Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IDXX	IDEXX LABS INC	22,431	$11.72M	0.3%	$522.55	$547.94	-4.7%	COM	45168D104
BHC	BAUSCH HEALTH COS INC	131,582	$1.091M	0.0%	$8.29 *	$5.77	+1.1%	COM	071734107
EFG	ISHARES TR	8,143	$976K	0.0%	$119.83	$122.64	-2.3%	EAFE GRWTH ETF	464288885
LSPD	LIGHTSPEED COMMERCE INC	52,570	$731K	0.0%	$13.90	$13.90	—	SUB VTG SHS	53229C107
OCANF	OCEANAGOLD CORP	7,420	$291K	0.0%	$39.19	$39.19	—	COM NEW	675222400
NMG	NOUVEAU MONDE GRAPHITE INC	70,978	$122K	0.0%	$1.72 *	$1.41	-14.6%	COM NEW	66979W842

Increased Positions (48)

SU SUNCOR ENERGY INC NEW 4.0%

Value $151M (+151.7%) Shares 1,561,258 (+99.0%) Share Price $96.50 * Est. Cost/Share $43.57 Unrealized @ Report Date +55.8%

AEM AGNICO EAGLE MINES LTD 3.2%

Value $120M (+39.3%) Shares 462,274 (+17.8%) Share Price $260.60 * Est. Cost/Share $105.49 Unrealized @ Report Date +73.7%

WPM WHEATON PRECIOUS METALS CORP 2.4%

Value $91.16M (+51.6%) Shares 479,688 (+27.3%) Share Price $190.05 * Est. Cost/Share $90.10 Unrealized @ Report Date +48.4%

MSFT MICROSOFT CORP 2.1%

Value $78.67M (+62.5%) Shares 153,377 (+18.2%) Share Price $512.90 Est. Cost/Share $250.07 Unrealized @ Report Date +105.1%

NVDA NVIDIA CORPORATION 2.0%

Value $76.09M (+44.3%) Shares 333,029 (+26.3%) Share Price $228.49 Est. Cost/Share $151.07 Unrealized @ Report Date +51.2%

CNQ CANADIAN NAT RES LTD MED TER 3.3%

Value $125M (+20.9%) Shares 1,851,854 (+1.5%) Share Price $67.55 * Est. Cost/Share $24.81 Unrealized @ Report Date +89.7%

FNV FRANCO NEV CORP 1.6%

Value $59.6M (+39.9%) Shares 175,920 (+22.2%) Share Price $338.80 * Est. Cost/Share $196.32 Unrealized @ Report Date +21.3%

CLS CELESTICA INC 1.3%

Value $48.39M (+36.5%) Shares 94,102 (+37.3%) Share Price $514.24 * Est. Cost/Share $327.02 Unrealized @ Report Date +10.5%

ENB ENBRIDGE INC 2.8%

Value $108M (-10.2%) Shares 1,627,776 (+4.4%) Share Price $66.15 * Est. Cost/Share $27.45 Unrealized @ Report Date +69.3%

PANW PALO ALTO NETWORKS INC 0.7%

Value $27.04M (+47.7%) Shares 68,047 (+26.7%) Share Price $397.38 Est. Cost/Share $230.93 Unrealized @ Report Date +72.0%

TMO THERMO FISHER SCIENTIFIC INC 0.7%

Value $27.68M (+41.3%) Shares 40,977 (+4.9%) Share Price $675.44 Est. Cost/Share $360.00 Unrealized @ Report Date +87.5%

GIB CGI INC 0.4%

Value $14.03M (+61.0%) Shares 145,039 (+52.6%) Share Price $96.75 * Est. Cost/Share $69.07 Unrealized @ Report Date -1.5%

SYK STRYKER CORPORATION 0.4%

Value $14.37M (+44.0%) Shares 52,052 (+64.6%) Share Price $276.14 Est. Cost/Share $271.94 Unrealized @ Report Date +1.3%

AMZN AMAZON COM INC 1.3%

Value $47.27M (+10.2%) Shares 189,574 (+5.3%) Share Price $249.33 Est. Cost/Share $209.53 Unrealized @ Report Date +18.9%

MFC MANULIFE FINL CORP 1.6%

Value $59.07M (+7.7%) Shares 974,111 (+2.2%) Share Price $60.64 * Est. Cost/Share $21.77 Unrealized @ Report Date +95.6%

FFIV F5 INC 0.9%

Value $34.08M (+13.2%) Shares 76,551 (+5.7%) Share Price $445.18 Est. Cost/Share $243.93 Unrealized @ Report Date +82.5%

STE STERIS PLC 0.5%

Value $19.82M (+20.5%) Shares 94,369 (+20.8%) Share Price $210.01 Est. Cost/Share $229.86 Unrealized @ Report Date -8.6%

V VISA INC 1.0%

Value $36.63M (+9.3%) Shares 101,936 (+4.4%) Share Price $359.33 Est. Cost/Share $180.55 Unrealized @ Report Date +99.0%

CP CANADIAN PACIFIC KANSAS CITY 2.8%

Value $106M (+2.9%) Shares 869,211 (+4.4%) Share Price $121.47 * Est. Cost/Share $79.49 Unrealized @ Report Date +7.1%

CAE CAE INC 0.4%

Value $16.28M (+20.9%) Shares 475,555 (+25.4%) Share Price $34.23 * Est. Cost/Share $25.93 Unrealized @ Report Date -7.4%

SPGI S&P GLOBAL INC 0.5%

Value $18.1M (+17.7%) Shares 45,884 (+21.5%) Share Price $394.47 Est. Cost/Share $490.94 Unrealized @ Report Date -19.7%

OR OR ROYALTIES INC. 0.1%

Value $4.596M (+134.7%) Shares 94,010 (+116.1%) Share Price $48.89 * Est. Cost/Share $30.41 Unrealized @ Report Date +12.9%

CNI CANADIAN NATL RY CO 2.5%

Value $95.51M (+2.8%) Shares 563,835 (+2.7%) Share Price $169.40 * Est. Cost/Share $77.50 Unrealized @ Report Date +53.4%

