Waratah Capital Advisors Ltd.

TORONTO, A6 · CIK 1539919 · 13F filing filed 2026-08-11

SEC-registered investment adviser since 2015 · corporation

Assets managed$2.3bn
Staff43 · 18 in investment roles
Main clients (by assets)Private funds 94%, Pension plans 6%
Private funds6 (2 hedge) · $113.0m gross assets
Main officeToronto, Ontario
Websitewaratahadvisors.com
Form ADV · 2026-03-31SEC adviser record

Legal entityWARATAH CAPITAL ADVISORS LTD. (CA)

Kindhedge funds, private equity
Others nearbyToronto

As an employer

Offices in1 country
Private fundsprivate equity 4, hedge 2

$1.3bn reported value +16.5% vs Q1 2026

107positions

31.1%in top 10

52 new 24 added 29 reduced 43 sold out vs Q1 2026

Options: 23 call positions ($304.6m notional), 12 put positions ($1.3bn notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	DESCARTES SYS GROUP INC COM DSGX	DSGX	1,447,678	$100.2m7.70%	7.70%	Added +258.2k	+258,196 21.7%
2	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	70,874	$47.3m3.63%	3.63%	Added +37.3k	+37,300 111.1%
3	FEDERAL SIGNAL CORP COM FSS	FSS	360,200	$46.3m3.56%	3.56%	New
4	ALAMOS GOLD INC NEW COM CL A AGI	AGI	1,274,296	$38.7m2.97%	2.97%	Reduced -103.0k	-103,042 -7.5%
5	STANTEC INC COM STN	STN	441,245	$30.4m2.34%	2.34%	Added +376.5k	+376,545 582.0%
6	SENSIENT TECHNOLOGIES CORP COM SXT	SXT	241,237	$29.7m2.29%	2.29%	Added +90.5k	+90,505 60.0%
7	NISOURCE INC COM NI	NI	616,779	$29.3m2.25%	2.25%	Added +240.4k	+240,355 63.9%
8	BROADCOM INC COM AVGO	AVGO	77,197	$29.2m2.24%	2.24%	New
9	CENOVUS ENERGY INC COM CVE	CVE	1,110,707	$27.6m2.12%	2.12%	Added +38.6k	+38,568 3.6%
10	AMETEK INC COM AME	AME	109,913	$26.6m2.04%	2.04%	Added +32.7k	+32,717 42.4%
11	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	779,976	$26.5m2.04%	2.04%	New
12	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	13,292	$26.4m2.03%	2.03%	Added +12.0k	+11,963 900.1%
13	AMAZON COM INC COM AMZN	AMZN	107,937	$25.7m1.98%	1.98%	New
14	WELLTOWER INC COM WELL	WELL	110,586	$25.1m1.93%	1.93%	Reduced -42.4k	-42,357 -27.7%
15	TORONTO DOMINION BK ONT COM NEW TD	TD	203,254	$24.7m1.90%	1.90%	Reduced -9.2k	-9,178 -4.3%
16	MARTIN MARIETTA MATLS INC COM MLM	MLM	40,094	$23.1m1.78%	1.78%	Reduced -3.5k	-3,526 -8.1%
17	SKEENA RES LTD NEW COM SKE	SKE	820,459	$21.9m1.68%	1.68%	Reduced -307.0k	-307,021 -27.2%
