Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XOP	SS SPDR S&P OG EXP & PROD	380,000	$68.06M	0.8%	$179.11	—	—	PUT	78468R556
SLB	SLB LTD	1,270,000	$61.92M	0.7%	$48.76	$48.93	-0.4%	CALL	806857108
UBER	UBER TECHNOLOGIES INC	766,455	$52.03M	0.6%	$67.88	$73.13	-6.3%	Common Stock	90353T100
EXE	EXPAND ENERGY CORP	570,000	$48.14M	0.6%	$84.45	$94.20	-10.7%	CALL	165167735
RRC	RANGE RESOURCES CORP	1,070,000	$39.79M	0.5%	$37.19	$36.49	+1.5%	CALL	75281A109
EQT	EQT CORP	625,000	$30.42M	0.4%	$48.67	$50.94	-4.7%	CALL	26884L109
OVV	OVINTIV INC	450,000	$25.97M	0.3%	$57.71	—	—	CALL	69047Q102
TLN	TALEN ENERGY CORP	71,000	$22.75M	0.3%	$320.38 *	$333.33	-6.2%	Common Stock	87422Q109
VET	VERMILION ENERGY INC	1,336,500	$15.52M	0.2%	$11.61	$11.46	-0.6%	Common Stock	923725105
SPY	SS SPDR S&P 500 ETF TRUST-US	8,500	$6.498M	0.1%	$764.51	$686.55	+11.1%	PUT	78462F103
AVGO	BROADCOM INC	16,300	$5.601M	0.1%	$343.64 *	$376.46	-6.7%	Common Stock	11135F101
NFLX	NETFLIX INC	75,000	$5.231M	0.1%	$69.75	—	—	PUT	64110L106
GDX	VANECK GOLD MINERS ETF	53,576	$4.647M	0.1%	$86.74	$87.37	+0.5%	ETP	92189F106
VNT	VONTIER CORP	104,831	$3.322M	0.0%	$31.69	$31.73	-1.1%	Common Stock	928881101
FISV	FISERV INC	56,500	$2.557M	0.0%	$45.26	$95.33	-52.6%	CALL	337738108
GFL	GFL ENVIRONMENTAL INC	41,543	$1.681M	0.0%	$40.46 *	$41.08	+1.8%	Common Stock	36168Q104
MCD	MCDONALD'S CORP	5,500	$1.27M	0.0%	$230.92	—	—	CALL	580135101
ICE	INTERCONTINENTAL EXCHANGE IN	6,500	$989K	0.0%	$152.11	$161.64	-5.9%	CALL	45866F104
B	BARRICK MINING CORP	23,000	$937K	0.0%	$40.76	—	—	CALL	06849F108
CVS	CVS HEALTH CORP	6,700	$576K	0.0%	$85.93	$63.54	+34.9%	CALL	126650100
POOL	POOL CORP	3,328	$535K	0.0%	$160.67	$189.16	-14.4%	Common Stock	73278L105

Increased Positions (25)

EXE Expand Energy Corp 1.8%

Value $149M (+570.3%) Shares 1,742,706 (+614.8%) Share Price $85.51 Est. Cost/Share $94.20 Unrealized @ Report Date -10.7%

AEM AGNICO EAGLE MINES LIMITED 2.1%

Value $178M (+168.1%) Shares 986,414 (+130.5%) Share Price $180.52 Est. Cost/Share $136.42 Unrealized @ Report Date +34.3%

EFX EQUIFAX INC 1.3%

Value $111M (+3286.6%) Shares 796,817 (+4373.5%) Share Price $139.73 Est. Cost/Share $175.34 Unrealized @ Report Date -21.7%

WPM WHEATON PRECIOUS METALS CORP 1.7%

Value $143M (+112.0%) Shares 1,070,765 (+78.8%) Share Price $133.24 Est. Cost/Share $100.86 Unrealized @ Report Date +32.6%

DHR DANAHER CORP 2.0%

Value $169M (+59.3%) Shares 800,124 (+43.3%) Share Price $211.76 * Est. Cost/Share $188.74 Unrealized @ Report Date +17.4%

EMR EMERSON ELECTRIC CO 2.0%

Value $163M (+56.4%) Shares 1,025,830 (+41.2%) Share Price $158.57 * Est. Cost/Share $129.88 Unrealized @ Report Date +19.4%

RBA RB GLOBAL INC 1.4%

Value $118M (-27.7%) Shares 1,443,141 (+3.0%) Share Price $81.57 Est. Cost/Share $72.11 Unrealized @ Report Date +12.9%

AMZN AMAZON.COM INC 1.1%

Value $92.79M (+44.6%) Shares 373,810 (+38.9%) Share Price $248.23 Est. Cost/Share $245.59 Unrealized @ Report Date +1.4%

CNQ CANADIAN NATURAL RESOURCES LTD 1.5%

Value $125M (+29.6%) Shares 2,609,343 (+7.1%) Share Price $47.86 Est. Cost/Share $30.99 Unrealized @ Report Date +51.9%

LIN LINDE PLC 0.5%

Value $40.85M (+230.2%) Shares 87,022 (+265.1%) Share Price $469.45 Est. Cost/Share $472.55 Unrealized @ Report Date +0.4%

NTR NUTRIEN LTD 1.9%

Value $162M (+20.6%) Shares 2,318,096 (+8.7%) Share Price $69.81 Est. Cost/Share $70.81 Unrealized @ Report Date -0.8%

ICE INTERCONTINENTAL EXCHANGE INC 1.5%

Value $128M (+27.3%) Shares 845,608 (+3.4%) Share Price $151.47 Est. Cost/Share $161.64 Unrealized @ Report Date -5.9%

RRC RANGE RESOURCES CORP 1.8%

Value $148M (+19.8%) Shares 3,942,391 (+19.0%) Share Price $37.49 Est. Cost/Share $36.49 Unrealized @ Report Date +1.5%

