MONTRUSCO BOLTON INVESTMENTS INC. Diversified Active

CIK: 0001475940 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 29, 2026

Total Value ($000): $8,025,001 (100.0% shares, 0.0% debt)

Holdings (73)

New Positions (5)

AVGO BROADCOM INC 1.2%

Value ($000) $98,895 Shares 285,740 Est. Cost $357.00 Unrealized 0.0%

ORLA ORLA MNG LTD NEW 0.2%

Value ($000) $14,430 Shares 1,071,537 Est. Cost $12.14 Unrealized 0.0%

CCJ CAMECO CORP 0.1%

Value ($000) $8,817 Shares 96,167 Est. Cost $89.94 Unrealized 0.0%

OTEX OPEN TEXT CORP 0.1%

Value ($000) $7,140 Shares 218,938 Est. Cost $35.42 Unrealized 0.0%

EQX EQUINOX GOLD CORP 0.0%

Value ($000) $2,241 Shares 159,274 Est. Cost $12.62 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	285,740	$98,895	1.2%	$357.00	0.0%	COM	11135F101
ORLA	ORLA MNG LTD NEW	1,071,537	$14,430	0.2%	$12.14	0.0%	COM	68634K106
CCJ	CAMECO CORP	96,167	$8,817	0.1%	$89.94	0.0%	COM	13321L108
OTEX	OPEN TEXT CORP	218,938	$7,140	0.1%	$35.42	0.0%	COM	683715106
EQX	EQUINOX GOLD CORP	159,274	$2,241	0.0%	$12.62	0.0%	COM	29446Y502

Increased Positions (20)

ZTS ZOETIS INC 3.3%

Value ($000) $266,888 (+200.1%) Shares 2,168,078 (+256.7%) Est. Cost $139.84 Unrealized -6.8%

APG API GROUP CORP 1.4%

Value ($000) $115,314 (+128.9%) Shares 3,090,155 (+110.8%) Est. Cost $35.71 Unrealized +3.6%

MA MASTERCARD INCORPORATED 2.7%

Value ($000) $214,165 (+24.2%) Shares 382,750 (+24.0%) Est. Cost $435.16 Unrealized +28.4%

MNST MONSTER BEVERAGE CORP NEW 3.3%

Value ($000) $266,518 (+17.8%) Shares 3,539,158 (+3.7%) Est. Cost $52.76 Unrealized +35.8%

WCN WASTE CONNECTIONS INC 5.0%

Value ($000) $397,873 (+3.5%) Shares 2,345,566 (+4.1%) Est. Cost $157.63 Unrealized +9.6%

FSV FIRSTSERVICE CORP NEW 0.4%

Value ($000) $29,715 (+54.8%) Shares 190,823 (+89.4%) Est. Cost $144.59 Unrealized +12.3%

WMT WALMART INC 0.8%

Value ($000) $66,716 (+15.1%) Shares 598,835 (+6.5%) Est. Cost $61.27 Unrealized +75.0%

TFII TFI INTL INC 0.4%

Value ($000) $30,962 (+31.8%) Shares 299,155 (+12.1%) Est. Cost $82.19 Unrealized +13.2%

TSCO TRACTOR SUPPLY CO 0.8%

Value ($000) $64,293 (+13.0%) Shares 1,285,595 (+28.5%) Est. Cost $51.70 Unrealized +3.9%

GIB CGI INC 0.6%

Value ($000) $47,946 (+15.0%) Shares 518,394 (+10.8%) Est. Cost $101.11 Unrealized -12.0%

DSGX DESCARTES SYS GROUP INC 0.2%

Value ($000) $16,931 (+40.5%) Shares 192,740 (+50.6%) Est. Cost $86.30 Unrealized +3.6%

EXK ENDEAVOUR SILVER CORP 0.2%

Value ($000) $13,208 (+38.8%) Shares 1,402,392 (+15.5%) Est. Cost $6.25 Unrealized +35.7%

BNT BROOKFIELD WEALTH SOL LTD 0.1%

Value ($000) $10,832 (+17.5%) Shares 234,974 (+74.8%) Est. Cost $38.01 Unrealized +19.9%

