Canoe Financial LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ICHGF	INTERCONTINENTAL HOTELS GROUP	1,257,505	$177,243	2.4%	$126.12	0.0%	Common Stock	G4804L163
LMT	LOCKHEED MARTIN CORP	344,027	$166,403	2.3%	$476.18	0.0%	Common Stock	539830109
CVE	CENOVUS ENERGY INC	6,068,200	$102,662	1.4%	$17.37	0.0%	Common Stock	15135U109
DGEAF	DIAGEO PLC	2,828,894	$61,124	0.8%	$23.05	0.0%	Common Stock	G42089113
TXN	TEXAS INSTRUMENTS INC	339,674	$58,930	0.8%	$170.73	0.0%	Common Stock	882508104
SLB	SCHLUMBERGER LTD	1,138,154	$45,032	0.6%	$36.06	0.0%	Common Stock	806857108
BGSI	BOYD GROUP SERVICES INC	271,102	$43,185	0.6%	$160.25	0.0%	Common Stock	103310108
—	UNILEVER PLC	336,148	$21,993	0.3%	$65.43	—	Common Stock	G92087165
AMZN	AMAZON.COM INC	52,700	$12,164	0.2%	$228.79	0.0%	Common Stock	023135106
VLUTF	VOLUTION GROUP PLC	949,746	$8,255	0.1%	$4.60	0.0%	Common Stock	G93824103
VNOM	VIPER ENERGY INC/OLD	25,000	$966	0.0%	$37.86	0.0%	Common Stock	64361Q101
MDT	MEDTRONIC PLC	3,319	$319	0.0%	$97.14	0.0%	Common Stock	G5960L103

Increased Positions (25)

JNJ JOHNSON & JOHNSON 1.4%

Value ($000) $104,628 (+696.7%) Shares 505,569 (+613.8%) Est. Cost $190.32 Unrealized +3.5%

CARR CARRIER GLOBAL CORP 0.9%

Value ($000) $63,146 (+526.2%) Shares 1,195,050 (+607.5%) Est. Cost $55.45 Unrealized +0.1%

MTB M&T BANK CORP 1.8%

Value ($000) $131,515 (+53.5%) Shares 652,744 (+50.5%) Est. Cost $183.07 Unrealized +3.8%

ICE INTERCONTINENTAL EXCHANGE INC 2.1%

Value ($000) $154,103 (+37.8%) Shares 951,486 (+43.3%) Est. Cost $171.22 Unrealized -8.8%

CNI CANADIAN NATIONAL RAILWAY CO 3.9%

Value ($000) $289,196 (+10.8%) Shares 2,924,042 (+5.6%) Est. Cost $104.58 Unrealized -8.1%

ROP ROPER TECHNOLOGIES INC 2.0%

Value ($000) $146,012 (+22.7%) Shares 328,020 (+37.5%) Est. Cost $513.21 Unrealized -9.9%

OTIS OTIS WORLDWIDE CORP 3.3%

Value ($000) $243,520 (+10.4%) Shares 2,787,870 (+15.6%) Est. Cost $93.58 Unrealized -4.6%

CVS CVS HEALTH CORP 2.0%

Value ($000) $150,718 (+17.3%) Shares 1,899,163 (+11.4%) Est. Cost $61.32 Unrealized +28.3%

MCO MOODY'S CORP 3.0%

Value ($000) $217,582 (+10.8%) Shares 425,922 (+3.3%) Est. Cost $460.04 Unrealized +5.9%

FISV FISERV INC 0.4%

Value ($000) $32,979 (-38.9%) Shares 490,985 (+17.3%) Est. Cost $139.11 Unrealized -39.7%

MA MASTERCARD INC 2.4%

Value ($000) $178,389 (+3.3%) Shares 312,481 (+2.9%) Est. Cost $507.05 Unrealized +10.2%

SHW SHERWIN-WILLIAMS CO/THE 1.5%

Value ($000) $112,288 (-3.8%) Shares 346,537 (+2.8%) Est. Cost $359.61 Unrealized -7.1%

RRC RANGE RESOURCES CORP 0.8%

Value ($000) $56,261 (+7.4%) Shares 1,573,309 (+13.1%) Est. Cost $31.56 Unrealized +18.0%

CPRT COPART INC 0.2%

Value ($000) $11,417 (-9.1%) Shares 291,627 (+4.4%) Est. Cost $55.05 Unrealized -24.7%

EFX EQUIFAX INC 0.1%

Value ($000) $4,360 (+33.5%) Shares 20,094 (+57.9%) Est. Cost $239.53 Unrealized -8.7%

ERO ERO COPPER CORP 0.0%

Value ($000) $1,821 (+77.1%) Shares 64,358 (+26.8%) Est. Cost $17.72 Unrealized +31.4%