TAC TRANSALTA CORP 0.2%

Value $20.21M (+165.9%) Shares 1,659,100 (+201.7%) Share Price $12.18 Est. Cost/Share $12.86 Unrealized @ Report Date -6.1%

OTIS OTIS WORLDWIDE CORP 2.5%

Value $206M (-5.7%) Shares 3,188,862 (+4.7%) Share Price $64.48 Est. Cost/Share $89.05 Unrealized @ Report Date -27.8%

EQT EQT CORP 2.5%

Value $206M (-4.5%) Shares 4,136,572 (+2.9%) Share Price $49.72 * Est. Cost/Share $50.94 Unrealized @ Report Date -4.7%

TJX TJX COS INC/THE 1.1%

Value $92.67M (-7.5%) Shares 693,717 (+4.9%) Share Price $133.59 Est. Cost/Share $118.25 Unrealized @ Report Date +11.9%

KLAC KLA CORP 0.2%

Value $15.04M (-31.7%) Shares 75,100 (+2.9%) Share Price $200.33 * Est. Cost/Share $1463.00 Unrealized @ Report Date -86.7%

ALLE ALLEGION PLC 0.1%

Value $4.913M (+694.1%) Shares 31,847 (+623.1%) Share Price $154.28 Est. Cost/Share $153.78 Unrealized @ Report Date -0.0%

LOW LOWE'S COS INC 0.1%

Value $10.93M (-13.1%) Shares 59,944 (+5.1%) Share Price $182.38 Est. Cost/Share $213.21 Unrealized @ Report Date -13.6%

OR OR ROYALTIES INC 0.0%

Value $4.063M (+61.1%) Shares 119,692 (+50.1%) Share Price $33.94 Est. Cost/Share $37.53 Unrealized @ Report Date -8.5%

SLM SLM CORP 0.0%

Value $1.987M (+123.5%) Shares 87,882 (+156.4%) Share Price $22.61 Est. Cost/Share $24.49 Unrealized @ Report Date -7.6%

DSGX DESCARTES SYS GROUP INC 0.0%

Value $4.122M (+22.5%) Shares 50,806 (+4.5%) Share Price $81.13 Est. Cost/Share $107.13 Unrealized @ Report Date -24.5%

HDB HDFC BANK LTD 0.1%

Value $5.868M (-8.6%) Shares 255,680 (+2.8%) Share Price $22.95 * Est. Cost/Share $28.97 Unrealized @ Report Date -22.9%

ALC ALCON INC 0.1%

Value $11.51M (-4.0%) Shares 181,028 (+2.0%) Share Price $63.61 Est. Cost/Share $92.56 Unrealized @ Report Date -30.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EXE	Expand Energy Corp	1,742,706 (+614.8%)	$149M (+570.3%)	1.8%	$85.51	$94.20	-10.7%	Common Stock	165167735
AEM	AGNICO EAGLE MINES LIMITED	986,414 (+130.5%)	$178M (+168.1%)	2.1%	$180.52	$136.42	+34.3%	Common Stock	008474108
EFX	EQUIFAX INC	796,817 (+4373.5%)	$111M (+3286.6%)	1.3%	$139.73	$175.34	-21.7%	Common Stock	294429105
WPM	WHEATON PRECIOUS METALS CORP	1,070,765 (+78.8%)	$143M (+112.0%)	1.7%	$133.24	$100.86	+32.6%	Common Stock	962879102
DHR	DANAHER CORP	800,124 (+43.3%)	$169M (+59.3%)	2.0%	$211.76 *	$188.74	+17.4%	Common Stock	235851102
EMR	EMERSON ELECTRIC CO	1,025,830 (+41.2%)	$163M (+56.4%)	2.0%	$158.57 *	$129.88	+19.4%	Common Stock	291011104
RBA	RB GLOBAL INC	1,443,141 (+3.0%)	$118M (-27.7%)	1.4%	$81.57	$72.11	+12.9%	Common Stock	74935Q107
AMZN	AMAZON.COM INC	373,810 (+38.9%)	$92.79M (+44.6%)	1.1%	$248.23	$245.59	+1.4%	Common Stock	023135106
CNQ	CANADIAN NATURAL RESOURCES LTD	2,609,343 (+7.1%)	$125M (+29.6%)	1.5%	$47.86	$30.99	+51.9%	Common Stock	136385101
LIN	LINDE PLC	87,022 (+265.1%)	$40.85M (+230.2%)	0.5%	$469.45	$472.55	+0.4%	Common Stock	G54950103
NTR	NUTRIEN LTD	2,318,096 (+8.7%)	$162M (+20.6%)	1.9%	$69.81	$70.81	-0.8%	Common Stock	67077M108
ICE	INTERCONTINENTAL EXCHANGE INC	845,608 (+3.4%)	$128M (+27.3%)	1.5%	$151.47	$161.64	-5.9%	Common Stock	45866F104
RRC	RANGE RESOURCES CORP	3,942,391 (+19.0%)	$148M (+19.8%)	1.8%	$37.49	$36.49	+1.5%	Common Stock	75281A109
TAC	TRANSALTA CORP	1,659,100 (+201.7%)	$20.21M (+165.9%)	0.2%	$12.18	$12.86	-6.1%	Common Stock	89346D107
OTIS	OTIS WORLDWIDE CORP	3,188,862 (+4.7%)	$206M (-5.7%)	2.5%	$64.48	$89.05	-27.8%	Common Stock	68902V107
EQT	EQT CORP	4,136,572 (+2.9%)	$206M (-4.5%)	2.5%	$49.72 *	$50.94	-4.7%	Common Stock	26884L109
TJX	TJX COS INC/THE	693,717 (+4.9%)	$92.67M (-7.5%)	1.1%	$133.59	$118.25	+11.9%	Common Stock	872540109
KLAC	KLA CORP	75,100 (+2.9%)	$15.04M (-31.7%)	0.2%	$200.33 *	$1463.00	-86.7%	Common Stock	482480100
ALLE	ALLEGION PLC	31,847 (+623.1%)	$4.913M (+694.1%)	0.1%	$154.28	$153.78	-0.0%	Common Stock	G0176J109
LOW	LOWE'S COS INC	59,944 (+5.1%)	$10.93M (-13.1%)	0.1%	$182.38	$213.21	-13.6%	Common Stock	548661107
OR	OR ROYALTIES INC	119,692 (+50.1%)	$4.063M (+61.1%)	0.0%	$33.94	$37.53	-8.5%	Common Stock	68390D106
SLM	SLM CORP	87,882 (+156.4%)	$1.987M (+123.5%)	0.0%	$22.61	$24.49	-7.6%	Common Stock	78442P106
DSGX	DESCARTES SYS GROUP INC	50,806 (+4.5%)	$4.122M (+22.5%)	0.0%	$81.13	$107.13	-24.5%	Common Stock	249906108
HDB	HDFC BANK LTD	255,680 (+2.8%)	$5.868M (-8.6%)	0.1%	$22.95 *	$28.97	-22.9%	ADR	40415F101
ALC	ALCON INC	181,028 (+2.0%)	$11.51M (-4.0%)	0.1%	$63.61	$92.56	-30.0%	Common Stock	H01301128