GIL GILDAN ACTIVEWEAR INC 0.2%

Value ($000) $15,390 (+10.1%) Shares 245,900 (+1.6%) Est. Cost $45.84 Unrealized +29.7%

POOL POOL CORP 0.1%

Value ($000) $7,387 (-10.9%) Shares 32,295 (+20.8%) Est. Cost $292.39 Unrealized -11.3%

SPSC SPS COMM INC 0.1%

Value ($000) $5,642 (+9.7%) Shares 63,300 (+28.2%) Est. Cost $113.23 Unrealized -18.1%

BN BROOKFIELD CORP 0.1%

Value ($000) $4,062 (+7.5%) Shares 88,351 (+60.5%) Est. Cost $31.34 Unrealized +45.3%

RYAN RYAN SPECIALTY HOLDINGS INC 2.7%

Value ($000) $218,010 (+0.1%) Shares 4,343,116 (+9.3%) Est. Cost $66.10 Unrealized -17.0%

CBZ CBIZ INC 0.2%

Value ($000) $14,889 (+1.6%) Shares 295,121 (+6.6%) Est. Cost $69.96 Unrealized -24.9%

CNM CORE & MAIN INC 0.1%

Value ($000) $8,919 (-1.2%) Shares 171,615 (+2.4%) Est. Cost $53.62 Unrealized -4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INC	2,168,078 (+256.7%)	$266,888 (+200.1%)	3.3%	$139.84	-6.8%	CL A	98978V103
APG	API GROUP CORP	3,090,155 (+110.8%)	$115,314 (+128.9%)	1.4%	$35.71	+3.6%	COM STK	00187Y100
MA	MASTERCARD INCORPORATED	382,750 (+24.0%)	$214,165 (+24.2%)	2.7%	$435.16	+28.4%	CL A	57636Q104
MNST	MONSTER BEVERAGE CORP NEW	3,539,158 (+3.7%)	$266,518 (+17.8%)	3.3%	$52.76	+35.8%	COM	61174X109
WCN	WASTE CONNECTIONS INC	2,345,566 (+4.1%)	$397,873 (+3.5%)	5.0%	$157.63	+9.6%	COM	94106B101
FSV	FIRSTSERVICE CORP NEW	190,823 (+89.4%)	$29,715 (+54.8%)	0.4%	$144.59	+12.3%	COM	33767E202
WMT	WALMART INC	598,835 (+6.5%)	$66,716 (+15.1%)	0.8%	$61.27	+75.0%	COM	931142103
TFII	TFI INTL INC	299,155 (+12.1%)	$30,962 (+31.8%)	0.4%	$82.19	+13.2%	COM	87241L109
TSCO	TRACTOR SUPPLY CO	1,285,595 (+28.5%)	$64,293 (+13.0%)	0.8%	$51.70	+3.9%	COM	892356106
GIB	CGI INC	518,394 (+10.8%)	$47,946 (+15.0%)	0.6%	$101.11	-12.0%	CL A SUB VTG	12532H104
DSGX	DESCARTES SYS GROUP INC	192,740 (+50.6%)	$16,931 (+40.5%)	0.2%	$86.30	+3.6%	COM	249906108
EXK	ENDEAVOUR SILVER CORP	1,402,392 (+15.5%)	$13,208 (+38.8%)	0.2%	$6.25	+35.7%	COM	29258Y103
BNT	BROOKFIELD WEALTH SOL LTD	234,974 (+74.8%)	$10,832 (+17.5%)	0.1%	$38.01	+19.9%	CL A EXCHANGEAB	G17434104
GIL	GILDAN ACTIVEWEAR INC	245,900 (+1.6%)	$15,390 (+10.1%)	0.2%	$45.84	+29.7%	COM	375916103
POOL	POOL CORP	32,295 (+20.8%)	$7,387 (-10.9%)	0.1%	$292.39	-11.3%	COM	73278L105
SPSC	SPS COMM INC	63,300 (+28.2%)	$5,642 (+9.7%)	0.1%	$113.23	-18.1%	COM	78463M107
BN	BROOKFIELD CORP	88,351 (+60.5%)	$4,062 (+7.5%)	0.1%	$31.34	+45.3%	CL A LTD VT SH	11271J107
RYAN	RYAN SPECIALTY HOLDINGS INC	4,343,116 (+9.3%)	$218,010 (+0.1%)	2.7%	$66.10	-17.0%	CL A	78351F107
CBZ	CBIZ INC	295,121 (+6.6%)	$14,889 (+1.6%)	0.2%	$69.96	-24.9%	COM	124805102
CNM	CORE & MAIN INC	171,615 (+2.4%)	$8,919 (-1.2%)	0.1%	$53.62	-4.3%	CL A	21874C102

