Addenda Capital Inc. Diversified Active

CIK: 0001569411 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 22, 2026

Total Value ($000): $3,407,788 (100.0% shares, 0.0% debt)

Holdings (125)

New Positions (6)

BGSI BOYD GROUP SERVICES INC 0.4%

Value ($000) $14,892 Shares 68,067 Est. Cost $160.25 Unrealized 0.0%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.2%

Value ($000) $5,484 Shares 18,013 Est. Cost $304.45 Unrealized —

Q QNITY ELECTRONICS INC 0.1%

Value ($000) $3,315 Shares 40,600 Est. Cost $84.91 Unrealized 0.0%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $1,730 Shares 2,530 Est. Cost $683.61 Unrealized —

KGC KINROSS GOLD CORP 0.0%

Value ($000) $1,336 Shares 34,570 Est. Cost $25.98 Unrealized 0.0%

HBM HUDBAY MINERALS INC 0.0%

Value ($000) $382 Shares 14,030 Est. Cost $16.91 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BGSI	BOYD GROUP SERVICES INC	68,067	$14,892	0.4%	$160.25	0.0%	COM	103310108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	18,013	$5,484	0.2%	$304.45	—	SPONSORED ADS	874039100
Q	QNITY ELECTRONICS INC	40,600	$3,315	0.1%	$84.91	0.0%	COMMON STOCK	74743L100
SPY	SPDR S&P 500 ETF TR	2,530	$1,730	0.1%	$683.61	—	TR UNIT	78462F103
KGC	KINROSS GOLD CORP	34,570	$1,336	0.0%	$25.98	0.0%	COM	496902404
HBM	HUDBAY MINERALS INC	14,030	$382	0.0%	$16.91	0.0%	COM	443628102

Increased Positions (14)

AMZN AMAZON COM INC 1.1%

Value ($000) $37,031 (+337.0%) Shares 160,375 (+315.5%) Est. Cost $202.62 Unrealized +12.9%

FNV FRANCO NEV CORP 1.7%

Value ($000) $57,938 (+72.8%) Shares 203,643 (+88.1%) Est. Cost $181.70 Unrealized +11.6%

WPM WHEATON PRECIOUS METALS CORP 2.7%

Value ($000) $92,047 (+25.1%) Shares 570,442 (+20.8%) Est. Cost $73.61 Unrealized +45.5%

CCJ CAMECO CORP 2.0%

Value ($000) $67,621 (+30.3%) Shares 538,043 (+21.1%) Est. Cost $41.44 Unrealized +117.0%

SPGI S&P GLOBAL INC 0.6%

Value ($000) $19,325 (+52.3%) Shares 36,979 (+41.9%) Est. Cost $506.87 Unrealized -2.5%

TRU TRANSUNION 0.3%

Value ($000) $10,607 (+135.0%) Shares 123,692 (+129.6%) Est. Cost $85.80 Unrealized -4.3%

SHW SHERWIN WILLIAMS CO 0.2%

Value ($000) $8,507 (+132.6%) Shares 26,254 (+148.6%) Est. Cost $339.24 Unrealized -1.5%

NVDA NVIDIA CORPORATION 1.3%

Value ($000) $45,921 (+10.3%) Shares 246,183 (+10.4%) Est. Cost $130.52 Unrealized +42.6%

BN BROOKFIELD CORP 4.0%

Value ($000) $136,007 (+2.7%) Shares 2,158,161 (+55.6%) Est. Cost $30.65 Unrealized +48.6%

WCN WASTE CONNECTIONS INC 1.6%

Value ($000) $53,061 (+3.3%) Shares 220,427 (+4.9%) Est. Cost $91.26 Unrealized +89.4%

URI UNITED RENTALS INC 0.4%

Value ($000) $13,547 (+2.8%) Shares 16,739 (+21.3%) Est. Cost $758.76 Unrealized +14.3%

IWM ISHARES TR 0.2%

Value ($000) $5,330 (+5.9%) Shares 21,650 (+4.1%) Est. Cost $182.06 Unrealized —

CIGI COLLIERS INTL GROUP INC 1.0%

Value ($000) $34,258 (+0.8%) Shares 169,640 (+8.6%) Est. Cost $107.58 Unrealized +39.5%

TAP MOLSON COORS BEVERAGE CO 0.0%

Value ($000) $746 (+11.2%) Shares 15,973 (+7.8%) Est. Cost $48.35 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	160,375 (+315.5%)	$37,031 (+337.0%)	1.1%	$202.62	+12.9%	COM	023135106
FNV	FRANCO NEV CORP	203,643 (+88.1%)	$57,938 (+72.8%)	1.7%	$181.70	+11.6%	COM	351858105
WPM	WHEATON PRECIOUS METALS CORP	570,442 (+20.8%)	$92,047 (+25.1%)	2.7%	$73.61	+45.5%	COM	962879102
CCJ	CAMECO CORP	538,043 (+21.1%)	$67,621 (+30.3%)	2.0%	$41.44	+117.0%	COM	13321L108
SPGI	S&P GLOBAL INC	36,979 (+41.9%)	$19,325 (+52.3%)	0.6%	$506.87	-2.5%	COM	78409V104
TRU	TRANSUNION	123,692 (+129.6%)	$10,607 (+135.0%)	0.3%	$85.80	-4.3%	COM	89400J107
SHW	SHERWIN WILLIAMS CO	26,254 (+148.6%)	$8,507 (+132.6%)	0.2%	$339.24	-1.5%	COM	824348106
NVDA	NVIDIA CORPORATION	246,183 (+10.4%)	$45,921 (+10.3%)	1.3%	$130.52	+42.6%	COM	67066G104
BN	BROOKFIELD CORP	2,158,161 (+55.6%)	$136,007 (+2.7%)	4.0%	$30.65	+48.6%	CL A LTD VT SH	11271J107
WCN	WASTE CONNECTIONS INC	220,427 (+4.9%)	$53,061 (+3.3%)	1.6%	$91.26	+89.4%	COM	94106B101
URI	UNITED RENTALS INC	16,739 (+21.3%)	$13,547 (+2.8%)	0.4%	$758.76	+14.3%	COM	911363109
IWM	ISHARES TR	21,650 (+4.1%)	$5,330 (+5.9%)	0.2%	$182.06	—	RUSSELL 2000 ETF	464287655
CIGI	COLLIERS INTL GROUP INC	169,640 (+8.6%)	$34,258 (+0.8%)	1.0%	$107.58	+39.5%	SUB VTG SHS	194693107
TAP	MOLSON COORS BEVERAGE CO	15,973 (+7.8%)	$746 (+11.2%)	0.0%	$48.35	-5.3%	CL B	60871R209