JKHY JACK HENRY & ASSOCIATES INC 0.0%

Value ($000) $2,821 (+31.0%) Shares 15,457 (+6.9%) Est. Cost $165.10 Unrealized +0.7%

LIN LINDE PLC 0.2%

Value ($000) $14,002 (-4.4%) Shares 32,838 (+6.5%) Est. Cost $422.66 Unrealized +1.1%

CI CIGNA CORP 0.0%

Value ($000) $2,078 (+32.7%) Shares 7,550 (+39.0%) Est. Cost $298.85 Unrealized -6.6%

GRTUF GRANITE REAL ESTATE INVESTMENT TRUST 0.0%

Value ($000) $2,635 (+21.3%) Shares 44,256 (+13.2%) Est. Cost $49.78 Unrealized —

DSGX DESCARTES SYS GROUP INC 0.1%

Value ($000) $6,093 (+7.8%) Shares 69,455 (+15.7%) Est. Cost $108.51 Unrealized -17.6%

UNP UNION PACIFIC CORP 0.0%

Value ($000) $433 (+104.6%) Shares 1,873 (+109.0%) Est. Cost $225.32 Unrealized +0.9%

NKE NIKE INC 0.1%

Value ($000) $6,920 (-2.3%) Shares 108,620 (+6.9%) Est. Cost $90.33 Unrealized -28.1%

ATS ATS CORP 0.0%

Value ($000) $2,220 (+7.6%) Shares 80,600 (+2.2%) Est. Cost $38.73 Unrealized -31.0%

ZTS ZOETIS INC 0.0%

Value ($000) $1,721 (-3.1%) Shares 13,676 (+12.7%) Est. Cost $154.98 Unrealized -15.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JNJ	JOHNSON & JOHNSON	505,569 (+613.8%)	$104,628 (+696.7%)	1.4%	$190.32	+3.5%	Common Stock	478160104
CARR	CARRIER GLOBAL CORP	1,195,050 (+607.5%)	$63,146 (+526.2%)	0.9%	$55.45	+0.1%	Common Stock	14448C104
MTB	M&T BANK CORP	652,744 (+50.5%)	$131,515 (+53.5%)	1.8%	$183.07	+3.8%	Common Stock	55261F104
ICE	INTERCONTINENTAL EXCHANGE INC	951,486 (+43.3%)	$154,103 (+37.8%)	2.1%	$171.22	-8.8%	Common Stock	45866F104
CNI	CANADIAN NATIONAL RAILWAY CO	2,924,042 (+5.6%)	$289,196 (+10.8%)	3.9%	$104.58	-8.1%	Common Stock	136375102
ROP	ROPER TECHNOLOGIES INC	328,020 (+37.5%)	$146,012 (+22.7%)	2.0%	$513.21	-9.9%	Common Stock	776696106
OTIS	OTIS WORLDWIDE CORP	2,787,870 (+15.6%)	$243,520 (+10.4%)	3.3%	$93.58	-4.6%	Common Stock	68902V107
CVS	CVS HEALTH CORP	1,899,163 (+11.4%)	$150,718 (+17.3%)	2.0%	$61.32	+28.3%	Common Stock	126650100
MCO	MOODY'S CORP	425,922 (+3.3%)	$217,582 (+10.8%)	3.0%	$460.04	+5.9%	Common Stock	615369105
FISV	FISERV INC	490,985 (+17.3%)	$32,979 (-38.9%)	0.4%	$139.11	-39.7%	Common Stock	337738108
MA	MASTERCARD INC	312,481 (+2.9%)	$178,389 (+3.3%)	2.4%	$507.05	+10.2%	Common Stock	57636Q104
SHW	SHERWIN-WILLIAMS CO/THE	346,537 (+2.8%)	$112,288 (-3.8%)	1.5%	$359.61	-7.1%	Common Stock	824348106
RRC	RANGE RESOURCES CORP	1,573,309 (+13.1%)	$56,261 (+7.4%)	0.8%	$31.56	+18.0%	Common Stock	75281A109
CPRT	COPART INC	291,627 (+4.4%)	$11,417 (-9.1%)	0.2%	$55.05	-24.7%	Common Stock	217204106
EFX	EQUIFAX INC	20,094 (+57.9%)	$4,360 (+33.5%)	0.1%	$239.53	-8.7%	Common Stock	294429105
ERO	ERO COPPER CORP	64,358 (+26.8%)	$1,821 (+77.1%)	0.0%	$17.72	+31.4%	Common Stock	296006109
JKHY	JACK HENRY & ASSOCIATES INC	15,457 (+6.9%)	$2,821 (+31.0%)	0.0%	$165.10	+0.7%	Common Stock	426281101
LIN	LINDE PLC	32,838 (+6.5%)	$14,002 (-4.4%)	0.2%	$422.66	+1.1%	Common Stock	G54950103
CI	CIGNA CORP	7,550 (+39.0%)	$2,078 (+32.7%)	0.0%	$298.85	-6.6%	Common Stock	125523100
GRTUF	GRANITE REAL ESTATE INVESTMENT TRUST	44,256 (+13.2%)	$2,635 (+21.3%)	0.0%	$49.78	—	REIT	387437205
DSGX	DESCARTES SYS GROUP INC	69,455 (+15.7%)	$6,093 (+7.8%)	0.1%	$108.51	-17.6%	Common Stock	249906108
UNP	UNION PACIFIC CORP	1,873 (+109.0%)	$433 (+104.6%)	0.0%	$225.32	+0.9%	Common Stock	907818108
NKE	NIKE INC	108,620 (+6.9%)	$6,920 (-2.3%)	0.1%	$90.33	-28.1%	Common Stock	654106103
ATS	ATS CORP	80,600 (+2.2%)	$2,220 (+7.6%)	0.0%	$38.73	-31.0%	Common Stock	00217Y104
ZTS	ZOETIS INC	13,676 (+12.7%)	$1,721 (-3.1%)	0.0%	$154.98	-15.9%	Common Stock	98978V103

