Caldwell Investment Management Ltd. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KKR	KKR & CO INC	200,000	$25,711	15.8%	$124.29	0.0%	COM	48251W104
EFXT	ENERFLEX LTD	411,000	$6,438	4.0%	$13.30	0.0%	COM	29269R105
MFC	MANULIFE FINL CORP	105,000	$3,835	2.4%	$33.94	0.0%	COM	56501R106
CLS	CELESTICA INC	8,900	$2,663	1.6%	$301.37	0.0%	COM	15101Q207
TFII	TFI INTERNATIONAL INC	14,200	$1,484	0.9%	$93.07	0.0%	COM	87241L109
J	JACOBS SOLUTIONS INC	11,000	$1,472	0.9%	$146.41	0.0%	COM	46982L108
AVGO	BROADCOM INC	4,100	$1,433	0.9%	$357.00	0.0%	COM	11135F101
PWR	QUANTA SERVICES INC	2,200	$943	0.6%	$439.27	0.0%	COM	74762E102
AMTM	AMENTUM HOLDINGS INC	11,669	$342	0.2%	$25.56	0.0%	COM	023939101

Increased Positions (3)

MIAX MIAMI INTERNATIONAL INC 20.7%

Value ($000) $33,726 (+24.7%) Shares 738,810 (+11.3%) Est. Cost $37.39 Unrealized +19.3%

CCJ CAMECO CORPORATION 2.3%

Value ($000) $3,744 (+40.7%) Shares 41,000 (+30.2%) Est. Cost $80.30 Unrealized +12.0%

NOW SERVICENOW INC 0.7%

Value ($000) $1,079 (-18.1%) Shares 7,000 (+400.0%) Est. Cost $174.59 Unrealized -1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MIAX	MIAMI INTERNATIONAL INC	738,810 (+11.3%)	$33,726 (+24.7%)	20.7%	$37.39	+19.3%	COM ADDED	59356Q108
CCJ	CAMECO CORPORATION	41,000 (+30.2%)	$3,744 (+40.7%)	2.3%	$80.30	+12.0%	COM	13321L108
NOW	SERVICENOW INC	7,000 (+400.0%)	$1,079 (-18.1%)	0.7%	$174.59	-1.7%	COM	81762P102

Exited Positions (6)

— BANK OF AMERICA INC 11.3%

Value ($000) $18,342 Shares 350,000 Est. Cost $52.41 Unrealized —

STN STANTEC INC 3.8%

Value ($000) $6,118 Shares 57,900 Est. Cost $87.47 Unrealized —

RBA RB GLOBAL INC 3.6%

Value ($000) $5,889 Shares 54,800 Est. Cost $69.86 Unrealized +45.4%

AGI ALAMOS GOLD INC 3.6%

Value ($000) $5,818 Shares 168,000 Est. Cost $26.09 Unrealized +33.5%

BKNG BOOKING HOLDINGS INC 0.8%

Value ($000) $1,227 Shares 225 Est. Cost $5563.60 Unrealized -7.7%

ORLY O REILLY AUTOMOTIVE INC 0.6%

Value ($000) $968 Shares 9,000 Est. Cost $91.18 Unrealized +7.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BANK OF AMERICA INC	350,000	$18,342	11.3%	$52.41	—	—	060606104
STN	STANTEC INC	57,900	$6,118	3.8%	$87.47	—	—	85472N109
RBA	RB GLOBAL INC	54,800	$5,889	3.6%	$69.86	+45.4%	—	74935Q107
AGI	ALAMOS GOLD INC	168,000	$5,818	3.6%	$26.09	+33.5%	—	011532108
BKNG	BOOKING HOLDINGS INC	225	$1,227	0.8%	$5563.60	-7.7%	—	09857L108
ORLY	O REILLY AUTOMOTIVE INC	9,000	$968	0.6%	$91.18	+7.2%	—	67103H107

Decreased Positions (4)

AEM AGNICO EAGLE MINES LTD 5.0%

Value ($000) $8,104 (-17.2%) Shares 47,200 (-19.6%) Est. Cost $65.43 Unrealized +156.5%

V VISA INC 0.5%

Value ($000) $805 (-53.6%) Shares 4,900 (-3.9%) Est. Cost $208.13 Unrealized +63.5%

META META PLATFORMS INC 0.4%

Value ($000) $699 (-55.2%) Shares 1,050 (-50.0%) Est. Cost $743.23 Unrealized -10.2%

