Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
RBA	RB Global Inc	1,805,849	$196M	1.1%	$108.34 *	$112.11	0.0%	Common Stock	74935Q107
INTU	Intuit Inc	132,503	$90.49M	0.5%	$682.91 *	$719.44	0.0%	Common Stock	461202103
QQQ	Invesco QQQ Trust Series 1.	1,035	$621K	0.0%	$600.37	$600.37	—	ETP	46090E103
MUFG	Mitsubishi UFJ Financial Group ADR	34,948	$557K	0.0%	$15.94	$15.94	—	ADR	606822104
BIDU	Baidu Inc. Sponsored ADR	1,764	$232K	0.0%	$131.77	$131.77	—	ADR	056752108

Increased Positions (35)

PBA Pembina Pipeline Corporation 2.0%

Value $356M (+2053.0%) Shares 8,814,455 (+1894.9%) Share Price $40.44 * Est. Cost/Share $36.86 Unrealized @ Report Date +2.4%

META Meta Platforms Inc 1.0%

Value $173M (+35.5%) Shares 235,586 (+36.2%) Share Price $734.38 Est. Cost/Share $366.42 Unrealized @ Report Date +102.8%

FISV Fiserv Inc. 1.1%

Value $194M (-18.4%) Shares 1,508,425 (+9.1%) Share Price $128.93 * Est. Cost/Share $86.02 Unrealized @ Report Date +66.6%

PEG Public Service Enterprises Group 0.5%

Value $85.57M (+105.3%) Shares 1,025,305 (+107.1%) Share Price $83.46 Est. Cost/Share $70.90 Unrealized @ Report Date +16.7%

HDB HDFC Bank Ltd ADR 0.6%

Value $113M (-18.6%) Shares 3,317,169 (+82.7%) Share Price $34.16 Est. Cost/Share $48.86 Unrealized @ Report Date —

NVDA NVIDIA Corporation 0.0%

Value $8.403M (+630.6%) Shares 45,038 (+518.7%) Share Price $186.58 * Est. Cost/Share $161.37 Unrealized @ Report Date +8.0%

IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF 0.1%

Value $10.22M (+50.3%) Shares 192,744 (+49.5%) Share Price $53.03 Est. Cost/Share $52.40 Unrealized @ Report Date —

IGIB iShares 5-10 Year Inv. Grade Corp. Bond ETF 0.0%

Value $4.837M (+63.6%) Shares 89,421 (+61.2%) Share Price $54.09 Est. Cost/Share $52.64 Unrealized @ Report Date —

SHY iShares Barclays 1-3 Yr Trsry Bond ETF 0.0%

Value $3.445M (+67.1%) Shares 41,528 (+66.9%) Share Price $82.96 Est. Cost/Share $82.83 Unrealized @ Report Date —

CM Canadian Imperial Bank of Commerce 0.0%

Value $4.45M (+36.8%) Shares 55,674 (+21.3%) Share Price $79.93 * Est. Cost/Share $50.09 Unrealized @ Report Date +50.2%

MDLZ Mondelez International Inc. 0.5%

Value $96.98M (+0.9%) Shares 1,552,357 (+8.9%) Share Price $62.47 Est. Cost/Share $44.10 Unrealized @ Report Date +43.8%

B Barrick Mining Corp 0.0%

Value $1.519M (+121.7%) Shares 46,306 (+40.7%) Share Price $32.79 * Est. Cost/Share $20.98 Unrealized @ Report Date +19.9%

SU Suncor Energy Inc. 0.0%

Value $4.945M (+19.9%) Shares 118,134 (+7.1%) Share Price $41.86 * Est. Cost/Share $22.55 Unrealized @ Report Date +77.9%

BCE BCE Inc. 0.0%

Value $4.668M (+19.1%) Shares 199,725 (+12.7%) Share Price $23.37 Est. Cost/Share $28.18 Unrealized @ Report Date -16.6%

ISTB iShares Core 1-5 Year USD Bond ETF 0.0%

Value $2.177M (+39.2%) Shares 44,580 (+38.7%) Share Price $48.84 Est. Cost/Share $48.09 Unrealized @ Report Date —

CNQ Canadian Natural Resources 0.0%

Value $2.123M (+35.2%) Shares 66,366 (+32.6%) Share Price $31.98 * Est. Cost/Share $30.87 Unrealized @ Report Date +1.4%

AEM Agnico Eagle Mines Limited 0.0%

Value $998K (+75.8%) Shares 5,926 (+24.1%) Share Price $168.46 * Est. Cost/Share $88.65 Unrealized @ Report Date +54.3%

IMO Imperial Oil Limited 0.0%

Value $2.51M (+17.5%) Shares 27,678 (+2.7%) Share Price $90.69 * Est. Cost/Share $36.31 Unrealized @ Report Date +135.6%

RCI Rogers Communications Inc - B 0.0%

Value $836K (+79.0%) Shares 24,288 (+53.9%) Share Price $34.43 Est. Cost/Share $39.93 Unrealized @ Report Date -13.8%

MGA Magna International Inc - A 0.0%

Value $980K (+48.7%) Shares 20,686 (+21.0%) Share Price $47.39 * Est. Cost/Share $40.44 Unrealized @ Report Date +8.4%

AZN Astrazeneca PLC 0.0%

Value $1.5M (+24.3%) Shares 19,548 (+13.2%) Share Price $76.72 Est. Cost/Share $70.07 Unrealized @ Report Date —

CP Canadian Pacific Kansas City Ltd 0.0%

Value $5.183M (+5.2%) Shares 69,573 (+12.0%) Share Price $74.49 * Est. Cost/Share $76.06 Unrealized @ Report Date +0.2%

SONY Sony Corp. ADR 0.0%

Value $722K (+51.8%) Shares 25,082 (+37.2%) Share Price $28.79 Est. Cost/Share $26.78 Unrealized @ Report Date —

TECK Teck Resources Limited - B 0.0%

Value $529K (+85.6%) Shares 12,059 (+70.8%) Share Price $43.88 * Est. Cost/Share $42.95 Unrealized @ Report Date -15.4%

CVE Cenovus Energy Inc. 0.0%

Value $450K (+101.9%) Shares 26,474 (+61.4%) Share Price $16.98 * Est. Cost/Share $16.30 Unrealized @ Report Date -4.2%

SLF Sun Life Financial Inc. 0.0%

Value $3.692M (-5.4%) Shares 61,475 (+4.6%) Share Price $60.06 Est. Cost/Share $36.88 Unrealized @ Report Date +63.1%

HLN Haleon PLC 0.0%

Value $7.364M (-2.7%) Shares 821,006 (+12.5%) Share Price $8.97 Est. Cost/Share $10.32 Unrealized @ Report Date —

SAP SAP AG ADR 0.2%

Value $44.11M (+0.3%) Shares 165,093 (+14.2%) Share Price $267.21 Est. Cost/Share $143.86 Unrealized @ Report Date —

WFG West Fraser Timber Co. Ltd. 0.0%

Value $382K (+45.3%) Shares 5,614 (+56.4%) Share Price $68.00 * Est. Cost/Share $71.73 Unrealized @ Report Date +1.8%

WCN Waste Connections Inc. 0.0%

Value $595K (+19.2%) Shares 3,384 (+26.4%) Share Price $175.84 * Est. Cost/Share $157.71 Unrealized @ Report Date +15.3%

IVV iShares S&P 500 ETF 0.0%

Value $442K (+27.5%) Shares 660 (+18.3%) Share Price $669.30 Est. Cost/Share $566.10 Unrealized @ Report Date —

WFC Wells Fargo & Company 0.0%

Value $1.006M (+9.2%) Shares 12,000 (+4.3%) Share Price $83.82 * Est. Cost/Share $39.12 Unrealized @ Report Date +105.7%

FTS Fortis Inc. 0.0%

Value $676K (+8.3%) Shares 13,325 (+1.7%) Share Price $50.73 * Est. Cost/Share $31.31 Unrealized @ Report Date +55.1%

— Unilever Plc ADR 0.2%

Value $40.12M (-0.1%) Shares 676,812 (+3.1%) Share Price $59.28 Est. Cost/Share $58.17 Unrealized @ Report Date —

