Value Partners Investments Inc. Diversified Active

Name: Value Partners Investments Inc. Q3 2026 13F Filing | 13F Explorer
Creator: Value Partners Investments Inc.
Published: 2026-10-19

Location: Winnipeg, Manitoba, Canada

CIK: 0001800916 · Show all filings

Period: Q3 2026 (← Previous)

Filing Date: Oct 19, 2026

Total Value: $1.442B (100.0% shares, 0.0% debt)

Holdings (103)

New Positions (3)

STN STANTEC INC 3.3%

Value $47.35M Shares 700,268 Share Price $67.62 Est. Cost/Share $67.62 Unrealized @ Report Date —

GRMN GARMIN LTD 0.2%

Value $2.982M Shares 10,363 Share Price $287.73 Est. Cost/Share $276.92 Unrealized @ Report Date +3.6%

SYK STRYKER CORPORATION 0.1%

Value $1.002M Shares 3,632 Share Price $275.83 Est. Cost/Share $315.04 Unrealized @ Report Date -12.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
STN	STANTEC INC	700,268	$47.35M	3.3%	$67.62	$67.62	—	COM	85472N109
GRMN	GARMIN LTD	10,363	$2.982M	0.2%	$287.73	$276.92	+3.6%	SHS	H2906T109
SYK	STRYKER CORPORATION	3,632	$1.002M	0.1%	$275.83	$315.04	-12.6%	COM	863667101

Increased Positions (43)

GOOGL ALPHABET INC 5.2%

Value $75.25M (+24.4%) Shares 218,480 (+28.9%) Share Price $344.42 Est. Cost/Share $215.78 Unrealized @ Report Date +59.5%

AMZN AMAZON COM INC 4.6%

Value $66.94M (+15.3%) Shares 268,429 (+10.0%) Share Price $249.36 Est. Cost/Share $205.71 Unrealized @ Report Date +21.1%

HDB HDFC BANK LTD 0.8%

Value $12.14M (+60.6%) Shares 543,129 (+85.3%) Share Price $22.36 Est. Cost/Share $27.40 Unrealized @ Report Date -18.5%

SAP SAP SE 1.0%

Value $14.37M (+41.4%) Shares 68,844 (+4.2%) Share Price $208.66 Est. Cost/Share $241.11 Unrealized @ Report Date -13.5%

KLAC KLA CORP 0.3%

Value $4.921M (-22.7%) Shares 25,182 (+19.2%) Share Price $195.43 Est. Cost/Share $1264.27 Unrealized @ Report Date -84.6%

DHR DANAHER CORP DEL 0.2%

Value $2.576M (+30.1%) Shares 11,608 (+11.5%) Share Price $221.93 Est. Cost/Share $204.00 Unrealized @ Report Date +8.6%

AMAT APPLIED MATLS INC 0.2%

Value $3.279M (-15.3%) Shares 6,392 (+19.2%) Share Price $512.97 Est. Cost/Share $200.93 Unrealized @ Report Date +154.5%

MRK MERCK & CO INC 0.2%

Value $2.86M (+20.6%) Shares 19,631 (+6.3%) Share Price $145.67 Est. Cost/Share $84.11 Unrealized @ Report Date +72.8%

ICE INTERCONTINENTAL EXCHANGE IN 0.2%

Value $2.235M (+27.3%) Shares 14,653 (+2.6%) Share Price $152.50 Est. Cost/Share $136.62 Unrealized @ Report Date +11.3%

CNQ CANADIAN NAT RES LTD MED TER 0.2%

Value $2.503M (+23.6%) Shares 53,059 (+3.5%) Share Price $47.17 Est. Cost/Share $31.56 Unrealized @ Report Date +49.2%

VLTO VERALTO CORP 0.1%

Value $1.917M (+33.3%) Shares 20,291 (+24.9%) Share Price $94.48 Est. Cost/Share $96.06 Unrealized @ Report Date -1.8%

BDX BECTON DICKINSON & CO 0.1%

Value $1.815M (+34.9%) Shares 10,121 (+13.7%) Share Price $179.30 Est. Cost/Share $188.87 Unrealized @ Report Date -5.2%

WPM WHEATON PRECIOUS METALS CORP 0.2%

Value $2.625M (+21.4%) Shares 19,598 (+1.7%) Share Price $133.95 Est. Cost/Share $61.93 Unrealized @ Report Date +115.9%

MEOH METHANEX CORP 0.1%

Value $1.444M (+35.8%) Shares 24,536 (+6.4%) Share Price $58.84 Est. Cost/Share $40.08 Unrealized @ Report Date +46.4%

DE DEERE & CO 0.1%

Value $2.084M (+19.8%) Shares 3,098 (+12.8%) Share Price $672.67 Est. Cost/Share $485.02 Unrealized @ Report Date +38.5%

TFII TFI INTERNATIONAL INC 0.2%

Value $2.268M (-12.4%) Shares 18,857 (+4.7%) Share Price $120.28 Est. Cost/Share $111.35 Unrealized @ Report Date +7.6%

