Performance vs S&P 500

03
Tracked Q1 2025–Q3 2025 +17.2%
S&P 500 total return (same window) +21.3%
Excess return -4.0%

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: 99.0% · Options excluded: 0.0%

Sector breakdown

04
Financials 26.5%
Technology 22.2%
Industrials 17.6%
Healthcare 7.4%
Energy 5.8%
Communication Services 4.0%
Materials 3.8%
Consumer Discretionary 3.7%
Retail 3.5%
Consumer Staples 2.2%
Real Estate 1.8%
Consumer products 0.8%
Utilities 0.5%
Other/Unmapped 0.3%

Full portfolio 192 positions

05
Type Streak 8Q trend
BN Brookfield Corporation Class A Limited Voting Shares $1,016,131,581 5.58% 14,806,245 $58,348,398 Down ×3
TD Toronto Dominion Bank (The) Common Stock $938,032,962 5.16% 11,728,785 $57,437,315 Down ×2
CNI Canadian National Railway Company Common Stock $836,755,589 4.60% 8,871,249 $-124,261,339 Down ×1
OTEX Open Text Corporation - Common Shares $790,736,244 4.35% 21,150,154 $177,401,473 Up ×3
BMO Bank Of Montreal Common Stock $760,360,119 4.18% 5,833,830 $52,517,677 Down ×3
SHOP Shopify Inc. - Class A Subordinate Voting Shares $722,394,554 3.97% 4,861,383 $137,317,725 Down ×1
MSFT Microsoft Corporation - Common Stock $661,815,792 3.64% 1,277,760 $-33,341,543 Down ×2
CAE CAE Inc. Ordinary Shares $620,290,230 3.41% 20,943,262 $-15,834,397 Down ×3
TRP TC Energy Corporation Common Stock $584,705,108 3.21% 10,751,401 $36,867,013 Down ×3
FNV Franco-Nevada Corporation $548,278,944 3.01% 2,462,713 $89,995,530 Down ×3
TRI Thomson Reuters Corp - Common Shares $448,337,187 2.46% 2,886,701 $-155,893,586 Down ×3
STN Stantec Inc Common Stock $440,337,631 2.42% 4,082,124 $-98,706,655 Down ×2
AMZN Amazon.com, Inc. - Common Stock $435,100,351 2.39% 1,981,602 $-6,198,465 Down ×1
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $395,710,794 2.17% 6,848,156 $31,210,971 Down ×1
GIB CGI Inc. Common Stock $359,373,310 1.98% 4,033,813 $-82,731,089 Down ×3
PBA Pembina Pipeline Corp. Ordinary Shares (Canada) $356,467,861 1.96% 8,814,455 $339,911,297 Up ×1
ORCL Oracle Corporation Common Stock $343,334,135 1.89% 1,220,787 $31,344,097 Down ×1
CIGI Colliers International Group Inc. - Subordinate Voting Shares $330,977,857 1.82% 2,115,789 $252,035 Down ×1
MA Mastercard Incorporated Common Stock $311,521,310 1.71% 547,672 $-4,709,863 Down ×3
ABT Abbott Laboratories Common Stock $289,054,440 1.59% 2,158,089 $-9,600,262 Down ×1
TFII TFI International Inc. Common Shares $281,846,954 1.55% 3,201,844 $-14,147,911 Down ×1
JPM JP Morgan Chase & Co. Common Stock $277,049,739 1.52% 878,324 $8,569,887 Down ×3
GOOG Alphabet Inc. - Class C Capital Stock $262,750,751 1.44% 1,078,837 $59,781,468 Down ×3
GOOGL Alphabet Inc. - Class A Common Stock $262,479,202 1.44% 1,079,717 $48,274,810 Down ×1
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $256,290,276 1.41% 3,724,608 $22,642,874 Down ×1
RY Royal Bank Of Canada Common Stock $242,620,316 1.33% 1,645,780 $-18,239,833 Down ×3
DSGX The Descartes Systems Group Inc. - Common Stock $233,859,687 1.29% 2,483,153 $-30,213,955 Down ×3
UNH UnitedHealth Group Incorporated Common Stock (DE) $229,505,371 1.26% 664,655 $20,643,328 Down ×1
BSX Boston Scientific Corporation Common Stock $214,082,478 1.18% 2,192,794 $-29,627,911 Down ×3
QSR Restaurant Brands International Inc. Common Shares $209,386,324 1.15% 3,263,219 $-16,444,572 Down ×3
TSM Taiwan Semiconductor Manufacturing Company Ltd. $206,565,956 1.14% 739,611 $38,802,775 Down ×1
RBA RB Global, Inc. Common Stock $195,640,130 1.08% 1,805,849 Up ×1