Exited Positions (14)

SYY SYSCO CORP 1.6%

Value ($000) $117,514 Shares 1,427,181 Est. Cost $71.30 Unrealized +5.9%

CRM SALESFORCE INC 0.8%

Value ($000) $57,990 Shares 244,683 Est. Cost $263.99 Unrealized -6.0%

BTE BAYTEX ENERGY CORP 0.3%

Value ($000) $19,484 Shares 8,304,327 Est. Cost $2.14 Unrealized +30.0%

SU SUNCOR ENERGY INC 0.1%

Value ($000) $7,061 Shares 155,300 Est. Cost $35.88 Unrealized +17.8%

DEO DIAGEO PLC 0.1%

Value ($000) $4,294 Shares 45,000 Est. Cost $95.43 Unrealized —

EFA ISHARES MSCI EAFE ETF 0.1%

Value ($000) $4,159 Shares 45,701 Est. Cost $91.00 Unrealized —

XOP SPDR S&P OIL & GAS EXP & PR 0.0%

Value ($000) $870 Shares 4,488 Est. Cost $193.77 Unrealized —

HII HUNTINGTON INGALLS INDUSTRIES 0.0%

Value ($000) $760 Shares 2,639 Est. Cost $210.15 Unrealized +47.3%

FERG FERGUSON ENTERPRISES INC/DE 0.0%

Value ($000) $623 Shares 2,772 Est. Cost $183.25 Unrealized +29.9%

ABNB AIRBNB INC 0.0%

Value ($000) $591 Shares 4,866 Est. Cost $128.54 Unrealized -3.1%

XLE ENERGY SELECT SECTOR SPDR 0.0%

Value ($000) $570 Shares 12,000 Est. Cost $47.50 Unrealized —

QQQ INVESCO QQQ TRUST SERIES 1 0.0%

Value ($000) $79 Shares 107 Est. Cost $742.00 Unrealized —

URA GLOBAL X URANIUM ETF 0.0%

Value ($000) $47 Shares 395 Est. Cost $120.00 Unrealized —

IMO IMPERIAL OIL LTD 0.0%

Value ($000) $45 Shares 2,900 Est. Cost $85.57 Unrealized +6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SYY	SYSCO CORP	1,427,181	$117,514	1.6%	$71.30	+5.9%	—	871829107
CRM	SALESFORCE INC	244,683	$57,990	0.8%	$263.99	-6.0%	—	79466L302
BTE	BAYTEX ENERGY CORP	8,304,327	$19,484	0.3%	$2.14	+30.0%	—	07317Q105
SU	SUNCOR ENERGY INC	155,300	$7,061	0.1%	$35.88	+17.8%	—	867224107
DEO	DIAGEO PLC	45,000	$4,294	0.1%	$95.43	—	—	25243Q205
EFA	ISHARES MSCI EAFE ETF	45,701	$4,159	0.1%	$91.00	—	—	464287465
XOP	SPDR S&P OIL & GAS EXP & PR	4,488	$870	0.0%	$193.77	—	—	78468R556
HII	HUNTINGTON INGALLS INDUSTRIES	2,639	$760	0.0%	$210.15	+47.3%	—	446413106
FERG	FERGUSON ENTERPRISES INC/DE	2,772	$623	0.0%	$183.25	+29.9%	—	31488V107
ABNB	AIRBNB INC	4,866	$591	0.0%	$128.54	-3.1%	—	009066101
XLE	ENERGY SELECT SECTOR SPDR	12,000	$570	0.0%	$47.50	—	—	81369Y506
QQQ	INVESCO QQQ TRUST SERIES 1	107	$79	0.0%	$742.00	—	—	46090E103
URA	GLOBAL X URANIUM ETF	395	$47	0.0%	$120.00	—	—	37954Y871
IMO	IMPERIAL OIL LTD	2,900	$45	0.0%	$85.57	+6.0%	—	453038408