FTS FORTIS INC 0.3%

Value $4.954M (-5.5%) Shares 93,512 (+2.0%) Share Price $52.98 Est. Cost/Share $41.94 Unrealized @ Report Date +25.9%

WM WASTE MGMT INC DEL 0.1%

Value $1.414M (+24.3%) Shares 6,928 (+35.6%) Share Price $204.06 Est. Cost/Share $222.37 Unrealized @ Report Date -8.3%

AZN ASTRAZENECA PLC 0.8%

Value $11.14M (+2.4%) Shares 68,251 (+17.2%) Share Price $163.24 Est. Cost/Share $187.79 Unrealized @ Report Date -14.7%

BN BROOKFIELD CORP 0.2%

Value $2.179M (-9.5%) Shares 59,536 (+5.3%) Share Price $36.59 Est. Cost/Share $36.14 Unrealized @ Report Date +0.9%

UL UNILEVER PLC 0.1%

Value $1.778M (+13.9%) Shares 29,234 (+12.4%) Share Price $60.83 Est. Cost/Share $65.45 Unrealized @ Report Date -7.2%

HEI HEICO CORP NEW 0.1%

Value $1.425M (-12.5%) Shares 4,686 (+2.3%) Share Price $304.12 Est. Cost/Share $275.28 Unrealized @ Report Date +10.1%

ALC ALCON AG 0.1%

Value $1.396M (+15.9%) Shares 21,518 (+19.8%) Share Price $64.85 Est. Cost/Share $73.39 Unrealized @ Report Date -11.8%

HON HONEYWELL INTL INC 0.1%

Value $1.051M (+20.8%) Shares 4,975 (+27.8%) Share Price $211.30 Est. Cost/Share $220.89 Unrealized @ Report Date —

META META PLATFORMS INC 0.0%

Value $630K (+31.6%) Shares 866 (+1.8%) Share Price $727.43 Est. Cost/Share $645.30 Unrealized @ Report Date +12.4%

AAPL APPLE INC 0.0%

Value $645K (+27.5%) Shares 1,931 (+10.3%) Share Price $334.05 Est. Cost/Share $198.72 Unrealized @ Report Date +67.6%

AME AMETEK INC 0.2%

Value $2.3M (+6.4%) Shares 9,257 (+3.4%) Share Price $248.50 Est. Cost/Share $180.12 Unrealized @ Report Date +37.5%

APH AMPHENOL CORP 0.2%

Value $3.138M (-4.1%) Shares 37,106 (+99.6%) Share Price $84.56 Est. Cost/Share $134.60 Unrealized @ Report Date -37.4%

NVS NOVARTIS AG 0.1%

Value $2.051M (+5.3%) Shares 14,360 (+15.3%) Share Price $142.81 Est. Cost/Share $117.48 Unrealized @ Report Date +21.4%

DSGX DESCARTES SYS GROUP INC 0.0%

Value $573K (+18.8%) Shares 7,058 (+1.2%) Share Price $81.14 Est. Cost/Share $98.45 Unrealized @ Report Date -17.9%

LIN LINDE PLC 0.1%

Value $1.871M (+5.1%) Shares 3,935 (+14.5%) Share Price $475.45 Est. Cost/Share $460.65 Unrealized @ Report Date +3.0%

BGSI BOYD GROUP SERVICES INC 0.1%

Value $925K (-8.2%) Shares 11,750 (+10.2%) Share Price $78.73 Est. Cost/Share $150.84 Unrealized @ Report Date -48.0%

DPZ DOMINOS PIZZA INC 0.1%

Value $1.434M (+5.0%) Shares 4,770 (+3.2%) Share Price $300.54 Est. Cost/Share $400.99 Unrealized @ Report Date -25.3%

AON AON PLC 0.1%

Value $1.71M (-3.6%) Shares 6,167 (+15.2%) Share Price $277.24 Est. Cost/Share $336.80 Unrealized @ Report Date -17.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value $2.923M (+1.9%) Shares 5,851 (+2.0%) Share Price $499.49 Est. Cost/Share $378.42 Unrealized @ Report Date +31.6%

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.1%

Value $1.751M (+2.7%) Shares 3,830 (+7.1%) Share Price $457.28 Est. Cost/Share $209.99 Unrealized @ Report Date +117.2%

CSCO CISCO SYS INC 0.1%

Value $1.601M (+2.9%) Shares 14,853 (+11.9%) Share Price $107.82 Est. Cost/Share $58.54 Unrealized @ Report Date +83.9%

BIP BROOKFIELD INFRASTRUCTURE PA 0.2%

Value $2.232M (+2.0%) Shares 62,526 (+4.2%) Share Price $35.70 Est. Cost/Share $37.72 Unrealized @ Report Date —

TXN TEXAS INSTRS INC 0.1%

Value $1.542M (-2.3%) Shares 5,487 (+3.5%) Share Price $280.96 Est. Cost/Share $176.16 Unrealized @ Report Date +59.0%