SCHW CHARLES SCHWAB CORP (THE) 0.6%

Value $20.9M (+11.7%) Shares 213,798 (+5.5%) Share Price $97.74 Est. Cost/Share $63.20 Unrealized @ Report Date +54.7%

BCE BCE INC 0.4%

Value $16.61M (+15.2%) Shares 565,120 (+21.4%) Share Price $29.40 * Est. Cost/Share $32.26 Unrealized @ Report Date -36.9%

WAB WABTEC 0.8%

Value $28.34M (+7.6%) Shares 98,682 (+1.0%) Share Price $287.18 Est. Cost/Share $176.02 Unrealized @ Report Date +63.1%

SUNB SUNBELT RENTALS HOLDINGS INC 0.3%

Value $12.94M (+16.2%) Shares 196,722 (+10.1%) Share Price $65.79 * Est. Cost/Share $70.59 Unrealized @ Report Date +3.7%

GOOG ALPHABET INC 1.7%

Value $63.21M (+2.9%) Shares 185,508 (+6.7%) Share Price $340.74 Est. Cost/Share $157.17 Unrealized @ Report Date +116.8%

AYASF AYA GOLD & SILVER INC 0.1%

Value $2.788M (+154.2%) Shares 72,776 (+78.2%) Share Price $38.31 Est. Cost/Share $26.83 Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.3%

Value $12.26M (+15.8%) Shares 26,816 (+21.2%) Share Price $457.13 Est. Cost/Share $338.33 Unrealized @ Report Date +34.8%

TJX TJX COS INC NEW 0.6%

Value $22.67M (-6.8%) Shares 171,311 (+6.8%) Share Price $132.31 Est. Cost/Share $80.02 Unrealized @ Report Date +65.3%

CCEP COCA-COLA EUROPACIFIC PARTNE 0.0%

Value $1.78M (+640.9%) Shares 17,491 (+628.2%) Share Price $101.78 Est. Cost/Share $104.57 Unrealized @ Report Date -2.7%

URI UNITED RENTALS INC 0.5%

Value $17.83M (-6.6%) Shares 17,820 (+5.8%) Share Price $1000.78 Est. Cost/Share $777.13 Unrealized @ Report Date +28.8%

GIL GILDAN ACTIVEWEAR INC 0.4%

Value $15.77M (+8.6%) Shares 260,095 (+30.9%) Share Price $60.63 * Est. Cost/Share $37.08 Unrealized @ Report Date +15.0%

IMO IMPERIAL OIL LTD 0.0%

Value $1.455M (+203.9%) Shares 8,300 (+177.6%) Share Price $175.34 * Est. Cost/Share $101.60 Unrealized @ Report Date +21.1%

TRU TRANSUNION 0.2%

Value $8.431M (-10.2%) Shares 137,942 (+6.0%) Share Price $61.12 Est. Cost/Share $84.86 Unrealized @ Report Date -28.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.4%

Value $13.77M (+7.4%) Shares 27,656 (+7.9%) Share Price $497.95 Est. Cost/Share $488.38 Unrealized @ Report Date +2.0%

B BARRICK MNG CORP 0.0%

Value $1.153M (+332.0%) Shares 19,930 (+289.3%) Share Price $57.87 * Est. Cost/Share $42.31 Unrealized @ Report Date -3.9%

APH AMPHENOL CORP 0.9%

Value $34.61M (+2.2%) Shares 410,011 (+113.7%) Share Price $84.40 Est. Cost/Share $103.44 Unrealized @ Report Date -18.5%

MDLZ MONDELEZ INTL INC 0.3%

Value $10.61M (+6.8%) Shares 182,141 (+6.8%) Share Price $58.26 Est. Cost/Share $52.60 Unrealized @ Report Date +9.9%

UNP UNION PAC CORP 0.3%

Value $10.21M (+6.8%) Shares 37,535 (+6.8%) Share Price $272.13 Est. Cost/Share $175.35 Unrealized @ Report Date +55.2%

COST COSTCO WHOLESALE CORPORATION 0.5%

Value $17.03M (+3.9%) Shares 18,711 (+6.8%) Share Price $910.34 Est. Cost/Share $485.42 Unrealized @ Report Date +87.5%

LIN LINDE PLC 0.5%

Value $19.02M (-3.2%) Shares 40,077 (+5.8%) Share Price $474.65 Est. Cost/Share $416.53 Unrealized @ Report Date +14.0%

BKNG BOOKING HOLDINGS INC 0.6%

Value $21.61M (-1.9%) Shares 132,624 (+7.4%) Share Price $162.91 Est. Cost/Share $274.57 Unrealized @ Report Date -40.7%

CHD CHURCH & DWIGHT CO INC 0.2%

Value $8.754M (+3.8%) Shares 92,907 (+6.8%) Share Price $94.22 Est. Cost/Share $72.25 Unrealized @ Report Date +30.4%

TFII TFI INTERNATIONAL INC 0.7%

Value $24.57M (+1.2%) Shares 143,431 (+21.0%) Share Price $171.33 * Est. Cost/Share $96.30 Unrealized @ Report Date +24.5%

IWM ISHARES TR 0.1%

Value $5.534M (-2.6%) Shares 19,910 (+5.3%) Share Price $277.95 Est. Cost/Share $192.25 Unrealized @ Report Date +44.5%