ABEV Ambev SA ADR 0.0%

Value $160K (-6.5%) Shares 71,951 (+1.1%) Share Price $2.23 Est. Cost/Share $2.68 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PBA	Pembina Pipeline Corporation	8,814,455 (+1894.9%)	$356M (+2053.0%)	2.0%	$40.44 *	$36.86	+2.4%	Common Stock	706327103
META	Meta Platforms Inc	235,586 (+36.2%)	$173M (+35.5%)	1.0%	$734.38	$366.42	+102.8%	Common Stock	30303M102
FISV	Fiserv Inc.	1,508,425 (+9.1%)	$194M (-18.4%)	1.1%	$128.93 *	$86.02	+66.6%	Common Stock	337738108
PEG	Public Service Enterprises Group	1,025,305 (+107.1%)	$85.57M (+105.3%)	0.5%	$83.46	$70.90	+16.7%	Common Stock	744573106
HDB	HDFC Bank Ltd ADR	3,317,169 (+82.7%)	$113M (-18.6%)	0.6%	$34.16	$48.86	—	ADR	40415F101
NVDA	NVIDIA Corporation	45,038 (+518.7%)	$8.403M (+630.6%)	0.0%	$186.58 *	$161.37	+8.0%	Common Stock	67066G104
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	192,744 (+49.5%)	$10.22M (+50.3%)	0.1%	$53.03	$52.40	—	ETF	464288646
IGIB	iShares 5-10 Year Inv. Grade Corp. Bond ETF	89,421 (+61.2%)	$4.837M (+63.6%)	0.0%	$54.09	$52.64	—	ETP	464288638
SHY	iShares Barclays 1-3 Yr Trsry Bond ETF	41,528 (+66.9%)	$3.445M (+67.1%)	0.0%	$82.96	$82.83	—	ETF	464287457
CM	Canadian Imperial Bank of Commerce	55,674 (+21.3%)	$4.45M (+36.8%)	0.0%	$79.93 *	$50.09	+50.2%	Common Stock	136069101
MDLZ	Mondelez International Inc.	1,552,357 (+8.9%)	$96.98M (+0.9%)	0.5%	$62.47	$44.10	+43.8%	Common Stock	609207105
B	Barrick Mining Corp	46,306 (+40.7%)	$1.519M (+121.7%)	0.0%	$32.79 *	$20.98	+19.9%	Common Stock	06849F108
SU	Suncor Energy Inc.	118,134 (+7.1%)	$4.945M (+19.9%)	0.0%	$41.86 *	$22.55	+77.9%	Common Stock	867224107
BCE	BCE Inc.	199,725 (+12.7%)	$4.668M (+19.1%)	0.0%	$23.37	$28.18	-16.6%	Common Stock	05534B760
ISTB	iShares Core 1-5 Year USD Bond ETF	44,580 (+38.7%)	$2.177M (+39.2%)	0.0%	$48.84	$48.09	—	ETF	46432F859
CNQ	Canadian Natural Resources	66,366 (+32.6%)	$2.123M (+35.2%)	0.0%	$31.98 *	$30.87	+1.4%	Common Stock	136385101
AEM	Agnico Eagle Mines Limited	5,926 (+24.1%)	$998K (+75.8%)	0.0%	$168.46 *	$88.65	+54.3%	Common Stock	008474108
IMO	Imperial Oil Limited	27,678 (+2.7%)	$2.51M (+17.5%)	0.0%	$90.69 *	$36.31	+135.6%	Common Stock	453038408
RCI	Rogers Communications Inc - B	24,288 (+53.9%)	$836K (+79.0%)	0.0%	$34.43	$39.93	-13.8%	Common Stock	775109200
MGA	Magna International Inc - A	20,686 (+21.0%)	$980K (+48.7%)	0.0%	$47.39 *	$40.44	+8.4%	Common Stock	559222401
AZN	Astrazeneca PLC	19,548 (+13.2%)	$1.5M (+24.3%)	0.0%	$76.72	$70.07	—	ADR	046353108
CP	Canadian Pacific Kansas City Ltd	69,573 (+12.0%)	$5.183M (+5.2%)	0.0%	$74.49 *	$76.06	+0.2%	Common Stock	13646K108
SONY	Sony Corp. ADR	25,082 (+37.2%)	$722K (+51.8%)	0.0%	$28.79	$26.78	—	ADR	835699307
TECK	Teck Resources Limited - B	12,059 (+70.8%)	$529K (+85.6%)	0.0%	$43.88 *	$42.95	-15.4%	Common Stock	878742204
CVE	Cenovus Energy Inc.	26,474 (+61.4%)	$450K (+101.9%)	0.0%	$16.98 *	$16.30	-4.2%	Common Stock	15135U109
SLF	Sun Life Financial Inc.	61,475 (+4.6%)	$3.692M (-5.4%)	0.0%	$60.06	$36.88	+63.1%	Common Stock	866796105
HLN	Haleon PLC	821,006 (+12.5%)	$7.364M (-2.7%)	0.0%	$8.97	$10.32	—	Common Stock	405552100
SAP	SAP AG ADR	165,093 (+14.2%)	$44.11M (+0.3%)	0.2%	$267.21	$143.86	—	ADR	803054204
WFG	West Fraser Timber Co. Ltd.	5,614 (+56.4%)	$382K (+45.3%)	0.0%	$68.00 *	$71.73	+1.8%	Common Stock	952845105
WCN	Waste Connections Inc.	3,384 (+26.4%)	$595K (+19.2%)	0.0%	$175.84 *	$157.71	+15.3%	Common Stock	94106B101
IVV	iShares S&P 500 ETF	660 (+18.3%)	$442K (+27.5%)	0.0%	$669.30	$566.10	—	ETP	464287200
WFC	Wells Fargo & Company	12,000 (+4.3%)	$1.006M (+9.2%)	0.0%	$83.82 *	$39.12	+105.7%	Common Stock	949746101
FTS	Fortis Inc.	13,325 (+1.7%)	$676K (+8.3%)	0.0%	$50.73 *	$31.31	+55.1%	Common Stock	349553107
—	Unilever Plc ADR	676,812 (+3.1%)	$40.12M (-0.1%)	0.2%	$59.28	$58.17	—	ADR	904767704
ABEV	Ambev SA ADR	71,951 (+1.1%)	$160K (-6.5%)	0.0%	$2.23	$2.68	—	ADR	02319V103

Exited Positions (1)

AMD Advanced Micro Devices 0.0%

Value $220K Shares 1,548 Share Price $141.90 * Est. Cost/Share $108.87 Unrealized @ Report Date +48.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AMD	Advanced Micro Devices	1,548	$220K	0.0%	$141.90 *	$108.87	+48.2%	—	007903107

Decreased Positions (99)

TRI Thomson Reuters Corp 2.5%

Value $448M (-25.8%) Shares 2,886,701 (-4.1%) Share Price $155.31 * Est. Cost/Share $122.38 Unrealized @ Report Date +48.0%

SHOP Shopify Inc. Class - A 4.0%

Value $722M (+23.5%) Shares 4,861,383 (-4.4%) Share Price $148.60 * Est. Cost/Share $63.80 Unrealized @ Report Date +112.5%

CNI Canadian National Railway Company 4.6%

Value $837M (-12.9%) Shares 8,871,249 (-4.0%) Share Price $94.32 Est. Cost/Share $59.92 Unrealized @ Report Date +60.2%

STN Stantec Inc 2.4%

Value $440M (-18.3%) Shares 4,082,124 (-17.8%) Share Price $107.87 Est. Cost/Share $30.77 Unrealized @ Report Date —

FNV Franco Nevada Corporation 3.0%

Value $548M (+19.6%) Shares 2,462,713 (-12.0%) Share Price $222.63 * Est. Cost/Share $127.70 Unrealized @ Report Date +41.1%

ADSK Autodesk Inc 0.1%

Value $18.81M (-82.2%) Shares 59,225 (-82.7%) Share Price $317.67 * Est. Cost/Share $221.82 Unrealized @ Report Date +37.4%

GIB CGI Inc. 2.0%

Value $359M (-18.7%) Shares 4,033,813 (-4.4%) Share Price $89.09 * Est. Cost/Share $67.34 Unrealized @ Report Date +43.3%

— CyberArk Software Ltd ADR 0.0%

Value $300K (-99.5%) Shares 620 (-99.6%) Share Price $483.15 Est. Cost/Share $152.14 Unrealized @ Report Date —

GOOG Alphabet Inc - C 1.4%

Value $263M (+29.5%) Shares 1,078,837 (-5.7%) Share Price $243.55 * Est. Cost/Share $106.37 Unrealized @ Report Date +97.4%

BN Brookfield Corp 5.6%

Value $1.016B (+6.1%) Shares 14,806,245 (-4.5%) Share Price $68.63 * Est. Cost/Share $21.82 Unrealized @ Report Date +102.6%

TD Toronto-Dominion Bank 5.2%

Value $938M (+6.5%) Shares 11,728,785 (-2.2%) Share Price $79.98 * Est. Cost/Share $56.57 Unrealized @ Report Date +32.7%

BMO Bank of Montreal 4.2%

Value $760M (+7.4%) Shares 5,833,830 (-8.8%) Share Price $130.34 * Est. Cost/Share $85.29 Unrealized @ Report Date +38.4%

SITE SiteOne Landscape Supply Inc 0.0%

Value $204K (-99.6%) Shares 1,584 (-99.6%) Share Price $128.80 * Est. Cost/Share $162.15 Unrealized @ Report Date -16.3%

GOOGL Alphabet Inc - A 1.4%

Value $262M (+22.5%) Shares 1,079,717 (-11.2%) Share Price $243.10 * Est. Cost/Share $106.85 Unrealized @ Report Date +95.8%

