Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (50 quarters reported)
$16.5B in Q2 2013 → $18.2B now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Brookfield Corp | 5.6% | Trimmed 4.5% | 14,806,245 | $1.02B |
| Toronto-dominion Bank | 5.2% | Trimmed 2.2% | 11,728,785 | $938M |
| Canadian National Railway Company | 4.6% | Trimmed 4.0% | 8,871,249 | $837M |
| Open Text Corporation | 4.3% | Added 0.6% | 21,150,154 | $791M |
| Bank Of Montreal | 4.2% | Trimmed 8.8% | 5,833,830 | $760M |
| SC Shopify Inc. Class - A | 4.0% | Trimmed 4.4% | 4,861,383 | $722M |
| Microsoft Corporation | 3.6% | Trimmed 8.6% | 1,277,760 | $662M |
| Cae Inc. | 3.4% | Trimmed 3.7% | 20,943,262 | $620M |
| Tc Energy Corp. | 3.2% | Trimmed 4.4% | 10,751,401 | $585M |
| Franco Nevada Corporation | 3.0% | Trimmed 12% | 2,462,713 | $548M |
| Thomson Reuters Corp | 2.5% | Trimmed 4.1% | 2,886,701 | $448M |
| Stantec Inc | 2.4% | Trimmed 18% | 4,082,124 | $440M |
| Amazon.com Inc | 2.4% | Trimmed 1.5% | 1,981,602 | $435M |
| Gildan Activewear Inc. | 2.2% | Trimmed 7.6% | 6,848,156 | $396M |
| Cgi Inc. | 2.0% | Trimmed 4.4% | 4,033,813 | $359M |
| Pembina Pipeline Corporation | 2.0% | Added 1895% | 8,814,455 | $356M |
| Oracle Corporation | 1.9% | Trimmed 14% | 1,220,787 | $343M |
| Colliers International Group Inc | 1.8% | Trimmed 16% | 2,115,789 | $331M |
| M- Mastercard Inc - A | 1.7% | Trimmed 2.7% | 547,672 | $312M |
| Abbott Laboratories | 1.6% | Trimmed 1.7% | 2,158,089 | $289M |
| Tfi International Inc. | 1.5% | Trimmed 3.1% | 3,201,844 | $282M |
| Jpmorgan Chase & Co. | 1.5% | Trimmed 5.2% | 878,324 | $277M |
| A- Alphabet Inc - C | 1.4% | Trimmed 5.7% | 1,078,837 | $263M |
| A- Alphabet Inc - A | 1.4% | Trimmed 11% | 1,079,717 | $262M |
| Interactive Brokers Group Inc | 1.4% | Trimmed 12% | 3,724,608 | $256M |
| Royal Bank Of Canada | 1.3% | Trimmed 17% | 1,645,780 | $243M |
| Descartes Systems Group Inc | 1.3% | Trimmed 4.7% | 2,483,153 | $234M |
| Unitedhealth Group Incorporated | 1.3% | Trimmed 0.7% | 664,655 | $230M |
| Boston Scientific Corporation | 1.2% | Trimmed 3.4% | 2,192,794 | $214M |
| Restaurant Brands International Inc. | 1.2% | Trimmed 4.3% | 3,263,219 | $209M |
| TS Taiwan Semiconductor Manufactng ADR | 1.1% | Trimmed 0.1% | 739,611 | $207M |
| Rb Global Inc | 1.1% | New | 1,805,849 | $196M |
| Fiserv Inc. | 1.1% | Added 9.1% | 1,508,425 | $194M |
| Pepsico Inc. | 1.0% | Added 0.1% | 1,302,013 | $183M |
| Becton Dickinson And Company | 1.0% | Trimmed 0.7% | 935,130 | $175M |
| Meta Platforms Inc | 1.0% | Added 36% | 235,586 | $173M |
| Iqvia Holdings Inc | 0.8% | Trimmed 0.9% | 785,658 | $149M |
| Copart Inc | 0.8% | Trimmed 2.6% | 3,112,375 | $140M |
| Broadcom Inc | 0.8% | Trimmed 0.8% | 420,881 | $139M |
| Accenture PLC | 0.7% | Trimmed 3.1% | 535,794 | $132M |
| Tjx Companies Inc. | 0.7% | Trimmed 0.6% | 888,931 | $128M |
