Cardinal Capital Management Q4 2022 vs. Q1 2023: The Rise and Fall of Holdings

Have you ever wondered how significant institutional investors manage their portfolios? One way to keep track of this is by referencing the SEC's Form 13F, which reveals the changes in holdings of institutional investors every quarter. In this article, we will be exploring Cardinal Capital Management's Q4 2022 vs. Q1 2023 13F holdings comparison, specifically their top holdings, percentage changes, and notable movements.

According to the 13F filing, Cardinal Capital Management's total portfolio value was $11.17 billion in Q4 2022 and $11.11 billion in Q1 2023. The fund's top holdings for both quarters are Johnson & Johnson, Microsoft Corp, and Eli Lilly & Co.

One of Cardinal Capital Management's notable holdings is Intel Corp, which saw a drastic increase of 66.5% in shares from Q4 2022 to Q1 2023. Additionally, Truist Financial Corp saw an 81% increase in shares during the same period, making it one of the fund's most significant percentage changes.

On the other hand, ConocoPhillips holdings experienced a significant decrease in shares, falling by 18.8% from Q4 2022 to Q1 2023. Pfizer Inc also experienced a decrease of 18.8%, but in terms of value.

However, there were also some surprising movements on the list of Cardinal Capital Management's top holdings. The fund sold out its position in Veeva Sys Inc in Q4 2022, only to acquire 12,961 shares worth $2.382 million in Q1 2023.

Another notable movement is GlaxoSmithKline, which saw a surge of 141.3% in value from Q4 2022 to Q1 2023, following a spike in shares. Elbit Sys Ltd also experienced a notable increase, with shares rising by 3.4%, and value surging by 3%, despite Q4 2022 being its first appearance on the fund's 13F filing.

In terms of the fund's sectoral allocation, information technology stocks' total portfolio value increased by 7.7%, making it Cardinal Capital Management's most heavily invested sector. Healthcare stocks remained stable, accounting for 23.5% of the fund's holdings. Meanwhile, the energy and financials sector saw a decrease in shares and value.

Cardinal Capital Management's 13F holdings comparison demonstrates a dynamic investment strategy that embraces change and a diverse range of sectors. The fund's notable movements across tech, healthcare, and energy provide an insight into how institutional investors navigate the market's unpredictability. It will be interesting to see how the fund's holdings change in their forthcoming 13F filings.