Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORP	558,214	$106M	1.3%	$190.48	—	Common Stock	235851102
TAC	TRANSALTA CORP	550,000	$7.601M	0.1%	$13.82	—	Common Stock	89346D107
EFA	ISHARES MSCI EAFE ETF	26,620	$3.021M	0.0%	$113.50	—	OPTIONS	464287465
FEZ	STATE STREET SPDR EURO STOXX	20,800	$1.144M	0.0%	$55.00	—	OPTIONS	78463X202
SLM	SLM CORP	34,270	$889K	0.0%	$25.94	—	Common Stock	78442P106
ICE	INTERCONTINENTAL EXCHANGE IN ⚠	65	$44,525	0.0%	$150.28	—	Common Stock	45866F104
MAR	MARRIOTT INTERNATIONAL -CL A ⚠	79	$39,500	0.0%	$235.71	—	Common Stock	571903202
SLB	SLB LTD ⚠	10,550	$14,075	0.0%	$45.65	—	Common Stock	806857108

Increased Positions (35)

SLB SCHLUMBERGER LTD ⚠ 4.4%

Value $359M (+62.8%) Shares 7,720,416 (+82.0%) Est. Cost $45.65 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.9%

Value $155M (+96.4%) Shares 309,994 (+92.5%) Est. Cost $539.29 Unrealized —

EMR EMERSON ELECTRIC CO 1.3%

Value $104M (+223.4%) Shares 726,462 (+196.0%) Est. Cost $123.02 Unrealized —

CVS CVS HEALTH CORP 2.8%

Value $227M (+45.6%) Shares 2,193,833 (+1.1%) Est. Cost $63.83 Unrealized —

DE DEERE & CO 1.9%

Value $152M (+51.3%) Shares 239,931 (+34.3%) Est. Cost $572.55 Unrealized —

CTVA CORTEVA INC 2.0%

Value $158M (+47.0%) Shares 1,867,231 (+45.3%) Est. Cost $76.49 Unrealized —

AMZN AMAZON.COM INC 0.8%

Value $64.16M (+239.3%) Shares 269,200 (+196.5%) Est. Cost $234.84 Unrealized —

HAL HALLIBURTON CO 2.4%

Value $197M (+24.0%) Shares 5,789,518 (+42.4%) Est. Cost $33.66 Unrealized —

NTR NUTRIEN LTD 1.7%

Value $134M (+34.7%) Shares 2,132,438 (+61.6%) Est. Cost $66.14 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY LTD 2.4%

Value $193M (+20.6%) Shares 2,226,842 (+9.6%) Est. Cost $78.06 Unrealized —

RBA RB GLOBAL INC 2.0%

Value $163M (+24.4%) Shares 1,400,855 (+2.5%) Est. Cost $72.13 Unrealized —

OTIS OTIS WORLDWIDE CORP ⚠ 2.7%

Value $218M (+15.4%) Shares 3,044,476 (+24.2%) Est. Cost $89.29 Unrealized —

ADI ANALOG DEVICES INC 1.7%

Value $140M (+26.2%) Shares 353,188 (+1.1%) Est. Cost $197.20 Unrealized —

ICE INTERCONTINENTAL EXCHANGE INC ⚠ 1.2%

Value $101M (+38.7%) Shares 817,586 (+77.2%) Est. Cost $150.28 Unrealized —

EQT EQT CORP ⚠ 2.7%

Value $215M (+13.2%) Shares 4,020,858 (+34.5%) Est. Cost $49.62 Unrealized —

LMT LOCKHEED MARTIN CORP 1.6%

Value $133M (-14.7%) Shares 261,015 (+1.1%) Est. Cost $476.55 Unrealized —

FISV FISERV INC ⚠ 0.6%

Value $49.29M (+85.8%) Shares 1,003,360 (+111.0%) Est. Cost $91.76 Unrealized —

WFC WELLS FARGO & CO 1.6%

Value $130M (+18.7%) Shares 1,567,786 (+14.4%) Est. Cost $61.68 Unrealized —

PM PHILIP MORRIS INTERNATIONAL IN 2.3%

Value $184M (+12.3%) Shares 1,016,158 (+2.8%) Est. Cost $139.04 Unrealized —

RRC RANGE RESOURCES CORP ⚠ 1.5%

Value $123M (+19.2%) Shares 3,313,891 (+44.7%) Est. Cost $34.30 Unrealized —

RIG TRANSOCEAN LTD 0.5%

Value $42.46M (+79.3%) Shares 8,682,600 (+143.1%) Est. Cost $5.00 Unrealized —

EFXT ENERFLEX LTD 1.4%

Value $115M (+19.2%) Shares 4,701,871 (+1.6%) Est. Cost $6.76 Unrealized —

MTB M&T BANK CORP 1.5%

Value $119M (+16.8%) Shares 500,469 (+1.5%) Est. Cost $183.86 Unrealized —

KLAC KLA CORP 0.3%

Value $22.02M (+230.9%) Shares 73,000 (+1515.0%) Est. Cost $373.55 Unrealized —

NOC NORTHROP GRUMMAN CORP 0.3%

Value $27.47M (-24.5%) Shares 53,939 (+1.1%) Est. Cost $451.37 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.3%

