Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARES	ARES MANAGEMENT CORPORATION	509,283	$54.91M	1.7%	$107.82	—	CL A COM STK	03990B101
MCD	MCDONALDS CORP	117,396	$31.43M	0.9%	$267.73	—	COM	580135101
NOW	SERVICENOW INC	169,765	$17.01M	0.5%	$100.18	—	COM	81762P102
Q	QNITY ELECTRONICS INC	87,207	$13.83M	0.4%	$158.55	—	COMMON STOCK	74743L100
ISRG	INTUITIVE SURGICAL INC	18,700	$7.607M	0.2%	$406.80	—	COM NEW	46120E602
EGO	ELDORADO GOLD CORP NEW	29,454	$917K	0.0%	$31.13	—	COM	284902509
MU	MICRON TECHNOLOGY INC	398	$457K	0.0%	$1147.63	—	COM	595112103
PHYS	SPROTT ASSET MANAGEMENT LP	9,377	$284K	0.0%	$30.31	—	PHYSICAL GOLD TR	85207H104
CAT	CATERPILLAR INC	265	$274K	0.0%	$1035.31	—	COM	149123101
MS	MORGAN STANLEY	960	$204K	0.0%	$212.15	—	COM NEW	617446448

Increased Positions (32)

HUM HUMANA INC 5.2%

Value $174M (+151.9%) Shares 445,719 (+12.1%) Est. Cost $263.15 Unrealized —

TFII TFI INTERNATIONAL INC 1.2%

Value $38.5M (+4527.3%) Shares 266,364 (+3231.2%) Est. Cost $143.63 Unrealized —

DHR DANAHER CORP DEL 1.9%

Value $62.06M (+73.4%) Shares 321,266 (+70.1%) Est. Cost $208.78 Unrealized —

STN STANTEC INC 2.2%

Value $72.45M (-18.3%) Shares 1,048,820 (+1.9%) Est. Cost $131.59 Unrealized —

SUNC SUNOCOCORP LLC 2.6%

Value $86.5M (+12.8%) Shares 1,261,725 (+1.5%) Est. Cost $49.77 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.8%

Value $24.99M (+36.9%) Shares 49,246 (+32.6%) Est. Cost $551.19 Unrealized —

AMZN AMAZON COM INC 0.7%

Value $24.56M (+35.1%) Shares 102,071 (+16.9%) Est. Cost $230.20 Unrealized —

PLD PROLOGIS INC. 0.8%

Value $25.71M (+23.2%) Shares 184,713 (+17.0%) Est. Cost $126.20 Unrealized —

MOH MOLINA HEALTHCARE INC 0.3%

Value $8.612M (+74.9%) Shares 37,443 (+1.4%) Est. Cost $165.64 Unrealized —

WCN WASTE CONNECTIONS INC 2.3%

Value $76.35M (+4.7%) Shares 457,046 (+1.5%) Est. Cost $172.30 Unrealized —

SNPS SYNOPSYS INC 0.5%

Value $16.47M (+17.0%) Shares 36,751 (+3.5%) Est. Cost $444.36 Unrealized —

CVS CVS HEALTH CORP 0.2%

Value $6.069M (+46.1%) Shares 58,475 (+1.1%) Est. Cost $78.93 Unrealized —

AXON AXON ENTERPRISE INC 0.2%

Value $6.134M (+39.9%) Shares 11,988 (+16.1%) Est. Cost $605.39 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.3%

Value $9.241M (+20.5%) Shares 35,563 (+29.5%) Est. Cost $291.74 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.8%

