QV Investors Inc. Diversified Active

Name: QV Investors Inc. Q3 2026 13F Filing | 13F Explorer
Creator: QV Investors Inc.
Published: 2026-10-20

Location: Calgary, Alberta, Canada

CIK: 0001570253 · Show all filings

Period: Q3 2026 (← Previous)

Filing Date: Oct 20, 2026

Total Value: $1.362B (100.0% shares, 0.0% debt)

Holdings (71)

New Positions (4)

GFL GFL ENVIRONMENTAL INC-SUB VT 3.3%

Value $44.89M Shares 1,071,792 Share Price $41.88 Est. Cost/Share $41.08 Unrealized @ Report Date +1.8%

GIL GILDAN ACTIVEWEAR INC 1.6%

Value $21.31M Shares 498,981 Share Price $42.71 Est. Cost/Share $51.75 Unrealized @ Report Date -17.6%

SYK STRYKER CORP 0.7%

Value $8.901M Shares 32,320 Share Price $275.40 Est. Cost/Share $315.04 Unrealized @ Report Date -12.6%

NGVC NATURAL GROCERS BY VITAMIN C 0.1%

Value $1.532M Shares 50,280 Share Price $30.47 Est. Cost/Share $29.97 Unrealized @ Report Date +1.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GFL	GFL ENVIRONMENTAL INC-SUB VT	1,071,792	$44.89M	3.3%	$41.88	$41.08	+1.8%	COM	36168Q104
GIL	GILDAN ACTIVEWEAR INC	498,981	$21.31M	1.6%	$42.71	$51.75	-17.6%	COM	375916103
SYK	STRYKER CORP	32,320	$8.901M	0.7%	$275.40	$315.04	-12.6%	COM	863667101
NGVC	NATURAL GROCERS BY VITAMIN C	50,280	$1.532M	0.1%	$30.47	$29.97	+1.6%	COM	63888U108

Increased Positions (12)

STN STANTEC INC 3.8%

Value $51.33M (+45.5%) Shares 759,645 (+48.5%) Share Price $67.57 Est. Cost/Share $72.14 Unrealized @ Report Date —

MGA MAGNA INTERNATIONAL INC 3.5%

Value $47.22M (+29.5%) Shares 739,472 (+33.3%) Share Price $63.86 Est. Cost/Share $64.83 Unrealized @ Report Date -1.8%

WFG WEST FRASER TIMBER CO LTD 2.4%

Value $33.02M (+37.1%) Shares 475,092 (+33.5%) Share Price $69.50 Est. Cost/Share $67.25 Unrealized @ Report Date +3.2%

RCI ROGERS COMMUNICATIONS INC-B 2.4%

Value $33.21M (+24.7%) Shares 1,076,059 (+31.4%) Share Price $30.86 Est. Cost/Share $30.53 Unrealized @ Report Date +0.9%

BABA ALIBABA GROUP HOLDING-SP ADR 1.0%

Value $13.29M (+86.3%) Shares 123,617 (+66.3%) Share Price $107.54 Est. Cost/Share $113.47 Unrealized @ Report Date -5.2%

DOO BRP INC/CA- SUB VOTING 2.8%

Value $38.51M (+13.0%) Shares 684,109 (+22.5%) Share Price $56.29 Est. Cost/Share $57.70 Unrealized @ Report Date -2.7%

BN BROOKFIELD CORP 2.3%

Value $31.49M (+13.7%) Shares 861,190 (+32.6%) Share Price $36.57 Est. Cost/Share $43.70 Unrealized @ Report Date -16.6%

RBA RB GLOBAL INC 2.3%

Value $31.85M (-6.4%) Shares 390,069 (+33.4%) Share Price $81.64 Est. Cost/Share $70.77 Unrealized @ Report Date +15.0%

DIS WALT DISNEY CO/THE 0.3%

Value $4.265M (+68.2%) Shares 40,660 (+54.4%) Share Price $104.89 Est. Cost/Share $107.64 Unrealized @ Report Date -2.5%

