RAELIPSKIE PARTNERSHIP

WATERLOO, A6 · CIK 2023896 · 13F filing filed 2026-08-04

SEC-registered investment adviser since 2023 · corporation

Assets managed$1.1bn
Staff25 · 11 in investment roles
Main clients (by assets)High net worth individuals 73%, Charities 10%, Individuals 9%
Websiteraelipskie.com
Form ADV · 2026-09-08SEC adviser record

Legal entityRAE & LIPSKIE INVESTMENT COUNSEL INC. (CA)
Part of Guardian Capital Group Limited (CA)

Other 13F filers in this group: GUARDIAN CAPITAL LP $4.1bn, Guardian Partners Inc. $1.1bn

Kindprivate equity, institutions, wealth, bank or insurer
Others nearbyToronto, Salt Lake City, UT, Richmond, VA, Kitchener, London, Montréal
FamilyFederation des caisses Desjardins du Quebec · 14 related pages · largest: Federation des caisses Desjardins du Quebec

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Waterloo (main office)Canada	Canada	about 11
Burlington, OntarioCanada	Canada

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$264.8m reported value +12.1% vs Q1 2026

124positions

60.7%in top 10

12 new 30 added 29 reduced 7 sold out vs Q1 2026

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	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	38,435	$28.7m10.84%	10.84%	Reduced -764	-764 -1.9%
2	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	325,631	$23.2m8.76%	8.76%	Reduced -8.5k	-8,490 -2.5%
3	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	105,761	$22.5m8.50%	8.50%	Added +675	+675 0.6%
4	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	30,173	$22.2m8.39%	8.39%	Reduced -201	-201 -0.7%
5	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	260,394	$15.5m5.87%	5.87%	Reduced -2.6k	-2,565 -1.0%
6	ISHARES INC MSCI EMRG CHN EMXC	EMXC	122,777	$12.6m4.74%	4.74%	Reduced -8.7k	-8,655 -6.6%
7	VANGUARD ADMIRAL FDS INC MIDCP 400 IDX IVOO	IVOO	81,865	$10.7m4.03%	4.03%	Reduced -215	-215 -0.3%
8	ISHARES TR RUSSELL 2000 ETF IWM	IWM	33,193	$10.0m3.77%	3.77%	Reduced -3.8k	-3,750 -10.2%
9	APPLE INC COM AAPL	AAPL	26,398	$7.6m2.88%	2.88%	Reduced -1.1k	-1,087 -4.0%
10	MICROSOFT CORP COM MSFT	MSFT	20,422	$7.6m2.88%	2.88%	Added +978	+978 5.0%
11	JPMORGAN CHASE & CO COM JPM	JPM	15,362	$5.0m1.90%	1.90%	Added +116	+116 0.8%
12	ALPHABET INC CAP STK CL A GOOGL	GOOGL	13,579	$4.9m1.83%	1.83%	Reduced -92	-92 -0.7%
13	MICRON TECHNOLOGY INC COM MU	MU	3,603	$4.2m1.57%	1.57%	Added +15	+15 0.4%
14	NOVARTIS ADR (CHE) COM COM		25,366	$4.0m1.50%	1.50%	Reduced -75	-75 -0.3%
15	AMAZON COM INC (USA) COM COM		14,600	$3.5m1.31%	1.31%	Reduced -61	-61 -0.4%
16	CISCO SYS INC COM CSCO	CSCO	29,562	$3.5m1.31%	1.31%	Reduced -20.0k	-20,027 -40.4%
17	EXXON MOBIL CORP (USA) COM COM		25,319	$3.5m1.31%	1.31%	Reduced -488	-488 -1.9%
18	JOHNSON & JOHNSON COM JNJ	JNJ	12,722	$3.2m1.22%	1.22%	Reduced -31	-31 -0.2%
19	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	6,293	$3.1m1.19%	1.19%	Added +649	+649 11.5%
20	BROADCOM INC COM AVGO	AVGO	8,176	$3.1m1.17%	1.17%	Added +18	+18 0.2%
21	HSBC HLDGS PLC SPON ADR NEW HSBC	HSBC	31,465	$3.0m1.13%	1.13%	Unchanged
22	SPDR SER TR PORTFOLIO S&P600 SPSM	SPSM	51,625	$3.0m1.12%	1.12%	Added +13.4k	+13,390 35.0%
23	PEPSICO INC COM PEP	PEP	21,642	$2.9m1.11%	1.11%	Added +1.1k	+1,088 5.3%