Value $26.46M (+6.0%) Shares 53,236 (+2.2%) Est. Cost $497.52 Unrealized —

MKL MARKEL GROUP INC 0.2%

Value $7.466M (+24.2%) Shares 3,809 (+21.2%) Est. Cost $2015.30 Unrealized —

DIS DISNEY WALT CO 0.3%

Value $9.295M (+17.1%) Shares 94,050 (+14.2%) Est. Cost $108.20 Unrealized —

MSFT MICROSOFT CORP 2.5%

Value $84.16M (+1.2%) Shares 227,873 (+1.3%) Est. Cost $498.84 Unrealized —

MFC MANULIFE FINL CORP 0.1%

Value $4.344M (+26.8%) Shares 106,606 (+6.1%) Est. Cost $36.43 Unrealized —

TRP TC ENERGY CORP 0.2%

Value $6.128M (+16.1%) Shares 89,367 (+5.8%) Est. Cost $57.84 Unrealized —

BKNG BOOKING HOLDINGS INC 0.2%

Value $8.194M (+10.1%) Shares 44,831 (+2435.7%) Est. Cost $378.20 Unrealized —

SOBO SOUTH BOW CORP 0.2%

Value $5.081M (+13.6%) Shares 141,527 (+5.9%) Est. Cost $28.89 Unrealized —

BEP BROOKFIELD RENEWABLE ENERGY 0.1%

Value $2.366M (+21.5%) Shares 67,889 (+11.8%) Est. Cost $32.36 Unrealized —

ENB ENBRIDGE INC 0.2%

Value $6.074M (+7.2%) Shares 109,615 (+4.6%) Est. Cost $48.63 Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value $2.224M (+16.9%) Shares 11,385 (+3.9%) Est. Cost $186.96 Unrealized —

AVY AVERY DENNISON CORP 0.9%

Value $31.16M (+0.8%) Shares 190,375 (+6.3%) Est. Cost $172.10 Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 0.0%

Value $958K (-17.6%) Shares 51,625 (+8.1%) Est. Cost $23.92 Unrealized —

HD HOME DEPOT INC 0.0%

Value $463K (+68.8%) Shares 1,318 (+56.9%) Est. Cost $367.75 Unrealized —

BAM BROOKFIELD ASSET MANAGMT LTD 0.0%

Value $1.26M (+3.5%) Shares 28,592 (+4.1%) Est. Cost $53.10 Unrealized —

JNJ JOHNSON & JOHNSON 0.0%

Value $440K (+10.3%) Shares 1,699 (+4.0%) Est. Cost $229.08 Unrealized —

IMO IMPERIAL OIL LTD 0.0%

Value $403K (-8.7%) Shares 3,554 (+4.7%) Est. Cost $105.32 Unrealized —

ORCL ORACLE CORP 0.0%

Value $214K (+3.7%) Shares 1,445 (+3.0%) Est. Cost $168.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HUM	HUMANA INC	445,719 (+12.1%)	$174M (+151.9%)	5.2%	$263.15	—	COM	444859102
TFII	TFI INTERNATIONAL INC	266,364 (+3231.2%)	$38.5M (+4527.3%)	1.2%	$143.63	—	COM	87241L109
DHR	DANAHER CORP DEL	321,266 (+70.1%)	$62.06M (+73.4%)	1.9%	$208.78	—	COM	235851102
STN	STANTEC INC	1,048,820 (+1.9%)	$72.45M (-18.3%)	2.2%	$131.59	—	COM	85472N109
SUNC	SUNOCOCORP LLC	1,261,725 (+1.5%)	$86.5M (+12.8%)	2.6%	$49.77	—	COM SHS LLC	86765Q106
