Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +19.9%
S&P 500 total return (same window) +37.0%
Excess return -17.1%

Annualized: +15.6% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 87.8% · Options excluded: 0.0%

Sector breakdown

04
Financials 29.0%
Industrials 18.1%
Technology 12.0%
Communication Services 9.1%
Materials 8.0%
Healthcare 6.8%
Retail 4.1%
Utilities 3.0%
Energy 2.9%
Consumer Discretionary 2.0%
Consumer products 0.3%
Real Estate 0.2%
Consumer Staples 0.0%
Other/Unmapped 4.4%

Full portfolio 144 positions

05
Type Streak 8Q trend
TD Toronto Dominion Bank (The) Common Stock $193,524,414 6.29% 1,591,641 $54,071,265 Up ×1
RY Royal Bank Of Canada Common Stock $178,300,968 5.80% 861,023 $47,369,259 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $143,464,042 4.67% 400,684 $16,804,214 Down ×2
V Visa Inc. $137,799,697 4.48% 401,205 $22,221,308 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $134,122,034 4.36% 267,762 $29,318,598 Up ×1
MSFT Microsoft Corporation - Common Stock $132,556,014 4.31% 355,109 $5,320,071 Up ×6
TFII TFI International Inc. Common Shares $120,006,459 3.90% 833,692 $23,598,831 Down ×3
TMO Thermo Fisher Scientific Inc Common Stock $111,687,374 3.63% 222,498 $9,012,522 Up ×1
WPM Wheaton Precious Metals Corp Common Shares (Canada) $110,069,724 3.58% 978,187 $-11,820,945 Up ×1
IEFA iShares Core MSCI EAFE ETF $107,449,693 3.49% 1,112,546 $-116,734,544 Down ×3
AME AMETEK, Inc. $99,928,478 3.25% 413,030 $14,230,780 Up ×1
BIP Brookfield Infrastructure Partners LP Limited Partnership Units $91,375,163 2.97% 2,502,674 $5,235,799 Up ×1
ICE Intercontinental Exchange Inc. Common Stock $90,211,192 2.93% 732,247 $-20,071,342 Up ×1
MEOH Methanex Corporation - Common Stock $88,543,612 2.88% 1,917,382 $-27,417,209 Down ×2
BN Brookfield Corporation Class A Limited Voting Shares $86,959,747 2.83% 2,038,905 $5,112,955 Up ×1
TXN Texas Instruments Incorporated - Common Stock $77,189,399 2.51% 258,730 $27,618,080 Up ×1
HEI Heico Corporation Common Stock $75,145,760 2.44% 210,971 $19,915,299 Up ×1
CNQ Canadian Natural Resources Limited Common Stock $74,184,848 2.41% 1,854,339 $-9,378,981 Up ×1
AMZN Amazon.com, Inc. - Common Stock $70,524,091 2.29% 295,677 $8,988,637 Up ×1
BGSI Boyd Group Services Inc. Common Shares $68,850,102 2.24% 726,545 $-9,206,572 Up ×1
SPOT Spotify Technology S.A. Ordinary Shares $64,115,668 2.09% 139,646 $9,784,412 Up ×1
DPZ Domino's Pizza Inc - Common Stock $60,480,380 1.97% 204,298 $13,140,192 Up ×1
CNI Canadian National Railway Company Common Stock $59,004,256 1.92% 494,412 $12,966,687 Up ×1
ROP Roper Technologies, Inc. - Common Stock $51,038,687 1.66% 150,754 $-787,295 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $43,182,938 1.40% 76,662 $6,122,645 Up ×1
TFPM Triple Flag Precious Metals Corp. Common Shares $38,241,449 1.24% 1,276,890 $-4,532,613 Up ×2
UBER Uber Technologies, Inc. Common Stock $36,761,118 1.20% 509,439 $11,411,332 Up ×2
