Pembroke Management, LTD Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDALF	MDA SPACE LTD	974,090	$24,664	3.6%	$25.60	0.0%	COM	55293N109
ENPH	ENPHASE ENERGY INC	302,728	$11,446	1.7%	$41.25	0.0%	COM	29355A107
SAIA	SAIA INC	26,006	$9,135	1.3%	$372.09	0.0%	COM	78709Y105
VSEC	VSE CORP	48,962	$9,029	1.3%	$207.99	0.0%	COM	918284100
OBE	OBSIDIAN ENERGY LTD	639,417	$6,055	0.9%	$7.02	0.0%	COM	674482203
HCSG	HEALTHCARE SVCS GROUP INC	299,085	$5,548	0.8%	$19.60	0.0%	COM	421906108
PNTG	PENNANT GROUP INC	144,017	$4,390	0.6%	$29.95	0.0%	COM	70805E109
AIR	AAR CORP	33,700	$3,689	0.5%	$106.17	0.0%	COM	000361105
TSAT	TELESAT CORP	92,829	$3,360	0.5%	$29.88	0.0%	CL A & CL B SHS	879512309
BOBS	BOBS DISC FURNITURE INC	175,253	$2,059	0.3%	$11.75	—	COM SHS	09681N106
PRCH	PORCH GROUP INC	271,104	$1,944	0.3%	$8.23	0.0%	COM	733245104
RTX	RTX CORPORATION	1,710	$330	0.0%	$196.61	0.0%	COM	75513E101
GE	GE AEROSPACE	1,146	$325	0.0%	$318.19	0.0%	COM NEW	369604301
FCX	FREEPORT MCMORAN INC	5,002	$294	0.0%	$61.12	0.0%	CL B	35671D857

Increased Positions (17)

LPX LOUISIANA PAC CORP 2.3%

Value ($000) $16,186 (+47.8%) Shares 222,492 (+64.1%) Est. Cost $86.28 Unrealized +3.2%

WSO WATSCO INC 2.7%

Value ($000) $18,873 (+19.7%) Shares 51,878 (+10.8%) Est. Cost $351.39 Unrealized +11.6%

DSGX DESCARTES SYS GROUP INC 1.1%

Value ($000) $7,394 (-16.5%) Shares 103,323 (+2.3%) Est. Cost $44.28 Unrealized +70.7%

BKTI BK TECHNOLOGIES CORPORATION 0.2%

Value ($000) $1,052 (+110.2%) Shares 14,100 (+110.1%) Est. Cost $69.69 Unrealized +16.4%

AEM AGNICO EAGLE MINES LTD 0.1%

Value ($000) $939 (+23.6%) Shares 4,627 (+3.2%) Est. Cost $60.08 Unrealized +242.9%

CAE CAE INC 0.2%

Value ($000) $1,713 (-9.0%) Shares 65,768 (+6.3%) Est. Cost $23.99 Unrealized +32.6%

LIN LINDE PLC 0.1%

Value ($000) $635 (+27.0%) Shares 1,281 (+9.2%) Est. Cost $444.07 Unrealized +3.6%

WCN WASTE CONNECTIONS INC 0.2%

Value ($000) $1,725 (+8.1%) Shares 10,617 (+60.3%) Est. Cost $170.77 Unrealized -2.0%

AGI ALAMOS GOLD INC 0.1%

Value ($000) $824 (+18.5%) Shares 18,540 (+2.9%) Est. Cost $13.59 Unrealized +213.0%

WPM WHEATON PRECIOUS METALS CORP 0.1%

Value ($000) $864 (+16.3%) Shares 6,597 (+4.3%) Est. Cost $49.20 Unrealized +184.2%

TDG TRANSDIGM GROUP INC 0.1%

Value ($000) $579 (+14.1%) Shares 500 (+30.9%) Est. Cost $1328.00 Unrealized +2.5%

GOOGL ALPHABET INC 0.1%

Value ($000) $912 (-5.4%) Shares 3,172 (+3.0%) Est. Cost $206.39 Unrealized +56.6%