TRP TC Energy Corp. 3.2%

Value $585M (+6.7%) Shares 10,751,401 (-4.4%) Share Price $54.38 * Est. Cost/Share $35.92 Unrealized @ Report Date +39.7%

MSFT Microsoft Corporation 3.6%

Value $662M (-4.8%) Shares 1,277,760 (-8.6%) Share Price $517.95 Est. Cost/Share $71.10 Unrealized @ Report Date +615.5%

ACN Accenture Plc 0.7%

Value $132M (-20.1%) Shares 535,794 (-3.1%) Share Price $246.60 * Est. Cost/Share $281.69 Unrealized @ Report Date -7.5%

ORCL Oracle Corporation 1.9%

Value $343M (+10.0%) Shares 1,220,787 (-14.5%) Share Price $281.24 * Est. Cost/Share $40.96 Unrealized @ Report Date +520.5%

GIL Gildan Activewear Inc. 2.2%

Value $396M (+8.6%) Shares 6,848,156 (-7.6%) Share Price $57.78 * Est. Cost/Share $26.53 Unrealized @ Report Date +101.4%

DSGX Descartes Systems Group Inc 1.3%

Value $234M (-11.4%) Shares 2,483,153 (-4.7%) Share Price $94.18 * Est. Cost/Share $18.76 Unrealized @ Report Date +444.7%

BSX Boston Scientific Corporation 1.2%

Value $214M (-12.2%) Shares 2,192,794 (-3.4%) Share Price $97.63 * Est. Cost/Share $38.61 Unrealized @ Report Date +168.2%

DEO Diageo Plc ADR 0.2%

Value $32.43M (-46.7%) Shares 339,798 (-43.7%) Share Price $95.43 Est. Cost/Share $119.12 Unrealized @ Report Date —

IBKR Interactive Brokers Group Inc 1.4%

Value $256M (+9.7%) Shares 3,724,608 (-11.7%) Share Price $68.81 * Est. Cost/Share $38.74 Unrealized @ Report Date +62.1%

RY Royal Bank of Canada 1.3%

Value $243M (-7.0%) Shares 1,645,780 (-17.0%) Share Price $147.42 * Est. Cost/Share $64.89 Unrealized @ Report Date +112.4%

CPRT Copart Inc 0.8%

Value $140M (-10.7%) Shares 3,112,375 (-2.6%) Share Price $44.97 * Est. Cost/Share $34.70 Unrealized @ Report Date +35.8%

QSR Restaurant Brands International Inc. 1.2%

Value $209M (-7.3%) Shares 3,263,219 (-4.3%) Share Price $64.17 * Est. Cost/Share $60.85 Unrealized @ Report Date +8.1%

CAE CAE Inc. 3.4%

Value $620M (-2.5%) Shares 20,943,262 (-3.7%) Share Price $29.62 * Est. Cost/Share $18.34 Unrealized @ Report Date +53.5%

TFII TFI International Inc. 1.5%

Value $282M (-4.8%) Shares 3,201,844 (-3.1%) Share Price $88.03 * Est. Cost/Share $101.72 Unrealized @ Report Date -10.1%

JNJ Johnson & Johnson 0.5%

Value $83.53M (+15.7%) Shares 450,506 (-4.7%) Share Price $185.42 * Est. Cost/Share $62.55 Unrealized @ Report Date +171.0%

ABT Abbott Laboratories 1.6%

Value $289M (-3.2%) Shares 2,158,089 (-1.7%) Share Price $133.94 * Est. Cost/Share $50.52 Unrealized @ Report Date +158.5%

VRSK Verisk Analytics Inc - A 0.1%

Value $21.8M (-28.6%) Shares 86,669 (-11.6%) Share Price $251.51 * Est. Cost/Share $85.18 Unrealized @ Report Date +221.1%

JPM JPMorgan Chase & Co. 1.5%

Value $277M (+3.2%) Shares 878,324 (-5.2%) Share Price $315.43 * Est. Cost/Share $39.75 Unrealized @ Report Date +644.5%

RELX Relx Plc ADR 0.3%

Value $53.95M (-13.6%) Shares 1,129,509 (-1.7%) Share Price $47.76 Est. Cost/Share $22.03 Unrealized @ Report Date —

CL Colgate-Palmolive Company 0.2%

Value $33.45M (-17.9%) Shares 418,440 (-6.6%) Share Price $79.94 * Est. Cost/Share $46.80 Unrealized @ Report Date +80.8%

ENB Enbridge Inc 0.5%

Value $84.33M (+8.3%) Shares 1,671,318 (-2.9%) Share Price $50.46 * Est. Cost/Share $24.92 Unrealized @ Report Date +85.1%

XP XP Inc 0.0%

Value $206K (-96.9%) Shares 10,949 (-96.6%) Share Price $18.79 * Est. Cost/Share $25.80 Unrealized @ Report Date -30.5%

AMZN Amazon.Com Inc 2.4%

Value $435M (-1.4%) Shares 1,981,602 (-1.5%) Share Price $219.57 * Est. Cost/Share $125.97 Unrealized @ Report Date +79.7%

MFC Manulife Financial Corporation 0.6%

Value $102M (-5.4%) Shares 3,273,476 (-3.2%) Share Price $31.16 Est. Cost/Share $15.64 Unrealized @ Report Date +97.2%

COST Costco Wholesale Corporation 0.2%

Value $40.58M (-12.1%) Shares 43,841 (-6.0%) Share Price $925.63 * Est. Cost/Share $160.22 Unrealized @ Report Date +497.1%

BNS Bank of Nova Scotia 0.4%

Value $80.35M (+6.8%) Shares 1,242,357 (-8.9%) Share Price $64.68 * Est. Cost/Share $33.29 Unrealized @ Report Date +77.0%

PG Procter & Gamble Company 0.3%

Value $62.13M (-7.6%) Shares 404,384 (-4.2%) Share Price $153.65 Est. Cost/Share $55.88 Unrealized @ Report Date +177.2%

MA Mastercard Inc - A 1.7%

Value $312M (-1.5%) Shares 547,672 (-2.7%) Share Price $568.81 Est. Cost/Share $179.09 Unrealized @ Report Date +220.2%

CB Chubb Limited 0.4%

Value $78.65M (-5.4%) Shares 278,658 (-2.9%) Share Price $282.25 * Est. Cost/Share $144.21 Unrealized @ Report Date +90.8%

MNST Monster Beverage Corp 0.4%

Value $72.33M (+6.0%) Shares 1,074,573 (-1.4%) Share Price $67.31 * Est. Cost/Share $49.06 Unrealized @ Report Date +27.2%

SPY SPDR S&P 500 ETF Trust 0.2%

Value $27.5M (-12.4%) Shares 41,279 (-18.7%) Share Price $666.18 Est. Cost/Share $357.25 Unrealized @ Report Date —

GWRE Guidewire Software Inc 0.6%

Value $101M (-3.5%) Shares 439,972 (-1.2%) Share Price $229.86 Est. Cost/Share $100.98 Unrealized @ Report Date +125.2%

ADP Automatic Data Processing Inc. 0.1%

Value $15.4M (-19.0%) Shares 52,462 (-14.9%) Share Price $293.50 Est. Cost/Share $64.54 Unrealized @ Report Date +361.4%

CACC Credit Acceptance Corp. 0.2%

Value $32.32M (-10.0%) Shares 69,214 (-1.8%) Share Price $466.93 * Est. Cost/Share $430.99 Unrealized @ Report Date +15.8%

ALC Alcon Inc. 0.1%

Value $17.17M (-17.1%) Shares 230,438 (-1.7%) Share Price $74.51 * Est. Cost/Share $65.84 Unrealized @ Report Date +26.8%

ATS ATS Corp 0.0%

Value $8.764M (-27.4%) Shares 334,904 (-11.7%) Share Price $26.17 * Est. Cost/Share $30.46 Unrealized @ Report Date -5.4%

AX Axos Financial Inc 0.2%

Value $32.35M (+10.0%) Shares 382,183 (-1.2%) Share Price $84.65 * Est. Cost/Share $38.78 Unrealized @ Report Date +124.7%

AME AMETEK Inc 0.6%

Value $116M (+2.3%) Shares 614,702 (-1.6%) Share Price $188.00 * Est. Cost/Share $130.83 Unrealized @ Report Date +40.2%

TCOM Trip.com Group Ltd - ADR 0.1%

Value $12.55M (+25.0%) Shares 166,860 (-2.5%) Share Price $75.20 Est. Cost/Share $39.26 Unrealized @ Report Date —

NVO Novo Nordisk A/S Sponsored ADR 0.0%

Value $2.564M (-48.3%) Shares 46,215 (-35.7%) Share Price $55.49 Est. Cost/Share $77.77 Unrealized @ Report Date —

