Nexus Investment Management ULC Diversified Active

Period: Q4 2025 (← Previous)

Filing Date: Jan 21, 2026

Total Value ($000): $733,779 (100.0% shares, 0.0% debt)

Holdings (70)

New Positions (1)

SOLS Solstice Advanced Materials Inc. 0.1%

Value ($000) $370 Shares 7,616 Est. Cost $47.08 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOLS	Solstice Advanced Materials Inc.	7,616	$370	0.1%	$47.08	0.0%	COM	83443Q103

Increased Positions (4)

UPS United Parcel Service Inc. 3.0%

Value ($000) $21,970 (+20.7%) Shares 221,491 (+1.6%) Est. Cost $91.09 Unrealized +1.8%

KR Kroger Co 0.4%

Value ($000) $3,034 (-6.0%) Shares 48,565 (+1.5%) Est. Cost $45.75 Unrealized +42.5%

PFE Pfizer Inc. 3.4%

Value ($000) $24,682 (-0.3%) Shares 991,225 (+2.0%) Est. Cost $20.55 Unrealized +21.8%

UNP Union Pacific Corporation 0.4%

Value ($000) $2,708 (+1.3%) Shares 11,706 (+3.5%) Est. Cost $195.87 Unrealized +16.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UPS	United Parcel Service Inc.	221,491 (+1.6%)	$21,970 (+20.7%)	3.0%	$91.09	+1.8%	COM	911312106
KR	Kroger Co	48,565 (+1.5%)	$3,034 (-6.0%)	0.4%	$45.75	+42.5%	COM	501044101
PFE	Pfizer Inc.	991,225 (+2.0%)	$24,682 (-0.3%)	3.4%	$20.55	+21.8%	COM	717081103
UNP	Union Pacific Corporation	11,706 (+3.5%)	$2,708 (+1.3%)	0.4%	$195.87	+16.1%	COM	907818108

Exited Positions (1)

OTEX Open Text Corporation 0.1%

Value ($000) $669 Shares 17,890 Est. Cost $23.14 Unrealized +53.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OTEX	Open Text Corporation	17,890	$669	0.1%	$23.14	+53.1%	—	683715106

Decreased Positions (12)

GOOG Alphabet Inc., Class C 8.9%

Value ($000) $64,963 (+24.3%) Shares 207,020 (-3.5%) Est. Cost $107.01 Unrealized +167.6%

META Meta Platforms Inc. 5.9%

Value ($000) $43,343 (-12.0%) Shares 65,662 (-2.1%) Est. Cost $180.74 Unrealized +269.2%

C Citigroup Inc. 6.2%

Value ($000) $45,533 (-6.9%) Shares 390,203 (-19.1%) Est. Cost $39.15 Unrealized +164.7%

MSFT Microsoft Corporation 5.0%

Value ($000) $36,587 (-7.9%) Shares 75,652 (-1.3%) Est. Cost $46.64 Unrealized +973.3%

GOOGL Alphabet Inc. 0.3%

Value ($000) $2,164 (+26.9%) Shares 6,915 (-1.4%) Est. Cost $106.42 Unrealized +168.4%

JPM JPMorgan Chase & Co. 8.3%

Value ($000) $61,008 (+0.4%) Shares 189,336 (-1.7%) Est. Cost $42.36 Unrealized +630.7%

MS Morgan Stanley 2.8%

Value ($000) $20,776 (-1.0%) Shares 117,027 (-11.4%) Est. Cost $83.56 Unrealized +99.2%

GLW Corning Inc. 0.9%

Value ($000) $6,479 (-2.5%) Shares 74,000 (-8.6%) Est. Cost $32.33 Unrealized +166.0%

DHR Danaher Corporation 0.2%

Value ($000) $1,684 (+9.5%) Shares 7,355 (-5.2%) Est. Cost $26.26 Unrealized +735.9%