AAPL APPLE INC 0.2%

Value ($000) $1,055 (-4.3%) Shares 4,158 (+2.5%) Est. Cost $229.33 Unrealized +14.6%

FERG FERGUSON ENTERPRISES INC 0.1%

Value ($000) $807 (+6.1%) Shares 3,459 (+1.3%) Est. Cost $201.92 Unrealized +24.3%

LLY ELI LILLY & CO 0.1%

Value ($000) $449 (-9.2%) Shares 488 (+6.1%) Est. Cost $810.44 Unrealized +29.2%

PSA PUBLIC STORAGE OPER CO 0.0%

Value ($000) $297 (+8.3%) Shares 1,097 (+3.8%) Est. Cost $285.24 Unrealized -9.4%

CDNS CADENCE DESIGN SYSTEM INC 0.0%

Value ($000) $296 (-4.3%) Shares 1,067 (+7.7%) Est. Cost $337.76 Unrealized -10.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LPX	LOUISIANA PAC CORP	222,492 (+64.1%)	$16,186 (+47.8%)	2.3%	$86.28	+3.2%	COM	546347105
WSO	WATSCO INC	51,878 (+10.8%)	$18,873 (+19.7%)	2.7%	$351.39	+11.6%	COM	942622200
DSGX	DESCARTES SYS GROUP INC	103,323 (+2.3%)	$7,394 (-16.5%)	1.1%	$44.28	+70.7%	COM	249906108
BKTI	BK TECHNOLOGIES CORPORATION	14,100 (+110.1%)	$1,052 (+110.2%)	0.2%	$69.69	+16.4%	COM NEW	05587G203
AEM	AGNICO EAGLE MINES LTD	4,627 (+3.2%)	$939 (+23.6%)	0.1%	$60.08	+242.9%	COM	008474108
CAE	CAE INC	65,768 (+6.3%)	$1,713 (-9.0%)	0.2%	$23.99	+32.6%	COM	124765108
LIN	LINDE PLC	1,281 (+9.2%)	$635 (+27.0%)	0.1%	$444.07	+3.6%	SHS	G54950103
WCN	WASTE CONNECTIONS INC	10,617 (+60.3%)	$1,725 (+8.1%)	0.2%	$170.77	-2.0%	COM	94106B101
AGI	ALAMOS GOLD INC	18,540 (+2.9%)	$824 (+18.5%)	0.1%	$13.59	+213.0%	COM CL A	011532108
WPM	WHEATON PRECIOUS METALS CORP	6,597 (+4.3%)	$864 (+16.3%)	0.1%	$49.20	+184.2%	COM	962879102
TDG	TRANSDIGM GROUP INC	500 (+30.9%)	$579 (+14.1%)	0.1%	$1328.00	+2.5%	COM	893641100
GOOGL	ALPHABET INC	3,172 (+3.0%)	$912 (-5.4%)	0.1%	$206.39	+56.6%	CAP STK CL A	02079K305
AAPL	APPLE INC	4,158 (+2.5%)	$1,055 (-4.3%)	0.2%	$229.33	+14.6%	COM	037833100
FERG	FERGUSON ENTERPRISES INC	3,459 (+1.3%)	$807 (+6.1%)	0.1%	$201.92	+24.3%	COMMON STOCK NEW	31488V107
LLY	ELI LILLY & CO	488 (+6.1%)	$449 (-9.2%)	0.1%	$810.44	+29.2%	COM	532457108
PSA	PUBLIC STORAGE OPER CO	1,097 (+3.8%)	$297 (+8.3%)	0.0%	$285.24	-9.4%	COM	74460D109
CDNS	CADENCE DESIGN SYSTEM INC	1,067 (+7.7%)	$296 (-4.3%)	0.0%	$337.76	-10.2%	COM	127387108

Exited Positions (9)

