DaveManuel.com · Institutional Ownership · 13F Holdings

INTACT INVESTMENT MANAGEMENT INC.

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK

1443077

Reported value

$3.5B

Positions

274

Top 10 weight

32.2%

Filed

2026-07-20

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
MANULIFE FINL CORP	MFC	$148.3M	3,657,057	4.21%	+1.79pp	31q	+48.2%+$48.3M
SPDR SERIES TRUST	SPYM	$139.7M	1,589,216	3.97%	-	new	NEW
TORONTO DOMINION BK ONT	TD	$124.5M	1,023,826	3.54%	+0.19pp	31q	-18.5%-$28.2M
CANADIAN NATL RY CO	CNI	$114.0M	955,760	3.24%	+0.42pp	31q	-0.6%-$675.4K
ROYAL BK CDA	RY	$114.0M	550,736	3.24%	-1.82pp	31q	-49.9%-$113.5M
BANK OF MONTREAL	BMO	$110.8M	626,785	3.15%	+1.64pp	31q	+60.9%+$41.9M
EMERA INC	EMA	$104.4M	1,968,235	2.97%	+0.32pp	5q	+9.7%+$9.2M
Rogers Communications, Inc.	RCI	$96.3M	2,958,824	2.74%	+0.79pp	31q	+67.0%+$38.6M
BROOKFIELD INFRASTRUCTURE PA	BIP	$91.4M	2,421,744	2.60%	-0.50pp	8q	-14.6%-$15.6M
SUNCOR ENERGY INC NEW	SU	$91.3M	1,697,430	2.59%	-1.18pp	31q	-15.2%-$16.4M
PEMBINA PIPELINE CORP	PBA	$83.4M	1,802,664	2.37%	+0.20pp	31q	+5.9%+$4.7M
BROOKFIELD ASSET MANAGMT LTD	BAM	$72.2M	1,609,078	2.05%	-0.05pp	6q	-3.1%-$2.3M
MAGNA INTL INC	MGA	$69.3M	1,054,170	1.97%	flat	31q	-15.0%-$12.2M
CENOVUS ENERGY INC	CVE	$67.5M	2,719,770	1.92%	-0.92pp	22q	-27.5%-$25.6M
CANADIAN IMPERIAL BANK OF CO	CM	$64.5M	560,550	1.83%	+0.96pp	31q	+72.6%+$27.1M
Sun Life Financial, Inc.	SLF	$54.9M	699,721	1.56%	+0.83pp	31q	+71.6%+$22.9M
GILDAN ACTIVEWEAR INC	GIL	$52.3M	1,014,765	1.49%	-0.23pp	10q	-6.4%-$3.6M
TELUS CORPORATION	TU	$49.2M	4,648,090	1.40%	-0.12pp	31q	+12.5%+$5.4M
BCE INC	BCE	$46.1M	2,141,166	1.31%	-1.27pp	31q	-40.3%-$31.2M
AGNICO EAGLE MINES LTD	AEM	$46.0M	296,047	1.31%	+0.39pp	8q	+86.0%+$21.3M
NUTRIEN LTD	NTR	$44.4M	705,295	1.26%	-0.58pp	31q	-17.6%-$9.5M
ENBRIDGE INC	ENB	$40.0M	737,763	1.14%	flat	31q	HELD
RESTAURANT BRANDS INTL INC	QSR	$39.2M	539,861	1.11%	-0.25pp	31q	-16.8%-$7.9M
ENERFLEX LTD	EFXT	$37.6M	1,530,780	1.07%	+0.93pp	4q	+541.0%+$31.7M
Ovintiv Inc.	OVV	$36.1M	686,430	1.03%	-0.12pp	2q	+0.8%+$294.9K
South Bow Corp	SOBO	$35.8M	1,015,860	1.02%	+0.01pp	7q	-4.7%-$1.8M