SHW The Sherwin-Williams Company 0.7%

Value $120M (-1.9%) Shares 346,536 (-2.8%) Share Price $346.26 Est. Cost/Share $255.93 Unrealized @ Report Date +37.3%

CME CME Group Inc. 0.3%

Value $47.32M (-4.1%) Shares 175,151 (-2.2%) Share Price $270.19 Est. Cost/Share $185.23 Unrealized @ Report Date +45.7%

DHR Danaher Corporation 0.6%

Value $110M (-1.7%) Shares 554,230 (-2.1%) Share Price $198.26 Est. Cost/Share $231.40 Unrealized @ Report Date -14.3%

INFY Infosys Ltd ADR 0.0%

Value $3.875M (-32.7%) Shares 238,197 (-23.4%) Share Price $16.27 Est. Cost/Share $17.70 Unrealized @ Report Date —

ZTS Zoetis Inc. 0.1%

Value $11.22M (-13.7%) Shares 76,698 (-8.1%) Share Price $146.32 * Est. Cost/Share $73.90 Unrealized @ Report Date +103.7%

CMCSA Comcast Corp - A 0.0%

Value $5.553M (-20.5%) Shares 176,738 (-9.7%) Share Price $31.42 * Est. Cost/Share $27.22 Unrealized @ Report Date +21.8%

SE Sea Ltd 0.1%

Value $15.46M (+8.1%) Shares 86,522 (-3.3%) Share Price $178.73 Est. Cost/Share $73.04 Unrealized @ Report Date —

BKNG Booking Holdings Inc 0.0%

Value $8.822M (-10.9%) Shares 1,634 (-4.4%) Share Price $5399.27 * Est. Cost/Share $1923.43 Unrealized @ Report Date +189.3%

BRK/B Berkshire Hathaway Inc - B 0.6%

Value $111M (+0.7%) Shares 221,593 (-2.7%) Share Price $502.74 * Est. Cost/Share $166.53 Unrealized @ Report Date +190.9%

SFBS ServisFirst Bancshares Inc 0.1%

Value $24.41M (+2.9%) Shares 303,115 (-1.0%) Share Price $80.53 Est. Cost/Share $51.96 Unrealized @ Report Date +57.9%

AAPL Apple Inc. 0.1%

Value $11.39M (+6.0%) Shares 44,738 (-14.6%) Share Price $254.63 * Est. Cost/Share $108.18 Unrealized @ Report Date +108.5%

MET MetLife Inc. 0.0%

Value $555K (-49.9%) Shares 6,735 (-51.1%) Share Price $82.37 * Est. Cost/Share $24.43 Unrealized @ Report Date +218.9%

TFPM Triple Flag Precious Metals Corp 0.1%

Value $12.99M (+4.3%) Shares 443,713 (-15.7%) Share Price $29.28 * Est. Cost/Share $13.02 Unrealized @ Report Date +98.5%

XOM Exxon Mobil Corporation 0.1%

Value $16.07M (+3.4%) Shares 142,564 (-1.2%) Share Price $112.75 * Est. Cost/Share $54.24 Unrealized @ Report Date +102.3%

LLY Eli Lilly & Company 0.1%

Value $15.51M (-3.2%) Shares 20,327 (-1.1%) Share Price $763.00 * Est. Cost/Share $64.22 Unrealized @ Report Date +1055.9%

FMX Fomento Econ.Mexicano SAB de CV ADR 0.0%

Value $5.455M (-6.2%) Shares 55,306 (-2.0%) Share Price $98.63 Est. Cost/Share $90.21 Unrealized @ Report Date —

KO Coca-Cola Company 0.0%

Value $3.896M (-7.8%) Shares 58,738 (-1.7%) Share Price $66.32 * Est. Cost/Share $35.58 Unrealized @ Report Date +90.9%

TU TELUS Corp 0.1%

Value $10.16M (-3.1%) Shares 645,207 (-1.5%) Share Price $15.75 * Est. Cost/Share $20.34 Unrealized @ Report Date -20.3%

IFF International Flavors & Fragrances 0.0%

Value $1.108M (-20.7%) Shares 18,000 (-5.3%) Share Price $61.54 * Est. Cost/Share $58.18 Unrealized @ Report Date +16.6%

OZK Bank OZK 0.5%

Value $84.54M (-0.3%) Shares 1,658,271 (-8.0%) Share Price $50.98 Est. Cost/Share $27.76 Unrealized @ Report Date +80.5%

V Visa Inc - A 0.0%

Value $1.853M (-12.8%) Shares 5,427 (-9.3%) Share Price $341.38 Est. Cost/Share $159.97 Unrealized @ Report Date +115.8%

CIGI Colliers International Group Inc 1.8%

Value $331M (+0.1%) Shares 2,115,789 (-16.5%) Share Price $156.43 Est. Cost/Share $123.67 Unrealized @ Report Date +24.2%

NKE NIKE Inc 0.0%

Value $2.681M (-7.7%) Shares 38,455 (-5.9%) Share Price $69.73 * Est. Cost/Share $42.84 Unrealized @ Report Date +72.3%

NVS Novartis AG ADR 0.0%

Value $6.673M (+3.2%) Shares 52,037 (-2.6%) Share Price $128.24 Est. Cost/Share $81.64 Unrealized @ Report Date —

— TotalEnergies SE - ADR 0.0%

Value $2.883M (-5.8%) Shares 48,301 (-3.1%) Share Price $59.69 Est. Cost/Share $47.34 Unrealized @ Report Date —

CVS CVS Health Corporation 0.0%

Value $2.772M (+5.5%) Shares 36,771 (-3.4%) Share Price $75.39 * Est. Cost/Share $45.49 Unrealized @ Report Date +49.1%

EEM iShares MSCI Emerging Market 0.0%

Value $269K (-33.1%) Shares 5,041 (-39.6%) Share Price $53.40 Est. Cost/Share $42.96 Unrealized @ Report Date —

DOO Brp Inc. / ca Sub Voting 0.0%

Value $3.204M (-3.7%) Shares 52,687 (-23.3%) Share Price $60.82 * Est. Cost/Share $39.14 Unrealized @ Report Date +43.0%

USB US Bancorp 0.0%

Value $386K (-23.5%) Shares 7,990 (-28.4%) Share Price $48.33 * Est. Cost/Share $31.43 Unrealized @ Report Date +47.5%

JD JD.com Inc ADR 0.0%

Value $2.336M (-4.8%) Shares 66,790 (-11.2%) Share Price $34.98 Est. Cost/Share $39.82 Unrealized @ Report Date —

KMB Kimberly-Clark Corporation 0.0%

Value $2.395M (-4.5%) Shares 19,263 (-1.0%) Share Price $124.34 Est. Cost/Share $63.06 Unrealized @ Report Date +101.1%

BAP Credicorp Ltd ADR 0.1%

Value $10.35M (-0.7%) Shares 38,882 (-16.6%) Share Price $266.28 * Est. Cost/Share $134.79 Unrealized @ Report Date +83.5%

TXN Texas Instruments Incorporated 0.0%

Value $409K (-14.8%) Shares 2,225 (-3.7%) Share Price $183.73 * Est. Cost/Share $137.42 Unrealized @ Report Date +40.7%

MRK Merck & Co. Inc. 0.0%

Value $2.759M (+2.1%) Shares 32,875 (-3.7%) Share Price $83.93 * Est. Cost/Share $36.22 Unrealized @ Report Date +123.6%

WMT Walmart Inc. 0.0%

Value $1.408M (+3.8%) Shares 13,659 (-1.5%) Share Price $103.06 * Est. Cost/Share $44.09 Unrealized @ Report Date +125.1%

GLD SPDR Gold Trust 0.0%

Value $1.062M (+5.1%) Shares 2,989 (-9.9%) Share Price $355.47 Est. Cost/Share $170.47 Unrealized @ Report Date —

LOW Lowe's Companies Inc. 0.0%

Value $642K (-6.0%) Shares 2,555 (-17.0%) Share Price $251.31 * Est. Cost/Share $91.90 Unrealized @ Report Date +165.7%

MCD McDonald's Corporation 0.0%

Value $4.13M (+0.8%) Shares 13,592 (-3.1%) Share Price $303.89 Est. Cost/Share $116.65 Unrealized @ Report Date +158.4%

MMM 3M Company 0.0%

Value $516K (-5.9%) Shares 3,325 (-7.6%) Share Price $155.18 Est. Cost/Share $83.58 Unrealized @ Report Date +83.2%

MTB M&T Bank Corporation 0.0%

Value $387K (-7.3%) Shares 1,960 (-9.0%) Share Price $197.62 Est. Cost/Share $83.40 Unrealized @ Report Date +132.3%

TT Trane Technologies plc 0.0%

Value $238K (-9.2%) Shares 565 (-5.8%) Share Price $421.96 Est. Cost/Share $343.07 Unrealized @ Report Date +24.3%