Exited Positions (7)

GFL GFL ENVIRONMENTAL INC 0.4%

Value ($000) $15,109 Shares 229,065 Est. Cost $31.55 Unrealized +41.6%

FISV FISERV INC 0.3%

Value ($000) $11,093 Shares 86,042 Est. Cost $117.68 Unrealized -28.7%

MIDD MIDDLEBY CORP 0.2%

Value ($000) $7,552 Shares 56,815 Est. Cost $135.08 Unrealized -2.8%

LKQ LKQ CORP 0.2%

Value ($000) $7,233 Shares 236,843 Est. Cost $39.72 Unrealized -24.5%

BALL BALL CORP 0.1%

Value ($000) $4,005 Shares 79,427 Est. Cost $57.51 Unrealized -14.6%

DSGX DESCARTES SYS GROUP INC 0.1%

Value ($000) $2,776 Shares 21,183 Est. Cost $14.68 Unrealized +508.7%

LSPD LIGHTSPEED COMMERCE INC 0.0%

Value ($000) $811 Shares 50,485 Est. Cost $16.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GFL	GFL ENVIRONMENTAL INC	229,065	$15,109	0.4%	$31.55	+41.6%	—	36168Q104
FISV	FISERV INC	86,042	$11,093	0.3%	$117.68	-28.7%	—	337738108
MIDD	MIDDLEBY CORP	56,815	$7,552	0.2%	$135.08	-2.8%	—	596278101
LKQ	LKQ CORP	236,843	$7,233	0.2%	$39.72	-24.5%	—	501889208
BALL	BALL CORP	79,427	$4,005	0.1%	$57.51	-14.6%	—	058498106
DSGX	DESCARTES SYS GROUP INC	21,183	$2,776	0.1%	$14.68	+508.7%	—	249906108
LSPD	LIGHTSPEED COMMERCE INC	50,485	$811	0.0%	$16.07	—	—	53229C107

Decreased Positions (99)

TECK TECK RESOURCES LTD 0.3%

Value ($000) $11,112 (-66.8%) Shares 169,102 (-69.2%) Est. Cost $36.71 Unrealized +18.0%

TD TORONTO DOMINION BK ONT 4.9%

Value ($000) $168,574 (+14.3%) Shares 1,303,135 (-1.7%) Est. Cost $47.52 Unrealized +77.7%

RY ROYAL BK CDA 4.8%

Value ($000) $164,449 (+11.8%) Shares 702,804 (-2.0%) Est. Cost $68.05 Unrealized +125.7%

AEM AGNICO EAGLE MINES LTD 4.6%

Value ($000) $155,310 (-8.5%) Shares 667,254 (-7.9%) Est. Cost $92.67 Unrealized +81.1%

CP CANADIAN PACIFIC KANSAS CITY 2.1%

Value ($000) $72,801 (-12.7%) Shares 718,820 (-10.5%) Est. Cost $77.72 Unrealized -5.3%

BNS BANK NOVA SCOTIA HALIFAX 3.2%

Value ($000) $108,410 (+10.1%) Shares 1,070,928 (-2.1%) Est. Cost $41.01 Unrealized +65.8%

ENB ENBRIDGE INC 2.7%

Value ($000) $92,875 (-8.4%) Shares 1,414,046 (-2.1%) Est. Cost $23.31 Unrealized +102.1%

APH AMPHENOL CORP NEW 0.8%

Value ($000) $26,902 (-23.0%) Shares 198,728 (-29.5%) Est. Cost $66.80 Unrealized +99.9%

CNQ CANADIAN NAT RES LTD 2.6%

Value ($000) $90,072 (-8.2%) Shares 1,913,178 (-12.0%) Est. Cost $24.47 Unrealized +32.5%

AGI ALAMOS GOLD INC NEW 3.5%

Value ($000) $118,012 (+6.9%) Shares 2,226,649 (-2.1%) Est. Cost $21.32 Unrealized +63.4%

SHOP SHOPIFY INC 4.4%

Value ($000) $151,039 (+4.9%) Shares 683,436 (-1.8%) Est. Cost $53.09 Unrealized +202.4%

ADBE ADOBE INC 0.3%

Value ($000) $9,898 (-40.1%) Shares 28,280 (-39.6%) Est. Cost $313.74 Unrealized +8.4%

MSFT MICROSOFT CORP 1.8%

Value ($000) $61,734 (-9.0%) Shares 127,649 (-2.5%) Est. Cost $206.84 Unrealized +142.0%

GOOG ALPHABET INC 1.7%

Value ($000) $56,421 (+12.0%) Shares 179,798 (-13.0%) Est. Cost $140.10 Unrealized +104.4%