LII LENNOX INTERNATIONAL INC 0.9%

Value $12.93M (+14.4%) Shares 36,424 (+84.7%) Share Price $355.01 Est. Cost/Share $438.84 Unrealized @ Report Date -19.1%

VNOM VIPER ENERGY INC-CL A 0.1%

Value $1.922M (+28.7%) Shares 48,195 (+36.9%) Share Price $39.88 Est. Cost/Share $40.06 Unrealized @ Report Date -0.4%

XPEL XPEL INC 0.2%

Value $2.599M (+1.4%) Shares 58,850 (+13.9%) Share Price $44.16 Est. Cost/Share $40.10 Unrealized @ Report Date +10.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
STN	STANTEC INC	759,645 (+48.5%)	$51.33M (+45.5%)	3.8%	$67.57	$72.14	—	COM	85472N109
MGA	MAGNA INTERNATIONAL INC	739,472 (+33.3%)	$47.22M (+29.5%)	3.5%	$63.86	$64.83	-1.8%	COM	559222401
WFG	WEST FRASER TIMBER CO LTD	475,092 (+33.5%)	$33.02M (+37.1%)	2.4%	$69.50	$67.25	+3.2%	COM	952845105
RCI	ROGERS COMMUNICATIONS INC-B	1,076,059 (+31.4%)	$33.21M (+24.7%)	2.4%	$30.86	$30.53	+0.9%	CL B	775109200
BABA	ALIBABA GROUP HOLDING-SP ADR	123,617 (+66.3%)	$13.29M (+86.3%)	1.0%	$107.54	$113.47	-5.2%	COM	01609W102
DOO	BRP INC/CA- SUB VOTING	684,109 (+22.5%)	$38.51M (+13.0%)	2.8%	$56.29	$57.70	-2.7%	COM	05577W200
BN	BROOKFIELD CORP	861,190 (+32.6%)	$31.49M (+13.7%)	2.3%	$36.57	$43.70	-16.6%	COM	11271J107
RBA	RB GLOBAL INC	390,069 (+33.4%)	$31.85M (-6.4%)	2.3%	$81.64	$70.77	+15.0%	COM	74935Q107
DIS	WALT DISNEY CO/THE	40,660 (+54.4%)	$4.265M (+68.2%)	0.3%	$104.89	$107.64	-2.5%	COM	254687106
LII	LENNOX INTERNATIONAL INC	36,424 (+84.7%)	$12.93M (+14.4%)	0.9%	$355.01	$438.84	-19.1%	COM	526107107
VNOM	VIPER ENERGY INC-CL A	48,195 (+36.9%)	$1.922M (+28.7%)	0.1%	$39.88	$40.06	-0.4%	COM	64361Q101
XPEL	XPEL INC	58,850 (+13.9%)	$2.599M (+1.4%)	0.2%	$44.16	$40.10	+10.1%	COM	98379L100

Exited Positions (1)

IMO IMPERIAL OIL LTD 1.3%

Value $17.58M Shares 156,597 Share Price $112.26 * Est. Cost/Share $85.57 Unrealized @ Report Date +43.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IMO	IMPERIAL OIL LTD	156,597	$17.58M	1.3%	$112.26 *	$85.57	+43.8%	—	453038408

Decreased Positions (40)

TFII TFI INTERNATIONAL INC 2.2%

Value $30.2M (-33.6%) Shares 251,232 (-20.5%) Share Price $120.20 Est. Cost/Share $125.19 Unrealized @ Report Date -4.3%

RY ROYAL BANK OF CANADA 4.1%

Value $55.9M (-17.3%) Shares 283,499 (-13.2%) Share Price $197.18 Est. Cost/Share $117.75 Unrealized @ Report Date +67.0%

UNP UNION PACIFIC CORP 0.7%

Value $9.842M (-42.4%) Shares 36,166 (-42.4%) Share Price $272.13 Est. Cost/Share $187.10 Unrealized @ Report Date +45.4%

MSFT MICROSOFT CORP 1.4%

Value $19.44M (+35.5%) Shares 37,910 (-1.4%) Share Price $512.90 Est. Cost/Share $404.60 Unrealized @ Report Date +26.8%