SNN Smith & Nephew Plc ADR 0.0%

Value $622K (-2.4%) Shares 17,150 (-17.6%) Share Price $36.29 Est. Cost/Share $32.72 Unrealized @ Report Date —

BF/B Brown-Forman Corp - B 0.0%

Value $354K (-3.2%) Shares 13,057 (-3.8%) Share Price $27.08 * Est. Cost/Share $37.02 Unrealized @ Report Date -22.8%

SHEL Shell PLC - ADR 0.0%

Value $1.089M (-1.0%) Shares 15,220 (-2.6%) Share Price $71.53 Est. Cost/Share $54.93 Unrealized @ Report Date —

NTR Nutrien Ltd 0.1%

Value $10.67M (-0.0%) Shares 181,665 (-1.0%) Share Price $58.74 Est. Cost/Share $38.33 Unrealized @ Report Date +52.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TRI	Thomson Reuters Corp	2,886,701 (-4.1%)	$448M (-25.8%)	2.5%	$155.31 *	$122.38	+48.0%	Common Stock	884903808
SHOP	Shopify Inc. Class - A	4,861,383 (-4.4%)	$722M (+23.5%)	4.0%	$148.60 *	$63.80	+112.5%	Common Stock	82509L107
CNI	Canadian National Railway Company	8,871,249 (-4.0%)	$837M (-12.9%)	4.6%	$94.32	$59.92	+60.2%	Common Stock	136375102
STN	Stantec Inc	4,082,124 (-17.8%)	$440M (-18.3%)	2.4%	$107.87	$30.77	—	Common Stock	85472N109
FNV	Franco Nevada Corporation	2,462,713 (-12.0%)	$548M (+19.6%)	3.0%	$222.63 *	$127.70	+41.1%	Common Stock	351858105
ADSK	Autodesk Inc	59,225 (-82.7%)	$18.81M (-82.2%)	0.1%	$317.67 *	$221.82	+37.4%	Common Stock	052769106
GIB	CGI Inc.	4,033,813 (-4.4%)	$359M (-18.7%)	2.0%	$89.09 *	$67.34	+43.3%	Common Stock	12532H104
—	CyberArk Software Ltd ADR	620 (-99.6%)	$300K (-99.5%)	0.0%	$483.15	$152.14	—	Common Stock	M2682V108
GOOG	Alphabet Inc - C	1,078,837 (-5.7%)	$263M (+29.5%)	1.4%	$243.55 *	$106.37	+97.4%	Common Stock	02079K107
BN	Brookfield Corp	14,806,245 (-4.5%)	$1.016B (+6.1%)	5.6%	$68.63 *	$21.82	+102.6%	Common Stock	11271J107
TD	Toronto-Dominion Bank	11,728,785 (-2.2%)	$938M (+6.5%)	5.2%	$79.98 *	$56.57	+32.7%	Common Stock	891160509
BMO	Bank of Montreal	5,833,830 (-8.8%)	$760M (+7.4%)	4.2%	$130.34 *	$85.29	+38.4%	Common Stock	063671101
SITE	SiteOne Landscape Supply Inc	1,584 (-99.6%)	$204K (-99.6%)	0.0%	$128.80 *	$162.15	-16.3%	Common Stock	82982L103
GOOGL	Alphabet Inc - A	1,079,717 (-11.2%)	$262M (+22.5%)	1.4%	$243.10 *	$106.85	+95.8%	Common Stock	02079K305
TRP	TC Energy Corp.	10,751,401 (-4.4%)	$585M (+6.7%)	3.2%	$54.38 *	$35.92	+39.7%	Common Stock	87807B107
MSFT	Microsoft Corporation	1,277,760 (-8.6%)	$662M (-4.8%)	3.6%	$517.95	$71.10	+615.5%	Common Stock	594918104
ACN	Accenture Plc	535,794 (-3.1%)	$132M (-20.1%)	0.7%	$246.60 *	$281.69	-7.5%	Common Stock	G1151C101
ORCL	Oracle Corporation	1,220,787 (-14.5%)	$343M (+10.0%)	1.9%	$281.24 *	$40.96	+520.5%	Common Stock	68389X105
GIL	Gildan Activewear Inc.	6,848,156 (-7.6%)	$396M (+8.6%)	2.2%	$57.78 *	$26.53	+101.4%	Common Stock	375916103
DSGX	Descartes Systems Group Inc	2,483,153 (-4.7%)	$234M (-11.4%)	1.3%	$94.18 *	$18.76	+444.7%	Common Stock	249906108
BSX	Boston Scientific Corporation	2,192,794 (-3.4%)	$214M (-12.2%)	1.2%	$97.63 *	$38.61	+168.2%	Common Stock	101137107
DEO	Diageo Plc ADR	339,798 (-43.7%)	$32.43M (-46.7%)	0.2%	$95.43	$119.12	—	ADR	25243Q205
IBKR	Interactive Brokers Group Inc	3,724,608 (-11.7%)	$256M (+9.7%)	1.4%	$68.81 *	$38.74	+62.1%	Common Stock	45841N107
RY	Royal Bank of Canada	1,645,780 (-17.0%)	$243M (-7.0%)	1.3%	$147.42 *	$64.89	+112.4%	Common Stock	780087102
CPRT	Copart Inc	3,112,375 (-2.6%)	$140M (-10.7%)	0.8%	$44.97 *	$34.70	+35.8%	Common Stock	217204106
QSR	Restaurant Brands International Inc.	3,263,219 (-4.3%)	$209M (-7.3%)	1.2%	$64.17 *	$60.85	+8.1%	Common Stock	76131D103
CAE	CAE Inc.	20,943,262 (-3.7%)	$620M (-2.5%)	3.4%	$29.62 *	$18.34	+53.5%	Common Stock	124765108
TFII	TFI International Inc.	3,201,844 (-3.1%)	$282M (-4.8%)	1.5%	$88.03 *	$101.72	-10.1%	Common Stock	87241L109
JNJ	Johnson & Johnson	450,506 (-4.7%)	$83.53M (+15.7%)	0.5%	$185.42 *	$62.55	+171.0%	Common Stock	478160104
ABT	Abbott Laboratories	2,158,089 (-1.7%)	$289M (-3.2%)	1.6%	$133.94 *	$50.52	+158.5%	Common Stock	002824100
VRSK	Verisk Analytics Inc - A	86,669 (-11.6%)	$21.8M (-28.6%)	0.1%	$251.51 *	$85.18	+221.1%	Common Stock	92345Y106
JPM	JPMorgan Chase & Co.	878,324 (-5.2%)	$277M (+3.2%)	1.5%	$315.43 *	$39.75	+644.5%	Common Stock	46625H100
RELX	Relx Plc ADR	1,129,509 (-1.7%)	$53.95M (-13.6%)	0.3%	$47.76	$22.03	—	ADR	759530108
CL	Colgate-Palmolive Company	418,440 (-6.6%)	$33.45M (-17.9%)	0.2%	$79.94 *	$46.80	+80.8%	Common Stock	194162103
ENB	Enbridge Inc	1,671,318 (-2.9%)	$84.33M (+8.3%)	0.5%	$50.46 *	$24.92	+85.1%	Common Stock	29250N105
XP	XP Inc	10,949 (-96.6%)	$206K (-96.9%)	0.0%	$18.79 *	$25.80	-30.5%	Common Stock	G98239109
AMZN	Amazon.Com Inc	1,981,602 (-1.5%)	$435M (-1.4%)	2.4%	$219.57 *	$125.97	+79.7%	Common Stock	023135106
MFC	Manulife Financial Corporation	3,273,476 (-3.2%)	$102M (-5.4%)	0.6%	$31.16	$15.64	+97.2%	Common Stock	56501R106
COST	Costco Wholesale Corporation	43,841 (-6.0%)	$40.58M (-12.1%)	0.2%	$925.63 *	$160.22	+497.1%	Common Stock	22160K105
BNS	Bank of Nova Scotia	1,242,357 (-8.9%)	$80.35M (+6.8%)	0.4%	$64.68 *	$33.29	+77.0%	Common Stock	064149107
PG	Procter & Gamble Company	404,384 (-4.2%)	$62.13M (-7.6%)	0.3%	$153.65	$55.88	+177.2%	Common Stock	742718109
MA	Mastercard Inc - A	547,672 (-2.7%)	$312M (-1.5%)	1.7%	$568.81	$179.09	+220.2%	Common Stock	57636Q104
CB	Chubb Limited	278,658 (-2.9%)	$78.65M (-5.4%)	0.4%	$282.25 *	$144.21	+90.8%	Common Stock	H1467J104
MNST	Monster Beverage Corp	1,074,573 (-1.4%)	$72.33M (+6.0%)	0.4%	$67.31 *	$49.06	+27.2%	Common Stock	61174X109
SPY	SPDR S&P 500 ETF Trust	41,279 (-18.7%)	$27.5M (-12.4%)	0.2%	$666.18	$357.25	—	ETP	78462F103