IDCC INTERDIGITAL INC 0.8%

Value ($000) $1,267 (-33.9%) Shares 3,900 (-29.1%) Est. Cost $205.92 Unrealized +71.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEM	AGNICO EAGLE MINES LTD	47,200 (-19.6%)	$8,104 (-17.2%)	5.0%	$65.43	+156.5%	COM	008474108
V	VISA INC	4,900 (-3.9%)	$805 (-53.6%)	0.5%	$208.13	+63.5%	COM CL A	92826C839
META	META PLATFORMS INC	1,050 (-50.0%)	$699 (-55.2%)	0.4%	$743.23	-10.2%	CL A	30303M102
IDCC	INTERDIGITAL INC	3,900 (-29.1%)	$1,267 (-33.9%)	0.8%	$205.92	+71.7%	COM	45867G101

Unchanged Positions (13)

CBOE CBOE GLOBAL MKTS INC 18.5%

Value ($000) $30,016 Shares 118,000 Est. Cost $131.07 Unrealized +89.8%

ELVA ELECTROVAYA INC 1.9%

Value ($000) $3,084 Shares 398,000 Est. Cost $5.07 Unrealized +19.1%

BABA ALIBABA GRP HLDG LTD 1.8%

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

ICE INTERCONTINENTAL EXCH INC. 10.0%

Value ($000) $16,305 Shares 100,000 Est. Cost $125.37 Unrealized +24.6%

MCK MCKESSON CORP 1.1%

Value ($000) $1,819 Shares 2,200 Est. Cost $703.03 Unrealized +16.0%

IBKR INTERACTIVE BROKERS GROUP IN 1.1%

Value ($000) $1,760 Shares 27,100 Est. Cost $46.06 Unrealized +45.2%

JPM JP MORGAN CHASE & CO 2.5%

Value ($000) $4,105 Shares 12,700 Est. Cost $174.28 Unrealized +77.6%

AMZN AMAZON COM INC 1.3%

Value ($000) $2,161 Shares 9,300 Est. Cost $111.94 Unrealized +104.4%

ATS ATS CORP CDA 1.0%

Value ($000) $1,689 Shares 60,800 Est. Cost $34.30 Unrealized -22.1%

ACN ACCENTURE PLC 0.5%

Value ($000) $863 Shares 3,200 Est. Cost $260.61 Unrealized -2.5%

GIB CGI INC 0.7%

Value ($000) $1,200 Shares 12,910 Est. Cost $81.72 Unrealized +8.9%

TKO TKA GROUP HOLDINGS INC 0.7%

Value ($000) $1,070 Shares 5,000 Est. Cost $181.53 Unrealized +6.7%

CVE CENOVUS ENERGY INC 1.2%

Value ($000) $1,888 Shares 110,800 Est. Cost $15.61 Unrealized +11.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBOE	CBOE GLOBAL MKTS INC	118,000	$30,016	18.5%	$131.07	+89.8%	COM	12503M108
ELVA	ELECTROVAYA INC	398,000	$3,084	1.9%	$5.07	+19.1%	COM NEW	28617B606
BABA	ALIBABA GRP HLDG LTD	20,000	$2,945	1.8%	$179.85	—	ADR	01609W102
ICE	INTERCONTINENTAL EXCH INC.	100,000	$16,305	10.0%	$125.37	+24.6%	COM	45866F104
MCK	MCKESSON CORP	2,200	$1,819	1.1%	$703.03	+16.0%	COM	58155Q103
IBKR	INTERACTIVE BROKERS GROUP IN	27,100	$1,760	1.1%	$46.06	+45.2%	COM CL A	45841N107
JPM	JP MORGAN CHASE & CO	12,700	$4,105	2.5%	$174.28	+77.6%	COM	46625H100
AMZN	AMAZON COM INC	9,300	$2,161	1.3%	$111.94	+104.4%	COM	023135106
ATS	ATS CORP CDA	60,800	$1,689	1.0%	$34.30	-22.1%	COM	00217Y104
ACN	ACCENTURE PLC	3,200	$863	0.5%	$260.61	-2.5%	CL A	G1151C101
GIB	CGI INC	12,910	$1,200	0.7%	$81.72	+8.9%	CL A SUB VTG	12532H104
TKO	TKA GROUP HOLDINGS INC	5,000	$1,070	0.7%	$181.53	+6.7%	CL A	87256C101
CVE	CENOVUS ENERGY INC	110,800	$1,888	1.2%	$15.61	+11.2%	COM	15135U109