Decreased Positions (50)

ORCL ORACLE CORP 0.2%

Value ($000) $11,242 (-92.2%) Shares 57,678 (-88.8%) Est. Cost $155.43 Unrealized +53.2%

UNH UNITEDHEALTH GROUP INC 0.2%

Value ($000) $15,587 (-85.9%) Shares 47,217 (-85.3%) Est. Cost $540.31 Unrealized -37.6%

AEM AGNICO EAGLE MINES LIMITED 1.6%

Value ($000) $120,680 (-36.5%) Shares 711,604 (-37.0%) Est. Cost $62.56 Unrealized +168.3%

PM PHILIP MORRIS INTERNATIONAL IN 1.4%

Value ($000) $99,649 (-39.5%) Shares 621,238 (-38.8%) Est. Cost $115.38 Unrealized +33.1%

AZO AUTOZONE INC 2.3%

Value ($000) $167,510 (-24.5%) Shares 49,391 (-4.6%) Est. Cost $3118.37 Unrealized +21.1%

AXP AMERICAN EXPRESS CO 1.6%

Value ($000) $118,289 (-27.8%) Shares 319,744 (-35.1%) Est. Cost $196.24 Unrealized +81.9%

GOOGL ALPHABET INC 4.4%

Value ($000) $320,579 (+12.1%) Shares 1,024,214 (-12.9%) Est. Cost $168.90 Unrealized +69.1%

RY ROYAL BANK OF CANADA 1.6%

Value ($000) $117,860 (-22.1%) Shares 691,320 (-32.6%) Est. Cost $99.10 Unrealized +55.0%

MSFT MICROSOFT CORP 3.4%

Value ($000) $252,682 (-10.4%) Shares 522,481 (-4.0%) Est. Cost $418.66 Unrealized +19.6%

NOC NORTHROP GRUMMAN CORP 0.4%

Value ($000) $29,778 (-37.6%) Shares 52,222 (-33.3%) Est. Cost $445.90 Unrealized +29.8%

COF CAPITAL ONE FINANCIAL CORP 0.9%

Value ($000) $65,620 (-18.5%) Shares 270,753 (-28.5%) Est. Cost $185.05 Unrealized +20.1%

EQT EQT CORP 1.6%

Value ($000) $118,551 (-11.0%) Shares 2,211,775 (-10.4%) Est. Cost $45.79 Unrealized +22.6%

EXE Expand Energy Corp 0.1%

Value ($000) $8,823 (-61.1%) Shares 82,004 (-62.5%) Est. Cost $91.35 Unrealized +21.1%

TSM TAIWAN SEMICONDUCTOR MANUFACTU 4.9%

Value ($000) $364,112 (-3.0%) Shares 1,198,170 (-10.9%) Est. Cost $177.48 Unrealized —

LOW LOWE'S COS INC 0.2%

Value ($000) $13,274 (-38.7%) Shares 55,044 (-36.2%) Est. Cost $209.58 Unrealized +14.4%

QSR RESTAURANT BRANDS INTL INC 2.3%

Value ($000) $169,889 (+5.0%) Shares 2,489,553 (-1.3%) Est. Cost $65.52 Unrealized +5.2%

GGG GRACO INC 0.5%

Value ($000) $39,868 (-15.4%) Shares 486,374 (-12.3%) Est. Cost $85.43 Unrealized -4.1%

CNQ CANADIAN NATURAL RESOURCES LTD 2.6%

Value ($000) $189,312 (+3.5%) Shares 5,588,945 (-2.3%) Est. Cost $29.85 Unrealized +8.6%

MTD METTLER-TOLEDO INTERNATIONAL I 1.0%

Value ($000) $75,097 (+9.0%) Shares 53,864 (-4.0%) Est. Cost $1275.33 Unrealized +9.5%

RCI ROGERS COMMUNICATIONS INC 0.6%

Value ($000) $42,990 (-10.6%) Shares 1,138,837 (-18.5%) Est. Cost $29.07 Unrealized +28.9%

WPM WHEATON PRECIOUS METALS CORP 1.4%

Value ($000) $104,392 (-4.1%) Shares 887,936 (-8.7%) Est. Cost $59.01 Unrealized +81.5%

