Value Partners Investments Inc. Diversified Active

CIK: 0001800916 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 8, 2026

Total Value ($000): $1,304,170 (100.0% shares, 0.0% debt)

Holdings (100)

New Positions (4)

APH AMPHENOL CORP NEW 0.2%

Value ($000) $2,907 Shares 21,478 Est. Cost $133.54 Unrealized 0.0%

IBKR INTERACTIVE BROKERS GROUP IN 0.2%

Value ($000) $2,699 Shares 41,904 Est. Cost $66.89 Unrealized 0.0%

BGSI BOYD GROUP SERVICES INC 0.1%

Value ($000) $1,471 Shares 9,219 Est. Cost $160.25 Unrealized 0.0%

UL UNILEVER PLC 0.1%

Value ($000) $1,304 Shares 19,917 Est. Cost $65.45 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APH	AMPHENOL CORP NEW	21,478	$2,907	0.2%	$133.54	0.0%	CL A	032095101
IBKR	INTERACTIVE BROKERS GROUP IN	41,904	$2,699	0.2%	$66.89	0.0%	COM CL A	45841N107
BGSI	BOYD GROUP SERVICES INC	9,219	$1,471	0.1%	$160.25	0.0%	COM	103310108
UL	UNILEVER PLC	19,917	$1,304	0.1%	$65.45	—	SPON ADR NEW	904767803

Increased Positions (50)

ACN ACCENTURE PLC IRELAND 3.7%

Value ($000) $47,669 (+2169.8%) Shares 177,624 (+1984.8%) Est. Cost $256.37 Unrealized -0.9%

CRM SALESFORCE INC 4.5%

Value ($000) $58,710 (+31.1%) Shares 221,576 (+17.2%) Est. Cost $250.95 Unrealized -1.1%

RACE FERRARI N V 0.6%

Value ($000) $7,419 (+51.9%) Shares 20,072 (+99.3%) Est. Cost $439.78 Unrealized -9.0%

MSFT MICROSOFT CORP 3.1%

Value ($000) $40,840 (-5.1%) Shares 84,412 (+1.5%) Est. Cost $395.69 Unrealized +26.5%

YUMC YUM CHINA HLDGS INC 0.9%

Value ($000) $11,299 (+16.2%) Shares 236,659 (+4.4%) Est. Cost $47.88 Unrealized -4.3%

ODFL OLD DOMINION FREIGHT LINE IN 0.2%

Value ($000) $3,157 (+54.8%) Shares 20,103 (+38.7%) Est. Cost $172.84 Unrealized -17.2%

MDT MEDTRONIC PLC 0.8%

Value ($000) $10,140 (+11.5%) Shares 105,546 (+10.5%) Est. Cost $88.33 Unrealized +10.0%

SPGI S&P GLOBAL INC 0.3%

Value ($000) $4,390 (+28.9%) Shares 8,400 (+20.0%) Est. Cost $505.35 Unrealized -2.2%

TD TORONTO DOMINION BK ONT 0.4%

Value ($000) $4,652 (+19.4%) Shares 49,288 (+1.1%) Est. Cost $60.41 Unrealized +39.8%

SAP SAP SE 0.8%

Value ($000) $10,215 (-6.7%) Shares 42,042 (+2.5%) Est. Cost $263.19 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.3%

Value ($000) $4,163 (+15.3%) Shares 102,204 (+24.3%) Est. Cost $39.76 Unrealized +1.8%

CARR CARRIER GLOBAL CORPORATION 0.2%

Value ($000) $2,521 (+25.2%) Shares 47,651 (+41.2%) Est. Cost $55.59 Unrealized -0.1%

V VISA INC 0.5%

Value ($000) $6,130 (+8.0%) Shares 17,455 (+4.9%) Est. Cost $275.23 Unrealized +23.7%

MRK MERCK & CO INC 0.1%

Value ($000) $1,778 (+32.4%) Shares 16,867 (+5.4%) Est. Cost $77.32 Unrealized +20.6%

DHR DANAHER CORPORATION 0.1%

Value ($000) $1,469 (+40.9%) Shares 6,412 (+21.9%) Est. Cost $212.32 Unrealized +3.4%