Value $21.13M (+71.8%) Shares 50,838 (+11.9%) Est. Cost $527.07 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.8%

Value $67.3M (+12.6%) Shares 598,860 (+31.4%) Est. Cost $71.77 Unrealized —

AEM AGNICO EAGLE MINES LIMITED 0.8%

Value $66.42M (-8.3%) Shares 427,922 (+19.9%) Est. Cost $77.95 Unrealized —

WFRD WEATHERFORD INTERNATIONAL PLC 0.7%

Value $55.59M (+11.1%) Shares 682,100 (+28.9%) Est. Cost $91.97 Unrealized —

RAL RALLIANT CORP 0.1%

Value $9.036M (+83.2%) Shares 122,728 (+3.5%) Est. Cost $50.06 Unrealized —

LOW LOWE'S COS INC 0.2%

Value $12.58M (+20.2%) Shares 57,044 (+28.8%) Est. Cost $212.02 Unrealized —

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

Value $5.468M (-22.6%) Shares 14,315 (+118.4%) Est. Cost $434.08 Unrealized —

OR OR ROYALTIES INC 0.0%

Value $2.522M (+26.0%) Shares 79,732 (+51.7%) Est. Cost $38.39 Unrealized —

VRSN VERISIGN INC 0.1%

Value $5.036M (+4.9%) Shares 20,019 (+3.6%) Est. Cost $236.01 Unrealized —

ALLE ALLEGION PLC 0.0%

Value $619K (+18.4%) Shares 4,404 (+22.4%) Est. Cost $161.56 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLB	SCHLUMBERGER LTD ⚠	7,720,416 (+82.0%)	$359M (+62.8%)	4.4%	$45.65	—	Common Stock	806857108
TMO	THERMO FISHER SCIENTIFIC INC	309,994 (+92.5%)	$155M (+96.4%)	1.9%	$539.29	—	Common Stock	883556102
EMR	EMERSON ELECTRIC CO	726,462 (+196.0%)	$104M (+223.4%)	1.3%	$123.02	—	Common Stock	291011104
CVS	CVS HEALTH CORP	2,193,833 (+1.1%)	$227M (+45.6%)	2.8%	$63.83	—	Common Stock	126650100
DE	DEERE & CO	239,931 (+34.3%)	$152M (+51.3%)	1.9%	$572.55	—	Common Stock	244199105
CTVA	CORTEVA INC	1,867,231 (+45.3%)	$158M (+47.0%)	2.0%	$76.49	—	Common Stock	22052L104
AMZN	AMAZON.COM INC	269,200 (+196.5%)	$64.16M (+239.3%)	0.8%	$234.84	—	Common Stock	023135106
HAL	HALLIBURTON CO	5,789,518 (+42.4%)	$197M (+24.0%)	2.4%	$33.66	—	Common Stock	406216101
NTR	NUTRIEN LTD	2,132,438 (+61.6%)	$134M (+34.7%)	1.7%	$66.14	—	Common Stock	67077M108
CP	CANADIAN PACIFIC KANSAS CITY LTD	2,226,842 (+9.6%)	$193M (+20.6%)	2.4%	$78.06	—	Common Stock	13646K108
RBA	RB GLOBAL INC	1,400,855 (+2.5%)	$163M (+24.4%)	2.0%	$72.13	—	Common Stock	74935Q107
OTIS	OTIS WORLDWIDE CORP ⚠	3,044,476 (+24.2%)	$218M (+15.4%)	2.7%	$89.29	—	Common Stock	68902V107
ADI	ANALOG DEVICES INC	353,188 (+1.1%)	$140M (+26.2%)	1.7%	$197.20	—	Common Stock	032654105
ICE	INTERCONTINENTAL EXCHANGE INC ⚠	817,586 (+77.2%)	$101M (+38.7%)	1.2%	$150.28	—	Common Stock	45866F104
EQT	EQT CORP ⚠	4,020,858 (+34.5%)	$215M (+13.2%)	2.7%	$49.62	—	Common Stock	26884L109
LMT	LOCKHEED MARTIN CORP	261,015 (+1.1%)	$133M (-14.7%)	1.6%	$476.55	—	Common Stock	539830109
FISV	FISERV INC ⚠	1,003,360 (+111.0%)	$49.29M (+85.8%)	0.6%	$91.76	—	Common Stock	337738108
WFC	WELLS FARGO & CO	1,567,786 (+14.4%)	$130M (+18.7%)	1.6%	$61.68	—	Common Stock	949746101