Exited Positions (10)

LLY ELI LILLY & CO 0.7%

Value ($000) $53,707 Shares 70,389 Est. Cost $768.70 Unrealized +24.3%

SYY SYSCO CORP 0.5%

Value ($000) $40,345 Shares 489,982 Est. Cost $73.47 Unrealized +2.8%

OR OR ROYALTIES INC. 0.2%

Value ($000) $13,348 Shares 332,958 Est. Cost $24.09 Unrealized +45.4%

USAS AMERICAS GOLD AND SILVER COR 0.1%

Value ($000) $9,954 Shares 2,668,549 Est. Cost $2.61 Unrealized +72.1%

NGD NEW GOLD INC CDA 0.1%

Value ($000) $9,542 Shares 1,331,689 Est. Cost $1.90 Unrealized +296.2%

NFLX NETFLIX INC 0.1%

Value ($000) $8,240 Shares 6,873 Est. Cost $96.33 Unrealized +11.9%

TU TELUS CORPORATION 0.1%

Value ($000) $7,487 Shares 475,273 Est. Cost $17.46 Unrealized -19.3%

BIP BROOKFIELD INFRAST PARTNERS 0.1%

Value ($000) $4,559 Shares 138,330 Est. Cost $42.85 Unrealized —

NOW SERVICENOW INC 0.0%

Value ($000) $2,552 Shares 2,773 Est. Cost $186.78 Unrealized -8.2%

— SANDSTORM GOLD LTD 0.0%

Value ($000) $1,460 Shares 116,599 Est. Cost $9.39 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	70,389	$53,707	0.7%	$768.70	+24.3%	—	532457108
SYY	SYSCO CORP	489,982	$40,345	0.5%	$73.47	+2.8%	—	871829107
OR	OR ROYALTIES INC.	332,958	$13,348	0.2%	$24.09	+45.4%	—	68390D106
USAS	AMERICAS GOLD AND SILVER COR	2,668,549	$9,954	0.1%	$2.61	+72.1%	—	03062D803
NGD	NEW GOLD INC CDA	1,331,689	$9,542	0.1%	$1.90	+296.2%	—	644535106
NFLX	NETFLIX INC	6,873	$8,240	0.1%	$96.33	+11.9%	—	64110L106
TU	TELUS CORPORATION	475,273	$7,487	0.1%	$17.46	-19.3%	—	87971M103
BIP	BROOKFIELD INFRAST PARTNERS	138,330	$4,559	0.1%	$42.85	—	—	G16252101
NOW	SERVICENOW INC	2,773	$2,552	0.0%	$186.78	-8.2%	—	81762P102
—	SANDSTORM GOLD LTD	116,599	$1,460	0.0%	$9.39	—	—	80013R206

Decreased Positions (45)

BLK BLACKROCK INC 3.2%

Value ($000) $260,223 (-31.4%) Shares 247,965 (-25.6%) Est. Cost $986.96 Unrealized +10.4%

MSFT MICROSOFT CORP 9.5%

Value ($000) $759,455 (-12.6%) Shares 1,613,524 (-6.1%) Est. Cost $276.95 Unrealized +80.7%

JPM JPMORGAN CHASE & CO. 3.9%

Value ($000) $313,328 (-25.2%) Shares 1,005,426 (-26.6%) Est. Cost $252.67 Unrealized +22.5%

ROL ROLLINS INC 1.4%

Value ($000) $108,452 (-47.2%) Shares 1,857,978 (-49.0%) Est. Cost $43.21 Unrealized +35.8%