TFII TFI INTL INC 0.1%

Value ($000) $1,755 (+23.9%) Shares 16,955 (+5.4%) Est. Cost $109.61 Unrealized -15.1%

NVS NOVARTIS AG 0.1%

Value ($000) $1,519 (+28.0%) Shares 11,010 (+18.9%) Est. Cost $110.29 Unrealized —

CSCO CISCO SYS INC 0.1%

Value ($000) $1,256 (+32.1%) Shares 16,297 (+17.2%) Est. Cost $49.24 Unrealized +49.9%

AMT AMERICAN TOWER CORP NEW 0.3%

Value ($000) $3,722 (+8.2%) Shares 21,199 (+18.4%) Est. Cost $188.94 Unrealized -4.6%

LIN LINDE PLC 0.1%

Value ($000) $1,101 (+33.0%) Shares 2,580 (+47.9%) Est. Cost $443.20 Unrealized -3.6%

FTS FORTIS INC 0.5%

Value ($000) $5,886 (+4.4%) Shares 113,043 (+1.7%) Est. Cost $41.66 Unrealized +22.0%

MCO MOODYS CORP 0.2%

Value ($000) $2,843 (+8.6%) Shares 5,557 (+1.1%) Est. Cost $350.55 Unrealized +39.0%

AQN ALGONQUIN PWR UTILS CORP 0.0%

Value ($000) $538 (+71.6%) Shares 87,404 (+49.8%) Est. Cost $5.61 Unrealized +5.9%

AON AON PLC 0.1%

Value ($000) $1,415 (+18.4%) Shares 4,007 (+19.5%) Est. Cost $340.05 Unrealized +2.7%

AME AMETEK INC 0.1%

Value ($000) $1,696 (+14.6%) Shares 8,250 (+4.8%) Est. Cost $173.99 Unrealized +11.7%

DEO DIAGEO PLC 0.3%

Value ($000) $3,470 (-5.6%) Shares 40,214 (+4.4%) Est. Cost $102.08 Unrealized —

BDX BECTON DICKINSON & CO 0.1%

Value ($000) $1,088 (+22.5%) Shares 5,600 (+18.0%) Est. Cost $209.73 Unrealized -9.6%

WM WASTE MGMT INC DEL 0.0%

Value ($000) $579 (+51.2%) Shares 2,637 (+51.9%) Est. Cost $218.61 Unrealized -2.8%

WPM WHEATON PRECIOUS METALS CORP 0.2%

Value ($000) $2,072 (+9.2%) Shares 17,596 (+3.8%) Est. Cost $53.63 Unrealized +99.7%

DE DEERE & CO 0.1%

Value ($000) $970 (+20.4%) Shares 2,082 (+18.1%) Est. Cost $431.36 Unrealized +8.4%

BIP BROOKFIELD INFRAST PARTNERS 0.1%

Value ($000) $1,768 (+9.6%) Shares 50,785 (+3.7%) Est. Cost $38.09 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.1%

Value ($000) $1,183 (+13.9%) Shares 3,890 (+4.6%) Est. Cost $233.96 Unrealized —

KLAC KLA CORP 0.1%

Value ($000) $1,088 (+14.1%) Shares 895 (+1.1%) Est. Cost $746.73 Unrealized +56.9%

SHW SHERWIN WILLIAMS CO 0.2%

Value ($000) $2,583 (-4.7%) Shares 7,959 (+1.7%) Est. Cost $292.44 Unrealized +14.3%

CNQ CANADIAN NAT RES LTD 0.1%

Value ($000) $1,639 (+8.3%) Shares 48,333 (+2.1%) Est. Cost $30.29 Unrealized +7.0%

HON HONEYWELL INTL INC 0.1%

Value ($000) $1,299 (+10.6%) Shares 6,654 (+19.2%) Est. Cost $190.95 Unrealized +2.1%

BN BROOKFIELD CORP 0.2%

Value ($000) $2,346 (+4.9%) Shares 51,031 (+56.5%) Est. Cost $34.93 Unrealized +30.4%

VLTO VERALTO CORP 0.1%

Value ($000) $883 (+12.0%) Shares 8,838 (+19.6%) Est. Cost $101.47 Unrealized -0.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $2,419 (+3.9%) Shares 4,806 (+3.8%) Est. Cost $355.08 Unrealized +40.1%