Exited Positions (14)

ROST ROSS STORES INC 2.1%

Value $170M Shares 800,488 Share Price $212.85 * Est. Cost/Share $119.91 Unrealized @ Report Date +94.7%

RIG TRANSOCEAN LTD 0.5%

Value $42.46M Shares 8,682,600 Share Price $4.89 * Est. Cost/Share $5.99 Unrealized @ Report Date -12.6%

HP HELMERICH & PAYNE INC 0.3%

Value $26.88M Shares 821,162 Share Price $32.74 * Est. Cost/Share $34.09 Unrealized @ Report Date +8.9%

TDW TIDEWATER INC 0.2%

Value $14.02M Shares 210,456 Share Price $66.63 * Est. Cost/Share $69.54 Unrealized @ Report Date +16.6%

— UNILEVER PLC 0.1%

Value $8.783M Shares 146,048 Share Price $60.14 Est. Cost/Share $65.43 Unrealized @ Report Date —

SPY SS SPDR S&P 500 ETF TRUST-US 0.1%

Value $5.468M Shares 14,315 Share Price $381.98 * Est. Cost/Share $686.55 Unrealized @ Report Date +11.1%

ABT ABBOTT LABORATORIES 0.0%

Value $3.63M Shares 40,000 Share Price $90.74 * Est. Cost/Share $112.83 Unrealized @ Report Date -12.4%

EFA ISHARES MSCI EAFE ETF 0.0%

Value $3.021M Shares 26,620 Share Price $113.50 * Est. Cost/Share $102.85 Unrealized @ Report Date +1.0%

WCN WASTE CONNECTIONS INC 0.0%

Value $1.998M Shares 12,000 Share Price $166.51 * Est. Cost/Share $179.61 Unrealized @ Report Date -14.3%

FEZ STATE STREET SPDR EURO STOXX 0.0%

Value $1.144M Shares 20,800 Share Price $55.00 * Est. Cost/Share $66.76 Unrealized @ Report Date +0.8%

IGV ISHARES EXPANDED TECH-SOFTWA 0.0%

Value $285K Shares 750 Share Price $380.00 * Est. Cost/Share $88.52 Unrealized @ Report Date +20.3%

ICE INTERCONTINENTAL EXCHANGE IN 0.0%

Value $44,525 Shares 65 Share Price $685.00 * Est. Cost/Share $161.64 Unrealized @ Report Date -5.9%

MAR MARRIOTT INTERNATIONAL -CL A 0.0%

Value $39,500 Shares 79 Share Price $500.00 * Est. Cost/Share $235.71 Unrealized @ Report Date +50.9%

SLB SLB LTD 0.0%

Value $14,075 Shares 10,550 Share Price $1.33 * Est. Cost/Share $48.93 Unrealized @ Report Date -0.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ROST	ROSS STORES INC	800,488	$170M	2.1%	$212.85 *	$119.91	+94.7%	—	778296103
RIG	TRANSOCEAN LTD	8,682,600	$42.46M	0.5%	$4.89 *	$5.99	-12.6%	—	H8817H100
HP	HELMERICH & PAYNE INC	821,162	$26.88M	0.3%	$32.74 *	$34.09	+8.9%	—	423452101
TDW	TIDEWATER INC	210,456	$14.02M	0.2%	$66.63 *	$69.54	+16.6%	—	88642R109
—	UNILEVER PLC	146,048	$8.783M	0.1%	$60.14	$65.43	—	—	G92087165
SPY	SS SPDR S&P 500 ETF TRUST-US	14,315	$5.468M	0.1%	$381.98 *	$686.55	+11.1%	—	78462F103
ABT	ABBOTT LABORATORIES	40,000	$3.63M	0.0%	$90.74 *	$112.83	-12.4%	—	002824100
EFA	ISHARES MSCI EAFE ETF	26,620	$3.021M	0.0%	$113.50 *	$102.85	+1.0%	—	464287465
WCN	WASTE CONNECTIONS INC	12,000	$1.998M	0.0%	$166.51 *	$179.61	-14.3%	—	94106B101
FEZ	STATE STREET SPDR EURO STOXX	20,800	$1.144M	0.0%	$55.00 *	$66.76	+0.8%	—	78463X202
IGV	ISHARES EXPANDED TECH-SOFTWA	750	$285K	0.0%	$380.00 *	$88.52	+20.3%	—	464287515
ICE	INTERCONTINENTAL EXCHANGE IN	65	$44,525	0.0%	$685.00 *	$161.64	-5.9%	Common Stock	45866F104
MAR	MARRIOTT INTERNATIONAL -CL A	79	$39,500	0.0%	$500.00 *	$235.71	+50.9%	Common Stock	571903202
SLB	SLB LTD	10,550	$14,075	0.0%	$1.33 *	$48.93	-0.4%	Common Stock	806857108