META META PLATFORMS INC 3.7%

Value ($000) $294,530 (-24.5%) Shares 457,439 (-15.9%) Est. Cost $329.80 Unrealized +102.3%

UBER UBER TECHNOLOGIES INC 2.1%

Value ($000) $164,965 (-31.6%) Shares 2,086,619 (-17.4%) Est. Cost $71.49 Unrealized +26.0%

GOOGL ALPHABET INC 6.6%

Value ($000) $533,203 (+13.0%) Shares 1,738,855 (-12.2%) Est. Cost $123.03 Unrealized +132.1%

CMG CHIPOTLE MEXICAN GRILL INC 2.4%

Value ($000) $190,251 (-22.6%) Shares 5,289,270 (-18.0%) Est. Cost $52.33 Unrealized -30.9%

SNPS SYNOPSYS INC 2.6%

Value ($000) $207,595 (-19.7%) Shares 451,599 (-15.9%) Est. Cost $499.25 Unrealized -11.0%

NVDA NVIDIA CORPORATION 9.0%

Value ($000) $722,885 (-5.5%) Shares 3,990,992 (-5.0%) Est. Cost $97.57 Unrealized +90.8%

PSA PUBLIC STORAGE OPER CO 2.0%

Value ($000) $160,182 (-19.8%) Shares 635,726 (-10.6%) Est. Cost $267.48 Unrealized +3.7%

VLO VALERO ENERGY CORP 2.2%

Value ($000) $179,217 (-16.2%) Shares 1,100,912 (-12.3%) Est. Cost $115.33 Unrealized +46.4%

AMZN AMAZON COM INC 6.0%

Value ($000) $478,201 (-5.7%) Shares 2,124,958 (-10.3%) Est. Cost $147.51 Unrealized +55.1%

IDXX IDEXX LABS INC 1.5%

Value ($000) $117,091 (-19.6%) Shares 176,932 (-23.8%) Est. Cost $448.92 Unrealized +51.7%

LRCX LAM RESEARCH CORP 1.3%

Value ($000) $104,227 (-18.4%) Shares 626,819 (-35.7%) Est. Cost $78.35 Unrealized +98.3%

AAPL APPLE INC 2.7%

Value ($000) $215,696 (-9.2%) Shares 793,410 (-15.0%) Est. Cost $145.97 Unrealized +83.8%

SHW SHERWIN WILLIAMS CO 1.5%

Value ($000) $122,864 (-13.8%) Shares 387,679 (-7.7%) Est. Cost $331.08 Unrealized +0.9%

ENB ENBRIDGE INC 0.1%

Value ($000) $6,682 (-72.8%) Shares 139,459 (-71.4%) Est. Cost $27.37 Unrealized +72.1%

ADBE ADOBE INC 1.3%

Value ($000) $107,207 (-13.4%) Shares 318,040 (-12.3%) Est. Cost $463.40 Unrealized -26.6%

TSM TAIWAN SEMICONDUCTOR MFG LTD 2.5%

Value ($000) $200,424 (+7.9%) Shares 698,967 (-1.3%) Est. Cost $191.68 Unrealized —

DHR DANAHER CORPORATION 4.0%

Value ($000) $321,478 (+3.5%) Shares 1,444,568 (-10.4%) Est. Cost $213.29 Unrealized +2.9%

SLF SUN LIFE FINANCIAL INC. 0.2%

Value ($000) $12,718 (-30.0%) Shares 203,469 (-32.7%) Est. Cost $56.81 Unrealized +6.3%

TD TORONTO DOMINION BK ONT 0.4%

Value ($000) $35,295 (-9.3%) Shares 374,003 (-23.1%) Est. Cost $56.89 Unrealized +48.4%

AEM AGNICO EAGLE MINES LTD 0.4%

Value ($000) $29,058 (-11.0%) Shares 171,124 (-11.7%) Est. Cost $117.64 Unrealized +42.7%

WPM WHEATON PRECIOUS METALS CORP 0.3%

Value ($000) $22,883 (-12.6%) Shares 194,388 (-16.9%) Est. Cost $72.28 Unrealized +48.1%