TRI THOMSON REUTERS CORP 0.1%

Value ($000) $789 (-8.0%) Shares 5,969 (+8.1%) Est. Cost $145.00 Unrealized -2.7%

MSCI MSCI INC 0.2%

Value ($000) $2,558 (+2.6%) Shares 4,452 (+1.3%) Est. Cost $503.81 Unrealized +11.2%

ICE INTERCONTINENTAL EXCHANGE IN 0.2%

Value ($000) $2,139 (+3.1%) Shares 13,189 (+7.1%) Est. Cost $134.56 Unrealized +16.1%

SU SUNCOR ENERGY INC NEW 0.0%

Value ($000) $422 (+17.6%) Shares 9,485 (+10.7%) Est. Cost $33.72 Unrealized +25.4%

HEI HEICO CORP NEW 0.1%

Value ($000) $906 (+5.6%) Shares 2,796 (+5.2%) Est. Cost $253.36 Unrealized +24.7%

MEOH METHANEX CORP 0.1%

Value ($000) $827 (+4.8%) Shares 20,815 (+4.9%) Est. Cost $37.30 Unrealized -0.3%

TRP TC ENERGY CORP 0.0%

Value ($000) $565 (+6.1%) Shares 10,252 (+4.6%) Est. Cost $47.97 Unrealized +11.2%

ROP ROPER TECHNOLOGIES INC 0.0%

Value ($000) $624 (-4.3%) Shares 1,401 (+7.0%) Est. Cost $484.17 Unrealized -4.5%

META META PLATFORMS INC 0.0%

Value ($000) $520 (-3.7%) Shares 786 (+6.9%) Est. Cost $647.35 Unrealized +3.1%

TXN TEXAS INSTRS INC 0.1%

Value ($000) $867 (+1.2%) Shares 4,988 (+7.0%) Est. Cost $169.28 Unrealized +0.9%