ADBE ADOBE INC 0.0%

Value ($000) $2,800 (-60.8%) Shares 8,000 (-60.5%) Est. Cost $442.74 Unrealized -23.2%

MSCI MSCI INC 1.6%

Value ($000) $114,764 (-3.6%) Shares 200,031 (-4.7%) Est. Cost $583.43 Unrealized -4.0%

ELV ELEVANCE HEALTH INC 1.8%

Value ($000) $129,936 (+3.3%) Shares 370,662 (-4.8%) Est. Cost $415.04 Unrealized -18.9%

MAR MARRIOTT INTERNATIONAL INC/MD 0.4%

Value ($000) $31,568 (+14.8%) Shares 101,755 (-3.6%) Est. Cost $235.71 Unrealized +21.0%

TMO THERMO FISHER SCIENTIFIC INC 0.0%

Value ($000) $424 (-90.3%) Shares 732 (-91.9%) Est. Cost $526.14 Unrealized +7.4%

SPY SPDR S&P 500 ETF TRUST 0.1%

Value ($000) $10,144 (+55.9%) Shares 11,999 (-8.6%) Est. Cost $495.75 Unrealized —

CME CME GROUP INC 2.0%

Value ($000) $147,497 (-1.9%) Shares 540,122 (-2.9%) Est. Cost $219.24 Unrealized +23.5%

TJX TJX COS INC/THE 1.7%

Value ($000) $126,777 (+2.2%) Shares 825,317 (-3.8%) Est. Cost $116.97 Unrealized +26.3%

SPGI S&P GLOBAL INC 0.5%

Value ($000) $37,994 (+4.9%) Shares 72,704 (-2.3%) Est. Cost $448.33 Unrealized +10.2%

AGI ALAMOS GOLD INC NEW 0.1%

Value ($000) $6,956 (-17.0%) Shares 180,127 (-25.1%) Est. Cost $20.18 Unrealized +72.7%

FSV FIRSTSERVICE CORP 0.1%

Value ($000) $4,408 (-23.7%) Shares 28,344 (-6.5%) Est. Cost $183.39 Unrealized -11.4%

ALC ALCON INC 0.4%

Value ($000) $26,571 (+4.8%) Shares 332,828 (-2.3%) Est. Cost $93.02 Unrealized -17.2%

STN STANTEC INC 0.1%

Value ($000) $6,969 (-14.1%) Shares 73,848 (-1.8%) Est. Cost $77.26 Unrealized —

RGLD ROYAL GOLD INC 0.0%

Value ($000) $1,380 (-43.8%) Shares 6,210 (-49.3%) Est. Cost $144.33 Unrealized +37.4%

AON AON PLC 0.4%

Value ($000) $27,436 (-2.9%) Shares 77,749 (-1.9%) Est. Cost $334.04 Unrealized +4.5%

ICLR ICON PLC 0.5%

Value ($000) $35,336 (+2.0%) Shares 193,917 (-2.0%) Est. Cost $217.37 Unrealized -18.1%

CIGI COLLIERS INTL GROUP INC 0.1%

Value ($000) $5,640 (-10.2%) Shares 38,370 (-4.5%) Est. Cost $142.12 Unrealized +5.6%

TD TORONTO DOMINION BANK 0.9%

Value ($000) $67,966 (+0.7%) Shares 721,113 (-14.6%) Est. Cost $58.22 Unrealized +45.0%

ASMLF ASML HOLDING NV 0.9%

Value ($000) $65,900 (-0.7%) Shares 60,890 (-10.8%) Est. Cost $713.58 Unrealized +46.2%

CL COLGATE-PALMOLIVE CO 0.1%

Value ($000) $7,590 (-4.7%) Shares 96,046 (-3.6%) Est. Cost $82.80 Unrealized -5.4%

KGC KINROSS GOLD CORP 0.1%

Value ($000) $4,556 (-7.4%) Shares 161,759 (-18.5%) Est. Cost $12.97 Unrealized +100.3%

SYF SYNCHRONY FINANCIAL 0.0%

Value ($000) $2,902 (+14.0%) Shares 34,784 (-2.9%) Est. Cost $56.09 Unrealized +36.1%

HDB HDFC BANK LTD 0.3%

Value ($000) $21,430 (-1.4%) Shares 586,480 (-7.8%) Est. Cost $46.53 Unrealized —

NTB BANK OF NT BUTTERFIELD & SON L 0.0%

Value ($000) $3,208 (+10.3%) Shares 64,395 (-5.0%) Est. Cost $40.71 Unrealized +13.2%

HLT HILTON WORLDWIDE HOLDINGS INC 0.2%

Value ($000) $13,445 (+1.6%) Shares 46,807 (-8.2%) Est. Cost $222.36 Unrealized +22.4%