DHR Danaher Corporation Common Stock $35,566,288 1.16% 186,233 $343,025 Up ×1
CSL Carlisle Companies Incorporated Common Stock $32,331,545 1.05% 89,063 $2,733,446 Up ×1
FTNT Fortinet, Inc. - Common Stock $31,328,956 1.02% 203,938 $3,740,774 Down ×2
JPM JP Morgan Chase & Co. Common Stock $29,513,055 0.96% 89,984 $3,008,062 Up ×1
HCA HCA Healthcare, Inc. Common Stock $29,510,774 0.96% 75,600 $-6,114,733 Up ×1
NFLX Netflix, Inc. - Common Stock $28,355,296 0.92% 397,083 $-9,758,949 Up ×5
Unknown issuer (CUSIP: 884903881) $26,141,097 0.85% 320,163 Up ×1
CDNS Cadence Design Systems, Inc. - Common Stock $25,588,192 0.83% 68,177 $6,839,469 Up ×2
DSGX The Descartes Systems Group Inc. - Common Stock $24,361,040 0.79% 351,850 $59,176 Up ×2
LOW Lowe's Companies, Inc. Common Stock $23,453,742 0.76% 106,145 $-26,442,687 Down ×3
CP Canadian Pacific Kansas City Limited Common Shares $18,805,450 0.61% 216,511 $1,627,103 Down ×2
MELI MercadoLibre, Inc. - Common Stock $18,518,525 0.60% 10,910 $4,167,659 Up ×3
WCN Waste Connections, Inc. Common Shares $18,054,281 0.59% 108,357 $270,359 Down ×2
APP Applovin Corporation - Class A Common Stock $15,163,734 0.49% 29,431 Up ×1
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $14,482,788 0.47% 151,130 $8,354,848 Up ×2
MA Mastercard Incorporated Common Stock $12,422,957 0.40% 24,142 $390,645 Up ×1
GMAB Genmab A/S - American Depositary Shares $11,427,520 0.37% 416,000 Up ×1
HDB HDFC Bank Limited Common Stock $11,210,220 0.36% 434,000 $4,666,780 Up ×1
PAC Grupo Aeroportuario Del Pacifico, S.A. B. de C.V. Grupo Aeroportuario Del Pacifico, S.A. de C.V. (each representing 10 Series B shares) $10,759,300 0.35% 42,500 $5,155,351 Up ×1
NVS Novartis AG Common Stock $10,421,880 0.34% 66,500 Up ×1
CERT Certara, Inc. - Common Stock $10,126,012 0.33% 1,545,956 $1,360,119 Up ×1
APG APi Group Corporation Common Stock $9,841,589 0.32% 232,387 Up ×1
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $9,643,248 0.31% 160,400 Up ×1
SHOP Shopify Inc. - Class A Subordinate Voting Shares $9,170,735 0.30% 80,186 $-376,973 Down ×2
IBN ICICI Bank Limited Common Stock $8,810,605 0.29% 303,500 $4,563,005 Up ×1
CIGI Colliers International Group Inc. - Subordinate Voting Shares $7,423,513 0.24% 79,011 $-997,042
UBS UBS Group AG Registered Ordinary Shares $7,235,760 0.24% 146,000 Up ×1
RIO Rio Tinto Plc Common Stock $6,853,946 0.22% 72,200 $4,484,380 Up ×1
ATS ATS Corporation Common Shares $6,080,495 0.20% 211,025 $151,442
EQNR Equinor ASA $3,199,660 0.10% 101,900 Up ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $3,155,878 0.10% 40,700 Up ×1
PBR Petroleo Brasileiro S.A. Petrobras ADS $3,086,560 0.10% 191,000 Up ×1
TTE TotalEnergies SE Ordinary Shares $2,954,880 0.10% 38,000 Up ×1
MU Micron Technology, Inc. - Common Stock $1,416,314 0.05% 1,227 $793,736 Down ×1
AGG iShares Trust $1,413,137 0.05% 14,277 $-224,520 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $1,026,424 0.03% 2,905 $24,422 Down ×2
SPY SPY $878,943 0.03% 1,174 $-133,174 Down ×1
BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares $653,366 0.02% 7,004 $17,261 Down ×2
INTC Intel Corporation - Common Stock $467,900 0.02% 3,351 $246,147 Down ×1
BMO Bank Of Montreal Common Stock $425,631 0.01% 2,409 $-62,043 Down ×2
AVGO Broadcom Inc. - Common Stock $370,573 0.01% 981 $-84,407 Down ×2
SLF Sun Life Financial Inc. Common Stock $363,305 0.01% 4,629 $32,266 Down ×1
MFC Manulife Financial Corporation Common Stock $345,870 0.01% 8,125 $-31,227 Down ×3
LLY Eli Lilly and Company Common Stock $327,444 0.01% 273 $-47,822 Down ×1
AMD Advanced Micro Devices, Inc. - Common Stock $311,949 0.01% 537 $147,781 Down ×1
AEM Agnico Eagle Mines Limited Common Stock $305,203 0.01% 1,965 $-291,486 Down ×2
ENB Enbridge Inc Common Stock $293,979 0.01% 5,250 $-137,985 Down ×1
TRP TC Energy Corporation Common Stock $269,208 0.01% 4,029 $-111,082 Down ×2
NVDA NVIDIA Corporation - Common Stock $261,718 0.01% 1,308 $-80,474 Down ×2
GEV GE Vernova Inc. Common Stock $236,247 0.01% 201 $-25,773 Down ×1
FHN First Horizon Corporation Common Stock $230,741 0.01% 8,940 $-76,750 Down ×1
MDB MongoDB, Inc. - Class A Common Stock $228,748 0.01% 681 $-21,652 Down ×1
KGC Kinross Gold Corporation Common Stock $218,628 0.01% 9,237 $-203,670 Down ×1
SU Suncor Energy Inc. Common Stock $179,893 0.01% 3,345 $-151,015 Down ×2
NTR Nutrien Ltd. Common Shares $172,280 0.01% 2,717 $-101,737 Down ×3
AAPL Apple Inc. - Common Stock $169,276 0.01% 357 $20,809
DIS Walt Disney Company (The) Common Stock $153,648 0.00% 1,584 $-75,351 Down ×1
AZN AstraZeneca PLC - American Depositary Shares $152,454 0.00% 804 $-85,393 Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $148,380 0.00% 357 $3,885 Down ×1
WMS Advanced Drainage Systems, Inc. Common Stock $147,856 0.00% 942 $-45,909 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $146,804 0.00% 969 $-85,560 Down ×1
COF Capital One Financial Corporation Common Stock $146,252 0.00% 729 $-53,509 Down ×1
SGOV iShares Trust $144,562 0.00% 1,436 $14
ORCL Oracle Corporation Common Stock $126,912 0.00% 211 $-485
TECK Teck Resources Ltd Ordinary Shares $125,209 0.00% 2,103 $-37,549 Down ×1
EXE Expand Energy Corporation - Common Stock $124,474 0.00% 1,365 $-100,136 Down ×1
TTWO Take-Two Interactive Software, Inc. - Common Stock $117,741 0.00% 471 $-21,497 Down ×1
OEF iShares Trust $116,347 0.00% 318 $-10,563 Down ×1
PBA Pembina Pipeline Corp. Ordinary Shares (Canada) $115,861 0.00% 2,505 $-51,922 Down ×2
CCJ Cameco Corporation Common Stock $111,878 0.00% 1,098 $-66,306 Down ×1
RRX Regal Rexnord Corporation Common Stock $110,921 0.00% 465 $-20,218 Down ×1
ALC Alcon Inc. Ordinary Shares $110,916 0.00% 1,653 $-76,027 Down ×1
TMUS T-Mobile US, Inc. - Common Stock $109,192 0.00% 651 $-96,217 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
MSFT $132,556,014 4.31% up ×6
NFLX $28,355,296 0.92% up ×5
MELI $18,518,525 0.60% up ×3
TU $3,005 0.00% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 884903881) $26,141,097 320,163 0.85%