18	CHENIERE ENERGY INC COM NEW LNG	LNG	90,018	$21.5m1.65%	1.65%	Added +20.7k	+20,699 29.9%
19	QUANTA SVCS INC COM PWR	PWR	29,599	$21.3m1.64%	1.64%	Added +11.2k	+11,250 61.3%
20	ARAMARK COM ARMK	ARMK	370,785	$21.1m1.62%	1.62%	New
21	NVIDIA CORPORATION COM NVDA	NVDA	103,208	$20.7m1.59%	1.59%	New
22	MODINE MFG CO COM MOD	MOD	75,084	$20.0m1.54%	1.54%	Added +25.7k	+25,662 51.9%
23	CRANE COMPANY COMMON STOCK CR	CR	89,767	$20.0m1.54%	1.54%	Reduced -71.5k	-71,531 -44.4%
24	C H ROBINSON WORLDWIDE INC COM NEW CHRW	CHRW	102,215	$19.3m1.48%	1.48%	New
25	SPX TECHNOLOGIES INC COM SPXC	SPXC	78,488	$19.2m1.48%	1.48%	Reduced -77.1k	-77,143 -49.6%
26	AGNICO EAGLE MINES LTD COM AEM	AEM	120,423	$18.7m1.44%	1.44%	Reduced -690	-690 -0.6%
27	NVENT ELECTRIC PLC SHS NVT	NVT	103,121	$17.5m1.34%	1.34%	Reduced -114.8k	-114,767 -52.7%
28	SUNCOR ENERGY INC NEW COM SU	SU	315,916	$17.0m1.30%	1.30%	Reduced -187.1k	-187,133 -37.2%
29	ROYAL BK CDA COM RY	RY	79,399	$16.4m1.26%	1.26%	Reduced -3.7k	-3,745 -4.5%
30	STERLING INFRASTRUCTURE INC COM STRL	STRL	19,370	$16.3m1.25%	1.25%	New
31	MICROSOFT CORP COM MSFT	MSFT	43,433	$16.2m1.25%	1.25%	New
32	IMPERIAL OIL LTD COM NEW IMO	IMO	138,623	$15.5m1.19%	1.19%	New
33	MONSTER BEVERAGE CORP NEW COM MNST	MNST	157,783	$15.2m1.17%	1.17%	New
34	TEXAS INSTRS INC COM TXN	TXN	50,303	$15.0m1.15%	1.15%	Added +33.9k	+33,884 206.4%
35	TFI INTL INC COM TFII	TFII	103,433	$14.8m1.14%	1.14%	New
36	REGAL REXNORD CORPORATION COM RRX	RRX	61,469	$14.6m1.13%	1.13%	Added +6.3k	+6,325 11.5%
37	PROPETRO HLDG CORP COM PUMP	PUMP	963,358	$13.8m1.06%	1.06%	New
38	NEXGEN ENERGY LTD COM NXE	NXE	1,464,523	$13.8m1.06%	1.06%	Reduced -227.7k	-227,700 -13.5%
39	BROOKFIELD RENEWABLE PARTNER PARTNERSHIP UNIT BEP	BEP	388,000	$13.5m1.04%	1.04%	Reduced -100.0k	-100,000 -20.5%
40	IAMGOLD CORP COM IAG	IAG	849,801	$13.5m1.03%	1.03%	Reduced -1.1m	-1,090,135 -56.2%
41	PAYCHEX INC COM PAYX	PAYX	134,023	$13.2m1.01%	1.01%	New
42	KINROSS GOLD CORP COM KGC	KGC	539,646	$12.7m0.98%	0.98%	Reduced -762.3k	-762,258 -58.5%
43	CAE INC COM CAE	CAE	476,531	$11.9m0.92%	0.92%	Reduced -412.7k	-412,703 -46.4%
44	CENTERRA GOLD INC COM CGAU	CGAU	752,615	$11.9m0.92%	0.92%	Reduced -1.5m	-1,451,434 -65.8%
45	FLOOR & DECOR HLDGS INC CL A FND	FND	190,568	$11.3m0.87%	0.87%	Added +181.0k	+181,003 1892.3%
46	AMER SPORTS INC COM SHS AS	AS	334,093	$11.3m0.87%	0.87%	Added +21.6k	+21,582 6.9%