OPEN TEXT CORP	OTEX	$33.7M	1,522,840	0.96%	+0.33pp	31q	+53.5%+$11.7M
BARRICK MNG CORP	B	$30.0M	814,660	0.85%	-0.22pp	5q	-11.7%-$4.0M
PHILIP MORRIS INTL INC	PM	$28.5M	157,800	0.81%	+0.15pp	31q	+12.2%+$3.1M
SHOPIFY INC	SHOP	$26.3M	229,594	0.75%	-0.08pp	28q	-6.6%-$1.8M
MERCK & CO INC	MRK	$26.0M	202,100	0.74%	+0.14pp	31q	+16.5%+$3.7M
BANK NOVA SCOTIA B C	BNS	$25.6M	294,148	0.73%	-0.05pp	31q	-25.0%-$8.5M
CANADIAN NAT RES LTD MED TER	CNQ	$25.4M	642,070	0.72%	-0.43pp	31q	-22.4%-$7.3M
ABBVIE INC	ABBV	$24.0M	95,230	0.68%	+0.01pp	31q	-11.5%-$3.1M
BROOKFIELD RENEWABLE ENERGY	BEP	$23.9M	690,047	0.68%	-0.05pp	8q	-11.9%-$3.2M
TEXAS INSTRS INC	TXN	$23.3M	78,100	0.66%	+0.26pp	31q	+6.4%+$1.4M
SSR MINING IN	SSRM	$21.9M	774,600	0.62%	-	new	NEW
ALGONQUIN POWER & UTILITIES	AQN	$21.8M	3,714,919	0.62%	+0.04pp	31q	+12.5%+$2.4M
CELESTICA INC	CLS	$21.6M	59,260	0.61%	+0.42pp	6q	+150.5%+$13.0M
ALPHABET INC	GOOGL	$20.8M	58,100	0.59%	flat	31q	-19.0%-$4.9M
HOME DEPOT INC	HD	$20.2M	57,400	0.58%	+0.03pp	31q	-0.7%-$141.1K
UNITEDHEALTH GROUP INC	UNH	$20.1M	48,370	0.57%	+0.23pp	3q	+10.2%+$1.9M
PROCTER & GAMBLE CO	PG	$19.8M	135,100	0.56%	+0.05pp	31q	+9.4%+$1.7M
WHEATON PRECIOUS METALS CORP	WPM	$19.6M	174,590	0.56%	-0.37pp	9q	-29.8%-$8.3M
BROADCOM INC	AVGO	$19.3M	51,100	0.55%	-0.03pp	31q	-22.6%-$5.6M
MICROSOFT CORP	MSFT	$18.8M	50,500	0.54%	-0.15pp	31q	-22.2%-$5.4M
PEPSICO INC	PEP	$18.7M	138,200	0.53%	+0.24pp	31q	+109.7%+$9.8M
CAMECO CORP	CCJ	$17.6M	173,060	0.50%	-0.05pp	20q	-2.3%-$410.7K
CISCO SYS INC	CSCO	$17.5M	148,830	0.50%	+0.15pp	31q	-5.1%-$947.9K
CHEVRON CORPORATION	CVX	$17.4M	104,772	0.49%	-0.08pp	31q	+7.7%+$1.2M
BROOKFIELD CORP	BN	$17.0M	398,225	0.48%	+0.02pp	14q	-1.1%-$186.9K
TC ENERGY CORP	TRP	$16.5M	249,169	0.47%	-0.35pp	29q	-45.6%-$13.8M
JOHNSON & JOHNSON	JNJ	$16.4M	64,629	0.47%	+0.09pp	31q	+18.1%+$2.5M
PFIZER INC	PFE	$16.4M	679,300	0.46%	-0.03pp	31q	+10.4%+$1.5M
MCDONALDS CORP	MCD	$16.2M	59,961	0.46%	+0.29pp	31q	+209.7%+$11.0M
BANK OF AMER CORP	BAC	$16.0M	281,300	0.46%	+0.08pp	31q	+5.5%+$831.9K
HUDBAY MINERALS INC	HBM	$15.8M	669,490	0.45%	+0.07pp	3q	+4.1%+$620.5K
