Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +50.5%
S&P 500 total return (same window) +37.0%
Excess return +13.5%

Annualized: +38.7% · 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: 99.4% · Options excluded: 0.0%

Sector breakdown

04
Financials 41.1%
Energy 17.0%
Materials 15.2%
Industrials 14.2%
Communication Services 5.5%
Consumer Discretionary 3.6%
Technology 2.8%
Other/Unmapped 0.7%

Full portfolio 30 positions

05
Type Streak 8Q trend
RY Royal Bank Of Canada Common Stock $206,257,330 14.83% 997,064 $38,002,882 Down ×1
TD Toronto Dominion Bank (The) Common Stock $159,198,528 11.44% 1,310,657 $31,558,918 Down ×4
CNI Canadian National Railway Company Common Stock $86,752,677 6.24% 727,812 $11,274,071 Down ×3
BN Brookfield Corporation Class A Limited Voting Shares $82,800,939 5.95% 1,942,657 $3,523,887 Down ×2
BMO Bank Of Montreal Common Stock $78,930,315 5.67% 447,594 $-1,855,369 Down ×1
B Barrick Mining Corporation Common Shares $74,765,591 5.37% 2,035,333 $-8,881,471 Down ×4
SU Suncor Energy Inc. Common Stock $68,750,037 4.94% 1,279,194 $-20,363,454 Down ×5
CVE Cenovus Energy Inc Common Stock $66,770,519 4.80% 2,680,018 $-14,949,090 Down ×4
MFC Manulife Financial Corporation Common Stock $44,288,194 3.18% 1,093,093 $6,580,637 Down ×3
TU Telus Corporation Ordinary Shares $42,760,723 3.07% 3,993,829 $1,289,896 Up ×1
TRP TC Energy Corporation Common Stock $42,410,774 3.05% 641,071 $-7,836,561 Down ×6
CP Canadian Pacific Kansas City Limited Common Shares $36,440,773 2.62% 420,738 $3,013,752 Down ×4
FNV Franco-Nevada Corporation $35,804,547 2.57% 171,766 $-3,833,944 Up ×2
ATS ATS Corporation Common Shares $33,842,293 2.43% 1,175,268 $521,482 Down ×2
RCI Rogers Communication, Inc. Common Stock $33,592,578 2.41% 1,033,603 $-6,502,140 Down ×4
ENB Enbridge Inc Common Stock $33,262,917 2.39% 613,996 $-221,848 Down ×4
AEM Agnico Eagle Mines Limited Common Stock $32,293,533 2.32% 208,743 $30,550,184 Up ×1
TFII TFI International Inc. Common Shares $29,971,111 2.15% 208,421 $3,605,010 Down ×2
OR OR Royalties Inc. Common Shares $26,340,359 1.89% 832,658 $-5,668,323 Down ×4
QSR Restaurant Brands International Inc. Common Shares $25,769,092 1.85% 355,630 $-818,557 Down ×6
CNQ Canadian Natural Resources Limited Common Stock $25,427,166 1.83% 643,233 $-11,747,435 Down ×3
GIB CGI Inc. Common Stock $24,435,699 1.76% 378,430 $-3,637,489 Down ×4
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $23,918,803 1.72% 464,399 $9,533,741 Up ×1
NTR Nutrien Ltd. Common Shares $20,637,721 1.48% 328,425 $-1,096,039 Up ×1
ASTL Algoma Steel Group Inc. - Common Shares $15,660,050 1.13% 3,846,390 $2,422,725 Up ×1
DSGX The Descartes Systems Group Inc. - Common Stock $15,120,329 1.09% 218,527 $3,751,425 Up ×1
CAE CAE Inc. Ordinary Shares $10,258,508 0.74% 410,130 Up ×1
Unknown issuer (CUSIP: 884903881) $9,154,943 0.66% 112,198 Up ×1
AGI Alamos Gold Inc. Class A Common Shares $5,439,242 0.39% 179,580 $-28,245,594 Down ×1
CNH CNH Industrial N.V. Common Shares $142,396 0.01% 12,680 $2,916

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CAE $10,258,508 410,130 0.74%
Unknown issuer (CUSIP: 884903881) $9,154,943 112,198 0.66%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RY Trimmed -44K +$38.0M
TD Trimmed -58K +$31.6M
SU Trimmed -68K -$20.4M
CVE Trimmed -409K -$14.9M
CNQ Trimmed -119K -$11.7M
CNI Trimmed -5K +$11.3M
GIL Bought more +206K +$9.5M
B Trimmed -11K -$8.9M
TRP Trimmed -163K -$7.8M
MFC Trimmed -1K +$6.6M

2 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
BNS March 31, 2026 940,485 $69,365,224 36.4%
GOLD June 30, 2025 2,934,340 $56,981,436 76.0%
CM Dec. 31, 2025 411,706 $32,891,902 29.9%
NEM Sept. 30, 2025 401,777 $23,429,744 35.1%
OR (filed as ORXXXX) June 30, 2025 1,050,599 $22,175,751 32.2%
TECK June 30, 2026 277,200 $14,343,962 6.0%
TIXT Sept. 30, 2025 3,667,490 $13,393,872 No longer tracked
GOOS Sept. 30, 2025 1,047,971 $11,728,163 -43.6%
MGA June 30, 2026 185,467 $10,359,914 -2.5%
SOBO June 30, 2025 402,934 $10,294,517 37.1%
MEOH June 30, 2026 162,425 $9,680,090 37.7%
TRI June 30, 2026 94,951 $8,573,911 42.1%
IAG Dec. 31, 2025 513,516 $6,632,872 4.8%
OTEX June 30, 2026 256,800 $5,723,756 22.5%
LBRDA June 30, 2025 3,290 $279,650 No longer tracked
WTW June 30, 2025 693 $234,199 4.9%
CNH June 30, 2025 17,970 $220,672 -15.1%
TSN June 30, 2025 3,350 $213,764 -1.0%
WBD June 30, 2025 12,785 $137,183 No longer tracked