Caldwell Investment Management Ltd. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MS	MORGAN STANLEY	250,000	$39,641	15.5%	$179.67	0.0%	COM NEW	617446448
BAC	BANK AMERICA CORP	350,000	$16,551	6.5%	$53.66	0.0%	COM	060505104
C	CITIGROUP INC	75,000	$8,055	3.2%	$116.18	0.0%	COM NEW	172967424
SII	SPROTT INC	57,300	$7,699	3.0%	$124.11	0.0%	COM NEW	852066208
KGC	KINROSS GOLD CORP	170,300	$4,876	1.9%	$33.79	0.0%	COM	496902404
LHX	L3HARRIS TECHNOLOGIES INC	7,600	$2,587	1.0%	$343.14	0.0%	COM	502431109
RY	ROYAL BK CDA	15,600	$2,465	1.0%	$169.94	0.0%	COM	780087102
OVV	OVINTIV INC	34,900	$2,119	0.8%	$43.67	0.0%	COM	69047Q102
PFE	PFIZER INC	75,000	$2,085	0.8%	$26.18	0.0%	COM	717081103
FIX	COMFORT SYS USA INC	1,600	$2,040	0.8%	$1196.06	0.0%	COM	199908104
MSI	MOTOROLA SOLUTIONS INC	4,200	$1,795	0.7%	$415.89	0.0%	COM NEW	620076307
TJX	TJX COS INC NEW	11,100	$1,731	0.7%	$154.23	0.0%	COM	872540109
CAE	CAE INC	66,100	$1,687	0.7%	$31.81	0.0%	COM	124765108
KLAC	KLA CORP	1,200	$1,661	0.7%	$1462.03	0.0%	COM NEW	482480100
MSFT	MICROSOFT CORP	4,500	$1,617	0.6%	$434.61	0.0%	COM	594918104
TMO	THERMO FISHER SCIENTIFIC INC	3,300	$1,586	0.6%	$574.61	0.0%	COM	883556102
CW	CURTISS WRIGHT CORP	2,400	$1,519	0.6%	$650.76	0.0%	COM	231561101
STN	STANTEC INC	17,800	$1,508	0.6%	$84.71	—	COM	85472N109
HWM	HOWMET AEROSPACE INC	6,400	$1,429	0.6%	$226.53	0.0%	COM	443201108
—	QUANTA SVCS INC	2,200	$1,176	0.5%	$534.43	—	COM	07476E102
ROL	ROLLINS INC	22,000	$1,168	0.5%	$61.83	0.0%	COM	775711104
CNI	CANADIAN NATL RY CO	10,800	$1,096	0.4%	$102.12	0.0%	COM	136375102
AROC	ARCHROCK INC	31,500	$1,088	0.4%	$29.24	0.0%	COM	03957W106
LRCX	LAM RESEARCH CORP	5,400	$1,081	0.4%	$225.94	0.0%	COM NEW	512807306
WWD	WOODWARD INC	3,000	$1,026	0.4%	$353.24	0.0%	COM	980745103
WMB	WILLIAMS COS INC	14,000	$1,016	0.4%	$66.35	0.0%	COM	969457100
RMD	RESMED INC	4,000	$881	0.3%	$255.92	0.0%	COM	761152107
VRT	VERTIV HOLDINGS CO	3,600	$844	0.3%	$199.85	0.0%	COM CL A	92537N108
WCN	WASTE CONNECTIONS INC	5,100	$826	0.3%	$167.37	0.0%	COM	94106B101
APH	AMPHENOL CORP	6,800	$811	0.3%	$146.40	0.0%	CL A	032095101
CACI	CACI INTL INC	1,400	$783	0.3%	$603.01	0.0%	CL A	127190304
NVDA	NVIDIA CORPORATION	4,400	$728	0.3%	$186.63	0.0%	COM	67066G104
GOOGL	ALPHABET INC	2,500	$685	0.3%	$323.29	0.0%	CAP STK CL A	02079K305
SNPS	SYNOPSYS INC	1,631	$626	0.2%	$471.68	0.0%	COM	871607107
HCA	HCA HEALTHCARE INC	1,200	$562	0.2%	$498.00	0.0%	COM	40412C101
FISV	FISERV INC	7,300	$399	0.2%	$63.95	0.0%	COM	337738108

Increased Positions (2)

