Jarislowsky, Fraser Ltd Diversified Active

CIK: 0001123778 · Show all filings

Period: Q3 2025 (← Previous)

Filing Date: Oct 21, 2025

Total Value ($000): $18,195,809 (99.9% shares, 0.1% debt)

Holdings (192)

New Positions (5)

RBA RB Global Inc 1.1%

Value ($000) $195,640 Shares 1,805,849 Est. Cost $112.11 Unrealized 0.0%

INTU Intuit Inc 0.5%

Value ($000) $90,488 Shares 132,503 Est. Cost $719.44 Unrealized 0.0%

QQQ Invesco QQQ Trust Series 1. 0.0%

Value ($000) $621 Shares 1,035 Est. Cost $600.37 Unrealized —

MUFG Mitsubishi UFJ Financial Group ADR 0.0%

Value ($000) $557 Shares 34,948 Est. Cost $15.94 Unrealized —

BIDU Baidu Inc. Sponsored ADR 0.0%

Value ($000) $232 Shares 1,764 Est. Cost $131.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RBA	RB Global Inc	1,805,849	$195,640	1.1%	$112.11	0.0%	Common Stock	74935Q107
INTU	Intuit Inc	132,503	$90,488	0.5%	$719.44	0.0%	Common Stock	461202103
QQQ	Invesco QQQ Trust Series 1.	1,035	$621	0.0%	$600.37	—	ETP	46090E103
MUFG	Mitsubishi UFJ Financial Group ADR	34,948	$557	0.0%	$15.94	—	ADR	606822104
BIDU	Baidu Inc. Sponsored ADR	1,764	$232	0.0%	$131.77	—	ADR	056752108

Increased Positions (35)

PBA Pembina Pipeline Corporation 2.0%

Value ($000) $356,468 (+2053.0%) Shares 8,814,455 (+1894.9%) Est. Cost $36.86 Unrealized +2.4%

META Meta Platforms Inc 1.0%

Value ($000) $173,010 (+35.5%) Shares 235,586 (+36.2%) Est. Cost $366.42 Unrealized +102.8%

FISV Fiserv Inc. 1.1%

Value ($000) $194,481 (-18.4%) Shares 1,508,425 (+9.1%) Est. Cost $86.02 Unrealized +66.6%

PEG Public Service Enterprises Group 0.5%

Value ($000) $85,572 (+105.3%) Shares 1,025,305 (+107.1%) Est. Cost $70.90 Unrealized +16.7%

HDB HDFC Bank Ltd ADR 0.6%

Value ($000) $113,314 (-18.6%) Shares 3,317,169 (+82.7%) Est. Cost $48.86 Unrealized —

NVDA NVIDIA Corporation 0.0%

Value ($000) $8,403 (+630.6%) Shares 45,038 (+518.7%) Est. Cost $161.37 Unrealized +8.0%

IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF 0.1%

Value ($000) $10,221 (+50.3%) Shares 192,744 (+49.5%) Est. Cost $52.40 Unrealized —

IGIB iShares 5-10 Year Inv. Grade Corp. Bond ETF 0.0%

Value ($000) $4,837 (+63.6%) Shares 89,421 (+61.2%) Est. Cost $52.64 Unrealized —

SHY iShares Barclays 1-3 Yr Trsry Bond ETF 0.0%

Value ($000) $3,445 (+67.1%) Shares 41,528 (+66.9%) Est. Cost $82.83 Unrealized —

CM Canadian Imperial Bank of Commerce 0.0%

Value ($000) $4,450 (+36.8%) Shares 55,674 (+21.3%) Est. Cost $50.09 Unrealized +50.2%

MDLZ Mondelez International Inc. 0.5%

Value ($000) $96,976 (+0.9%) Shares 1,552,357 (+8.9%) Est. Cost $44.10 Unrealized +43.8%

B Barrick Mining Corp 0.0%

Value ($000) $1,519 (+121.7%) Shares 46,306 (+40.7%) Est. Cost $20.98 Unrealized +19.9%

SU Suncor Energy Inc. 0.0%

Value ($000) $4,945 (+19.9%) Shares 118,134 (+7.1%) Est. Cost $22.55 Unrealized +77.9%

BCE BCE Inc. 0.0%

Value ($000) $4,668 (+19.1%) Shares 199,725 (+12.7%) Est. Cost $28.18 Unrealized -16.6%

ISTB iShares Core 1-5 Year USD Bond ETF 0.0%

Value ($000) $2,177 (+39.2%) Shares 44,580 (+38.7%) Est. Cost $48.09 Unrealized —

CNQ Canadian Natural Resources 0.0%

Value ($000) $2,123 (+35.2%) Shares 66,366 (+32.6%) Est. Cost $30.87 Unrealized +1.4%

AEM Agnico Eagle Mines Limited 0.0%

Value ($000) $998 (+75.8%) Shares 5,926 (+24.1%) Est. Cost $88.65 Unrealized +54.3%

IMO Imperial Oil Limited 0.0%

Value ($000) $2,510 (+17.5%) Shares 27,678 (+2.7%) Est. Cost $36.31 Unrealized +135.6%

RCI Rogers Communications Inc - B 0.0%

Value ($000) $836 (+79.0%) Shares 24,288 (+53.9%) Est. Cost $39.93 Unrealized -13.8%

MGA Magna International Inc - A 0.0%

Value ($000) $980 (+48.7%) Shares 20,686 (+21.0%) Est. Cost $40.44 Unrealized +8.4%

AZN Astrazeneca PLC 0.0%

Value ($000) $1,500 (+24.3%) Shares 19,548 (+13.2%) Est. Cost $70.07 Unrealized —

CP Canadian Pacific Kansas City Ltd 0.0%

Value ($000) $5,183 (+5.2%) Shares 69,573 (+12.0%) Est. Cost $76.06 Unrealized +0.2%

SONY Sony Corp. ADR 0.0%

Value ($000) $722 (+51.8%) Shares 25,082 (+37.2%) Est. Cost $26.78 Unrealized —

TECK Teck Resources Limited - B 0.0%

Value ($000) $529 (+85.6%) Shares 12,059 (+70.8%) Est. Cost $42.95 Unrealized -15.4%

CVE Cenovus Energy Inc. 0.0%

Value ($000) $450 (+101.9%) Shares 26,474 (+61.4%) Est. Cost $16.30 Unrealized -4.2%

SLF Sun Life Financial Inc. 0.0%

Value ($000) $3,692 (-5.4%) Shares 61,475 (+4.6%) Est. Cost $36.88 Unrealized +63.1%

HLN Haleon PLC 0.0%

Value ($000) $7,364 (-2.7%) Shares 821,006 (+12.5%) Est. Cost $10.32 Unrealized —

SAP SAP AG ADR 0.2%

Value ($000) $44,115 (+0.3%) Shares 165,093 (+14.2%) Est. Cost $143.86 Unrealized —

WFG West Fraser Timber Co. Ltd. 0.0%

Value ($000) $382 (+45.3%) Shares 5,614 (+56.4%) Est. Cost $71.73 Unrealized +1.8%

WCN Waste Connections Inc. 0.0%

Value ($000) $595 (+19.2%) Shares 3,384 (+26.4%) Est. Cost $157.71 Unrealized +15.3%

IVV iShares S&P 500 ETF 0.0%

Value ($000) $442 (+27.5%) Shares 660 (+18.3%) Est. Cost $566.10 Unrealized —

WFC Wells Fargo & Company 0.0%

Value ($000) $1,006 (+9.2%) Shares 12,000 (+4.3%) Est. Cost $39.12 Unrealized +105.7%

FTS Fortis Inc. 0.0%

Value ($000) $676 (+8.3%) Shares 13,325 (+1.7%) Est. Cost $31.31 Unrealized +55.1%

— Unilever Plc ADR 0.2%

Value ($000) $40,121 (-0.1%) Shares 676,812 (+3.1%) Est. Cost $58.17 Unrealized —

