Sector breakdown

04
Industrials 29.9%
Technology 17.2%
Consumer Discretionary 10.5%
Communication Services 8.3%
Materials 5.8%
Retail 4.2%
Financials 3.1%
Consumer products 2.4%
Other/Unmapped 18.5%

Full portfolio 38 positions

05
Type Streak 8Q trend
GFL GFL Environmental Inc. Subordinate voting shares, no par value $19,712,517 9.05% 416,100 $5,036,191 Up ×1
BKLN Invesco Exchange-Traded Fund Trust II $19,661,130 9.02% 939,600 $-491,010 Down ×1
CWST Casella Waste Systems, Inc. - Class A Common Stock $15,353,078 7.05% 161,722 Up ×1
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $14,641,669 6.72% 253,500 $-7,895,417 Down ×1
HPE Hewlett Packard Enterprise Company Common Stock $13,161,255 6.04% 536,100 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $12,329,614 5.66% 44,170 $-3,351,729 Down ×3
AMZN Amazon.com, Inc. - Common Stock $9,144,674 4.20% 41,650 $1,674,104 Up ×1
TTWO Take-Two Interactive Software, Inc. - Common Stock $8,546,508 3.92% 33,076 $514,994
DOO BRP Inc. - Common Subordinate Voting Shares $8,187,809 3.76% 134,747 Up ×1
BTG CUSIP: 11777Q209 $8,166,448 3.75% 1,652,400 Up ×1
SKE Skeena Resources Limited Common Shares $7,370,160 3.38% 400,000 Up ×1
BN Brookfield Corporation Class A Limited Voting Shares $6,855,111 3.15% 100,000 Up ×1
ITRI Itron, Inc. - Common Stock $6,679,530 3.07% 53,625 $3,962,571 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $6,452,351 2.96% 8,786 $3,574,112 Up ×1
CAE CAE Inc. Ordinary Shares $5,673,472 2.60% 191,700 Up ×1
STN Stantec Inc Common Stock $5,357,595 2.46% 49,679 $-4,043,426 Down ×1
AGI Alamos Gold Inc. Class A Common Shares $5,343,090 2.45% 153,300 $-3,743,489 Down ×1
BLD TopBuild Corp. Common Stock $5,250,984 2.41% 13,431 Up ×1
NVDA NVIDIA Corporation - Common Stock $4,714,877 2.16% 25,270 $-8,288,875 Down ×1
UAL United Airlines Holdings, Inc. - Common Stock $4,572,204 2.10% 47,400 $-44,596 Down ×1
CP Canadian Pacific Kansas City Limited Common Shares $4,050,436 1.86% 54,411 $-25,322,301 Down ×1
CWAN Clearwater Analytics Holdings, Inc. Class A Common Stock $3,881,508 1.78% 215,400 Up ×1
PANW Palo Alto Networks, Inc. - Common Stock $3,359,730 1.54% 16,500 $1,068,210 Up ×2
IAUXWS CUSIP: 44955L155 $3,150,000 1.45% 7,000,000 Up ×1
FIX Comfort Systems USA, Inc. Common Stock $2,925,582 1.34% 3,545 $-1,684,666 Down ×1
Unknown issuer (CUSIP: 78462F953) $2,284,800 1.05% 3,200 $-204,700 Down ×1
GAU CUSIP: 36352H100 $2,176,568 1.00% 1,000,000 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $1,598,840 0.73% 6,565 $-4,749,932 Down ×1
PINS Pinterest, Inc. Class A Common Stock $1,556,302 0.71% 48,400 Up ×1
ORLA CUSIP: 68634K106 $1,078,945 0.50% 100,000 Up ×1
POWL Powell Industries, Inc. - Common Stock $933,023 0.43% 3,061 Up ×1
Unknown issuer (CUSIP: 11135F901) $917,250 0.42% 750 Up ×1
Unknown issuer (CUSIP: 42824C909) $736,000 0.34% 4,000 Up ×1
Unknown issuer (CUSIP: 92189F956) $670,000 0.31% 1,000 Up ×1
Unknown issuer (CUSIP: 375916903) $571,080 0.26% 2,000 Up ×1
Unknown issuer (CUSIP: 45780R951) $352,800 0.16% 300 Up ×1
Unknown issuer (CUSIP: 11271J907) $259,680 0.12% 1,500 Up ×1
Unknown issuer (CUSIP: 02079K907) $235,000 0.11% 500 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CWST $15,353,078 161,722 7.05%
HPE $13,161,255 536,100 6.04%
DOO $8,187,809 134,747 3.76%
BTG $8,166,448 1,652,400 3.75%
SKE $7,370,160 400,000 3.38%
BN $6,855,111 100,000 3.15%
CAE $5,673,472 191,700 2.60%
BLD $5,250,984 13,431 2.41%
CWAN $3,881,508 215,400 1.78%
IAUXWS $3,150,000 7,000,000 1.45%
GAU $2,176,568 1,000,000 1.00%
PINS $1,556,302 48,400 0.71%
ORLA $1,078,945 100,000 0.50%
POWL $933,023 3,061 0.43%
Unknown issuer (CUSIP: 11135F901) $917,250 750 0.42%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NVDA Trimmed -57K -$8.3M
GIL Trimmed -205K -$7.9M
GFL Bought more +125K +$5.0M
GOOG Trimmed -29K -$4.7M
STN Trimmed -37K -$4.0M
ITRI Bought more +33K +$4.0M
AGI Trimmed -189K -$3.7M
META Bought more +5K +$3.6M
TSM Trimmed -25K -$3.4M
FIX Trimmed -5K -$1.7M

1 position hidden — reported move looks larger than the position itself (data completeness check)

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
JPM Sept. 30, 2025 51,350 $14,879,690 5.5%
CNI Sept. 30, 2025 131,900 $13,701,435 25.3%
VZLA Sept. 30, 2025 3,300,000 $9,675,291 No longer tracked
BBU Sept. 30, 2025 357,465 $9,332,920 No longer tracked
TU June 30, 2025 622,200 $8,937,417 -50.3%
MRVL Sept. 30, 2025 103,800 $8,029,968 220.9%
XYZ June 30, 2025 117,500 $6,386,125 11.3%
XPO Sept. 30, 2025 48,100 $6,078,878 40.6%
GPN June 30, 2025 59,300 $5,811,400 -0.2%
CHKP Sept. 30, 2025 25,900 $5,730,116 -37.7%
AMD Sept. 30, 2025 38,000 $5,391,820 289.3%
IAUX Sept. 30, 2025 7,910,800 $4,870,682 No longer tracked
BAC Sept. 30, 2025 103,000 $4,869,840 5.2%
GRTUF June 30, 2025 95,800 $4,468,468 No longer tracked
V June 30, 2025 12,100 $4,239,235 2.8%
MA June 30, 2025 7,300 $3,999,451 0.0%
PBA June 30, 2025 96,200 $3,853,755 22.4%
GRND Sept. 30, 2025 152,799 $3,471,593 -9.1%
MSFT Sept. 30, 2025 6,540 $3,251,426 2.0%
BIP Sept. 30, 2025 80,398 $2,688,380 10.9%
SITM Sept. 30, 2025 11,670 $2,488,861 134.4%
OR Sept. 30, 2025 92,900 $2,384,635 -14.1%
DSGX June 30, 2025 22,200 $2,237,913 -20.3%
MYRG Sept. 30, 2025 5,815 $1,055,364 45.7%
PTON June 30, 2025 149,300 $943,576 -27.6%
CLS Sept. 30, 2025 5,906 $920,726 55.6%
NBIS June 30, 2025 29,950 $632,394 328.6%