SHW SHERWIN WILLIAMS CO 0.3%

Value $11.48M (-0.4%) Shares 35,512 (+6.1%) Share Price $323.27 Est. Cost/Share $340.21 Unrealized @ Report Date -5.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SU	SUNCOR ENERGY INC NEW	1,561,258 (+99.0%)	$151M (+151.7%)	4.0%	$96.50 *	$43.57	+55.8%	COM	867224107
AEM	AGNICO EAGLE MINES LTD	462,274 (+17.8%)	$120M (+39.3%)	3.2%	$260.60 *	$105.49	+73.7%	COM	008474108
WPM	WHEATON PRECIOUS METALS CORP	479,688 (+27.3%)	$91.16M (+51.6%)	2.4%	$190.05 *	$90.10	+48.4%	COM	962879102
MSFT	MICROSOFT CORP	153,377 (+18.2%)	$78.67M (+62.5%)	2.1%	$512.90	$250.07	+105.1%	COM	594918104
NVDA	NVIDIA CORPORATION	333,029 (+26.3%)	$76.09M (+44.3%)	2.0%	$228.49	$151.07	+51.2%	COM	67066G104
CNQ	CANADIAN NAT RES LTD MED TER	1,851,854 (+1.5%)	$125M (+20.9%)	3.3%	$67.55 *	$24.81	+89.7%	COM	136385101
FNV	FRANCO NEV CORP	175,920 (+22.2%)	$59.6M (+39.9%)	1.6%	$338.80 *	$196.32	+21.3%	COM	351858105
CLS	CELESTICA INC	94,102 (+37.3%)	$48.39M (+36.5%)	1.3%	$514.24 *	$327.02	+10.5%	COM	15101Q207
ENB	ENBRIDGE INC	1,627,776 (+4.4%)	$108M (-10.2%)	2.8%	$66.15 *	$27.45	+69.3%	COM	29250N105
PANW	PALO ALTO NETWORKS INC	68,047 (+26.7%)	$27.04M (+47.7%)	0.7%	$397.38	$230.93	+72.0%	COM	697435105
TMO	THERMO FISHER SCIENTIFIC INC	40,977 (+4.9%)	$27.68M (+41.3%)	0.7%	$675.44	$360.00	+87.5%	COM	883556102
GIB	CGI INC	145,039 (+52.6%)	$14.03M (+61.0%)	0.4%	$96.75 *	$69.07	-1.5%	CL A SUB VTG	12532H104
SYK	STRYKER CORPORATION	52,052 (+64.6%)	$14.37M (+44.0%)	0.4%	$276.14	$271.94	+1.3%	COM	863667101
AMZN	AMAZON COM INC	189,574 (+5.3%)	$47.27M (+10.2%)	1.3%	$249.33	$209.53	+18.9%	COM	023135106
MFC	MANULIFE FINL CORP	974,111 (+2.2%)	$59.07M (+7.7%)	1.6%	$60.64 *	$21.77	+95.6%	COM	56501R106
FFIV	F5 INC	76,551 (+5.7%)	$34.08M (+13.2%)	0.9%	$445.18	$243.93	+82.5%	COM	315616102
STE	STERIS PLC	94,369 (+20.8%)	$19.82M (+20.5%)	0.5%	$210.01	$229.86	-8.6%	SHS USD	G8473T100
V	VISA INC	101,936 (+4.4%)	$36.63M (+9.3%)	1.0%	$359.33	$180.55	+99.0%	COM CL A	92826C839
CP	CANADIAN PACIFIC KANSAS CITY	869,211 (+4.4%)	$106M (+2.9%)	2.8%	$121.47 *	$79.49	+7.1%	COM	13646K108
CAE	CAE INC	475,555 (+25.4%)	$16.28M (+20.9%)	0.4%	$34.23 *	$25.93	-7.4%	COM	124765108
SPGI	S&P GLOBAL INC	45,884 (+21.5%)	$18.1M (+17.7%)	0.5%	$394.47	$490.94	-19.7%	COM	78409V104
OR	OR ROYALTIES INC.	94,010 (+116.1%)	$4.596M (+134.7%)	0.1%	$48.89 *	$30.41	+12.9%	COM SHS	68390D106
CNI	CANADIAN NATL RY CO	563,835 (+2.7%)	$95.51M (+2.8%)	2.5%	$169.40 *	$77.50	+53.4%	COM	136375102
SCHW	CHARLES SCHWAB CORP (THE)	213,798 (+5.5%)	$20.9M (+11.7%)	0.6%	$97.74	$63.20	+54.7%	COM	808513105
BCE	BCE INC	565,120 (+21.4%)	$16.61M (+15.2%)	0.4%	$29.40 *	$32.26	-36.9%	COM NEW	05534B760
WAB	WABTEC	98,682 (+1.0%)	$28.34M (+7.6%)	0.8%	$287.18	$176.02	+63.1%	COM	929740108
SUNB	SUNBELT RENTALS HOLDINGS INC	196,722 (+10.1%)	$12.94M (+16.2%)	0.3%	$65.79 *	$70.59	+3.7%	SHS	866966104
GOOG	ALPHABET INC	185,508 (+6.7%)	$63.21M (+2.9%)	1.7%	$340.74	$157.17	+116.8%	CAP STK CL C	02079K107
AYASF	AYA GOLD & SILVER INC	72,776 (+78.2%)	$2.788M (+154.2%)	0.1%	$38.31	$26.83	—	COM	05466C109
TSM	TAIWAN SEMICONDUCTOR MANUFAC	26,816 (+21.2%)	$12.26M (+15.8%)	0.3%	$457.13	$338.33	+34.8%	SPONSORED ADS	874039100
TJX	TJX COS INC NEW	171,311 (+6.8%)	$22.67M (-6.8%)	0.6%	$132.31	$80.02	+65.3%	COM	872540109
CCEP	COCA-COLA EUROPACIFIC PARTNE	17,491 (+628.2%)	$1.78M (+640.9%)	0.0%	$101.78	$104.57	-2.7%	SHS	G25839104
URI	UNITED RENTALS INC	17,820 (+5.8%)	$17.83M (-6.6%)	0.5%	$1000.78	$777.13	+28.8%	COM	911363109
GIL	GILDAN ACTIVEWEAR INC	260,095 (+30.9%)	$15.77M (+8.6%)	0.4%	$60.63 *	$37.08	+15.0%	COM	375916103
IMO	IMPERIAL OIL LTD	8,300 (+177.6%)	$1.455M (+203.9%)	0.0%	$175.34 *	$101.60	+21.1%	COM NEW	453038408
TRU	TRANSUNION	137,942 (+6.0%)	$8.431M (-10.2%)	0.2%	$61.12	$84.86	-28.0%	COM	89400J107
BRK/B	BERKSHIRE HATHAWAY INC DEL	27,656 (+7.9%)	$13.77M (+7.4%)	0.4%	$497.95	$488.38	+2.0%	CL B NEW	084670702
B	BARRICK MNG CORP	19,930 (+289.3%)	$1.153M (+332.0%)	0.0%	$57.87 *	$42.31	-3.9%	COM SHS	06849F108
APH	AMPHENOL CORP	410,011 (+113.7%)	$34.61M (+2.2%)	0.9%	$84.40	$103.44	-18.5%	CL A	032095101
MDLZ	MONDELEZ INTL INC	182,141 (+6.8%)	$10.61M (+6.8%)	0.3%	$58.26	$52.60	+9.9%	CL A	609207105
UNP	UNION PAC CORP	37,535 (+6.8%)	$10.21M (+6.8%)	0.3%	$272.13	$175.35	+55.2%	COM	907818108
COST	COSTCO WHOLESALE CORPORATION	18,711 (+6.8%)	$17.03M (+3.9%)	0.5%	$910.34	$485.42	+87.5%	COM	22160K105
LIN	LINDE PLC	40,077 (+5.8%)	$19.02M (-3.2%)	0.5%	$474.65	$416.53	+14.0%	SHS	G54950103
BKNG	BOOKING HOLDINGS INC	132,624 (+7.4%)	$21.61M (-1.9%)	0.6%	$162.91	$274.57	-40.7%	COM	09857L108
CHD	CHURCH & DWIGHT CO INC	92,907 (+6.8%)	$8.754M (+3.8%)	0.2%	$94.22	$72.25	+30.4%	COM	171340102
TFII	TFI INTERNATIONAL INC	143,431 (+21.0%)	$24.57M (+1.2%)	0.7%	$171.33 *	$96.30	+24.5%	COM	87241L109
IWM	ISHARES TR	19,910 (+5.3%)	$5.534M (-2.6%)	0.1%	$277.95	$192.25	+44.5%	RUSSELL 2000 ETF	464287655
SHW	SHERWIN WILLIAMS CO	35,512 (+6.1%)	$11.48M (-0.4%)	0.3%	$323.27	$340.21	-5.0%	COM	824348106