Decreased Positions (48)

HAL HALLIBURTON CO 1.0%

Value $84.97M (-56.8%) Shares 2,666,600 (-53.9%) Share Price $31.86 Est. Cost/Share $35.93 Unrealized @ Report Date -11.5%

TXN TEXAS INSTRUMENTS INC 1.1%

Value $90.57M (-39.1%) Shares 321,950 (-35.4%) Share Price $281.31 Est. Cost/Share $180.57 Unrealized @ Report Date +55.1%

CVS CVS HEALTH CORP 2.1%

Value $172M (-24.4%) Shares 2,014,839 (-8.2%) Share Price $85.20 Est. Cost/Share $63.54 Unrealized @ Report Date +34.9%

TSM TAIWAN SEMICONDUCTOR MANUFACTU 3.6%

Value $295M (-14.2%) Shares 642,620 (-10.8%) Share Price $459.20 Est. Cost/Share $172.11 Unrealized @ Report Date +165.1%

GOOGL ALPHABET INC 2.7%

Value $224M (-13.0%) Shares 662,714 (-8.1%) Share Price $338.24 Est. Cost/Share $168.90 Unrealized @ Report Date +103.7%

TMO THERMO FISHER SCIENTIFIC INC 2.3%

Value $188M (+20.8%) Shares 287,690 (-7.2%) Share Price $652.51 * Est. Cost/Share $512.49 Unrealized @ Report Date +31.7%

ADI ANALOG DEVICES INC 1.4%

Value $115M (-17.8%) Shares 285,099 (-19.3%) Share Price $404.60 Est. Cost/Share $197.18 Unrealized @ Report Date +101.2%

ICHGF INTERCONTINENTAL HOTELS GROUP PLC 1.6%

Value $132M (-15.3%) Shares 824,254 (-8.7%) Share Price $159.75 Est. Cost/Share $126.12 Unrealized @ Report Date +25.3%

AZO AUTOZONE INC 1.3%

Value $110M (-16.4%) Shares 38,941 (-5.2%) Share Price $2819.03 Est. Cost/Share $3118.37 Unrealized @ Report Date -9.2%

CARR CARRIER GLOBAL CORP 0.6%

Value $51.86M (-29.2%) Shares 939,200 (-5.9%) Share Price $55.22 Est. Cost/Share $55.45 Unrealized @ Report Date -1.1%

CNI CANADIAN NATIONAL RAILWAY CO 4.7%

Value $388M (-4.5%) Shares 3,309,796 (-2.9%) Share Price $117.24 Est. Cost/Share $104.36 Unrealized @ Report Date +13.9%

WFRD WEATHERFORD INTERNATIONAL PLC 0.5%

Value $40.57M (-27.0%) Shares 516,866 (-24.2%) Share Price $78.50 Est. Cost/Share $95.73 Unrealized @ Report Date -17.8%

MCO MOODY'S CORP 1.9%

Value $156M (-7.7%) Shares 348,842 (-6.5%) Share Price $447.36 Est. Cost/Share $460.04 Unrealized @ Report Date -1.3%

MSFT MICROSOFT CORP 2.2%

Value $187M (+7.4%) Shares 363,891 (-21.9%) Share Price $512.80 Est. Cost/Share $418.66 Unrealized @ Report Date +22.5%

SHW SHERWIN-WILLIAMS CO/THE 1.1%

Value $91.89M (-9.5%) Shares 286,457 (-2.9%) Share Price $320.78 Est. Cost/Share $359.61 Unrealized @ Report Date -10.1%

CME CME GROUP INC 1.4%

Value $117M (+8.5%) Shares 442,922 (-9.7%) Share Price $265.10 Est. Cost/Share $219.24 Unrealized @ Report Date +19.5%

MSCI MSCI INC 1.1%

Value $91.42M (-9.1%) Shares 167,631 (-6.6%) Share Price $545.39 Est. Cost/Share $583.43 Unrealized @ Report Date -7.7%

SLB SCHLUMBERGER LTD 4.4%

Value $367M (+2.1%) Shares 7,531,182 (-2.5%) Share Price $48.67 Est. Cost/Share $48.93 Unrealized @ Report Date -0.4%

MA MASTERCARD INC 1.9%

Value $157M (+3.9%) Shares 286,138 (-3.0%) Share Price $550.00 Est. Cost/Share $507.05 Unrealized @ Report Date +8.8%

AON AON PLC 0.1%

Value $10.8M (-28.9%) Shares 39,149 (-14.6%) Share Price $275.95 Est. Cost/Share $334.04 Unrealized @ Report Date -17.1%

BGSI BOYD GROUP SERVICES INC 0.2%

Value $14.72M (-18.4%) Shares 187,328 (-1.8%) Share Price $78.60 Est. Cost/Share $160.25 Unrealized @ Report Date -51.1%

MTD METTLER-TOLEDO INTERNATIONAL I 0.8%

Value $67.46M (+5.0%) Shares 45,544 (-9.4%) Share Price $1481.17 * Est. Cost/Share $1275.33 Unrealized @ Report Date +18.5%

SPGI S&P GLOBAL INC 0.2%

Value $16.69M (-14.9%) Shares 42,995 (-10.7%) Share Price $388.16 Est. Cost/Share $448.33 Unrealized @ Report Date -12.0%