CVE CENOVUS ENERGY INC 3.0%

Value ($000) $7,740 (+310.1%) Shares 290,800 (+162.5%) Est. Cost $18.08 Unrealized +8.4%

V VISA INC 0.6%

Value ($000) $1,530 (+90.1%) Shares 5,100 (+4.1%) Est. Cost $212.88 Unrealized +54.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVE	CENOVUS ENERGY INC	290,800 (+162.5%)	$7,740 (+310.1%)	3.0%	$18.08	+8.4%	COM	15135U109
V	VISA INC	5,100 (+4.1%)	$1,530 (+90.1%)	0.6%	$212.88	+54.6%	COM CL A	92826C839

Exited Positions (8)

MFC MANULIFE FINL CORP 1.5%

Value ($000) $3,835 Shares 105,000 Est. Cost $33.94 Unrealized +9.3%

BABA ALIBABA GRP HLDG LTD 1.2%

Value ($000) $2,945 Shares 20,000 Est. Cost $179.85 Unrealized —

TFII TFI INTERNATIONAL INC 0.6%

Value ($000) $1,484 Shares 14,200 Est. Cost $93.07 Unrealized +22.5%

AVGO BROADCOM INC 0.6%

Value ($000) $1,433 Shares 4,100 Est. Cost $357.00 Unrealized -6.4%

IDCC INTERDIGITAL INC 0.5%

Value ($000) $1,267 Shares 3,900 Est. Cost $205.92 Unrealized +64.1%

TKO TKA GROUP HOLDINGS INC 0.4%

Value ($000) $1,070 Shares 5,000 Est. Cost $181.53 Unrealized +13.2%

PWR QUANTA SERVICES INC 0.4%

Value ($000) $943 Shares 2,200 Est. Cost $439.27 Unrealized +10.7%

META META PLATFORMS INC 0.3%

Value ($000) $699 Shares 1,050 Est. Cost $743.23 Unrealized -11.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MFC	MANULIFE FINL CORP	105,000	$3,835	1.5%	$33.94	+9.3%	—	56501R106
BABA	ALIBABA GRP HLDG LTD	20,000	$2,945	1.2%	$179.85	—	—	01609W102
TFII	TFI INTERNATIONAL INC	14,200	$1,484	0.6%	$93.07	+22.5%	—	87241L109
AVGO	BROADCOM INC	4,100	$1,433	0.6%	$357.00	-6.4%	—	11135F101
IDCC	INTERDIGITAL INC	3,900	$1,267	0.5%	$205.92	+64.1%	—	45867G101
TKO	TKA GROUP HOLDINGS INC	5,000	$1,070	0.4%	$181.53	+13.2%	—	87256C101
PWR	QUANTA SERVICES INC	2,200	$943	0.4%	$439.27	+10.7%	—	74762E102
META	META PLATFORMS INC	1,050	$699	0.3%	$743.23	-11.8%	—	30303M102

Decreased Positions (4)

MIAX MIAMI INTL HLDGS INC 9.8%

Value ($000) $24,923 (-26.1%) Shares 663,810 (-10.2%) Est. Cost $37.39 Unrealized +12.3%

JPM JPMORGAN CHASE & CO 0.5%

Value ($000) $1,165 (-71.6%) Shares 4,100 (-67.7%) Est. Cost $174.28 Unrealized +78.7%

AEM AGNICO EAGLE MINES LTD 2.8%

Value ($000) $7,100 (-12.4%) Shares 37,000 (-21.6%) Est. Cost $65.43 Unrealized +214.9%

IBKR INTERACTIVE BROKERS GROUP IN 0.3%

Value ($000) $886 (-49.6%) Shares 13,900 (-48.7%) Est. Cost $46.06 Unrealized +59.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MIAX	MIAMI INTL HLDGS INC	663,810 (-10.2%)	$24,923 (-26.1%)	9.8%	$37.39	+12.3%	COM	59356Q108
JPM	JPMORGAN CHASE & CO	4,100 (-67.7%)	$1,165 (-71.6%)	0.5%	$174.28	+78.7%	COM	46625H100
AEM	AGNICO EAGLE MINES LTD	37,000 (-21.6%)	$7,100 (-12.4%)	2.8%	$65.43	+214.9%	COM	008474108
IBKR	INTERACTIVE BROKERS GROUP IN	13,900 (-48.7%)	$886 (-49.6%)	0.3%	$46.06	+59.8%	COM CL A	45841N107

