Cardinal Point Capital Management, ULC

Hedge Fund • Value

Cardinal Point Capital Management, ULC is a Value-focused Hedge Fund based in San Francisco, CA led by Michelle Lynn Yarwood, managing $1.4B across 267 long positions as of Q3 2025 with 49% ETF concentration.

CCOMichelle Lynn Yarwood

Portfolio Value: $1.4B
Positions: 267
Top Holding: VTI at 12.94%
Last Reported: Q3 2025

Address50 California Street, Suite 1500, San Francisco, CA, 94111-4624, United States

Top Holdings

Largest long holdings in Cardinal Point Capital Management, ULC's portfolio (45.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard Total Stock Market VTI	ETF ETF	$186.2M	12.94%	+$6.7M Bought	— 569.6K shares	Q4 2022 Held for 2y 11m
2 WisdomTree Floating Rate Treasury Fund USFR	ETF ETF	$71.8M	4.99%	-$697.2K Sold	— 1.4M shares	Q4 2022 Held for 2y 11m
3 Apple AAPL	Consumer Electronics Technology	$70.6M	4.91%	+$10.4M Bought	0.00% 278.4K shares	Q4 2022 Held for 2y 11m
4 Vanguard Intermediate-Term Treasury VGIT	ETF ETF	$59.7M	4.15%	+$4.1M Bought	— 991.0K shares	Q3 2023 Held for 2y 2m
5 Dimensional World ex U.S. Core Equity 2 DFAX	ETF ETF	$55.8M	3.88%	+$2.8M Bought	— 1.8M shares	Q1 2024 Held for 1y 8m
6 Vanguard FTSE All-World Ex-US ETF VEU	ETF ETF	$55.6M	3.86%	+$4.0M Bought	— 779.7K shares	Q4 2022 Held for 2y 11m
7 iShares U.S. Equity Factor LRGF	ETF ETF	$49.4M	3.43%	+$1.7M Bought	— 722.8K shares	Q4 2022 Held for 2y 11m
8 iShares National Muni Bond MUB	ETF ETF	$37.4M	2.60%	+$3.1M Bought	— 349.5K shares	Q1 2024 Held for 1y 8m
9 Dimensional U.S. Core Equity 2 DFAC	ETF ETF	$35.7M	2.48%	+$2.0M Bought	— 934.1K shares	Q4 2022 Held for 2y 11m
10 iMGP DBi Managed Futures Strategy DBMF	ETF ETF	$31.4M	2.18%	+$1.1M Bought	— 1.1M shares	Q4 2023 Held for 1y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Cardinal Point Capital Management, ULC's latest filing

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Market Value

$1.4B

Prior: $1.3B

Q/Q Change

+14.16%

+$178.5M

Net Flows % of MV

+3.37%

Turnover Ratio

5.53%

New Purchases

38 stocks

$47.8M

Added To

76 stocks

+$55.8M

Sold Out Of

15 stocks

$4.9M

Reduced Holdings

103 stocks

-$50.2M

Increased Positions

Position	Shares Δ	Change
1 EMA Emera Incorporated EMA	New	0 → 213.0K +$10.2M
2 EMA Emagin EMA	New	0 → 213.0K +$10.2M
3 Willis Towers Watson WTW	New	0 → 25.6K +$8.8M
4 Mettler-Toledo International, Inc. MTD	New	0 → 1.8K +$2.3M
5 Amrize Ltd AMRZ	New	0 → 46.2K +$2.2M

Decreased Positions

Position	Shares Δ	Change
1 Vanguard Real Estate VNQ	Sold	7.6K → 0 −$679.4K
2 MAG Silver MAG	Sold	30.7K → 0 −$651.5K
3 SCHZ Schwab US Aggregate Bond SCHZ	Sold	635.7K → 0 −$635.7K
4 TELUS International (Cda) Inc. TIXT	Sold	106.4K → 0 −$386.0K
5 Innovator U.S. Equity Power Buffer ETF PJAN	Sold	8.0K → 0 −$350.6K

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Analytics

Portfolio insights and performance metrics for Cardinal Point Capital Management, ULC

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Sector Allocation

ETF

49.30%

Financial Services

12.00%

Technology

11.70%

Communication Services

4.80%

Energy

4.20%

Consumer Defensive

3.90%

Healthcare

3.10%

Industrials

2.50%

Basic Materials

2.50%

Consumer Cyclical

1.80%

Utilities

0.40%

Real Estate

0.10%

Market Cap Distribution

Mega Cap (> $200B)

23.13%

Large Cap ($10B - $200B)

21.56%

Mid Cap ($2B - $10B)

2.46%

Small Cap ($300M - $2B)

0.17%

Micro Cap ($50M - $300M)

0.01%

Nano Cap (< $50M)

0.02%

N/A (ETF or Unknown)

52.65%

Portfolio Concentration

Top 10 Holdings %

45.41%

Top 20 Holdings %

60.94%

Top 50 Holdings %

84.22%

Top 100 Holdings %

94.48%