DSGX DESCARTES SYS GROUP INC 0.0%

Value ($000) $557 (+0.4%) Shares 6,335 (+7.6%) Est. Cost $101.32 Unrealized -11.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACN	ACCENTURE PLC IRELAND	177,624 (+1984.8%)	$47,669 (+2169.8%)	3.7%	$256.37	-0.9%	SHS CLASS A	G1151C101
CRM	SALESFORCE INC	221,576 (+17.2%)	$58,710 (+31.1%)	4.5%	$250.95	-1.1%	COM	79466L302
RACE	FERRARI N V	20,072 (+99.3%)	$7,419 (+51.9%)	0.6%	$439.78	-9.0%	COM	N3167Y103
MSFT	MICROSOFT CORP	84,412 (+1.5%)	$40,840 (-5.1%)	3.1%	$395.69	+26.5%	COM	594918104
YUMC	YUM CHINA HLDGS INC	236,659 (+4.4%)	$11,299 (+16.2%)	0.9%	$47.88	-4.3%	COM	98850P109
ODFL	OLD DOMINION FREIGHT LINE IN	20,103 (+38.7%)	$3,157 (+54.8%)	0.2%	$172.84	-17.2%	COM	679580100
MDT	MEDTRONIC PLC	105,546 (+10.5%)	$10,140 (+11.5%)	0.8%	$88.33	+10.0%	SHS	G5960L103
SPGI	S&P GLOBAL INC	8,400 (+20.0%)	$4,390 (+28.9%)	0.3%	$505.35	-2.2%	COM	78409V104
TD	TORONTO DOMINION BK ONT	49,288 (+1.1%)	$4,652 (+19.4%)	0.4%	$60.41	+39.8%	COM NEW	891160509
SAP	SAP SE	42,042 (+2.5%)	$10,215 (-6.7%)	0.8%	$263.19	—	SPON ADR	803054204
VZ	VERIZON COMMUNICATIONS INC	102,204 (+24.3%)	$4,163 (+15.3%)	0.3%	$39.76	+1.8%	COM	92343V104
CARR	CARRIER GLOBAL CORPORATION	47,651 (+41.2%)	$2,521 (+25.2%)	0.2%	$55.59	-0.1%	COM	14448C104
V	VISA INC	17,455 (+4.9%)	$6,130 (+8.0%)	0.5%	$275.23	+23.7%	COM CL A	92826C839
MRK	MERCK & CO INC	16,867 (+5.4%)	$1,778 (+32.4%)	0.1%	$77.32	+20.6%	COM	58933Y105
DHR	DANAHER CORPORATION	6,412 (+21.9%)	$1,469 (+40.9%)	0.1%	$212.32	+3.4%	COM	235851102
TFII	TFI INTL INC	16,955 (+5.4%)	$1,755 (+23.9%)	0.1%	$109.61	-15.1%	COM	87241L109
NVS	NOVARTIS AG	11,010 (+18.9%)	$1,519 (+28.0%)	0.1%	$110.29	—	SPONSORED ADR	66987V109
CSCO	CISCO SYS INC	16,297 (+17.2%)	$1,256 (+32.1%)	0.1%	$49.24	+49.9%	COM	17275R102
AMT	AMERICAN TOWER CORP NEW	21,199 (+18.4%)	$3,722 (+8.2%)	0.3%	$188.94	-4.6%	COM	03027X100
LIN	LINDE PLC	2,580 (+47.9%)	$1,101 (+33.0%)	0.1%	$443.20	-3.6%	SHS	G54950103
FTS	FORTIS INC	113,043 (+1.7%)	$5,886 (+4.4%)	0.5%	$41.66	+22.0%	COM	349553107
MCO	MOODYS CORP	5,557 (+1.1%)	$2,843 (+8.6%)	0.2%	$350.55	+39.0%	COM	615369105
AQN	ALGONQUIN PWR UTILS CORP	87,404 (+49.8%)	$538 (+71.6%)	0.0%	$5.61	+5.9%	COM	015857105
AON	AON PLC	4,007 (+19.5%)	$1,415 (+18.4%)	0.1%	$340.05	+2.7%	SHS CL A	G0403H108
AME	AMETEK INC	8,250 (+4.8%)	$1,696 (+14.6%)	0.1%	$173.99	+11.7%	COM	031100100
DEO	DIAGEO PLC	40,214 (+4.4%)	$3,470 (-5.6%)	0.3%	$102.08	—	SPON ADR NEW	25243Q205
BDX	BECTON DICKINSON & CO	5,600 (+18.0%)	$1,088 (+22.5%)	0.1%	$209.73	-9.6%	COM	075887109
WM	WASTE MGMT INC DEL	2,637 (+51.9%)	$579 (+51.2%)	0.0%	$218.61	-2.8%	COM	94106L109
WPM	WHEATON PRECIOUS METALS CORP	17,596 (+3.8%)	$2,072 (+9.2%)	0.2%	$53.63	+99.7%	COM	962879102
DE	DEERE & CO	2,082 (+18.1%)	$970 (+20.4%)	0.1%	$431.36	+8.4%	COM	244199105
BIP	BROOKFIELD INFRAST PARTNERS	50,785 (+3.7%)	$1,768 (+9.6%)	0.1%	$38.09	—	LP INT UNIT	G16252101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	3,890 (+4.6%)	$1,183 (+13.9%)	0.1%	$233.96	—	SPONSORED ADS	874039100
KLAC	KLA CORP	895 (+1.1%)	$1,088 (+14.1%)	0.1%	$746.73	+56.9%	COM NEW	482480100
SHW	SHERWIN WILLIAMS CO	7,959 (+1.7%)	$2,583 (-4.7%)	0.2%	$292.44	+14.3%	COM	824348106
CNQ	CANADIAN NAT RES LTD	48,333 (+2.1%)	$1,639 (+8.3%)	0.1%	$30.29	+7.0%	COM	136385101
HON	HONEYWELL INTL INC	6,654 (+19.2%)	$1,299 (+10.6%)	0.1%	$190.95	+2.1%	COM	438516106
BN	BROOKFIELD CORP	51,031 (+56.5%)	$2,346 (+4.9%)	0.2%	$34.93	+30.4%	CL A LTD VT SH	11271J107
VLTO	VERALTO CORP	8,838 (+19.6%)	$883 (+12.0%)	0.1%	$101.47	-0.5%	COM SHS	92338C103
BRK/B	BERKSHIRE HATHAWAY INC DEL	4,806 (+3.8%)	$2,419 (+3.9%)	0.2%	$355.08	+40.1%	CL B NEW	084670702
TRI	THOMSON REUTERS CORP	5,969 (+8.1%)	$789 (-8.0%)	0.1%	$145.00	-2.7%	COM	884903808
MSCI	MSCI INC	4,452 (+1.3%)	$2,558 (+2.6%)	0.2%	$503.81	+11.2%	COM	55354G100
ICE	INTERCONTINENTAL EXCHANGE IN	13,189 (+7.1%)	$2,139 (+3.1%)	0.2%	$134.56	+16.1%	COM	45866F104
SU	SUNCOR ENERGY INC NEW	9,485 (+10.7%)	$422 (+17.6%)	0.0%	$33.72	+25.4%	COM	867224107
HEI	HEICO CORP NEW	2,796 (+5.2%)	$906 (+5.6%)	0.1%	$253.36	+24.7%	COM	422806109
MEOH	METHANEX CORP	20,815 (+4.9%)	$827 (+4.8%)	0.1%	$37.30	-0.3%	COM	59151K108
TRP	TC ENERGY CORP	10,252 (+4.6%)	$565 (+6.1%)	0.0%	$47.97	+11.2%	COM	87807B107
ROP	ROPER TECHNOLOGIES INC	1,401 (+7.0%)	$624 (-4.3%)	0.0%	$484.17	-4.5%	COM	776696106
META	META PLATFORMS INC	786 (+6.9%)	$520 (-3.7%)	0.0%	$647.35	+3.1%	CL A	30303M102
TXN	TEXAS INSTRS INC	4,988 (+7.0%)	$867 (+1.2%)	0.1%	$169.28	+0.9%	COM	882508104
DSGX	DESCARTES SYS GROUP INC	6,335 (+7.6%)	$557 (+0.4%)	0.0%	$101.32	-11.8%	COM	249906108