FFIV F5 INC 0.6%

Value ($000) $19,388 (-22.1%) Shares 75,955 (-1.4%) Est. Cost $234.35 Unrealized +14.8%

GIB CGI INC 1.1%

Value ($000) $37,900 (-11.8%) Shares 298,946 (-13.8%) Est. Cost $68.17 Unrealized +30.6%

AVGO BROADCOM INC 1.7%

Value ($000) $58,076 (-6.8%) Shares 167,800 (-11.2%) Est. Cost $176.92 Unrealized +101.8%

CM CANADIAN IMPERIAL BANK OF CO 1.6%

Value ($000) $53,512 (+8.0%) Shares 426,376 (-3.5%) Est. Cost $45.66 Unrealized +87.9%

BMO BANK MONTREAL QUE 3.8%

Value ($000) $129,291 (-3.0%) Shares 725,333 (-1.3%) Est. Cost $91.65 Unrealized +38.2%

DD DUPONT DE NEMOURS INC 0.1%

Value ($000) $3,264 (-53.5%) Shares 81,200 (-9.8%) Est. Cost $22.25 Unrealized +68.1%

MFC MANULIFE FINL CORP 1.1%

Value ($000) $38,410 (+10.1%) Shares 770,657 (-4.2%) Est. Cost $17.01 Unrealized +99.6%

STN STANTEC INC 0.3%

Value ($000) $10,042 (-22.2%) Shares 77,400 (-9.8%) Est. Cost $60.76 Unrealized —

TRI THOMSON REUTERS CORP 0.3%

Value ($000) $8,785 (-24.4%) Shares 48,500 (-9.8%) Est. Cost $122.46 Unrealized +15.3%

PBA PEMBINA PIPELINE CORP 0.9%

Value ($000) $32,366 (-8.0%) Shares 618,967 (-1.0%) Est. Cost $21.66 Unrealized +77.5%

RMD RESMED INC 0.5%

Value ($000) $18,397 (-13.2%) Shares 76,379 (-1.4%) Est. Cost $202.32 Unrealized +26.3%

TFII TFI INTL INC 0.6%

Value ($000) $19,927 (+14.1%) Shares 139,823 (-1.4%) Est. Cost $87.52 Unrealized +6.3%

BAM BROOKFIELD ASSET MANAGMT LTD 0.6%

Value ($000) $20,062 (-10.2%) Shares 279,027 (-1.1%) Est. Cost $27.94 Unrealized +91.4%

LIN LINDE PLC 0.5%

Value ($000) $15,909 (-11.5%) Shares 37,310 (-1.4%) Est. Cost $410.64 Unrealized +4.1%

RBA RB GLOBAL INC 0.3%

Value ($000) $10,881 (-15.5%) Shares 77,000 (-9.8%) Est. Cost $56.38 Unrealized +80.2%

IQV IQVIA HLDGS INC 0.4%

Value ($000) $13,587 (+17.0%) Shares 60,279 (-1.4%) Est. Cost $206.80 Unrealized +5.2%

T AT&T INC 0.2%

Value ($000) $7,246 (-20.7%) Shares 291,700 (-9.8%) Est. Cost $15.02 Unrealized +68.4%

META META PLATFORMS INC 0.2%

Value ($000) $7,591 (-19.0%) Shares 11,500 (-9.8%) Est. Cost $154.24 Unrealized +332.6%

HD HOME DEPOT INC 0.2%

Value ($000) $5,437 (-23.4%) Shares 15,800 (-9.8%) Est. Cost $270.67 Unrealized +34.7%

TRP TC ENERGY CORP 2.1%

Value ($000) $70,233 (-2.3%) Shares 918,924 (-2.2%) Est. Cost $36.41 Unrealized +46.5%

MDLZ MONDELEZ INTL INC 0.3%

Value ($000) $8,995 (-15.0%) Shares 165,791 (-1.5%) Est. Cost $51.83 Unrealized +10.1%

GOOGL ALPHABET INC 0.3%

Value ($000) $11,116 (+16.2%) Shares 35,500 (-9.8%) Est. Cost $110.06 Unrealized +159.5%

DEO DIAGEO PLC 0.2%

Value ($000) $6,298 (-18.5%) Shares 73,000 (-9.8%) Est. Cost $134.58 Unrealized —

COST COSTCO WHSL CORP NEW 0.4%

Value ($000) $14,687 (-8.1%) Shares 17,031 (-1.4%) Est. Cost $440.83 Unrealized +105.5%

ABT ABBOTT LABS 0.2%

Value ($000) $6,941 (-15.7%) Shares 55,400 (-9.8%) Est. Cost $100.63 Unrealized +26.5%

MEOH METHANEX CORP 0.3%

Value ($000) $9,963 (-11.3%) Shares 183,000 (-9.8%) Est. Cost $35.39 Unrealized +5.1%

CAE CAE INC 0.4%

Value ($000) $15,141 (-7.6%) Shares 362,752 (-8.8%) Est. Cost $26.09 Unrealized +7.5%

BR BROADRIDGE FINL SOLUTIONS IN 0.4%

Value ($000) $14,835 (-7.6%) Shares 66,229 (-1.4%) Est. Cost $177.44 Unrealized +28.1%

QSR RESTAURANT BRANDS INTL INC 0.9%

Value ($000) $30,074 (+3.8%) Shares 318,202 (-1.0%) Est. Cost $61.91 Unrealized +11.3%

MRK MERCK & CO INC 0.3%

Value ($000) $9,316 (+13.1%) Shares 87,800 (-9.9%) Est. Cost $79.94 Unrealized +16.6%