ROP ROPER TECHNOLOGIES INC 0.0%

Value $543K (+5.1%) Shares 1,549 (+1.3%) Share Price $350.49 Est. Cost/Share $472.32 Unrealized @ Report Date -26.0%

AVGO BROADCOM INC 0.2%

Value $2.658M (+0.5%) Shares 7,545 (+7.6%) Share Price $352.28 Est. Cost/Share $193.63 Unrealized @ Report Date +81.4%

GOOG ALPHABET INC 0.0%

Value $381K (-2.1%) Shares 1,114 (+1.1%) Share Price $341.80 Est. Cost/Share $216.41 Unrealized @ Report Date +57.4%

AQN ALGONQUIN POWER & UTILITIES 0.0%

Value $704K (+0.3%) Shares 139,788 (+16.8%) Share Price $5.04 Est. Cost/Share $5.75 Unrealized @ Report Date -12.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GOOGL	ALPHABET INC	218,480 (+28.9%)	$75.25M (+24.4%)	5.2%	$344.42	$215.78	+59.5%	CAP STK CL A	02079K305
AMZN	AMAZON COM INC	268,429 (+10.0%)	$66.94M (+15.3%)	4.6%	$249.36	$205.71	+21.1%	COM	023135106
HDB	HDFC BANK LTD	543,129 (+85.3%)	$12.14M (+60.6%)	0.8%	$22.36	$27.40	-18.5%	SPONSORED ADS	40415F101
SAP	SAP SE	68,844 (+4.2%)	$14.37M (+41.4%)	1.0%	$208.66	$241.11	-13.5%	SPON ADR	803054204
KLAC	KLA CORP	25,182 (+19.2%)	$4.921M (-22.7%)	0.3%	$195.43	$1264.27	-84.6%	COM NEW	482480100
DHR	DANAHER CORP DEL	11,608 (+11.5%)	$2.576M (+30.1%)	0.2%	$221.93	$204.00	+8.6%	COM	235851102
AMAT	APPLIED MATLS INC	6,392 (+19.2%)	$3.279M (-15.3%)	0.2%	$512.97	$200.93	+154.5%	COM	038222105
MRK	MERCK & CO INC	19,631 (+6.3%)	$2.86M (+20.6%)	0.2%	$145.67	$84.11	+72.8%	COM	58933Y105
ICE	INTERCONTINENTAL EXCHANGE IN	14,653 (+2.6%)	$2.235M (+27.3%)	0.2%	$152.50	$136.62	+11.3%	COM	45866F104
CNQ	CANADIAN NAT RES LTD MED TER	53,059 (+3.5%)	$2.503M (+23.6%)	0.2%	$47.17	$31.56	+49.2%	COM	136385101
VLTO	VERALTO CORP	20,291 (+24.9%)	$1.917M (+33.3%)	0.1%	$94.48	$96.06	-1.8%	COM SHS	92338C103
BDX	BECTON DICKINSON & CO	10,121 (+13.7%)	$1.815M (+34.9%)	0.1%	$179.30	$188.87	-5.2%	COM	075887109
WPM	WHEATON PRECIOUS METALS CORP	19,598 (+1.7%)	$2.625M (+21.4%)	0.2%	$133.95	$61.93	+115.9%	COM	962879102
MEOH	METHANEX CORP	24,536 (+6.4%)	$1.444M (+35.8%)	0.1%	$58.84	$40.08	+46.4%	COM	59151K108
DE	DEERE & CO	3,098 (+12.8%)	$2.084M (+19.8%)	0.1%	$672.67	$485.02	+38.5%	COM	244199105
TFII	TFI INTERNATIONAL INC	18,857 (+4.7%)	$2.268M (-12.4%)	0.2%	$120.28	$111.35	+7.6%	COM	87241L109
FTS	FORTIS INC	93,512 (+2.0%)	$4.954M (-5.5%)	0.3%	$52.98	$41.94	+25.9%	COM	349553107
WM	WASTE MGMT INC DEL	6,928 (+35.6%)	$1.414M (+24.3%)	0.1%	$204.06	$222.37	-8.3%	COM	94106L109
AZN	ASTRAZENECA PLC	68,251 (+17.2%)	$11.14M (+2.4%)	0.8%	$163.24	$187.79	-14.7%	ORD	G0593M107
BN	BROOKFIELD CORP	59,536 (+5.3%)	$2.179M (-9.5%)	0.2%	$36.59	$36.14	+0.9%	CL A LTD VT SH	11271J107
UL	UNILEVER PLC	29,234 (+12.4%)	$1.778M (+13.9%)	0.1%	$60.83	$65.45	-7.2%	SPON ADR NEW	904767803
HEI	HEICO CORP NEW	4,686 (+2.3%)	$1.425M (-12.5%)	0.1%	$304.12	$275.28	+10.1%	COM	422806109
ALC	ALCON AG	21,518 (+19.8%)	$1.396M (+15.9%)	0.1%	$64.85	$73.39	-11.8%	ORD SHS	H01301128
HON	HONEYWELL INTL INC	4,975 (+27.8%)	$1.051M (+20.8%)	0.1%	$211.30	$220.89	—	COM	438516205
META	META PLATFORMS INC	866 (+1.8%)	$630K (+31.6%)	0.0%	$727.43	$645.30	+12.4%	CL A	30303M102
AAPL	APPLE INC	1,931 (+10.3%)	$645K (+27.5%)	0.0%	$334.05	$198.72	+67.6%	COM	037833100
AME	AMETEK INC	9,257 (+3.4%)	$2.3M (+6.4%)	0.2%	$248.50	$180.12	+37.5%	COM	031100100
APH	AMPHENOL CORP	37,106 (+99.6%)	$3.138M (-4.1%)	0.2%	$84.56	$134.60	-37.4%	CL A	032095101
NVS	NOVARTIS AG	14,360 (+15.3%)	$2.051M (+5.3%)	0.1%	$142.81	$117.48	+21.4%	SPONSORED ADR	66987V109
DSGX	DESCARTES SYS GROUP INC	7,058 (+1.2%)	$573K (+18.8%)	0.0%	$81.14	$98.45	-17.9%	COM	249906108
LIN	LINDE PLC	3,935 (+14.5%)	$1.871M (+5.1%)	0.1%	$475.45	$460.65	+3.0%	SHS	G54950103
BGSI	BOYD GROUP SERVICES INC	11,750 (+10.2%)	$925K (-8.2%)	0.1%	$78.73	$150.84	-48.0%	COM	103310108
DPZ	DOMINOS PIZZA INC	4,770 (+3.2%)	$1.434M (+5.0%)	0.1%	$300.54	$400.99	-25.3%	COM	25754A201
AON	AON PLC	6,167 (+15.2%)	$1.71M (-3.6%)	0.1%	$277.24	$336.80	-17.8%	SHS CL A	G0403H108
BRK/B	BERKSHIRE HATHAWAY INC DEL	5,851 (+2.0%)	$2.923M (+1.9%)	0.2%	$499.49	$378.42	+31.6%	CL B NEW	084670702
TSM	TAIWAN SEMICONDUCTOR MANUFAC	3,830 (+7.1%)	$1.751M (+2.7%)	0.1%	$457.28	$209.99	+117.2%	SPONSORED ADS	874039100
CSCO	CISCO SYS INC	14,853 (+11.9%)	$1.601M (+2.9%)	0.1%	$107.82	$58.54	+83.9%	COM	17275R102
BIP	BROOKFIELD INFRASTRUCTURE PA	62,526 (+4.2%)	$2.232M (+2.0%)	0.2%	$35.70	$37.72	—	LP INT UNIT	G16252101
TXN	TEXAS INSTRS INC	5,487 (+3.5%)	$1.542M (-2.3%)	0.1%	$280.96	$176.16	+59.0%	COM	882508104
ROP	ROPER TECHNOLOGIES INC	1,549 (+1.3%)	$543K (+5.1%)	0.0%	$350.49	$472.32	-26.0%	COM	776696106
AVGO	BROADCOM INC	7,545 (+7.6%)	$2.658M (+0.5%)	0.2%	$352.28	$193.63	+81.4%	COM	11135F101
GOOG	ALPHABET INC	1,114 (+1.1%)	$381K (-2.1%)	0.0%	$341.80	$216.41	+57.4%	CAP STK CL C	02079K107
AQN	ALGONQUIN POWER & UTILITIES	139,788 (+16.8%)	$704K (+0.3%)	0.0%	$5.04	$5.75	-12.6%	COM	015857105