GWRE	Guidewire Software Inc	439,972 (-1.2%)	$101M (-3.5%)	0.6%	$229.86	$100.98	+125.2%	Common Stock	40171V100
ADP	Automatic Data Processing Inc.	52,462 (-14.9%)	$15.4M (-19.0%)	0.1%	$293.50	$64.54	+361.4%	Common Stock	053015103
CACC	Credit Acceptance Corp.	69,214 (-1.8%)	$32.32M (-10.0%)	0.2%	$466.93 *	$430.99	+15.8%	Common Stock	225310101
ALC	Alcon Inc.	230,438 (-1.7%)	$17.17M (-17.1%)	0.1%	$74.51 *	$65.84	+26.8%	Common Stock	H01301128
ATS	ATS Corp	334,904 (-11.7%)	$8.764M (-27.4%)	0.0%	$26.17 *	$30.46	-5.4%	Common Stock	00217Y104
AX	Axos Financial Inc	382,183 (-1.2%)	$32.35M (+10.0%)	0.2%	$84.65 *	$38.78	+124.7%	Common Stock	05465C100
AME	AMETEK Inc	614,702 (-1.6%)	$116M (+2.3%)	0.6%	$188.00 *	$130.83	+40.2%	Common Stock	031100100
TCOM	Trip.com Group Ltd - ADR	166,860 (-2.5%)	$12.55M (+25.0%)	0.1%	$75.20	$39.26	—	Common Stock	89677Q107
NVO	Novo Nordisk A/S Sponsored ADR	46,215 (-35.7%)	$2.564M (-48.3%)	0.0%	$55.49	$77.77	—	ADR	670100205
SHW	The Sherwin-Williams Company	346,536 (-2.8%)	$120M (-1.9%)	0.7%	$346.26	$255.93	+37.3%	Common Stock	824348106
CME	CME Group Inc.	175,151 (-2.2%)	$47.32M (-4.1%)	0.3%	$270.19	$185.23	+45.7%	Common Stock	12572Q105
DHR	Danaher Corporation	554,230 (-2.1%)	$110M (-1.7%)	0.6%	$198.26	$231.40	-14.3%	Common Stock	235851102
INFY	Infosys Ltd ADR	238,197 (-23.4%)	$3.875M (-32.7%)	0.0%	$16.27	$17.70	—	ADR	456788108
ZTS	Zoetis Inc.	76,698 (-8.1%)	$11.22M (-13.7%)	0.1%	$146.32 *	$73.90	+103.7%	Common Stock	98978V103
CMCSA	Comcast Corp - A	176,738 (-9.7%)	$5.553M (-20.5%)	0.0%	$31.42 *	$27.22	+21.8%	Common Stock	20030N101
SE	Sea Ltd	86,522 (-3.3%)	$15.46M (+8.1%)	0.1%	$178.73	$73.04	—	ADR	81141R100
BKNG	Booking Holdings Inc	1,634 (-4.4%)	$8.822M (-10.9%)	0.0%	$5399.27 *	$1923.43	+189.3%	Common Stock	09857L108
BRK/B	Berkshire Hathaway Inc - B	221,593 (-2.7%)	$111M (+0.7%)	0.6%	$502.74 *	$166.53	+190.9%	Common Stock	084670702
SFBS	ServisFirst Bancshares Inc	303,115 (-1.0%)	$24.41M (+2.9%)	0.1%	$80.53	$51.96	+57.9%	Common Stock	81768T108
AAPL	Apple Inc.	44,738 (-14.6%)	$11.39M (+6.0%)	0.1%	$254.63 *	$108.18	+108.5%	Common Stock	037833100
MET	MetLife Inc.	6,735 (-51.1%)	$555K (-49.9%)	0.0%	$82.37 *	$24.43	+218.9%	Common Stock	59156R108
TFPM	Triple Flag Precious Metals Corp	443,713 (-15.7%)	$12.99M (+4.3%)	0.1%	$29.28 *	$13.02	+98.5%	Common Stock	89679M104
XOM	Exxon Mobil Corporation	142,564 (-1.2%)	$16.07M (+3.4%)	0.1%	$112.75 *	$54.24	+102.3%	Common Stock	30231G102
LLY	Eli Lilly & Company	20,327 (-1.1%)	$15.51M (-3.2%)	0.1%	$763.00 *	$64.22	+1055.9%	Common Stock	532457108
FMX	Fomento Econ.Mexicano SAB de CV ADR	55,306 (-2.0%)	$5.455M (-6.2%)	0.0%	$98.63	$90.21	—	ADR	344419106
KO	Coca-Cola Company	58,738 (-1.7%)	$3.896M (-7.8%)	0.0%	$66.32 *	$35.58	+90.9%	Common Stock	191216100
TU	TELUS Corp	645,207 (-1.5%)	$10.16M (-3.1%)	0.1%	$15.75 *	$20.34	-20.3%	Common Stock	87971M103
IFF	International Flavors & Fragrances	18,000 (-5.3%)	$1.108M (-20.7%)	0.0%	$61.54 *	$58.18	+16.6%	Common Stock	459506101
OZK	Bank OZK	1,658,271 (-8.0%)	$84.54M (-0.3%)	0.5%	$50.98	$27.76	+80.5%	Common Stock	06417N103
V	Visa Inc - A	5,427 (-9.3%)	$1.853M (-12.8%)	0.0%	$341.38	$159.97	+115.8%	Common Stock	92826C839
CIGI	Colliers International Group Inc	2,115,789 (-16.5%)	$331M (+0.1%)	1.8%	$156.43	$123.67	+24.2%	Common Stock	194693107
NKE	NIKE Inc	38,455 (-5.9%)	$2.681M (-7.7%)	0.0%	$69.73 *	$42.84	+72.3%	Common Stock	654106103
NVS	Novartis AG ADR	52,037 (-2.6%)	$6.673M (+3.2%)	0.0%	$128.24	$81.64	—	ADR	66987V109
—	TotalEnergies SE - ADR	48,301 (-3.1%)	$2.883M (-5.8%)	0.0%	$59.69	$47.34	—	ADR	89151E109
CVS	CVS Health Corporation	36,771 (-3.4%)	$2.772M (+5.5%)	0.0%	$75.39 *	$45.49	+49.1%	Common Stock	126650100
EEM	iShares MSCI Emerging Market	5,041 (-39.6%)	$269K (-33.1%)	0.0%	$53.40	$42.96	—	ETP	464287234
DOO	Brp Inc. / ca Sub Voting	52,687 (-23.3%)	$3.204M (-3.7%)	0.0%	$60.82 *	$39.14	+43.0%	Common Stock	05577W200
USB	US Bancorp	7,990 (-28.4%)	$386K (-23.5%)	0.0%	$48.33 *	$31.43	+47.5%	Common Stock	902973304
JD	JD.com Inc ADR	66,790 (-11.2%)	$2.336M (-4.8%)	0.0%	$34.98	$39.82	—	ADR	47215P106
KMB	Kimberly-Clark Corporation	19,263 (-1.0%)	$2.395M (-4.5%)	0.0%	$124.34	$63.06	+101.1%	Common Stock	494368103
BAP	Credicorp Ltd ADR	38,882 (-16.6%)	$10.35M (-0.7%)	0.1%	$266.28 *	$134.79	+83.5%	Common Stock	G2519Y108
TXN	Texas Instruments Incorporated	2,225 (-3.7%)	$409K (-14.8%)	0.0%	$183.73 *	$137.42	+40.7%	Common Stock	882508104
MRK	Merck & Co. Inc.	32,875 (-3.7%)	$2.759M (+2.1%)	0.0%	$83.93 *	$36.22	+123.6%	Common Stock	58933Y105
WMT	Walmart Inc.	13,659 (-1.5%)	$1.408M (+3.8%)	0.0%	$103.06 *	$44.09	+125.1%	Common Stock	931142103
GLD	SPDR Gold Trust	2,989 (-9.9%)	$1.062M (+5.1%)	0.0%	$355.47	$170.47	—	ETP	78463V107
LOW	Lowe's Companies Inc.	2,555 (-17.0%)	$642K (-6.0%)	0.0%	$251.31 *	$91.90	+165.7%	Common Stock	548661107
MCD	McDonald's Corporation	13,592 (-3.1%)	$4.13M (+0.8%)	0.0%	$303.89	$116.65	+158.4%	Common Stock	580135101
MMM	3M Company	3,325 (-7.6%)	$516K (-5.9%)	0.0%	$155.18	$83.58	+83.2%	Common Stock	88579Y101
MTB	M&T Bank Corporation	1,960 (-9.0%)	$387K (-7.3%)	0.0%	$197.62	$83.40	+132.3%	Common Stock	55261F104
TT	Trane Technologies plc	565 (-5.8%)	$238K (-9.2%)	0.0%	$421.96	$343.07	+24.3%	Common Stock	G8994E103
SNN	Smith & Nephew Plc ADR	17,150 (-17.6%)	$622K (-2.4%)	0.0%	$36.29	$32.72	—	ADR	83175M205
BF/B	Brown-Forman Corp - B	13,057 (-3.8%)	$354K (-3.2%)	0.0%	$27.08 *	$37.02	-22.8%	Common Stock	115637209
SHEL	Shell PLC - ADR	15,220 (-2.6%)	$1.089M (-1.0%)	0.0%	$71.53	$54.93	—	ADR	780259305
NTR	Nutrien Ltd	181,665 (-1.0%)	$10.67M (-0.0%)	0.1%	$58.74	$38.33	+52.1%	Common Stock	67077M108

