Sector breakdown

04
Industrials 24.4%
Financials 14.0%
Energy 13.1%
Consumer Discretionary 10.2%
Health Care 6.7%
Materials 6.5%
Technology 6.0%
Utilities 5.9%
Communication Services 4.7%
Retail 4.5%
Consumer products 1.8%
Consumer Staples 1.3%
Other/Unmapped 0.7%

Full portfolio 71 positions

05
Type Streak 8Q trend
SUNC SunocoCorp LLC Common Units, representing limited liability company interests $75,199,000 5.52% 1,028,154 $75,127,789 Down ×3
CNI Canadian National Railway Company Common Stock $70,235,000 5.16% 588,645 $70,164,405 Down ×3
GIB CGI Inc. Common Stock $61,598,000 4.52% 903,907 $61,539,284 Down ×1
CP Canadian Pacific Kansas City Limited Common Shares $58,045,000 4.26% 679,940 $57,985,758 Down ×3
RY Royal Bank Of Canada Common Stock $55,899,000 4.10% 283,499 $55,831,404 Down ×5
STN Stantec Inc Common Stock $51,333,000 3.77% 759,645 $51,297,722 Up ×2
FNV Franco-Nevada Corporation $50,220,000 3.69% 210,447 $50,175,871 Down ×5
MGA Magna International, Inc. Common Stock $47,220,000 3.47% 739,472 $47,183,528 Up ×1
TD Toronto Dominion Bank (The) Common Stock $46,255,000 3.40% 392,465 $46,207,045 Down ×4
GFL GFL Environmental Inc. Subordinate voting shares, no par value $44,887,000 3.29% 1,071,792 Up ×1
FTS Fortis Inc. Common Shares $43,302,000 3.18% 817,848 $43,254,909 Down ×5
DOO BRP Inc. - Common Subordinate Voting Shares $38,510,000 2.83% 684,109 $38,475,906 Up ×2
SLF Sun Life Financial Inc. Common Stock $37,869,000 2.78% 484,718 $37,830,754 Down ×6
EMA Emera Incorporated Common Shares $35,610,000 2.61% 743,263 $35,570,378 Down ×5
RCI Rogers Communication, Inc. Common Stock $33,212,000 2.44% 1,076,059 $33,185,366 Up ×1
WFG West Fraser Timber Co. Ltd Common stock $33,018,000 2.42% 475,092 $32,993,909 Up ×2
ENB Enbridge Inc Common Stock $32,262,000 2.37% 692,419 $32,224,265 Down ×4
RBA RB Global, Inc. Common Stock $31,846,000 2.34% 390,069 $31,811,974 Up ×1
BN Brookfield Corporation Class A Limited Voting Shares $31,494,000 2.31% 861,190 $31,466,301 Up ×1
TFII TFI International Inc. Common Shares $30,199,000 2.22% 251,232 $30,153,525 Down ×4
CNQ Canadian Natural Resources Limited Common Stock $25,069,000 1.84% 531,765 $25,047,853 Down ×5
EOG EOG Resources, Inc. Common Stock $22,122,000 1.62% 160,585 $22,100,855 Down ×2
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $21,309,000 1.56% 498,981 Up ×1
MSFT Microsoft Corporation - Common Stock $19,444,000 1.43% 37,910 $19,429,654 Down ×1
DG Dollar General Corporation Common Stock $18,848,000 1.38% 157,620 $18,829,600 Down ×1
CNC Centene Corporation Common Stock $18,833,000 1.38% 303,172 $18,813,244 Down ×3
PEP PepsiCo, Inc. - Common Stock $17,447,000 1.28% 137,685 $17,428,072 Down ×4
NFLX Netflix, Inc. - Common Stock $15,822,000 1.16% 227,400 $15,805,574 Down ×1
AMZN Amazon.com, Inc. - Common Stock $15,193,000 1.12% 60,980 $15,178,242 Down ×6
CVX Chevron Corporation Common Stock $14,174,000 1.04% 69,407 $14,162,321 Down ×2
NVO Novo Nordisk A/S Common Stock $13,798,000 1.01% 363,958 $13,780,288 Down ×1
SOLV Solventum Corporation Common Stock $13,619,000 1.00% 154,502 $13,602,128 Down ×3
THO Thor Industries, Inc. Common Stock $13,500,000 0.99% 195,366 $13,485,119 Down ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $13,294,000 0.98% 123,617 $13,286,864 Up ×2
LII Lennox International, Inc. Common Stock $12,931,000 0.95% 36,424 $12,919,699 Up ×2
EL Estee Lauder Companies, Inc. (The) Common Stock $12,476,000 0.92% 134,480 $12,465,221 Down ×1
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $12,343,000 0.91% 203,243 $12,330,594 Down ×3
GOOGL Alphabet Inc. - Class A Common Stock $10,983,000 0.81% 31,920 $10,971,418 Down ×4
Unknown issuer (CUSIP: 30233Q108) $10,123,000 0.74% 62,201 $10,114,365 Down ×1
UNP Union Pacific Corporation Common Stock $9,842,000 0.72% 36,166 $9,824,921 Down ×4
ODFL Old Dominion Freight Line, Inc. - Common Stock $9,624,000 0.71% 55,360 $9,611,847 Down ×3
DRI Darden Restaurants, Inc. Common Stock $9,416,000 0.69% 48,722 $9,405,808 Down ×3
UNH UnitedHealth Group Incorporated Common Stock (DE) $8,991,000 0.66% 24,494 $8,980,662 Down ×4
SYK Stryker Corporation Common Stock $8,901,000 0.65% 32,320 Up ×1
HAL Halliburton Company Common Stock $8,206,000 0.60% 258,060 $8,197,105 Down ×2
NRC National Research Corporation - Common Stock $7,893,000 0.58% 372,503 $7,884,965
SBUX Starbucks Corporation - Common Stock $7,027,000 0.52% 74,790 $7,016,366 Down ×3
HIMS Hims & Hers Health, Inc. Class A Common Stock $6,677,000 0.49% 224,130 $6,669,229
OZK Bank OZK - Common Stock $6,435,000 0.47% 140,010 $6,427,600 Down ×5
AZO AutoZone, Inc. Common Stock $5,864,000 0.43% 2,072 $5,857,282 Down ×4
JNJ Johnson & Johnson Common Stock $5,803,000 0.43% 21,920 $5,796,427 Down ×4
PCAR PACCAR Inc. - Common Stock $5,762,000 0.42% 52,470 $5,755,596 Down ×3
HCC Warrior Met Coal, Inc. Common Stock $5,001,000 0.37% 56,785 $4,994,175 Down ×4
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $4,865,000 0.36% 9,771 $4,860,031 Down ×4
DIS Walt Disney Company (The) Common Stock $4,265,000 0.31% 40,660 $4,262,465 Up ×1
ROST Ross Stores, Inc. - Common Stock $4,108,000 0.30% 17,600 $4,104,194 Down ×4
JPM JP Morgan Chase & Co. Common Stock $3,985,000 0.29% 12,045 $3,980,992 Down ×5
MMM 3M Company Common Stock $3,833,000 0.28% 23,350 $3,829,158 Down ×4
HAE Haemonetics Corporation Common Stock $3,235,000 0.24% 30,720 $3,232,696
CMI Cummins Inc. Common Stock $2,833,000 0.21% 5,485 $2,827,708 Down ×4
AXP American Express Company Common Stock $2,758,000 0.20% 9,070 $2,754,881 Down ×4
XPEL XPEL, Inc. - Common Stock $2,599,000 0.19% 58,850 $2,596,438 Up ×1
HD Home Depot, Inc. (The) Common Stock $2,406,000 0.18% 8,457 $2,402,968 Down ×4
MCK McKesson Corporation Common Stock $2,373,000 0.17% 2,779 $2,370,862 Down ×4
VNOM Viper Energy, Inc. - Class A Common Stock $1,922,000 0.14% 48,195 $1,920,507 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $1,672,000 0.12% 11,507 $1,669,640 Down ×4
NGVC Natural Grocers by Vitamin Cottage, Inc. Common Stock $1,532,000 0.11% 50,280 Up ×1
OGS ONE Gas, Inc. Common Stock $1,413,000 0.10% 19,660 $1,411,485
TREX Trex Company, Inc. Common Stock $1,406,000 0.10% 32,270 $1,404,385
AMAT Applied Materials, Inc. - Common Stock $1,186,000 0.09% 2,320 $1,182,754 Down ×5
BAC Bank of America Corporation Common Stock $975,000 0.07% 17,920 $973,962 Down ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GFL $44,887,000 1,071,792 3.29%
GIL $21,309,000 498,981 1.56%
SYK $8,901,000 32,320 0.65%
NGVC $1,532,000 50,280 0.11%