Exited Positions (4)

VRSK VERISK ANALYTICS INC 0.2%

Value $2.871M Shares 16,016 Share Price $179.26 * Est. Cost/Share $199.17 Unrealized @ Report Date -15.7%

CPB THE CAMPBELLS COMPANY 0.2%

Value $2.601M Shares 117,000 Share Price $22.23 * Est. Cost/Share $37.05 Unrealized @ Report Date -46.5%

MGA MAGNA INTL INC 0.1%

Value $957K Shares 14,579 Share Price $65.63 * Est. Cost/Share $37.93 Unrealized @ Report Date +67.9%

HONA HONEYWELL AEROSPACE INC 0.0%

Value $434K Shares 1,966 Share Price $220.75 * Est. Cost/Share $240.18 Unrealized @ Report Date -35.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VRSK	VERISK ANALYTICS INC	16,016	$2.871M	0.2%	$179.26 *	$199.17	-15.7%	—	92345Y106
CPB	THE CAMPBELLS COMPANY	117,000	$2.601M	0.2%	$22.23 *	$37.05	-46.5%	—	134429109
MGA	MAGNA INTL INC	14,579	$957K	0.1%	$65.63 *	$37.93	+67.9%	—	559222401
HONA	HONEYWELL AEROSPACE INC	1,966	$434K	0.0%	$220.75 *	$240.18	-35.5%	—	43849R105

Decreased Positions (19)

