Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRI	THOMSON REUTERS CORP	988,349	$80.72M	19.7%	$81.67	—	COM	884903881
SYK	STRYKER CORPORATION	41,700	$13.13M	3.2%	$314.84	—	COM	863667101
ALC	ALCON AG	188,500	$12.65M	3.1%	$67.10	—	ORD SHS	H01301128
ALLE	ALLEGION PLC	73,000	$10.26M	2.5%	$140.49	—	ORD SHS	G0176J109
FDXF	FEDEX FGHT HLDG CO INC	45,000	$6.795M	1.7%	$151.00	—	COMMON STOCK	314352105
SPCX	SPACE EXPLORATION TECHN CORP	5,000	$854K	0.2%	$170.86	—	CLASS A COM STK	84615Q103

Increased Positions (3)

BSX BOSTON SCIENTIFIC CORP 8.1%

Value $33.29M (+22.0%) Shares 780,000 (+79.3%) Est. Cost $66.74 Unrealized —

UPS UNITED PARCEL SVCS INC 1.2%

Value $4.838M (+96.7%) Shares 45,000 (+80.0%) Est. Cost $100.05 Unrealized —

SHAK SHAKE SHACK INC 0.5%

Value $1.961M (-11.4%) Shares 35,000 (+40.0%) Est. Cost $95.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BSX	BOSTON SCIENTIFIC CORP	780,000 (+79.3%)	$33.29M (+22.0%)	8.1%	$66.74	—	COM	101137107
UPS	UNITED PARCEL SVCS INC	45,000 (+80.0%)	$4.838M (+96.7%)	1.2%	$100.05	—	CL B	911312106
SHAK	SHAKE SHACK INC	35,000 (+40.0%)	$1.961M (-11.4%)	0.5%	$95.52	—	CL A	819047101

Exited Positions (4)

TRI THOMSON REUTERS CORP 22.1%

Value $90.33M Shares 1,003,851 Est. Cost $163.41 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 6.8%

Value $27.81M Shares 95,000 Est. Cost $352.61 Unrealized —

CNI CANADIAN NATL RY CO 1.5%

Value $6.033M Shares 58,700 Est. Cost $100.61 Unrealized —

ICLR ICON PLC 1.4%

Value $5.533M Shares 50,000 Est. Cost $156.36 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRI	THOMSON REUTERS CORP	1,003,851	$90.33M	22.1%	$163.41	—	—	884903808
ELV	ELEVANCE HEALTH INC FORMERLY	95,000	$27.81M	6.8%	$352.61	—	—	036752103
CNI	CANADIAN NATL RY CO	58,700	$6.033M	1.5%	$100.61	—	—	136375102
ICLR	ICON PLC	50,000	$5.533M	1.4%	$156.36	—	—	G4705A100

Decreased Positions (2)

GS GOLDMAN SACHS GROUP INC 6.2%

Value $25.28M (-0.4%) Shares 25,000 (-16.7%) Est. Cost $833.23 Unrealized —

CAT CATERPILLAR INC 2.6%

Value $10.65M (+0.2%) Shares 10,000 (-33.3%) Est. Cost $330.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GS	GOLDMAN SACHS GROUP INC	25,000 (-16.7%)	$25.28M (-0.4%)	6.2%	$833.23	—	COM	38141G104
CAT	CATERPILLAR INC	10,000 (-33.3%)	$10.65M (+0.2%)	2.6%	$330.84	—	COM	149123101

Unchanged Positions (39)