Exited Positions (5)

INFY INFOSYS LTD 0.2%

Value ($000) $3,249 Shares 199,800 Est. Cost $17.89 Unrealized —

MRSH MARSH & MCLENNAN COS INC 0.2%

Value ($000) $2,406 Shares 11,945 Est. Cost $200.49 Unrealized -7.0%

ZTS ZOETIS INC 0.2%

Value ($000) $2,115 Shares 14,461 Est. Cost $167.78 Unrealized -22.4%

— UNILEVER PLC 0.1%

Value ($000) $1,088 Shares 18,363 Est. Cost $56.78 Unrealized —

GLD SPDR GOLD TR 0.0%

Value ($000) $334 Shares 940 Est. Cost $355.32 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INFY	INFOSYS LTD	199,800	$3,249	0.2%	$17.89	—	—	456788108
MRSH	MARSH & MCLENNAN COS INC	11,945	$2,406	0.2%	$200.49	-7.0%	—	571748102
ZTS	ZOETIS INC	14,461	$2,115	0.2%	$167.78	-22.4%	—	98978V103
—	UNILEVER PLC	18,363	$1,088	0.1%	$56.78	—	—	904767704
GLD	SPDR GOLD TR	940	$334	0.0%	$355.32	—	—	78463V107

Decreased Positions (15)

OTEX OPEN TEXT CORP 4.6%

Value ($000) $60,578 (-27.2%) Shares 1,857,455 (-16.5%) Est. Cost $26.96 Unrealized +31.4%

RCI ROGERS COMMUNICATIONS INC 4.7%

Value ($000) $61,607 (-21.1%) Shares 1,629,783 (-28.2%) Est. Cost $29.44 Unrealized +27.3%

GOOGL ALPHABET INC 6.6%

Value ($000) $85,807 (+16.1%) Shares 274,068 (-9.9%) Est. Cost $177.84 Unrealized +60.6%

BMO BANK MONTREAL QUE 4.6%

Value ($000) $60,518 (-9.1%) Shares 465,338 (-9.0%) Est. Cost $92.98 Unrealized +36.2%

CM CANADIAN IMPERIAL BANK OF CO 5.5%

Value ($000) $71,931 (+4.2%) Shares 792,321 (-8.3%) Est. Cost $57.14 Unrealized +50.2%

UNH UNITEDHEALTH GROUP INC 0.5%

Value ($000) $6,756 (-12.5%) Shares 20,454 (-8.6%) Est. Cost $373.37 Unrealized -9.7%