SUNC SUNOCOCORP LLC 5.5%

Value $75.2M (+5.6%) Shares 1,028,154 (-2.3%) Share Price $73.14 Est. Cost/Share $49.49 Unrealized @ Report Date +47.8%

NVO NOVO-NORDISK A/S-SPONS ADR 1.0%

Value $13.8M (-22.1%) Shares 363,958 (-1.5%) Share Price $37.91 Est. Cost/Share $54.89 Unrealized @ Report Date -30.9%

SBUX STARBUCKS CORP 0.5%

Value $7.027M (-33.9%) Shares 74,790 (-28.1%) Share Price $93.96 Est. Cost/Share $82.01 Unrealized @ Report Date +14.6%

SOLV SOLVENTUM CORP 1.0%

Value $13.62M (-19.3%) Shares 154,502 (-29.4%) Share Price $88.15 Est. Cost/Share $63.98 Unrealized @ Report Date +37.8%

ODFL OLD DOMINION FREIGHT LINE 0.7%

Value $9.624M (-20.8%) Shares 55,360 (-1.3%) Share Price $173.84 Est. Cost/Share $143.18 Unrealized @ Report Date +21.4%

CVX CHEVRON CORP 1.0%

Value $14.17M (+21.4%) Shares 69,407 (-1.5%) Share Price $204.22 Est. Cost/Share $160.20 Unrealized @ Report Date +27.5%

CMI CUMMINS INC 0.2%

Value $2.833M (-46.5%) Shares 5,485 (-26.1%) Share Price $516.50 Est. Cost/Share $157.03 Unrealized @ Report Date +229.0%

AMAT APPLIED MATERIALS INC 0.1%

Value $1.186M (-63.5%) Shares 2,320 (-48.3%) Share Price $511.21 Est. Cost/Share $163.19 Unrealized @ Report Date +213.4%

HCC WARRIOR MET COAL INC 0.4%

Value $5.001M (-26.7%) Shares 56,785 (-32.5%) Share Price $88.07 Est. Cost/Share $57.14 Unrealized @ Report Date +54.1%

EL ESTEE LAUDER COMPANIES-CL A 0.9%

Value $12.48M (+15.7%) Shares 134,480 (-1.5%) Share Price $92.77 Est. Cost/Share $87.94 Unrealized @ Report Date +5.5%

XOM EXXONMOBIL HOLDINGS CORP 0.7%

Value $10.12M (+17.2%) Shares 62,201 (-1.5%) Share Price $162.75 Est. Cost/Share $136.71 Unrealized @ Report Date —

PEP PEPSICO INC 1.3%

Value $17.45M (-7.8%) Shares 137,685 (-1.5%) Share Price $126.72 Est. Cost/Share $142.75 Unrealized @ Report Date -11.2%

THO THOR INDUSTRIES INC 1.0%

Value $13.5M (-9.3%) Shares 195,366 (-1.3%) Share Price $69.10 Est. Cost/Share $79.38 Unrealized @ Report Date -12.9%

UNH UNITEDHEALTH GROUP INC 0.7%

Value $8.991M (-13.0%) Shares 24,494 (-1.5%) Share Price $367.07 Est. Cost/Share $356.19 Unrealized @ Report Date +3.1%

EOG EOG RESOURCES INC 1.6%

Value $22.12M (+4.6%) Shares 160,585 (-1.5%) Share Price $137.76 Est. Cost/Share $98.70 Unrealized @ Report Date +39.6%

OZK BANK OZK 0.5%

Value $6.435M (-13.0%) Shares 140,010 (-1.4%) Share Price $45.96 Est. Cost/Share $30.92 Unrealized @ Report Date +48.6%

CNC CENTENE CORP 1.4%

Value $18.83M (-4.7%) Shares 303,172 (-1.5%) Share Price $62.12 Est. Cost/Share $53.13 Unrealized @ Report Date +16.9%

AZO AUTOZONE INC 0.4%

Value $5.864M (-12.7%) Shares 2,072 (-1.4%) Share Price $2830.12 Est. Cost/Share $1859.36 Unrealized @ Report Date +52.2%

