GUARDIAN CAPITAL LP recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Guardian Capital is a private investment management company based out of Toronto. The company was established by Norman Short, Ralph Horner and Alan Grieve in 1962 as Guardian Management Ltd. The company had its IPO in 1969 on the Toronto Stock Exchange and would change its name to Guardian Capital Group Limited in 1973. Guardian Capital would continue to grow, acquiring Ruggles & Crysdale in 1985 and establishing Guardian Group of Funds (GGOF) Ltd in 1986 to provide open ended mutual fund services. The company would then acquire Fiscal Consultants in 1987, creating a spinoff company Guardian Capital Inc. from the investment management division in the same year. Guardian Capital continued to grow, spinning off companies such as Alexandria Bancorp in 1990 and establishing its private wealth services business under Guardian Global Bancorp in 1992. In 2004, Guardian Capital Inc. would be renamed and restructured to form the current Guardian Capital LP. Guardian Capital LP conducts its research internally, utilizing both bottom up and top down methodologies with a fundamental analysis. The company invests in fixed income and public equity markets on a global scale, emphasizing an investment focus in Canada. Guardian Capital invests most heavily in the finance sector, which alone makes up a third of its total asset allocations, and also invests in the energy, consumer discretionary, materials, information technology, and utilities and telecommunications sectors, among others to a lesser degree, in order of decreasing allocation. The company currently has 62 employees with 25 investment professionals and holds almost $20 billion in total assets under management spread across 367 accounts with all by 91 of the accounts being discretionary, making up a minority $2.1 billion of its assets. Guardian Capital mainly caters to pension and profit sharing plans, which alone makes up almost half of its client base, and also provides services to a variety of other clientele. Its line of mutual funds currently includes its Balanced Income, Growth Equity, and Short Duration Bond funds, among many others.
As of the latest 13F report, the guru’s equity portfolio contained 167 stocks valued at a total of $3.04Bil. The top holdings were BMO(7.58%), RY(7.07%), and CNQ(4.55%).
According to GuruFocus data, these were GUARDIAN CAPITAL LP’s top five trades of the quarter.
MarketAxess Holdings Inc
During the quarter, GUARDIAN CAPITAL LP bought 1,903,356 shares of NAS:MKTX for a total holding of 1,910,101. The trade had a 15.44% impact on the equity portfolio. During the quarter, the stock traded for an average price of $278.89.
On 02/18/2023, MarketAxess Holdings Inc traded for a price of $355.17 per share and a market cap of $13.37Bil. The stock has returned -4.51% over the past year.
GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, MarketAxess Holdings Inc has a price-earnings ratio of 53.41, a price-book ratio of 12.37, a price-earnings-to-growth (PEG) ratio of 3.28, a EV-to-Ebitda ratio of 32.58 and a price-sales ratio of 18.63.
The price-to-GF Value ratio is 0.72, earning the stock a GF Value rank of 10.
Canadian Imperial Bank of Commerce
GUARDIAN CAPITAL LP reduced their investment in NYSE:CM by 1,281,893 shares. The trade had a 1.94% impact on the equity portfolio. During the quarter, the stock traded for an average price of $44.1.
On 02/18/2023, Canadian Imperial Bank of Commerce traded for a price of $46.38 per share and a market cap of $42.04Bil. The stock has returned -22.73% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Canadian Imperial Bank of Commerce has a price-earnings ratio of 8.97, a price-book ratio of 1.25, a price-earnings-to-growth (PEG) ratio of 1.11 and a price-sales ratio of 2.59.
The price-to-GF Value ratio is 0.95, earning the stock a GF Value rank of 6.
The Toronto-Dominion Bank
During the quarter, GUARDIAN CAPITAL LP bought 593,477 shares of NYSE:TD for a total holding of 2,077,900. The trade had a 1.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $64.59999999999999.
On 02/18/2023, The Toronto-Dominion Bank traded for a price of $68.91 per share and a market cap of $125.49Bil. The stock has returned -14.58% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, The Toronto-Dominion Bank has a price-earnings ratio of 9.52, a price-book ratio of 1.69, a price-earnings-to-growth (PEG) ratio of 1.18 and a price-sales ratio of 3.65.
The price-to-GF Value ratio is 1.05, earning the stock a GF Value rank of 5.
Open Text Corp
During the quarter, GUARDIAN CAPITAL LP bought 1,256,627 shares of NAS:OTEX for a total holding of 2,840,029. The trade had a 1.23% impact on the equity portfolio. During the quarter, the stock traded for an average price of $28.36.
On 02/18/2023, Open Text Corp traded for a price of $35.18 per share and a market cap of $9.52Bil. The stock has returned -16.48% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Open Text Corp has a price-earnings ratio of 29.56, a price-book ratio of 2.28, a price-earnings-to-growth (PEG) ratio of 3.89, a EV-to-Ebitda ratio of 11.10 and a price-sales ratio of 2.80.
The price-to-GF Value ratio is 0.72, earning the stock a GF Value rank of 10.
Royal Bank of Canada
GUARDIAN CAPITAL LP reduced their investment in NYSE:RY by 244,812 shares. The trade had a 0.76% impact on the equity portfolio. During the quarter, the stock traded for an average price of $94.40000000000001.
On 02/18/2023, Royal Bank of Canada traded for a price of $103.07 per share and a market cap of $142.44Bil. The stock has returned -3.96% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Royal Bank of Canada has a price-earnings ratio of 12.06, a price-book ratio of 1.91, a price-earnings-to-growth (PEG) ratio of 1.36 and a price-sales ratio of 4.00.
The price-to-GF Value ratio is 1.10, earning the stock a GF Value rank of 5.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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