PM	PHILIP MORRIS INTERNATIONAL IN	1,016,158 (+2.8%)	$184M (+12.3%)	2.3%	$139.04	—	Common Stock	718172109
RRC	RANGE RESOURCES CORP ⚠	3,313,891 (+44.7%)	$123M (+19.2%)	1.5%	$34.30	—	Common Stock	75281A109
RIG	TRANSOCEAN LTD	8,682,600 (+143.1%)	$42.46M (+79.3%)	0.5%	$5.00	—	Common Stock	H8817H100
EFXT	ENERFLEX LTD	4,701,871 (+1.6%)	$115M (+19.2%)	1.4%	$6.76	—	Common Stock	29269R105
MTB	M&T BANK CORP	500,469 (+1.5%)	$119M (+16.8%)	1.5%	$183.86	—	Common Stock	55261F104
KLAC	KLA CORP	73,000 (+1515.0%)	$22.02M (+230.9%)	0.3%	$373.55	—	Common Stock	482480100
NOC	NORTHROP GRUMMAN CORP	53,939 (+1.1%)	$27.47M (-24.5%)	0.3%	$451.37	—	Common Stock	666807102
UNH	UNITEDHEALTH GROUP INC	50,838 (+11.9%)	$21.13M (+71.8%)	0.3%	$527.07	—	Common Stock	91324P102
WPM	WHEATON PRECIOUS METALS CORP	598,860 (+31.4%)	$67.3M (+12.6%)	0.8%	$71.77	—	Common Stock	962879102
AEM	AGNICO EAGLE MINES LIMITED	427,922 (+19.9%)	$66.42M (-8.3%)	0.8%	$77.95	—	Common Stock	008474108
WFRD	WEATHERFORD INTERNATIONAL PLC	682,100 (+28.9%)	$55.59M (+11.1%)	0.7%	$91.97	—	Common Stock	G48833118
RAL	RALLIANT CORP	122,728 (+3.5%)	$9.036M (+83.2%)	0.1%	$50.06	—	Common Stock	750940108
LOW	LOWE'S COS INC	57,044 (+28.8%)	$12.58M (+20.2%)	0.2%	$212.02	—	Common Stock	548661107
SPY	SS SPDR S&P 500 ETF TRUST-US	14,315 (+118.4%)	$5.468M (-22.6%)	0.1%	$434.08	—	OPTIONS	78462F103
OR	OR ROYALTIES INC	79,732 (+51.7%)	$2.522M (+26.0%)	0.0%	$38.39	—	Common Stock	68390D106
VRSN	VERISIGN INC	20,019 (+3.6%)	$5.036M (+4.9%)	0.1%	$236.01	—	Common Stock	92343E102
ALLE	ALLEGION PLC	4,404 (+22.4%)	$619K (+18.4%)	0.0%	$161.56	—	Common Stock	G0176J109

Exited Positions (7)

MDT MEDTRONIC PLC 0.8%

Value $64.4M Shares 743,236 Est. Cost $99.50 Unrealized —

BAM Brookfield Asset Management Ltd 0.1%

Value $7.2M Shares 162,000 Est. Cost $51.45 Unrealized —

NKE NIKE INC 0.1%

Value $4.855M Shares 91,920 Est. Cost $90.33 Unrealized —

FDS FACTSET RESEARCH SYSTEMS INC 0.1%

Value $4.321M Shares 19,915 Est. Cost $457.61 Unrealized —

GRTUF GRANITE REAL ESTATE INVESTMENT TRUST 0.0%

Value $3.57M Shares 60,729 Est. Cost $52.22 Unrealized —

ADBE ADOBE INC 0.0%

Value $1.945M Shares 8,000 Est. Cost $442.74 Unrealized —

COF CAPITAL ONE FINANCIAL CORP 0.0%

Value $680K Shares 3,727 Est. Cost $185.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MDT	MEDTRONIC PLC	743,236	$64.4M	0.8%	$99.50	—	—	G5960L103
BAM	Brookfield Asset Management Ltd	162,000	$7.2M	0.1%	$51.45	—	—	113004105
NKE	NIKE INC	91,920	$4.855M	0.1%	$90.33	—	—	654106103
FDS	FACTSET RESEARCH SYSTEMS INC	19,915	$4.321M	0.1%	$457.61	—	—	303075105
GRTUF	GRANITE REAL ESTATE INVESTMENT TRUST	60,729	$3.57M	0.0%	$52.22	—	—	387437205
ADBE	ADOBE INC	8,000	$1.945M	0.0%	$442.74	—	—	00724F101
COF	CAPITAL ONE FINANCIAL CORP	3,727	$680K	0.0%	$185.05	—	—	14040H105