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
ENB June 30, 2025 1,531,333 $67,765 7.1%
CP Sept. 30, 2025 553,890 $43,913 20.1%
TD June 30, 2025 566,284 $33,928 72.2%
TIXT Dec. 31, 2025 6,089,995 $27,180 No longer tracked
BN June 30, 2025 374,397 $19,591
NTR Sept. 30, 2025 314,643 $18,298 17.6%
IMO Sept. 30, 2026 156,597 $17,579 No longer tracked
STN Dec. 31, 2025 161,025 $17,370 -23.8%
UL (filed as ULXXXX) Dec. 31, 2025 291,784 $17,297 -2.2%
XOM June 30, 2026 89,721 $15,222 33.1%
DOO June 30, 2025 429,969 $14,516 24.6%
BAM March 31, 2026 249,744 $13,100 6.6%
HRL Sept. 30, 2025 414,710 $12,545 -16.7%
NFLX Sept. 30, 2025 3,100 $4,151
ORCL Sept. 30, 2025 17,635 $3,856 -48.6%
MU Dec. 31, 2025 18,455 $3,088 244.5%
WFC Sept. 30, 2025 34,497 $2,764 -0.2%
NVEE Sept. 30, 2025 62,700 $1,448 No longer tracked
AFL Dec. 31, 2025 10,050 $1,123 10.4%
STR Sept. 30, 2025 47,386 $871 No longer tracked
MICC March 31, 2026 50,126 $794 29.1%