TMO	THERMO FISHER SCIENTIFIC INC	49,246 (+32.6%)	$24.99M (+36.9%)	0.8%	$551.19	—	COM	883556102
AMZN	AMAZON COM INC	102,071 (+16.9%)	$24.56M (+35.1%)	0.7%	$230.20	—	COM	023135106
PLD	PROLOGIS INC.	184,713 (+17.0%)	$25.71M (+23.2%)	0.8%	$126.20	—	COM	74340W103
MOH	MOLINA HEALTHCARE INC	37,443 (+1.4%)	$8.612M (+74.9%)	0.3%	$165.64	—	COM	60855R100
WCN	WASTE CONNECTIONS INC	457,046 (+1.5%)	$76.35M (+4.7%)	2.3%	$172.30	—	COM	94106B101
SNPS	SYNOPSYS INC	36,751 (+3.5%)	$16.47M (+17.0%)	0.5%	$444.36	—	COM	871607107
CVS	CVS HEALTH CORP	58,475 (+1.1%)	$6.069M (+46.1%)	0.2%	$78.93	—	COM	126650100
AXON	AXON ENTERPRISE INC	11,988 (+16.1%)	$6.134M (+39.9%)	0.2%	$605.39	—	COM	05464C101
CEG	CONSTELLATION ENERGY CORP	35,563 (+29.5%)	$9.241M (+20.5%)	0.3%	$291.74	—	COM	21037T109
BRK/B	BERKSHIRE HATHAWAY INC DEL	53,236 (+2.2%)	$26.46M (+6.0%)	0.8%	$497.52	—	CL B NEW	084670702
MKL	MARKEL GROUP INC	3,809 (+21.2%)	$7.466M (+24.2%)	0.2%	$2015.30	—	COM	570535104
DIS	DISNEY WALT CO	94,050 (+14.2%)	$9.295M (+17.1%)	0.3%	$108.20	—	COM	254687106
MSFT	MICROSOFT CORP	227,873 (+1.3%)	$84.16M (+1.2%)	2.5%	$498.84	—	COM	594918104
MFC	MANULIFE FINL CORP	106,606 (+6.1%)	$4.344M (+26.8%)	0.1%	$36.43	—	COM	56501R106
TRP	TC ENERGY CORP	89,367 (+5.8%)	$6.128M (+16.1%)	0.2%	$57.84	—	COM	87807B107
BKNG	BOOKING HOLDINGS INC	44,831 (+2435.7%)	$8.194M (+10.1%)	0.2%	$378.20	—	COM	09857L108
SOBO	SOUTH BOW CORP	141,527 (+5.9%)	$5.081M (+13.6%)	0.2%	$28.89	—	COM	83671M105
BEP	BROOKFIELD RENEWABLE ENERGY	67,889 (+11.8%)	$2.366M (+21.5%)	0.1%	$32.36	—	PARTNERSHIP UNIT	G16258108
ENB	ENBRIDGE INC	109,615 (+4.6%)	$6.074M (+7.2%)	0.2%	$48.63	—	COM	29250N105
NVDA	NVIDIA CORPORATION	11,385 (+3.9%)	$2.224M (+16.9%)	0.1%	$186.96	—	COM	67066G104
AVY	AVERY DENNISON CORP	190,375 (+6.3%)	$31.16M (+0.8%)	0.9%	$172.10	—	COM	053611109
PSLV	SPROTT ASSET MANAGEMENT LP	51,625 (+8.1%)	$958K (-17.6%)	0.0%	$23.92	—	PHYSICAL SILVER	85207K107
HD	HOME DEPOT INC	1,318 (+56.9%)	$463K (+68.8%)	0.0%	$367.75	—	COM	437076102
BAM	BROOKFIELD ASSET MANAGMT LTD	28,592 (+4.1%)	$1.26M (+3.5%)	0.0%	$53.10	—	CL A LMT VTG SHS	113004105
JNJ	JOHNSON & JOHNSON	1,699 (+4.0%)	$440K (+10.3%)	0.0%	$229.08	—	COM	478160104
IMO	IMPERIAL OIL LTD	3,554 (+4.7%)	$403K (-8.7%)	0.0%	$105.32	—	COM NEW	453038408
ORCL	ORACLE CORP	1,445 (+3.0%)	$214K (+3.7%)	0.0%	$168.98	—	COM	68389X105

