Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$3.98B in Q2 2013 → $1.39B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| RB Royal Bk Cda | 14.8% | Trimmed 4.2% | 997,064 | $206M |
| TD Toronto Dominion Bk Ont | 11.4% | Trimmed 4.2% | 1,310,657 | $159M |
| CN Canadian Natl Ry Co | 6.2% | Trimmed 0.7% | 727,812 | $86.8M |
| Brookfield Corp | 6.0% | Trimmed 0.7% | 1,942,657 | $82.8M |
| BM Bank Montreal Medium | 5.7% | Trimmed 25% | 447,594 | $78.9M |
| BM Barrick Mng Corp | 5.4% | Trimmed 0.5% | 2,035,333 | $74.8M |
| SE Suncor Energy Inc New | 4.9% | Trimmed 5.0% | 1,279,194 | $68.8M |
| CE Cenovus Energy Inc | 4.8% | Trimmed 13% | 2,680,018 | $66.8M |
| MF Manulife Finl Corp | 3.2% | Trimmed 0.1% | 1,093,093 | $44.3M |
| Telus Corporation | 3.1% | Added 24% | 3,993,829 | $42.8M |
| Tc Energy Corp | 3.0% | Trimmed 20% | 641,071 | $42.4M |
| Canadian Pacific Kansas City | 2.6% | Trimmed 0.9% | 420,738 | $36.4M |
| FN Franco Nev Corp | 2.6% | Added 7.3% | 171,766 | $35.8M |
| Ats Corporation | 2.4% | Trimmed 0.6% | 1,175,268 | $33.8M |
| Rogers Communications Inc | 2.4% | Trimmed 0.8% | 1,033,603 | $33.6M |
| Enbridge Inc | 2.4% | Trimmed 0.6% | 613,996 | $33.3M |
| Agnico Eagle Mines Ltd | 2.3% | Added 2331% | 208,743 | $32.3M |
| Tfi International Inc | 2.2% | Trimmed 14% | 208,421 | $30M |
| Or Royalties Inc. | 1.9% | Trimmed 0.9% | 832,658 | $26.3M |
| RB Restaurant Brands Intl Inc | 1.9% | Trimmed 1.0% | 355,630 | $25.8M |
| CN Canadian Nat Res Ltd Med Ter | 1.8% | Trimmed 16% | 643,233 | $25.4M |
| Cgi Inc | 1.8% | Trimmed 1.4% | 378,430 | $24.4M |
| Gildan Activewear Inc | 1.7% | Added 80% | 464,399 | $23.9M |
| Nutrien Ltd | 1.5% | Added 14% | 328,425 | $20.6M |
| AS Algoma Stl Group Inc | 1.1% | Added 20% | 3,846,390 | $15.7M |
| DS Descartes Sys Group Inc | 1.1% | Added 38% | 218,527 | $15.1M |
| Cae Inc | 0.7% | New | 410,130 | $10.3M |
| Thomson Reuters Corp | 0.7% | New | 112,198 | $9.15M |
| Alamos Gold Inc | 0.4% | Trimmed 76% | 179,580 | $5.44M |
| CI Cnh Indl N V | 0.0% | Unchanged | 12,680 | $142K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Agnico Eagle Mines Ltd | Added | +200,156 | +$31M | 2.3% |
| BM Bank Montreal Medium | Trimmed | −148,731 | −$26.2M | 5.7% |
| Alamos Gold Inc | Trimmed | −577,409 | −$17.5M | 0.4% |
| Teck Resources Ltd | Exited | −277,200 | −$14.3M | — |
| Tc Energy Corp | Trimmed | −162,583 | −$10.8M | 3.0% |
| Gildan Activewear Inc | Added | +206,141 | +$10.6M | 1.7% |
| MI Magna Intl Inc | Exited | −185,467 | −$10.4M | — |
| Cae Inc | New | +410,130 | +$10.3M | 0.7% |
| CE Cenovus Energy Inc | Trimmed | −408,528 | −$10.2M | 4.8% |
| Methanex Corp | Exited | −162,425 | −$9.68M | — |
Showing the 10 largest of 34 changes.