| The Sherwin-williams Company | 0.7% | Trimmed 2.8% | 346,536 | $120M |
| Ametek Inc | 0.6% | Trimmed 1.6% | 614,702 | $116M |
| HB Hdfc Bank Ltd ADR | 0.6% | Added 83% | 3,317,169 | $113M |
| BH Berkshire Hathaway Inc - B | 0.6% | Trimmed 2.7% | 221,593 | $111M |
| Danaher Corporation | 0.6% | Trimmed 2.1% | 554,230 | $110M |
| Cadence Design Systems Inc | 0.6% | Trimmed 0.9% | 303,436 | $107M |
| Manulife Financial Corporation | 0.6% | Trimmed 3.2% | 3,273,476 | $102M |
| Guidewire Software Inc | 0.6% | Trimmed 1.2% | 439,972 | $101M |
| Mondelez International Inc. | 0.5% | Added 8.9% | 1,552,357 | $97M |
| Intuit Inc | 0.5% | New | 132,503 | $90.5M |
| PS Public Service Enterprises Group | 0.5% | Added 107% | 1,025,305 | $85.6M |
| Bank Ozk | 0.5% | Trimmed 8.0% | 1,658,271 | $84.5M |
| Enbridge Inc | 0.5% | Trimmed 2.9% | 1,671,318 | $84.3M |
| Johnson & Johnson | 0.5% | Trimmed 4.7% | 450,506 | $83.5M |
| Bank Of Nova Scotia | 0.4% | Trimmed 8.9% | 1,242,357 | $80.4M |
| Chubb Limited | 0.4% | Trimmed 2.9% | 278,658 | $78.7M |
| Monster Beverage Corp | 0.4% | Trimmed 1.4% | 1,074,573 | $72.3M |
| Procter & Gamble Company | 0.3% | Trimmed 4.2% | 404,384 | $62.1M |
| AH Asml Holding Nv-ny Reg Shs | 0.3% | Added 0.3% | 62,723 | $60.7M |
Showing top 60 of 192 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed October 21, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pembina Pipeline Corporation | Added | +8,372,612 | +$339M | 2.0% |
| Rb Global Inc | New | +1,805,849 | +$196M | 1.1% |
| Stantec Inc | Trimmed | −881,942 | −$95.1M | 2.4% |
| Intuit Inc | New | +132,503 | +$90.5M | 0.5% |
| Autodesk Inc | Trimmed | −282,806 | −$89.8M | 0.1% |
| Franco Nevada Corporation | Trimmed | −334,297 | −$74.4M | 3.0% |
| Bank Of Montreal | Trimmed | −566,349 | −$73.8M | 4.2% |
| CS Cyberark Software Ltd ADR | Trimmed | −152,704 | −$73.8M | — |
| Colliers International Group Inc | Trimmed | −417,047 | −$65.2M | 1.8% |
| Microsoft Corporation | Trimmed | −119,794 | −$62M | 3.6% |
Showing the 10 largest of 165 changes.
quarter ended June 30, 2025 · filed July 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Restaurant Brands International Inc. | Trimmed | −2,813,702 | −$186M | 1.3% |
| Interactive Brokers Group Inc | Added | +3,148,029 | +$174M | 1.3% |
| SC Shopify Inc. Class - A | Added | +1,083,169 | +$125M | 3.3% |
| Tfi International Inc. | Added | +1,132,014 | +$101M | 1.7% |
| Stantec Inc | Trimmed | −676,400 | −$73.4M | 3.1% |
| Colliers International Group Inc | Added | +530,253 | +$69.2M | 1.9% |
| TS Taiwan Semiconductor Manufactng ADR | Added | +238,299 | +$54M | 1.0% |
| Thomson Reuters Corp | Trimmed | −255,834 | −$51.3M | 3.5% |
| Cae Inc. | Trimmed | −1,439,092 | −$42.1M | 3.6% |
| Bank Of Nova Scotia | Trimmed | −610,273 | −$33.7M | 0.4% |
Showing the 10 largest of 160 changes.