Unchanged Positions (15)

KKR KKR & CO INC 7.1%

Value ($000) $18,094 Shares 200,000 Est. Cost $124.29 Unrealized -7.7%

CBOE CBOE GLOBAL MKTS INC 13.1%

Value ($000) $33,352 Shares 118,000 Est. Cost $131.07 Unrealized +107.5%

EFXT ENERFLEX LTD 3.3%

Value ($000) $8,449 Shares 411,000 Est. Cost $13.30 Unrealized +31.9%

ICE INTERCONTINENTAL EXCH IN 6.2%

Value ($000) $15,713 Shares 100,000 Est. Cost $125.37 Unrealized +31.6%

CCJ CAMECO CORP 1.7%

Value ($000) $4,219 Shares 41,000 Est. Cost $80.30 Unrealized +44.8%

CLS CELESTICA INC 0.9%

Value ($000) $2,293 Shares 8,900 Est. Cost $301.37 Unrealized -0.1%

NOW SERVICENOW INC 0.3%

Value ($000) $736 Shares 7,000 Est. Cost $174.59 Unrealized -30.6%

AMZN AMAZON COM INC 0.7%

Value ($000) $1,871 Shares 9,300 Est. Cost $111.94 Unrealized +102.6%

GIB CGI INC 0.4%

Value ($000) $937 Shares 12,910 Est. Cost $81.72 Unrealized +2.7%

ACN ACCENTURE PLC IRELAND 0.2%

Value ($000) $633 Shares 3,200 Est. Cost $260.61 Unrealized -2.8%

ELVA ELECTROVAYA INC 1.1%

Value ($000) $2,872 Shares 398,000 Est. Cost $5.07 Unrealized +80.8%

J JACOBS SOLUTIONS INC 0.5%

Value ($000) $1,374 Shares 11,000 Est. Cost $146.41 Unrealized -5.4%

MCK MCKESSON CORP 0.7%

Value ($000) $1,895 Shares 2,200 Est. Cost $703.03 Unrealized +24.5%

AMTM AMENTUM HOLDINGS INC 0.1%

Value ($000) $294 Shares 11,669 Est. Cost $25.56 Unrealized +30.9%

ATS ATS CORPORATION 0.6%

Value ($000) $1,648 Shares 60,800 Est. Cost $34.30 Unrealized -12.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KKR	KKR & CO INC	200,000	$18,094	7.1%	$124.29	-7.7%	COM	48251W104
CBOE	CBOE GLOBAL MKTS INC	118,000	$33,352	13.1%	$131.07	+107.5%	COM	12503M108
EFXT	ENERFLEX LTD	411,000	$8,449	3.3%	$13.30	+31.9%	COM	29269R105
ICE	INTERCONTINENTAL EXCH IN	100,000	$15,713	6.2%	$125.37	+31.6%	COM	45866F104
CCJ	CAMECO CORP	41,000	$4,219	1.7%	$80.30	+44.8%	COM	13321L108
CLS	CELESTICA INC	8,900	$2,293	0.9%	$301.37	-0.1%	COM	15101Q207
NOW	SERVICENOW INC	7,000	$736	0.3%	$174.59	-30.6%	COM	81762P102
AMZN	AMAZON COM INC	9,300	$1,871	0.7%	$111.94	+102.6%	COM	023135106
GIB	CGI INC	12,910	$937	0.4%	$81.72	+2.7%	CL A SUB VTG	12532H104
ACN	ACCENTURE PLC IRELAND	3,200	$633	0.2%	$260.61	-2.8%	SHS CLASS A	G1151C101
ELVA	ELECTROVAYA INC	398,000	$2,872	1.1%	$5.07	+80.8%	COM NEW	28617B606
J	JACOBS SOLUTIONS INC	11,000	$1,374	0.5%	$146.41	-5.4%	COM	46982L108
MCK	MCKESSON CORP	2,200	$1,895	0.7%	$703.03	+24.5%	COM	58155Q103
AMTM	AMENTUM HOLDINGS INC	11,669	$294	0.1%	$25.56	+30.9%	COM	023939101
ATS	ATS CORPORATION	60,800	$1,648	0.6%	$34.30	-12.6%	COM	00217Y104