JPM JPMORGAN CHASE & CO 10.0%

Value $40.92M Shares 125,000 Est. Cost $252.67 Unrealized —

FDX FEDEX CORP 6.9%

Value $28.18M Shares 90,000 Est. Cost $215.22 Unrealized —

A AGILENT TECHNOLOGIES INC 6.5%

Value $26.57M Shares 200,000 Est. Cost $126.22 Unrealized —

TD TORONTO DOMINION BK ONT 2.2%

Value $9.107M Shares 75,000 Est. Cost $68.53 Unrealized —

AMZN AMAZON COM INC 2.0%

Value $8.342M Shares 35,000 Est. Cost $201.05 Unrealized —

BNS BANK NOVA SCOTIA B C 1.2%

Value $4.863M Shares 56,000 Est. Cost $50.16 Unrealized —

RY ROYAL BK CDA 1.0%

Value $4.139M Shares 20,000 Est. Cost $122.31 Unrealized —

UNP UNION PAC CORP 1.6%

Value $6.718M Shares 24,700 Est. Cost $227.32 Unrealized —

NVO NOVO-NORDISK A S 0.7%

Value $2.876M Shares 60,000 Est. Cost $44.56 Unrealized —

BA BOEING CO 2.0%

Value $8.118M Shares 37,500 Est. Cost $188.88 Unrealized —

NKE NIKE INC 0.6%

Value $2.258M Shares 55,000 Est. Cost $60.14 Unrealized —

NTR NUTRIEN LTD 0.7%

Value $2.833M Shares 45,000 Est. Cost $55.98 Unrealized —

TU TELUS CORPORATION 0.5%

Value $2.114M Shares 200,000 Est. Cost $15.51 Unrealized —

GE GE AEROSPACE 0.5%

Value $1.869M Shares 5,000 Est. Cost $218.59 Unrealized —

MMM 3M CO 1.0%

Value $4.048M Shares 25,000 Est. Cost $159.62 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 5.1%

Value $21.06M Shares 42,000 Est. Cost $574.61 Unrealized —

GEV GE VERNOVA INC 0.4%

Value $1.469M Shares 1,250 Est. Cost $415.97 Unrealized —

C CITIGROUP INC 0.5%

Value $1.889M Shares 13,500 Est. Cost $71.20 Unrealized —

XOM EXXON MOBIL CORP 0.3%

Value $1.367M Shares 10,000 Est. Cost $104.51 Unrealized —

WFC WELLS FARGO & CO 2.1%

Value $8.677M Shares 105,000 Est. Cost $71.15 Unrealized —

MRK MERCK & CO INC 1.0%

Value $4.176M Shares 32,500 Est. Cost $79.62 Unrealized —

TGT TARGET CORP 0.8%

Value $3.265M Shares 25,000 Est. Cost $93.31 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.2%

Value $5.004M Shares 10,000 Est. Cost $484.36 Unrealized —

PFE PFIZER INC 0.2%

Value $843K Shares 35,000 Est. Cost $22.35 Unrealized —

WMT WALMART INC 0.3%

Value $1.133M Shares 10,000 Est. Cost $94.76 Unrealized —

BIIB BIOGEN INC 0.1%

Value $540K Shares 2,500 Est. Cost $124.60 Unrealized —

SOLV SOLVENTUM CORP 0.1%

Value $482K Shares 6,250 Est. Cost $70.81 Unrealized —

AQN ALGONQUIN POWER & UTILITIES 0.3%

Value $1.026M Shares 175,000 Est. Cost $5.42 Unrealized —

RELX RELX PLC 0.2%

Value $792K Shares 25,000 Est. Cost $33.15 Unrealized —

NU NU HLDGS LTD 0.1%

Value $334K Shares 25,000 Est. Cost $17.34 Unrealized —

BCE BCE INC 0.0%

Value $138K Shares 6,400 Est. Cost $21.05 Unrealized —

OVV OVINTIV INC 0.0%

Value $158K Shares 3,000 Est. Cost $36.70 Unrealized —

VERX VERTEX INC 0.1%

Value $344K Shares 30,000 Est. Cost $30.99 Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES I 0.0%