24	HOME DEPOT INC COM HD	HD	8,272	$2.9m1.10%	1.10%	Added +747	+747 9.9%
25	WALMART STORES INC (USA) COM COM		24,162	$2.7m1.03%	1.03%	Reduced -214	-214 -0.9%
26	VISA INC CLASS-A (USA) COM COM		7,765	$2.7m1.01%	1.01%	Reduced -20	-20 -0.3%
27	PROCTER AND GAMBLE CO COM PG	PG	17,813	$2.6m0.99%	0.99%	Added +861	+861 5.1%
28	BANCO SANTANDER S.A. ADR SAN	SAN	172,236	$2.4m0.90%	0.90%	Unchanged
29	ISHARES TR CORE HIGH DV ETF HDV	HDV	83,065	$2.3m0.86%	0.86%	Reduced -235	-235 -0.3%
30	MCDONALD'S CORP (USA) COM COM		8,405	$2.3m0.86%	0.86%	Added +673	+673 8.7%
31	META PLATFORMS INC CL A META	META	3,915	$2.2m0.83%	0.83%	Added +325	+325 9.1%
32	NEXTERA ENERGY INC COM NEE	NEE	22,997	$2.0m0.76%	0.76%	Added +1.2k	+1,200 5.5%
33	BANK AMERICA CORP COM BAC	BAC	34,219	$1.9m0.74%	0.74%	Reduced -100	-100 -0.3%
34	TOYOTA MOTOR CORP ADS TM	TM	11,142	$1.9m0.71%	0.71%	Added +700	+700 6.7%
35	Nestle SA ADR COM NSRGY	NSRGY	17,557	$1.8m0.68%	0.68%	Reduced -700	-700 -3.8%
36	UNITED HEALTH GROUP INC (USA) COM COM		4,148	$1.7m0.65%	0.65%	Added +40	+40 1.0%
37	GE AEROSPACE COM NEW GE	GE	4,420	$1.7m0.62%	0.62%	Added +17	+17 0.4%
38	GE VERNOVA INC (USA) COM COM		1,275	$1.5m0.57%	0.57%	Added +100	+100 8.5%
39	BHP GROUP LTD SPONSORED ADS BHP	BHP	17,527	$1.5m0.55%	0.55%	Unchanged
40	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		7,412	$1.4m0.53%	0.53%	Unchanged
41	PRUDENTIAL FINL INC COM PRU	PRU	12,529	$1.4m0.51%	0.51%	Added +100	+100 0.8%
42	AMERICAN TOWER CORP (USA) COM COM		8,137	$1.3m0.50%	0.50%	Unchanged
43	PROLOGIS INC. COM PLD	PLD	9,214	$1.2m0.47%	0.47%	Added +700	+700 8.2%
44	SONY GROUP CORP SPONSORED ADR SONY	SONY	61,738	$1.2m0.47%	0.47%	Added +2.0k	+2,000 3.4%
45	UBER TECHNOLOGIES INC COM UBER	UBER	16,163	$1.2m0.44%	0.44%	Added +2.0k	+2,000 14.1%
46	AIRBUS SE COM EADSY	EADSY	20,919	$1.2m0.44%	0.44%	Reduced -3.0k	-3,000 -12.5%
47	UNILEVER PLC SPON ADR NEW UL	UL	19,018	$1.1m0.43%	0.43%	Unchanged
48	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	8,476	$1.1m0.40%	0.40%	New
49	RIO TINTO PLC SPONSORED ADR RIO	RIO	10,952	$1.0m0.39%	0.39%	Unchanged
50	MERCK CO INC-NEW (USA) COM COM		7,869	$1.0m0.38%	0.38%	Reduced -153	-153 -1.9%
51	ISHARES TR ISHARES BIOTECH IBB	IBB	5,280	$1.0m0.38%	0.38%	Reduced -1.4k	-1,395 -20.9%
52	NOVO-NORDISK A S ADR NVO	NVO	20,166	$966.8k0.37%	0.37%	Added +2.3k	+2,318 13.0%
53	VEOLIA ENVIRONMENT ADR COM VEOEY	VEOEY	43,151	$898.6k0.34%	0.34%	Reduced -500	-500 -1.1%
54	PFIZER INC COM PFE	PFE	36,369	$875.8k0.33%	0.33%	Added +25.3k	+25,252 227.2%
55	BP PLC SPONSORED ADR BP	BP	22,979	$849.1k0.32%	0.32%	Unchanged
56	SPOTIFY TECHNOLOGY S.A. COM COM		1,684	$773.2k0.29%	0.29%	Added +200	+200 13.5%
57	LVMH MOET HENNESSY LO-ADR (FRA) COM COM		6,820	$754.3k0.28%	0.28%	Added +800	+800 13.3%
58	ISHARES INC EM MKTS DIV ETF DVYE	DVYE	20,740	$668.5k0.25%	0.25%	Unchanged
59	TRANE TECHNOLOGIES PLC SHS TT	TT	1,095	$537.8k0.20%	0.20%	Unchanged
60	ISHARES TR SHORT TREAS BD SHV	SHV	4,200	$463.5k0.18%	0.18%	Unchanged
61	WELLS FARGO CO NEW COM WFC	WFC	5,070	$419.0k0.16%	0.16%	Unchanged
62	INTEL CORP COM INTC	INTC	1,805	$252.0k0.10%	0.10%	Reduced -2.1k	-2,135 -54.2%
63	UNION PAC CORP COM UNP	UNP	751	$204.3k0.08%	0.08%	Added +3	+3 0.4%