CNI CANADIAN NATL RY CO 3.9%

Value $55.79M (-22.9%) Shares 467,268 (-23.1%) Share Price $119.40 Est. Cost/Share $100.89 Unrealized @ Report Date +17.8%

CP CANADIAN PACIFIC KANSAS CITY 3.3%

Value $47.97M (-23.5%) Shares 561,589 (-22.5%) Share Price $85.42 Est. Cost/Share $76.70 Unrealized @ Report Date +11.0%

CM CANADIAN IMPERIAL BANK OF CO 2.9%

Value $42.1M (-22.8%) Shares 381,152 (-19.7%) Share Price $110.47 Est. Cost/Share $57.14 Unrealized @ Report Date +92.8%

BNS BANK NOVA SCOTIA B C 3.2%

Value $46.58M (-21.0%) Shares 510,642 (-24.9%) Share Price $91.21 Est. Cost/Share $47.75 Unrealized @ Report Date +90.2%

BMO BANK OF MONTREAL 2.3%

Value $33.04M (-21.9%) Shares 196,965 (-17.8%) Share Price $167.73 Est. Cost/Share $92.98 Unrealized @ Report Date +79.9%

RY ROYAL BK CDA 2.8%

Value $39.67M (-15.9%) Shares 201,068 (-12.0%) Share Price $197.31 Est. Cost/Share $112.76 Unrealized @ Report Date +74.3%

ADP AUTOMATIC DATA PROCESSING IN 4.2%

Value $59.97M (-9.5%) Shares 232,200 (-21.7%) Share Price $258.28 Est. Cost/Share $223.26 Unrealized @ Report Date +15.6%

MSFT MICROSOFT CORP 6.1%

Value $87.97M (-4.7%) Shares 171,340 (-30.9%) Share Price $513.44 Est. Cost/Share $407.35 Unrealized @ Report Date +25.9%

CRM SALESFORCE INC 4.6%

Value $66.55M (-3.8%) Shares 289,626 (-34.5%) Share Price $229.77 Est. Cost/Share $225.19 Unrealized @ Report Date +1.9%

MFC MANULIFE FINL CORP 4.4%

Value $63.83M (+3.9%) Shares 1,493,417 (-1.6%) Share Price $42.74 Est. Cost/Share $30.74 Unrealized @ Report Date +38.5%

UBS UBS GROUP AG 0.7%

Value $10.3M (-12.9%) Shares 213,892 (-10.5%) Share Price $48.16 Est. Cost/Share $33.35 Unrealized @ Report Date +44.3%

TRGP TARGA RES CORP 0.2%

Value $2.773M (-18.1%) Shares 10,226 (-19.1%) Share Price $271.15 Est. Cost/Share $216.51 Unrealized @ Report Date +24.8%

TRI THOMSON REUTERS CORP 0.0%

Value $218K (-68.0%) Shares 2,236 (-73.3%) Share Price $97.60 Est. Cost/Share $81.52 Unrealized @ Report Date —

CTAS CINTAS CORP 0.2%

Value $3.265M (+13.3%) Shares 16,688 (-1.7%) Share Price $195.66 Est. Cost/Share $175.72 Unrealized @ Report Date +11.0%

MCK MCKESSON CORP 0.2%

Value $3.072M (+11.6%) Shares 3,587 (-1.7%) Share Price $856.46 Est. Cost/Share $534.33 Unrealized @ Report Date +59.8%

MSCI MSCI INC 0.2%

Value $2.567M (-4.4%) Shares 4,751 (-1.1%) Share Price $540.33 Est. Cost/Share $508.63 Unrealized @ Report Date +5.9%

TRP TC ENERGY CORP 0.0%

Value $528K (-16.4%) Shares 9,101 (-4.9%) Share Price $58.07 Est. Cost/Share $47.97 Unrealized @ Report Date +20.5%

SU SUNCOR ENERGY INC NEW 0.0%

Value $414K (+17.1%) Shares 6,083 (-7.5%) Share Price $68.02 Est. Cost/Share $33.72 Unrealized @ Report Date +101.3%