SAPGF SAP SE 0.2%

Value $14.85M (+16.4%) Shares 70,730 (-15.1%) Share Price $209.97 Est. Cost/Share $205.95 Unrealized @ Report Date +2.1%

ROP ROPER TECHNOLOGIES INC 0.0%

Value $1.054M (-65.0%) Shares 2,907 (-67.3%) Share Price $362.59 * Est. Cost/Share $513.21 Unrealized @ Report Date -31.9%

NTB BANK OF NT BUTTERFIELD & SON L 0.0%

Value $1.175M (-61.9%) Shares 20,151 (-61.1%) Share Price $58.32 Est. Cost/Share $40.71 Unrealized @ Report Date +42.1%

ATS ATS CORP 0.0%

Value $666K (-72.1%) Shares 36,946 (-55.5%) Share Price $18.02 Est. Cost/Share $38.05 Unrealized @ Report Date -52.6%

CPRT COPART INC 0.0%

Value $3.843M (-30.9%) Shares 140,827 (-28.7%) Share Price $27.29 Est. Cost/Share $55.05 Unrealized @ Report Date -50.4%

HLT HILTON WORLDWIDE HOLDINGS INC 0.1%

Value $9.112M (-14.5%) Shares 28,887 (-10.4%) Share Price $315.44 Est. Cost/Share $222.36 Unrealized @ Report Date +43.1%

PPHC PUBLIC POLICY HOLDING CO INC 0.1%

Value $8.902M (+18.0%) Shares 846,190 (-16.9%) Share Price $10.52 * Est. Cost/Share $12.51 Unrealized @ Report Date -18.4%

PEP PEPSICO INC 0.1%

Value $5.996M (-17.1%) Shares 47,740 (-10.7%) Share Price $125.60 Est. Cost/Share $157.15 Unrealized @ Report Date -19.4%

CL COLGATE-PALMOLIVE CO 0.1%

Value $5.49M (-18.2%) Shares 64,946 (-11.3%) Share Price $84.53 Est. Cost/Share $82.80 Unrealized @ Report Date +3.0%

AGI ALAMOS GOLD INC NEW 0.0%

Value $2.179M (-35.1%) Shares 68,298 (-38.4%) Share Price $31.90 Est. Cost/Share $20.18 Unrealized @ Report Date +60.5%

KGC KINROSS GOLD CORP 0.0%

Value $2.02M (-26.7%) Shares 83,958 (-28.0%) Share Price $24.06 Est. Cost/Share $12.97 Unrealized @ Report Date +85.7%

GDXJ VANECK JUNIOR GOLD MINERS 0.1%

Value $6.234M (+12.3%) Shares 55,435 (-1.9%) Share Price $112.46 Est. Cost/Share $53.23 Unrealized @ Report Date +114.1%

DGEAF DIAGEO PLC 0.1%

Value $8.461M (-7.4%) Shares 401,230 (-11.3%) Share Price $21.09 * Est. Cost/Share $23.05 Unrealized @ Report Date -2.2%

WTW WILLIS TOWERS WATSON PLC 0.0%

Value $2.107M (-21.2%) Shares 7,226 (-29.3%) Share Price $291.60 Est. Cost/Share $310.08 Unrealized @ Report Date -7.0%

SUNB SUNBELT RENTALS HOLDINGS INC 0.0%

Value $767K (-38.8%) Shares 10,595 (-38.3%) Share Price $72.37 Est. Cost/Share $70.19 Unrealized @ Report Date +4.3%

CI CIGNA CORP 0.0%

Value $1.184M (-26.3%) Shares 4,417 (-24.2%) Share Price $267.96 Est. Cost/Share $298.85 Unrealized @ Report Date -9.0%

CIGI COLLIERS INTL GROUP INC 0.0%

Value $136K (-72.8%) Shares 1,490 (-72.1%) Share Price $91.47 Est. Cost/Share $142.12 Unrealized @ Report Date -36.8%

FSV FIRSTSERVICE CORP 0.0%

Value $3.074M (-10.3%) Shares 23,886 (-1.0%) Share Price $128.69 Est. Cost/Share $183.39 Unrealized @ Report Date -30.3%

STN STANTEC INC 0.0%

Value $2.157M (-10.0%) Shares 32,157 (-7.6%) Share Price $67.08 Est. Cost/Share $77.26 Unrealized @ Report Date —

GGG GRACO INC 0.1%

Value $5.674M (-3.1%) Shares 72,971 (-5.8%) Share Price $77.76 Est. Cost/Share $85.43 Unrealized @ Report Date -10.1%

TD TORONTO DOMINION BANK 0.0%

Value $1.081M (-10.5%) Shares 9,181 (-7.7%) Share Price $117.71 Est. Cost/Share $58.22 Unrealized @ Report Date +101.9%

VLUTF VOLUTION GROUP PLC 0.1%

Value $7.425M (+1.0%) Shares 881,818 (-2.8%) Share Price $8.42 Est. Cost/Share $4.60 Unrealized @ Report Date —

FTS FORTIS INC 0.0%

Value $312K (-14.8%) Shares 5,911 (-7.7%) Share Price $52.79 Est. Cost/Share $46.59 Unrealized @ Report Date +13.4%

SLF SUN LIFE FINANCIAL INC 0.0%

Value $328K (-8.5%) Shares 4,229 (-7.6%) Share Price $77.67 Est. Cost/Share $63.94 Unrealized @ Report Date +21.9%