Exited Positions (3)

GGG GRACO INC 0.1%

Value $2.684M Shares 35,500 Share Price $75.61 Est. Cost/Share $85.02 Unrealized @ Report Date -9.6%

TAP MOLSON COORS BEVERAGE CO 0.0%

Value $663K Shares 17,016 Share Price $38.96 * Est. Cost/Share $48.30 Unrealized @ Report Date -24.5%

SKE SKEENA RES LTD NEW 0.0%

Value $400K Shares 10,590 Share Price $37.80 * Est. Cost/Share $30.69 Unrealized @ Report Date -3.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GGG	GRACO INC	35,500	$2.684M	0.1%	$75.61	$85.02	-9.6%	—	384109104
TAP	MOLSON COORS BEVERAGE CO	17,016	$663K	0.0%	$38.96 *	$48.30	-24.5%	—	60871R209
SKE	SKEENA RES LTD NEW	10,590	$400K	0.0%	$37.80 *	$30.69	-3.1%	—	83056P715

Decreased Positions (23)

KGC KINROSS GOLD CORP 0.3%

Value $12.83M (-76.9%) Shares 373,961 (-77.4%) Share Price $34.30 * Est. Cost/Share $32.02 Unrealized @ Report Date -24.8%

BMO BANK OF MONTREAL 3.4%

Value $127M (-18.8%) Shares 534,853 (-14.4%) Share Price $237.97 * Est. Cost/Share $91.65 Unrealized @ Report Date +82.5%

HBM HUDBAY MINERALS INC 1.0%

Value $37.72M (-39.8%) Shares 991,648 (-47.0%) Share Price $38.04 * Est. Cost/Share $24.60 Unrealized @ Report Date +8.4%

RY ROYAL BK CDA 5.2%

Value $196M (-11.3%) Shares 698,990 (-6.9%) Share Price $279.94 * Est. Cost/Share $73.77 Unrealized @ Report Date +166.5%

AGI ALAMOS GOLD INC 0.3%

Value $12.12M (-63.2%) Shares 263,001 (-65.7%) Share Price $46.07 * Est. Cost/Share $21.32 Unrealized @ Report Date +51.9%

EMA EMERA INC 0.4%

Value $14.02M (-55.8%) Shares 206,159 (-51.1%) Share Price $68.02 * Est. Cost/Share $43.35 Unrealized @ Report Date +10.3%

TD TORONTO DOMINION BK ONT 5.6%

Value $211M (-5.7%) Shares 1,258,376 (-2.8%) Share Price $167.33 * Est. Cost/Share $47.52 Unrealized @ Report Date +147.4%

AVGO BROADCOM INC 1.4%

Value $51.62M (-17.9%) Shares 146,998 (-11.7%) Share Price $351.19 Est. Cost/Share $176.92 Unrealized @ Report Date +98.5%

WCN WASTE CONNECTIONS INC 0.9%

Value $33.3M (-25.1%) Shares 151,990 (-19.2%) Share Price $219.08 * Est. Cost/Share $91.26 Unrealized @ Report Date +68.7%

CM CANADIAN IMPERIAL BANK OF CO 1.0%

Value $39.18M (-19.5%) Shares 248,299 (-16.1%) Share Price $157.81 * Est. Cost/Share $45.66 Unrealized @ Report Date +141.3%

CVE CENOVUS ENERGY INC 0.0%

Value $1.661M (-83.1%) Shares 37,537 (-86.6%) Share Price $44.24 * Est. Cost/Share $16.61 Unrealized @ Report Date +87.2%

AAPL APPLE INC 1.9%

Value $70.93M (+11.3%) Shares 212,988 (-3.3%) Share Price $333.02 Est. Cost/Share $147.94 Unrealized @ Report Date +125.1%

RMD RESMED INC 0.2%

Value $9.42M (-37.8%) Shares 42,604 (-45.2%) Share Price $221.10 Est. Cost/Share $203.49 Unrealized @ Report Date +8.7%