TGT TARGET CORP 0.3%

Value $3.983M (+0.5%) Shares 25,400 (-16.4%) Share Price $156.79 Est. Cost/Share $115.93 Unrealized @ Report Date +35.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CNI	CANADIAN NATL RY CO	467,268 (-23.1%)	$55.79M (-22.9%)	3.9%	$119.40	$100.89	+17.8%	COM	136375102
CP	CANADIAN PACIFIC KANSAS CITY	561,589 (-22.5%)	$47.97M (-23.5%)	3.3%	$85.42	$76.70	+11.0%	COM	13646K108
CM	CANADIAN IMPERIAL BANK OF CO	381,152 (-19.7%)	$42.1M (-22.8%)	2.9%	$110.47	$57.14	+92.8%	COM	136069101
BNS	BANK NOVA SCOTIA B C	510,642 (-24.9%)	$46.58M (-21.0%)	3.2%	$91.21	$47.75	+90.2%	COM	064149107
BMO	BANK OF MONTREAL	196,965 (-17.8%)	$33.04M (-21.9%)	2.3%	$167.73	$92.98	+79.9%	COM	063671101
RY	ROYAL BK CDA	201,068 (-12.0%)	$39.67M (-15.9%)	2.8%	$197.31	$112.76	+74.3%	COM	780087102
ADP	AUTOMATIC DATA PROCESSING IN	232,200 (-21.7%)	$59.97M (-9.5%)	4.2%	$258.28	$223.26	+15.6%	COM	053015103
MSFT	MICROSOFT CORP	171,340 (-30.9%)	$87.97M (-4.7%)	6.1%	$513.44	$407.35	+25.9%	COM	594918104
CRM	SALESFORCE INC	289,626 (-34.5%)	$66.55M (-3.8%)	4.6%	$229.77	$225.19	+1.9%	COM	79466L302
MFC	MANULIFE FINL CORP	1,493,417 (-1.6%)	$63.83M (+3.9%)	4.4%	$42.74	$30.74	+38.5%	COM	56501R106
UBS	UBS GROUP AG	213,892 (-10.5%)	$10.3M (-12.9%)	0.7%	$48.16	$33.35	+44.3%	SHS	H42097107
TRGP	TARGA RES CORP	10,226 (-19.1%)	$2.773M (-18.1%)	0.2%	$271.15	$216.51	+24.8%	COM	87612G101
TRI	THOMSON REUTERS CORP	2,236 (-73.3%)	$218K (-68.0%)	0.0%	$97.60	$81.52	—	COM	884903881
CTAS	CINTAS CORP	16,688 (-1.7%)	$3.265M (+13.3%)	0.2%	$195.66	$175.72	+11.0%	COM	172908105
MCK	MCKESSON CORP	3,587 (-1.7%)	$3.072M (+11.6%)	0.2%	$856.46	$534.33	+59.8%	COM	58155Q103
MSCI	MSCI INC	4,751 (-1.1%)	$2.567M (-4.4%)	0.2%	$540.33	$508.63	+5.9%	COM	55354G100
TRP	TC ENERGY CORP	9,101 (-4.9%)	$528K (-16.4%)	0.0%	$58.07	$47.97	+20.5%	COM	87807B107
SU	SUNCOR ENERGY INC NEW	6,083 (-7.5%)	$414K (+17.1%)	0.0%	$68.02	$33.72	+101.3%	COM	867224107
TGT	TARGET CORP	25,400 (-16.4%)	$3.983M (+0.5%)	0.3%	$156.79	$115.93	+35.2%	COM	87612E106

Unchanged Positions (38)

ACN ACCENTURE PLC IRELAND 5.2%

Value $74.28M Shares 404,757 Share Price $183.53 Est. Cost/Share $221.71 Unrealized @ Report Date -17.3%

HD HOME DEPOT INC 3.8%

Value $54.73M Shares 192,233 Share Price $284.73 Est. Cost/Share $347.02 Unrealized @ Report Date -18.0%

MA MASTERCARD INCORPORATED 4.8%

Value $69.82M Shares 126,492 Share Price $552.01 Est. Cost/Share $507.84 Unrealized @ Report Date +8.6%

V VISA INC 4.8%

Value $69.48M Shares 193,162 Share Price $359.71 Est. Cost/Share $317.17 Unrealized @ Report Date +13.3%

RCI ROGERS COMMUNICATIONS INC 3.4%

Value $49.63M Shares 1,606,978 Share Price $30.89 Est. Cost/Share $29.44 Unrealized @ Report Date +4.6%

FMX FOMENTO ECONOMICO MEXICANO S 1.0%

Value $14.92M Shares 125,783 Share Price $118.64 Est. Cost/Share $91.24 Unrealized @ Report Date +29.9%

OTEX OPEN TEXT CORP 3.8%

Value $54.31M Shares 2,414,647 Share Price $22.49 Est. Cost/Share $26.73 Unrealized @ Report Date -16.1%

TMO THERMO FISHER SCIENTIFIC INC 0.3%

Value $3.657M Shares 5,401 Share Price $677.14 Est. Cost/Share $504.39 Unrealized @ Report Date +33.8%

MDT MEDTRONIC PLC 0.6%

Value $9.067M Shares 105,000 Share Price $86.35 Est. Cost/Share $88.33 Unrealized @ Report Date -2.3%

PFE PFIZER INC 0.3%

Value $4.68M Shares 164,000 Share Price $28.54 Est. Cost/Share $24.14 Unrealized @ Report Date +18.1%

RACE FERRARI N V 0.8%

Value $11.84M Shares 30,120 Share Price $393.12 Est. Cost/Share $409.89 Unrealized @ Report Date -4.2%

GE GE AEROSPACE 0.2%

Value $2.915M Shares 9,307 Share Price $313.26 Est. Cost/Share $165.73 Unrealized @ Report Date +88.4%

SLF SUN LIFE FINANCIAL INC. 5.0%

Value $71.67M Shares 916,798 Share Price $78.18 Est. Cost/Share $55.56 Unrealized @ Report Date +40.3%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $3.673M Shares 10,000 Share Price $367.33 Est. Cost/Share $373.37 Unrealized @ Report Date -1.7%