BMO BANK OF MONTREAL 0.0%

Value $206K (-12.9%) Shares 1,235 (-7.6%) Share Price $166.40 Est. Cost/Share $138.93 Unrealized @ Report Date +20.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HAL	HALLIBURTON CO	2,666,600 (-53.9%)	$84.97M (-56.8%)	1.0%	$31.86	$35.93	-11.5%	Common Stock	406216101
TXN	TEXAS INSTRUMENTS INC	321,950 (-35.4%)	$90.57M (-39.1%)	1.1%	$281.31	$180.57	+55.1%	Common Stock	882508104
CVS	CVS HEALTH CORP	2,014,839 (-8.2%)	$172M (-24.4%)	2.1%	$85.20	$63.54	+34.9%	Common Stock	126650100
TSM	TAIWAN SEMICONDUCTOR MANUFACTU	642,620 (-10.8%)	$295M (-14.2%)	3.6%	$459.20	$172.11	+165.1%	ADR	874039100
GOOGL	ALPHABET INC	662,714 (-8.1%)	$224M (-13.0%)	2.7%	$338.24	$168.90	+103.7%	Common Stock	02079K305
TMO	THERMO FISHER SCIENTIFIC INC	287,690 (-7.2%)	$188M (+20.8%)	2.3%	$652.51 *	$512.49	+31.7%	Common Stock	883556102
ADI	ANALOG DEVICES INC	285,099 (-19.3%)	$115M (-17.8%)	1.4%	$404.60	$197.18	+101.2%	Common Stock	032654105
ICHGF	INTERCONTINENTAL HOTELS GROUP PLC	824,254 (-8.7%)	$132M (-15.3%)	1.6%	$159.75	$126.12	+25.3%	Common Stock	G4804L163
AZO	AUTOZONE INC	38,941 (-5.2%)	$110M (-16.4%)	1.3%	$2819.03	$3118.37	-9.2%	Common Stock	053332102
CARR	CARRIER GLOBAL CORP	939,200 (-5.9%)	$51.86M (-29.2%)	0.6%	$55.22	$55.45	-1.1%	Common Stock	14448C104
CNI	CANADIAN NATIONAL RAILWAY CO	3,309,796 (-2.9%)	$388M (-4.5%)	4.7%	$117.24	$104.36	+13.9%	Common Stock	136375102
WFRD	WEATHERFORD INTERNATIONAL PLC	516,866 (-24.2%)	$40.57M (-27.0%)	0.5%	$78.50	$95.73	-17.8%	Common Stock	G48833118
MCO	MOODY'S CORP	348,842 (-6.5%)	$156M (-7.7%)	1.9%	$447.36	$460.04	-1.3%	Common Stock	615369105
MSFT	MICROSOFT CORP	363,891 (-21.9%)	$187M (+7.4%)	2.2%	$512.80	$418.66	+22.5%	Common Stock	594918104
SHW	SHERWIN-WILLIAMS CO/THE	286,457 (-2.9%)	$91.89M (-9.5%)	1.1%	$320.78	$359.61	-10.1%	Common Stock	824348106
CME	CME GROUP INC	442,922 (-9.7%)	$117M (+8.5%)	1.4%	$265.10	$219.24	+19.5%	Common Stock	12572Q105
MSCI	MSCI INC	167,631 (-6.6%)	$91.42M (-9.1%)	1.1%	$545.39	$583.43	-7.7%	Common Stock	55354G100
SLB	SCHLUMBERGER LTD	7,531,182 (-2.5%)	$367M (+2.1%)	4.4%	$48.67	$48.93	-0.4%	Common Stock	806857108
MA	MASTERCARD INC	286,138 (-3.0%)	$157M (+3.9%)	1.9%	$550.00	$507.05	+8.8%	Common Stock	57636Q104
AON	AON PLC	39,149 (-14.6%)	$10.8M (-28.9%)	0.1%	$275.95	$334.04	-17.1%	Common Stock	G0403H108
BGSI	BOYD GROUP SERVICES INC	187,328 (-1.8%)	$14.72M (-18.4%)	0.2%	$78.60	$160.25	-51.1%	Common Stock	103310108
MTD	METTLER-TOLEDO INTERNATIONAL I	45,544 (-9.4%)	$67.46M (+5.0%)	0.8%	$1481.17 *	$1275.33	+18.5%	Common Stock	592688105
SPGI	S&P GLOBAL INC	42,995 (-10.7%)	$16.69M (-14.9%)	0.2%	$388.16	$448.33	-12.0%	Common Stock	78409V104
SAPGF	SAP SE	70,730 (-15.1%)	$14.85M (+16.4%)	0.2%	$209.97	$205.95	+2.1%	Common Stock	D66992104
ROP	ROPER TECHNOLOGIES INC	2,907 (-67.3%)	$1.054M (-65.0%)	0.0%	$362.59 *	$513.21	-31.9%	Common Stock	776696106
NTB	BANK OF NT BUTTERFIELD & SON L	20,151 (-61.1%)	$1.175M (-61.9%)	0.0%	$58.32	$40.71	+42.1%	Common Stock	G0772R208
ATS	ATS CORP	36,946 (-55.5%)	$666K (-72.1%)	0.0%	$18.02	$38.05	-52.6%	Common Stock	00217Y104
CPRT	COPART INC	140,827 (-28.7%)	$3.843M (-30.9%)	0.0%	$27.29	$55.05	-50.4%	Common Stock	217204106
HLT	HILTON WORLDWIDE HOLDINGS INC	28,887 (-10.4%)	$9.112M (-14.5%)	0.1%	$315.44	$222.36	+43.1%	Common Stock	43300A203
PPHC	PUBLIC POLICY HOLDING CO INC	846,190 (-16.9%)	$8.902M (+18.0%)	0.1%	$10.52 *	$12.51	-18.4%	Common Stock	744430208
PEP	PEPSICO INC	47,740 (-10.7%)	$5.996M (-17.1%)	0.1%	$125.60	$157.15	-19.4%	Common Stock	713448108
CL	COLGATE-PALMOLIVE CO	64,946 (-11.3%)	$5.49M (-18.2%)	0.1%	$84.53	$82.80	+3.0%	Common Stock	194162103
AGI	ALAMOS GOLD INC NEW	68,298 (-38.4%)	$2.179M (-35.1%)	0.0%	$31.90	$20.18	+60.5%	Common Stock	011532108
KGC	KINROSS GOLD CORP	83,958 (-28.0%)	$2.02M (-26.7%)	0.0%	$24.06	$12.97	+85.7%	Common Stock	496902404
GDXJ	VANECK JUNIOR GOLD MINERS	55,435 (-1.9%)	$6.234M (+12.3%)	0.1%	$112.46	$53.23	+114.1%	ETP	92189F791
DGEAF	DIAGEO PLC	401,230 (-11.3%)	$8.461M (-7.4%)	0.1%	$21.09 *	$23.05	-2.2%	Common Stock	G42089113
WTW	WILLIS TOWERS WATSON PLC	7,226 (-29.3%)	$2.107M (-21.2%)	0.0%	$291.60	$310.08	-7.0%	Common Stock	G96629103
SUNB	SUNBELT RENTALS HOLDINGS INC	10,595 (-38.3%)	$767K (-38.8%)	0.0%	$72.37	$70.19	+4.3%	Common Stock	866966104
CI	CIGNA CORP	4,417 (-24.2%)	$1.184M (-26.3%)	0.0%	$267.96	$298.85	-9.0%	Common Stock	125523100
CIGI	COLLIERS INTL GROUP INC	1,490 (-72.1%)	$136K (-72.8%)	0.0%	$91.47	$142.12	-36.8%	Common Stock	194693107
FSV	FIRSTSERVICE CORP	23,886 (-1.0%)	$3.074M (-10.3%)	0.0%	$128.69	$183.39	-30.3%	Common Stock	33767E202
STN	STANTEC INC	32,157 (-7.6%)	$2.157M (-10.0%)	0.0%	$67.08	$77.26	—	Common Stock	85472N109
GGG	GRACO INC	72,971 (-5.8%)	$5.674M (-3.1%)	0.1%	$77.76	$85.43	-10.1%	Common Stock	384109104
TD	TORONTO DOMINION BANK	9,181 (-7.7%)	$1.081M (-10.5%)	0.0%	$117.71	$58.22	+101.9%	Common Stock	891160509
VLUTF	VOLUTION GROUP PLC	881,818 (-2.8%)	$7.425M (+1.0%)	0.1%	$8.42	$4.60	—	Common Stock	G93824103
FTS	FORTIS INC	5,911 (-7.7%)	$312K (-14.8%)	0.0%	$52.79	$46.59	+13.4%	Common Stock	349553107
SLF	SUN LIFE FINANCIAL INC	4,229 (-7.6%)	$328K (-8.5%)	0.0%	$77.67	$63.94	+21.9%	Common Stock	866796105
BMO	BANK OF MONTREAL	1,235 (-7.6%)	$206K (-12.9%)	0.0%	$166.40	$138.93	+20.4%	Common Stock	063671101