LOW LOWES COS INC 0.3%

Value $10.06M (-35.6%) Shares 54,586 (-22.9%) Share Price $184.29 Est. Cost/Share $170.59 Unrealized @ Report Date +8.0%

INTU INTUIT 0.1%

Value $4.061M (-54.3%) Shares 14,729 (-56.7%) Share Price $275.71 Est. Cost/Share $461.86 Unrealized @ Report Date -40.3%

PNC PNC FINL SVCS GROUP INC 0.3%

Value $13.08M (-17.8%) Shares 58,833 (-8.9%) Share Price $222.26 Est. Cost/Share $148.43 Unrealized @ Report Date +49.7%

FTS FORTIS INC 0.3%

Value $12.25M (-11.3%) Shares 162,920 (-4.1%) Share Price $75.17 * Est. Cost/Share $38.28 Unrealized @ Report Date +38.0%

CIGI COLLIERS INTL GROUP INC 0.6%

Value $21.11M (-5.3%) Shares 165,458 (-1.0%) Share Price $127.57 * Est. Cost/Share $107.58 Unrealized @ Report Date -16.5%

NTR NUTRIEN LTD 0.3%

Value $10.77M (+6.3%) Shares 106,940 (-4.9%) Share Price $100.72 * Est. Cost/Share $59.26 Unrealized @ Report Date +18.6%

JPM JPMORGAN CHASE & CO 0.7%

Value $27.91M (-2.2%) Shares 84,363 (-3.2%) Share Price $330.83 Est. Cost/Share $166.76 Unrealized @ Report Date +98.4%

EQX EQUINOX GOLD CORP 0.0%

Value $269K (-57.3%) Shares 17,000 (-62.7%) Share Price $15.80 * Est. Cost/Share $11.50 Unrealized @ Report Date -3.4%

DOO BRP INC 0.0%

Value $1.471M (-13.9%) Shares 18,348 (-6.7%) Share Price $80.16 * Est. Cost/Share $60.10 Unrealized @ Report Date -6.6%

IAG IAMGOLD CORP 0.0%

Value $721K (+15.0%) Shares 27,490 (-1.3%) Share Price $26.23 * Est. Cost/Share $17.47 Unrealized @ Report Date +5.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
KGC	KINROSS GOLD CORP	373,961 (-77.4%)	$12.83M (-76.9%)	0.3%	$34.30 *	$32.02	-24.8%	COM	496902404
BMO	BANK OF MONTREAL	534,853 (-14.4%)	$127M (-18.8%)	3.4%	$237.97 *	$91.65	+82.5%	COM	063671101
HBM	HUDBAY MINERALS INC	991,648 (-47.0%)	$37.72M (-39.8%)	1.0%	$38.04 *	$24.60	+8.4%	COM	443628102
RY	ROYAL BK CDA	698,990 (-6.9%)	$196M (-11.3%)	5.2%	$279.94 *	$73.77	+166.5%	COM	780087102
AGI	ALAMOS GOLD INC	263,001 (-65.7%)	$12.12M (-63.2%)	0.3%	$46.07 *	$21.32	+51.9%	COM CL A	011532108
EMA	EMERA INC	206,159 (-51.1%)	$14.02M (-55.8%)	0.4%	$68.02 *	$43.35	+10.3%	COM	290876101
TD	TORONTO DOMINION BK ONT	1,258,376 (-2.8%)	$211M (-5.7%)	5.6%	$167.33 *	$47.52	+147.4%	COM NEW	891160509
AVGO	BROADCOM INC	146,998 (-11.7%)	$51.62M (-17.9%)	1.4%	$351.19	$176.92	+98.5%	COM	11135F101
WCN	WASTE CONNECTIONS INC	151,990 (-19.2%)	$33.3M (-25.1%)	0.9%	$219.08 *	$91.26	+68.7%	COM	94106B101
CM	CANADIAN IMPERIAL BANK OF CO	248,299 (-16.1%)	$39.18M (-19.5%)	1.0%	$157.81 *	$45.66	+141.3%	COM	136069101
CVE	CENOVUS ENERGY INC	37,537 (-86.6%)	$1.661M (-83.1%)	0.0%	$44.24 *	$16.61	+87.2%	COM	15135U109
AAPL	APPLE INC	212,988 (-3.3%)	$70.93M (+11.3%)	1.9%	$333.02	$147.94	+125.1%	COM	037833100
RMD	RESMED INC	42,604 (-45.2%)	$9.42M (-37.8%)	0.2%	$221.10	$203.49	+8.7%	COM	761152107
LOW	LOWES COS INC	54,586 (-22.9%)	$10.06M (-35.6%)	0.3%	$184.29	$170.59	+8.0%	COM	548661107
INTU	INTUIT	14,729 (-56.7%)	$4.061M (-54.3%)	0.1%	$275.71	$461.86	-40.3%	COM	461202103
PNC	PNC FINL SVCS GROUP INC	58,833 (-8.9%)	$13.08M (-17.8%)	0.3%	$222.26	$148.43	+49.7%	COM	693475105
FTS	FORTIS INC	162,920 (-4.1%)	$12.25M (-11.3%)	0.3%	$75.17 *	$38.28	+38.0%	COM	349553107
CIGI	COLLIERS INTL GROUP INC	165,458 (-1.0%)	$21.11M (-5.3%)	0.6%	$127.57 *	$107.58	-16.5%	SUB VTG SHS	194693107
NTR	NUTRIEN LTD	106,940 (-4.9%)	$10.77M (+6.3%)	0.3%	$100.72 *	$59.26	+18.6%	COM	67077M108
JPM	JPMORGAN CHASE & CO	84,363 (-3.2%)	$27.91M (-2.2%)	0.7%	$330.83	$166.76	+98.4%	COM	46625H100
EQX	EQUINOX GOLD CORP	17,000 (-62.7%)	$269K (-57.3%)	0.0%	$15.80 *	$11.50	-3.4%	COM	29446Y502
DOO	BRP INC	18,348 (-6.7%)	$1.471M (-13.9%)	0.0%	$80.16 *	$60.10	-6.6%	COM SUN VTG	05577W200
IAG	IAMGOLD CORP	27,490 (-1.3%)	$721K (+15.0%)	0.0%	$26.23 *	$17.47	+5.4%	COM	450913108