ABEV Ambev SA ADR 0.0%

Value ($000) $160 (-6.5%) Shares 71,951 (+1.1%) Est. Cost $2.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PBA	Pembina Pipeline Corporation	8,814,455 (+1894.9%)	$356,468 (+2053.0%)	2.0%	$36.86	+2.4%	Common Stock	706327103
META	Meta Platforms Inc	235,586 (+36.2%)	$173,010 (+35.5%)	1.0%	$366.42	+102.8%	Common Stock	30303M102
FISV	Fiserv Inc.	1,508,425 (+9.1%)	$194,481 (-18.4%)	1.1%	$86.02	+66.6%	Common Stock	337738108
PEG	Public Service Enterprises Group	1,025,305 (+107.1%)	$85,572 (+105.3%)	0.5%	$70.90	+16.7%	Common Stock	744573106
HDB	HDFC Bank Ltd ADR	3,317,169 (+82.7%)	$113,314 (-18.6%)	0.6%	$48.86	—	ADR	40415F101
NVDA	NVIDIA Corporation	45,038 (+518.7%)	$8,403 (+630.6%)	0.0%	$161.37	+8.0%	Common Stock	67066G104
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	192,744 (+49.5%)	$10,221 (+50.3%)	0.1%	$52.40	—	ETF	464288646
IGIB	iShares 5-10 Year Inv. Grade Corp. Bond ETF	89,421 (+61.2%)	$4,837 (+63.6%)	0.0%	$52.64	—	ETP	464288638
SHY	iShares Barclays 1-3 Yr Trsry Bond ETF	41,528 (+66.9%)	$3,445 (+67.1%)	0.0%	$82.83	—	ETF	464287457
CM	Canadian Imperial Bank of Commerce	55,674 (+21.3%)	$4,450 (+36.8%)	0.0%	$50.09	+50.2%	Common Stock	136069101
MDLZ	Mondelez International Inc.	1,552,357 (+8.9%)	$96,976 (+0.9%)	0.5%	$44.10	+43.8%	Common Stock	609207105
B	Barrick Mining Corp	46,306 (+40.7%)	$1,519 (+121.7%)	0.0%	$20.98	+19.9%	Common Stock	06849F108
SU	Suncor Energy Inc.	118,134 (+7.1%)	$4,945 (+19.9%)	0.0%	$22.55	+77.9%	Common Stock	867224107
BCE	BCE Inc.	199,725 (+12.7%)	$4,668 (+19.1%)	0.0%	$28.18	-16.6%	Common Stock	05534B760
ISTB	iShares Core 1-5 Year USD Bond ETF	44,580 (+38.7%)	$2,177 (+39.2%)	0.0%	$48.09	—	ETF	46432F859
CNQ	Canadian Natural Resources	66,366 (+32.6%)	$2,123 (+35.2%)	0.0%	$30.87	+1.4%	Common Stock	136385101
AEM	Agnico Eagle Mines Limited	5,926 (+24.1%)	$998 (+75.8%)	0.0%	$88.65	+54.3%	Common Stock	008474108
IMO	Imperial Oil Limited	27,678 (+2.7%)	$2,510 (+17.5%)	0.0%	$36.31	+135.6%	Common Stock	453038408
RCI	Rogers Communications Inc - B	24,288 (+53.9%)	$836 (+79.0%)	0.0%	$39.93	-13.8%	Common Stock	775109200
MGA	Magna International Inc - A	20,686 (+21.0%)	$980 (+48.7%)	0.0%	$40.44	+8.4%	Common Stock	559222401
AZN	Astrazeneca PLC	19,548 (+13.2%)	$1,500 (+24.3%)	0.0%	$70.07	—	ADR	046353108
CP	Canadian Pacific Kansas City Ltd	69,573 (+12.0%)	$5,183 (+5.2%)	0.0%	$76.06	+0.2%	Common Stock	13646K108
SONY	Sony Corp. ADR	25,082 (+37.2%)	$722 (+51.8%)	0.0%	$26.78	—	ADR	835699307
TECK	Teck Resources Limited - B	12,059 (+70.8%)	$529 (+85.6%)	0.0%	$42.95	-15.4%	Common Stock	878742204
CVE	Cenovus Energy Inc.	26,474 (+61.4%)	$450 (+101.9%)	0.0%	$16.30	-4.2%	Common Stock	15135U109
SLF	Sun Life Financial Inc.	61,475 (+4.6%)	$3,692 (-5.4%)	0.0%	$36.88	+63.1%	Common Stock	866796105
HLN	Haleon PLC	821,006 (+12.5%)	$7,364 (-2.7%)	0.0%	$10.32	—	Common Stock	405552100
SAP	SAP AG ADR	165,093 (+14.2%)	$44,115 (+0.3%)	0.2%	$143.86	—	ADR	803054204
WFG	West Fraser Timber Co. Ltd.	5,614 (+56.4%)	$382 (+45.3%)	0.0%	$71.73	+1.8%	Common Stock	952845105
WCN	Waste Connections Inc.	3,384 (+26.4%)	$595 (+19.2%)	0.0%	$157.71	+15.3%	Common Stock	94106B101
IVV	iShares S&P 500 ETF	660 (+18.3%)	$442 (+27.5%)	0.0%	$566.10	—	ETP	464287200
WFC	Wells Fargo & Company	12,000 (+4.3%)	$1,006 (+9.2%)	0.0%	$39.12	+105.7%	Common Stock	949746101
FTS	Fortis Inc.	13,325 (+1.7%)	$676 (+8.3%)	0.0%	$31.31	+55.1%	Common Stock	349553107
—	Unilever Plc ADR	676,812 (+3.1%)	$40,121 (-0.1%)	0.2%	$58.17	—	ADR	904767704
ABEV	Ambev SA ADR	71,951 (+1.1%)	$160 (-6.5%)	0.0%	$2.68	—	ADR	02319V103

Exited Positions (1)

AMD Advanced Micro Devices 0.0%

Value ($000) $220 Shares 1,548 Est. Cost $108.87 Unrealized +48.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMD	Advanced Micro Devices	1,548	$220	0.0%	$108.87	+48.2%	—	007903107

Decreased Positions (99)

TRI Thomson Reuters Corp 2.5%

Value ($000) $448,337 (-25.8%) Shares 2,886,701 (-4.1%) Est. Cost $122.38 Unrealized +48.0%

SHOP Shopify Inc. Class - A 4.0%

Value ($000) $722,395 (+23.5%) Shares 4,861,383 (-4.4%) Est. Cost $63.80 Unrealized +112.5%

CNI Canadian National Railway Company 4.6%

Value ($000) $836,756 (-12.9%) Shares 8,871,249 (-4.0%) Est. Cost $59.92 Unrealized +60.2%

STN Stantec Inc 2.4%

Value ($000) $440,338 (-18.3%) Shares 4,082,124 (-17.8%) Est. Cost $30.77 Unrealized —

FNV Franco Nevada Corporation 3.0%

Value ($000) $548,279 (+19.6%) Shares 2,462,713 (-12.0%) Est. Cost $127.70 Unrealized +41.1%

ADSK Autodesk Inc 0.1%

Value ($000) $18,814 (-82.2%) Shares 59,225 (-82.7%) Est. Cost $221.82 Unrealized +37.4%

GIB CGI Inc. 2.0%

Value ($000) $359,373 (-18.7%) Shares 4,033,813 (-4.4%) Est. Cost $67.34 Unrealized +43.3%

— CyberArk Software Ltd ADR 0.0%

Value ($000) $300 (-99.5%) Shares 620 (-99.6%) Est. Cost $152.14 Unrealized —

GOOG Alphabet Inc - C 1.4%

Value ($000) $262,751 (+29.5%) Shares 1,078,837 (-5.7%) Est. Cost $106.37 Unrealized +97.4%