DRI DARDEN RESTAURANTS INC 0.7%

Value $9.416M (-7.6%) Shares 48,722 (-1.5%) Share Price $193.26 Est. Cost/Share $147.12 Unrealized @ Report Date +31.4%

JNJ JOHNSON & JOHNSON 0.4%

Value $5.803M (-11.7%) Shares 21,920 (-15.3%) Share Price $264.74 Est. Cost/Share $141.13 Unrealized @ Report Date +87.6%

HAL HALLIBURTON CO 0.6%

Value $8.206M (-7.7%) Shares 258,060 (-1.5%) Share Price $31.80 Est. Cost/Share $31.90 Unrealized @ Report Date -0.3%

MRK MERCK & CO. INC. 0.1%

Value $1.672M (-29.2%) Shares 11,507 (-37.3%) Share Price $145.30 Est. Cost/Share $83.11 Unrealized @ Report Date +74.8%

PCAR PACCAR INC 0.4%

Value $5.762M (-10.0%) Shares 52,470 (-1.6%) Share Price $109.82 Est. Cost/Share $58.02 Unrealized @ Report Date +89.3%

HD HOME DEPOT INC 0.2%

Value $2.406M (-20.6%) Shares 8,457 (-1.6%) Share Price $284.50 Est. Cost/Share $256.01 Unrealized @ Report Date +11.1%

NFLX NETFLIX INC 1.2%

Value $15.82M (-3.7%) Shares 227,400 (-1.2%) Share Price $69.58 Est. Cost/Share $88.08 Unrealized @ Report Date -21.0%

GOOGL ALPHABET INC-CL A 0.8%

Value $10.98M (-5.2%) Shares 31,920 (-1.5%) Share Price $344.08 Est. Cost/Share $122.81 Unrealized @ Report Date +180.2%

DG DOLLAR GENERAL CORP 1.4%

Value $18.85M (+2.4%) Shares 157,620 (-1.4%) Share Price $119.58 Est. Cost/Share $87.69 Unrealized @ Report Date +36.4%

AMZN AMAZON.COM INC 1.1%

Value $15.19M (+2.9%) Shares 60,980 (-1.5%) Share Price $249.15 Est. Cost/Share $137.88 Unrealized @ Report Date +80.7%

AXP AMERICAN EXPRESS CO 0.2%

Value $2.758M (-11.6%) Shares 9,070 (-1.6%) Share Price $304.08 Est. Cost/Share $72.01 Unrealized @ Report Date +322.3%

ROST ROSS STORES INC 0.3%

Value $4.108M (+7.9%) Shares 17,600 (-1.6%) Share Price $233.41 Est. Cost/Share $98.54 Unrealized @ Report Date +136.9%

MCK MCKESSON CORP 0.2%

Value $2.373M (+11.0%) Shares 2,779 (-1.8%) Share Price $853.90 Est. Cost/Share $146.42 Unrealized @ Report Date +483.1%

BRK/B BERKSHIRE HATHAWAY INC-CL B 0.4%

Value $4.865M (-2.1%) Shares 9,771 (-1.6%) Share Price $497.90 Est. Cost/Share $157.65 Unrealized @ Report Date +215.9%

BAC BANK OF AMERICA CORP 0.1%

Value $975K (-6.1%) Shares 17,920 (-1.6%) Share Price $54.41 Est. Cost/Share $26.53 Unrealized @ Report Date +105.2%

UL UNILEVER PLC-SPONSORED ADR 0.9%

Value $12.34M (-0.5%) Shares 203,243 (-1.5%) Share Price $60.73 Est. Cost/Share $67.26 Unrealized @ Report Date -9.7%

JPM JPMORGAN CHASE & CO 0.3%

Value $3.985M (-0.6%) Shares 12,045 (-1.6%) Share Price $330.84 Est. Cost/Share $95.78 Unrealized @ Report Date +245.4%