Decreased Positions (55)

EXE Expand Energy Corp ⚠ 0.3%

Value $22.23M (-81.7%) Shares 243,806 (-77.7%) Est. Cost $104.71 Unrealized —

SUNB SUNBELT RENTALS HOLDINGS INC 0.0%

Value $1.253M (-98.3%) Shares 17,178 (-98.5%) Est. Cost $64.88 Unrealized —

CNQ CANADIAN NATURAL RESOURCES LTD 1.2%

Value $96.35M (-42.5%) Shares 2,437,345 (-29.0%) Est. Cost $29.85 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFACTU 4.3%

Value $344M (+17.7%) Shares 720,570 (-16.7%) Est. Cost $177.48 Unrealized —

CME CME GROUP INC 1.3%

Value $108M (-26.2%) Shares 490,242 (-1.2%) Est. Cost $219.24 Unrealized —

ELV ELEVANCE HEALTH INC 1.7%

Value $141M (+30.7%) Shares 363,504 (-1.0%) Est. Cost $415.04 Unrealized —

GGG GRACO INC 0.1%

Value $5.858M (-84.3%) Shares 77,471 (-82.5%) Est. Cost $85.43 Unrealized —

MAR MARRIOTT INTERNATIONAL INC/MD ⚠ 0.0%

Value $2.933M (-91.2%) Shares 7,914 (-92.2%) Est. Cost $235.71 Unrealized —

V VISA INC COM CL A 2.8%

Value $228M (+10.4%) Shares 663,320 (-2.7%) Est. Cost $294.92 Unrealized —

AZO AUTOZONE INC 1.6%

Value $131M (-12.6%) Shares 41,081 (-7.6%) Est. Cost $3118.37 Unrealized —

MSFT MICROSOFT CORP 2.2%

Value $174M (-8.5%) Shares 465,891 (-9.2%) Est. Cost $418.66 Unrealized —

ICHGF INTERCONTINENTAL HOTELS GROUP PLC 1.9%

Value $155M (+11.6%) Shares 902,654 (-15.5%) Est. Cost $126.12 Unrealized —

TJX TJX COS INC/THE 1.2%

Value $100M (-12.7%) Shares 661,117 (-8.0%) Est. Cost $116.97 Unrealized —

BGSI BOYD GROUP SERVICES INC 0.2%

Value $18.04M (-43.5%) Shares 190,754 (-23.7%) Est. Cost $160.25 Unrealized —

CVE CENOVUS ENERGY INC 1.2%

Value $98.14M (-12.2%) Shares 3,959,392 (-6.0%) Est. Cost $17.37 Unrealized —

CARR CARRIER GLOBAL CORP 0.9%

Value $73.21M (+20.4%) Shares 998,100 (-7.6%) Est. Cost $55.45 Unrealized —

GOOGL ALPHABET INC 3.2%

Value $258M (+4.6%) Shares 721,114 (-15.8%) Est. Cost $168.90 Unrealized —

TDW TIDEWATER INC 0.2%

Value $14.02M (-38.9%) Shares 210,456 (-23.4%) Est. Cost $64.06 Unrealized —

HP HELMERICH & PAYNE INC 0.3%

Value $26.88M (-18.8%) Shares 821,162 (-10.7%) Est. Cost $33.28 Unrealized —

SAPGF SAP SE 0.2%

Value $12.75M (-32.6%) Shares 83,330 (-25.2%) Est. Cost $218.74 Unrealized —

ALC ALCON INC 0.1%

Value $11.99M (-30.3%) Shares 177,528 (-23.6%) Est. Cost $93.02 Unrealized —

— UNILEVER PLC 0.1%

Value $8.783M (-33.3%) Shares 146,048 (-37.7%) Est. Cost $65.43 Unrealized —

STN STANTEC INC 0.0%

Value $2.398M (-56.1%) Shares 34,796 (-44.9%) Est. Cost $77.26 Unrealized —

PEP PEPSICO INC 0.1%

Value $7.236M (-28.8%) Shares 53,440 (-18.3%) Est. Cost $157.15 Unrealized —

AXP AMERICAN EXPRESS CO 0.0%

Value $2.125M (-57.4%) Shares 6,282 (-61.9%) Est. Cost $196.24 Unrealized —

SPGI S&P GLOBAL INC 0.2%

Value $19.61M (-12.3%) Shares 48,139 (-8.4%) Est. Cost $448.33 Unrealized —

AON AON PLC 0.2%

Value $15.2M (-14.7%) Shares 45,829 (-17.0%) Est. Cost $334.04 Unrealized —

DGEAF DIAGEO PLC 0.1%

Value $9.137M (-21.8%) Shares 452,530 (-28.5%) Est. Cost $23.05 Unrealized —

CPRT COPART INC 0.1%

Value $5.565M (-30.4%) Shares 197,427 (-18.0%) Est. Cost $55.05 Unrealized —

HDB HDFC BANK LTD 0.1%

Value $6.423M (-24.7%) Shares 248,680 (-27.5%) Est. Cost $46.53 Unrealized —

MCO MOODY'S CORP 2.1%

Value $169M (-1.1%) Shares 373,122 (-4.8%) Est. Cost $460.04 Unrealized —

AGI ALAMOS GOLD INC NEW 0.0%

Value $3.357M (-34.8%) Shares 110,826 (-4.3%) Est. Cost $20.18 Unrealized —

KGC KINROSS GOLD CORP 0.0%

Value $2.758M (-34.7%) Shares 116,586 (-15.6%) Est. Cost $12.97 Unrealized —

WTW WILLIS TOWERS WATSON PLC 0.0%

Value $2.673M (-34.9%) Shares 10,225 (-27.6%) Est. Cost $310.08 Unrealized —

GDXJ VANECK JUNIOR GOLD MINERS 0.1%

Value $5.553M (-19.6%) Shares 56,520 (-1.8%) Est. Cost $47.24 Unrealized —

DSGX DESCARTES SYS GROUP INC 0.0%

Value $3.365M (-27.7%) Shares 48,632 (-25.1%) Est. Cost $108.51 Unrealized —

MTD METTLER-TOLEDO INTERNATIONAL I 0.8%

Value $64.25M (-1.7%) Shares 50,294 (-3.0%) Est. Cost $1275.33 Unrealized —

MSCI MSCI INC 1.2%

Value $101M (+1.0%) Shares 179,551 (-2.8%) Est. Cost $583.43 Unrealized —

CIGI COLLIERS INTL GROUP INC 0.0%

Value $501K (-65.4%) Shares 5,340 (-60.5%) Est. Cost $142.12 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.0%