GIB CGI INC 0.1%

Value ($000) $6,122 (+2.7%) Shares 66,272 (-1.0%) Est. Cost $111.68 Unrealized -20.3%

PEP PEPSICO INC 0.2%

Value ($000) $12,377 (-1.1%) Shares 86,240 (-3.3%) Est. Cost $157.15 Unrealized -7.2%

GDXJ VANECK JUNIOR GOLD MINERS 0.1%

Value ($000) $6,167 (-0.5%) Shares 54,201 (-13.4%) Est. Cost $42.75 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY LTD 0.0%

Value ($000) $329 (-4.0%) Shares 4,468 (-2.9%) Est. Cost $77.48 Unrealized -5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	57,678 (-88.8%)	$11,242 (-92.2%)	0.2%	$155.43	+53.2%	Common Stock	68389X105
UNH	UNITEDHEALTH GROUP INC	47,217 (-85.3%)	$15,587 (-85.9%)	0.2%	$540.31	-37.6%	Common Stock	91324P102
AEM	AGNICO EAGLE MINES LIMITED	711,604 (-37.0%)	$120,680 (-36.5%)	1.6%	$62.56	+168.3%	Common Stock	008474108
PM	PHILIP MORRIS INTERNATIONAL IN	621,238 (-38.8%)	$99,649 (-39.5%)	1.4%	$115.38	+33.1%	Common Stock	718172109
AZO	AUTOZONE INC	49,391 (-4.6%)	$167,510 (-24.5%)	2.3%	$3118.37	+21.1%	Common Stock	053332102
AXP	AMERICAN EXPRESS CO	319,744 (-35.1%)	$118,289 (-27.8%)	1.6%	$196.24	+81.9%	Common Stock	025816109
GOOGL	ALPHABET INC	1,024,214 (-12.9%)	$320,579 (+12.1%)	4.4%	$168.90	+69.1%	Common Stock	02079K305
RY	ROYAL BANK OF CANADA	691,320 (-32.6%)	$117,860 (-22.1%)	1.6%	$99.10	+55.0%	Common Stock	780087102
MSFT	MICROSOFT CORP	522,481 (-4.0%)	$252,682 (-10.4%)	3.4%	$418.66	+19.6%	Common Stock	594918104
NOC	NORTHROP GRUMMAN CORP	52,222 (-33.3%)	$29,778 (-37.6%)	0.4%	$445.90	+29.8%	Common Stock	666807102
COF	CAPITAL ONE FINANCIAL CORP	270,753 (-28.5%)	$65,620 (-18.5%)	0.9%	$185.05	+20.1%	Common Stock	14040H105
EQT	EQT CORP	2,211,775 (-10.4%)	$118,551 (-11.0%)	1.6%	$45.79	+22.6%	Common Stock	26884L109
EXE	Expand Energy Corp	82,004 (-62.5%)	$8,823 (-61.1%)	0.1%	$91.35	+21.1%	Common Stock	165167735
TSM	TAIWAN SEMICONDUCTOR MANUFACTU	1,198,170 (-10.9%)	$364,112 (-3.0%)	4.9%	$177.48	—	ADR	874039100
LOW	LOWE'S COS INC	55,044 (-36.2%)	$13,274 (-38.7%)	0.2%	$209.58	+14.4%	Common Stock	548661107
QSR	RESTAURANT BRANDS INTL INC	2,489,553 (-1.3%)	$169,889 (+5.0%)	2.3%	$65.52	+5.2%	Common Stock	76131D103
GGG	GRACO INC	486,374 (-12.3%)	$39,868 (-15.4%)	0.5%	$85.43	-4.1%	Common Stock	384109104
CNQ	CANADIAN NATURAL RESOURCES LTD	5,588,945 (-2.3%)	$189,312 (+3.5%)	2.6%	$29.85	+8.6%	Common Stock	136385101
MTD	METTLER-TOLEDO INTERNATIONAL I	53,864 (-4.0%)	$75,097 (+9.0%)	1.0%	$1275.33	+9.5%	Common Stock	592688105
RCI	ROGERS COMMUNICATIONS INC	1,138,837 (-18.5%)	$42,990 (-10.6%)	0.6%	$29.07	+28.9%	Common Stock	775109200
WPM	WHEATON PRECIOUS METALS CORP	887,936 (-8.7%)	$104,392 (-4.1%)	1.4%	$59.01	+81.5%	Common Stock	962879102
ADBE	ADOBE INC	8,000 (-60.5%)	$2,800 (-60.8%)	0.0%	$442.74	-23.2%	Common Stock	00724F101