Exited Positions (14)

TRI THOMSON REUTERS CORP 1.2%

Value $38.44M Shares 427,356 Est. Cost $131.14 Unrealized —

BGSI BOYD GROUP SERVICES INC 1.1%

Value $37.96M Shares 298,328 Est. Cost $160.68 Unrealized —

CVX CHEVRON CORPORATION 0.3%

Value $10.06M Shares 48,621 Est. Cost $151.40 Unrealized —

OTIS OTIS WORLDWIDE CORP 0.3%

Value $9.534M Shares 123,691 Est. Cost $89.25 Unrealized —

CSCO CISCO SYS INC 0.1%

Value $1.725M Shares 22,240 Est. Cost $73.79 Unrealized —

EWW ISHARES INC 0.1%

Value $1.699M Shares 23,340 Est. Cost $72.80 Unrealized —

TT TRANE TECHNOLOGIES PLC 0.0%

Value $451K Shares 1,083 Est. Cost $422.16 Unrealized —

EMA EMERA INC 0.0%

Value $409K Shares 7,908 Est. Cost $49.78 Unrealized —

SHEL SHELL PLC 0.0%

Value $352K Shares 3,790 Est. Cost $92.99 Unrealized —

HON HONEYWELL INTL INC 0.0%

Value $315K Shares 1,395 Est. Cost $225.93 Unrealized —

NTR NUTRIEN LTD 0.0%

Value $237K Shares 3,148 Est. Cost $68.11 Unrealized —

QNC QUANTUM EMOTION CORP 0.0%

Value $39,763 Shares 17,450 Est. Cost $3.51 Unrealized —

VFF VILLAGE FARMS INTL INC 0.0%

Value $37,912 Shares 13,350 Est. Cost $3.38 Unrealized —

LEXX LEXARIA BIOSCIENCE CORP 0.0%

Value $7,800 Shares 10,000 Est. Cost $0.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRI	THOMSON REUTERS CORP	427,356	$38.44M	1.2%	$131.14	—	—	884903808
BGSI	BOYD GROUP SERVICES INC	298,328	$37.96M	1.1%	$160.68	—	—	103310108
CVX	CHEVRON CORPORATION	48,621	$10.06M	0.3%	$151.40	—	—	166764100
OTIS	OTIS WORLDWIDE CORP	123,691	$9.534M	0.3%	$89.25	—	—	68902V107
CSCO	CISCO SYS INC	22,240	$1.725M	0.1%	$73.79	—	—	17275R102
EWW	ISHARES INC	23,340	$1.699M	0.1%	$72.80	—	—	464286822
TT	TRANE TECHNOLOGIES PLC	1,083	$451K	0.0%	$422.16	—	—	G8994E103
EMA	EMERA INC	7,908	$409K	0.0%	$49.78	—	—	290876101
SHEL	SHELL PLC	3,790	$352K	0.0%	$92.99	—	—	780259305
HON	HONEYWELL INTL INC	1,395	$315K	0.0%	$225.93	—	—	438516106
NTR	NUTRIEN LTD	3,148	$237K	0.0%	$68.11	—	—	67077M108
QNC	QUANTUM EMOTION CORP	17,450	$39,763	0.0%	$3.51	—	—	74767K103
VFF	VILLAGE FARMS INTL INC	13,350	$37,912	0.0%	$3.38	—	—	92707Y108
LEXX	LEXARIA BIOSCIENCE CORP	10,000	$7,800	0.0%	$0.72	—	—	52886N406

Decreased Positions (43)

MRVL MARVELL TECHNOLOGY INC 3.5%

Value $116M (+118.5%) Shares 417,345 (-22.2%) Est. Cost $83.87 Unrealized —

ACN ACCENTURE PLC IRELAND 0.0%

Value $369K (-99.1%) Shares 2,950 (-98.6%) Est. Cost $254.04 Unrealized —

BAC BANK OF AMER CORP 0.1%

Value $2.194M (-94.8%) Shares 37,830 (-95.7%) Est. Cost $52.75 Unrealized —

AMAT APPLIED MATLS INC 3.4%

Value $112M (+52.9%) Shares 161,516 (-24.9%) Est. Cost $239.49 Unrealized —

CM CANADIAN IMPERIAL BANK OF CO 1.3%

Value $44.01M (-42.7%) Shares 386,903 (-52.4%) Est. Cost $85.80 Unrealized —

RY ROYAL BK CDA 4.8%

Value $160M (+25.0%) Shares 780,250 (-1.8%) Est. Cost $153.57 Unrealized —

HCA HCA HEALTHCARE INC 0.9%

Value $28.58M (-50.7%) Shares 72,694 (-40.7%) Est. Cost $463.73 Unrealized —

TXN TEXAS INSTRS INC 2.6%

Value $87.72M (+44.9%) Shares 306,656 (-1.7%) Est. Cost $171.42 Unrealized —

GOOGL ALPHABET INC 4.3%

Value $142M (+22.1%) Shares 401,804 (-1.0%) Est. Cost $285.60 Unrealized —

BMO BANK MONTREAL MEDIUM 3.4%

Value $113M (+27.9%) Shares 642,300 (-2.0%) Est. Cost $126.63 Unrealized —

LLY ELI LILLY & CO 3.0%

Value $99.46M (+30.4%) Shares 80,697 (-2.7%) Est. Cost $956.63 Unrealized —

ASML ASML HLDG NV 2.3%

Value $74.9M (+40.8%) Shares 39,695 (-1.4%) Est. Cost $1782.52 Unrealized —

SLF SUN LIFE FINANCIAL INC. 2.0%

Value $67.77M (+23.4%) Shares 866,769 (-1.5%) Est. Cost $60.47 Unrealized —

SU SUNCOR ENERGY INC NEW 0.6%

Value $20.99M (-34.1%) Shares 389,604 (-19.4%) Est. Cost $42.26 Unrealized —

ABBV ABBVIE INC 2.5%

Value $83.59M (+14.7%) Shares 328,038 (-2.2%) Est. Cost $227.54 Unrealized —

BNS BANK NOVA SCOTIA B C 1.7%

Value $55.97M (+17.4%) Shares 645,809 (-6.4%) Est. Cost $67.98 Unrealized —

UNP UNION PAC CORP 2.3%

Value $75.64M (+10.1%) Shares 276,791 (-2.2%) Est. Cost $227.32 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 2.9%