Value $3.009M (-23.5%) Shares 8,891 (-8.5%) Est. Cost $513.21 Unrealized —

SHW SHERWIN-WILLIAMS CO/THE 1.3%

Value $102M (-0.8%) Shares 294,897 (-7.7%) Est. Cost $359.61 Unrealized —

ZTS ZOETIS INC 0.0%

Value $548K (-59.2%) Shares 7,630 (-32.9%) Est. Cost $154.98 Unrealized —

HLT HILTON WORLDWIDE HOLDINGS INC 0.1%

Value $10.66M (-6.1%) Shares 32,247 (-13.6%) Est. Cost $222.36 Unrealized —

LIN LINDE PLC 0.2%

Value $12.37M (-4.2%) Shares 23,838 (-8.4%) Est. Cost $422.66 Unrealized —

VLUTF VOLUTION GROUP PLC 0.1%

Value $7.351M (+5.5%) Shares 907,233 (-1.9%) Est. Cost $4.60 Unrealized —

MA MASTERCARD INC 1.9%

Value $152M (+0.1%) Shares 295,001 (-2.6%) Est. Cost $507.05 Unrealized —

TD TORONTO DOMINION BANK 0.0%

Value $1.208M (+20.4%) Shares 9,944 (-7.5%) Est. Cost $58.22 Unrealized —

CI CIGNA CORP 0.0%

Value $1.606M (-6.7%) Shares 5,826 (-9.7%) Est. Cost $298.85 Unrealized —

ATS ATS CORP 0.0%

Value $2.391M (-3.0%) Shares 83,024 (-5.0%) Est. Cost $38.04 Unrealized —

SLF SUN LIFE FINANCIAL INC 0.0%

Value $359K (+16.0%) Shares 4,579 (-7.4%) Est. Cost $64.20 Unrealized —

FSV FIRSTSERVICE CORP 0.0%

Value $3.428M (-1.2%) Shares 24,132 (-3.3%) Est. Cost $183.39 Unrealized —

BMO BANK OF MONTREAL 0.0%

Value $236K (+20.8%) Shares 1,336 (-7.4%) Est. Cost $138.89 Unrealized —

CL COLGATE-PALMOLIVE CO 0.1%

Value $6.715M (-0.6%) Shares 73,246 (-7.6%) Est. Cost $82.80 Unrealized —

FTS FORTIS INC 0.0%

Value $366K (-5.0%) Shares 6,402 (-7.5%) Est. Cost $46.59 Unrealized —

NTB BANK OF NT BUTTERFIELD & SON L 0.0%

Value $3.086M (-0.3%) Shares 51,860 (-12.1%) Est. Cost $40.71 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXE	Expand Energy Corp ⚠	243,806 (-77.7%)	$22.23M (-81.7%)	0.3%	$104.71	—	Common Stock	165167735
SUNB	SUNBELT RENTALS HOLDINGS INC	17,178 (-98.5%)	$1.253M (-98.3%)	0.0%	$64.88	—	Common Stock	866966104
CNQ	CANADIAN NATURAL RESOURCES LTD	2,437,345 (-29.0%)	$96.35M (-42.5%)	1.2%	$29.85	—	Common Stock	136385101
TSM	TAIWAN SEMICONDUCTOR MANUFACTU	720,570 (-16.7%)	$344M (+17.7%)	4.3%	$177.48	—	ADR	874039100
CME	CME GROUP INC	490,242 (-1.2%)	$108M (-26.2%)	1.3%	$219.24	—	Common Stock	12572Q105
ELV	ELEVANCE HEALTH INC	363,504 (-1.0%)	$141M (+30.7%)	1.7%	$415.04	—	Common Stock	036752103