FISV Fiserv, Inc. - Common Stock $194,481,235 1.07% 1,508,425 $-43,946,622 Up ×2
PEP PepsiCo, Inc. - Common Stock $182,854,705 1.00% 1,302,013 $11,185,804 Up ×2
BDX Becton, Dickinson and Company Common Stock $175,028,282 0.96% 935,130 $12,802,716 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $173,009,646 0.95% 235,586 $45,359,933 Up ×1
IQV IQVIA Holdings, Inc. Common Stock $149,227,880 0.82% 785,658 $24,255,386 Down ×1
CPRT Copart, Inc. - Common Stock $139,963,503 0.77% 3,112,375 $-16,801,112 Down ×3
AVGO Broadcom Inc. - Common Stock $138,852,850 0.76% 420,881 $21,863,131 Down ×2
ACN Accenture plc Class A Ordinary Shares (Ireland) $132,126,800 0.73% 535,794 $-33,167,440 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $128,486,086 0.71% 888,931 $18,073,184 Down ×1
SHW Sherwin-Williams Company (The) Common Stock $119,991,555 0.66% 346,536 $-2,363,064 Down ×1
AME AMETEK, Inc. $115,563,976 0.64% 614,702 $2,570,019 Down ×1
HDB HDFC Bank Limited Common Stock $113,314,493 0.62% 3,317,169 $-25,875,905 Up ×3
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $111,403,664 0.61% 221,593 $777,319 Down ×3
DHR Danaher Corporation Common Stock $109,881,639 0.60% 554,230 $-1,939,038 Down ×1
CDNS Cadence Design Systems, Inc. - Common Stock $106,584,929 0.59% 303,436 $12,258,057 Down ×1
MFC Manulife Financial Corporation Common Stock $102,010,705 0.56% 3,273,476 $-5,873,629 Down ×3
GWRE Guidewire Software, Inc. Common Stock $101,131,963 0.56% 439,972 $-3,697,911 Down ×3
MDLZ Mondelez International, Inc. - Class A Common Stock $96,975,741 0.53% 1,552,357 $877,451 Up ×3
INTU Intuit Inc. - Common Stock $90,487,623 0.50% 132,503 Up ×1
PEG Public Service Enterprise Group Incorporated Common Stock $85,571,955 0.47% 1,025,305 $43,898,057 Up ×1
OZK Bank OZK - Common Stock $84,538,655 0.46% 1,658,271 $-272,829 Down ×1
ENB Enbridge Inc Common Stock $84,334,654 0.46% 1,671,318 $6,455,003 Down ×3
JNJ Johnson & Johnson Common Stock $83,532,822 0.46% 450,506 $11,305,596 Down ×3
BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares $80,350,478 0.44% 1,242,357 $5,112,884 Down ×3
CB Chubb Limited Common Stock $78,651,220 0.43% 278,658 $-4,462,494 Down ×3
MNST Monster Beverage Corporation - Common Stock $72,329,508 0.40% 1,074,573 $4,069,448 Down ×1
PG Procter & Gamble Company (The) Common Stock $62,133,601 0.34% 404,384 $-5,087,012 Down ×3
ASML ASML Holding N.V. - New York Registry Shares $60,721,509 0.33% 62,723 $10,599,373 Up ×3
RELX RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) $53,945,349 0.30% 1,129,509 $-8,500,929 Down ×3
AFG American Financial Group, Inc. Common Stock $53,884,924 0.30% 369,784 $6,762,402 Down ×1
CME CME Group Inc. - Class A Common Stock $47,324,048 0.26% 175,151 $-2,014,412 Down ×3
SAP SAP SE ADS $44,114,500 0.24% 165,093 $147,418 Up ×2
COST Costco Wholesale Corporation - Common Stock $40,580,544 0.22% 43,841 $-5,568,478 Down ×3
UL (filed as ULXXXX) Unilever PLC American Depositary Shares (each representing One Ordinary Share) $40,121,415 0.22% 676,812 $-25,801 Up ×1
CL Colgate-Palmolive Company Common Stock $33,450,093 0.18% 418,440 $-7,282,378 Down ×3
DEO Diageo plc Common Stock $32,426,923 0.18% 339,798 $-28,420,941 Down ×3
AX Axos Financial, Inc. Common Stock $32,351,790 0.18% 382,183 $2,950,164 Down ×1
CACC Credit Acceptance Corporation - Common Stock $32,318,093 0.18% 69,214 $-3,586,023 Down ×1
SPY SPY $27,499,244 0.15% 41,279 $-3,886,300 Down ×1