MSCI	MSCI INC	200,031 (-4.7%)	$114,764 (-3.6%)	1.6%	$583.43	-4.0%	Common Stock	55354G100
ELV	ELEVANCE HEALTH INC	370,662 (-4.8%)	$129,936 (+3.3%)	1.8%	$415.04	-18.9%	Common Stock	036752103
MAR	MARRIOTT INTERNATIONAL INC/MD	101,755 (-3.6%)	$31,568 (+14.8%)	0.4%	$235.71	+21.0%	Common Stock	571903202
TMO	THERMO FISHER SCIENTIFIC INC	732 (-91.9%)	$424 (-90.3%)	0.0%	$526.14	+7.4%	Common Stock	883556102
SPY	SPDR S&P 500 ETF TRUST	11,999 (-8.6%)	$10,144 (+55.9%)	0.1%	$495.75	—	OPTIONS	78462F103
CME	CME GROUP INC	540,122 (-2.9%)	$147,497 (-1.9%)	2.0%	$219.24	+23.5%	Common Stock	12572Q105
TJX	TJX COS INC/THE	825,317 (-3.8%)	$126,777 (+2.2%)	1.7%	$116.97	+26.3%	Common Stock	872540109
SPGI	S&P GLOBAL INC	72,704 (-2.3%)	$37,994 (+4.9%)	0.5%	$448.33	+10.2%	Common Stock	78409V104
AGI	ALAMOS GOLD INC NEW	180,127 (-25.1%)	$6,956 (-17.0%)	0.1%	$20.18	+72.7%	Common Stock	011532108
FSV	FIRSTSERVICE CORP	28,344 (-6.5%)	$4,408 (-23.7%)	0.1%	$183.39	-11.4%	Common Stock	33767E202
ALC	ALCON INC	332,828 (-2.3%)	$26,571 (+4.8%)	0.4%	$93.02	-17.2%	Common Stock	H01301128
STN	STANTEC INC	73,848 (-1.8%)	$6,969 (-14.1%)	0.1%	$77.26	—	Common Stock	85472N109
RGLD	ROYAL GOLD INC	6,210 (-49.3%)	$1,380 (-43.8%)	0.0%	$144.33	+37.4%	Common Stock	780287108
AON	AON PLC	77,749 (-1.9%)	$27,436 (-2.9%)	0.4%	$334.04	+4.5%	Common Stock	G0403H108
ICLR	ICON PLC	193,917 (-2.0%)	$35,336 (+2.0%)	0.5%	$217.37	-18.1%	Common Stock	G4705A100
CIGI	COLLIERS INTL GROUP INC	38,370 (-4.5%)	$5,640 (-10.2%)	0.1%	$142.12	+5.6%	Common Stock	194693107
TD	TORONTO DOMINION BANK	721,113 (-14.6%)	$67,966 (+0.7%)	0.9%	$58.22	+45.0%	Common Stock	891160509
ASMLF	ASML HOLDING NV	60,890 (-10.8%)	$65,900 (-0.7%)	0.9%	$713.58	+46.2%	Common Stock	N07059202
CL	COLGATE-PALMOLIVE CO	96,046 (-3.6%)	$7,590 (-4.7%)	0.1%	$82.80	-5.4%	Common Stock	194162103
KGC	KINROSS GOLD CORP	161,759 (-18.5%)	$4,556 (-7.4%)	0.1%	$12.97	+100.3%	Common Stock	496902404
SYF	SYNCHRONY FINANCIAL	34,784 (-2.9%)	$2,902 (+14.0%)	0.0%	$56.09	+36.1%	Common Stock	87165B103
HDB	HDFC BANK LTD	586,480 (-7.8%)	$21,430 (-1.4%)	0.3%	$46.53	—	ADR	40415F101
NTB	BANK OF NT BUTTERFIELD & SON L	64,395 (-5.0%)	$3,208 (+10.3%)	0.0%	$40.71	+13.2%	Common Stock	G0772R208
HLT	HILTON WORLDWIDE HOLDINGS INC	46,807 (-8.2%)	$13,445 (+1.6%)	0.2%	$222.36	+22.4%	Common Stock	43300A203
GIB	CGI INC	66,272 (-1.0%)	$6,122 (+2.7%)	0.1%	$111.68	-20.3%	Common Stock	12532H104
PEP	PEPSICO INC	86,240 (-3.3%)	$12,377 (-1.1%)	0.2%	$157.15	-7.2%	Common Stock	713448108
GDXJ	VANECK JUNIOR GOLD MINERS	54,201 (-13.4%)	$6,167 (-0.5%)	0.1%	$42.75	—	ETP	92189F791
CP	CANADIAN PACIFIC KANSAS CITY LTD	4,468 (-2.9%)	$329 (-4.0%)	0.0%	$77.48	-5.0%	Common Stock	13646K108