Unchanged Positions (54)

SHOP SHOPIFY INC 4.4%

Value $168M Shares 795,929 Share Price $210.92 * Est. Cost/Share $62.63 Unrealized @ Report Date +136.8%

BN BROOKFIELD CORP 3.0%

Value $113M Shares 2,169,417 Share Price $51.92 * Est. Cost/Share $30.65 Unrealized @ Report Date +19.0%

CCJ CAMECO CORP 2.4%

Value $89.03M Shares 721,562 Share Price $123.38 * Est. Cost/Share $59.47 Unrealized @ Report Date +45.7%

TRP TC ENERGY CORP 1.9%

Value $70.45M Shares 846,047 Share Price $83.28 * Est. Cost/Share $36.41 Unrealized @ Report Date +58.7%

BNS BANK NOVA SCOTIA B C 3.7%

Value $139M Shares 1,076,098 Share Price $129.41 * Est. Cost/Share $41.01 Unrealized @ Report Date +121.5%

CAT CATERPILLAR INC 0.4%

Value $15.24M Shares 18,800 Share Price $810.79 Est. Cost/Share $172.21 Unrealized @ Report Date +370.8%

RBA RB GLOBAL INC 0.2%

Value $8.925M Shares 77,000 Share Price $115.91 * Est. Cost/Share $56.38 Unrealized @ Report Date +44.3%

MEOH METHANEX CORP 0.4%

Value $15.28M Shares 183,000 Share Price $83.48 * Est. Cost/Share $35.39 Unrealized @ Report Date +65.8%

IBM INTERNATIONAL BUSINESS MACHS 0.2%

Value $6.884M Shares 31,300 Share Price $219.93 Est. Cost/Share $115.64 Unrealized @ Report Date +90.2%

META META PLATFORMS INC 0.2%

Value $8.343M Shares 11,500 Share Price $725.44 Est. Cost/Share $154.24 Unrealized @ Report Date +370.2%

BGSI BOYD GROUP SERVICES INC 0.2%

Value $7.504M Shares 67,088 Share Price $111.86 * Est. Cost/Share $159.53 Unrealized @ Report Date -50.8%

Q QNITY ELECTRONICS INC 0.1%

Value $5.105M Shares 40,600 Share Price $125.74 Est. Cost/Share $84.91 Unrealized @ Report Date +48.1%

MRK MERCK & CO INC 0.3%

Value $12.83M Shares 87,800 Share Price $146.16 Est. Cost/Share $79.94 Unrealized @ Report Date +81.8%

TECK TECK RESOURCES LTD 0.4%

Value $15.57M Shares 166,172 Share Price $93.70 * Est. Cost/Share $36.71 Unrealized @ Report Date +79.2%

PFE PFIZER INC 0.2%

Value $8.294M Shares 290,800 Share Price $28.52 Est. Cost/Share $31.51 Unrealized @ Report Date -9.5%

PBA PEMBINA PIPELINE CORP 1.0%

Value $38.64M Shares 608,147 Share Price $63.53 * Est. Cost/Share $21.66 Unrealized @ Report Date +105.8%

UPS UNITED PARCEL SVCS INC 0.2%

Value $7.419M Shares 79,400 Share Price $93.44 Est. Cost/Share $108.76 Unrealized @ Report Date -14.1%

TRI THOMSON REUTERS CORP 0.2%

Value $6.613M Shares 47,751 Share Price $138.48 Est. Cost/Share $115.84 Unrealized @ Report Date —

T AT&T INC 0.2%

Value $7.117M Shares 291,700 Share Price $24.40 Est. Cost/Share $15.02 Unrealized @ Report Date +62.5%

HD HOME DEPOT INC 0.1%

Value $4.495M Shares 15,800 Share Price $284.49 Est. Cost/Share $270.67 Unrealized @ Report Date +5.1%

CSCO CISCO SYS INC 0.3%

Value $11.35M Shares 105,400 Share Price $107.70 Est. Cost/Share $40.05 Unrealized @ Report Date +168.8%

BR BROADRIDGE FINL SOLUTIONS IN 0.2%

Value $7.038M Shares 43,445 Share Price $162.01 Est. Cost/Share $177.75 Unrealized @ Report Date -9.4%

F FORD MTR CO 0.2%

Value $6.342M Shares 525,900 Share Price $12.06 Est. Cost/Share $10.76 Unrealized @ Report Date +12.0%

FDX FEDEX CORP 0.2%

Value $8.589M Shares 30,000 Share Price $286.31 Est. Cost/Share $202.38 Unrealized @ Report Date +40.9%

HMC HONDA MOTOR CO LTD 0.2%

Value $5.669M Shares 179,400 Share Price $31.60 Est. Cost/Share $25.28 Unrealized @ Report Date +25.0%

WMT WALMART INC 0.2%

Value $8.844M Shares 85,100 Share Price $103.93 Est. Cost/Share $51.35 Unrealized @ Report Date +102.4%

MCD MCDONALDS CORP 0.1%

Value $4.619M Shares 20,000 Share Price $230.94 Est. Cost/Share $236.27 Unrealized @ Report Date -2.3%

BIP BROOKFIELD INFRASTRUCTURE PA 1.0%

Value $39.5M Shares 779,772 Share Price $50.65 Est. Cost/Share $45.97 Unrealized @ Report Date —

QSR RESTAURANT BRANDS INTL INC 0.8%

Value $31.69M Shares 310,113 Share Price $102.20 * Est. Cost/Share $61.91 Unrealized @ Report Date +14.8%

EMR EMERSON ELEC CO 0.2%

Value $9.073M Shares 58,500 Share Price $155.10 Est. Cost/Share $77.62 Unrealized @ Report Date +99.8%

MDT MEDTRONIC PLC 0.2%

Value $6.352M Shares 73,000 Share Price $87.01 Est. Cost/Share $80.32 Unrealized @ Report Date +7.4%