RBA RB GLOBAL INC 0.2%

Value ($000) $17,258 (-13.8%) Shares 167,410 (-9.4%) Est. Cost $102.51 Unrealized -0.9%

PBA PEMBINA PIPELINE CORP 0.1%

Value ($000) $8,754 (-22.5%) Shares 229,490 (-17.8%) Est. Cost $36.64 Unrealized +5.0%

BMO BANK MONTREAL QUE 0.3%

Value ($000) $27,106 (-8.4%) Shares 208,443 (-8.2%) Est. Cost $99.55 Unrealized +27.2%

SU SUNCOR ENERGY INC NEW 0.3%

Value ($000) $21,976 (-9.7%) Shares 494,481 (-15.0%) Est. Cost $37.42 Unrealized +13.0%

RY ROYAL BK CDA 0.6%

Value ($000) $48,731 (-4.6%) Shares 285,473 (-17.6%) Est. Cost $89.44 Unrealized +71.7%

CIGI COLLIERS INTL GROUP INC 0.2%

Value ($000) $19,012 (-10.5%) Shares 129,177 (-4.9%) Est. Cost $109.60 Unrealized +37.0%

TRI THOMSON REUTERS CORP 0.0%

Value ($000) $3,837 (-34.4%) Shares 29,041 (-22.9%) Est. Cost $132.41 Unrealized +6.6%

EGO ELDORADO GOLD CORP NEW 0.2%

Value ($000) $12,297 (+19.3%) Shares 341,707 (-4.3%) Est. Cost $14.83 Unrealized +101.8%

UFPT UFP TECHNOLOGIES INC 0.1%

Value ($000) $4,514 (-29.7%) Shares 20,329 (-36.8%) Est. Cost $225.07 Unrealized -4.8%

BAM BROOKFIELD ASSET MANAGMT LTD 0.2%

Value ($000) $16,884 (-9.9%) Shares 321,897 (-2.2%) Est. Cost $33.43 Unrealized +59.9%

TGB TASEKO MINES LTD 0.2%

Value ($000) $13,914 (+13.5%) Shares 2,454,659 (-15.1%) Est. Cost $3.40 Unrealized +38.3%

GRTUF GRANITE REAL ESTATE INVT TR 0.2%

Value ($000) $12,533 (-10.5%) Shares 210,254 (-16.5%) Est. Cost $48.51 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.0%

Value ($000) $203 (-87.7%) Shares 2,755 (-87.6%) Est. Cost $77.97 Unrealized -5.6%

ERO ERO COPPER CORP 0.2%

Value ($000) $14,446 (-6.9%) Shares 509,963 (-33.4%) Est. Cost $18.76 Unrealized +24.1%

PG PROCTER AND GAMBLE CO 0.0%

Value ($000) $1,323 (-41.6%) Shares 9,231 (-37.4%) Est. Cost $134.24 Unrealized +9.6%

CNI CANADIAN NATL RY CO 0.2%

Value ($000) $19,608 (+3.8%) Shares 197,993 (-1.1%) Est. Cost $104.02 Unrealized -7.6%

AGI ALAMOS GOLD INC NEW 0.2%

Value ($000) $19,806 (+3.7%) Shares 512,247 (-6.5%) Est. Cost $27.21 Unrealized +28.0%

SHOP SHOPIFY INC 0.1%

Value ($000) $6,145 (-6.9%) Shares 38,112 (-14.2%) Est. Cost $55.72 Unrealized +188.1%

ATS ATS CORPORATION 0.1%

Value ($000) $7,025 (-5.4%) Shares 254,681 (-10.3%) Est. Cost $27.39 Unrealized -2.5%