SFBS ServisFirst Bancshares, Inc. Common Stock $24,409,850 0.13% 303,115 $677,684 Down ×1
PGR Progressive Corporation (The) Common Stock $22,537,150 0.12% 91,262 $-2,057,201 Down ×1
LCII LCI Industries $22,072,451 0.12% 236,956 $255,882 Down ×1
VRSK Verisk Analytics, Inc. - Common Stock $21,798,120 0.12% 86,669 $-8,740,717 Down ×3
ABBV AbbVie Inc. Common Stock $20,577,654 0.11% 88,873 $4,097,754 Up ×1
ADSK Autodesk, Inc. - Common Stock $18,814,005 0.10% 59,225 $-87,068,531 Down ×3
ALC Alcon Inc. Ordinary Shares $17,169,935 0.09% 230,438 $-3,535,432 Down ×3
XOM Exxon Mobil Corporation Common Stock $16,074,091 0.09% 142,564 $526,421 Down ×3
LLY Eli Lilly and Company Common Stock $15,509,501 0.09% 20,327 $-507,501 Down ×3
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $15,464,077 0.08% 86,522 $1,152,646 Down ×2
ADP Automatic Data Processing, Inc. - Common Stock $15,397,597 0.08% 52,462 $-3,622,047 Down ×3
MELI MercadoLibre, Inc. - Common Stock $14,430,604 0.08% 6,175 $-1,635,379 Up ×3
TFPM Triple Flag Precious Metals Corp. Common Shares $12,991,855 0.07% 443,713 $539,132 Down ×3
TCOM Trip.com Group Limited - American Depositary Shares $12,547,872 0.07% 166,860 $2,513,220 Down ×2
AAPL Apple Inc. - Common Stock $11,391,636 0.06% 44,738 $643,191 Down ×2
ZTS Zoetis Inc. Class A Common Stock $11,222,451 0.06% 76,698 $-1,787,209 Down ×3
NTR Nutrien Ltd. Common Shares $10,670,851 0.06% 181,665 $-4,506 Down ×3
NU Nu Holdings Ltd. Class A Ordinary Shares $10,435,638 0.06% 651,820 $1,528,066 Up ×1
BAP Credicorp Ltd. Common Stock $10,353,498 0.06% 38,882 $-71,474 Down ×2
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF $10,221,214 0.06% 192,744 $3,418,604 Up ×3
TU Telus Corporation Ordinary Shares $10,164,537 0.06% 645,207 $-330,065 Down ×1
BKNG Booking Holdings Inc. - Common Stock $8,822,407 0.05% 1,634 $-1,077,193 Down ×3
ATS ATS Corporation Common Shares $8,763,730 0.05% 334,904 $-3,305,895 Down ×1
NVDA NVIDIA Corporation - Common Stock $8,403,190 0.05% 45,038 $7,253,023 Up ×1
HLN Haleon plc American Depositary Shares (Each representing two Ordinary Shares) $7,364,423 0.04% 821,006 $-206,734 Up ×3
NVS Novartis AG Common Stock $6,673,224 0.04% 52,037 $205,603 Down ×2
EMR Emerson Electric Company Common Stock $5,963,442 0.03% 45,460 $-97,739
CMCSA Comcast Corporation - Class A Common Stock $5,553,107 0.03% 176,738 $-1,432,710 Down ×3
FMX Fomento Economico Mexicano S.A.B. de C.V. Common Stock $5,454,830 0.03% 55,306 $-359,008 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
OTEX $790,736,244 4.35% up ×3
HDB $113,314,493 0.62% up ×3
MDLZ $96,975,741 0.53% up ×3
ASML $60,721,509 0.33% up ×3
MELI $14,430,604 0.08% up ×3
IGSB $10,221,214 0.06% up ×3
HLN $7,364,423 0.04% up ×3
IGIB $4,836,781 0.03% up ×3
ABEV $160,450 0.00% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
RBA $195,640,130 1,805,849 1.08%
INTU $90,487,623 132,503 0.50%
QQQ $621,382 1,035 0.00%
MUFG $557,071 34,948 0.00%
BIDU $232,442 1,764 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
OTEX Bought more +117K +$177.4M
TRI Trimmed -124K -$155.9M
SHOP Trimmed -222K +$137.3M
CNI Trimmed -370K -$124.3M
STN Trimmed -882K -$98.7M
FNV Trimmed -334K +$90.0M
GIB Trimmed -184K -$82.7M
GOOG Trimmed -65K +$59.8M
BN Trimmed -700K +$58.3M
TD Trimmed -268K +$57.4M

3 positions 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
GOLD June 30, 2025 32,640 $633,636 90.7%
COO June 30, 2025 5,800 $489,230 -20.0%
VUG June 30, 2025 800 $296,656
AMD Sept. 30, 2025 1,548 $219,661 291.8%