Value $94.41M (+7.2%) Shares 1,084,795 (-3.4%) Est. Cost $73.60 Unrealized —

OC OWENS CORNING NEW 0.5%

Value $16.34M (+41.8%) Shares 104,466 (-1.9%) Est. Cost $117.36 Unrealized —

ODFL OLD DOMINION FREIGHT LINE IN 0.3%

Value $10.37M (-29.4%) Shares 47,113 (-37.3%) Est. Cost $143.18 Unrealized —

AEM AGNICO EAGLE MINES LTD 0.3%

Value $10.56M (-26.8%) Shares 68,640 (-3.7%) Est. Cost $167.85 Unrealized —

BN BROOKFIELD CORP 4.7%

Value $154M (+2.6%) Shares 3,655,048 (-1.8%) Est. Cost $45.55 Unrealized —

NEE NEXTERA ENERGY INC 1.8%

Value $59.36M (-5.6%) Shares 668,136 (-1.3%) Est. Cost $82.50 Unrealized —

CNI CANADIAN NATL RY CO 1.0%

Value $34.75M (+10.5%) Shares 288,600 (-5.9%) Est. Cost $96.38 Unrealized —

TJX TJX COS INC NEW 0.7%

Value $24.39M (-7.5%) Shares 160,926 (-2.6%) Est. Cost $147.70 Unrealized —

EME EMCOR GROUP INC 0.5%

Value $17.34M (+8.3%) Shares 21,247 (-2.0%) Est. Cost $647.50 Unrealized —

DE DEERE & CO 1.9%

Value $63.51M (+1.1%) Shares 101,151 (-9.3%) Est. Cost $467.69 Unrealized —

B BARRICK MNG CORP 0.1%

Value $4.603M (-11.7%) Shares 124,450 (-2.7%) Est. Cost $37.42 Unrealized —

BCE BCE INC 0.1%

Value $2.77M (-17.6%) Shares 124,215 (-7.0%) Est. Cost $23.88 Unrealized —

AAPL APPLE INC 0.2%

Value $6.77M (+9.0%) Shares 23,979 (-2.1%) Est. Cost $262.82 Unrealized —

TD TORONTO DOMINION BK ONT 0.2%

Value $6.901M (-6.0%) Shares 57,251 (-27.5%) Est. Cost $95.26 Unrealized —

TU TELUS CORPORATION 0.0%

Value $777K (-26.4%) Shares 71,902 (-12.7%) Est. Cost $13.67 Unrealized —

CRH CRH PLC 0.6%

Value $18.44M (+1.1%) Shares 169,034 (-2.6%) Est. Cost $119.13 Unrealized —

XLK SELECT SECTOR SPDR TR 0.0%

Value $706K (+36.9%) Shares 3,798 (-2.1%) Est. Cost $132.91 Unrealized —

GOOG ALPHABET INC 0.0%

Value $1.431M (+12.7%) Shares 4,065 (-8.6%) Est. Cost $323.67 Unrealized —

IHI ISHARES TR 0.0%

Value $220K (-42.0%) Shares 4,342 (-39.9%) Est. Cost $52.60 Unrealized —

COST COSTCO WHOLESALE CORPORATION 0.0%

Value $567K (-20.6%) Shares 598 (-16.6%) Est. Cost $963.77 Unrealized —

EFA ISHARES TR 0.0%

Value $225K (-31.1%) Shares 2,175 (-37.5%) Est. Cost $94.07 Unrealized —

FERG FERGUSON ENTERPRISES INC 0.6%

Value $18.24M (+0.4%) Shares 76,299 (-2.0%) Est. Cost $237.95 Unrealized —

RTX RTX CORPORATION 0.0%

Value $1.054M (-4.1%) Shares 5,615 (-1.5%) Est. Cost $196.61 Unrealized —

GS GOLDMAN SACHS GROUP INC 0.0%

Value $240K (+13.6%) Shares 235 (-6.0%) Est. Cost $932.60 Unrealized —

AQN ALGONQUIN POWER & UTILITIES 0.0%

Value $590K (-4.2%) Shares 98,524 (-2.2%) Est. Cost $6.51 Unrealized —

GD GENERAL DYNAMICS CORP 0.0%

Value $878K (-0.5%) Shares 2,516 (-2.1%) Est. Cost $354.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRVL	MARVELL TECHNOLOGY INC	417,345 (-22.2%)	$116M (+118.5%)	3.5%	$83.87	—	COM	573874104
ACN	ACCENTURE PLC IRELAND	2,950 (-98.6%)	$369K (-99.1%)	0.0%	$254.04	—	SHS CLASS A	G1151C101
BAC	BANK OF AMER CORP	37,830 (-95.7%)	$2.194M (-94.8%)	0.1%	$52.75	—	COM	060505104
AMAT	APPLIED MATLS INC	161,516 (-24.9%)	$112M (+52.9%)	3.4%	$239.49	—	COM	038222105
CM	CANADIAN IMPERIAL BANK OF CO	386,903 (-52.4%)	$44.01M (-42.7%)	1.3%	$85.80	—	COM	136069101
RY	ROYAL BK CDA	780,250 (-1.8%)	$160M (+25.0%)	4.8%	$153.57	—	COM	780087102
