Who We Are

Founded in 1992, Cardinal Capital Management is an independent, employee-owned investment firm. Cardinal is built on a strong foundation of investment management experience and expertise. For over three decades, we have applied the same disciplined investment philosophy and set of investing principles. This consistent investment approach has been adhered to through multiple economic cycles and resulted in long-term success for our clients. Our long tenured Investment team, led by Chief Investment Officer Evan Mancer, is driven by a commitment to in-depth research, independent thought and adherence to our principles.

Investment Approach

Investment Philosophy

Cardinal employs a conservative, long term, value investment approach. Our primary objective is to earn consistent, above-average returns while assuming below-average risk and volatility. Using fundamental security analysis, Cardinal invests in high quality companies with a proven track record of growth in earnings, cash flows and dividends. We have strict stock selection criteria with a focus on finding the best investment opportunities trading at below average valuations. The portfolios are diversified by sectors with the entire strategy driven by extensive research focused on investing in quality companies.

Responsible Investing

Cardinal’s investment strategy focuses on investing in high quality companies using a bottom-up, fundamental value approach. Since Cardinal’s founding, we have considered qualitative factors including board governance, management quality, employee relations and industry regulations that could impact the long-term health of companies. We believe that outstanding companies consider all factors that are material to their businesses. We formally adopted responsible investing considerations into our analysis and are a signatory to the UN PRI.
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Cardinal’s Policy on Responsible Investing.

Risk Management

Cardinal provides downside protection of capital through a disciplined investment approach focused on dividends and dividend growth. Investment opportunities are deeply vetted by our in-house research team to identify possible risks before purchase, and we continue to monitor companies after initial investment for any changes to our original investment thesis. Portfolio construction, position monitoring and rebalancing are critical components of risk management. Our value approach manages risk exposure, avoiding securities that exceed our target levels and become overvalued.

Canadian Equity

Strategy Profile

The Canadian Equity portfolio is composed of high quality, large-cap Canadian domiciled companies. We invest in industry leaders that have long-term records of earnings and dividend growth, strong balance sheets, above-average profitability levels and enduring competitive advantages. The Canadian equity strategy focuses on our best investment ideas resulting in a concentrated portfolio that still maintains appropriate levels of diversification.

The Canadian Equity portfolio is available as a separately managed account and as a Pooled Fund option depending on the custodian.

AUM

$2.1 billion

as of December 31, 2024

INCEPTION DATE

5/31/1993

INVESTMENT PHILOSOPHY BEHIND THE STRATEGY

Cardinal has consistently applied its investment philosophy to the Canadian Equity strategy since its inception in 1993. Our approach to stock selection is grounded by fundamental security analysis to identify leading companies that have consistently delivered growth in earnings, cashflows, and dividends. We prioritize businesses with investment-grade balance sheets to ensure financial stability even during economic uncertainty. Cardinal selects companies trading at below-average valuations with above-average profitability metrics. We avoid deep-value investments, such as distressed or turnaround companies, emphasizing risk control at the individual company level to preserve capital.

WHAT DOES THE STRATEGY INVEST IN?

The Canadian Equity portfolio invests in the common shares of large cap Canadian equities.

Global Equity

Our institutional Global Equity strategy is a part of Cardinal’s Foreign Equity Composite

Strategy Profile

The Global Equity portfolio invests in high quality, large cap companies that are domiciled outside of Canada. Applying fundamental security analysis, we identify high quality companies with global franchises that meet our investment philosophy. We invest in industry leaders with long-term records of earnings and dividend growth, strong balance sheets and above average profitability levels. The result is a strong portfolio of global businesses meeting our investment criteria.

The Global Equity portfolio is available as a separately managed account and as a Pooled Fund option depending on the custodian.

AUM

$241 million USD

as of December 31, 2024

INCEPTION DATE

5/31/1993

INVESTMENT PHILOSOPHY BEHIND THE STRATEGY

Cardinal has consistently applied its investment philosophy to the Global Equity strategy since its inception in 2002. Our value approach focuses on high-quality companies headquartered in developed countries, exhibiting proven growth in earnings, cash flows, and dividends. Selected companies must maintain investment-grade balance sheets and demonstrate financial stability, especially during economic uncertainty. We target businesses trading at below average valuations with superior profitability metrics, intentionally avoiding deep-value situations such as distressed companies or turnaround plays. This disciplined approach emphasizes rigorous risk control at the individual company level.

WHAT DOES THE STRATEGY INVEST IN?

The Global Equity portfolio invests primarily in the common shares of large cap U.S. and International equities.

Institutional

Who We Are

Investment Approach

Investment Philosophy

Responsible Investing

Risk Management

Canadian Equity

Strategy Profile

AUM

INCEPTION DATE

INVESTMENT PHILOSOPHY BEHIND THE STRATEGY

WHAT DOES THE STRATEGY INVEST IN?

Global Equity

Strategy Profile

AUM

INCEPTION DATE

INVESTMENT PHILOSOPHY BEHIND THE STRATEGY

WHAT DOES THE STRATEGY INVEST IN?

Let us show you how.