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BN Bank Nova Scotia Halifax | Exited | −940,485 | −$69.4M | — |
| Methanex Corp | Trimmed | −523,099 | −$31.2M | 0.7% |
| TD Toronto Dominion Bk Ont | Trimmed | −224,963 | −$21M | 9.2% |
| BM Bank Montreal Medium | Added | +131,698 | +$17.8M | 5.8% |
| Alamos Gold Inc | Added | +320,044 | +$14.2M | 2.4% |
| Nutrien Ltd | Trimmed | −170,672 | −$12.9M | 1.6% |
| MI Magna Intl Inc | Trimmed | −224,902 | −$12.6M | 0.7% |
| BM Barrick Mng Corp | Trimmed | −301,306 | −$12.3M | 6.0% |
| DS Descartes Sys Group Inc | New | +158,694 | +$11.4M | 0.8% |
| CE Cenovus Energy Inc | Trimmed | −360,090 | −$9.53M | 5.9% |
Showing the 10 largest of 33 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RB Royal Bk Cda | Trimmed | −260,065 | −$44.3M | 11.9% |
| TD Toronto Dominion Bk Ont | Trimmed | −370,057 | −$34.9M | 10.3% |
| CI Canadian Imperial Bank Of Co | Exited | −411,706 | −$32.9M | — |
| Tc Energy Corp | Trimmed | −553,773 | −$30.5M | 3.5% |
| Rogers Communications Inc | Trimmed | −736,004 | −$27.8M | 3.2% |
| BM Barrick Mng Corp | Trimmed | −608,032 | −$26.5M | 7.0% |
| Brookfield Corp | Added | +466,750 | +$21.4M | 6.4% |
| MI Magna Intl Inc | Trimmed | −385,312 | −$20.5M | 1.5% |
| AG Alamos Gold Inc New | New | +436,945 | +$16.9M | 1.2% |
| BM Bank Montreal Que | Trimmed | −129,676 | −$16.8M | 4.1% |
Showing the 10 largest of 34 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FN Franco Nev Corp | New | +144,405 | +$32.1M | 1.9% |
| Newmont Corp | Exited | −401,777 | −$23.4M | — |
| Gildan Activewear Inc | New | +307,371 | +$17.8M | 1.1% |
| TI Tfi Intl Inc | New | +165,482 | +$14.6M | 0.9% |
| TI Telus Intl Cda Inc | Exited | −3,667,490 | −$13.4M | — |
| TD Toronto Dominion Bk Ont | Trimmed | −150,497 | −$12M | 9.4% |
| CG Canada Goose Hldgs Inc | Exited | −1,047,971 | −$11.7M | — |
| Ats Corporation | Added | +424,879 | +$11.1M | 1.9% |
| MI Magna Intl Inc | Trimmed | −214,067 | −$10.1M | 2.2% |
| Tc Energy Corp | Trimmed | −154,943 | −$8.42M | 4.8% |
Showing the 10 largest of 35 changes.
quarter ended June 30, 2025 · filed August 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Barrick Mng Corp | New | +3,003,438 | +$62.6M | 4.1% |
| BG Barrick Gold Corp | Exited | −2,934,340 | −$57M | — |
| Or Royalties Inc. | New | +1,027,209 | +$26.4M | 1.7% |
| OG Osisko Gold Royalties Ltd | Exited | −1,050,599 | −$22.2M | — |
| Methanex Corp | Added | +341,336 | +$11.3M | 1.7% |
| South Bow Corp | Exited | −402,934 | −$10.3M | — |
| RB Restaurant Brands Intl Inc | Trimmed | −146,158 | −$9.7M | 2.0% |
| CN Canadian Natl Ry Co | Added | +71,364 | +$7.44M | 5.4% |
| Rogers Communications Inc | Added | +234,764 | +$6.97M | 3.9% |
| AS Algoma Stl Group Inc | Added | +989,633 | +$6.85M | 1.7% |
Showing the 10 largest of 39 changes.
quarter ended March 31, 2025 · filed May 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CI Canadian Imperial Bk Comm | Trimmed | −511,487 | −$28.8M | 1.7% |
| BM Bank Montreal Que | Added | +206,159 | +$19.7M | 4.0% |
| Ats Corporation | Added | +483,507 | +$12.1M | 1.2% |
| BN Bank Nova Scotia Halifax | Trimmed | −241,609 | −$11.5M | 4.1% |
| BB Brookfield Business Partners | Exited | −460,629 | −$10.8M | — |
| Rogers Communications Inc | Added | +325,071 | +$8.68M | 3.5% |
| Tc Energy Corp | Trimmed | −153,846 | −$7.27M | 5.9% |
| BG Barrick Gold Corp | Added | +342,127 | +$6.64M | 4.2% |
| Newmont Corp | Added | +100,788 | +$4.86M | 1.3% |
| RB Royal Bk Cda | Added | +40,235 | +$4.53M | 10.7% |
Showing the 10 largest of 35 changes.
quarter ended December 31, 2024 · filed February 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Gildan Activewear Inc | Exited | −677,833 | −$31.9M | — |
| CN Canadian Natl Ry Co | Added | +216,285 | +$21.9M | 5.3% |
| CI Canadian Imperial Bk Comm | Trimmed | −251,706 | −$15.9M | 4.2% |
| BM Bank Montreal Que | Added | +142,854 | +$13.9M | 2.5% |
| Cgi Inc | Added | +101,475 | +$11.1M | 3.9% |
| CE Cenovus Energy Inc | Added | +622,977 | +$9.43M | 4.2% |
| South Bow Corp | New | +391,457 | +$9.23M | 0.7% |
| Rogers Communications Inc | Added | +280,779 | +$8.62M | 3.2% |
| Tc Energy Corp | Trimmed | −167,394 | −$7.79M | 6.3% |
| West Fraser Timber Co Ltd | Exited | −72,785 | −$7.09M | — |
Showing the 10 largest of 37 changes.
quarter ended September 30, 2024 · filed November 08, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Gildan Activewear Inc | Trimmed | −419,497 | −$19.7M | 2.2% |
| SE Suncor Energy Inc New | Trimmed | −433,917 | −$16M | 4.8% |
| CE Cenovus Energy Inc | Added | +789,569 | +$13.2M | 3.7% |
| MI Magna Intl Inc | Added | +250,026 | +$10.3M | 2.6% |
| Canadian Pacific Kansas City | Trimmed | −115,466 | −$9.87M | 3.3% |
| Teck Resources Ltd | Trimmed | −174,209 | −$9.1M | 0.6% |
| CN Canadian Natl Ry Co | Added | +74,278 | +$8.7M | 4.0% |
| West Fraser Timber Co Ltd | Trimmed | −67,892 | −$6.61M | 0.5% |
| OG Osisko Gold Royalties Ltd | Added | +338,354 | +$6.27M | 1.2% |
| CI Canadian Imperial Bk Comm | Trimmed | −92,526 | −$5.67M | 5.0% |
Showing the 10 largest of 37 changes.
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