Value $107K Shares 1,666 Est. Cost $69.54 Unrealized —

VTRS VIATRIS INC 0.0%

Value $68,935 Shares 4,341 Est. Cost $8.20 Unrealized —

OGN ORGANON & CO 0.0%

Value $16,925 Shares 1,250 Est. Cost $10.25 Unrealized —

WAB WABTEC 0.0%

Value $57,694 Shares 214 Est. Cost $191.67 Unrealized —

DIS DISNEY WALT CO 0.5%

Value $1.925M Shares 20,000 Est. Cost $102.81 Unrealized —

TPG TPG INC 0.2%

Value $1.014M Shares 25,000 Est. Cost $47.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JPM	JPMORGAN CHASE & CO	125,000	$40.92M	10.0%	$252.67	—	COM	46625H100
FDX	FEDEX CORP	90,000	$28.18M	6.9%	$215.22	—	COM	31428X106
A	AGILENT TECHNOLOGIES INC	200,000	$26.57M	6.5%	$126.22	—	COM	00846U101
TD	TORONTO DOMINION BK ONT	75,000	$9.107M	2.2%	$68.53	—	COM	891160509
AMZN	AMAZON COM INC	35,000	$8.342M	2.0%	$201.05	—	COM	023135106
BNS	BANK NOVA SCOTIA B C	56,000	$4.863M	1.2%	$50.16	—	COM	064149107
RY	ROYAL BK CDA	20,000	$4.139M	1.0%	$122.31	—	COM	780087102
UNP	UNION PAC CORP	24,700	$6.718M	1.6%	$227.32	—	COM	907818108
NVO	NOVO-NORDISK A S	60,000	$2.876M	0.7%	$44.56	—	ADR	670100205
BA	BOEING CO	37,500	$8.118M	2.0%	$188.88	—	COM	097023105
NKE	NIKE INC	55,000	$2.258M	0.6%	$60.14	—	CL B	654106103
NTR	NUTRIEN LTD	45,000	$2.833M	0.7%	$55.98	—	COM	67077M108
TU	TELUS CORPORATION	200,000	$2.114M	0.5%	$15.51	—	COM	87971M103
GE	GE AEROSPACE	5,000	$1.869M	0.5%	$218.59	—	COM	369604301
MMM	3M CO	25,000	$4.048M	1.0%	$159.62	—	COM	88579Y101
TMO	THERMO FISHER SCIENTIFIC INC	42,000	$21.06M	5.1%	$574.61	—	COM	883556102
GEV	GE VERNOVA INC	1,250	$1.469M	0.4%	$415.97	—	COM	36828A101
C	CITIGROUP INC	13,500	$1.889M	0.5%	$71.20	—	COM	172967424
XOM	EXXON MOBIL CORP	10,000	$1.367M	0.3%	$104.51	—	COM	30231G102
WFC	WELLS FARGO & CO	105,000	$8.677M	2.1%	$71.15	—	COM	949746101
MRK	MERCK & CO INC	32,500	$4.176M	1.0%	$79.62	—	COM	58933Y105
TGT	TARGET CORP	25,000	$3.265M	0.8%	$93.31	—	COM	87612E106
BRK/B	BERKSHIRE HATHAWAY INC DEL	10,000	$5.004M	1.2%	$484.36	—	CL B	084670702
PFE	PFIZER INC	35,000	$843K	0.2%	$22.35	—	COM	717081103
WMT	WALMART INC	10,000	$1.133M	0.3%	$94.76	—	COM	931142103
BIIB	BIOGEN INC	2,500	$540K	0.1%	$124.60	—	COM	09062X103
SOLV	SOLVENTUM CORP	6,250	$482K	0.1%	$70.81	—	COM SHS	83444M101
AQN	ALGONQUIN POWER & UTILITIES	175,000	$1.026M	0.3%	$5.42	—	COM	015857105
RELX	RELX PLC	25,000	$792K	0.2%	$33.15	—	SPONSORED ADR	759530108
NU	NU HLDGS LTD	25,000	$334K	0.1%	$17.34	—	ORD SHS CL A	G6683N103
BCE	BCE INC	6,400	$138K	0.0%	$21.05	—	COM	05534B760
OVV	OVINTIV INC	3,000	$158K	0.0%	$36.70	—	COM	69047Q102
VERX	VERTEX INC	30,000	$344K	0.1%	$30.99	—	CL A	92538J106
GEHC	GE HEALTHCARE TECHNOLOGIES I	1,666	$107K	0.0%	$69.54	—	COMMON STOCK	36266G107
VTRS	VIATRIS INC	4,341	$68,935	0.0%	$8.20	—	COM	92556V106
OGN	ORGANON & CO	1,250	$16,925	0.0%	$10.25	—	COMMON STOCK	68622V106
WAB	WABTEC	214	$57,694	0.0%	$191.67	—	COM	929740108
DIS	DISNEY WALT CO	20,000	$1.925M	0.5%	$102.81	—	COM	254687106
TPG	TPG INC	25,000	$1.014M	0.2%	$47.97	—	COM CL A	872657101