MANH MANHATTAN ASSOCIATES INC 4.2%

Value ($000) $28,986 Shares 167,248 Est. Cost $186.59 Unrealized -16.5%

VERX VERTEX INC 1.9%

Value ($000) $12,942 Shares 648,097 Est. Cost $27.95 Unrealized -39.7%

RYAN RYAN SPECIALTY HOLDINGS INC 1.4%

Value ($000) $10,014 Shares 193,966 Est. Cost $44.86 Unrealized +3.9%

CDRE CADRE HLDGS INC 0.9%

Value ($000) $6,531 Shares 159,913 Est. Cost $34.04 Unrealized +23.9%

OTEX OPEN TEXT CORP 0.1%

Value ($000) $882 Shares 19,733 Est. Cost $35.42 Unrealized -22.4%

CIGI COLLIERS INTL GROUP INC 0.1%

Value ($000) $519 Shares 3,530 Est. Cost $53.36 Unrealized +151.7%

TYL TYLER TECHNOLOGIES INC 0.0%

Value ($000) $272 Shares 600 Est. Cost $531.60 Unrealized -27.6%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $272 Shares 824 Est. Cost $303.35 Unrealized +1.8%

SHW SHERWIN WILLIAMS CO 0.0%

Value ($000) $211 Shares 650 Est. Cost $334.11 Unrealized +6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MANH	MANHATTAN ASSOCIATES INC	167,248	$28,986	4.2%	$186.59	-16.5%	—	562750109
VERX	VERTEX INC	648,097	$12,942	1.9%	$27.95	-39.7%	—	92538J106
RYAN	RYAN SPECIALTY HOLDINGS INC	193,966	$10,014	1.4%	$44.86	+3.9%	—	78351F107
CDRE	CADRE HLDGS INC	159,913	$6,531	0.9%	$34.04	+23.9%	—	12763L105
OTEX	OPEN TEXT CORP	19,733	$882	0.1%	$35.42	-22.4%	—	683715106
CIGI	COLLIERS INTL GROUP INC	3,530	$519	0.1%	$53.36	+151.7%	—	194693107
TYL	TYLER TECHNOLOGIES INC	600	$272	0.0%	$531.60	-27.6%	—	902252105
UNH	UNITEDHEALTH GROUP INC	824	$272	0.0%	$303.35	+1.8%	—	91324P102
SHW	SHERWIN WILLIAMS CO	650	$211	0.0%	$334.11	+6.3%	—	824348106

Decreased Positions (54)

WK WORKIVA INC 1.9%

Value ($000) $13,411 (-67.2%) Shares 224,900 (-52.6%) Est. Cost $76.65 Unrealized -2.4%

STVN STEVANATO GROUP S P A 0.3%

Value ($000) $2,074 (-91.8%) Shares 150,818 (-88.1%) Est. Cost $19.97 Unrealized -12.0%

QTWO Q2 HLDGS INC 0.6%

Value ($000) $4,346 (-82.4%) Shares 91,885 (-73.2%) Est. Cost $70.26 Unrealized -13.5%

CLBT CELLEBRITE DI LTD 1.3%

Value ($000) $8,791 (-64.7%) Shares 637,949 (-53.8%) Est. Cost $11.84 Unrealized +31.4%

GMED GLOBUS MED INC 5.1%

Value ($000) $35,200 (-29.2%) Shares 408,539 (-28.3%) Est. Cost $51.26 Unrealized +77.7%

IBP INSTALLED BLDG PRODS INC 2.9%

Value ($000) $19,889 (-41.6%) Shares 75,011 (-42.9%) Est. Cost $83.13 Unrealized +269.4%

PSTG EVERPURE INC 3.9%

Value ($000) $26,959 (-32.8%) Shares 456,625 (-23.8%) Est. Cost $38.68 Unrealized +83.5%

REZI RESIDEO TECHNOLOGIES INC 5.4%

Value ($000) $37,591 (-25.9%) Shares 1,115,129 (-22.8%) Est. Cost $22.98 Unrealized +57.6%

BWMN BOWMAN CONSULTING GROUP LTD 0.2%

Value ($000) $1,462 (-89.9%) Shares 51,411 (-88.3%) Est. Cost $20.81 Unrealized +66.2%

AX AXOS FINANCIAL INC 1.8%

Value ($000) $12,644 (-49.1%) Shares 148,591 (-48.5%) Est. Cost $40.75 Unrealized +132.2%

