Waratah Capital Advisors Ltd.

CIK 0001539919 · Q1 2026

13F Equity AUM

$2.6B

-11.6% QoQ

Positions

117

-19 QoQ

AUM Rank

#1,538

Top 12%

Skill Alpha (FF)

+0.1%/yr^ns

No Clear Edge

Rank #2,237 · Top 27%

vs S&P -2.1%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 44.4%Top 10: 59.3%Top 20: 71.9%

TLT13.3%

SPY10.2%

HYG9.5%

NDQ6.5%

GQ94.9%

LQD4.5%

DSG3.2%

IWM3.1%

AGI2.3%

KGC1.7%

Others (107)40.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services58.1%

Basic Materials9.5%

Industrials8.6%

Energy6.2%

Technology5.7%

Consumer Cyclical5.7%

Other6.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 117Median: 0.27%Avg: 0.85%

0–0.5%

77(13.0%)

0.5–1%

18(13.0%)

1–3%

14(18.7%)

3–5%

4(15.8%)

5%+

4(39.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 112Unique: 5vs 20 funds

1.5%Low

117

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

JPMORGAN CHASE & CO

2.2%

BANK OF AMERICA CORP /DE/

2.2%

BlackRock, Inc.

2.4%

FMR LLC

3.2%

GEODE CAPITAL MANAGEMENT, LLC

2.5%

VANGUARD CAPITAL MANAGEMENT LLC

2.5%

STATE STREET CORP

2.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New41Increased29Decreased43Exited61

New Positions

TLT13.3%

+4.0M

SPY10.2%

+413K

LQD4.5%

+1.1M

SU1.3%

+503K

CVE1.1%

+1.1M

LNG0.8%

+69K

EA0.7%

+90K

NI0.7%

+376K

BEPC0.6%

+488K

FXI0.4%

+300K

Increased

HYG9.5%

+1.2M(+62%)

DSG3.2%

+1.1M(+969%)

CAE0.9%

+476K(+115%)

AGI2.3%

+438K(+47%)

IWM3.1%

+275K(+498%)

IBIT0.4%

+215K(+253%)

NVT1.0%

+215K(+6503%)

LULU1.4%

+170K(+273%)

NXE0.8%

+137K(+9%)

SPXC1.2%

+120K(+337%)

Decreased

CG1.5%

-1,449,419(-39%)

GQ94.9%

-1,409,200(-83%)

IMG1.4%

-663,333(-25%)

SZ70.1%

-660,772(-74%)

KGC1.7%

-622,808(-29%)

FND0.0%

-428,253(-98%)

SKE1.3%

-399,319(-26%)

GIL0.3%

-262,952(-68%)

RY0.5%

-227,864(-73%)

KRE0.0%

-182,011(-91%)

Exited

SLV

-1,168,200

-1,666,653

-510,000

-3,737,025

-6,343,121

-144,186

-141,082

-350,809

RSP

-150,000

EXE

-237,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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