64	ISHARES TR ESG MSCI USA ETF USXF	USXF	2,405	$167.0k0.06%	0.06%	Unchanged
65	VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF VSS	VSS	820	$126.5k0.05%	0.05%	Reduced -150	-150 -15.5%
66	ISHARES TR EGSADVNCDMSCI EM EMXF	EMXF	2,159	$125.1k0.05%	0.05%	Unchanged
67	ISHARES TR ESG EAFE ETF DMXF	DMXF	1,354	$114.5k0.04%	0.04%	Unchanged
68	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	1,850	$109.1k0.04%	0.04%	Unchanged
69	SPROTT FDS TR ACTIVE METALS METL	METL	4,000	$102.9k0.04%	0.04%	Unchanged
70	CHEVRON CORP NEW COM CVX	CVX	525	$87.0k0.03%	0.03%	Added +5	+5 1.0%
71	TOTALENERGIES SE ACT TTE	TTE	800	$62.2k0.02%	0.02%	Unchanged
72	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	615	$52.6k0.02%	0.02%	Unchanged
73	DIAGEO PLC SPON ADR NEW DEO	DEO	611	$49.1k0.02%	0.02%	Reduced -160	-160 -20.8%
74	RTX CORPORATION COM RTX	RTX	250	$47.4k0.02%	0.02%	Unchanged
75	AMERICA MOVIL SAB DE CV SPON ADS RP CL B AMX	AMX	1,800	$46.8k0.02%	0.02%	Unchanged
76	CONSTELLATION ENERGY CORP COM CEG	CEG	166	$41.2k0.02%	0.02%	Unchanged
77	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	93	$32.6k0.01%	0.01%	Unchanged
78	MASTERCARD INC COM COM		53	$27.2k0.01%	0.01%	Added +13	+13 32.5%
79	API GROUP CORP COM STK APG	APG	630	$26.7k0.01%	0.01%	Unchanged
80	AT&T INC COM T	T	1,211	$25.1k0.01%	0.01%	Unchanged
81	BOEING CO COM BA	BA	115	$24.9k0.01%	0.01%	Unchanged
82	SERVICENOW INC COM NOW	NOW	230	$22.8k0.01%	0.01%	Added +210	+210 1050.0%
83	3M COMPANY (USA) COM COM		140	$22.7k0.01%	0.01%	Unchanged
84	CARRIER GLOBAL CORPORATION COM CARR	CARR	255	$18.7k0.01%	0.01%	Unchanged
85	ABBOTT LABS (USA) COM COM		205	$18.6k0.01%	0.01%	Unchanged
86	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	215	$17.8k0.01%	0.01%	Unchanged
87	DANAHER CORPORATION COM DHR	DHR	93	$17.7k0.01%	0.01%	Unchanged
88	SILVER NCI-RBC TROY OZ COM COM		300	$17.6k0.01%	0.01%	Unchanged
89	SPIRE GLOBAL INC COM CL A NEW SPIR	SPIR	875	$16.3k0.01%	0.01%	Unchanged
90	NU HLDGS LTD ORD SHS CL A NU	NU	1,000	$13.4k0.01%	0.01%	Unchanged
91	SALESFORCE INC COM CRM	CRM	75	$11.8k0.00%	0.00%	Reduced -100	-100 -57.1%
92	LISTED FDS TR ROUNDHILL MAGNIF MAGS	MAGS	170	$10.9k0.00%	0.00%	Added +20	+20 13.3%
93	TRUIST FINL CORP COM TFC	TFC	200	$10.0k0.00%	0.00%	Reduced -247	-247 -55.3%
94	FEDEX FGHT HLDG CO INC COMMON STOCK FDXF	FDXF	50	$7.5k0.00%	0.00%	New
95	LAM RESEARCH CORP COM NEW LRCX	LRCX	17	$7.4k0.00%	0.00%	New
96	RIVIAN AUTOMOTIVE INC COM CL A RIVN	RIVN	410	$7.1k0.00%	0.00%	Unchanged
97	SOLSTICE ADVANCED MATLS INC COM SHS SOLS	SOLS	77	$6.8k0.00%	0.00%	Unchanged
98	RB GLOBAL INC COM COM		52	$6.0k0.00%	0.00%	New
99	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	50	$5.8k0.00%	0.00%	Unchanged
100	CARNIVAL CORP LTD COMMON SHARES CCL	CCL	201	$5.7k0.00%	0.00%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
LYONDELLBASELL INDUSTRIES N LYB	LYB	14,536	$1.2m14.5k shares
ISHARES TR SGOV	SGOV	1,350	$135.9k1.4k shares
MCEWEN INC. MUX	MUX	1,372	$28.0k1.4k shares
HONEYWELL INTL INC (USA)		117	$26.4k117 shares
L3HARRIS TECHNOLOGIES INC LHX	LHX	15	$5.2k15 shares
REPLIGEN CORP RGEN	RGEN	25	$2.9k25 shares
LULULEMON ATHLETICA INC (USA)		10	$1.5k10 shares