SBUX STARBUCKS CORP 0.2%

Value $6.643M Shares 70,700 Share Price $93.96 Est. Cost/Share $78.29 Unrealized @ Report Date +20.0%

DE DEERE & CO 0.3%

Value $9.626M Shares 14,300 Share Price $673.17 Est. Cost/Share $386.78 Unrealized @ Report Date +73.6%

KO COCA COLA CO 0.2%

Value $9.215M Shares 106,400 Share Price $86.61 Est. Cost/Share $58.53 Unrealized @ Report Date +47.1%

MA MASTERCARD INCORPORATED 0.2%

Value $7.39M Shares 13,400 Share Price $551.47 Est. Cost/Share $325.17 Unrealized @ Report Date +69.6%

DIS DISNEY WALT CO 0.2%

Value $6.388M Shares 60,900 Share Price $104.90 Est. Cost/Share $92.74 Unrealized @ Report Date +13.1%

NKE NIKE INC 0.1%

Value $3.019M Shares 84,300 Share Price $35.81 Est. Cost/Share $71.64 Unrealized @ Report Date -50.6%

GOOGL ALPHABET INC 0.3%

Value $12.22M Shares 35,500 Share Price $344.17 Est. Cost/Share $110.06 Unrealized @ Report Date +212.6%

ABT ABBOTT LABORATORIES 0.1%

Value $5.475M Shares 55,400 Share Price $98.83 Est. Cost/Share $100.63 Unrealized @ Report Date -1.8%

MGA MAGNA INTL INC 0.4%

Value $14.81M Shares 163,404 Share Price $90.66 * Est. Cost/Share $52.49 Unrealized @ Report Date +21.3%

JNJ JOHNSON & JOHNSON 0.3%

Value $9.901M Shares 37,400 Share Price $264.74 Est. Cost/Share $119.32 Unrealized @ Report Date +121.9%

RCI ROGERS COMMUNICATIONS INC 0.2%

Value $7.53M Shares 169,900 Share Price $44.32 * Est. Cost/Share $47.99 Unrealized @ Report Date -35.8%

DEO DIAGEO PLC 0.2%

Value $6.249M Shares 73,000 Share Price $85.60 Est. Cost/Share $143.80 Unrealized @ Report Date -40.5%

PEP PEPSICO INC 0.1%

Value $5.561M Shares 43,887 Share Price $126.72 Est. Cost/Share $126.06 Unrealized @ Report Date +0.5%

BHP BHP BILLITON LIMITED 0.3%

Value $10.96M Shares 129,200 Share Price $84.84 Est. Cost/Share $53.03 Unrealized @ Report Date +60.0%

SLF SUN LIFE FINANCIAL INC. 0.3%

Value $12.36M Shares 111,412 Share Price $110.92 * Est. Cost/Share $43.81 Unrealized @ Report Date +78.0%

DD DUPONT DE NEMOURS INC 0.1%

Value $3.516M Shares 27,066 Share Price $129.89 Est. Cost/Share $135.64 Unrealized @ Report Date —

STN STANTEC INC 0.2%

Value $7.445M Shares 77,400 Share Price $96.19 Est. Cost/Share $60.76 Unrealized @ Report Date —

BAM BROOKFIELD ASSET MANAGMT LTD 0.4%

Value $16.44M Shares 258,787 Share Price $63.51 * Est. Cost/Share $28.59 Unrealized @ Report Date +55.9%

BIPC BROOKFIELD INFRASTRUCTURE CO 0.0%

Value $987K Shares 19,480 Share Price $50.69 * Est. Cost/Share $39.52 Unrealized @ Report Date -9.9%

RIO RIO TINTO PLC 0.2%

Value $8.626M Shares 91,600 Share Price $94.17 Est. Cost/Share $59.94 Unrealized @ Report Date +57.1%

TU TELUS CORPORATION 0.0%

Value $235K Shares 19,400 Share Price $12.14 * Est. Cost/Share $18.19 Unrealized @ Report Date -53.9%

PG PROCTER & GAMBLE CO 0.2%

Value $5.695M Shares 39,200 Share Price $145.28 Est. Cost/Share $137.23 Unrealized @ Report Date +5.9%