CNM CORE & MAIN INC 5.0%

Value ($000) $34,888 (-25.1%) Shares 706,237 (-21.2%) Est. Cost $38.85 Unrealized +44.8%

HGTY HAGERTY INC 2.6%

Value ($000) $18,301 (-38.9%) Shares 1,738,006 (-22.0%) Est. Cost $10.95 Unrealized +13.3%

BGSI BOYD GROUP SERVICES INC 2.1%

Value ($000) $14,585 (-44.2%) Shares 114,069 (-4.5%) Est. Cost $160.25 Unrealized +3.8%

TECH BIO-TECHNE CORP 2.8%

Value ($000) $19,458 (-35.5%) Shares 372,325 (-27.4%) Est. Cost $65.96 Unrealized -2.9%

MPWR MONOLITHIC PWR SYS INC 5.4%

Value ($000) $37,608 (-21.9%) Shares 34,397 (-35.3%) Est. Cost $373.82 Unrealized +195.5%

DORM DORMAN PRODS INC 1.3%

Value ($000) $9,092 (-53.2%) Shares 87,121 (-44.7%) Est. Cost $84.83 Unrealized +49.1%

RDVT RED VIOLET INC 0.7%

Value ($000) $4,617 (-67.2%) Shares 133,437 (-46.1%) Est. Cost $37.62 Unrealized +22.7%

FSS FEDERAL SIGNAL CORP 4.5%

Value ($000) $31,129 (-23.1%) Shares 287,862 (-22.7%) Est. Cost $85.63 Unrealized +34.5%

CRAI CRA INTL INC 1.0%

Value ($000) $6,815 (-55.4%) Shares 42,096 (-44.7%) Est. Cost $52.95 Unrealized +257.5%

MOD MODINE MFG CO 5.2%

Value ($000) $35,946 (+27.5%) Shares 165,871 (-21.4%) Est. Cost $127.24 Unrealized +38.7%

SITE SITEONE LANDSCAPE SUPPLY INC 3.8%

Value ($000) $26,286 (-19.5%) Shares 197,474 (-24.7%) Est. Cost $111.77 Unrealized +30.3%

OLLI OLLIES BARGAIN OUTLET HLDGS 0.9%

Value ($000) $6,032 (-50.5%) Shares 65,535 (-41.1%) Est. Cost $99.84 Unrealized +12.4%

AAON AAON INC 5.1%

Value ($000) $35,590 (-14.7%) Shares 430,089 (-21.4%) Est. Cost $91.42 Unrealized +1.8%

CHWY CHEWY INC 0.6%

Value ($000) $4,329 (-55.9%) Shares 160,327 (-46.0%) Est. Cost $31.78 Unrealized -7.9%

FIVE FIVE BELOW INC 0.6%

Value ($000) $4,282 (-51.9%) Shares 18,742 (-60.4%) Est. Cost $141.49 Unrealized +42.5%

VCTR VICTORY CAP HLDGS INC DEL 0.8%

Value ($000) $5,415 (-42.3%) Shares 82,693 (-44.4%) Est. Cost $51.96 Unrealized +36.2%

CWST CASELLA WASTE SYS INC 0.2%

Value ($000) $1,355 (-72.8%) Shares 17,073 (-66.4%) Est. Cost $92.83 Unrealized +9.6%

BROS DUTCH BROS INC 0.4%

Value ($000) $2,734 (-53.7%) Shares 53,977 (-44.1%) Est. Cost $56.81 Unrealized +0.1%

GIL GILDAN ACTIVEWEAR INC 1.0%

Value ($000) $6,909 (-30.5%) Shares 124,158 (-22.0%) Est. Cost $43.00 Unrealized +56.7%

LCII LCI INDS 0.7%

Value ($000) $5,168 (-28.0%) Shares 42,026 (-29.0%) Est. Cost $95.10 Unrealized +51.1%

UTI UNIVERSAL TECHNICAL INST INC 0.9%

Value ($000) $5,879 (-20.5%) Shares 162,853 (-42.5%) Est. Cost $15.50 Unrealized +84.5%