EFA IShares MSCI EAFE ETF 0.5%

Value ($000) $3,471 (-1.5%) Shares 36,150 (-4.2%) Est. Cost $76.30 Unrealized —

BHC Bausch Health Companies Inc. 0.0%

Value ($000) $59 (-29.5%) Shares 8,500 (-34.6%) Est. Cost $22.90 Unrealized -71.3%

VLTO Veralto Corporation 0.0%

Value ($000) $53 (-25.1%) Shares 534 (-19.9%) Est. Cost $99.37 Unrealized +1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc., Class C	207,020 (-3.5%)	$64,963 (+24.3%)	8.9%	$107.01	+167.6%	COM	02079K107
META	Meta Platforms Inc.	65,662 (-2.1%)	$43,343 (-12.0%)	5.9%	$180.74	+269.2%	COM	30303M102
C	Citigroup Inc.	390,203 (-19.1%)	$45,533 (-6.9%)	6.2%	$39.15	+164.7%	COM	172967424
MSFT	Microsoft Corporation	75,652 (-1.3%)	$36,587 (-7.9%)	5.0%	$46.64	+973.3%	COM	594918104
GOOGL	Alphabet Inc.	6,915 (-1.4%)	$2,164 (+26.9%)	0.3%	$106.42	+168.4%	COM	02079K305
JPM	JPMorgan Chase & Co.	189,336 (-1.7%)	$61,008 (+0.4%)	8.3%	$42.36	+630.7%	COM	46625H100
MS	Morgan Stanley	117,027 (-11.4%)	$20,776 (-1.0%)	2.8%	$83.56	+99.2%	COM	617446448
GLW	Corning Inc.	74,000 (-8.6%)	$6,479 (-2.5%)	0.9%	$32.33	+166.0%	COM	219350105
DHR	Danaher Corporation	7,355 (-5.2%)	$1,684 (+9.5%)	0.2%	$26.26	+735.9%	COM	235851102
EFA	IShares MSCI EAFE ETF	36,150 (-4.2%)	$3,471 (-1.5%)	0.5%	$76.30	—	COM	464287465
BHC	Bausch Health Companies Inc.	8,500 (-34.6%)	$59 (-29.5%)	0.0%	$22.90	-71.3%	COM	071734107
VLTO	Veralto Corporation	534 (-19.9%)	$53 (-25.1%)	0.0%	$99.37	+1.7%	COM	92338C103

Unchanged Positions (53)

