13F Insight
DOSSIER · 13F-HR · Q1 2026

Waratah Capital Advisors Ltd.

$2.6B in tracked AUM across 127 positions as of Q1 2026.

WC
CIK 0001539919 · last filed Mar 31, 2026
Total AUM
$2.6B
as of Q1 2026
Holdings
127
—
positions
Whale Score
61
61
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of SEC 13F Filing: Waratah Capital Advisors Ltd.
1. Portfolio Overview

Waratah Capital Advisors Ltd. has undergone a significant transformation in its portfolio composition during the quarter ending September 30, 2025. The total portfolio value contracted sharply by 31.5%, decreasing from $3.76 billion to $2.57 billion. This reduction in assets under management (AUM) is driven not only by market movements but by a substantial reallocation of capital. The firm ma...

The most striking feature of the current portfolio is its extreme concentration in defensive assets and exchange-traded funds (ETFs). The portfolio is heavily skewed, with the top three positions accounting for approximately 61.6% of the total value. This indicates a pivot away from a diversified stock-picking strategy toward a macro-driven, asset allocation approach focused on capital preservation and specific thematic bets, particularly in the commodities and utilities sectors.

2. Key Holdings

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
TLT
ISHARES TR
$348M4.0M13.3%02
SPY
STATE STR SPDR S&P 500 ETF T
$268M413K10.2%03
HYG
ISHARES TR
$249M3.1M9.5%04
QQQ
INVESCO QQQ TR
$172M298K6.6%05
GLD
SPDR GOLD TR
$129M299K4.9%06
LQD
ISHARES TR
$118M1.1M4.5%07
DSGX
DESCARTES SYS GROUP INC
$85M1.2M3.2%08
IWM
ISHARES TR
$82M330K3.1%09
AGI
ALAMOS GOLD INC
$61M1.4M2.3%10
KGC
KINROSS GOLD CORP
$46M1.5M1.7%

Filing history

2026Q1Mar 31
$2.6B▼ 11.6%
127 positionsView →2025Q4Dec 31
$3.0B▲ 15.4%
152 positionsView →2025Q3Sep 30
$2.6B▼ 31.5%
100 positionsView →2025Q2Jun 30
$3.8B▲ 1.0%
155 positionsLocked2025Q1Mar 31
$3.7B▲ 24.9%
171 positionsLocked2024Q4Dec 31
$3.0B▼ 41.3%
146 positionsLocked2024Q3Sep 30
$5.1B▲ 86.0%
137 positionsLocked2024Q2Jun 30
$2.7B▼ 18.4%
115 positionsLocked2024Q1Mar 31
$3.3B▼ 33.6%
146 positionsLocked2023Q4Dec 31
$5.0B▼ 28.1%
153 positionsLocked2023Q3Sep 30
$7.0B▲ 33.3%
155 positionsLocked2023Q2Jun 30
$5.3B▲ 15.6%
146 positionsLocked
Showing 12 of 49