APP $15,163,734 29,431 0.49%
GMAB $11,427,520 416,000 0.37%
NVS $10,421,880 66,500 0.34%
APG $9,841,589 232,387 0.32%
UL $9,643,248 160,400 0.31%
UBS $7,235,760 146,000 0.24%
EQNR $3,199,660 101,900 0.10%
SHEL $3,155,878 40,700 0.10%
PBR $3,086,560 191,000 0.10%
TTE $2,954,880 38,000 0.10%
Unknown issuer (CUSIP: G9600F104) $18,022 429 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IEFA Trimmed -1.4M -$116.7M
TD Bought more +92K +$54.1M
RY Bought more +49K +$47.4M
BRK-B (filed as BRKB) Bought more +49K +$29.3M
TXN Bought more +4K +$27.6M
MEOH Trimmed -34K -$27.4M
LOW Trimmed -105K -$26.4M
TFII Trimmed -51K +$23.6M
V Bought more +19K +$22.2M
ICE Bought more +32K -$20.1M

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
TRI June 30, 2026 303,326 $27,297,275 42.1%
ACWX June 30, 2026 254,500 $17,425,615
BKNG June 30, 2026 39 $218,937 -17.0%
CVS Sept. 30, 2025 187 $39,870 19.3%
DHI June 30, 2025 33 $31,147 10.9%
BAC June 30, 2025 500 $20,865 7.5%
AEM June 30, 2025 178 $19,282 54.0%
TRP June 30, 2025 335 $16,016 29.4%
NVDA June 30, 2025 146 $15,825 36.3%
C June 30, 2025 186 $13,204 45.8%
WFG June 30, 2025 162 $12,482 -6.3%
COST June 30, 2025 13 $12,295 -0.7%
PH June 30, 2025 19 $11,549 30.6%
FNV March 31, 2026 50 $10,378 -3.3%
MS June 30, 2025 86 $10,034 35.0%
SPYM June 30, 2026 130 $9,949 3.4%
GS June 30, 2025 17 $9,287 30.7%
PANW June 30, 2025 48 $8,191 92.8%
LLY June 30, 2025 9 $7,433 65.3%
BTE Dec. 31, 2025 3,031 $7,172 69.0%
XLY June 30, 2025 35 $6,912 No longer tracked
WMT June 30, 2025 75 $6,602 21.5%
APH March 31, 2026 45 $6,093 -35.9%
IWM June 30, 2025 30 $5,986 29.3%
JNJ June 30, 2025 35 $5,804 77.4%
BSX March 31, 2026 60 $5,721 -32.4%
BLK June 30, 2025 6 $5,679 10.4%
ASML March 31, 2026 5 $5,349 25.7%
AGI March 31, 2026 125 $4,833 -28.7%
CRWD March 31, 2026 10 $4,688
GE March 31, 2026 15 $4,626 6.1%
B March 31, 2026 105 $4,580 -2.7%
AGI June 30, 2025 165 $4,408 19.2%
MGA March 31, 2026 80 $4,270 14.7%
BAM March 31, 2026 80 $4,196 6.6%
EQT March 31, 2026 75 $4,020 -11.7%
BX March 31, 2026 25 $3,853 1.8%
PBA June 30, 2025 95 $3,799 33.5%
ARKG June 30, 2025 170 $3,529
OR (filed as ORXXXX) June 30, 2025 165 $3,489 32.2%
GFL June 30, 2025 70 $3,381 -13.6%
STN June 30, 2025 40 $3,315 -33.9%
FTS June 30, 2025 70 $3,188 20.1%
EGO June 30, 2025 175 $2,941 69.4%
BMO June 30, 2025 30 $2,864 57.1%
ISRG March 31, 2026 5 $2,832 -3.6%
RTX March 31, 2026 15 $2,751 1.5%
SMMD June 30, 2026 34 $2,596
NVO March 31, 2026 50 $2,544 4.2%
CM June 30, 2025 45 $2,531 66.2%
GIB June 30, 2025 25 $2,495 -24.3%
FSV June 30, 2025 15 $2,491 -20.4%
WCC March 31, 2026 10 $2,446 26.9%
CVE March 31, 2026 140 $2,372 21.7%
TECK June 30, 2025 65 $2,367 56.1%
CLS June 30, 2025 30 $2,366 92.0%
TU June 30, 2025 150 $2,151 -46.8%
LDOS March 31, 2026 10 $1,804 -10.2%
SCZ June 30, 2026 20 $1,568
IUSB June 30, 2026 26 $1,201
MOGO March 31, 2026 713 $775 No longer tracked
USHY June 30, 2026 16 $589 -4.1%
BLCO June 30, 2025 40 $580 56.8%