DG Dollar General Corporation 5.2%

Value ($000) $37,823 Shares 284,874 Est. Cost $86.59 Unrealized +28.8%

ROST Ross Stores Inc. 6.1%

Value ($000) $44,706 Shares 248,172 Est. Cost $87.67 Unrealized +90.0%

TMO Thermo Fisher Scientific Inc. 5.3%

Value ($000) $38,995 Shares 67,297 Est. Cost $422.37 Unrealized +33.8%

CSCO Cisco Systems Inc. 6.8%

Value ($000) $49,569 Shares 643,507 Est. Cost $25.65 Unrealized +187.7%

GILD Gilead Sciences Inc. 4.3%

Value ($000) $31,645 Shares 257,824 Est. Cost $54.50 Unrealized +121.8%

KMX CarMax Inc. 2.4%

Value ($000) $17,496 Shares 452,800 Est. Cost $55.43 Unrealized -27.9%

EOG EOG Resources Inc. 3.0%

Value ($000) $21,934 Shares 208,873 Est. Cost $107.00 Unrealized +0.2%

TXN Texas Instruments Inc. 2.5%

Value ($000) $18,579 Shares 107,091 Est. Cost $161.83 Unrealized +5.5%

AEP American Electric Power Company Inc. 6.2%

Value ($000) $45,322 Shares 393,044 Est. Cost $72.92 Unrealized +61.4%

HON Honeywell International Inc. 0.8%

Value ($000) $5,945 Shares 30,474 Est. Cost $185.14 Unrealized +5.3%

V Visa Inc. 2.8%

Value ($000) $20,880 Shares 59,536 Est. Cost $271.91 Unrealized +25.2%

MDT Medtronic PLC 3.8%

Value ($000) $28,227 Shares 293,848 Est. Cost $87.86 Unrealized +10.6%

LLY Eli Lilly And Company 0.1%

Value ($000) $859 Shares 799 Est. Cost $345.79 Unrealized +176.3%

JNJ Johnson & Johnson 0.3%

Value ($000) $1,952 Shares 9,431 Est. Cost $113.47 Unrealized +73.6%

FERG Ferguson Enterprises Inc. 3.0%

Value ($000) $22,334 Shares 100,321 Est. Cost $172.04 Unrealized +38.3%

MRK Merck & Co Inc. 0.1%

Value ($000) $393 Shares 3,735 Est. Cost $92.00 Unrealized +1.3%

KMB Kimberly-Clark Corporation 0.0%

Value ($000) $261 Shares 2,584 Est. Cost $96.83 Unrealized +12.0%

T AT&T Inc. 0.1%

Value ($000) $427 Shares 17,210 Est. Cost $16.57 Unrealized +52.6%

VZ Verizon Communications 0.1%

Value ($000) $636 Shares 15,610 Est. Cost $40.75 Unrealized -0.6%

XOM Exxonmobil Corporation 0.1%

Value ($000) $697 Shares 5,794 Est. Cost $71.65 Unrealized +61.2%

FSV FirstService Corporation 0.0%

Value ($000) $156 Shares 1,000 Est. Cost $86.95 Unrealized +86.8%

ORCL Oracle Corporation 0.0%

Value ($000) $78 Shares 400 Est. Cost $161.57 Unrealized +47.3%

BIIB Biogen Inc. 0.0%

Value ($000) $162 Shares 920 Est. Cost $142.96 Unrealized +14.3%

CVX Chevron Corporation 0.2%

Value ($000) $1,165 Shares 7,641 Est. Cost $93.38 Unrealized +62.1%

ABT Abbott Laboratories 0.0%

Value ($000) $312 Shares 2,490 Est. Cost $97.62 Unrealized +30.4%

PG Procter & Gamble Co 0.0%

Value ($000) $258 Shares 1,800 Est. Cost $129.79 Unrealized +13.4%

EXC Exelon Corp 0.1%

Value ($000) $560 Shares 12,857 Est. Cost $28.36 Unrealized +60.3%

BAC Bank Of America Corp 0.0%

Value ($000) $294 Shares 5,350 Est. Cost $32.80 Unrealized +60.6%

EIX Edison International 0.0%

Value ($000) $223 Shares 3,719 Est. Cost $54.83 Unrealized +4.6%

SLV IShares Silver Trust 0.0%