VBNK VERSABANK NEW 1.4%

Value ($000) $9,987 (-9.4%) Shares 704,776 (-4.3%) Est. Cost $16.58 Unrealized —

IMAX IMAX CORP 2.7%

Value ($000) $18,546 (-2.5%) Shares 487,918 (-5.2%) Est. Cost $18.32 Unrealized +96.0%

VEEV VEEVA SYS INC 0.0%

Value ($000) $214 (-62.6%) Shares 1,218 (-52.5%) Est. Cost $254.80 Unrealized -20.0%

MDB MONGODB INC 0.1%

Value ($000) $363 (-48.2%) Shares 1,483 (-11.3%) Est. Cost $213.26 Unrealized +76.4%

MSFT MICROSOFT CORP 0.1%

Value ($000) $723 (-27.0%) Shares 1,952 (-4.6%) Est. Cost $466.43 Unrealized -6.8%

PGR PROGRESSIVE CORP 0.0%

Value ($000) $214 (-47.6%) Shares 1,079 (-39.8%) Est. Cost $251.54 Unrealized -17.8%

CSGP COSTAR GROUP INC 0.0%

Value ($000) $211 (-46.5%) Shares 5,241 (-10.8%) Est. Cost $78.61 Unrealized -27.6%

BSX BOSTON SCIENTIFIC CORP 0.0%

Value ($000) $234 (-41.5%) Shares 3,736 (-11.0%) Est. Cost $101.38 Unrealized -15.3%

ONON ON HLDG AG 0.1%

Value ($000) $378 (-30.3%) Shares 11,109 (-4.8%) Est. Cost $45.33 Unrealized +2.2%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $1,228 (-8.1%) Shares 7,043 (-1.8%) Est. Cost $159.78 Unrealized +16.8%

IDXX IDEXX LABS INC 0.1%

Value ($000) $407 (-20.6%) Shares 724 (-4.4%) Est. Cost $552.72 Unrealized +21.3%

META META PLATFORMS INC 0.1%

Value ($000) $458 (-17.3%) Shares 800 (-4.5%) Est. Cost $627.69 Unrealized +4.4%

CPRT COPART INC 0.0%

Value ($000) $286 (-24.7%) Shares 8,601 (-11.2%) Est. Cost $44.48 Unrealized -12.0%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $455 (-16.5%) Shares 911 (-4.6%) Est. Cost $556.23 Unrealized -3.1%

SPOT SPOTIFY TECHNOLOGY S A 0.0%

Value ($000) $258 (-25.4%) Shares 533 (-10.7%) Est. Cost $651.80 Unrealized -23.7%

IEMG ISHARES INC 0.6%

Value ($000) $3,868 (+2.0%) Shares 55,461 (-1.7%) Est. Cost $47.95 Unrealized —

ASML ASML HLDG NV 0.1%

Value ($000) $584 (+9.8%) Shares 442 (-11.1%) Est. Cost $870.77 Unrealized —

HD HOME DEPOT INC 0.0%

Value ($000) $292 (-15.1%) Shares 888 (-11.2%) Est. Cost $380.81 Unrealized -1.0%

WMT WALMART INC 0.1%

Value ($000) $479 (+8.8%) Shares 3,851 (-2.5%) Est. Cost $102.30 Unrealized +19.3%

