VAIL RESORTS INC | $7.7M | 0.26% | 58,000 | CALL | SOLE |
| 22160N109 | CSGP | COSTAR GROUP INC | $7.6M | 0.25% | 112,500 | CALL | SOLE |
| 775109200 | RCI | ROGERS COMMUNICATIONS INC | $7.5M | 0.25% | 200,000 | CALL | SOLE |
| 78473E103 | SPXC | SPX TECHNOLOGIES INC | $7.1M | 0.24% | 35,649 | Common | SOLE |
| 85472N109 | STN | STANTEC INC | $6.1M | 0.21% | 64,541 | Common | SOLE |
| 217204106 | CPRT | COPART INC | $6.0M | 0.20% | 153,800 | CALL | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $5.9M | 0.20% | 11,640 | Common | SOLE |
| 040413205 | ANET | ARISTA NETWORKS INC | $5.8M | 0.20% | 44,500 | Common | SOLE |
| 427866108 | HSY | HERSHEY CO | $5.7M | 0.19% | 31,500 | CALL | SOLE |
| 92189F791 | GDXJ | VANECK ETF TRUST | $5.7M | 0.19% | 50,000 | PUT | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $5.5M | 0.19% | 15,911 | Common | SOLE |
| 26884L109 | EQT | EQT CORP | $5.4M | 0.18% | 100,000 | CALL | SOLE |
| 012653101 | ALB | ALBEMARLE CORP | $5.2M | 0.18% | 37,011 | Common | SOLE |
| 369550108 | GD | GENERAL DYNAMICS CORP | $5.1M | 0.17% | 15,254 | Common | SOLE |
| 339750101 | FND | FLOOR & DECOR HLDGS INC | $5.0M | 0.17% | 82,000 | CALL | SOLE |
| 33767E202 | FSV | FIRSTSERVICE CORP NEW | $4.9M | 0.17% | 31,677 | Common | SOLE |
| 903731107 | ULS | UL SOLUTIONS INC | $4.9M | 0.16% | 61,827 | Common | SOLE |
| 03062D803 | USAS | AMERICAS GOLD AND SILVER COR | $4.5M | 0.15% | 888,715 | Common | SOLE |
| 45167R104 | IEX | IDEX CORP | $4.5M | 0.15% | 25,308 | Common | SOLE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $4.2M | 0.14% | 85,100 | CALL | SOLE |
| 826599102 | SGML | SIGMA LITHIUM CORPORATION | $3.9M | 0.13% | 296,330 | Common | SOLE |
| 52476L109 | LGN | LEGENCE CORP | $3.7M | 0.12% | 85,602 | Common | SOLE |
| 032108649 | SILJ | AMPLIFY ETF TR | $3.6M | 0.12% | 131,400 | Common | SOLE |
| 44107P104 | HST | HOST HOTELS & RESORTS INC | $3.5M | 0.12% | 196,133 | Common | SOLE |
| G1827P106 | CEPT | CANTOR EQUITY PARTNERS II IN | $3.5M | 0.12% | 307,474 | Common | SOLE |
| 063671101 | BMO | BANK MONTREAL QUE | $3.4M | 0.11% | 25,894 | Common | SOLE |
| 87612E106 | TGT | TARGET CORP | $3.3M | 0.11% | 33,500 | CALL | SOLE |
| G8772L105 | TVA | TEXAS VENTURES ACQUISITION I | $3.2M | 0.11% | 303,607 | Common | SOLE |
| 105861306 | ATLX | ATLAS LITHIUM CORP | $3.2M | 0.11% | 749,217 | Common | SOLE |
| 925815102 | VICR | VICOR CORP | $3.2M | 0.11% | 28,798 | Common | SOLE |
| 124765108 | CAE | CAE INC | $3.0M | 0.10% | 100,000 | CALL | SOLE |
| 194693107 | CIGI | COLLIERS INTL GROUP INC | $3.0M | 0.10% | 20,108 | Common | SOLE |
| 337738108 | FISV | FISERV INC | $2.9M | 0.10% | 43,300 | CALL | SOLE |