Unchanged Positions (53)

OTEX Open Text Corporation 4.3%

Value $791M Shares 21,150,154 Share Price $37.39 * Est. Cost/Share $26.15 Unrealized @ Report Date +20.9%

TSM Taiwan Semiconductor Manufactng ADR 1.1%

Value $207M Shares 739,611 Share Price $279.29 Est. Cost/Share $154.22 Unrealized @ Report Date —

IQV IQVIA Holdings Inc 0.8%

Value $149M Shares 785,658 Share Price $189.94 * Est. Cost/Share $122.68 Unrealized @ Report Date +48.2%

AVGO Broadcom Inc 0.8%

Value $139M Shares 420,881 Share Price $329.91 * Est. Cost/Share $209.56 Unrealized @ Report Date +45.9%

UNH UnitedHealth Group Incorporated 1.3%

Value $230M Shares 664,655 Share Price $345.30 * Est. Cost/Share $192.00 Unrealized @ Report Date +55.7%

TJX TJX Companies Inc. 0.7%

Value $128M Shares 888,931 Share Price $144.54 * Est. Cost/Share $43.86 Unrealized @ Report Date +201.6%

BDX Becton Dickinson and Company 1.0%

Value $175M Shares 935,130 Share Price $187.17 Est. Cost/Share $167.75 Unrealized @ Report Date +9.7%

CDNS Cadence Design Systems Inc 0.6%

Value $107M Shares 303,436 Share Price $351.26 * Est. Cost/Share $278.91 Unrealized @ Report Date +23.3%

PEP PepsiCo Inc. 1.0%

Value $183M Shares 1,302,013 Share Price $140.44 Est. Cost/Share $90.41 Unrealized @ Report Date +55.3%

ASML ASML Holding NV-NY Reg Shs 0.3%

Value $60.72M Shares 62,723 Share Price $968.09 Est. Cost/Share $545.28 Unrealized @ Report Date —

AFG American Financial Group Inc/OH 0.3%

Value $53.88M Shares 369,784 Share Price $145.72 * Est. Cost/Share $64.73 Unrealized @ Report Date +96.9%

ABBV Abbvie Inc 0.1%

Value $20.58M Shares 88,873 Share Price $231.54 * Est. Cost/Share $38.84 Unrealized @ Report Date +419.9%

PGR Progressive Corp/The 0.1%

Value $22.54M Shares 91,262 Share Price $246.95 * Est. Cost/Share $89.67 Unrealized @ Report Date +158.4%

MELI MercadoLibre Inc 0.1%

Value $14.43M Shares 6,175 Share Price $2336.94 * Est. Cost/Share $1834.05 Unrealized @ Report Date +30.9%

NU NU Holdings Ltd/Cayman Islands 0.1%

Value $10.44M Shares 651,820 Share Price $16.01 * Est. Cost/Share $6.16 Unrealized @ Report Date +126.3%

XEL Xcel Energy Inc. 0.0%

Value $2.823M Shares 35,000 Share Price $80.65 * Est. Cost/Share $30.33 Unrealized @ Report Date +135.2%

CVX Chevron Corporation 0.0%

Value $5.062M Shares 32,600 Share Price $155.29 Est. Cost/Share $67.65 Unrealized @ Report Date +125.1%

ING ING Groep N.V. ADR 0.0%

Value $1.992M Shares 76,392 Share Price $26.08 Est. Cost/Share $17.91 Unrealized @ Report Date —

LCII LCI Industries 0.1%

Value $22.07M Shares 236,956 Share Price $93.15 * Est. Cost/Share $95.51 Unrealized @ Report Date +2.8%

YUMC Yum China Holdings Inc 0.0%

Value $5.428M Shares 126,474 Share Price $42.92 * Est. Cost/Share $51.01 Unrealized @ Report Date -10.9%

PFE Pfizer Inc. 0.0%

Value $3.593M Shares 141,001 Share Price $25.48 * Est. Cost/Share $16.85 Unrealized @ Report Date +43.3%

DUK Duke Energy Corporation 0.0%

Value $3.017M Shares 24,383 Share Price $123.75 * Est. Cost/Share $53.84 Unrealized @ Report Date +122.5%

ALL Allstate Corporation 0.0%

Value $2.379M Shares 11,081 Share Price $214.65 * Est. Cost/Share $58.40 Unrealized @ Report Date +242.8%

HD Home Depot Inc. 0.0%

Value $1.311M Shares 3,235 Share Price $405.19 * Est. Cost/Share $235.58 Unrealized @ Report Date +65.2%

EOG EOG Resources Inc. 0.0%

Value $1.741M Shares 15,525 Share Price $112.12 * Est. Cost/Share $57.97 Unrealized @ Report Date +103.5%

PM Philip Morris International Inc. 0.0%

Value $933K Shares 5,750 Share Price $162.20 Est. Cost/Share $52.29 Unrealized @ Report Date +215.9%

EMR Emerson Electric Co. 0.0%

Value $5.963M Shares 45,460 Share Price $131.18 * Est. Cost/Share $40.02 Unrealized @ Report Date +238.5%

NGG National Grid Plc ADR 0.0%

Value $2.705M Shares 37,226 Share Price $72.67 Est. Cost/Share $63.46 Unrealized @ Report Date —

ZBH Zimmer Biomet Holdings Inc 0.0%

Value $1.01M Shares 10,250 Share Price $98.50 Est. Cost/Share $114.42 Unrealized @ Report Date -13.8%

AFL Aflac Incorporated 0.0%

Value $1.296M Shares 11,600 Share Price $111.70 * Est. Cost/Share $32.49 Unrealized @ Report Date +220.7%

VLO Valero Energy Corporation 0.0%

Value $339K Shares 1,992 Share Price $170.26 * Est. Cost/Share $78.99 Unrealized @ Report Date +87.1%

MO Altria Group Inc. 0.0%

Value $614K Shares 9,300 Share Price $66.06 * Est. Cost/Share $24.61 Unrealized @ Report Date +149.6%

IYW iShares US Technology ETF 0.0%

Value $565K Shares 2,885 Share Price $195.86 Est. Cost/Share $150.76 Unrealized @ Report Date —

CAT Caterpillar Inc. 0.0%

Value $336K Shares 705 Share Price $477.15 * Est. Cost/Share $206.59 Unrealized @ Report Date +105.9%

CTAS Cintas Corporation 0.0%

Value $657K Shares 3,200 Share Price $205.26 * Est. Cost/Share $157.09 Unrealized @ Report Date +35.5%

EFA iShares MSCI EAFE Index Fund 0.0%

Value $1.307M Shares 14,000 Share Price $93.37 Est. Cost/Share $71.76 Unrealized @ Report Date —

MDT Medtronic Inc. Plc 0.0%

Value $666K Shares 6,995 Share Price $95.24 * Est. Cost/Share $66.12 Unrealized @ Report Date +38.0%

ROST Ross Stores Inc. 0.0%

Value $331K Shares 2,174 Share Price $152.39 * Est. Cost/Share $121.76 Unrealized @ Report Date +16.8%

BRK/A Berkshire Hathaway Inc - A 0.0%

Value $1.508M Shares 2 Share Price $754200.00 * Est. Cost/Share $407438.40 Unrealized @ Report Date +78.4%

IHG Intercontinental Hotels-ADR 0.0%

Value $901K Shares 7,434 Share Price $121.26 Est. Cost/Share $65.23 Unrealized @ Report Date —

MRSH Marsh & McLennan Companies Inc. 0.0%

Value $468K Shares 2,323 Share Price $201.53 Est. Cost/Share $116.01 Unrealized @ Report Date +75.9%

CDW CDW Corp/DE 0.0%

Value $310K Shares 1,949 Share Price $159.28 * Est. Cost/Share $140.79 Unrealized @ Report Date +19.9%

FAST Fastenal Co 0.0%

Value $240K Shares 4,896 Share Price $49.04 * Est. Cost/Share $40.11 Unrealized @ Report Date +17.0%

ADBE Adobe Inc. 0.0%

Value $305K Shares 865 Share Price $352.75 Est. Cost/Share $575.37 Unrealized @ Report Date -37.6%

CAH Cardinal Health Inc. 0.0%

Value $314K Shares 2,000 Share Price $156.96 * Est. Cost/Share $80.59 Unrealized @ Report Date +90.6%