MMM 3M CO 0.3%

Value $3.833M (-0.2%) Shares 23,350 (-1.6%) Share Price $164.15 Est. Cost/Share $94.02 Unrealized @ Report Date +74.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TFII	TFI INTERNATIONAL INC	251,232 (-20.5%)	$30.2M (-33.6%)	2.2%	$120.20	$125.19	-4.3%	COM	87241L109
RY	ROYAL BANK OF CANADA	283,499 (-13.2%)	$55.9M (-17.3%)	4.1%	$197.18	$117.75	+67.0%	COM	780087102
UNP	UNION PACIFIC CORP	36,166 (-42.4%)	$9.842M (-42.4%)	0.7%	$272.13	$187.10	+45.4%	COM	907818108
MSFT	MICROSOFT CORP	37,910 (-1.4%)	$19.44M (+35.5%)	1.4%	$512.90	$404.60	+26.8%	COM	594918104
SUNC	SUNOCOCORP LLC	1,028,154 (-2.3%)	$75.2M (+5.6%)	5.5%	$73.14	$49.49	+47.8%	COM	86765Q106
NVO	NOVO-NORDISK A/S-SPONS ADR	363,958 (-1.5%)	$13.8M (-22.1%)	1.0%	$37.91	$54.89	-30.9%	COM	670100205
SBUX	STARBUCKS CORP	74,790 (-28.1%)	$7.027M (-33.9%)	0.5%	$93.96	$82.01	+14.6%	COM	855244109
SOLV	SOLVENTUM CORP	154,502 (-29.4%)	$13.62M (-19.3%)	1.0%	$88.15	$63.98	+37.8%	COM	83444M101
ODFL	OLD DOMINION FREIGHT LINE	55,360 (-1.3%)	$9.624M (-20.8%)	0.7%	$173.84	$143.18	+21.4%	COM	679580100
CVX	CHEVRON CORP	69,407 (-1.5%)	$14.17M (+21.4%)	1.0%	$204.22	$160.20	+27.5%	COM	166764100
CMI	CUMMINS INC	5,485 (-26.1%)	$2.833M (-46.5%)	0.2%	$516.50	$157.03	+229.0%	COM	231021106
AMAT	APPLIED MATERIALS INC	2,320 (-48.3%)	$1.186M (-63.5%)	0.1%	$511.21	$163.19	+213.4%	COM	038222105
HCC	WARRIOR MET COAL INC	56,785 (-32.5%)	$5.001M (-26.7%)	0.4%	$88.07	$57.14	+54.1%	COM	93627C101
EL	ESTEE LAUDER COMPANIES-CL A	134,480 (-1.5%)	$12.48M (+15.7%)	0.9%	$92.77	$87.94	+5.5%	COM	518439104
XOM	EXXONMOBIL HOLDINGS CORP	62,201 (-1.5%)	$10.12M (+17.2%)	0.7%	$162.75	$136.71	—	COM	30233Q108
PEP	PEPSICO INC	137,685 (-1.5%)	$17.45M (-7.8%)	1.3%	$126.72	$142.75	-11.2%	COM	713448108
THO	THOR INDUSTRIES INC	195,366 (-1.3%)	$13.5M (-9.3%)	1.0%	$69.10	$79.38	-12.9%	COM	885160101
UNH	UNITEDHEALTH GROUP INC	24,494 (-1.5%)	$8.991M (-13.0%)	0.7%	$367.07	$356.19	+3.1%	COM	91324P102
EOG	EOG RESOURCES INC	160,585 (-1.5%)	$22.12M (+4.6%)	1.6%	$137.76	$98.70	+39.6%	COM	26875P101