BN Brookfield Corp 5.6%

Value ($000) $1,016,132 (+6.1%) Shares 14,806,245 (-4.5%) Est. Cost $21.82 Unrealized +102.6%

TD Toronto-Dominion Bank 5.2%

Value ($000) $938,033 (+6.5%) Shares 11,728,785 (-2.2%) Est. Cost $56.57 Unrealized +32.7%

BMO Bank of Montreal 4.2%

Value ($000) $760,360 (+7.4%) Shares 5,833,830 (-8.8%) Est. Cost $85.29 Unrealized +38.4%

SITE SiteOne Landscape Supply Inc 0.0%

Value ($000) $204 (-99.6%) Shares 1,584 (-99.6%) Est. Cost $162.15 Unrealized -16.3%

GOOGL Alphabet Inc - A 1.4%

Value ($000) $262,479 (+22.5%) Shares 1,079,717 (-11.2%) Est. Cost $106.85 Unrealized +95.8%

TRP TC Energy Corp. 3.2%

Value ($000) $584,705 (+6.7%) Shares 10,751,401 (-4.4%) Est. Cost $35.92 Unrealized +39.7%

MSFT Microsoft Corporation 3.6%

Value ($000) $661,816 (-4.8%) Shares 1,277,760 (-8.6%) Est. Cost $71.10 Unrealized +615.5%

ACN Accenture Plc 0.7%

Value ($000) $132,127 (-20.1%) Shares 535,794 (-3.1%) Est. Cost $281.69 Unrealized -7.5%

ORCL Oracle Corporation 1.9%

Value ($000) $343,334 (+10.0%) Shares 1,220,787 (-14.5%) Est. Cost $40.96 Unrealized +520.5%

GIL Gildan Activewear Inc. 2.2%

Value ($000) $395,711 (+8.6%) Shares 6,848,156 (-7.6%) Est. Cost $26.53 Unrealized +101.4%

DSGX Descartes Systems Group Inc 1.3%

Value ($000) $233,860 (-11.4%) Shares 2,483,153 (-4.7%) Est. Cost $18.76 Unrealized +444.7%

BSX Boston Scientific Corporation 1.2%

Value ($000) $214,082 (-12.2%) Shares 2,192,794 (-3.4%) Est. Cost $38.61 Unrealized +168.2%

DEO Diageo Plc ADR 0.2%

Value ($000) $32,427 (-46.7%) Shares 339,798 (-43.7%) Est. Cost $119.12 Unrealized —

IBKR Interactive Brokers Group Inc 1.4%

Value ($000) $256,290 (+9.7%) Shares 3,724,608 (-11.7%) Est. Cost $38.74 Unrealized +62.1%

RY Royal Bank of Canada 1.3%

Value ($000) $242,620 (-7.0%) Shares 1,645,780 (-17.0%) Est. Cost $64.89 Unrealized +112.4%

CPRT Copart Inc 0.8%

Value ($000) $139,964 (-10.7%) Shares 3,112,375 (-2.6%) Est. Cost $34.70 Unrealized +35.8%

QSR Restaurant Brands International Inc. 1.2%

Value ($000) $209,386 (-7.3%) Shares 3,263,219 (-4.3%) Est. Cost $60.85 Unrealized +8.1%

CAE CAE Inc. 3.4%

Value ($000) $620,290 (-2.5%) Shares 20,943,262 (-3.7%) Est. Cost $18.34 Unrealized +53.5%

TFII TFI International Inc. 1.5%

Value ($000) $281,847 (-4.8%) Shares 3,201,844 (-3.1%) Est. Cost $101.72 Unrealized -10.1%

JNJ Johnson & Johnson 0.5%

Value ($000) $83,533 (+15.7%) Shares 450,506 (-4.7%) Est. Cost $62.55 Unrealized +171.0%

ABT Abbott Laboratories 1.6%

Value ($000) $289,054 (-3.2%) Shares 2,158,089 (-1.7%) Est. Cost $50.52 Unrealized +158.5%

VRSK Verisk Analytics Inc - A 0.1%

Value ($000) $21,798 (-28.6%) Shares 86,669 (-11.6%) Est. Cost $85.18 Unrealized +221.1%

JPM JPMorgan Chase & Co. 1.5%

Value ($000) $277,050 (+3.2%) Shares 878,324 (-5.2%) Est. Cost $39.75 Unrealized +644.5%

RELX Relx Plc ADR 0.3%

Value ($000) $53,945 (-13.6%) Shares 1,129,509 (-1.7%) Est. Cost $22.03 Unrealized —

CL Colgate-Palmolive Company 0.2%

Value ($000) $33,450 (-17.9%) Shares 418,440 (-6.6%) Est. Cost $46.80 Unrealized +80.8%

ENB Enbridge Inc 0.5%

Value ($000) $84,335 (+8.3%) Shares 1,671,318 (-2.9%) Est. Cost $24.92 Unrealized +85.1%

XP XP Inc 0.0%

Value ($000) $206 (-96.9%) Shares 10,949 (-96.6%) Est. Cost $25.80 Unrealized -30.5%

AMZN Amazon.Com Inc 2.4%

Value ($000) $435,100 (-1.4%) Shares 1,981,602 (-1.5%) Est. Cost $125.97 Unrealized +79.7%

MFC Manulife Financial Corporation 0.6%

Value ($000) $102,011 (-5.4%) Shares 3,273,476 (-3.2%) Est. Cost $15.64 Unrealized +97.2%

COST Costco Wholesale Corporation 0.2%

Value ($000) $40,581 (-12.1%) Shares 43,841 (-6.0%) Est. Cost $160.22 Unrealized +497.1%

BNS Bank of Nova Scotia 0.4%

Value ($000) $80,350 (+6.8%) Shares 1,242,357 (-8.9%) Est. Cost $33.29 Unrealized +77.0%

PG Procter & Gamble Company 0.3%

Value ($000) $62,134 (-7.6%) Shares 404,384 (-4.2%) Est. Cost $55.88 Unrealized +177.2%

MA Mastercard Inc - A 1.7%

Value ($000) $311,521 (-1.5%) Shares 547,672 (-2.7%) Est. Cost $179.09 Unrealized +220.2%

CB Chubb Limited 0.4%

Value ($000) $78,651 (-5.4%) Shares 278,658 (-2.9%) Est. Cost $144.21 Unrealized +90.8%

MNST Monster Beverage Corp 0.4%

Value ($000) $72,330 (+6.0%) Shares 1,074,573 (-1.4%) Est. Cost $49.06 Unrealized +27.2%

SPY SPDR S&P 500 ETF Trust 0.2%

Value ($000) $27,499 (-12.4%) Shares 41,279 (-18.7%) Est. Cost $357.25 Unrealized —

GWRE Guidewire Software Inc 0.6%

Value ($000) $101,132 (-3.5%) Shares 439,972 (-1.2%) Est. Cost $100.98 Unrealized +125.2%

ADP Automatic Data Processing Inc. 0.1%

Value ($000) $15,398 (-19.0%) Shares 52,462 (-14.9%) Est. Cost $64.54 Unrealized +361.4%

CACC Credit Acceptance Corp. 0.2%

Value ($000) $32,318 (-10.0%) Shares 69,214 (-1.8%) Est. Cost $430.99 Unrealized +15.8%

ALC Alcon Inc. 0.1%

Value ($000) $17,170 (-17.1%) Shares 230,438 (-1.7%) Est. Cost $65.84 Unrealized +26.8%

ATS ATS Corp 0.0%

Value ($000) $8,764 (-27.4%) Shares 334,904 (-11.7%) Est. Cost $30.46 Unrealized -5.4%

AX Axos Financial Inc 0.2%

Value ($000) $32,352 (+10.0%) Shares 382,183 (-1.2%) Est. Cost $38.78 Unrealized +124.7%

AME AMETEK Inc 0.6%

Value ($000) $115,564 (+2.3%) Shares 614,702 (-1.6%) Est. Cost $130.83 Unrealized +40.2%