IEFA ISHARES TR 0.7%

Value ($000) $4,840 (-0.7%) Shares 53,462 (-1.9%) Est. Cost $68.13 Unrealized —

COST COSTCO WHOLESALE CORPORATION 0.0%

Value ($000) $226 (+12.6%) Shares 227 (-2.6%) Est. Cost $905.73 Unrealized +6.4%

TT TRANE TECHNOLOGIES PLC 0.0%

Value ($000) $309 (-1.9%) Shares 742 (-8.4%) Est. Cost $396.28 Unrealized +6.5%

ORLY OREILLY AUTOMOTIVE INC 0.1%

Value ($000) $445 (-0.8%) Shares 4,824 (-2.0%) Est. Cost $92.95 Unrealized +2.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WK	WORKIVA INC	224,900 (-52.6%)	$13,411 (-67.2%)	1.9%	$76.65	-2.4%	COM CL A	98139A105
STVN	STEVANATO GROUP S P A	150,818 (-88.1%)	$2,074 (-91.8%)	0.3%	$19.97	-12.0%	ORD SHS	T9224W109
QTWO	Q2 HLDGS INC	91,885 (-73.2%)	$4,346 (-82.4%)	0.6%	$70.26	-13.5%	COM	74736L109
CLBT	CELLEBRITE DI LTD	637,949 (-53.8%)	$8,791 (-64.7%)	1.3%	$11.84	+31.4%	ORDINARY SHARES	M2197Q107
GMED	GLOBUS MED INC	408,539 (-28.3%)	$35,200 (-29.2%)	5.1%	$51.26	+77.7%	CL A	379577208
IBP	INSTALLED BLDG PRODS INC	75,011 (-42.9%)	$19,889 (-41.6%)	2.9%	$83.13	+269.4%	COM	45780R101
PSTG	EVERPURE INC	456,625 (-23.8%)	$26,959 (-32.8%)	3.9%	$38.68	+83.5%	CL A	74624M102
REZI	RESIDEO TECHNOLOGIES INC	1,115,129 (-22.8%)	$37,591 (-25.9%)	5.4%	$22.98	+57.6%	COM	76118Y104
BWMN	BOWMAN CONSULTING GROUP LTD	51,411 (-88.3%)	$1,462 (-89.9%)	0.2%	$20.81	+66.2%	COM	103002101
AX	AXOS FINANCIAL INC	148,591 (-48.5%)	$12,644 (-49.1%)	1.8%	$40.75	+132.2%	COM	05465C100
CNM	CORE & MAIN INC	706,237 (-21.2%)	$34,888 (-25.1%)	5.0%	$38.85	+44.8%	CL A	21874C102
HGTY	HAGERTY INC	1,738,006 (-22.0%)	$18,301 (-38.9%)	2.6%	$10.95	+13.3%	CL A COM	405166109
BGSI	BOYD GROUP SERVICES INC	114,069 (-4.5%)	$14,585 (-44.2%)	2.1%	$160.25	+3.8%	COM	103310108
TECH	BIO-TECHNE CORP	372,325 (-27.4%)	$19,458 (-35.5%)	2.8%	$65.96	-2.9%	COM	09073M104
MPWR	MONOLITHIC PWR SYS INC	34,397 (-35.3%)	$37,608 (-21.9%)	5.4%	$373.82	+195.5%	COM	609839105
DORM	DORMAN PRODS INC	87,121 (-44.7%)	$9,092 (-53.2%)	1.3%	$84.83	+49.1%	COM	258278100
RDVT	RED VIOLET INC	133,437 (-46.1%)	$4,617 (-67.2%)	0.7%	$37.62	+22.7%	COM	75704L104
FSS	FEDERAL SIGNAL CORP	287,862 (-22.7%)	$31,129 (-23.1%)	4.5%	$85.63	+34.5%	COM	313855108
CRAI	CRA INTL INC	42,096 (-44.7%)	$6,815 (-55.4%)	1.0%	$52.95	+257.5%	COM	12618T105
MOD	MODINE MFG CO	165,871 (-21.4%)	$35,946 (+27.5%)	5.2%	$127.24	+38.7%	COM	607828100
SITE	SITEONE LANDSCAPE SUPPLY INC	197,474 (-24.7%)	$26,286 (-19.5%)	3.8%	$111.77	+30.3%	COM	82982L103
OLLI	OLLIES BARGAIN OUTLET HLDGS	65,535 (-41.1%)	$6,032 (-50.5%)	0.9%	$99.84	+12.4%	COM	681116109
AAON	AAON INC	430,089 (-21.4%)	$35,590 (-14.7%)	5.1%	$91.42	+1.8%	COM PAR $0.004	000360206