47	CURTISS WRIGHT CORP COM CW	CW	14,316	$10.8m0.83%	0.83%	Added +1.0k	+1,006 7.6%
48	CANADIAN NATL RY CO COM CNI	CNI	90,425	$10.8m0.83%	0.83%	Reduced -178.8k	-178,842 -66.4%
49	ARM HOLDINGS PLC SPONSORED ADS ARM	ARM	30,070	$10.7m0.82%	0.82%	New
50	SPROTT INC COM NEW SII	SII	92,015	$10.3m0.79%	0.79%	Reduced -35.9k	-35,878 -28.1%
51	LOUISIANA PAC CORP COM LPX	LPX	130,743	$10.3m0.79%	0.79%	New
52	COMFORT SYS USA INC COM FIX	FIX	5,136	$10.2m0.78%	0.78%	Reduced -5.6k	-5,593 -52.1%
53	ATS CORPORATION COM ATS	ATS	334,923	$9.6m0.74%	0.74%	Added +110.9k	+110,940 49.5%
54	EQUITY LIFESTYLE PPTYS INC COM ELS	ELS	130,438	$8.4m0.65%	0.65%	New
55	PROLOGIS INC. COM PLD	PLD	60,944	$8.3m0.63%	0.63%	Added +14.3k	+14,251 30.5%
56	EVERCORE INC CLASS A EVR	EVR	23,408	$8.0m0.61%	0.61%	Added +6.8k	+6,827 41.2%
57	OVINTIV INC COM OVV	OVV	148,671	$7.8m0.60%	0.60%	Added +48.7k	+48,671 48.7%
58	SHARKNINJA INC COM SHS SN	SN	51,247	$7.8m0.60%	0.60%	Reduced -163.0k	-163,002 -76.1%
59	FRANCO NEV CORP COM FNV	FNV	35,858	$7.5m0.57%	0.57%	Reduced -20.2k	-20,171 -36.0%
60	WASTE CONNECTIONS INC COM WCN	WCN	44,122	$7.4m0.57%	0.57%	New
61	THOMSON REUTERS CORP COM TRI	TRI	85,099	$7.0m0.53%	0.53%	New
62	IDEXX LABS INC COM IDXX	IDXX	12,474	$6.6m0.50%	0.50%	Added +11.8k	+11,756 1637.3%
63	FIRSTSERVICE CORP NEW COM FSV	FSV	45,179	$6.4m0.49%	0.49%	Added +12.5k	+12,508 38.3%
64	CARRIER GLOBAL CORPORATION COM CARR	CARR	81,468	$6.0m0.46%	0.46%	New
65	VULCAN MATLS CO COM VMC	VMC	20,203	$6.0m0.46%	0.46%	New
66	WESTERN COPPER & GOLD CORP COM WRN	WRN	2,588,763	$5.8m0.45%	0.45%	Reduced -541.9k	-541,851 -17.3%
67	SCHLUMBERGER LTD COM STK SLB	SLB	115,000	$5.3m0.41%	0.41%	Added +15.0k	+15,000 15.0%
68	PROGRESSIVE CORP COM PGR	PGR	24,367	$5.3m0.41%	0.41%	New
69	EQT CORP COM EQT	EQT	100,057	$5.3m0.41%	0.41%	Reduced -29.9k	-29,943 -23.0%
70	ELASTIC N V ORD SHS ESTC	ESTC	92,053	$5.2m0.40%	0.40%	New
71	BROWN & BROWN INC COM BRO	BRO	77,951	$5.0m0.38%	0.38%	New
72	STARBUCKS CORP COM SBUX	SBUX	47,853	$4.9m0.38%	0.38%	New
73	SIRIUSXM HOLDINGS INC COMMON STOCK SIRI	SIRI	160,836	$4.8m0.37%	0.37%	New
74	SIGMA LITHIUM CORPORATION COM SGML	SGML	367,775	$4.7m0.36%	0.36%	Added +98.7k	+98,661 36.7%
75	COCA COLA CO COM KO	KO	45,765	$3.7m0.29%	0.29%	New
76	PAN AMERN SILVER CORP COM PAAS	PAAS	78,962	$3.5m0.27%	0.27%	New
77	APOLLO GLOBAL MGMT INC COM APO	APO	26,443	$3.1m0.24%	0.24%	New