AVGO BROADCOM INC 0.2%

Value ($000) $2,610 (-19.3%) Shares 7,532 (-23.2%) Est. Cost $151.13 Unrealized +136.2%

LLY ELI LILLY & CO 0.2%

Value ($000) $3,075 (+24.5%) Shares 2,857 (-11.8%) Est. Cost $821.52 Unrealized +16.3%

TMO THERMO FISHER SCIENTIFIC INC 0.4%

Value ($000) $5,599 (+10.6%) Shares 9,650 (-7.6%) Est. Cost $501.67 Unrealized +12.7%

LOW LOWES COS INC 0.1%

Value ($000) $767 (-37.3%) Shares 3,175 (-34.8%) Est. Cost $215.22 Unrealized +11.4%

GE GE AEROSPACE 0.2%

Value ($000) $2,784 (-12.2%) Shares 9,024 (-14.4%) Est. Cost $162.80 Unrealized +84.8%

BNS BANK NOVA SCOTIA HALIFAX 5.6%

Value ($000) $72,576 (+0.3%) Shares 982,637 (-12.2%) Est. Cost $47.75 Unrealized +42.4%

AMAT APPLIED MATLS INC 0.2%

Value ($000) $2,940 (-4.4%) Shares 11,424 (-24.0%) Est. Cost $142.12 Unrealized +68.5%

TU TELUS CORPORATION 0.0%

Value ($000) $156 (-38.4%) Shares 11,857 (-26.6%) Est. Cost $18.24 Unrealized -22.8%

AAPL APPLE INC 0.1%

Value ($000) $1,000 (-7.2%) Shares 3,674 (-13.2%) Est. Cost $178.78 Unrealized +50.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OTEX	OPEN TEXT CORP	1,857,455 (-16.5%)	$60,578 (-27.2%)	4.6%	$26.96	+31.4%	COM	683715106
RCI	ROGERS COMMUNICATIONS INC	1,629,783 (-28.2%)	$61,607 (-21.1%)	4.7%	$29.44	+27.3%	CL B	775109200
GOOGL	ALPHABET INC	274,068 (-9.9%)	$85,807 (+16.1%)	6.6%	$177.84	+60.6%	CAP STK CL A	02079K305
BMO	BANK MONTREAL QUE	465,338 (-9.0%)	$60,518 (-9.1%)	4.6%	$92.98	+36.2%	COM	063671101
CM	CANADIAN IMPERIAL BANK OF CO	792,321 (-8.3%)	$71,931 (+4.2%)	5.5%	$57.14	+50.2%	COM	136069101
UNH	UNITEDHEALTH GROUP INC	20,454 (-8.6%)	$6,756 (-12.5%)	0.5%	$373.37	-9.7%	COM	91324P102
AVGO	BROADCOM INC	7,532 (-23.2%)	$2,610 (-19.3%)	0.2%	$151.13	+136.2%	COM	11135F101
LLY	ELI LILLY & CO	2,857 (-11.8%)	$3,075 (+24.5%)	0.2%	$821.52	+16.3%	COM	532457108
TMO	THERMO FISHER SCIENTIFIC INC	9,650 (-7.6%)	$5,599 (+10.6%)	0.4%	$501.67	+12.7%	COM	883556102
LOW	LOWES COS INC	3,175 (-34.8%)	$767 (-37.3%)	0.1%	$215.22	+11.4%	COM	548661107
GE	GE AEROSPACE	9,024 (-14.4%)	$2,784 (-12.2%)	0.2%	$162.80	+84.8%	COM NEW	369604301
BNS	BANK NOVA SCOTIA HALIFAX	982,637 (-12.2%)	$72,576 (+0.3%)	5.6%	$47.75	+42.4%	COM	064149107
AMAT	APPLIED MATLS INC	11,424 (-24.0%)	$2,940 (-4.4%)	0.2%	$142.12	+68.5%	COM	038222105
TU	TELUS CORPORATION	11,857 (-26.6%)	$156 (-38.4%)	0.0%	$18.24	-22.8%	COM	87971M103
AAPL	APPLE INC	3,674 (-13.2%)	$1,000 (-7.2%)	0.1%	$178.78	+50.1%	COM	037833100