OZK	BANK OZK	140,010 (-1.4%)	$6.435M (-13.0%)	0.5%	$45.96	$30.92	+48.6%	COM	06417N103
CNC	CENTENE CORP	303,172 (-1.5%)	$18.83M (-4.7%)	1.4%	$62.12	$53.13	+16.9%	COM	15135B101
AZO	AUTOZONE INC	2,072 (-1.4%)	$5.864M (-12.7%)	0.4%	$2830.12	$1859.36	+52.2%	COM	053332102
DRI	DARDEN RESTAURANTS INC	48,722 (-1.5%)	$9.416M (-7.6%)	0.7%	$193.26	$147.12	+31.4%	COM	237194105
JNJ	JOHNSON & JOHNSON	21,920 (-15.3%)	$5.803M (-11.7%)	0.4%	$264.74	$141.13	+87.6%	COM	478160104
HAL	HALLIBURTON CO	258,060 (-1.5%)	$8.206M (-7.7%)	0.6%	$31.80	$31.90	-0.3%	COM	406216101
MRK	MERCK & CO. INC.	11,507 (-37.3%)	$1.672M (-29.2%)	0.1%	$145.30	$83.11	+74.8%	COM	58933Y105
PCAR	PACCAR INC	52,470 (-1.6%)	$5.762M (-10.0%)	0.4%	$109.82	$58.02	+89.3%	COM	693718108
HD	HOME DEPOT INC	8,457 (-1.6%)	$2.406M (-20.6%)	0.2%	$284.50	$256.01	+11.1%	COM	437076102
NFLX	NETFLIX INC	227,400 (-1.2%)	$15.82M (-3.7%)	1.2%	$69.58	$88.08	-21.0%	COM	64110L106
GOOGL	ALPHABET INC-CL A	31,920 (-1.5%)	$10.98M (-5.2%)	0.8%	$344.08	$122.81	+180.2%	COM	02079K305
DG	DOLLAR GENERAL CORP	157,620 (-1.4%)	$18.85M (+2.4%)	1.4%	$119.58	$87.69	+36.4%	COM	256677105
AMZN	AMAZON.COM INC	60,980 (-1.5%)	$15.19M (+2.9%)	1.1%	$249.15	$137.88	+80.7%	COM	023135106
AXP	AMERICAN EXPRESS CO	9,070 (-1.6%)	$2.758M (-11.6%)	0.2%	$304.08	$72.01	+322.3%	COM	025816109
ROST	ROSS STORES INC	17,600 (-1.6%)	$4.108M (+7.9%)	0.3%	$233.41	$98.54	+136.9%	COM	778296103
MCK	MCKESSON CORP	2,779 (-1.8%)	$2.373M (+11.0%)	0.2%	$853.90	$146.42	+483.1%	COM	58155Q103
BRK/B	BERKSHIRE HATHAWAY INC-CL B	9,771 (-1.6%)	$4.865M (-2.1%)	0.4%	$497.90	$157.65	+215.9%	CL B	084670702
BAC	BANK OF AMERICA CORP	17,920 (-1.6%)	$975K (-6.1%)	0.1%	$54.41	$26.53	+105.2%	COM	060505104
UL	UNILEVER PLC-SPONSORED ADR	203,243 (-1.5%)	$12.34M (-0.5%)	0.9%	$60.73	$67.26	-9.7%	COM	904767803
JPM	JPMORGAN CHASE & CO	12,045 (-1.6%)	$3.985M (-0.6%)	0.3%	$330.84	$95.78	+245.4%	COM	46625H100
MMM	3M CO	23,350 (-1.6%)	$3.833M (-0.2%)	0.3%	$164.15	$94.02	+74.6%	COM	88579Y101