CHWY	CHEWY INC	160,327 (-46.0%)	$4,329 (-55.9%)	0.6%	$31.78	-7.9%	CL A	16679L109
FIVE	FIVE BELOW INC	18,742 (-60.4%)	$4,282 (-51.9%)	0.6%	$141.49	+42.5%	COM	33829M101
VCTR	VICTORY CAP HLDGS INC DEL	82,693 (-44.4%)	$5,415 (-42.3%)	0.8%	$51.96	+36.2%	COM CL A	92645B103
CWST	CASELLA WASTE SYS INC	17,073 (-66.4%)	$1,355 (-72.8%)	0.2%	$92.83	+9.6%	CL A	147448104
BROS	DUTCH BROS INC	53,977 (-44.1%)	$2,734 (-53.7%)	0.4%	$56.81	+0.1%	CL A	26701L100
GIL	GILDAN ACTIVEWEAR INC	124,158 (-22.0%)	$6,909 (-30.5%)	1.0%	$43.00	+56.7%	COM	375916103
LCII	LCI INDS	42,026 (-29.0%)	$5,168 (-28.0%)	0.7%	$95.10	+51.1%	COM	50189K103
UTI	UNIVERSAL TECHNICAL INST INC	162,853 (-42.5%)	$5,879 (-20.5%)	0.9%	$15.50	+84.5%	COM	913915104
VBNK	VERSABANK NEW	704,776 (-4.3%)	$9,987 (-9.4%)	1.4%	$16.58	—	COM	92512J106
IMAX	IMAX CORP	487,918 (-5.2%)	$18,546 (-2.5%)	2.7%	$18.32	+96.0%	COM	45245E109
VEEV	VEEVA SYS INC	1,218 (-52.5%)	$214 (-62.6%)	0.0%	$254.80	-20.0%	CL A COM	922475108
MDB	MONGODB INC	1,483 (-11.3%)	$363 (-48.2%)	0.1%	$213.26	+76.4%	CL A	60937P106
MSFT	MICROSOFT CORP	1,952 (-4.6%)	$723 (-27.0%)	0.1%	$466.43	-6.8%	COM	594918104
PGR	PROGRESSIVE CORP	1,079 (-39.8%)	$214 (-47.6%)	0.0%	$251.54	-17.8%	COM	743315103
CSGP	COSTAR GROUP INC	5,241 (-10.8%)	$211 (-46.5%)	0.0%	$78.61	-27.6%	COM	22160N109
BSX	BOSTON SCIENTIFIC CORP	3,736 (-11.0%)	$234 (-41.5%)	0.0%	$101.38	-15.3%	COM	101137107
ONON	ON HLDG AG	11,109 (-4.8%)	$378 (-30.3%)	0.1%	$45.33	+2.2%	NAMEN AKT A	H5919C104
NVDA	NVIDIA CORPORATION	7,043 (-1.8%)	$1,228 (-8.1%)	0.2%	$159.78	+16.8%	COM	67066G104
IDXX	IDEXX LABS INC	724 (-4.4%)	$407 (-20.6%)	0.1%	$552.72	+21.3%	COM	45168D104
META	META PLATFORMS INC	800 (-4.5%)	$458 (-17.3%)	0.1%	$627.69	+4.4%	CL A	30303M102
CPRT	COPART INC	8,601 (-11.2%)	$286 (-24.7%)	0.0%	$44.48	-12.0%	COM	217204106
MA	MASTERCARD INCORPORATED	911 (-4.6%)	$455 (-16.5%)	0.1%	$556.23	-3.1%	CL A	57636Q104
SPOT	SPOTIFY TECHNOLOGY S A	533 (-10.7%)	$258 (-25.4%)	0.0%	$651.80	-23.7%	SHS	L8681T102
IEMG	ISHARES INC	55,461 (-1.7%)	$3,868 (+2.0%)	0.6%	$47.95	—	CORE MSCI EMKT	46434G103
ASML	ASML HLDG NV	442 (-11.1%)	$584 (+9.8%)	0.1%	$870.77	—	N Y REGISTRY SHS	N07059210
HD	HOME DEPOT INC	888 (-11.2%)	$292 (-15.1%)	0.0%	$380.81	-1.0%	COM	437076102
WMT	WALMART INC	3,851 (-2.5%)	$479 (+8.8%)	0.1%	$102.30	+19.3%	COM	931142103
IEFA	ISHARES TR	53,462 (-1.9%)	$4,840 (-0.7%)	0.7%	$68.13	—	CORE MSCI EAFE	46432F842
COST	COSTCO WHOLESALE CORPORATION	227 (-2.6%)	$226 (+12.6%)	0.0%	$905.73	+6.4%	COM	22160K105
TT	TRANE TECHNOLOGIES PLC	742 (-8.4%)	$309 (-1.9%)	0.0%	$396.28	+6.5%	SHS	G8994E103
ORLY	OREILLY AUTOMOTIVE INC	4,824 (-2.0%)	$445 (-0.8%)	0.1%	$92.95	+2.2%	COM	67103H107