PG PROCTER AND GAMBLE CO 0.2%

Value ($000) $5,618 (-15.9%) Shares 39,200 (-9.8%) Est. Cost $137.23 Unrealized +7.2%

TJX TJX COS INC NEW 0.7%

Value ($000) $23,951 (-4.1%) Shares 155,918 (-9.8%) Est. Cost $73.47 Unrealized +101.0%

INTU INTUIT 0.7%

Value ($000) $22,152 (-4.4%) Shares 33,441 (-1.4%) Est. Cost $461.47 Unrealized +43.2%

WAB WABTEC 0.6%

Value ($000) $20,724 (+5.0%) Shares 97,089 (-1.4%) Est. Cost $173.25 Unrealized +18.5%

FTS FORTIS INC 0.4%

Value ($000) $12,215 (-7.4%) Shares 171,180 (-8.4%) Est. Cost $38.28 Unrealized +32.8%

PFE PFIZER INC 0.2%

Value ($000) $7,241 (-11.8%) Shares 290,800 (-9.8%) Est. Cost $31.51 Unrealized -20.5%

LOW LOWES COS INC 0.5%

Value ($000) $16,791 (-5.3%) Shares 69,625 (-1.4%) Est. Cost $168.27 Unrealized +42.5%

BCE BCE INC 0.5%

Value ($000) $15,379 (-5.8%) Shares 463,466 (-6.4%) Est. Cost $34.53 Unrealized -33.3%

HMC HONDA MOTOR LTD 0.2%

Value ($000) $5,289 (-13.7%) Shares 179,400 (-9.8%) Est. Cost $21.59 Unrealized —

FDX FEDEX CORP 0.3%

Value ($000) $8,709 (+10.5%) Shares 30,000 (-9.8%) Est. Cost $202.38 Unrealized +29.2%

CAT CATERPILLAR INC 0.3%

Value ($000) $10,770 (+8.2%) Shares 18,800 (-9.8%) Est. Cost $172.21 Unrealized +222.6%

MA MASTERCARD INCORPORATED 0.2%

Value ($000) $7,650 (-9.5%) Shares 13,400 (-9.8%) Est. Cost $325.17 Unrealized +71.9%

DIS DISNEY WALT CO 0.2%

Value ($000) $6,974 (-9.8%) Shares 60,900 (-9.8%) Est. Cost $92.74 Unrealized +18.1%

NTR NUTRIEN LTD 0.3%

Value ($000) $9,051 (-7.7%) Shares 105,900 (-10.9%) Est. Cost $58.60 Unrealized +0.4%

EMR EMERSON ELEC CO 0.2%

Value ($000) $7,764 (-8.8%) Shares 58,500 (-9.8%) Est. Cost $77.62 Unrealized +70.5%

SYK STRYKER CORPORATION 0.3%

Value ($000) $10,823 (-6.4%) Shares 30,728 (-1.5%) Est. Cost $240.93 Unrealized +50.9%

SLF SUN LIFE FINANCIAL INC. 0.3%

Value ($000) $9,702 (-7.0%) Shares 113,230 (-9.3%) Est. Cost $43.81 Unrealized +37.9%

EMA EMERA INC 0.9%

Value ($000) $31,247 (-2.3%) Shares 461,955 (-3.5%) Est. Cost $43.35 Unrealized +11.4%

MDT MEDTRONIC PLC 0.2%

Value ($000) $7,064 (-9.1%) Shares 73,000 (-9.9%) Est. Cost $80.32 Unrealized +20.9%

SBUX STARBUCKS CORP 0.2%

Value ($000) $5,955 (-10.2%) Shares 70,700 (-9.8%) Est. Cost $78.29 Unrealized +7.4%

GIL GILDAN ACTIVEWEAR INC 0.5%

Value ($000) $16,470 (-3.9%) Shares 191,983 (-10.0%) Est. Cost $31.92 Unrealized +86.3%

ZTS ZOETIS INC 0.1%

Value ($000) $3,640 (-15.3%) Shares 28,931 (-1.5%) Est. Cost $150.53 Unrealized -13.5%

MCD MCDONALDS CORP 0.2%

Value ($000) $6,113 (-9.3%) Shares 20,000 (-9.8%) Est. Cost $236.27 Unrealized +29.1%

RIO RIO TINTO PLC 0.2%

Value ($000) $7,331 (+9.3%) Shares 91,600 (-9.8%) Est. Cost $57.88 Unrealized —

SCHW SCHWAB CHARLES CORP 0.6%

Value ($000) $19,937 (+3.2%) Shares 199,554 (-1.4%) Est. Cost $59.93 Unrealized +58.1%

DE DEERE & CO 0.2%

Value ($000) $6,681 (-8.2%) Shares 14,300 (-9.8%) Est. Cost $386.78 Unrealized +20.9%

DOW DOW INC 0.2%

Value ($000) $6,308 (-8.1%) Shares 269,800 (-9.8%) Est. Cost $34.47 Unrealized -33.9%

SU SUNCOR ENERGY INC NEW 1.4%

Value ($000) $46,352 (+1.2%) Shares 760,866 (-3.2%) Est. Cost $20.23 Unrealized +108.9%

OR OR ROYALTIES INC. 0.1%

Value ($000) $1,726 (-23.4%) Shares 35,444 (-12.2%) Est. Cost $24.48 Unrealized +43.1%

IBM INTERNATIONAL BUSINESS MACHS 0.3%

Value ($000) $9,271 (-5.4%) Shares 31,300 (-9.8%) Est. Cost $115.64 Unrealized +158.4%