GGG	GRACO INC	77,471 (-82.5%)	$5.858M (-84.3%)	0.1%	$85.43	—	Common Stock	384109104
MAR	MARRIOTT INTERNATIONAL INC/MD ⚠	7,914 (-92.2%)	$2.933M (-91.2%)	0.0%	$235.71	—	Common Stock	571903202
V	VISA INC COM CL A	663,320 (-2.7%)	$228M (+10.4%)	2.8%	$294.92	—	Common Stock	92826C839
AZO	AUTOZONE INC	41,081 (-7.6%)	$131M (-12.6%)	1.6%	$3118.37	—	Common Stock	053332102
MSFT	MICROSOFT CORP	465,891 (-9.2%)	$174M (-8.5%)	2.2%	$418.66	—	Common Stock	594918104
ICHGF	INTERCONTINENTAL HOTELS GROUP PLC	902,654 (-15.5%)	$155M (+11.6%)	1.9%	$126.12	—	Common Stock	G4804L163
TJX	TJX COS INC/THE	661,117 (-8.0%)	$100M (-12.7%)	1.2%	$116.97	—	Common Stock	872540109
BGSI	BOYD GROUP SERVICES INC	190,754 (-23.7%)	$18.04M (-43.5%)	0.2%	$160.25	—	Common Stock	103310108
CVE	CENOVUS ENERGY INC	3,959,392 (-6.0%)	$98.14M (-12.2%)	1.2%	$17.37	—	Common Stock	15135U109
CARR	CARRIER GLOBAL CORP	998,100 (-7.6%)	$73.21M (+20.4%)	0.9%	$55.45	—	Common Stock	14448C104
GOOGL	ALPHABET INC	721,114 (-15.8%)	$258M (+4.6%)	3.2%	$168.90	—	Common Stock	02079K305
TDW	TIDEWATER INC	210,456 (-23.4%)	$14.02M (-38.9%)	0.2%	$64.06	—	Common Stock	88642R109
HP	HELMERICH & PAYNE INC	821,162 (-10.7%)	$26.88M (-18.8%)	0.3%	$33.28	—	Common Stock	423452101
SAPGF	SAP SE	83,330 (-25.2%)	$12.75M (-32.6%)	0.2%	$218.74	—	Common Stock	D66992104
ALC	ALCON INC	177,528 (-23.6%)	$11.99M (-30.3%)	0.1%	$93.02	—	Common Stock	H01301128
—	UNILEVER PLC	146,048 (-37.7%)	$8.783M (-33.3%)	0.1%	$65.43	—	Common Stock	G92087165
STN	STANTEC INC	34,796 (-44.9%)	$2.398M (-56.1%)	0.0%	$77.26	—	Common Stock	85472N109
PEP	PEPSICO INC	53,440 (-18.3%)	$7.236M (-28.8%)	0.1%	$157.15	—	Common Stock	713448108
AXP	AMERICAN EXPRESS CO	6,282 (-61.9%)	$2.125M (-57.4%)	0.0%	$196.24	—	Common Stock	025816109
SPGI	S&P GLOBAL INC	48,139 (-8.4%)	$19.61M (-12.3%)	0.2%	$448.33	—	Common Stock	78409V104
AON	AON PLC	45,829 (-17.0%)	$15.2M (-14.7%)	0.2%	$334.04	—	Common Stock	G0403H108
DGEAF	DIAGEO PLC	452,530 (-28.5%)	$9.137M (-21.8%)	0.1%	$23.05	—	Common Stock	G42089113
CPRT	COPART INC	197,427 (-18.0%)	$5.565M (-30.4%)	0.1%	$55.05	—	Common Stock	217204106
HDB	HDFC BANK LTD	248,680 (-27.5%)	$6.423M (-24.7%)	0.1%	$46.53	—	ADR	40415F101
MCO	MOODY'S CORP	373,122 (-4.8%)	$169M (-1.1%)	2.1%	$460.04	—	Common Stock	615369105