Unchanged Positions (12)

IVV ISHARES TR 2.1%

Value ($000) $14,424 Shares 22,081 Est. Cost $411.63 Unrealized —

SHOP SHOPIFY INC 0.2%

Value ($000) $1,297 Shares 10,937 Est. Cost $95.06 Unrealized +43.5%

MAIN MAIN STR CAP CORP 0.5%

Value ($000) $3,439 Shares 64,937 Est. Cost $46.25 Unrealized +33.0%

GIB CGI INC 0.2%

Value ($000) $1,039 Shares 14,220 Est. Cost $101.19 Unrealized -17.1%

BN BROOKFIELD CORP 0.1%

Value ($000) $863 Shares 21,336 Est. Cost $34.73 Unrealized +34.4%

RY ROYAL BK CDA 0.3%

Value ($000) $2,146 Shares 13,266 Est. Cost $108.97 Unrealized +55.9%

FSV FIRSTSERVICE CORP NEW 0.1%

Value ($000) $909 Shares 6,541 Est. Cost $139.91 Unrealized +12.6%

AMZN AMAZON COM INC 0.1%

Value ($000) $1,006 Shares 4,832 Est. Cost $211.83 Unrealized +7.1%

CXDO CREXENDO INC 0.2%

Value ($000) $1,205 Shares 195,371 Est. Cost $5.88 Unrealized +12.5%

STN STANTEC INC 0.1%

Value ($000) $599 Shares 6,933 Est. Cost $69.43 Unrealized —

EUSA ISHARES INC 0.3%

Value ($000) $2,404 Shares 23,623 Est. Cost $103.03 Unrealized —

PMTS CPI CARD GROUP INC 0.2%

Value ($000) $1,445 Shares 99,567 Est. Cost $22.89 Unrealized -43.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	22,081	$14,424	2.1%	$411.63	—	CORE S&P500 ETF	464287200
SHOP	SHOPIFY INC	10,937	$1,297	0.2%	$95.06	+43.5%	CL A SUB VTG SHS	82509L107
MAIN	MAIN STR CAP CORP	64,937	$3,439	0.5%	$46.25	+33.0%	COM	56035L104
GIB	CGI INC	14,220	$1,039	0.2%	$101.19	-17.1%	CL A SUB VTG	12532H104
BN	BROOKFIELD CORP	21,336	$863	0.1%	$34.73	+34.4%	CL A LTD VT SH	11271J107
RY	ROYAL BK CDA	13,266	$2,146	0.3%	$108.97	+55.9%	COM	780087102
FSV	FIRSTSERVICE CORP NEW	6,541	$909	0.1%	$139.91	+12.6%	COM	33767E202
AMZN	AMAZON COM INC	4,832	$1,006	0.1%	$211.83	+7.1%	COM	023135106
CXDO	CREXENDO INC	195,371	$1,205	0.2%	$5.88	+12.5%	COM	226552107
STN	STANTEC INC	6,933	$599	0.1%	$69.43	—	COM	85472N109
EUSA	ISHARES INC	23,623	$2,404	0.3%	$103.03	—	MSCI EQUAL WEITE	464286681
PMTS	CPI CARD GROUP INC	99,567	$1,445	0.2%	$22.89	-43.1%	COM NEW	12634H200