HWM HOWMET AEROSPACE INC 0.2%

Value $2.54M Shares 11,196 Share Price $226.88 Est. Cost/Share $256.80 Unrealized @ Report Date -11.9%

ENB ENBRIDGE INC 0.1%

Value $2.121M Shares 45,481 Share Price $46.62 Est. Cost/Share $31.18 Unrealized @ Report Date +49.1%

VZ VERIZON COMMUNICATIONS INC 0.3%

Value $3.929M Shares 85,597 Share Price $45.90 Est. Cost/Share $39.76 Unrealized @ Report Date +15.4%

TD TORONTO DOMINION BK ONT 0.4%

Value $6.021M Shares 51,049 Share Price $117.94 Est. Cost/Share $62.10 Unrealized @ Report Date +89.3%

EME EMCOR GROUP INC 0.2%

Value $2.722M Shares 3,597 Share Price $756.83 Est. Cost/Share $845.95 Unrealized @ Report Date -10.8%

PEP PEPSICO INC 0.2%

Value $3.423M Shares 26,990 Share Price $126.81 Est. Cost/Share $140.94 Unrealized @ Report Date -10.1%

WMT WALMART INC 0.2%

Value $2.635M Shares 25,275 Share Price $104.24 Est. Cost/Share $122.84 Unrealized @ Report Date -15.4%

DEO DIAGEO PLC 0.2%

Value $3.445M Shares 40,214 Share Price $85.66 Est. Cost/Share $110.41 Unrealized @ Report Date -22.5%

TT TRANE TECHNOLOGIES PLC 0.2%

Value $2.825M Shares 6,231 Share Price $453.38 Est. Cost/Share $424.47 Unrealized @ Report Date +6.5%

WAB WABTEC 0.2%

Value $3.247M Shares 11,273 Share Price $288.07 Est. Cost/Share $192.88 Unrealized @ Report Date +48.9%

GIS GENERAL MILLS INC 0.2%

Value $2.349M Shares 73,000 Share Price $32.18 Est. Cost/Share $57.16 Unrealized @ Report Date -43.7%

LLY ELI LILLY & CO 0.2%

Value $3.423M Shares 2,949 Share Price $1160.67 Est. Cost/Share $831.67 Unrealized @ Report Date +39.1%

TSLA TESLA INC 0.1%

Value $762K Shares 2,141 Share Price $355.91 Est. Cost/Share $174.77 Unrealized @ Report Date +103.0%

WRB BERKLEY W R CORP 0.2%

Value $2.89M Shares 42,658 Share Price $67.75 Est. Cost/Share $67.01 Unrealized @ Report Date +0.8%

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value $1.766M Shares 3,612 Share Price $488.89 Est. Cost/Share $500.90 Unrealized @ Report Date -2.7%

SPGI S&P GLOBAL INC 0.2%

Value $3.316M Shares 8,400 Share Price $394.73 Est. Cost/Share $505.35 Unrealized @ Report Date -21.9%

YUMC YUM CHINA HLDGS INC 0.7%

Value $9.705M Shares 235,975 Share Price $41.13 Est. Cost/Share $47.88 Unrealized @ Report Date -14.2%

COST COSTCO WHOLESALE CORPORATION 0.2%

Value $2.803M Shares 3,070 Share Price $913.16 Est. Cost/Share $996.37 Unrealized @ Report Date -8.6%

IBKR INTERACTIVE BROKERS GROUP IN 0.2%

Value $3.141M Shares 36,653 Share Price $85.68 Est. Cost/Share $67.18 Unrealized @ Report Date +27.2%

BSY BENTLEY SYS INC 0.0%

Value $647K Shares 20,196 Share Price $32.05 Est. Cost/Share $53.45 Unrealized @ Report Date -40.2%

AMT AMERICAN TOWER CORP 0.2%

Value $3.472M Shares 21,199 Share Price $163.80 Est. Cost/Share $188.94 Unrealized @ Report Date —

IEI ISHARES TR 0.0%

Value $267K Shares 2,350 Share Price $113.79 Est. Cost/Share $114.71 Unrealized @ Report Date -1.1%

MDLZ MONDELEZ INTL INC 0.3%

Value $3.674M Shares 63,500 Share Price $57.86 Est. Cost/Share $59.75 Unrealized @ Report Date -3.2%