HCA	HCA HEALTHCARE INC	72,694 (-40.7%)	$28.58M (-50.7%)	0.9%	$463.73	—	COM	40412C101
TXN	TEXAS INSTRS INC	306,656 (-1.7%)	$87.72M (+44.9%)	2.6%	$171.42	—	COM	882508104
GOOGL	ALPHABET INC	401,804 (-1.0%)	$142M (+22.1%)	4.3%	$285.60	—	CAP STK CL A	02079K305
BMO	BANK MONTREAL MEDIUM	642,300 (-2.0%)	$113M (+27.9%)	3.4%	$126.63	—	COM	063671101
LLY	ELI LILLY & CO	80,697 (-2.7%)	$99.46M (+30.4%)	3.0%	$956.63	—	COM	532457108
ASML	ASML HLDG NV	39,695 (-1.4%)	$74.9M (+40.8%)	2.3%	$1782.52	—	N Y REGISTRY SHS	N07059210
SLF	SUN LIFE FINANCIAL INC.	866,769 (-1.5%)	$67.77M (+23.4%)	2.0%	$60.47	—	COM	866796105
SU	SUNCOR ENERGY INC NEW	389,604 (-19.4%)	$20.99M (-34.1%)	0.6%	$42.26	—	COM	867224107
ABBV	ABBVIE INC	328,038 (-2.2%)	$83.59M (+14.7%)	2.5%	$227.54	—	COM	00287Y109
BNS	BANK NOVA SCOTIA B C	645,809 (-6.4%)	$55.97M (+17.4%)	1.7%	$67.98	—	COM	064149107
UNP	UNION PAC CORP	276,791 (-2.2%)	$75.64M (+10.1%)	2.3%	$227.32	—	COM	907818108
CP	CANADIAN PACIFIC KANSAS CITY	1,084,795 (-3.4%)	$94.41M (+7.2%)	2.9%	$73.60	—	COM	13646K108
OC	OWENS CORNING NEW	104,466 (-1.9%)	$16.34M (+41.8%)	0.5%	$117.36	—	COM	690742101
ODFL	OLD DOMINION FREIGHT LINE IN	47,113 (-37.3%)	$10.37M (-29.4%)	0.3%	$143.18	—	COM	679580100
AEM	AGNICO EAGLE MINES LTD	68,640 (-3.7%)	$10.56M (-26.8%)	0.3%	$167.85	—	COM	008474108
BN	BROOKFIELD CORP	3,655,048 (-1.8%)	$154M (+2.6%)	4.7%	$45.55	—	CL A LTD VT SH	11271J107
NEE	NEXTERA ENERGY INC	668,136 (-1.3%)	$59.36M (-5.6%)	1.8%	$82.50	—	COM	65339F101
CNI	CANADIAN NATL RY CO	288,600 (-5.9%)	$34.75M (+10.5%)	1.0%	$96.38	—	COM	136375102
TJX	TJX COS INC NEW	160,926 (-2.6%)	$24.39M (-7.5%)	0.7%	$147.70	—	COM	872540109
EME	EMCOR GROUP INC	21,247 (-2.0%)	$17.34M (+8.3%)	0.5%	$647.50	—	COM	29084Q100
DE	DEERE & CO	101,151 (-9.3%)	$63.51M (+1.1%)	1.9%	$467.69	—	COM	244199105
B	BARRICK MNG CORP	124,450 (-2.7%)	$4.603M (-11.7%)	0.1%	$37.42	—	COM SHS	06849F108
BCE	BCE INC	124,215 (-7.0%)	$2.77M (-17.6%)	0.1%	$23.88	—	COM NEW	05534B760
AAPL	APPLE INC	23,979 (-2.1%)	$6.77M (+9.0%)	0.2%	$262.82	—	COM	037833100
TD	TORONTO DOMINION BK ONT	57,251 (-27.5%)	$6.901M (-6.0%)	0.2%	$95.26	—	COM NEW	891160509
TU	TELUS CORPORATION	71,902 (-12.7%)	$777K (-26.4%)	0.0%	$13.67	—	COM	87971M103
CRH	CRH PLC	169,034 (-2.6%)	$18.44M (+1.1%)	0.6%	$119.13	—	ORD	G25508105
XLK	SELECT SECTOR SPDR TR	3,798 (-2.1%)	$706K (+36.9%)	0.0%	$132.91	—	ST STR TECHN ETF	81369Y803
GOOG	ALPHABET INC	4,065 (-8.6%)	$1.431M (+12.7%)	0.0%	$323.67	—	CAP STK CL C	02079K107
IHI	ISHARES TR	4,342 (-39.9%)	$220K (-42.0%)	0.0%	$52.60	—	U.S. MED DVC ETF	464288810
COST	COSTCO WHOLESALE CORPORATION	598 (-16.6%)	$567K (-20.6%)	0.0%	$963.77	—	COM	22160K105
EFA	ISHARES TR	2,175 (-37.5%)	$225K (-31.1%)	0.0%	$94.07	—	MSCI EAFE ETF	464287465
FERG	FERGUSON ENTERPRISES INC	76,299 (-2.0%)	$18.24M (+0.4%)	0.6%	$237.95	—	COMMON STOCK NEW	31488V107
RTX	RTX CORPORATION	5,615 (-1.5%)	$1.054M (-4.1%)	0.0%	$196.61	—	COM	75513E101
GS	GOLDMAN SACHS GROUP INC	235 (-6.0%)	$240K (+13.6%)	0.0%	$932.60	—	COM	38141G104
AQN	ALGONQUIN POWER & UTILITIES	98,524 (-2.2%)	$590K (-4.2%)	0.0%	$6.51	—	COM	015857105
GD	GENERAL DYNAMICS CORP	2,516 (-2.1%)	$878K (-0.5%)	0.0%	$354.49	—	COM	369550108