TCOM Trip.com Group Ltd - ADR 0.1%

Value ($000) $12,548 (+25.0%) Shares 166,860 (-2.5%) Est. Cost $39.26 Unrealized —

NVO Novo Nordisk A/S Sponsored ADR 0.0%

Value ($000) $2,564 (-48.3%) Shares 46,215 (-35.7%) Est. Cost $77.77 Unrealized —

SHW The Sherwin-Williams Company 0.7%

Value ($000) $119,992 (-1.9%) Shares 346,536 (-2.8%) Est. Cost $255.93 Unrealized +37.3%

CME CME Group Inc. 0.3%

Value ($000) $47,324 (-4.1%) Shares 175,151 (-2.2%) Est. Cost $185.23 Unrealized +45.7%

DHR Danaher Corporation 0.6%

Value ($000) $109,882 (-1.7%) Shares 554,230 (-2.1%) Est. Cost $231.40 Unrealized -14.3%

INFY Infosys Ltd ADR 0.0%

Value ($000) $3,875 (-32.7%) Shares 238,197 (-23.4%) Est. Cost $17.70 Unrealized —

ZTS Zoetis Inc. 0.1%

Value ($000) $11,222 (-13.7%) Shares 76,698 (-8.1%) Est. Cost $73.90 Unrealized +103.7%

CMCSA Comcast Corp - A 0.0%

Value ($000) $5,553 (-20.5%) Shares 176,738 (-9.7%) Est. Cost $27.22 Unrealized +21.8%

SE Sea Ltd 0.1%

Value ($000) $15,464 (+8.1%) Shares 86,522 (-3.3%) Est. Cost $73.04 Unrealized —

BKNG Booking Holdings Inc 0.0%

Value ($000) $8,822 (-10.9%) Shares 1,634 (-4.4%) Est. Cost $1923.43 Unrealized +189.3%

BRK/B Berkshire Hathaway Inc - B 0.6%

Value ($000) $111,404 (+0.7%) Shares 221,593 (-2.7%) Est. Cost $166.53 Unrealized +190.9%

SFBS ServisFirst Bancshares Inc 0.1%

Value ($000) $24,410 (+2.9%) Shares 303,115 (-1.0%) Est. Cost $51.96 Unrealized +57.9%

AAPL Apple Inc. 0.1%

Value ($000) $11,392 (+6.0%) Shares 44,738 (-14.6%) Est. Cost $108.18 Unrealized +108.5%

MET MetLife Inc. 0.0%

Value ($000) $555 (-49.9%) Shares 6,735 (-51.1%) Est. Cost $24.43 Unrealized +218.9%

TFPM Triple Flag Precious Metals Corp 0.1%

Value ($000) $12,992 (+4.3%) Shares 443,713 (-15.7%) Est. Cost $13.02 Unrealized +98.5%

XOM Exxon Mobil Corporation 0.1%

Value ($000) $16,074 (+3.4%) Shares 142,564 (-1.2%) Est. Cost $54.24 Unrealized +102.3%

LLY Eli Lilly & Company 0.1%

Value ($000) $15,510 (-3.2%) Shares 20,327 (-1.1%) Est. Cost $64.22 Unrealized +1055.9%

FMX Fomento Econ.Mexicano SAB de CV ADR 0.0%

Value ($000) $5,455 (-6.2%) Shares 55,306 (-2.0%) Est. Cost $90.21 Unrealized —

KO Coca-Cola Company 0.0%

Value ($000) $3,896 (-7.8%) Shares 58,738 (-1.7%) Est. Cost $35.58 Unrealized +90.9%

TU TELUS Corp 0.1%

Value ($000) $10,165 (-3.1%) Shares 645,207 (-1.5%) Est. Cost $20.34 Unrealized -20.3%

IFF International Flavors & Fragrances 0.0%

Value ($000) $1,108 (-20.7%) Shares 18,000 (-5.3%) Est. Cost $58.18 Unrealized +16.6%

OZK Bank OZK 0.5%

Value ($000) $84,539 (-0.3%) Shares 1,658,271 (-8.0%) Est. Cost $27.76 Unrealized +80.5%

V Visa Inc - A 0.0%

Value ($000) $1,853 (-12.8%) Shares 5,427 (-9.3%) Est. Cost $159.97 Unrealized +115.8%

CIGI Colliers International Group Inc 1.8%

Value ($000) $330,978 (+0.1%) Shares 2,115,789 (-16.5%) Est. Cost $123.67 Unrealized +24.2%

NKE NIKE Inc 0.0%

Value ($000) $2,681 (-7.7%) Shares 38,455 (-5.9%) Est. Cost $42.84 Unrealized +72.3%

NVS Novartis AG ADR 0.0%

Value ($000) $6,673 (+3.2%) Shares 52,037 (-2.6%) Est. Cost $81.64 Unrealized —

— TotalEnergies SE - ADR 0.0%

Value ($000) $2,883 (-5.8%) Shares 48,301 (-3.1%) Est. Cost $47.34 Unrealized —

CVS CVS Health Corporation 0.0%

Value ($000) $2,772 (+5.5%) Shares 36,771 (-3.4%) Est. Cost $45.49 Unrealized +49.1%

EEM iShares MSCI Emerging Market 0.0%

Value ($000) $269 (-33.1%) Shares 5,041 (-39.6%) Est. Cost $42.96 Unrealized —

DOO Brp Inc. / ca Sub Voting 0.0%

Value ($000) $3,204 (-3.7%) Shares 52,687 (-23.3%) Est. Cost $39.14 Unrealized +43.0%

USB US Bancorp 0.0%

Value ($000) $386 (-23.5%) Shares 7,990 (-28.4%) Est. Cost $31.43 Unrealized +47.5%

JD JD.com Inc ADR 0.0%

Value ($000) $2,336 (-4.8%) Shares 66,790 (-11.2%) Est. Cost $39.82 Unrealized —

KMB Kimberly-Clark Corporation 0.0%

Value ($000) $2,395 (-4.5%) Shares 19,263 (-1.0%) Est. Cost $63.06 Unrealized +101.1%

BAP Credicorp Ltd ADR 0.1%

Value ($000) $10,353 (-0.7%) Shares 38,882 (-16.6%) Est. Cost $134.79 Unrealized +83.5%

TXN Texas Instruments Incorporated 0.0%

Value ($000) $409 (-14.8%) Shares 2,225 (-3.7%) Est. Cost $137.42 Unrealized +40.7%

MRK Merck & Co. Inc. 0.0%

Value ($000) $2,759 (+2.1%) Shares 32,875 (-3.7%) Est. Cost $36.22 Unrealized +123.6%

WMT Walmart Inc. 0.0%

Value ($000) $1,408 (+3.8%) Shares 13,659 (-1.5%) Est. Cost $44.09 Unrealized +125.1%

GLD SPDR Gold Trust 0.0%

Value ($000) $1,062 (+5.1%) Shares 2,989 (-9.9%) Est. Cost $170.47 Unrealized —

LOW Lowe's Companies Inc. 0.0%

Value ($000) $642 (-6.0%) Shares 2,555 (-17.0%) Est. Cost $91.90 Unrealized +165.7%

MCD McDonald's Corporation 0.0%

Value ($000) $4,130 (+0.8%) Shares 13,592 (-3.1%) Est. Cost $116.65 Unrealized +158.4%

MMM 3M Company 0.0%

Value ($000) $516 (-5.9%) Shares 3,325 (-7.6%) Est. Cost $83.58 Unrealized +83.2%

MTB M&T Bank Corporation 0.0%

Value ($000) $387 (-7.3%) Shares 1,960 (-9.0%) Est. Cost $83.40 Unrealized +132.3%