UPS UNITED PARCEL SERVICE INC 0.2%

Value ($000) $7,876 (+7.1%) Shares 79,400 (-9.8%) Est. Cost $108.76 Unrealized -14.7%

BKNG BOOKING HOLDINGS INC 0.7%

Value ($000) $24,244 (-2.1%) Shares 4,527 (-1.3%) Est. Cost $3107.76 Unrealized +65.3%

CVE CENOVUS ENERGY INC 0.4%

Value ($000) $15,234 (-3.1%) Shares 656,064 (-1.4%) Est. Cost $16.61 Unrealized +4.6%

KO COCA COLA CO 0.2%

Value ($000) $7,438 (-5.5%) Shares 106,400 (-9.8%) Est. Cost $58.53 Unrealized +18.6%

CHD CHURCH & DWIGHT CO INC 0.2%

Value ($000) $7,091 (-5.7%) Shares 84,567 (-1.5%) Est. Cost $69.79 Unrealized +22.2%

PEP PEPSICO INC 0.4%

Value ($000) $15,081 (-2.2%) Shares 104,134 (-5.1%) Est. Cost $126.06 Unrealized +15.7%

PNC PNC FINL SVCS GROUP INC 0.4%

Value ($000) $13,098 (+2.3%) Shares 62,750 (-1.5%) Est. Cost $146.52 Unrealized +31.6%

UNP UNION PAC CORP 0.2%

Value ($000) $7,902 (-3.6%) Shares 34,162 (-1.5%) Est. Cost $165.41 Unrealized +37.4%

GGG GRACO INC 0.1%

Value ($000) $4,598 (-4.9%) Shares 56,088 (-1.5%) Est. Cost $84.93 Unrealized -3.5%

V VISA INC 1.0%

Value ($000) $33,838 (-0.7%) Shares 96,483 (-3.3%) Est. Cost $169.49 Unrealized +100.8%

WMT WALMART INC 0.3%

Value ($000) $9,502 (-2.3%) Shares 85,100 (-9.8%) Est. Cost $51.35 Unrealized +108.8%

JPM JPMORGAN CHASE & CO. 0.8%

Value ($000) $27,812 (+0.8%) Shares 86,313 (-1.4%) Est. Cost $163.28 Unrealized +89.6%

EQX EQUINOX GOLD CORP 0.0%

Value ($000) $371 (-34.5%) Shares 19,220 (-47.1%) Est. Cost $7.95 Unrealized +58.7%

BHP BHP GROUP LTD 0.2%

Value ($000) $7,800 (-2.4%) Shares 129,200 (-9.8%) Est. Cost $50.89 Unrealized —

CNI CANADIAN NATL RY CO 1.8%

Value ($000) $61,631 (+0.3%) Shares 454,002 (-3.1%) Est. Cost $68.49 Unrealized +40.4%

RCI ROGERS COMMUNICATIONS INC 0.3%

Value ($000) $9,101 (-1.6%) Shares 173,989 (-9.0%) Est. Cost $47.99 Unrealized -21.9%

GRTUF GRANITE REAL ESTATE INVT TR 0.2%

Value ($000) $6,194 (+2.2%) Shares 75,529 (-3.3%) Est. Cost $70.16 Unrealized —

CSCO CISCO SYS INC 0.2%

Value ($000) $8,120 (+1.5%) Shares 105,400 (-9.8%) Est. Cost $40.05 Unrealized +84.3%

IMO IMPERIAL OIL LTD 0.0%

Value ($000) $549 (-15.2%) Shares 4,600 (-9.8%) Est. Cost $55.77 Unrealized +62.6%

F FORD MTR CO 0.2%

Value ($000) $6,900 (-1.1%) Shares 525,900 (-9.8%) Est. Cost $10.76 Unrealized +19.2%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $7,740 (+0.6%) Shares 37,400 (-9.8%) Est. Cost $119.32 Unrealized +65.1%

STE STERIS PLC 0.1%

Value ($000) $4,704 (+0.9%) Shares 18,556 (-1.5%) Est. Cost $238.92 Unrealized +5.1%

DOO BRP INC 0.0%

Value ($000) $1,608 (-1.9%) Shares 16,536 (-14.4%) Est. Cost $59.13 Unrealized +14.9%

MKC MCCORMICK & CO INC 0.1%

Value ($000) $3,172 (+0.9%) Shares 46,299 (-1.5%) Est. Cost $69.05 Unrealized -4.5%