| 93627C101 | HCC | WARRIOR MET COAL INC | $2.1M | 0.07% | 23,774 | Common | SOLE |
| 14448C104 | CARR | CARRIER GLOBAL CORPORATION | $1.9M | 0.06% | 35,200 | CALL | SOLE |
| 219350105 | GLW | CORNING INC | $1.8M | 0.06% | 20,962 | Common | SOLE |
| G0273J101 | AEXA | AMERICAN EXCEPTIONALISM ACQU | $1.8M | 0.06% | 160,124 | Common | SOLE |
| 099502106 | BAH | BOOZ ALLEN HAMILTON HLDG COR | $1.7M | 0.06% | 20,700 | CALL | SOLE |
| 74340W103 | PLD | PROLOGIS INC. | $1.7M | 0.06% | 13,187 | Common | SOLE |
| 231021106 | CMI | CUMMINS INC | $1.7M | 0.06% | 3,279 | Common | SOLE |
| 87612E106 | TGT | TARGET CORP | $1.7M | 0.06% | 17,027 | Common | SOLE |
| G2003N105 | BEAG | BOLD EAGLE ACQUISITION CORP | $1.5M | 0.05% | 140,541 | Common | SOLE |
| G4365E129 | HCMAU | HCM III ACQUISITION CORP | $1.5M | 0.05% | 143,724 | Common | SOLE |
| G1828E100 | CEPF | CANTOR EQUITY PARTNERS IV IN | $1.5M | 0.05% | 143,442 | Common | SOLE |
| 21874A106 | CORZ | CORE SCIENTIFIC INC NEW | $1.5M | 0.05% | 100,000 | CALL | SOLE |
| G2868C103 | DAAQ | DIGITAL ASSET ACQUISITION CO | $1.5M | 0.05% | 142,881 | Common | SOLE |
| 35137L105 | FOXA | FOX CORP | $1.4M | 0.05% | 19,474 | Common | SOLE |
| 819047101 | SHAK | SHAKE SHACK INC | $1.1M | 0.04% | 14,000 | CALL | SOLE |
| G9709D125 | VHCPU | VINE HILL CAP INVTS CORP II | $1.0M | 0.03% | 100,000 | Common | SOLE |
| 032654105 | ADI | ANALOG DEVICES INC | $745,258 | 0.03% | 2,748 | Common | SOLE |
| 45168D104 | IDXX | IDEXX LABS INC | $699,532 | 0.02% | 1,034 | Common | SOLE |
| 85207K107 | PSLV | SPROTT ASSET MANAGEMENT LP | $656,926 | 0.02% | 27,777 | Common | SOLE |
| 65340P106 | NXE | NEXGEN ENERGY LTD | $644,000 | 0.02% | 70,000 | CALL | SOLE |
| 880770102 | TER | TERADYNE INC | $606,811 | 0.02% | 3,135 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $429,323 | 0.01% | 2,302 | Common | SOLE |
| Y2573F102 | FLEX | FLEX LTD | $417,925 | 0.01% | 6,917 | Common | SOLE |
| 75524B104 | RBC | RBC BEARINGS INC | $414,349 | 0.01% | 924 | Common | SOLE |
| 500767751 | KOID | KRANESHARES TRUST | $398,886 | 0.01% | 12,525 | Common | SOLE |
| 758750103 | RRX | REGAL REXNORD CORPORATION | $359,921 | 0.01% | 2,565 | Common | SOLE |
| 03820C105 | AIT | APPLIED INDL TECHNOLOGIES IN | $355,626 | 0.01% | 1,385 | Common | SOLE |
| 824348106 | SHW | SHERWIN WILLIAMS CO | $347,360 | 0.01% | 1,072 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $345,098 | 0.01% | 1,071 | Common | SOLE |
| G6700G107 | NVT | NVENT ELECTRIC PLC | $336,501 | 0.01% | 3,300 | Common | SOLE |
| 983793100 | XPO | XPO INC | $330,669 | 0.01% | 2,433 | Common | SOLE |
| G1828S109 | CEPV | CANTOR EQUITY PARTNERS V INC | $102,500 | 0.00% | 10,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.