IGSB ISHARES TR 0.0%

Value $325K Shares 6,333 Share Price $51.39 Est. Cost/Share $50.80 Unrealized @ Report Date +0.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ACN	ACCENTURE PLC IRELAND	404,757	$74.28M	5.2%	$183.53	$221.71	-17.3%	SHS CLASS A	G1151C101
HD	HOME DEPOT INC	192,233	$54.73M	3.8%	$284.73	$347.02	-18.0%	COM	437076102
MA	MASTERCARD INCORPORATED	126,492	$69.82M	4.8%	$552.01	$507.84	+8.6%	CL A	57636Q104
V	VISA INC	193,162	$69.48M	4.8%	$359.71	$317.17	+13.3%	COM CL A	92826C839
RCI	ROGERS COMMUNICATIONS INC	1,606,978	$49.63M	3.4%	$30.89	$29.44	+4.6%	CL B	775109200
FMX	FOMENTO ECONOMICO MEXICANO S	125,783	$14.92M	1.0%	$118.64	$91.24	+29.9%	SPON ADR UNITS	344419106
OTEX	OPEN TEXT CORP	2,414,647	$54.31M	3.8%	$22.49	$26.73	-16.1%	COM	683715106
TMO	THERMO FISHER SCIENTIFIC INC	5,401	$3.657M	0.3%	$677.14	$504.39	+33.8%	COM	883556102
MDT	MEDTRONIC PLC	105,000	$9.067M	0.6%	$86.35	$88.33	-2.3%	SHS	G5960L103
PFE	PFIZER INC	164,000	$4.68M	0.3%	$28.54	$24.14	+18.1%	COM	717081103
RACE	FERRARI N V	30,120	$11.84M	0.8%	$393.12	$409.89	-4.2%	COM	N3167Y103
GE	GE AEROSPACE	9,307	$2.915M	0.2%	$313.26	$165.73	+88.4%	COM NEW	369604301
SLF	SUN LIFE FINANCIAL INC.	916,798	$71.67M	5.0%	$78.18	$55.56	+40.3%	COM	866796105
UNH	UNITEDHEALTH GROUP INC	10,000	$3.673M	0.3%	$367.33	$373.37	-1.7%	COM	91324P102
HWM	HOWMET AEROSPACE INC	11,196	$2.54M	0.2%	$226.88	$256.80	-11.9%	COM	443201108
ENB	ENBRIDGE INC	45,481	$2.121M	0.1%	$46.62	$31.18	+49.1%	COM	29250N105
VZ	VERIZON COMMUNICATIONS INC	85,597	$3.929M	0.3%	$45.90	$39.76	+15.4%	COM	92343V104
TD	TORONTO DOMINION BK ONT	51,049	$6.021M	0.4%	$117.94	$62.10	+89.3%	COM NEW	891160509
EME	EMCOR GROUP INC	3,597	$2.722M	0.2%	$756.83	$845.95	-10.8%	COM	29084Q100
PEP	PEPSICO INC	26,990	$3.423M	0.2%	$126.81	$140.94	-10.1%	COM	713448108
WMT	WALMART INC	25,275	$2.635M	0.2%	$104.24	$122.84	-15.4%	COM	931142103
DEO	DIAGEO PLC	40,214	$3.445M	0.2%	$85.66	$110.41	-22.5%	SPON ADR NEW	25243Q205
TT	TRANE TECHNOLOGIES PLC	6,231	$2.825M	0.2%	$453.38	$424.47	+6.5%	SHS	G8994E103
WAB	WABTEC	11,273	$3.247M	0.2%	$288.07	$192.88	+48.9%	COM	929740108
GIS	GENERAL MILLS INC	73,000	$2.349M	0.2%	$32.18	$57.16	-43.7%	COM	370334104
LLY	ELI LILLY & CO	2,949	$3.423M	0.2%	$1160.67	$831.67	+39.1%	COM	532457108
TSLA	TESLA INC	2,141	$762K	0.1%	$355.91	$174.77	+103.0%	COM	88160R101
WRB	BERKLEY W R CORP	42,658	$2.89M	0.2%	$67.75	$67.01	+0.8%	COM	084423102
SPOT	SPOTIFY TECHNOLOGY S A	3,612	$1.766M	0.1%	$488.89	$500.90	-2.7%	SHS	L8681T102
SPGI	S&P GLOBAL INC	8,400	$3.316M	0.2%	$394.73	$505.35	-21.9%	COM	78409V104
YUMC	YUM CHINA HLDGS INC	235,975	$9.705M	0.7%	$41.13	$47.88	-14.2%	COM	98850P109
COST	COSTCO WHOLESALE CORPORATION	3,070	$2.803M	0.2%	$913.16	$996.37	-8.6%	COM	22160K105
IBKR	INTERACTIVE BROKERS GROUP IN	36,653	$3.141M	0.2%	$85.68	$67.18	+27.2%	COM CL A	45841N107
BSY	BENTLEY SYS INC	20,196	$647K	0.0%	$32.05	$53.45	-40.2%	COM CL B	08265T208
AMT	AMERICAN TOWER CORP	21,199	$3.472M	0.2%	$163.80	$188.94	—	COM	03027X100
IEI	ISHARES TR	2,350	$267K	0.0%	$113.79	$114.71	-1.1%	3 7 YR TREAS BD	464288661
MDLZ	MONDELEZ INTL INC	63,500	$3.674M	0.3%	$57.86	$59.75	-3.2%	CL A	609207105
IGSB	ISHARES TR	6,333	$325K	0.0%	$51.39	$50.80	+0.9%	ISHS 1-5YR INVS	464288646