HON Honeywell International Inc. 0.0%

Value $202K Shares 958 Share Price $210.50 Est. Cost/Share $144.93 Unrealized @ Report Date +42.9%

D Dominion Energy 0.0%

Value $265K Shares 4,336 Share Price $61.17 * Est. Cost/Share $49.43 Unrealized @ Report Date +18.0%

LIN Linde PLC 0.0%

Value $1.71M Shares 3,600 Share Price $475.00 Est. Cost/Share $452.31 Unrealized @ Report Date +4.0%

ITW Illinois Tool Works Inc. 0.0%

Value $277K Shares 1,062 Share Price $260.76 Est. Cost/Share $190.28 Unrealized @ Report Date +35.2%

TRV Travelers Companies Inc. 0.0%

Value $290K Shares 1,040 Share Price $279.22 * Est. Cost/Share $206.72 Unrealized @ Report Date +28.6%

HLT Hilton Worldwide Holdings Inc. 0.0%

Value $375K Shares 1,445 Share Price $259.44 * Est. Cost/Share $83.09 Unrealized @ Report Date +225.1%

BF/A Brown-Forman Corp - A 0.0%

Value $355K Shares 13,200 Share Price $26.91 * Est. Cost/Share $24.13 Unrealized @ Report Date +18.9%

UNP Union Pacific Corporation 0.0%

Value $237K Shares 1,003 Share Price $236.37 * Est. Cost/Share $209.78 Unrealized @ Report Date +6.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
OTEX	Open Text Corporation	21,150,154	$791M	4.3%	$37.39 *	$26.15	+20.9%	Common Stock	683715106
TSM	Taiwan Semiconductor Manufactng ADR	739,611	$207M	1.1%	$279.29	$154.22	—	ADR	874039100
IQV	IQVIA Holdings Inc	785,658	$149M	0.8%	$189.94 *	$122.68	+48.2%	Common Stock	46266C105
AVGO	Broadcom Inc	420,881	$139M	0.8%	$329.91 *	$209.56	+45.9%	Common Stock	11135F101
UNH	UnitedHealth Group Incorporated	664,655	$230M	1.3%	$345.30 *	$192.00	+55.7%	Common Stock	91324P102
TJX	TJX Companies Inc.	888,931	$128M	0.7%	$144.54 *	$43.86	+201.6%	Common Stock	872540109
BDX	Becton Dickinson and Company	935,130	$175M	1.0%	$187.17	$167.75	+9.7%	Common Stock	075887109
CDNS	Cadence Design Systems Inc	303,436	$107M	0.6%	$351.26 *	$278.91	+23.3%	Common Stock	127387108
PEP	PepsiCo Inc.	1,302,013	$183M	1.0%	$140.44	$90.41	+55.3%	Common Stock	713448108
ASML	ASML Holding NV-NY Reg Shs	62,723	$60.72M	0.3%	$968.09	$545.28	—	NY Reg Shrs	N07059210
AFG	American Financial Group Inc/OH	369,784	$53.88M	0.3%	$145.72 *	$64.73	+96.9%	Common Stock	025932104
ABBV	Abbvie Inc	88,873	$20.58M	0.1%	$231.54 *	$38.84	+419.9%	Common Stock	00287Y109
PGR	Progressive Corp/The	91,262	$22.54M	0.1%	$246.95 *	$89.67	+158.4%	Common Stock	743315103
MELI	MercadoLibre Inc	6,175	$14.43M	0.1%	$2336.94 *	$1834.05	+30.9%	Common Stock	58733R102
NU	NU Holdings Ltd/Cayman Islands	651,820	$10.44M	0.1%	$16.01 *	$6.16	+126.3%	Common Stock	G6683N103
XEL	Xcel Energy Inc.	35,000	$2.823M	0.0%	$80.65 *	$30.33	+135.2%	Common Stock	98389B100
CVX	Chevron Corporation	32,600	$5.062M	0.0%	$155.29	$67.65	+125.1%	Common Stock	166764100
ING	ING Groep N.V. ADR	76,392	$1.992M	0.0%	$26.08	$17.91	—	ADR	456837103
LCII	LCI Industries	236,956	$22.07M	0.1%	$93.15 *	$95.51	+2.8%	Common Stock	50189K103
YUMC	Yum China Holdings Inc	126,474	$5.428M	0.0%	$42.92 *	$51.01	-10.9%	Common Stock	98850P109
PFE	Pfizer Inc.	141,001	$3.593M	0.0%	$25.48 *	$16.85	+43.3%	Common Stock	717081103
DUK	Duke Energy Corporation	24,383	$3.017M	0.0%	$123.75 *	$53.84	+122.5%	Common Stock	26441C204
ALL	Allstate Corporation	11,081	$2.379M	0.0%	$214.65 *	$58.40	+242.8%	Common Stock	020002101
HD	Home Depot Inc.	3,235	$1.311M	0.0%	$405.19 *	$235.58	+65.2%	Common Stock	437076102
EOG	EOG Resources Inc.	15,525	$1.741M	0.0%	$112.12 *	$57.97	+103.5%	Common Stock	26875P101
PM	Philip Morris International Inc.	5,750	$933K	0.0%	$162.20	$52.29	+215.9%	Common Stock	718172109
EMR	Emerson Electric Co.	45,460	$5.963M	0.0%	$131.18 *	$40.02	+238.5%	Common Stock	291011104
NGG	National Grid Plc ADR	37,226	$2.705M	0.0%	$72.67	$63.46	—	ADR	636274409
ZBH	Zimmer Biomet Holdings Inc	10,250	$1.01M	0.0%	$98.50	$114.42	-13.8%	Common Stock	98956P102
AFL	Aflac Incorporated	11,600	$1.296M	0.0%	$111.70 *	$32.49	+220.7%	Common Stock	001055102
VLO	Valero Energy Corporation	1,992	$339K	0.0%	$170.26 *	$78.99	+87.1%	Common Stock	91913Y100
MO	Altria Group Inc.	9,300	$614K	0.0%	$66.06 *	$24.61	+149.6%	Common Stock	02209S103
IYW	iShares US Technology ETF	2,885	$565K	0.0%	$195.86	$150.76	—	ETP	464287721
CAT	Caterpillar Inc.	705	$336K	0.0%	$477.15 *	$206.59	+105.9%	Common Stock	149123101
CTAS	Cintas Corporation	3,200	$657K	0.0%	$205.26 *	$157.09	+35.5%	Common Stock	172908105
EFA	iShares MSCI EAFE Index Fund	14,000	$1.307M	0.0%	$93.37	$71.76	—	ETP	464287465
MDT	Medtronic Inc. Plc	6,995	$666K	0.0%	$95.24 *	$66.12	+38.0%	Common Stock	G5960L103
ROST	Ross Stores Inc.	2,174	$331K	0.0%	$152.39 *	$121.76	+16.8%	Common Stock	778296103
BRK/A	Berkshire Hathaway Inc - A	2	$1.508M	0.0%	$754200.00 *	$407438.40	+78.4%	Common Stock	084670108
IHG	Intercontinental Hotels-ADR	7,434	$901K	0.0%	$121.26	$65.23	—	ADR	45857P806
MRSH	Marsh & McLennan Companies Inc.	2,323	$468K	0.0%	$201.53	$116.01	+75.9%	Common Stock	571748102
CDW	CDW Corp/DE	1,949	$310K	0.0%	$159.28 *	$140.79	+19.9%	Common Stock	12514G108
FAST	Fastenal Co	4,896	$240K	0.0%	$49.04 *	$40.11	+17.0%	Common Stock	311900104
ADBE	Adobe Inc.	865	$305K	0.0%	$352.75	$575.37	-37.6%	Common Stock	00724F101
CAH	Cardinal Health Inc.	2,000	$314K	0.0%	$156.96 *	$80.59	+90.6%	Common Stock	14149Y108
HON	Honeywell International Inc.	958	$202K	0.0%	$210.50	$144.93	+42.9%	Common Stock	438516106
D	Dominion Energy	4,336	$265K	0.0%	$61.17 *	$49.43	+18.0%	Common Stock	25746U109
LIN	Linde PLC	3,600	$1.71M	0.0%	$475.00	$452.31	+4.0%	Common Stock	G54950103
ITW	Illinois Tool Works Inc.	1,062	$277K	0.0%	$260.76	$190.28	+35.2%	Common Stock	452308109
TRV	Travelers Companies Inc.	1,040	$290K	0.0%	$279.22 *	$206.72	+28.6%	Common Stock	89417E109
HLT	Hilton Worldwide Holdings Inc.	1,445	$375K	0.0%	$259.44 *	$83.09	+225.1%	Common Stock	43300A203
BF/A	Brown-Forman Corp - A	13,200	$355K	0.0%	$26.91 *	$24.13	+18.9%	Common Stock	115637100
UNP	Union Pacific Corporation	1,003	$237K	0.0%	$236.37 *	$209.78	+6.4%	Common Stock	907818108