FRANCO NEV CORP	FNV	$15.4M	73,728	0.44%	-0.56pp	30q	-47.7%-$14.0M
APPLIED MATLS INC	AMAT	$15.3M	21,180	0.44%	+0.20pp	7q	-13.9%-$2.5M
CVS HEALTH CORP	CVS	$14.9M	144,300	0.42%	+0.06pp	31q	-19.7%-$3.7M
COLLIERS INTL GROUP INC	CIGI	$14.7M	156,300	0.42%	+0.18pp	5q	+104.5%+$7.5M
APPLE INC	AAPL	$14.6M	50,400	0.41%	-0.12pp	31q	-31.3%-$6.7M
VERIZON COMMUNICATIONS INC	VZ	$14.5M	341,600	0.41%	-0.08pp	31q	HELD
UNION PAC CORP	UNP	$13.7M	50,300	0.39%	-0.01pp	15q	-12.7%-$2.0M
TFI INTERNATIONAL INC	TFII	$13.6M	94,600	0.39%	+0.15pp	2q	+25.1%+$2.7M
SPDR SERIES TRUST	DGT	$13.5M	73,266	0.38%	+0.03pp	31q	HELD
ABBOTT LABORATORIES	ABT	$13.0M	143,300	0.37%	+0.10pp	31q	+53.4%+$4.5M
T MOBILE US INC	TMUS	$12.6M	75,100	0.36%	flat	27q	+24.8%+$2.5M
KINROSS GOLD CORP	KGC	$12.3M	519,589	0.35%	-1.02pp	8q	-67.0%-$25.0M
META PLATFORMS INC	META	$12.2M	21,600	0.35%	-0.05pp	31q	-11.5%-$1.6M
MORGAN STANLEY	MS	$12.1M	58,100	0.35%	+0.07pp	31q	HELD
COCA COLA CO	KO	$12.0M	148,100	0.34%	-0.12pp	31q	-30.6%-$5.3M
ELDORADO GOLD CORP NEW	EGO	$11.9M	383,150	0.34%	-0.19pp	2q	-29.5%-$5.0M
THOMSON REUTERS CORP	TRI	$11.9M	145,827	0.34%	-	new	NEW
NEXTERA ENERGY INC	NEE	$11.8M	135,000	0.34%	-0.02pp	31q	HELD
WELLS FARGO & CO	WFC	$11.8M	143,200	0.34%	+0.19pp	18q	+124.5%+$6.6M
GILEAD SCIENCES INC	GILD	$11.4M	89,900	0.32%	+0.12pp	31q	+77.7%+$5.0M
METHANEX CORP	MEOH	$11.2M	242,300	0.32%	-0.19pp	14q	-19.1%-$2.6M
JPMORGAN CHASE & CO	JPM	$11.0M	33,700	0.31%	-0.06pp	31q	-24.6%-$3.6M
SPROTT INC	SII	$10.6M	93,800	0.30%	-0.07pp	22q	+1.7%+$180.3K
DUKE ENERGY CORP NEW	DUK	$10.4M	82,200	0.30%	-0.01pp	31q	-0.7%-$75.9K
AMPHENOL CORP	APH	$10.2M	58,100	0.29%	+0.08pp	2q	+1.2%+$123.4K
US BANCORP	USB	$10.2M	169,600	0.29%	+0.04pp	14q	+1.7%+$169.1K
BAYTEX ENERGY CORP	BTE	$10.1M	2,527,500	0.29%	-0.54pp	10q	-61.2%-$16.0M
VERMILION ENERGY INC	VET	$9.3M	997,500	0.27%	-0.31pp	16q	-32.0%-$4.4M
KIMBERLY CLARK CORP	KMB	$9.3M	84,400	0.26%	+0.02pp	9q	-3.5%-$340.3K
AT&T INC	T	$9.2M	444,200	0.26%	-0.09pp	31q	+5.9%+$513.4K
LOCKHEED MARTIN CORP	LMT	$9.2M	18,000	0.26%	-0.03pp	8q	+7.1%+$611.4K
DISNEY WALT CO	DIS	$9.1M	94,400	0.26%	flat	31q	-0.7%-$67.4K
