# Cardinal Capital Management, Inc.

> Cardinal Capital Management, Inc. is an SEC-registered investment advisory firm in Winnipeg, Canada, registered since 2003, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated January 6, 2026.

- CRD: 124729
- Filed as: CARDINAL CAPITAL MANAGEMENT, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Winnipeg, Canada
- Filing period: October 2026
- Form ADV filing dated: January 6, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/124729
- AdvisorCensus page: https://advisorcensus.com/firm/cardinal-capital-management-inc-winnipeg-124729

## Quick answers

**How is Cardinal Capital Management, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Cardinal Capital Management, Inc. reports these compensation arrangements: a percentage of assets under its management.

**Where is Cardinal Capital Management, Inc. located?**
Cardinal Capital Management, Inc.'s principal office is in Winnipeg, Canada, according to its Form ADV; the February 2026 filing also lists 6 other offices (Schedule D, Section 1.F).

**Is Cardinal Capital Management, Inc. registered with the SEC or a state?**
Cardinal Capital Management, Inc. is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 124729.

**How much does Cardinal Capital Management, Inc. manage?**
Cardinal Capital Management, Inc. reports $4,019,229,264 in regulatory assets under management in its Form ADV filing dated January 6, 2026 (99% discretionary).

**How have Cardinal Capital Management, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Cardinal Capital Management, Inc.: Regulatory assets under management: $2,079,409,539 in the October 2021 data and $4,019,229,264 in the October 2026 data, up 93%. Total employees: 42 in October 2021 and 81 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Cardinal Capital Management, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (2,354); high net worth individuals (675); corporations or other businesses not listed above (388).

**Which custodians does Cardinal Capital Management, Inc. use?**
Cardinal Capital Management, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Nbin and State Street Global Markets Canada, Inc. as custodians holding 10% or more of its separately managed account assets.

**Does Cardinal Capital Management, Inc. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/124729

**Does Cardinal Capital Management, Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated December 22, 2025 says: "Cardinal generally imposes a $500,000 CDN minimum account requirement. Cardinal, in its sole discretion, may charge a lesser investment management fee and/or waive or reduce its minimum account requirement based upon certain criteria"

**What changed in Cardinal Capital Management, Inc.'s recent Form ADV filings?**
In the February 2026 filing data: Registered or notice-filed in IL, MA, MI, PA, UT.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated December 22, 2025)

- Account minimum: $500,000 (the brochure says it may be waived or negotiated)

> Cardinal generally imposes a $500,000 CDN minimum account requirement. Cardinal, in its sole discretion, may charge a lesser investment management fee and/or waive or reduce its minimum account requirement based upon certain criteria

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Nbin
- State Street Global Markets Canada, Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $4,019,229,264
- Discretionary: $3,985,026,780
- Non-discretionary: $34,202,484

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 2,354 | $856,204,409 |
| High net worth individuals | 675 | $1,625,823,749 |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $23,030,114 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $24,431,718 |
| Charitable organizations | 25 | $100,408,043 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $859,856,637 |
| Insurance companies | Fewer than 5 | $14,277,589 |
| Corporations or other businesses not listed above | 388 | $508,501,265 |
| Other | Fewer than 5 | $6,695,740 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2003 (23 years)
- Employees: 81 total, 16 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AZ, CA, FL, IL, LA, MA, MI, NE, NY, PA, TX, UT, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the February 2026 filing
- Brandon Manitoba
- Calgary Alberta
- Edmonton, Alberta
- Kelowna
- Toronto Ontario
- Winnipeg, Mb

### Websites listed on Form ADV (Item 1.I)
- cardinal.ca
- LinkedIn @cardinal-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,079,409,539 | 42 | December 7, 2020 |
| October 2022 | $2,836,149,020 | 34 | December 17, 2021 |
| October 2023 | $2,558,073,122 | 46 | July 6, 2023 |
| October 2024 | $2,813,214,711 | 48 | January 4, 2024 |
| October 2025 | $3,593,207,210 | 45 | April 14, 2025 |
| October 2026 | $4,019,229,264 | 81 | January 6, 2026 |

Regulatory assets under management: $2,079,409,539 in the October 2021 data and $4,019,229,264 in the October 2026 data, up 93%.
Total employees: 42 in October 2021 and 81 in October 2026.

## Changes in the filing (last 12 months)

### February 2026
- Registered or notice-filed in IL, MA, MI, PA, UT.

### January 2026
- Employees performing advisory functions went from 13 to 16.
- Regulatory assets under management went from $3,593,207,210 to $4,019,229,264 (+12%).
- Changed its office addresses in Brandon Manitoba.
- Added an office in Edmonton, Alberta.
- Added an office in Kelowna.
- No longer lists an office in Edmonton, Ab.
- Registered or notice-filed in NY.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cardinal Capital Management, Inc. (CRD 124729): Form ADV filing data as of October 2026.