TT Trane Technologies plc 0.0%

Value ($000) $238 (-9.2%) Shares 565 (-5.8%) Est. Cost $343.07 Unrealized +24.3%

SNN Smith & Nephew Plc ADR 0.0%

Value ($000) $622 (-2.4%) Shares 17,150 (-17.6%) Est. Cost $32.72 Unrealized —

BF/B Brown-Forman Corp - B 0.0%

Value ($000) $354 (-3.2%) Shares 13,057 (-3.8%) Est. Cost $37.02 Unrealized -22.8%

SHEL Shell PLC - ADR 0.0%

Value ($000) $1,089 (-1.0%) Shares 15,220 (-2.6%) Est. Cost $54.93 Unrealized —

NTR Nutrien Ltd 0.1%

Value ($000) $10,671 (-0.0%) Shares 181,665 (-1.0%) Est. Cost $38.33 Unrealized +52.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRI	Thomson Reuters Corp	2,886,701 (-4.1%)	$448,337 (-25.8%)	2.5%	$122.38	+48.0%	Common Stock	884903808
SHOP	Shopify Inc. Class - A	4,861,383 (-4.4%)	$722,395 (+23.5%)	4.0%	$63.80	+112.5%	Common Stock	82509L107
CNI	Canadian National Railway Company	8,871,249 (-4.0%)	$836,756 (-12.9%)	4.6%	$59.92	+60.2%	Common Stock	136375102
STN	Stantec Inc	4,082,124 (-17.8%)	$440,338 (-18.3%)	2.4%	$30.77	—	Common Stock	85472N109
FNV	Franco Nevada Corporation	2,462,713 (-12.0%)	$548,279 (+19.6%)	3.0%	$127.70	+41.1%	Common Stock	351858105
ADSK	Autodesk Inc	59,225 (-82.7%)	$18,814 (-82.2%)	0.1%	$221.82	+37.4%	Common Stock	052769106
GIB	CGI Inc.	4,033,813 (-4.4%)	$359,373 (-18.7%)	2.0%	$67.34	+43.3%	Common Stock	12532H104
—	CyberArk Software Ltd ADR	620 (-99.6%)	$300 (-99.5%)	0.0%	$152.14	—	Common Stock	M2682V108
GOOG	Alphabet Inc - C	1,078,837 (-5.7%)	$262,751 (+29.5%)	1.4%	$106.37	+97.4%	Common Stock	02079K107
BN	Brookfield Corp	14,806,245 (-4.5%)	$1,016,132 (+6.1%)	5.6%	$21.82	+102.6%	Common Stock	11271J107
TD	Toronto-Dominion Bank	11,728,785 (-2.2%)	$938,033 (+6.5%)	5.2%	$56.57	+32.7%	Common Stock	891160509
BMO	Bank of Montreal	5,833,830 (-8.8%)	$760,360 (+7.4%)	4.2%	$85.29	+38.4%	Common Stock	063671101
SITE	SiteOne Landscape Supply Inc	1,584 (-99.6%)	$204 (-99.6%)	0.0%	$162.15	-16.3%	Common Stock	82982L103
GOOGL	Alphabet Inc - A	1,079,717 (-11.2%)	$262,479 (+22.5%)	1.4%	$106.85	+95.8%	Common Stock	02079K305
TRP	TC Energy Corp.	10,751,401 (-4.4%)	$584,705 (+6.7%)	3.2%	$35.92	+39.7%	Common Stock	87807B107
MSFT	Microsoft Corporation	1,277,760 (-8.6%)	$661,816 (-4.8%)	3.6%	$71.10	+615.5%	Common Stock	594918104
ACN	Accenture Plc	535,794 (-3.1%)	$132,127 (-20.1%)	0.7%	$281.69	-7.5%	Common Stock	G1151C101
ORCL	Oracle Corporation	1,220,787 (-14.5%)	$343,334 (+10.0%)	1.9%	$40.96	+520.5%	Common Stock	68389X105
GIL	Gildan Activewear Inc.	6,848,156 (-7.6%)	$395,711 (+8.6%)	2.2%	$26.53	+101.4%	Common Stock	375916103
DSGX	Descartes Systems Group Inc	2,483,153 (-4.7%)	$233,860 (-11.4%)	1.3%	$18.76	+444.7%	Common Stock	249906108
BSX	Boston Scientific Corporation	2,192,794 (-3.4%)	$214,082 (-12.2%)	1.2%	$38.61	+168.2%	Common Stock	101137107
DEO	Diageo Plc ADR	339,798 (-43.7%)	$32,427 (-46.7%)	0.2%	$119.12	—	ADR	25243Q205
IBKR	Interactive Brokers Group Inc	3,724,608 (-11.7%)	$256,290 (+9.7%)	1.4%	$38.74	+62.1%	Common Stock	45841N107
RY	Royal Bank of Canada	1,645,780 (-17.0%)	$242,620 (-7.0%)	1.3%	$64.89	+112.4%	Common Stock	780087102
CPRT	Copart Inc	3,112,375 (-2.6%)	$139,964 (-10.7%)	0.8%	$34.70	+35.8%	Common Stock	217204106
QSR	Restaurant Brands International Inc.	3,263,219 (-4.3%)	$209,386 (-7.3%)	1.2%	$60.85	+8.1%	Common Stock	76131D103
CAE	CAE Inc.	20,943,262 (-3.7%)	$620,290 (-2.5%)	3.4%	$18.34	+53.5%	Common Stock	124765108
TFII	TFI International Inc.	3,201,844 (-3.1%)	$281,847 (-4.8%)	1.5%	$101.72	-10.1%	Common Stock	87241L109
JNJ	Johnson & Johnson	450,506 (-4.7%)	$83,533 (+15.7%)	0.5%	$62.55	+171.0%	Common Stock	478160104
ABT	Abbott Laboratories	2,158,089 (-1.7%)	$289,054 (-3.2%)	1.6%	$50.52	+158.5%	Common Stock	002824100
VRSK	Verisk Analytics Inc - A	86,669 (-11.6%)	$21,798 (-28.6%)	0.1%	$85.18	+221.1%	Common Stock	92345Y106
JPM	JPMorgan Chase & Co.	878,324 (-5.2%)	$277,050 (+3.2%)	1.5%	$39.75	+644.5%	Common Stock	46625H100
RELX	Relx Plc ADR	1,129,509 (-1.7%)	$53,945 (-13.6%)	0.3%	$22.03	—	ADR	759530108
CL	Colgate-Palmolive Company	418,440 (-6.6%)	$33,450 (-17.9%)	0.2%	$46.80	+80.8%	Common Stock	194162103
ENB	Enbridge Inc	1,671,318 (-2.9%)	$84,335 (+8.3%)	0.5%	$24.92	+85.1%	Common Stock	29250N105
XP	XP Inc	10,949 (-96.6%)	$206 (-96.9%)	0.0%	$25.80	-30.5%	Common Stock	G98239109
AMZN	Amazon.Com Inc	1,981,602 (-1.5%)	$435,100 (-1.4%)	2.4%	$125.97	+79.7%	Common Stock	023135106
MFC	Manulife Financial Corporation	3,273,476 (-3.2%)	$102,011 (-5.4%)	0.6%	$15.64	+97.2%	Common Stock	56501R106
COST	Costco Wholesale Corporation	43,841 (-6.0%)	$40,581 (-12.1%)	0.2%	$160.22	+497.1%	Common Stock	22160K105
BNS	Bank of Nova Scotia	1,242,357 (-8.9%)	$80,350 (+6.8%)	0.4%	$33.29	+77.0%	Common Stock	064149107
PG	Procter & Gamble Company	404,384 (-4.2%)	$62,134 (-7.6%)	0.3%	$55.88	+177.2%	Common Stock	742718109
MA	Mastercard Inc - A	547,672 (-2.7%)	$311,521 (-1.5%)	1.7%	$179.09	+220.2%	Common Stock	57636Q104
CB	Chubb Limited	278,658 (-2.9%)	$78,651 (-5.4%)	0.4%	$144.21	+90.8%	Common Stock	H1467J104
MNST	Monster Beverage Corp	1,074,573 (-1.4%)	$72,330 (+6.0%)	0.4%	$49.06	+27.2%	Common Stock	61174X109
SPY	SPDR S&P 500 ETF Trust	41,279 (-18.7%)	$27,499 (-12.4%)	0.2%	$357.25	—	ETP	78462F103