UNITED PARCEL SVCS INC	UPS	$9.0M	83,500	0.26%	+0.07pp	31q	+24.6%+$1.8M
ALTRIA GROUP INC	MO	$8.9M	124,200	0.25%	+0.02pp	31q	HELD
WEST FRASER TIMBER CO LTD	WFG	$8.9M	131,000	0.25%	-0.12pp	16q	-33.8%-$4.5M
KEURIG DR PEPPER INC	KDP	$8.8M	269,200	0.25%	+0.05pp	3q	+3.1%+$268.4K
PNC FINL SVCS GROUP INC	PNC	$8.7M	35,400	0.25%	+0.03pp	3q	-2.5%-$221.6K
TRANSALTA CORP	TAC	$8.7M	627,000	0.25%	-0.30pp	31q	-56.7%-$11.4M
BRISTOL-MYERS SQUIBB CO	BMY	$8.6M	148,700	0.24%	+0.06pp	31q	+42.0%+$2.5M
HEWLETT PACKARD ENTERPRISE C	HPE	$8.4M	187,000	0.24%	+0.15pp	4q	+34.7%+$2.2M
SEMPRA	SRE	$8.4M	90,800	0.24%	-0.01pp	31q	+2.4%+$194.7K
STATE STR SPDR S&P 500 ETF T	SPY	$8.2M	10,985	0.23%	+0.03pp	13q	HELD
VALERO ENERGY CORP	VLO	$8.2M	31,400	0.23%	+0.21pp	3q	+748.6%+$7.2M
BLACKROCK INC	BLK	$8.2M	8,500	0.23%	flat	7q	+1.2%+$96.2K
EQUINIX INC	EQIX	$7.9M	7,600	0.23%	-0.03pp	9q	-15.6%-$1.5M
IRON MTN INC DEL	IRM	$7.8M	61,700	0.22%	+0.01pp	4q	-13.8%-$1.3M
FORTIS INC	FTS	$7.7M	133,800	0.22%	+0.14pp	31q	+162.2%+$4.7M
NVIDIA CORPORATION	NVDA	$7.7M	38,300	0.22%	-0.24pp	31q	-58.1%-$10.6M
ONEOK, Inc.	OKE	$7.7M	88,000	0.22%	+0.01pp	6q	+9.3%+$652.0K
EXXON MOBIL CORP	XOM	$7.0M	50,900	0.20%	-0.04pp	31q	+1.6%+$109.4K
DOLLAR GEN CORP	DG	$6.8M	59,100	0.19%	+0.02pp	7q	+15.9%+$932.4K
CROWN CASTLE INC	CCI	$6.7M	88,500	0.19%	-0.01pp	22q	HELD
BLACKBERRY LTD	BB	$6.7M	529,100	0.19%	+0.15pp	2q	+31.3%+$1.6M
FEDERAL RLTY INVT TR NEW	FRT	$6.6M	53,500	0.19%	flat	17q	-15.2%-$1.2M
EXELON CORP	EXC	$6.6M	140,900	0.19%	+0.03pp	31q	+27.4%+$1.4M
MICRON TECHNOLOGY INC	MU	$6.3M	5,470	0.18%	+0.09pp	9q	-43.0%-$4.8M
XCEL ENERGY INC	XEL	$6.3M	78,400	0.18%	+0.01pp	12q	+5.4%+$321.2K
ORACLE CORP	ORCL	$6.3M	42,900	0.18%	-0.09pp	7q	-32.6%-$3.0M
ACCENTURE PLC IRELAND	ACN	$6.3M	50,500	0.18%	-0.01pp	11q	+49.0%+$2.1M
HEALTHPEAK PROPERTIES INC	DOC	$6.3M	292,100	0.18%	+0.07pp	27q	+24.6%+$1.2M
INTERNATIONAL FLAVORS&FRAGRA	IFF	$6.0M	76,200	0.17%	-	new	NEW
SMUCKER J M CO	SJM	$6.0M	53,300	0.17%	+0.08pp	11q	+70.3%+$2.5M
HERSHEY CO	HSY	$5.8M	32,900	0.16%	-	new	NEW
CMS ENERGY CORP	CMS	$5.7M	74,600	0.16%	-0.02pp	8q	-7.6%-$466.6K