AGI	ALAMOS GOLD INC NEW	110,826 (-4.3%)	$3.357M (-34.8%)	0.0%	$20.18	—	Common Stock	011532108
KGC	KINROSS GOLD CORP	116,586 (-15.6%)	$2.758M (-34.7%)	0.0%	$12.97	—	Common Stock	496902404
WTW	WILLIS TOWERS WATSON PLC	10,225 (-27.6%)	$2.673M (-34.9%)	0.0%	$310.08	—	Common Stock	G96629103
GDXJ	VANECK JUNIOR GOLD MINERS	56,520 (-1.8%)	$5.553M (-19.6%)	0.1%	$47.24	—	ETP	92189F791
DSGX	DESCARTES SYS GROUP INC	48,632 (-25.1%)	$3.365M (-27.7%)	0.0%	$108.51	—	Common Stock	249906108
MTD	METTLER-TOLEDO INTERNATIONAL I	50,294 (-3.0%)	$64.25M (-1.7%)	0.8%	$1275.33	—	Common Stock	592688105
MSCI	MSCI INC	179,551 (-2.8%)	$101M (+1.0%)	1.2%	$583.43	—	Common Stock	55354G100
CIGI	COLLIERS INTL GROUP INC	5,340 (-60.5%)	$501K (-65.4%)	0.0%	$142.12	—	Common Stock	194693107
ROP	ROPER TECHNOLOGIES INC	8,891 (-8.5%)	$3.009M (-23.5%)	0.0%	$513.21	—	Common Stock	776696106
SHW	SHERWIN-WILLIAMS CO/THE	294,897 (-7.7%)	$102M (-0.8%)	1.3%	$359.61	—	Common Stock	824348106
ZTS	ZOETIS INC	7,630 (-32.9%)	$548K (-59.2%)	0.0%	$154.98	—	Common Stock	98978V103
HLT	HILTON WORLDWIDE HOLDINGS INC	32,247 (-13.6%)	$10.66M (-6.1%)	0.1%	$222.36	—	Common Stock	43300A203
LIN	LINDE PLC	23,838 (-8.4%)	$12.37M (-4.2%)	0.2%	$422.66	—	Common Stock	G54950103
VLUTF	VOLUTION GROUP PLC	907,233 (-1.9%)	$7.351M (+5.5%)	0.1%	$4.60	—	Common Stock	G93824103
MA	MASTERCARD INC	295,001 (-2.6%)	$152M (+0.1%)	1.9%	$507.05	—	Common Stock	57636Q104
TD	TORONTO DOMINION BANK	9,944 (-7.5%)	$1.208M (+20.4%)	0.0%	$58.22	—	Common Stock	891160509
CI	CIGNA CORP	5,826 (-9.7%)	$1.606M (-6.7%)	0.0%	$298.85	—	Common Stock	125523100
ATS	ATS CORP	83,024 (-5.0%)	$2.391M (-3.0%)	0.0%	$38.04	—	Common Stock	00217Y104
SLF	SUN LIFE FINANCIAL INC	4,579 (-7.4%)	$359K (+16.0%)	0.0%	$64.20	—	Common Stock	866796105
FSV	FIRSTSERVICE CORP	24,132 (-3.3%)	$3.428M (-1.2%)	0.0%	$183.39	—	Common Stock	33767E202
BMO	BANK OF MONTREAL	1,336 (-7.4%)	$236K (+20.8%)	0.0%	$138.89	—	Common Stock	063671101
CL	COLGATE-PALMOLIVE CO	73,246 (-7.6%)	$6.715M (-0.6%)	0.1%	$82.80	—	Common Stock	194162103
FTS	FORTIS INC	6,402 (-7.5%)	$366K (-5.0%)	0.0%	$46.59	—	Common Stock	349553107
NTB	BANK OF NT BUTTERFIELD & SON L	51,860 (-12.1%)	$3.086M (-0.3%)	0.0%	$40.71	—	Common Stock	G0772R208