GWRE	Guidewire Software Inc	439,972 (-1.2%)	$101,132 (-3.5%)	0.6%	$100.98	+125.2%	Common Stock	40171V100
ADP	Automatic Data Processing Inc.	52,462 (-14.9%)	$15,398 (-19.0%)	0.1%	$64.54	+361.4%	Common Stock	053015103
CACC	Credit Acceptance Corp.	69,214 (-1.8%)	$32,318 (-10.0%)	0.2%	$430.99	+15.8%	Common Stock	225310101
ALC	Alcon Inc.	230,438 (-1.7%)	$17,170 (-17.1%)	0.1%	$65.84	+26.8%	Common Stock	H01301128
ATS	ATS Corp	334,904 (-11.7%)	$8,764 (-27.4%)	0.0%	$30.46	-5.4%	Common Stock	00217Y104
AX	Axos Financial Inc	382,183 (-1.2%)	$32,352 (+10.0%)	0.2%	$38.78	+124.7%	Common Stock	05465C100
AME	AMETEK Inc	614,702 (-1.6%)	$115,564 (+2.3%)	0.6%	$130.83	+40.2%	Common Stock	031100100
TCOM	Trip.com Group Ltd - ADR	166,860 (-2.5%)	$12,548 (+25.0%)	0.1%	$39.26	—	Common Stock	89677Q107
NVO	Novo Nordisk A/S Sponsored ADR	46,215 (-35.7%)	$2,564 (-48.3%)	0.0%	$77.77	—	ADR	670100205
SHW	The Sherwin-Williams Company	346,536 (-2.8%)	$119,992 (-1.9%)	0.7%	$255.93	+37.3%	Common Stock	824348106
CME	CME Group Inc.	175,151 (-2.2%)	$47,324 (-4.1%)	0.3%	$185.23	+45.7%	Common Stock	12572Q105
DHR	Danaher Corporation	554,230 (-2.1%)	$109,882 (-1.7%)	0.6%	$231.40	-14.3%	Common Stock	235851102
INFY	Infosys Ltd ADR	238,197 (-23.4%)	$3,875 (-32.7%)	0.0%	$17.70	—	ADR	456788108
ZTS	Zoetis Inc.	76,698 (-8.1%)	$11,222 (-13.7%)	0.1%	$73.90	+103.7%	Common Stock	98978V103
CMCSA	Comcast Corp - A	176,738 (-9.7%)	$5,553 (-20.5%)	0.0%	$27.22	+21.8%	Common Stock	20030N101
SE	Sea Ltd	86,522 (-3.3%)	$15,464 (+8.1%)	0.1%	$73.04	—	ADR	81141R100
BKNG	Booking Holdings Inc	1,634 (-4.4%)	$8,822 (-10.9%)	0.0%	$1923.43	+189.3%	Common Stock	09857L108
BRK/B	Berkshire Hathaway Inc - B	221,593 (-2.7%)	$111,404 (+0.7%)	0.6%	$166.53	+190.9%	Common Stock	084670702
SFBS	ServisFirst Bancshares Inc	303,115 (-1.0%)	$24,410 (+2.9%)	0.1%	$51.96	+57.9%	Common Stock	81768T108
AAPL	Apple Inc.	44,738 (-14.6%)	$11,392 (+6.0%)	0.1%	$108.18	+108.5%	Common Stock	037833100
MET	MetLife Inc.	6,735 (-51.1%)	$555 (-49.9%)	0.0%	$24.43	+218.9%	Common Stock	59156R108
TFPM	Triple Flag Precious Metals Corp	443,713 (-15.7%)	$12,992 (+4.3%)	0.1%	$13.02	+98.5%	Common Stock	89679M104
XOM	Exxon Mobil Corporation	142,564 (-1.2%)	$16,074 (+3.4%)	0.1%	$54.24	+102.3%	Common Stock	30231G102
LLY	Eli Lilly & Company	20,327 (-1.1%)	$15,510 (-3.2%)	0.1%	$64.22	+1055.9%	Common Stock	532457108
FMX	Fomento Econ.Mexicano SAB de CV ADR	55,306 (-2.0%)	$5,455 (-6.2%)	0.0%	$90.21	—	ADR	344419106
KO	Coca-Cola Company	58,738 (-1.7%)	$3,896 (-7.8%)	0.0%	$35.58	+90.9%	Common Stock	191216100
TU	TELUS Corp	645,207 (-1.5%)	$10,165 (-3.1%)	0.1%	$20.34	-20.3%	Common Stock	87971M103
IFF	International Flavors & Fragrances	18,000 (-5.3%)	$1,108 (-20.7%)	0.0%	$58.18	+16.6%	Common Stock	459506101
OZK	Bank OZK	1,658,271 (-8.0%)	$84,539 (-0.3%)	0.5%	$27.76	+80.5%	Common Stock	06417N103
V	Visa Inc - A	5,427 (-9.3%)	$1,853 (-12.8%)	0.0%	$159.97	+115.8%	Common Stock	92826C839
CIGI	Colliers International Group Inc	2,115,789 (-16.5%)	$330,978 (+0.1%)	1.8%	$123.67	+24.2%	Common Stock	194693107
NKE	NIKE Inc	38,455 (-5.9%)	$2,681 (-7.7%)	0.0%	$42.84	+72.3%	Common Stock	654106103
NVS	Novartis AG ADR	52,037 (-2.6%)	$6,673 (+3.2%)	0.0%	$81.64	—	ADR	66987V109
—	TotalEnergies SE - ADR	48,301 (-3.1%)	$2,883 (-5.8%)	0.0%	$47.34	—	ADR	89151E109
CVS	CVS Health Corporation	36,771 (-3.4%)	$2,772 (+5.5%)	0.0%	$45.49	+49.1%	Common Stock	126650100
EEM	iShares MSCI Emerging Market	5,041 (-39.6%)	$269 (-33.1%)	0.0%	$42.96	—	ETP	464287234
DOO	Brp Inc. / ca Sub Voting	52,687 (-23.3%)	$3,204 (-3.7%)	0.0%	$39.14	+43.0%	Common Stock	05577W200
USB	US Bancorp	7,990 (-28.4%)	$386 (-23.5%)	0.0%	$31.43	+47.5%	Common Stock	902973304
JD	JD.com Inc ADR	66,790 (-11.2%)	$2,336 (-4.8%)	0.0%	$39.82	—	ADR	47215P106
KMB	Kimberly-Clark Corporation	19,263 (-1.0%)	$2,395 (-4.5%)	0.0%	$63.06	+101.1%	Common Stock	494368103
BAP	Credicorp Ltd ADR	38,882 (-16.6%)	$10,353 (-0.7%)	0.1%	$134.79	+83.5%	Common Stock	G2519Y108
TXN	Texas Instruments Incorporated	2,225 (-3.7%)	$409 (-14.8%)	0.0%	$137.42	+40.7%	Common Stock	882508104
MRK	Merck & Co. Inc.	32,875 (-3.7%)	$2,759 (+2.1%)	0.0%	$36.22	+123.6%	Common Stock	58933Y105
WMT	Walmart Inc.	13,659 (-1.5%)	$1,408 (+3.8%)	0.0%	$44.09	+125.1%	Common Stock	931142103
GLD	SPDR Gold Trust	2,989 (-9.9%)	$1,062 (+5.1%)	0.0%	$170.47	—	ETP	78463V107
LOW	Lowe's Companies Inc.	2,555 (-17.0%)	$642 (-6.0%)	0.0%	$91.90	+165.7%	Common Stock	548661107
MCD	McDonald's Corporation	13,592 (-3.1%)	$4,130 (+0.8%)	0.0%	$116.65	+158.4%	Common Stock	580135101
MMM	3M Company	3,325 (-7.6%)	$516 (-5.9%)	0.0%	$83.58	+83.2%	Common Stock	88579Y101
MTB	M&T Bank Corporation	1,960 (-9.0%)	$387 (-7.3%)	0.0%	$83.40	+132.3%	Common Stock	55261F104
TT	Trane Technologies plc	565 (-5.8%)	$238 (-9.2%)	0.0%	$343.07	+24.3%	Common Stock	G8994E103
SNN	Smith & Nephew Plc ADR	17,150 (-17.6%)	$622 (-2.4%)	0.0%	$32.72	—	ADR	83175M205
BF/B	Brown-Forman Corp - B	13,057 (-3.8%)	$354 (-3.2%)	0.0%	$37.02	-22.8%	Common Stock	115637209
SHEL	Shell PLC - ADR	15,220 (-2.6%)	$1,089 (-1.0%)	0.0%	$54.93	—	ADR	780259305
NTR	Nutrien Ltd	181,665 (-1.0%)	$10,671 (-0.0%)	0.1%	$38.33	+52.1%	Common Stock	67077M108