Unchanged Positions (26)

CTVA CORTEVA INC 0.3%

Value $23.49M Shares 1,868,535 Share Price $12.57 * Est. Cost/Share $76.87 Unrealized @ Report Date +1.0%

CVE CENOVUS ENERGY INC 1.5%

Value $125M Shares 3,961,386 Share Price $31.64 Est. Cost/Share $17.37 Unrealized @ Report Date +79.0%

MTB M&T BANK CORP 1.3%

Value $109M Shares 499,644 Share Price $217.35 Est. Cost/Share $183.58 Unrealized @ Report Date +18.5%

TECK TECK RESOURCES LTD 1.3%

Value $111M Shares 1,695,665 Share Price $65.26 Est. Cost/Share $36.18 Unrealized @ Report Date +81.8%

V VISA INC COM CL A 2.8%

Value $237M Shares 657,372 Share Price $359.85 Est. Cost/Share $291.62 Unrealized @ Report Date +23.2%

QSR RESTAURANT BRANDS INTL INC 2.8%

Value $234M Shares 3,359,091 Share Price $69.78 Est. Cost/Share $66.72 Unrealized @ Report Date +6.5%

DE DEERE & CO 1.9%

Value $160M Shares 240,105 Share Price $667.26 Est. Cost/Share $568.05 Unrealized @ Report Date +18.2%

RY ROYAL BANK OF CANADA 1.6%

Value $137M Shares 699,679 Share Price $195.39 Est. Cost/Share $99.10 Unrealized @ Report Date +98.4%

PM PHILIP MORRIS INTERNATIONAL IN 2.3%

Value $191M Shares 1,014,129 Share Price $188.18 Est. Cost/Share $138.07 Unrealized @ Report Date +38.2%

CP CANADIAN PACIFIC KANSAS CITY LTD 2.3%

Value $188M Shares 2,228,628 Share Price $84.55 Est. Cost/Share $79.59 Unrealized @ Report Date +6.9%

FISV FISERV INC 0.5%

Value $45.26M Shares 997,287 Share Price $45.38 Est. Cost/Share $95.33 Unrealized @ Report Date -52.6%

WFC WELLS FARGO & CO 1.5%

Value $126M Shares 1,569,864 Share Price $80.25 Est. Cost/Share $61.39 Unrealized @ Report Date +30.4%

EFXT ENERFLEX LTD 1.4%

Value $119M Shares 4,664,632 Share Price $25.48 * Est. Cost/Share $6.77 Unrealized @ Report Date +236.6%

JNJ JOHNSON & JOHNSON 2.2%

Value $185M Shares 714,643 Share Price $258.66 * Est. Cost/Share $202.81 Unrealized @ Report Date +30.5%

UNH UNITEDHEALTH GROUP INC 0.2%

Value $18.42M Shares 50,438 Share Price $365.20 Est. Cost/Share $522.29 Unrealized @ Report Date -29.7%