Unchanged Positions (31)

FDX FEDEX CORP 4.0%

Value ($000) $52,380 Shares 181,295 Est. Cost $243.19 Unrealized +7.6%

MFC MANULIFE FINL CORP 4.2%

Value ($000) $55,234 Shares 1,518,938 Est. Cost $30.74 Unrealized +10.4%

RY ROYAL BK CDA 4.3%

Value ($000) $56,520 Shares 331,067 Est. Cost $112.76 Unrealized +36.2%

MGA MAGNA INTL INC 4.4%

Value ($000) $57,904 Shares 1,084,639 Est. Cost $37.93 Unrealized +28.8%

HD HOME DEPOT INC 1.6%

Value ($000) $20,914 Shares 60,766 Est. Cost $373.21 Unrealized -2.3%

CNI CANADIAN NATL RY CO 4.6%

Value ($000) $59,838 Shares 604,155 Est. Cost $100.89 Unrealized -4.7%

SLF SUN LIFE FINANCIAL INC. 5.4%

Value ($000) $70,253 Shares 1,123,812 Est. Cost $55.56 Unrealized +8.7%

AMZN AMAZON COM INC 3.8%

Value ($000) $50,147 Shares 217,211 Est. Cost $197.89 Unrealized +15.6%

CVS CVS HEALTH CORP 3.4%

Value ($000) $43,754 Shares 551,216 Est. Cost $58.52 Unrealized +34.4%

UBS UBS GROUP AG 0.9%

Value ($000) $11,120 Shares 240,090 Est. Cost $33.35 Unrealized +21.2%

HDB HDFC BANK LTD 0.8%

Value ($000) $10,747 Shares 294,084 Est. Cost $50.33 Unrealized —

MDLZ MONDELEZ INTL INC 0.3%

Value ($000) $3,442 Shares 63,935 Est. Cost $59.75 Unrealized -4.5%

CPB THE CAMPBELLS COMPANY 0.3%

Value ($000) $3,261 Shares 117,000 Est. Cost $37.05 Unrealized -18.9%

TGT TARGET CORP 0.3%

Value ($000) $4,301 Shares 44,000 Est. Cost $115.93 Unrealized -21.0%

FMX FOMENTO ECONOMICO MEXICANO S 1.1%

Value ($000) $13,859 Shares 137,109 Est. Cost $97.96 Unrealized —

GIS GENERAL MLS INC 0.3%

Value ($000) $3,395 Shares 73,000 Est. Cost $57.16 Unrealized -17.0%

BSY BENTLEY SYS INC 0.1%

Value ($000) $772 Shares 20,196 Est. Cost $53.45 Unrealized -14.8%

CP CANADIAN PACIFIC KANSAS CITY 2.9%

Value ($000) $38,133 Shares 517,216 Est. Cost $75.78 Unrealized -2.9%

CTAS CINTAS CORP 0.2%

Value ($000) $2,525 Shares 13,405 Est. Cost $175.65 Unrealized +7.1%

MCK MCKESSON CORP 0.2%

Value ($000) $2,902 Shares 3,533 Est. Cost $524.50 Unrealized +55.5%

WAB WABTEC 0.2%

Value ($000) $2,897 Shares 13,553 Est. Cost $191.01 Unrealized +7.5%

ENB ENBRIDGE INC 0.2%

Value ($000) $2,270 Shares 47,379 Est. Cost $30.79 Unrealized +53.0%

PEP PEPSICO INC 0.4%

Value ($000) $4,600 Shares 32,047 Est. Cost $140.94 Unrealized +3.5%

DPZ DOMINOS PIZZA INC 0.3%

Value ($000) $3,474 Shares 8,323 Est. Cost $442.99 Unrealized -6.2%

PFE PFIZER INC 0.3%

Value ($000) $4,100 Shares 164,624 Est. Cost $24.14 Unrealized +3.7%

GOOG ALPHABET INC 0.0%

Value ($000) $336 Shares 1,070 Est. Cost $209.93 Unrealized +36.4%

INTU INTUIT 0.2%