78	APA CORPORATION COM APA	APA	95,000	$3.1m0.24%	0.24%	New
79	ATLAS LITHIUM CORP COM NEW ATLX	ATLX	749,217	$2.8m0.21%	0.21%	Unchanged
80	LIONSGATE STUDIOS CORP COM LION	LION	178,624	$2.7m0.21%	0.21%	Unchanged
81	HOME DEPOT INC COM HD	HD	7,373	$2.6m0.20%	0.20%	New
82	TOLL BROTHERS INC COM TOL	TOL	15,668	$2.6m0.20%	0.20%	New
83	PARK AEROSPACE CORP COM PKE	PKE	60,416	$2.3m0.18%	0.18%	New
84	SUN CMNTYS INC COM SUI	SUI	16,279	$2.0m0.15%	0.15%	New
85	BWX TECHNOLOGIES INC COM BWXT	BWXT	9,310	$1.8m0.14%	0.14%	New
86	KARMAN HLDGS INC COMMON STOCK KRMN	KRMN	35,413	$1.8m0.14%	0.14%	New
87	ECHOSTAR CORP CL A ECHO	ECHO	14,751	$1.5m0.12%	0.12%	New
88	MERCURY SYS INC COM MRCY	MRCY	12,222	$1.5m0.11%	0.11%	New
89	BUILDERS FIRSTSOURCE INC COM BLDR	BLDR	14,970	$1.3m0.10%	0.10%	New
90	ALBEMARLE CORP COM ALB	ALB	9,732	$1.3m0.10%	0.10%	Reduced -21.4k	-21,402 -68.7%
91	RTX CORPORATION COM RTX	RTX	6,640	$1.3m0.10%	0.10%	New
92	S&P GLOBAL INC COM SPGI	SPGI	2,951	$1.2m0.09%	0.09%	New
93	VERISK ANALYTICS INC COM VRSK	VRSK	6,664	$1.2m0.09%	0.09%	New
94	EAGLE MATLS INC COM EXP	EXP	5,064	$1.1m0.09%	0.09%	New
95	DUCOMMUN INC DEL COM DCO	DCO	5,687	$1.1m0.08%	0.08%	New
96	HUNTINGTON INGALLS INDS INC COM HII	HII	3,721	$1.0m0.08%	0.08%	New
97	IES HOLDINGS INC COM IESC	IESC	1,177	$864.7k0.07%	0.07%	New
98	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	3,301	$739.3k0.06%	0.06%	New
99	VAIL RESORTS INC COM MTN	MTN	4,472	$608.9k0.05%	0.05%	Reduced -52.2k	-52,238 -92.1%
100	AMPHENOL CORP CL A APH	APH	2,551	$449.8k0.03%	0.03%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BOYD GROUP SERVICES INC BGSI	BGSI	231,905	$29.7m231.9k shares
LULULEMON ATHLETICA INC LULU	LULU	97,093	$14.9m97.1k shares
BRP INC DOO	DOO	191,290	$13.7m191.3k shares
APPLIED MATLS INC AMAT	AMAT	30,664	$10.5m30.7k shares
CONOCOPHILLIPS COP	COP	75,000	$9.9m75.0k shares
ENTERGY CORP NEW ETR	ETR	80,708	$9.1m80.7k shares
BRUNSWICK CORP BC	BC	97,877	$7.1m97.9k shares
APPLE INC AAPL	AAPL	27,664	$7.0m27.7k shares
GILDAN ACTIVEWEAR INC GIL	GIL	124,157	$6.9m124.2k shares
CANADIAN PACIFIC KANSAS CITY CP	CP	87,807	$6.9m87.8k shares
XPO INC XPO	XPO	28,046	$5.5m28.0k shares
GENERAL DYNAMICS CORP GD	GD	13,734	$4.7m13.7k shares
UNITED STS BRENT OIL FD LP BNO	BNO	79,322	$4.1m79.3k shares
LEGENCE CORP LGN	LGN	68,315	$3.9m68.3k shares