CRM SALESFORCE INC 0.1%

Value $7.692M Shares 32,500 Share Price $236.69 * Est. Cost/Share $207.13 Unrealized @ Report Date +10.8%

ELV ELEVANCE HEALTH INC 1.7%

Value $139M Shares 364,526 Share Price $381.67 Est. Cost/Share $415.04 Unrealized @ Report Date -6.3%

NOC NORTHROP GRUMMAN CORP 0.3%

Value $26.08M Shares 54,111 Share Price $482.00 Est. Cost/Share $452.47 Unrealized @ Report Date +6.9%

LMT LOCKHEED MARTIN CORP 1.6%

Value $132M Shares 261,418 Share Price $505.50 Est. Cost/Share $476.90 Unrealized @ Report Date +6.8%

VRSN VERISIGN INC 0.1%

Value $5.743M Shares 20,019 Share Price $286.90 Est. Cost/Share $238.83 Unrealized @ Report Date +18.1%

GIB CGI INC 0.1%

Value $4.61M Shares 65,000 Share Price $70.92 * Est. Cost/Share $111.68 Unrealized @ Report Date -39.1%

RAL RALLIANT CORP 0.1%

Value $8.689M Shares 122,728 Share Price $70.80 * Est. Cost/Share $49.33 Unrealized @ Report Date +40.2%

AXP AMERICAN EXPRESS CO 0.0%

Value $1.898M Shares 6,282 Share Price $302.09 Est. Cost/Share $196.24 Unrealized @ Report Date +55.0%

MAR MARRIOTT INTERNATIONAL INC/MD 0.0%

Value $2.808M Shares 7,914 Share Price $354.79 Est. Cost/Share $235.71 Unrealized @ Report Date +50.9%

SYF SYNCHRONY FINANCIAL 0.0%

Value $1.508M Shares 21,094 Share Price $71.51 Est. Cost/Share $56.09 Unrealized @ Report Date +26.5%

ZTS ZOETIS INC 0.0%

Value $527K Shares 7,630 Share Price $69.10 Est. Cost/Share $154.98 Unrealized @ Report Date -54.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CTVA	CORTEVA INC	1,868,535	$23.49M	0.3%	$12.57 *	$76.87	+1.0%	Common Stock	22052L104
CVE	CENOVUS ENERGY INC	3,961,386	$125M	1.5%	$31.64	$17.37	+79.0%	Common Stock	15135U109
MTB	M&T BANK CORP	499,644	$109M	1.3%	$217.35	$183.58	+18.5%	Common Stock	55261F104
TECK	TECK RESOURCES LTD	1,695,665	$111M	1.3%	$65.26	$36.18	+81.8%	Common Stock	878742204
V	VISA INC COM CL A	657,372	$237M	2.8%	$359.85	$291.62	+23.2%	Common Stock	92826C839
QSR	RESTAURANT BRANDS INTL INC	3,359,091	$234M	2.8%	$69.78	$66.72	+6.5%	Common Stock	76131D103
DE	DEERE & CO	240,105	$160M	1.9%	$667.26	$568.05	+18.2%	Common Stock	244199105
RY	ROYAL BANK OF CANADA	699,679	$137M	1.6%	$195.39	$99.10	+98.4%	Common Stock	780087102
PM	PHILIP MORRIS INTERNATIONAL IN	1,014,129	$191M	2.3%	$188.18	$138.07	+38.2%	Common Stock	718172109
CP	CANADIAN PACIFIC KANSAS CITY LTD	2,228,628	$188M	2.3%	$84.55	$79.59	+6.9%	Common Stock	13646K108
FISV	FISERV INC	997,287	$45.26M	0.5%	$45.38	$95.33	-52.6%	Common Stock	337738108
WFC	WELLS FARGO & CO	1,569,864	$126M	1.5%	$80.25	$61.39	+30.4%	Common Stock	949746101
EFXT	ENERFLEX LTD	4,664,632	$119M	1.4%	$25.48 *	$6.77	+236.6%	Common Stock	29269R105
JNJ	JOHNSON & JOHNSON	714,643	$185M	2.2%	$258.66 *	$202.81	+30.5%	Common Stock	478160104
UNH	UNITEDHEALTH GROUP INC	50,438	$18.42M	0.2%	$365.20	$522.29	-29.7%	Common Stock	91324P102
CRM	SALESFORCE INC	32,500	$7.692M	0.1%	$236.69 *	$207.13	+10.8%	Common Stock	79466L302
ELV	ELEVANCE HEALTH INC	364,526	$139M	1.7%	$381.67	$415.04	-6.3%	Common Stock	036752103
NOC	NORTHROP GRUMMAN CORP	54,111	$26.08M	0.3%	$482.00	$452.47	+6.9%	Common Stock	666807102
LMT	LOCKHEED MARTIN CORP	261,418	$132M	1.6%	$505.50	$476.90	+6.8%	Common Stock	539830109
VRSN	VERISIGN INC	20,019	$5.743M	0.1%	$286.90	$238.83	+18.1%	Common Stock	92343E102
GIB	CGI INC	65,000	$4.61M	0.1%	$70.92 *	$111.68	-39.1%	Common Stock	12532H104
RAL	RALLIANT CORP	122,728	$8.689M	0.1%	$70.80 *	$49.33	+40.2%	Common Stock	750940108
AXP	AMERICAN EXPRESS CO	6,282	$1.898M	0.0%	$302.09	$196.24	+55.0%	Common Stock	025816109
MAR	MARRIOTT INTERNATIONAL INC/MD	7,914	$2.808M	0.0%	$354.79	$235.71	+50.9%	Common Stock	571903202
SYF	SYNCHRONY FINANCIAL	21,094	$1.508M	0.0%	$71.51	$56.09	+26.5%	Common Stock	87165B103
ZTS	ZOETIS INC	7,630	$527K	0.0%	$69.10	$154.98	-54.9%	Common Stock	98978V103