Unchanged Positions (15)

FNV FRANCO-NEVADA CORP 3.7%

Value $50.22M Shares 210,447 Share Price $238.63 Est. Cost/Share $110.58 Unrealized @ Report Date +115.3%

ENB ENBRIDGE INC 2.4%

Value $32.26M Shares 692,419 Share Price $46.59 Est. Cost/Share $46.12 Unrealized @ Report Date +0.8%

EMA EMERA INC 2.6%

Value $35.61M Shares 743,263 Share Price $47.91 Est. Cost/Share $43.35 Unrealized @ Report Date +10.3%

CNQ CANADIAN NATURAL RESOURCES 1.8%

Value $25.07M Shares 531,765 Share Price $47.14 Est. Cost/Share $29.57 Unrealized @ Report Date +59.2%

FTS FORTIS INC 3.2%

Value $43.3M Shares 817,848 Share Price $52.95 Est. Cost/Share $34.54 Unrealized @ Report Date +52.9%

GIB CGI INC 4.5%

Value $61.6M Shares 903,907 Share Price $68.15 Est. Cost/Share $83.17 Unrealized @ Report Date -18.2%

TD TORONTO-DOMINION BANK 3.4%

Value $46.26M Shares 392,465 Share Price $117.86 Est. Cost/Share $75.06 Unrealized @ Report Date +56.6%

CP CANADIAN PACIFIC KANSAS CITY 4.3%

Value $58.05M Shares 679,940 Share Price $85.37 Est. Cost/Share $73.60 Unrealized @ Report Date +15.6%

HIMS HIMS & HERS HEALTH INC 0.5%

Value $6.677M Shares 224,130 Share Price $29.79 Est. Cost/Share $26.84 Unrealized @ Report Date +11.0%

HAE HAEMONETICS CORP/MASS 0.2%

Value $3.235M Shares 30,720 Share Price $105.31 Est. Cost/Share $65.52 Unrealized @ Report Date +60.7%

SLF SUN LIFE FINANCIAL INC 2.8%

Value $37.87M Shares 484,718 Share Price $78.13 Est. Cost/Share $47.80 Unrealized @ Report Date +63.1%

CNI CANADIAN NATL RAILWAY CO 5.2%

Value $70.23M Shares 588,645 Share Price $119.32 Est. Cost/Share $93.37 Unrealized @ Report Date +27.3%

TREX TREX COMPANY INC 0.1%

Value $1.406M Shares 32,270 Share Price $43.57 Est. Cost/Share $41.48 Unrealized @ Report Date +5.0%

NRC NRC HEALTH 0.6%

Value $7.893M Shares 372,503 Share Price $21.19 Est. Cost/Share $36.52 Unrealized @ Report Date -42.0%

OGS ONE GAS INC 0.1%

Value $1.413M Shares 19,660 Share Price $71.87 Est. Cost/Share $67.77 Unrealized @ Report Date +6.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
FNV	FRANCO-NEVADA CORP	210,447	$50.22M	3.7%	$238.63	$110.58	+115.3%	COM	351858105
ENB	ENBRIDGE INC	692,419	$32.26M	2.4%	$46.59	$46.12	+0.8%	COM	29250N105
EMA	EMERA INC	743,263	$35.61M	2.6%	$47.91	$43.35	+10.3%	COM	290876101
CNQ	CANADIAN NATURAL RESOURCES	531,765	$25.07M	1.8%	$47.14	$29.57	+59.2%	COM	136385101
FTS	FORTIS INC	817,848	$43.3M	3.2%	$52.95	$34.54	+52.9%	COM	349553107
GIB	CGI INC	903,907	$61.6M	4.5%	$68.15	$83.17	-18.2%	COM	12532H104
TD	TORONTO-DOMINION BANK	392,465	$46.26M	3.4%	$117.86	$75.06	+56.6%	COM	891160509
CP	CANADIAN PACIFIC KANSAS CITY	679,940	$58.05M	4.3%	$85.37	$73.60	+15.6%	COM	13646K108
HIMS	HIMS & HERS HEALTH INC	224,130	$6.677M	0.5%	$29.79	$26.84	+11.0%	COM	433000106
HAE	HAEMONETICS CORP/MASS	30,720	$3.235M	0.2%	$105.31	$65.52	+60.7%	COM	405024100
SLF	SUN LIFE FINANCIAL INC	484,718	$37.87M	2.8%	$78.13	$47.80	+63.1%	COM	866796105
CNI	CANADIAN NATL RAILWAY CO	588,645	$70.23M	5.2%	$119.32	$93.37	+27.3%	COM	136375102
TREX	TREX COMPANY INC	32,270	$1.406M	0.1%	$43.57	$41.48	+5.0%	COM	89531P105
NRC	NRC HEALTH	372,503	$7.893M	0.6%	$21.19	$36.52	-42.0%	COM	637372202
OGS	ONE GAS INC	19,660	$1.413M	0.1%	$71.87	$67.77	+6.0%	COM	68235P108