Unchanged Positions (53)

OTEX Open Text Corporation 4.3%

Value ($000) $790,736 Shares 21,150,154 Est. Cost $26.15 Unrealized +20.9%

TSM Taiwan Semiconductor Manufactng ADR 1.1%

Value ($000) $206,566 Shares 739,611 Est. Cost $154.22 Unrealized —

IQV IQVIA Holdings Inc 0.8%

Value ($000) $149,228 Shares 785,658 Est. Cost $122.68 Unrealized +48.2%

AVGO Broadcom Inc 0.8%

Value ($000) $138,853 Shares 420,881 Est. Cost $209.56 Unrealized +45.9%

UNH UnitedHealth Group Incorporated 1.3%

Value ($000) $229,505 Shares 664,655 Est. Cost $192.00 Unrealized +55.7%

TJX TJX Companies Inc. 0.7%

Value ($000) $128,486 Shares 888,931 Est. Cost $43.86 Unrealized +201.6%

BDX Becton Dickinson and Company 1.0%

Value ($000) $175,028 Shares 935,130 Est. Cost $167.75 Unrealized +9.7%

CDNS Cadence Design Systems Inc 0.6%

Value ($000) $106,585 Shares 303,436 Est. Cost $278.91 Unrealized +23.3%

PEP PepsiCo Inc. 1.0%

Value ($000) $182,855 Shares 1,302,013 Est. Cost $90.41 Unrealized +55.3%

ASML ASML Holding NV-NY Reg Shs 0.3%

Value ($000) $60,722 Shares 62,723 Est. Cost $545.28 Unrealized —

AFG American Financial Group Inc/OH 0.3%

Value ($000) $53,885 Shares 369,784 Est. Cost $64.73 Unrealized +96.9%

ABBV Abbvie Inc 0.1%

Value ($000) $20,578 Shares 88,873 Est. Cost $38.84 Unrealized +419.9%

PGR Progressive Corp/The 0.1%

Value ($000) $22,537 Shares 91,262 Est. Cost $89.67 Unrealized +158.4%

MELI MercadoLibre Inc 0.1%

Value ($000) $14,431 Shares 6,175 Est. Cost $1834.05 Unrealized +30.9%

NU NU Holdings Ltd/Cayman Islands 0.1%

Value ($000) $10,436 Shares 651,820 Est. Cost $6.16 Unrealized +126.3%

XEL Xcel Energy Inc. 0.0%

Value ($000) $2,823 Shares 35,000 Est. Cost $30.33 Unrealized +135.2%

CVX Chevron Corporation 0.0%

Value ($000) $5,062 Shares 32,600 Est. Cost $67.65 Unrealized +125.1%

ING ING Groep N.V. ADR 0.0%

Value ($000) $1,992 Shares 76,392 Est. Cost $17.91 Unrealized —

LCII LCI Industries 0.1%

Value ($000) $22,072 Shares 236,956 Est. Cost $95.51 Unrealized +2.8%

YUMC Yum China Holdings Inc 0.0%

Value ($000) $5,428 Shares 126,474 Est. Cost $51.01 Unrealized -10.9%

PFE Pfizer Inc. 0.0%

Value ($000) $3,593 Shares 141,001 Est. Cost $16.85 Unrealized +43.3%

DUK Duke Energy Corporation 0.0%

Value ($000) $3,017 Shares 24,383 Est. Cost $53.84 Unrealized +122.5%

ALL Allstate Corporation 0.0%

Value ($000) $2,379 Shares 11,081 Est. Cost $58.40 Unrealized +242.8%

HD Home Depot Inc. 0.0%

Value ($000) $1,311 Shares 3,235 Est. Cost $235.58 Unrealized +65.2%

EOG EOG Resources Inc. 0.0%

Value ($000) $1,741 Shares 15,525 Est. Cost $57.97 Unrealized +103.5%

PM Philip Morris International Inc. 0.0%

Value ($000) $933 Shares 5,750 Est. Cost $52.29 Unrealized +215.9%

EMR Emerson Electric Co. 0.0%

Value ($000) $5,963 Shares 45,460 Est. Cost $40.02 Unrealized +238.5%

NGG National Grid Plc ADR 0.0%

Value ($000) $2,705 Shares 37,226 Est. Cost $63.46 Unrealized —

ZBH Zimmer Biomet Holdings Inc 0.0%

Value ($000) $1,010 Shares 10,250 Est. Cost $114.42 Unrealized -13.8%

AFL Aflac Incorporated 0.0%

Value ($000) $1,296 Shares 11,600 Est. Cost $32.49 Unrealized +220.7%

VLO Valero Energy Corporation 0.0%

Value ($000) $339 Shares 1,992 Est. Cost $78.99 Unrealized +87.1%

MO Altria Group Inc. 0.0%

Value ($000) $614 Shares 9,300 Est. Cost $24.61 Unrealized +149.6%

IYW iShares US Technology ETF 0.0%

Value ($000) $565 Shares 2,885 Est. Cost $150.76 Unrealized —

CAT Caterpillar Inc. 0.0%

Value ($000) $336 Shares 705 Est. Cost $206.59 Unrealized +105.9%

CTAS Cintas Corporation 0.0%

Value ($000) $657 Shares 3,200 Est. Cost $157.09 Unrealized +35.5%

EFA iShares MSCI EAFE Index Fund 0.0%

Value ($000) $1,307 Shares 14,000 Est. Cost $71.76 Unrealized —

MDT Medtronic Inc. Plc 0.0%

Value ($000) $666 Shares 6,995 Est. Cost $66.12 Unrealized +38.0%

ROST Ross Stores Inc. 0.0%

Value ($000) $331 Shares 2,174 Est. Cost $121.76 Unrealized +16.8%

BRK/A Berkshire Hathaway Inc - A 0.0%

Value ($000) $1,508 Shares 2 Est. Cost $407438.40 Unrealized +78.4%

IHG Intercontinental Hotels-ADR 0.0%

Value ($000) $901 Shares 7,434 Est. Cost $65.23 Unrealized —

MRSH Marsh & McLennan Companies Inc. 0.0%

Value ($000) $468 Shares 2,323 Est. Cost $116.01 Unrealized +75.9%

CDW CDW Corp/DE 0.0%

Value ($000) $310 Shares 1,949 Est. Cost $140.79 Unrealized +19.9%

FAST Fastenal Co 0.0%

Value ($000) $240 Shares 4,896 Est. Cost $40.11 Unrealized +17.0%

ADBE Adobe Inc. 0.0%

Value ($000) $305 Shares 865 Est. Cost $575.37 Unrealized -37.6%

CAH Cardinal Health Inc. 0.0%

Value ($000) $314 Shares 2,000 Est. Cost $80.59 Unrealized +90.6%

HON Honeywell International Inc. 0.0%

Value ($000) $202 Shares 958 Est. Cost $144.93 Unrealized +42.9%

D Dominion Energy 0.0%

Value ($000) $265 Shares 4,336 Est. Cost $49.43 Unrealized +18.0%

LIN Linde PLC 0.0%

Value ($000) $1,710 Shares 3,600 Est. Cost $452.31 Unrealized +4.0%