Unchanged Positions (15)

CNI CANADIAN NATIONAL RAILWAY CO 5.0%

Value $406M Shares 3,407,690 Est. Cost $104.22 Unrealized —

TXN TEXAS INSTRUMENTS INC 1.8%

Value $149M Shares 498,756 Est. Cost $181.87 Unrealized —

RY ROYAL BANK OF CANADA 1.8%

Value $145M Shares 698,838 Est. Cost $99.10 Unrealized —

TECK TECK RESOURCES LTD 1.2%

Value $101M Shares 1,693,501 Est. Cost $36.18 Unrealized —

JNJ JOHNSON & JOHNSON 2.3%

Value $182M Shares 716,237 Est. Cost $201.32 Unrealized —

PPHC PUBLIC POLICY HOLDING CO INC 0.1%

Value $7.541M Shares 1,017,732 Est. Cost $12.17 Unrealized —

QSR RESTAURANT BRANDS INTL INC 3.0%

Value $243M Shares 3,354,908 Est. Cost $66.26 Unrealized —

ROST ROSS STORES INC 2.1%

Value $170M Shares 800,488 Est. Cost $119.91 Unrealized —

CRM SALESFORCE INC 0.1%

Value $5.091M Shares 32,500 Est. Cost $215.77 Unrealized —

GIB CGI INC 0.1%

Value $4.197M Shares 65,000 Est. Cost $111.68 Unrealized —

ABT ABBOTT LABORATORIES 0.0%

Value $3.63M Shares 40,000 Est. Cost $115.41 Unrealized —

IGV ISHARES EXPANDED TECH-SOFTWA 0.0%

Value $285K Shares 750 Est. Cost $860.00 Unrealized —

EFX EQUIFAX INC ⚠ 0.0%

Value $3.288M Shares 17,812 Est. Cost $239.53 Unrealized —

SYF SYNCHRONY FINANCIAL 0.0%

Value $1.604M Shares 21,094 Est. Cost $56.09 Unrealized —

WCN WASTE CONNECTIONS INC 0.0%

Value $1.998M Shares 12,000 Est. Cost $179.61 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNI	CANADIAN NATIONAL RAILWAY CO	3,407,690	$406M	5.0%	$104.22	—	Common Stock	136375102
TXN	TEXAS INSTRUMENTS INC	498,756	$149M	1.8%	$181.87	—	Common Stock	882508104
RY	ROYAL BANK OF CANADA	698,838	$145M	1.8%	$99.10	—	Common Stock	780087102
TECK	TECK RESOURCES LTD	1,693,501	$101M	1.2%	$36.18	—	Common Stock	878742204
JNJ	JOHNSON & JOHNSON	716,237	$182M	2.3%	$201.32	—	Common Stock	478160104
PPHC	PUBLIC POLICY HOLDING CO INC	1,017,732	$7.541M	0.1%	$12.17	—	Common Stock	744430208
QSR	RESTAURANT BRANDS INTL INC	3,354,908	$243M	3.0%	$66.26	—	Common Stock	76131D103
ROST	ROSS STORES INC	800,488	$170M	2.1%	$119.91	—	Common Stock	778296103
CRM	SALESFORCE INC	32,500	$5.091M	0.1%	$215.77	—	Common Stock	79466L302
GIB	CGI INC	65,000	$4.197M	0.1%	$111.68	—	Common Stock	12532H104
ABT	ABBOTT LABORATORIES	40,000	$3.63M	0.0%	$115.41	—	Common Stock	002824100
IGV	ISHARES EXPANDED TECH-SOFTWA	750	$285K	0.0%	$860.00	—	OPTIONS	464287515
EFX	EQUIFAX INC ⚠	17,812	$3.288M	0.0%	$239.53	—	Common Stock	294429105
SYF	SYNCHRONY FINANCIAL	21,094	$1.604M	0.0%	$56.09	—	Common Stock	87165B103
WCN	WASTE CONNECTIONS INC	12,000	$1.998M	0.0%	$179.61	—	Common Stock	94106B101