Value ($000) $48 Shares 750 Est. Cost $43.84 Unrealized —

PRAA PRA Group Inc. 0.0%

Value ($000) $114 Shares 6,450 Est. Cost $37.92 Unrealized -58.9%

CSX CSX Corporation 0.1%

Value ($000) $574 Shares 15,840 Est. Cost $28.73 Unrealized +24.3%

ABBV AbbVie Inc. 0.1%

Value ($000) $790 Shares 3,456 Est. Cost $137.22 Unrealized +65.8%

NEM Newmont Corporation 0.0%

Value ($000) $65 Shares 650 Est. Cost $43.26 Unrealized +108.5%

BMY Bristol-Myers Squibb Company 0.0%

Value ($000) $51 Shares 953 Est. Cost $55.48 Unrealized -14.3%

VEA Vanguard FTSE Developed Markets ETF 0.0%

Value ($000) $189 Shares 3,024 Est. Cost $73.12 Unrealized —

COST Costco Wholesale Corporation 0.0%

Value ($000) $86 Shares 100 Est. Cost $979.20 Unrealized -7.5%

GDXJ Vaneck Junior Gold Miners ETF 0.0%

Value ($000) $40 Shares 350 Est. Cost $84.67 Unrealized —

AXP American Express 0.0%

Value ($000) $46 Shares 125 Est. Cost $292.46 Unrealized +22.1%

WMT Walmart Inc. 0.0%

Value ($000) $62 Shares 555 Est. Cost $93.91 Unrealized +14.1%

FNV Franco-Nevada Corporation 0.0%

Value ($000) $52 Shares 250 Est. Cost $143.39 Unrealized +41.4%

NVS Novartis AG-ADR 0.0%

Value ($000) $30 Shares 220 Est. Cost $160.35 Unrealized —

ACN Accenture PLC 0.0%

Value ($000) $17 Shares 65 Est. Cost $349.45 Unrealized -27.3%

BDX Becton Dickinson & Co 0.0%

Value ($000) $29 Shares 150 Est. Cost $227.37 Unrealized -16.6%

AAPL Apple Inc. 0.0%

Value ($000) $16 Shares 60 Est. Cost $208.18 Unrealized +28.9%

VWO Vanguard FTSE Emerging Markets ETF 0.0%

Value ($000) $132 Shares 2,457 Est. Cost $65.10 Unrealized —

TROW T Rowe Price Group 0.1%

Value ($000) $383 Shares 3,740 Est. Cost $47.69 Unrealized +114.3%

CL Colgate - Palmolive Company 0.0%

Value ($000) $76 Shares 966 Est. Cost $87.83 Unrealized -10.8%

MA Mastercard Inc. 0.0%

Value ($000) $111 Shares 195 Est. Cost $542.01 Unrealized +3.1%

PEP Pepsico Inc. 0.0%

Value ($000) $18 Shares 125 Est. Cost $143.48 Unrealized +1.7%

BRK/B Berkshire Hathaway Class B 0.0%

Value ($000) $31 Shares 61 Est. Cost $499.89 Unrealized -0.5%

B Barrick Mining Corp. 0.0%

Value ($000) $43 Shares 2,300 Est. Cost $20.94 Unrealized +78.7%

— CB144A Appvion Esc Npv 0.0%

Value ($000) $2 Shares 1 Est. Cost $2177.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DG	Dollar General Corporation	284,874	$37,823	5.2%	$86.59	+28.8%	COM	256677105
ROST	Ross Stores Inc.	248,172	$44,706	6.1%	$87.67	+90.0%	COM	778296103
TMO	Thermo Fisher Scientific Inc.	67,297	$38,995	5.3%	$422.37	+33.8%	COM	883556102
CSCO	Cisco Systems Inc.	643,507	$49,569	6.8%	$25.65	+187.7%	COM	17275R102
GILD	Gilead Sciences Inc.	257,824	$31,645	4.3%	$54.50	+121.8%	COM	375558103
KMX	CarMax Inc.	452,800	$17,496	2.4%	$55.43	-27.9%	COM	143130102
EOG	EOG Resources Inc.	208,873	$21,934	3.0%	$107.00	+0.2%	COM	26875P101
TXN	Texas Instruments Inc.	107,091	$18,579	2.5%	$161.83	+5.5%	COM	882508104
AEP	American Electric Power Company Inc.	393,044	$45,322	6.2%	$72.92	+61.4%	COM	025537101
