1y return+5.8%S&P 500 +20.9%
3y return+74.6%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2021: $157 against $157 in the S&P 500.2
Caldwell Investment Management Ltd.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| CBOECboe Global Mkts Inc | $26.7M | 17.5% | −6.8% |
| MIAXMiami Intl Hldgs Inc | $22.3M | 14.6% | −9.6% |
| BACBank America Corp | $21.1M | 13.8% | +5.8% |
| KKRKkr & Co Inc | $18.3M | 12.0% | |
| ICEIntercontinental Exch In | $12.3M | 8.1% | |
| EFXTEnerflex Ltd | $10.1M | 6.6% | |
| MFCManulife Finl Corp | $9.9M | 6.5% | New |
| ELVAElectrovaya Inc | $4.2M | 2.7% | |
| AMZNAmazon Com Inc | $2.2M | 1.5% | |
| CVECenovus Energy Inc | $1.9M | 1.2% | −74.3% |
| ATSAts Corporation | $1.7M | 1.1% | |
| VVisa Inc | $1.7M | 1.1% | |
| AMATApplied Matls Inc | $1.6M | 1.0% | New |
| VRTVertiv Holdings Co | $1.5M | 1.0% | +22.2% |
| JPMJpmorgan Chase & Co | $1.3M | 0.9% | |
| AAMIAcadian Asset Mgmt Inc | $1.3M | 0.8% | New |
| IBKRInteractive Brokers Group In | $1.2M | 0.8% | |
| BEPCBrookfield Renewable Corp | $1.2M | 0.8% | New |
| RBARb Global Inc | $1.2M | 0.8% | New |
| KRESpdr Series Tst St Sp Regbnk | $1.1M | 0.7% | New |
| RHPRyman Hospitality Pptys Inc | $912K | 0.6% | New |
| Linde PLCCUSIP G54950103 | $882K | 0.6% | New |
| NVDANvidia Corporation | $880K | 0.6% | |
| AITApplied Indl Technologies | $879K | 0.6% | New |
| JJacobs Solutions Inc | $869K | 0.6% | −37.3% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| JPMJpmorgan Chase & Co | March 31, 2022 | +140.1% | $1.3M |
| AEMAgnico Eagle Mines Ltd | June 30, 2024 | +137.2% | $465K |
| AMZNAmazon Com Inc | June 30, 2022 | +124.4% | $2.2M |
| IBKRInteractive Brokers Group In | December 31, 2024 | +97.1% | $1.2M |
| CBOECboe Global Mkts Inc | December 31, 2021 | +86.1% | $26.7M |
| ELVAElectrovaya Inc | September 30, 2025 | +78.3% | $4.2M |
| EFXTEnerflex Ltd | December 31, 2025 | +58.8% | $10.1M |
| VVisa Inc | December 31, 2021 | +58.3% | $1.7M |
| CVECenovus Energy Inc | September 30, 2025 | +46.0% | $1.9M |
| VRTVertiv Holdings Co | March 31, 2026 | +33.6% | $1.5M |
Sold off last quarter
- MSMorgan Stanley was $39.6M
- CCitigroup Inc was $8.1M
- SIISprott Inc was $7.7M
- KGCKinross Gold Corp was $4.9M
- CCJCameco Corp was $4.2M
- LHXL3harris Technologies Inc was $2.6M
- RYRoyal Bk Cda was $2.5M
- CLSCelestica Inc was $2.3M
- OVVOvintiv Inc was $2.1M
- PFEPfizer Inc was $2.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +2.9% | +14.8% |
| March 31, 2026 | −2.8% | −4.6% |
| December 31, 2025 | +1.9% | +2.4% |
| September 30, 2025 | +3.9% | +7.8% |
| June 30, 2025 | +10.9% | +10.5% |
| March 31, 2025 | −2.2% | −4.6% |
| December 31, 2024 | +6.4% | +2.1% |
| September 30, 2024 | +10.8% | +5.4% |
| June 30, 2024 | +1.7% | +4.0% |
| March 31, 2024 | +9.9% | +10.0% |
| December 31, 2023 | +16.4% | +11.2% |
| September 30, 2023 | −0.8% | −3.6% |
| June 30, 2023 | +7.5% | +8.3% |
| March 31, 2023 | +3.0% | +7.0% |
| December 31, 2022 | +8.4% | +7.1% |
| September 30, 2022 | −3.7% | −5.3% |
| June 30, 2022 | −17.4% | −16.5% |
| March 31, 2022 | −5.8% | −4.9% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Caldwell Investment Management Ltd. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1904373&type=13F-HR&dateb=&owner=include&count=40CIK 1904373
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1904373/000190437326000003/Filed August 11, 2026 · accession 0001904373-26-000003