MGA MAGNA INTL INC 0.4%

Value ($000) $11,970 (+0.1%) Shares 163,585 (-9.8%) Est. Cost $52.49 Unrealized -6.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TECK	TECK RESOURCES LTD	169,102 (-69.2%)	$11,112 (-66.8%)	0.3%	$36.71	+18.0%	CL B	878742204
TD	TORONTO DOMINION BK ONT	1,303,135 (-1.7%)	$168,574 (+14.3%)	4.9%	$47.52	+77.7%	COM NEW	891160509
RY	ROYAL BK CDA	702,804 (-2.0%)	$164,449 (+11.8%)	4.8%	$68.05	+125.7%	COM	780087102
AEM	AGNICO EAGLE MINES LTD	667,254 (-7.9%)	$155,310 (-8.5%)	4.6%	$92.67	+81.1%	COM	008474108
CP	CANADIAN PACIFIC KANSAS CITY	718,820 (-10.5%)	$72,801 (-12.7%)	2.1%	$77.72	-5.3%	COM	13646K108
BNS	BANK NOVA SCOTIA HALIFAX	1,070,928 (-2.1%)	$108,410 (+10.1%)	3.2%	$41.01	+65.8%	COM	064149107
ENB	ENBRIDGE INC	1,414,046 (-2.1%)	$92,875 (-8.4%)	2.7%	$23.31	+102.1%	COM	29250N105
APH	AMPHENOL CORP NEW	198,728 (-29.5%)	$26,902 (-23.0%)	0.8%	$66.80	+99.9%	CL A	032095101
CNQ	CANADIAN NAT RES LTD	1,913,178 (-12.0%)	$90,072 (-8.2%)	2.6%	$24.47	+32.5%	COM	136385101
AGI	ALAMOS GOLD INC NEW	2,226,649 (-2.1%)	$118,012 (+6.9%)	3.5%	$21.32	+63.4%	COM CL A	011532108
SHOP	SHOPIFY INC	683,436 (-1.8%)	$151,039 (+4.9%)	4.4%	$53.09	+202.4%	CL A SUB VTG SHS	82509L107
ADBE	ADOBE INC	28,280 (-39.6%)	$9,898 (-40.1%)	0.3%	$313.74	+8.4%	COM	00724F101
MSFT	MICROSOFT CORP	127,649 (-2.5%)	$61,734 (-9.0%)	1.8%	$206.84	+142.0%	COM	594918104
GOOG	ALPHABET INC	179,798 (-13.0%)	$56,421 (+12.0%)	1.7%	$140.10	+104.4%	CAP STK CL C	02079K107
FFIV	F5 INC	75,955 (-1.4%)	$19,388 (-22.1%)	0.6%	$234.35	+14.8%	COM	315616102
GIB	CGI INC	298,946 (-13.8%)	$37,900 (-11.8%)	1.1%	$68.17	+30.6%	CL A SUB VTG	12532H104
AVGO	BROADCOM INC	167,800 (-11.2%)	$58,076 (-6.8%)	1.7%	$176.92	+101.8%	COM	11135F101
CM	CANADIAN IMPERIAL BANK OF CO	426,376 (-3.5%)	$53,512 (+8.0%)	1.6%	$45.66	+87.9%	COM	136069101
BMO	BANK MONTREAL QUE	725,333 (-1.3%)	$129,291 (-3.0%)	3.8%	$91.65	+38.2%	COM	063671101
DD	DUPONT DE NEMOURS INC	81,200 (-9.8%)	$3,264 (-53.5%)	0.1%	$22.25	+68.1%	COM	26614N102
MFC	MANULIFE FINL CORP	770,657 (-4.2%)	$38,410 (+10.1%)	1.1%	$17.01	+99.6%	COM	56501R106
STN	STANTEC INC	77,400 (-9.8%)	$10,042 (-22.2%)	0.3%	$60.76	—	COM	85472N109
TRI	THOMSON REUTERS CORP	48,500 (-9.8%)	$8,785 (-24.4%)	0.3%	$122.46	+15.3%	COM	884903808
PBA	PEMBINA PIPELINE CORP	618,967 (-1.0%)	$32,366 (-8.0%)	0.9%	$21.66	+77.5%	COM	706327103
RMD	RESMED INC	76,379 (-1.4%)	$18,397 (-13.2%)	0.5%	$202.32	+26.3%	COM	761152107
TFII	TFI INTL INC	139,823 (-1.4%)	$19,927 (+14.1%)	0.6%	$87.52	+6.3%	COM	87241L109
BAM	BROOKFIELD ASSET MANAGMT LTD	279,027 (-1.1%)	$20,062 (-10.2%)	0.6%	$27.94	+91.4%	CL A LMT VTG SHS	113004105
LIN	LINDE PLC	37,310 (-1.4%)	$15,909 (-11.5%)	0.5%	$410.64	+4.1%	SHS	G54950103
RBA	RB GLOBAL INC	77,000 (-9.8%)	$10,881 (-15.5%)	0.3%	$56.38	+80.2%	COM	74935Q107
IQV	IQVIA HLDGS INC	60,279 (-1.4%)	$13,587 (+17.0%)	0.4%	$206.80	+5.2%	COM	46266C105
T	AT&T INC	291,700 (-9.8%)	$7,246 (-20.7%)	0.2%	$15.02	+68.4%	COM	00206R102
META	META PLATFORMS INC	11,500 (-9.8%)	$7,591 (-19.0%)	0.2%	$154.24	+332.6%	CL A	30303M102
HD	HOME DEPOT INC	15,800 (-9.8%)	$5,437 (-23.4%)	0.2%	$270.67	+34.7%	COM	437076102
TRP	TC ENERGY CORP	918,924 (-2.2%)	$70,233 (-2.3%)	2.1%	$36.41	+46.5%	COM	87807B107
MDLZ	MONDELEZ INTL INC	165,791 (-1.5%)	$8,995 (-15.0%)	0.3%	$51.83	+10.1%	CL A	609207105
GOOGL	ALPHABET INC	35,500 (-9.8%)	$11,116 (+16.2%)	0.3%	$110.06	+159.5%	CAP STK CL A	02079K305
DEO	DIAGEO PLC	73,000 (-9.8%)	$6,298 (-18.5%)	0.2%	$134.58	—	SPON ADR NEW	25243Q205
COST	COSTCO WHSL CORP NEW	17,031 (-1.4%)	$14,687 (-8.1%)	0.4%	$440.83	+105.5%	COM	22160K105
ABT	ABBOTT LABS	55,400 (-9.8%)	$6,941 (-15.7%)	0.2%	$100.63	+26.5%	COM	002824100
MEOH	METHANEX CORP	183,000 (-9.8%)	$9,963 (-11.3%)	0.3%	$35.39	+5.1%	COM	59151K108
CAE	CAE INC	362,752 (-8.8%)	$15,141 (-7.6%)	0.4%	$26.09	+7.5%	COM	124765108
BR	BROADRIDGE FINL SOLUTIONS IN	66,229 (-1.4%)	$14,835 (-7.6%)	0.4%	$177.44	+28.1%	COM	11133T103
QSR	RESTAURANT BRANDS INTL INC	318,202 (-1.0%)	$30,074 (+3.8%)	0.9%	$61.91	+11.3%	COM	76131D103
MRK	MERCK & CO INC	87,800 (-9.9%)	$9,316 (+13.1%)	0.3%	$79.94	+16.6%	COM	58933Y105
PG	PROCTER AND GAMBLE CO	39,200 (-9.8%)	$5,618 (-15.9%)	0.2%	$137.23	+7.2%	COM	742718109
TJX	TJX COS INC NEW	155,918 (-9.8%)	$23,951 (-4.1%)	0.7%	$73.47	+101.0%	COM	872540109
INTU	INTUIT	33,441 (-1.4%)	$22,152 (-4.4%)	0.7%	$461.47	+43.2%	COM	461202103
WAB	WABTEC	97,089 (-1.4%)	$20,724 (+5.0%)	0.6%	$173.25	+18.5%	COM	929740108