DOW DOW HLDGS INC 0.2%

Value $7.43M Shares 269,800 Share Price $27.54 Est. Cost/Share $34.47 Unrealized @ Report Date -20.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SHOP	SHOPIFY INC	795,929	$168M	4.4%	$210.92 *	$62.63	+136.8%	CL A SUB VTG SHS	82509L107
BN	BROOKFIELD CORP	2,169,417	$113M	3.0%	$51.92 *	$30.65	+19.0%	CL A LTD VT SH	11271J107
CCJ	CAMECO CORP	721,562	$89.03M	2.4%	$123.38 *	$59.47	+45.7%	COM	13321L108
TRP	TC ENERGY CORP	846,047	$70.45M	1.9%	$83.28 *	$36.41	+58.7%	COM	87807B107
BNS	BANK NOVA SCOTIA B C	1,076,098	$139M	3.7%	$129.41 *	$41.01	+121.5%	COM	064149107
CAT	CATERPILLAR INC	18,800	$15.24M	0.4%	$810.79	$172.21	+370.8%	COM	149123101
RBA	RB GLOBAL INC	77,000	$8.925M	0.2%	$115.91 *	$56.38	+44.3%	COM	74935Q107
MEOH	METHANEX CORP	183,000	$15.28M	0.4%	$83.48 *	$35.39	+65.8%	COM	59151K108
IBM	INTERNATIONAL BUSINESS MACHS	31,300	$6.884M	0.2%	$219.93	$115.64	+90.2%	COM	459200101
META	META PLATFORMS INC	11,500	$8.343M	0.2%	$725.44	$154.24	+370.2%	CL A	30303M102
BGSI	BOYD GROUP SERVICES INC	67,088	$7.504M	0.2%	$111.86 *	$159.53	-50.8%	COM	103310108
Q	QNITY ELECTRONICS INC	40,600	$5.105M	0.1%	$125.74	$84.91	+48.1%	COMMON STOCK	74743L100
MRK	MERCK & CO INC	87,800	$12.83M	0.3%	$146.16	$79.94	+81.8%	COM	58933Y105
TECK	TECK RESOURCES LTD	166,172	$15.57M	0.4%	$93.70 *	$36.71	+79.2%	CL B	878742204
PFE	PFIZER INC	290,800	$8.294M	0.2%	$28.52	$31.51	-9.5%	COM	717081103
PBA	PEMBINA PIPELINE CORP	608,147	$38.64M	1.0%	$63.53 *	$21.66	+105.8%	COM	706327103
UPS	UNITED PARCEL SVCS INC	79,400	$7.419M	0.2%	$93.44	$108.76	-14.1%	CL B	911312106
TRI	THOMSON REUTERS CORP	47,751	$6.613M	0.2%	$138.48	$115.84	—	COM	884903881
T	AT&T INC	291,700	$7.117M	0.2%	$24.40	$15.02	+62.5%	COM	00206R102
HD	HOME DEPOT INC	15,800	$4.495M	0.1%	$284.49	$270.67	+5.1%	COM	437076102
CSCO	CISCO SYS INC	105,400	$11.35M	0.3%	$107.70	$40.05	+168.8%	COM	17275R102
BR	BROADRIDGE FINL SOLUTIONS IN	43,445	$7.038M	0.2%	$162.01	$177.75	-9.4%	COM	11133T103
F	FORD MTR CO	525,900	$6.342M	0.2%	$12.06	$10.76	+12.0%	COM	345370860
FDX	FEDEX CORP	30,000	$8.589M	0.2%	$286.31	$202.38	+40.9%	COM	31428X106
HMC	HONDA MOTOR CO LTD	179,400	$5.669M	0.2%	$31.60	$25.28	+25.0%	ADR ECH CNV IN 3	438128308
WMT	WALMART INC	85,100	$8.844M	0.2%	$103.93	$51.35	+102.4%	COM	931142103
MCD	MCDONALDS CORP	20,000	$4.619M	0.1%	$230.94	$236.27	-2.3%	COM	580135101
BIP	BROOKFIELD INFRASTRUCTURE PA	779,772	$39.5M	1.0%	$50.65	$45.97	—	LP INT UNIT	G16252101
QSR	RESTAURANT BRANDS INTL INC	310,113	$31.69M	0.8%	$102.20 *	$61.91	+14.8%	COM	76131D103
EMR	EMERSON ELEC CO	58,500	$9.073M	0.2%	$155.10	$77.62	+99.8%	COM	291011104
MDT	MEDTRONIC PLC	73,000	$6.352M	0.2%	$87.01	$80.32	+7.4%	SHS	G5960L103
SBUX	STARBUCKS CORP	70,700	$6.643M	0.2%	$93.96	$78.29	+20.0%	COM	855244109
DE	DEERE & CO	14,300	$9.626M	0.3%	$673.17	$386.78	+73.6%	COM	244199105
KO	COCA COLA CO	106,400	$9.215M	0.2%	$86.61	$58.53	+47.1%	COM	191216100
MA	MASTERCARD INCORPORATED	13,400	$7.39M	0.2%	$551.47	$325.17	+69.6%	CL A	57636Q104
DIS	DISNEY WALT CO	60,900	$6.388M	0.2%	$104.90	$92.74	+13.1%	COM	254687106
NKE	NIKE INC	84,300	$3.019M	0.1%	$35.81	$71.64	-50.6%	CL B	654106103
GOOGL	ALPHABET INC	35,500	$12.22M	0.3%	$344.17	$110.06	+212.6%	CAP STK CL A	02079K305
ABT	ABBOTT LABORATORIES	55,400	$5.475M	0.1%	$98.83	$100.63	-1.8%	COM	002824100
MGA	MAGNA INTL INC	163,404	$14.81M	0.4%	$90.66 *	$52.49	+21.3%	COM	559222401
JNJ	JOHNSON & JOHNSON	37,400	$9.901M	0.3%	$264.74	$119.32	+121.9%	COM	478160104
RCI	ROGERS COMMUNICATIONS INC	169,900	$7.53M	0.2%	$44.32 *	$47.99	-35.8%	CL B	775109200
DEO	DIAGEO PLC	73,000	$6.249M	0.2%	$85.60	$143.80	-40.5%	SPON ADR NEW	25243Q205
PEP	PEPSICO INC	43,887	$5.561M	0.1%	$126.72	$126.06	+0.5%	COM	713448108
BHP	BHP BILLITON LIMITED	129,200	$10.96M	0.3%	$84.84	$53.03	+60.0%	SPONSORED ADS	088606108
SLF	SUN LIFE FINANCIAL INC.	111,412	$12.36M	0.3%	$110.92 *	$43.81	+78.0%	COM	866796105
DD	DUPONT DE NEMOURS INC	27,066	$3.516M	0.1%	$129.89	$135.64	—	COMMON STOCK	26614N201
STN	STANTEC INC	77,400	$7.445M	0.2%	$96.19	$60.76	—	COM	85472N109
BAM	BROOKFIELD ASSET MANAGMT LTD	258,787	$16.44M	0.4%	$63.51 *	$28.59	+55.9%	CL A LMT VTG SHS	113004105
BIPC	BROOKFIELD INFRASTRUCTURE CO	19,480	$987K	0.0%	$50.69 *	$39.52	-9.9%	COM SUB VTG A	11276H106
RIO	RIO TINTO PLC	91,600	$8.626M	0.2%	$94.17	$59.94	+57.1%	SPONSORED ADR	767204100
TU	TELUS CORPORATION	19,400	$235K	0.0%	$12.14 *	$18.19	-53.9%	COM	87971M103
PG	PROCTER & GAMBLE CO	39,200	$5.695M	0.2%	$145.28	$137.23	+5.9%	COM	742718109
DOW	DOW HLDGS INC	269,800	$7.43M	0.2%	$27.54	$34.47	-20.1%	COM	260557103