DOO BRP INC 0.2%

Value ($000) $19,070 (-1.4%) Shares 269,343 (-15.3%) Est. Cost $43.81 Unrealized +55.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BLK	BLACKROCK INC	247,965 (-25.6%)	$260,223 (-31.4%)	3.2%	$986.96	+10.4%	COM	09290D101
MSFT	MICROSOFT CORP	1,613,524 (-6.1%)	$759,455 (-12.6%)	9.5%	$276.95	+80.7%	COM	594918104
JPM	JPMORGAN CHASE & CO.	1,005,426 (-26.6%)	$313,328 (-25.2%)	3.9%	$252.67	+22.5%	COM	46625H100
ROL	ROLLINS INC	1,857,978 (-49.0%)	$108,452 (-47.2%)	1.4%	$43.21	+35.8%	COM	775711104
META	META PLATFORMS INC	457,439 (-15.9%)	$294,530 (-24.5%)	3.7%	$329.80	+102.3%	CL A	30303M102
UBER	UBER TECHNOLOGIES INC	2,086,619 (-17.4%)	$164,965 (-31.6%)	2.1%	$71.49	+26.0%	COM	90353T100
GOOGL	ALPHABET INC	1,738,855 (-12.2%)	$533,203 (+13.0%)	6.6%	$123.03	+132.1%	CAP STK CL A	02079K305
CMG	CHIPOTLE MEXICAN GRILL INC	5,289,270 (-18.0%)	$190,251 (-22.6%)	2.4%	$52.33	-30.9%	COM	169656105
SNPS	SYNOPSYS INC	451,599 (-15.9%)	$207,595 (-19.7%)	2.6%	$499.25	-11.0%	COM	871607107
NVDA	NVIDIA CORPORATION	3,990,992 (-5.0%)	$722,885 (-5.5%)	9.0%	$97.57	+90.8%	COM	67066G104
PSA	PUBLIC STORAGE OPER CO	635,726 (-10.6%)	$160,182 (-19.8%)	2.0%	$267.48	+3.7%	COM	74460D109
VLO	VALERO ENERGY CORP	1,100,912 (-12.3%)	$179,217 (-16.2%)	2.2%	$115.33	+46.4%	COM	91913Y100
AMZN	AMAZON COM INC	2,124,958 (-10.3%)	$478,201 (-5.7%)	6.0%	$147.51	+55.1%	COM	023135106
IDXX	IDEXX LABS INC	176,932 (-23.8%)	$117,091 (-19.6%)	1.5%	$448.92	+51.7%	COM	45168D104
LRCX	LAM RESEARCH CORP	626,819 (-35.7%)	$104,227 (-18.4%)	1.3%	$78.35	+98.3%	COM NEW	512807306
AAPL	APPLE INC	793,410 (-15.0%)	$215,696 (-9.2%)	2.7%	$145.97	+83.8%	COM	037833100
SHW	SHERWIN WILLIAMS CO	387,679 (-7.7%)	$122,864 (-13.8%)	1.5%	$331.08	+0.9%	COM	824348106
ENB	ENBRIDGE INC	139,459 (-71.4%)	$6,682 (-72.8%)	0.1%	$27.37	+72.1%	COM	29250N105
ADBE	ADOBE INC	318,040 (-12.3%)	$107,207 (-13.4%)	1.3%	$463.40	-26.6%	COM	00724F101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	698,967 (-1.3%)	$200,424 (+7.9%)	2.5%	$191.68	—	SPONSORED ADS	874039100
DHR	DANAHER CORPORATION	1,444,568 (-10.4%)	$321,478 (+3.5%)	4.0%	$213.29	+2.9%	COM	235851102
SLF	SUN LIFE FINANCIAL INC.	203,469 (-32.7%)	$12,718 (-30.0%)	0.2%	$56.81	+6.3%	COM	866796105
TD	TORONTO DOMINION BK ONT	374,003 (-23.1%)	$35,295 (-9.3%)	0.4%	$56.89	+48.4%	COM NEW	891160509
AEM	AGNICO EAGLE MINES LTD	171,124 (-11.7%)	$29,058 (-11.0%)	0.4%	$117.64	+42.7%	COM	008474108