HON	Honeywell International Inc.	30,474	$5,945	0.8%	$185.14	+5.3%	COM	438516106
V	Visa Inc.	59,536	$20,880	2.8%	$271.91	+25.2%	COM	92826C839
MDT	Medtronic PLC	293,848	$28,227	3.8%	$87.86	+10.6%	COM	G5960L103
LLY	Eli Lilly And Company	799	$859	0.1%	$345.79	+176.3%	COM	532457108
JNJ	Johnson & Johnson	9,431	$1,952	0.3%	$113.47	+73.6%	COM	478160104
FERG	Ferguson Enterprises Inc.	100,321	$22,334	3.0%	$172.04	+38.3%	COM	31488V107
MRK	Merck & Co Inc.	3,735	$393	0.1%	$92.00	+1.3%	COM	58933Y105
KMB	Kimberly-Clark Corporation	2,584	$261	0.0%	$96.83	+12.0%	COM	494368103
T	AT&T Inc.	17,210	$427	0.1%	$16.57	+52.6%	COM	00206R102
VZ	Verizon Communications	15,610	$636	0.1%	$40.75	-0.6%	COM	92343V104
XOM	Exxonmobil Corporation	5,794	$697	0.1%	$71.65	+61.2%	COM	30231G102
FSV	FirstService Corporation	1,000	$156	0.0%	$86.95	+86.8%	COM	33767E202
ORCL	Oracle Corporation	400	$78	0.0%	$161.57	+47.3%	COM	68389X105
BIIB	Biogen Inc.	920	$162	0.0%	$142.96	+14.3%	COM	09062X103
CVX	Chevron Corporation	7,641	$1,165	0.2%	$93.38	+62.1%	COM	166764100
ABT	Abbott Laboratories	2,490	$312	0.0%	$97.62	+30.4%	COM	002824100
PG	Procter & Gamble Co	1,800	$258	0.0%	$129.79	+13.4%	COM	742718109
EXC	Exelon Corp	12,857	$560	0.1%	$28.36	+60.3%	COM	30161N101
BAC	Bank Of America Corp	5,350	$294	0.0%	$32.80	+60.6%	COM	060505104
EIX	Edison International	3,719	$223	0.0%	$54.83	+4.6%	COM	281020107
SLV	IShares Silver Trust	750	$48	0.0%	$43.84	—	COM	46428Q109
PRAA	PRA Group Inc.	6,450	$114	0.0%	$37.92	-58.9%	COM	69354N106
CSX	CSX Corporation	15,840	$574	0.1%	$28.73	+24.3%	COM	126408103
ABBV	AbbVie Inc.	3,456	$790	0.1%	$137.22	+65.8%	COM	00287Y109
NEM	Newmont Corporation	650	$65	0.0%	$43.26	+108.5%	COM	651639106
BMY	Bristol-Myers Squibb Company	953	$51	0.0%	$55.48	-14.3%	COM	110122108
VEA	Vanguard FTSE Developed Markets ETF	3,024	$189	0.0%	$73.12	—	COM	921943858
COST	Costco Wholesale Corporation	100	$86	0.0%	$979.20	-7.5%	COM	22160K105
GDXJ	Vaneck Junior Gold Miners ETF	350	$40	0.0%	$84.67	—	COM	92189F791
AXP	American Express	125	$46	0.0%	$292.46	+22.1%	COM	025816109
WMT	Walmart Inc.	555	$62	0.0%	$93.91	+14.1%	COM	931142103
FNV	Franco-Nevada Corporation	250	$52	0.0%	$143.39	+41.4%	COM	351858105
NVS	Novartis AG-ADR	220	$30	0.0%	$160.35	—	COM	66987V109
ACN	Accenture PLC	65	$17	0.0%	$349.45	-27.3%	COM	G1151C101
BDX	Becton Dickinson & Co	150	$29	0.0%	$227.37	-16.6%	COM	075887109
AAPL	Apple Inc.	60	$16	0.0%	$208.18	+28.9%	COM	037833100
VWO	Vanguard FTSE Emerging Markets ETF	2,457	$132	0.0%	$65.10	—	COM	922042858
TROW	T Rowe Price Group	3,740	$383	0.1%	$47.69	+114.3%	COM	74144T108
CL	Colgate - Palmolive Company	966	$76	0.0%	$87.83	-10.8%	COM	194162103
MA	Mastercard Inc.	195	$111	0.0%	$542.01	+3.1%	COM	57636Q104
PEP	Pepsico Inc.	125	$18	0.0%	$143.48	+1.7%	COM	713448108
BRK/B	Berkshire Hathaway Class B	61	$31	0.0%	$499.89	-0.5%	COM	084670702
B	Barrick Mining Corp.	2,300	$43	0.0%	$20.94	+78.7%	COM	06849F108
—	CB144A Appvion Esc Npv	1	$2	0.0%	$2177.00	—	COM	038ESC026