EMCOR GROUP INC EME	EME	5,224	$3.9m5.2k shares
META PLATFORMS INC META	META	5,678	$3.2m5.7k shares
PERMIAN RESOURCES CORP PR	PR	150,000	$3.2m150.0k shares
TERADYNE INC TER	TER	10,340	$3.1m10.3k shares
VICOR CORP VICR	VICR	17,156	$2.8m17.2k shares
CANTOR EQUITY PARTNERS II IN		246,240	$2.7m246.2k shares
GE VERNOVA INC GEV	GEV	3,057	$2.7m3.1k shares
ISHARES TR ITA	ITA	11,970	$2.6m12.0k shares
TARGET CORP TGT	TGT	20,119	$2.4m20.1k shares
SPRING VY ACQUISITION CORP I GFUZ	GFUZ	167,010	$1.7m167.0k shares
TEXAS VENTURES ACQUISITION I TVA	TVA	151,804	$1.6m151.8k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
INVESCO QQQ TR QQQ · Put	QQQ	Put	698,100	$514.1m698.1k shares	Added
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	377,700	$282.1m377.7k shares	Reduced
ISHARES TR HYG · Put	HYG	Put	3,007,700	$240.5m3.0m shares	Reduced
ISHARES TR LQD · Put	LQD	Put	1,500,000	$163.6m1.5m shares	Added
ISHARES TR TLT · Call	TLT	Call	660,000	$57.0m660.0k shares	Reduced
BANK MONTREAL QUE BMO · Call	BMO	Call	320,000	$56.5m320.0k shares	New
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	36,600	$27.3m36.6k shares	Added
ISHARES TR TLT · Put	TLT	Put	300,000	$25.9m300.0k shares	New
ISHARES TR MTUM · Put	MTUM	Put	75,000	$25.7m75.0k shares	New
ASML HOLDING N V ASML · Put	ASML	Put	11,400	$22.7m11.4k shares	New
ISHARES TR SOXX · Put	SOXX	Put	34,300	$22.0m34.3k shares	New
MAGNA INTL INC MGA · Call	MGA	Call	300,000	$19.7m300.0k shares	New
NVENT ELECTRIC PLC NVT · Put	NVT	Put	102,500	$17.4m102.5k shares	New
AMAZON COM INC AMZN · Call	AMZN	Call	70,000	$16.7m70.0k shares	New
TRANSALTA CORP TAC · Call	TAC	Call	1,200,000	$16.6m1.2m shares	Added
ISHARES TR ITB · Call	ITB	Call	150,000	$15.7m150.0k shares	New
SERVICENOW INC NOW · Call	NOW	Call	130,000	$12.9m130.0k shares	New
BROADCOM INC AVGO · Call	AVGO	Call	25,000	$9.4m25.0k shares	New
KILROY RLTY CORP KRC · Call	KRC	Call	250,000	$9.4m250.0k shares	New
NVIDIA CORPORATION NVDA · Put	NVDA	Put	45,000	$9.0m45.0k shares	Unchanged
BUILDERS FIRSTSOURCE INC BLDR · Call	BLDR	Call	100,000	$8.9m100.0k shares	New
CANADIAN PACIFIC KANSAS CITY CP · Call	CP	Call	90,000	$7.8m90.0k shares	Reduced
TEXAS INSTRS INC TXN · Put	TXN	Put	25,000	$7.5m25.0k shares	New
KRANESHARES TRUST KWEB · Call	KWEB	Call	300,000	$7.3m300.0k shares	New
CANADIAN NATL RY CO CNI · Call	CNI	Call	60,000	$7.2m60.0k shares	New