WPM	WHEATON PRECIOUS METALS CORP	194,388 (-16.9%)	$22,883 (-12.6%)	0.3%	$72.28	+48.1%	COM	962879102
RBA	RB GLOBAL INC	167,410 (-9.4%)	$17,258 (-13.8%)	0.2%	$102.51	-0.9%	COM	74935Q107
PBA	PEMBINA PIPELINE CORP	229,490 (-17.8%)	$8,754 (-22.5%)	0.1%	$36.64	+5.0%	COM	706327103
BMO	BANK MONTREAL QUE	208,443 (-8.2%)	$27,106 (-8.4%)	0.3%	$99.55	+27.2%	COM	063671101
SU	SUNCOR ENERGY INC NEW	494,481 (-15.0%)	$21,976 (-9.7%)	0.3%	$37.42	+13.0%	COM	867224107
RY	ROYAL BK CDA	285,473 (-17.6%)	$48,731 (-4.6%)	0.6%	$89.44	+71.7%	COM	780087102
CIGI	COLLIERS INTL GROUP INC	129,177 (-4.9%)	$19,012 (-10.5%)	0.2%	$109.60	+37.0%	SUB VTG SHS	194693107
TRI	THOMSON REUTERS CORP	29,041 (-22.9%)	$3,837 (-34.4%)	0.0%	$132.41	+6.6%	COM	884903808
EGO	ELDORADO GOLD CORP NEW	341,707 (-4.3%)	$12,297 (+19.3%)	0.2%	$14.83	+101.8%	COM	284902509
UFPT	UFP TECHNOLOGIES INC	20,329 (-36.8%)	$4,514 (-29.7%)	0.1%	$225.07	-4.8%	COM	902673102
BAM	BROOKFIELD ASSET MANAGMT LTD	321,897 (-2.2%)	$16,884 (-9.9%)	0.2%	$33.43	+59.9%	CL A LMT VTG SHS	113004105
TGB	TASEKO MINES LTD	2,454,659 (-15.1%)	$13,914 (+13.5%)	0.2%	$3.40	+38.3%	COM	876511106
GRTUF	GRANITE REAL ESTATE INVT TR	210,254 (-16.5%)	$12,533 (-10.5%)	0.2%	$48.51	—	TR UNIT NEW	387437205
CP	CANADIAN PACIFIC KANSAS CITY	2,755 (-87.6%)	$203 (-87.7%)	0.0%	$77.97	-5.6%	COM	13646K108
ERO	ERO COPPER CORP	509,963 (-33.4%)	$14,446 (-6.9%)	0.2%	$18.76	+24.1%	COM	296006109
PG	PROCTER AND GAMBLE CO	9,231 (-37.4%)	$1,323 (-41.6%)	0.0%	$134.24	+9.6%	COM	742718109
CNI	CANADIAN NATL RY CO	197,993 (-1.1%)	$19,608 (+3.8%)	0.2%	$104.02	-7.6%	COM	136375102
AGI	ALAMOS GOLD INC NEW	512,247 (-6.5%)	$19,806 (+3.7%)	0.2%	$27.21	+28.0%	COM CL A	011532108
SHOP	SHOPIFY INC	38,112 (-14.2%)	$6,145 (-6.9%)	0.1%	$55.72	+188.1%	CL A SUB VTG SHS	82509L107
ATS	ATS CORPORATION	254,681 (-10.3%)	$7,025 (-5.4%)	0.1%	$27.39	-2.5%	COM	00217Y104
DOO	BRP INC	269,343 (-15.3%)	$19,070 (-1.4%)	0.2%	$43.81	+55.1%	COM SUN VTG	05577W200

Unchanged Positions (3)

FTNT FORTINET INC 1.2%

Value ($000) $97,578 Shares 1,228,784 Est. Cost $98.87 Unrealized -16.1%

CAE CAE INC 0.2%

Value ($000) $17,220 Shares 565,500 Est. Cost $25.22 Unrealized +11.2%

LSPD LIGHTSPEED COMMERCE INC 0.0%

Value ($000) $471 Shares 39,000 Est. Cost $11.71 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FTNT	FORTINET INC	1,228,784	$97,578	1.2%	$98.87	-16.1%	COM	34959E109
CAE	CAE INC	565,500	$17,220	0.2%	$25.22	+11.2%	COM	124765108
LSPD	LIGHTSPEED COMMERCE INC	39,000	$471	0.0%	$11.71	—	SUB VTG SHS	53229C107