FTS	FORTIS INC	171,180 (-8.4%)	$12,215 (-7.4%)	0.4%	$38.28	+32.8%	COM	349553107
PFE	PFIZER INC	290,800 (-9.8%)	$7,241 (-11.8%)	0.2%	$31.51	-20.5%	COM	717081103
LOW	LOWES COS INC	69,625 (-1.4%)	$16,791 (-5.3%)	0.5%	$168.27	+42.5%	COM	548661107
BCE	BCE INC	463,466 (-6.4%)	$15,379 (-5.8%)	0.5%	$34.53	-33.3%	COM NEW	05534B760
HMC	HONDA MOTOR LTD	179,400 (-9.8%)	$5,289 (-13.7%)	0.2%	$21.59	—	ADR ECH CNV IN 3	438128308
FDX	FEDEX CORP	30,000 (-9.8%)	$8,709 (+10.5%)	0.3%	$202.38	+29.2%	COM	31428X106
CAT	CATERPILLAR INC	18,800 (-9.8%)	$10,770 (+8.2%)	0.3%	$172.21	+222.6%	COM	149123101
MA	MASTERCARD INCORPORATED	13,400 (-9.8%)	$7,650 (-9.5%)	0.2%	$325.17	+71.9%	CL A	57636Q104
DIS	DISNEY WALT CO	60,900 (-9.8%)	$6,974 (-9.8%)	0.2%	$92.74	+18.1%	COM	254687106
NTR	NUTRIEN LTD	105,900 (-10.9%)	$9,051 (-7.7%)	0.3%	$58.60	+0.4%	COM	67077M108
EMR	EMERSON ELEC CO	58,500 (-9.8%)	$7,764 (-8.8%)	0.2%	$77.62	+70.5%	COM	291011104
SYK	STRYKER CORPORATION	30,728 (-1.5%)	$10,823 (-6.4%)	0.3%	$240.93	+50.9%	COM	863667101
SLF	SUN LIFE FINANCIAL INC.	113,230 (-9.3%)	$9,702 (-7.0%)	0.3%	$43.81	+37.9%	COM	866796105
EMA	EMERA INC	461,955 (-3.5%)	$31,247 (-2.3%)	0.9%	$43.35	+11.4%	COM	290876101
MDT	MEDTRONIC PLC	73,000 (-9.9%)	$7,064 (-9.1%)	0.2%	$80.32	+20.9%	SHS	G5960L103
SBUX	STARBUCKS CORP	70,700 (-9.8%)	$5,955 (-10.2%)	0.2%	$78.29	+7.4%	COM	855244109
GIL	GILDAN ACTIVEWEAR INC	191,983 (-10.0%)	$16,470 (-3.9%)	0.5%	$31.92	+86.3%	COM	375916103
ZTS	ZOETIS INC	28,931 (-1.5%)	$3,640 (-15.3%)	0.1%	$150.53	-13.5%	CL A	98978V103
MCD	MCDONALDS CORP	20,000 (-9.8%)	$6,113 (-9.3%)	0.2%	$236.27	+29.1%	COM	580135101
RIO	RIO TINTO PLC	91,600 (-9.8%)	$7,331 (+9.3%)	0.2%	$57.88	—	SPONSORED ADR	767204100
SCHW	SCHWAB CHARLES CORP	199,554 (-1.4%)	$19,937 (+3.2%)	0.6%	$59.93	+58.1%	COM	808513105
DE	DEERE & CO	14,300 (-9.8%)	$6,681 (-8.2%)	0.2%	$386.78	+20.9%	COM	244199105
DOW	DOW INC	269,800 (-9.8%)	$6,308 (-8.1%)	0.2%	$34.47	-33.9%	COM	260557103
SU	SUNCOR ENERGY INC NEW	760,866 (-3.2%)	$46,352 (+1.2%)	1.4%	$20.23	+108.9%	COM	867224107
OR	OR ROYALTIES INC.	35,444 (-12.2%)	$1,726 (-23.4%)	0.1%	$24.48	+43.1%	COM SHS	68390D106
IBM	INTERNATIONAL BUSINESS MACHS	31,300 (-9.8%)	$9,271 (-5.4%)	0.3%	$115.64	+158.4%	COM	459200101
UPS	UNITED PARCEL SERVICE INC	79,400 (-9.8%)	$7,876 (+7.1%)	0.2%	$108.76	-14.7%	CL B	911312106
BKNG	BOOKING HOLDINGS INC	4,527 (-1.3%)	$24,244 (-2.1%)	0.7%	$3107.76	+65.3%	COM	09857L108
CVE	CENOVUS ENERGY INC	656,064 (-1.4%)	$15,234 (-3.1%)	0.4%	$16.61	+4.6%	COM	15135U109
KO	COCA COLA CO	106,400 (-9.8%)	$7,438 (-5.5%)	0.2%	$58.53	+18.6%	COM	191216100
CHD	CHURCH & DWIGHT CO INC	84,567 (-1.5%)	$7,091 (-5.7%)	0.2%	$69.79	+22.2%	COM	171340102
PEP	PEPSICO INC	104,134 (-5.1%)	$15,081 (-2.2%)	0.4%	$126.06	+15.7%	COM	713448108
PNC	PNC FINL SVCS GROUP INC	62,750 (-1.5%)	$13,098 (+2.3%)	0.4%	$146.52	+31.6%	COM	693475105
UNP	UNION PAC CORP	34,162 (-1.5%)	$7,902 (-3.6%)	0.2%	$165.41	+37.4%	COM	907818108
GGG	GRACO INC	56,088 (-1.5%)	$4,598 (-4.9%)	0.1%	$84.93	-3.5%	COM	384109104
V	VISA INC	96,483 (-3.3%)	$33,838 (-0.7%)	1.0%	$169.49	+100.8%	COM CL A	92826C839
WMT	WALMART INC	85,100 (-9.8%)	$9,502 (-2.3%)	0.3%	$51.35	+108.8%	COM	931142103
JPM	JPMORGAN CHASE & CO.	86,313 (-1.4%)	$27,812 (+0.8%)	0.8%	$163.28	+89.6%	COM	46625H100
EQX	EQUINOX GOLD CORP	19,220 (-47.1%)	$371 (-34.5%)	0.0%	$7.95	+58.7%	COM	29446Y502
BHP	BHP GROUP LTD	129,200 (-9.8%)	$7,800 (-2.4%)	0.2%	$50.89	—	SPONSORED ADS	088606108
CNI	CANADIAN NATL RY CO	454,002 (-3.1%)	$61,631 (+0.3%)	1.8%	$68.49	+40.4%	COM	136375102
RCI	ROGERS COMMUNICATIONS INC	173,989 (-9.0%)	$9,101 (-1.6%)	0.3%	$47.99	-21.9%	CL B	775109200
GRTUF	GRANITE REAL ESTATE INVT TR	75,529 (-3.3%)	$6,194 (+2.2%)	0.2%	$70.16	—	TR UNIT NEW	387437205
CSCO	CISCO SYS INC	105,400 (-9.8%)	$8,120 (+1.5%)	0.2%	$40.05	+84.3%	COM	17275R102
IMO	IMPERIAL OIL LTD	4,600 (-9.8%)	$549 (-15.2%)	0.0%	$55.77	+62.6%	COM NEW	453038408
F	FORD MTR CO	525,900 (-9.8%)	$6,900 (-1.1%)	0.2%	$10.76	+19.2%	COM	345370860
JNJ	JOHNSON & JOHNSON	37,400 (-9.8%)	$7,740 (+0.6%)	0.2%	$119.32	+65.1%	COM	478160104
STE	STERIS PLC	18,556 (-1.5%)	$4,704 (+0.9%)	0.1%	$238.92	+5.1%	SHS USD	G8473T100
DOO	BRP INC	16,536 (-14.4%)	$1,608 (-1.9%)	0.0%	$59.13	+14.9%	COM SUN VTG	05577W200
MKC	MCCORMICK & CO INC	46,299 (-1.5%)	$3,172 (+0.9%)	0.1%	$69.05	-4.5%	COM NON VTG	579780206
MGA	MAGNA INTL INC	163,585 (-9.8%)	$11,970 (+0.1%)	0.4%	$52.49	-6.9%	COM	559222401