ITW Illinois Tool Works Inc. 0.0%

Value ($000) $277 Shares 1,062 Est. Cost $190.28 Unrealized +35.2%

TRV Travelers Companies Inc. 0.0%

Value ($000) $290 Shares 1,040 Est. Cost $206.72 Unrealized +28.6%

HLT Hilton Worldwide Holdings Inc. 0.0%

Value ($000) $375 Shares 1,445 Est. Cost $83.09 Unrealized +225.1%

BF/A Brown-Forman Corp - A 0.0%

Value ($000) $355 Shares 13,200 Est. Cost $24.13 Unrealized +18.9%

UNP Union Pacific Corporation 0.0%

Value ($000) $237 Shares 1,003 Est. Cost $209.78 Unrealized +6.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OTEX	Open Text Corporation	21,150,154	$790,736	4.3%	$26.15	+20.9%	Common Stock	683715106
TSM	Taiwan Semiconductor Manufactng ADR	739,611	$206,566	1.1%	$154.22	—	ADR	874039100
IQV	IQVIA Holdings Inc	785,658	$149,228	0.8%	$122.68	+48.2%	Common Stock	46266C105
AVGO	Broadcom Inc	420,881	$138,853	0.8%	$209.56	+45.9%	Common Stock	11135F101
UNH	UnitedHealth Group Incorporated	664,655	$229,505	1.3%	$192.00	+55.7%	Common Stock	91324P102
TJX	TJX Companies Inc.	888,931	$128,486	0.7%	$43.86	+201.6%	Common Stock	872540109
BDX	Becton Dickinson and Company	935,130	$175,028	1.0%	$167.75	+9.7%	Common Stock	075887109
CDNS	Cadence Design Systems Inc	303,436	$106,585	0.6%	$278.91	+23.3%	Common Stock	127387108
PEP	PepsiCo Inc.	1,302,013	$182,855	1.0%	$90.41	+55.3%	Common Stock	713448108
ASML	ASML Holding NV-NY Reg Shs	62,723	$60,722	0.3%	$545.28	—	NY Reg Shrs	N07059210
AFG	American Financial Group Inc/OH	369,784	$53,885	0.3%	$64.73	+96.9%	Common Stock	025932104
ABBV	Abbvie Inc	88,873	$20,578	0.1%	$38.84	+419.9%	Common Stock	00287Y109
PGR	Progressive Corp/The	91,262	$22,537	0.1%	$89.67	+158.4%	Common Stock	743315103
MELI	MercadoLibre Inc	6,175	$14,431	0.1%	$1834.05	+30.9%	Common Stock	58733R102
NU	NU Holdings Ltd/Cayman Islands	651,820	$10,436	0.1%	$6.16	+126.3%	Common Stock	G6683N103
XEL	Xcel Energy Inc.	35,000	$2,823	0.0%	$30.33	+135.2%	Common Stock	98389B100
CVX	Chevron Corporation	32,600	$5,062	0.0%	$67.65	+125.1%	Common Stock	166764100
ING	ING Groep N.V. ADR	76,392	$1,992	0.0%	$17.91	—	ADR	456837103
LCII	LCI Industries	236,956	$22,072	0.1%	$95.51	+2.8%	Common Stock	50189K103
YUMC	Yum China Holdings Inc	126,474	$5,428	0.0%	$51.01	-10.9%	Common Stock	98850P109
PFE	Pfizer Inc.	141,001	$3,593	0.0%	$16.85	+43.3%	Common Stock	717081103
DUK	Duke Energy Corporation	24,383	$3,017	0.0%	$53.84	+122.5%	Common Stock	26441C204
ALL	Allstate Corporation	11,081	$2,379	0.0%	$58.40	+242.8%	Common Stock	020002101
HD	Home Depot Inc.	3,235	$1,311	0.0%	$235.58	+65.2%	Common Stock	437076102
EOG	EOG Resources Inc.	15,525	$1,741	0.0%	$57.97	+103.5%	Common Stock	26875P101
PM	Philip Morris International Inc.	5,750	$933	0.0%	$52.29	+215.9%	Common Stock	718172109
EMR	Emerson Electric Co.	45,460	$5,963	0.0%	$40.02	+238.5%	Common Stock	291011104
NGG	National Grid Plc ADR	37,226	$2,705	0.0%	$63.46	—	ADR	636274409
ZBH	Zimmer Biomet Holdings Inc	10,250	$1,010	0.0%	$114.42	-13.8%	Common Stock	98956P102
AFL	Aflac Incorporated	11,600	$1,296	0.0%	$32.49	+220.7%	Common Stock	001055102
VLO	Valero Energy Corporation	1,992	$339	0.0%	$78.99	+87.1%	Common Stock	91913Y100
MO	Altria Group Inc.	9,300	$614	0.0%	$24.61	+149.6%	Common Stock	02209S103
IYW	iShares US Technology ETF	2,885	$565	0.0%	$150.76	—	ETP	464287721
CAT	Caterpillar Inc.	705	$336	0.0%	$206.59	+105.9%	Common Stock	149123101
CTAS	Cintas Corporation	3,200	$657	0.0%	$157.09	+35.5%	Common Stock	172908105
EFA	iShares MSCI EAFE Index Fund	14,000	$1,307	0.0%	$71.76	—	ETP	464287465
MDT	Medtronic Inc. Plc	6,995	$666	0.0%	$66.12	+38.0%	Common Stock	G5960L103
ROST	Ross Stores Inc.	2,174	$331	0.0%	$121.76	+16.8%	Common Stock	778296103
BRK/A	Berkshire Hathaway Inc - A	2	$1,508	0.0%	$407438.40	+78.4%	Common Stock	084670108
IHG	Intercontinental Hotels-ADR	7,434	$901	0.0%	$65.23	—	ADR	45857P806
MRSH	Marsh & McLennan Companies Inc.	2,323	$468	0.0%	$116.01	+75.9%	Common Stock	571748102
CDW	CDW Corp/DE	1,949	$310	0.0%	$140.79	+19.9%	Common Stock	12514G108
FAST	Fastenal Co	4,896	$240	0.0%	$40.11	+17.0%	Common Stock	311900104
ADBE	Adobe Inc.	865	$305	0.0%	$575.37	-37.6%	Common Stock	00724F101
CAH	Cardinal Health Inc.	2,000	$314	0.0%	$80.59	+90.6%	Common Stock	14149Y108
HON	Honeywell International Inc.	958	$202	0.0%	$144.93	+42.9%	Common Stock	438516106
D	Dominion Energy	4,336	$265	0.0%	$49.43	+18.0%	Common Stock	25746U109
LIN	Linde PLC	3,600	$1,710	0.0%	$452.31	+4.0%	Common Stock	G54950103
ITW	Illinois Tool Works Inc.	1,062	$277	0.0%	$190.28	+35.2%	Common Stock	452308109
TRV	Travelers Companies Inc.	1,040	$290	0.0%	$206.72	+28.6%	Common Stock	89417E109
HLT	Hilton Worldwide Holdings Inc.	1,445	$375	0.0%	$83.09	+225.1%	Common Stock	43300A203
BF/A	Brown-Forman Corp - A	13,200	$355	0.0%	$24.13	+18.9%	Common Stock	115637100
UNP	Union Pacific Corporation	1,003	$237	0.0%	$209.78	+6.4%	Common Stock	907818108