Unchanged Positions (16)

EFXT ENERFLEX LTD 1.3%

Value ($000) $94,937 Shares 6,157,845 Est. Cost $6.49 Unrealized +105.0%

WFC WELLS FARGO & CO 3.6%

Value ($000) $261,383 Shares 2,804,535 Est. Cost $58.67 Unrealized +47.7%

ROST ROSS STORES INC 1.9%

Value ($000) $142,775 Shares 792,576 Est. Cost $119.91 Unrealized +38.9%

ADI ANALOG DEVICES INC 2.4%

Value ($000) $173,314 Shares 639,062 Est. Cost $195.08 Unrealized +28.5%

TECK TECK RESOURCES LTD 2.2%

Value ($000) $159,552 Shares 3,332,589 Est. Cost $36.18 Unrealized +19.7%

RBA RB GLOBAL INC 1.7%

Value ($000) $124,857 Shares 1,212,695 Est. Cost $66.08 Unrealized +53.7%

V VISA INC COM CL A 1.8%

Value ($000) $135,586 Shares 386,604 Est. Cost $268.74 Unrealized +26.7%

CB CHUBB LTD 0.6%

Value ($000) $44,647 Shares 143,043 Est. Cost $202.74 Unrealized +44.2%

WTW WILLIS TOWERS WATSON PLC 1.2%

Value ($000) $85,478 Shares 260,128 Est. Cost $310.08 Unrealized +5.3%

RAL RALLIANT CORP 0.1%

Value ($000) $5,666 Shares 111,303 Est. Cost $49.24 Unrealized -4.8%

EMR EMERSON ELECTRIC CO 0.4%

Value ($000) $31,832 Shares 239,846 Est. Cost $82.06 Unrealized +61.3%

BRK/B BERKSHIRE HATHAWAY INC 1.1%

Value ($000) $81,544 Shares 162,228 Est. Cost $308.18 Unrealized +61.4%

TFII TFI INTERNATIONAL INC 0.0%

Value ($000) $1,675 Shares 16,200 Est. Cost $122.46 Unrealized -24.0%

FDS FACTSET RESEARCH SYSTEMS INC 0.1%

Value ($000) $7,184 Shares 24,755 Est. Cost $457.61 Unrealized -38.8%

FTS FORTIS INC 0.0%

Value ($000) $395 Shares 7,596 Est. Cost $46.59 Unrealized +9.1%

WCN WASTE CONNECTIONS INC 0.0%

Value ($000) $2,105 Shares 12,000 Est. Cost $179.61 Unrealized -3.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFXT	ENERFLEX LTD	6,157,845	$94,937	1.3%	$6.49	+105.0%	Common Stock	29269R105
WFC	WELLS FARGO & CO	2,804,535	$261,383	3.6%	$58.67	+47.7%	Common Stock	949746101
ROST	ROSS STORES INC	792,576	$142,775	1.9%	$119.91	+38.9%	Common Stock	778296103
ADI	ANALOG DEVICES INC	639,062	$173,314	2.4%	$195.08	+28.5%	Common Stock	032654105
TECK	TECK RESOURCES LTD	3,332,589	$159,552	2.2%	$36.18	+19.7%	Common Stock	878742204
RBA	RB GLOBAL INC	1,212,695	$124,857	1.7%	$66.08	+53.7%	Common Stock	74935Q107
V	VISA INC COM CL A	386,604	$135,586	1.8%	$268.74	+26.7%	Common Stock	92826C839
CB	CHUBB LTD	143,043	$44,647	0.6%	$202.74	+44.2%	Common Stock	H1467J104
WTW	WILLIS TOWERS WATSON PLC	260,128	$85,478	1.2%	$310.08	+5.3%	Common Stock	G96629103
RAL	RALLIANT CORP	111,303	$5,666	0.1%	$49.24	-4.8%	Common Stock	750940108
EMR	EMERSON ELECTRIC CO	239,846	$31,832	0.4%	$82.06	+61.3%	Common Stock	291011104
BRK/B	BERKSHIRE HATHAWAY INC	162,228	$81,544	1.1%	$308.18	+61.4%	Common Stock	084670702
TFII	TFI INTERNATIONAL INC	16,200	$1,675	0.0%	$122.46	-24.0%	Common Stock	87241L109
FDS	FACTSET RESEARCH SYSTEMS INC	24,755	$7,184	0.1%	$457.61	-38.8%	Common Stock	303075105
FTS	FORTIS INC	7,596	$395	0.0%	$46.59	+9.1%	Common Stock	349553107
WCN	WASTE CONNECTIONS INC	12,000	$2,105	0.0%	$179.61	-3.8%	Common Stock	94106B101