Value ($000) $2,629 Shares 3,963 Est. Cost $507.11 Unrealized +30.3%

MA MASTERCARD INCORPORATED 0.2%

Value ($000) $3,251 Shares 5,687 Est. Cost $417.78 Unrealized +33.8%

TSLA TESLA INC 0.1%

Value ($000) $1,014 Shares 2,251 Est. Cost $174.77 Unrealized +153.6%

IGSB ISHARES TR 0.0%

Value ($000) $362 Shares 6,833 Est. Cost $51.60 Unrealized —

IEI ISHARES TR 0.0%

Value ($000) $311 Shares 2,605 Est. Cost $116.84 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	181,295	$52,380	4.0%	$243.19	+7.6%	COM	31428X106
MFC	MANULIFE FINL CORP	1,518,938	$55,234	4.2%	$30.74	+10.4%	COM	56501R106
RY	ROYAL BK CDA	331,067	$56,520	4.3%	$112.76	+36.2%	COM	780087102
MGA	MAGNA INTL INC	1,084,639	$57,904	4.4%	$37.93	+28.8%	COM	559222401
HD	HOME DEPOT INC	60,766	$20,914	1.6%	$373.21	-2.3%	COM	437076102
CNI	CANADIAN NATL RY CO	604,155	$59,838	4.6%	$100.89	-4.7%	COM	136375102
SLF	SUN LIFE FINANCIAL INC.	1,123,812	$70,253	5.4%	$55.56	+8.7%	COM	866796105
AMZN	AMAZON COM INC	217,211	$50,147	3.8%	$197.89	+15.6%	COM	023135106
CVS	CVS HEALTH CORP	551,216	$43,754	3.4%	$58.52	+34.4%	COM	126650100
UBS	UBS GROUP AG	240,090	$11,120	0.9%	$33.35	+21.2%	SHS	H42097107
HDB	HDFC BANK LTD	294,084	$10,747	0.8%	$50.33	—	SPONSORED ADS	40415F101
MDLZ	MONDELEZ INTL INC	63,935	$3,442	0.3%	$59.75	-4.5%	CL A	609207105
CPB	THE CAMPBELLS COMPANY	117,000	$3,261	0.3%	$37.05	-18.9%	COM	134429109
TGT	TARGET CORP	44,000	$4,301	0.3%	$115.93	-21.0%	COM	87612E106
FMX	FOMENTO ECONOMICO MEXICANO S	137,109	$13,859	1.1%	$97.96	—	SPON ADR UNITS	344419106
GIS	GENERAL MLS INC	73,000	$3,395	0.3%	$57.16	-17.0%	COM	370334104
BSY	BENTLEY SYS INC	20,196	$772	0.1%	$53.45	-14.8%	COM CL B	08265T208
CP	CANADIAN PACIFIC KANSAS CITY	517,216	$38,133	2.9%	$75.78	-2.9%	COM	13646K108
CTAS	CINTAS CORP	13,405	$2,525	0.2%	$175.65	+7.1%	COM	172908105
MCK	MCKESSON CORP	3,533	$2,902	0.2%	$524.50	+55.5%	COM	58155Q103
WAB	WABTEC	13,553	$2,897	0.2%	$191.01	+7.5%	COM	929740108
ENB	ENBRIDGE INC	47,379	$2,270	0.2%	$30.79	+53.0%	COM	29250N105
PEP	PEPSICO INC	32,047	$4,600	0.4%	$140.94	+3.5%	COM	713448108
DPZ	DOMINOS PIZZA INC	8,323	$3,474	0.3%	$442.99	-6.2%	COM	25754A201
PFE	PFIZER INC	164,624	$4,100	0.3%	$24.14	+3.7%	COM	717081103
GOOG	ALPHABET INC	1,070	$336	0.0%	$209.93	+36.4%	CAP STK CL C	02079K107
INTU	INTUIT	3,963	$2,629	0.2%	$507.11	+30.3%	COM	461202103
MA	MASTERCARD INCORPORATED	5,687	$3,251	0.2%	$417.78	+33.8%	CL A	57636Q104
TSLA	TESLA INC	2,251	$1,014	0.1%	$174.77	+153.6%	COM	88160R101
IGSB	ISHARES TR	6,833	$362	0.0%	$51.60	—	ISHS 1-5YR INVS	464288646
IEI	ISHARES TR	2,605	$311	0.0%	$116.84	—	3 7 YR TREAS BD	464288661