Unchanged Positions (6)

AAPL APPLE INC 1.7%

Value ($000) $58,940 Shares 216,803 Est. Cost $142.34 Unrealized +88.5%

TMO THERMO FISHER SCIENTIFIC INC 0.5%

Value ($000) $17,095 Shares 29,483 Est. Cost $282.77 Unrealized +99.9%

NKE NIKE INC 0.5%

Value ($000) $15,461 Shares 241,308 Est. Cost $71.82 Unrealized -9.6%

BIP BROOKFIELD INFRAST PARTNERS 1.1%

Value ($000) $37,965 Shares 795,755 Est. Cost $45.97 Unrealized —

BIPC BROOKFIELD INFRASTRUCTURE CO 0.0%

Value ($000) $1,269 Shares 20,360 Est. Cost $39.52 Unrealized +13.9%

TU TELUS CORPORATION 0.0%

Value ($000) $230 Shares 12,400 Est. Cost $20.81 Unrealized -32.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	216,803	$58,940	1.7%	$142.34	+88.5%	COM	037833100
TMO	THERMO FISHER SCIENTIFIC INC	29,483	$17,095	0.5%	$282.77	+99.9%	COM	883556102
NKE	NIKE INC	241,308	$15,461	0.5%	$71.82	-9.6%	CL B	654106103
BIP	BROOKFIELD INFRAST PARTNERS	795,755	$37,965	1.1%	$45.97	—	LP INT UNIT	G16252101
BIPC	BROOKFIELD INFRASTRUCTURE CO	20,360	$1,269	0.0%	$39.52	+13.9%	COM SUB VTG A	11276H106
TU	TELUS CORPORATION	12,400	$230	0.0%	$20.81	-32.3%	COM	87971M103