quarter ended March 31, 2025 · filed May 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Toronto-dominion Bank | Added | +10,655,514 | +$638M | 4.6% |
| Bank Of Nova Scotia | Trimmed | −9,777,294 | −$464M | 0.6% |
| Manulife Financial Corporation | Trimmed | −12,716,259 | −$396M | 0.7% |
| MI Magna International Inc - A | Trimmed | −7,475,210 | −$254M | — |
| Tfi International Inc. | New | +2,172,019 | +$168M | 1.1% |
| Brookfield Corp | Trimmed | −2,452,461 | −$128M | 5.2% |
| Gildan Activewear Inc. | Trimmed | −1,810,024 | −$80M | 1.9% |
| Broadcom Inc | Added | +437,542 | +$73.3M | 0.5% |
| Franco Nevada Corporation | Trimmed | −355,193 | −$55.9M | 2.8% |
| Stantec Inc | Added | +642,620 | +$53.3M | 2.9% |
Showing the 10 largest of 165 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Shopify Inc. Class - A | Trimmed | −1,833,209 | −$194M | 2.6% |
| Gildan Activewear Inc. | Trimmed | −1,555,263 | −$72.9M | 2.4% |
| Open Text Corporation | Added | +1,957,695 | +$55.2M | 3.1% |
| Brookfield Corp | Trimmed | −863,522 | −$49.6M | 6.1% |
| Cae Inc. | Added | +1,702,904 | +$43.1M | 3.5% |
| Canadian National Railway Company | Added | +422,078 | +$42.7M | 5.4% |
| Fiserv Inc. | Trimmed | −207,747 | −$42.7M | 1.6% |
| Bank Of Montreal | Added | +426,442 | +$41.4M | 3.8% |
| A- Alphabet Inc - A | Trimmed | −216,960 | −$40.5M | 1.5% |
| Interactive Brokers Group Inc | Trimmed | −214,981 | −$37.6M | 1.3% |
Showing the 10 largest of 164 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Shopify Inc. Class - A | Added | +1,511,438 | +$121M | 2.7% |
| Brookfield Corp | Trimmed | −1,982,717 | −$105M | 5.7% |
| Bank Of Montreal | Added | +1,045,669 | +$94.5M | 3.2% |
| Cadence Design Systems Inc | New | +243,093 | +$65.9M | 0.4% |
| Manulife Financial Corporation | Trimmed | −1,828,807 | −$54.1M | 2.8% |
| MI Magna International Inc - A | Added | +868,514 | +$35.7M | 1.8% |
| Gildan Activewear Inc. | Trimmed | −703,351 | −$33.1M | 2.7% |
| Open Text Corporation | Added | +887,051 | +$29.6M | 3.1% |
| Guidewire Software Inc | Trimmed | −160,786 | −$29.4M | 0.7% |
| Microsoft Corporation | Trimmed | −51,120 | −$22M | 3.5% |
Showing the 10 largest of 169 changes.
quarter ended June 30, 2024 · filed August 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bank Of Montreal | Added | +1,412,532 | +$119M | 2.7% |
| Chubb Limited | Trimmed | −194,878 | −$49.7M | 0.8% |
| SC Shopify Inc. Class - A | Added | +667,604 | +$44.1M | 1.8% |
| Descartes Systems Group Inc | Trimmed | −438,988 | −$42.5M | 1.7% |
| Manulife Financial Corporation | Trimmed | −1,422,205 | −$37.9M | 3.0% |
| Autodesk Inc | Added | +147,767 | +$36.6M | 0.6% |
| Microsoft Corporation | Trimmed | −70,136 | −$31.3M | 4.1% |
| A- Alphabet Inc - C | Trimmed | −148,985 | −$27.3M | 1.5% |
| Enbridge Inc | Trimmed | −767,321 | −$27.3M | 0.4% |
| Lci Industries | Trimmed | −241,139 | −$24.9M | 0.2% |
Showing the 10 largest of 189 changes.
quarter ended March 31, 2024 · filed September 30, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bank Of Montreal | Added | +3,512,716 | +$343M | 2.1% |
| Cae Inc. | Added | +4,630,063 | +$95.7M | 2.6% |
| Descartes Systems Group Inc | Trimmed | −1,006,030 | −$92.1M | 1.7% |
| Thomson Reuters Corp | Trimmed | −579,436 | −$90.3M | 3.3% |
| Stantec Inc | Trimmed | −1,011,619 | −$84.1M | 2.6% |
| SC Shopify Inc. Class - A | Trimmed | −1,088,442 | −$84.1M | 1.7% |
| Booking Holdings Inc | Trimmed | −22,090 | −$80.1M | 0.1% |
| Siteone Landscape Supply Inc | New | +434,813 | +$75.9M | 0.4% |
| Cgi Inc. | Trimmed | −636,654 | −$70.3M | 3.0% |
| VT Vanguard Total Stock Market ETF | Exited | −247,900 | −$58.8M | — |
Showing the 10 largest of 205 changes.
quarter ended December 31, 2023 · filed September 30, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Shopify Inc. Class - A | Trimmed | −2,822,947 | −$221M | 2.2% |
| Cae Inc. | Added | +3,843,611 | +$83.4M | 2.2% |
| Stantec Inc | Trimmed | −1,017,723 | −$82.1M | 3.1% |
| VT Vanguard Total Stock Market ETF | New | +247,900 | +$58.8M | 0.3% |
| Autodesk Inc | New | +234,709 | +$57.1M | 0.3% |
| Franco Nevada Corporation | Added | +508,318 | +$56.6M | 2.3% |
| Canadian National Railway Company | Trimmed | −275,772 | −$34.8M | 6.6% |
| Amazon.com Inc | Trimmed | −222,456 | −$33.8M | 2.1% |
| Cgi Inc. | Trimmed | −284,747 | −$30.7M | 3.4% |
| Bank Of Nova Scotia | Added | +542,398 | +$26.5M | 3.8% |
Showing the 10 largest of 206 changes.
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