Unchanged Positions (31)

UNH UNITEDHEALTH GROUP INC 2.0%

Value $65.54M Shares 155,800 Est. Cost $337.21 Unrealized —

CNQ CANADIAN NAT RES LTD MED TER 2.0%

Value $66.72M Shares 1,693,724 Est. Cost $32.42 Unrealized —

MGA MAGNA INTL INC 1.9%

Value $62.44M Shares 962,137 Est. Cost $48.87 Unrealized —

V VISA INC 2.1%

Value $70.49M Shares 205,889 Est. Cost $337.42 Unrealized —

GIL GILDAN ACTIVEWEAR INC 2.3%

Value $77.18M Shares 1,493,903 Est. Cost $59.45 Unrealized —

PBA PEMBINA PIPELINE CORP 2.2%

Value $73.69M Shares 1,577,026 Est. Cost $38.46 Unrealized —

FSV FIRSTSERVICE CORP NEW 2.2%

Value $71.95M Shares 506,534 Est. Cost $161.10 Unrealized —

ADI ANALOG DEVICES INC 0.1%

Value $3.7M Shares 9,426 Est. Cost $316.17 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.0%

Value $569K Shares 1,053 Est. Cost $221.70 Unrealized —

AXP AMERICAN EXPRESS CO 0.1%

Value $2.862M Shares 8,380 Est. Cost $356.17 Unrealized —

VST VISTRA CORP 0.1%

Value $3.307M Shares 20,322 Est. Cost $181.92 Unrealized —

DHI D R HORTON INC 0.0%

Value $1.567M Shares 9,525 Est. Cost $155.94 Unrealized —

JPM JPMORGAN CHASE & CO 0.1%

Value $2.306M Shares 6,986 Est. Cost $311.42 Unrealized —

CVE CENOVUS ENERGY INC 0.2%

Value $5.197M Shares 207,452 Est. Cost $17.40 Unrealized —

FTS FORTIS INC 0.2%

Value $6.309M Shares 109,041 Est. Cost $50.95 Unrealized —

VOD VODAFONE GROUP PLC 0.1%

Value $2.034M Shares 148,295 Est. Cost $15.25 Unrealized —

PLAB PHOTRONICS INC 0.0%

Value $420K Shares 13,400 Est. Cost $35.90 Unrealized —

ACHV ACHIEVE LIFE SCIENCE INC 0.0%

Value $165K Shares 26,365 Est. Cost $4.78 Unrealized —

FDX FEDEX CORP 0.0%

Value $867K Shares 2,660 Est. Cost $338.93 Unrealized —

BBY BEST BUY INC 0.0%

Value $358K Shares 4,600 Est. Cost $66.96 Unrealized —

GLD SPDR GOLD TR 0.0%

Value $365K Shares 987 Est. Cost $430.27 Unrealized —

CING CINGULATE INC 0.0%

Value $273K Shares 51,200 Est. Cost $5.79 Unrealized —

AOR ISHARES TR 0.0%

Value $447K Shares 6,438 Est. Cost $64.35 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 0.0%

Value $745K Shares 1 Est. Cost $740378.25 Unrealized —

GOSS GOSSAMER BIO INC 0.0%

Value $17,502 Shares 106,500 Est. Cost $2.26 Unrealized —

WFC WELLS FARGO & CO 0.0%

Value $348K Shares 4,155 Est. Cost $90.04 Unrealized —

JCI JOHNSON CONTROLS INTERNATION 0.0%

Value $222K Shares 1,575 Est. Cost $126.06 Unrealized —

USAS AMERICAS GOLD AND SILVER COR 0.0%

Value $115K Shares 24,600 Est. Cost $7.32 Unrealized —

DNN DENISON MINES CORP 0.0%

Value $84,237 Shares 27,100 Est. Cost $3.77 Unrealized —

ZTEK ZENTEK LTD 0.0%

Value $33,341 Shares 70,600 Est. Cost $0.72 Unrealized —

OTEX OPEN TEXT CORP 0.0%

Value $286K Shares 12,945 Est. Cost $27.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	155,800	$65.54M	2.0%	$337.21	—	COM	91324P102
CNQ	CANADIAN NAT RES LTD MED TER	1,693,724	$66.72M	2.0%	$32.42	—	COM	136385101
MGA	MAGNA INTL INC	962,137	$62.44M	1.9%	$48.87	—	COM	559222401
V	VISA INC	205,889	$70.49M	2.1%	$337.42	—	COM CL A	92826C839
GIL	GILDAN ACTIVEWEAR INC	1,493,903	$77.18M	2.3%	$59.45	—	COM	375916103
PBA	PEMBINA PIPELINE CORP	1,577,026	$73.69M	2.2%	$38.46	—	COM	706327103
FSV	FIRSTSERVICE CORP NEW	506,534	$71.95M	2.2%	$161.10	—	COM	33767E202
ADI	ANALOG DEVICES INC	9,426	$3.7M	0.1%	$316.17	—	COM	032654105
AMD	ADVANCED MICRO DEVICES INC	1,053	$569K	0.0%	$221.70	—	COM	007903107
AXP	AMERICAN EXPRESS CO	8,380	$2.862M	0.1%	$356.17	—	COM	025816109
VST	VISTRA CORP	20,322	$3.307M	0.1%	$181.92	—	COM	92840M102
DHI	D R HORTON INC	9,525	$1.567M	0.0%	$155.94	—	COM	23331A109
JPM	JPMORGAN CHASE & CO	6,986	$2.306M	0.1%	$311.42	—	COM	46625H100
CVE	CENOVUS ENERGY INC	207,452	$5.197M	0.2%	$17.40	—	COM	15135U109
FTS	FORTIS INC	109,041	$6.309M	0.2%	$50.95	—	COM	349553107
VOD	VODAFONE GROUP PLC	148,295	$2.034M	0.1%	$15.25	—	SPONSORED ADR	92857W308
PLAB	PHOTRONICS INC	13,400	$420K	0.0%	$35.90	—	COM	719405102
ACHV	ACHIEVE LIFE SCIENCE INC	26,365	$165K	0.0%	$4.78	—	COM	004468500
FDX	FEDEX CORP	2,660	$867K	0.0%	$338.93	—	COM	31428X106
BBY	BEST BUY INC	4,600	$358K	0.0%	$66.96	—	COM	086516101
GLD	SPDR GOLD TR	987	$365K	0.0%	$430.27	—	GOLD SHS	78463V107
CING	CINGULATE INC	51,200	$273K	0.0%	$5.79	—	COM	17248W303
AOR	ISHARES TR	6,438	$447K	0.0%	$64.35	—	CORE 60 BALA ETF	464289867
BRK/A	BERKSHIRE HATHAWAY INC DEL	1	$745K	0.0%	$740378.25	—	CL A	084670108
GOSS	GOSSAMER BIO INC	106,500	$17,502	0.0%	$2.26	—	COM	38341P102
WFC	WELLS FARGO & CO	4,155	$348K	0.0%	$90.04	—	COM	949746101
JCI	JOHNSON CONTROLS INTERNATION	1,575	$222K	0.0%	$126.06	—	SHS	G51502105
USAS	AMERICAS GOLD AND SILVER COR	24,600	$115K	0.0%	$7.32	—	COM NEW	03062D803
DNN	DENISON MINES CORP	27,100	$84,237	0.0%	$3.77	—	COM	248356107
ZTEK	ZENTEK LTD	70,600	$33,341	0.0%	$0.72	—	COM	98942X102
OTEX	OPEN TEXT CORP	12,945	$286K	0.0%	$27.49	—	COM	683715106