BOYD GROUP SERVICES INC	BGSI	$5.7M	60,080	0.16%	-0.07pp	3q	-4.3%-$255.6K
EOG RES INC	EOG	$5.5M	42,420	0.16%	-0.01pp	2q	+5.8%+$301.0K
STATE STR CORP	STT	$5.5M	32,400	0.16%	+0.05pp	10q	+6.9%+$356.2K
WASTE CONNECTIONS INC	WCN	$5.5M	32,917	0.16%	-0.38pp	31q	-71.3%-$13.7M
PRIMO BRANDS CORPORATION	PRMB	$5.5M	223,730	0.16%	flat	7q	-22.9%-$1.6M
ERO COPPER CORP	ERO	$5.4M	201,100	0.15%	+0.11pp	2q	+266.3%+$3.9M
WEYERHAEUSER CO	WY	$5.4M	223,800	0.15%	+0.03pp	4q	+24.3%+$1.0M
HONEYWELL INTL INC	HON	$5.1M	22,900	0.15%	-	new	NEW
HONEYWELL AEROSPACE INC	HONA	$5.1M	22,900	0.14%	-	new	NEW
ECOLAB INC	ECL	$5.0M	18,100	0.14%	-	new	NEW
ROYAL CARIBBEAN GROUP	RCL	$4.9M	15,500	0.14%	-	new	NEW
INTERNATIONAL BUSINESS MACHS	IBM	$4.9M	17,500	0.14%	-0.02pp	31q	-25.8%-$1.7M
TREKOR METALS LTD	TGB	$4.9M	711,800	0.14%	-	new	NEW
HUNTINGTON BANCSHARES INC	HBAN	$4.9M	275,500	0.14%	+0.02pp	2q	+1.3%+$62.1K
BAKER HUGHES COMPANY	BKR	$4.9M	88,000	0.14%	-0.06pp	5q	-22.4%-$1.4M
AYA GOLD & SILVER INC	AYA	$4.9M	256,417	0.14%	-	new	NEW
AMERICAS GOLD AND SILVER COR	USAS	$4.8M	1,010,440	0.14%	-0.01pp	4q	+1.6%+$73.8K
SYSCO CORP	SYY	$4.8M	57,100	0.14%	+0.03pp	8q	+7.1%+$317.6K
MCCORMICK & CO INC	MKC	$4.7M	93,500	0.13%	flat	5q	+2.9%+$131.1K
PPG INDS INC	PPG	$4.7M	38,400	0.13%	-	new	NEW
SALESFORCE INC	CRM	$4.6M	29,400	0.13%	-0.04pp	31q	-6.4%-$313.3K
PG&E CORP	PCG	$4.5M	266,300	0.13%	-0.01pp	2q	-0.9%-$42.0K
BLACKSTONE INC	BX	$4.4M	37,700	0.13%	+0.02pp	3q	+20.8%+$764.9K
BROOKFIELD INFRASTRUCTURE CO	BIPC	$4.4M	114,900	0.13%	-0.01pp	7q	-4.7%-$219.8K
AMGEN INC	AMGN	$4.3M	11,900	0.12%	-0.03pp	31q	-22.2%-$1.2M
CANADIAN PACIFIC KANSAS CITY	CP	$4.3M	49,566	0.12%	-0.03pp	13q	-27.7%-$1.6M
REPUBLIC SVCS INC	RSG	$4.1M	19,100	0.12%	-0.06pp	3q	-33.0%-$2.0M
TRANSDIGM GROUP INC	TDG	$4.0M	3,000	0.11%	+0.09pp	2q	+275.0%+$2.9M
OMNICOM GROUP INC	OMC	$4.0M	54,600	0.11%	flat	3q	HELD
QUALCOMM INC	QCOM	$3.9M	21,300	0.11%	+0.05pp	31q	+26.8%+$831.6K
AMERICAN HOMES 4 RENT	AMH	$3.9M	117,000	0.11%	+0.01pp	4q	-7.1%-$298.7K
TECK RESOURCES LTD	TECK	$3.9M	64,650	0.11%	+0.09pp	23q	+299.1%+$2.9M
AVALONBAY COMMUNITIES INC	AVB	$3.8M	20,400	0.11%	+0.03pp	18q	+17.9%+$584.9K
RB GLOBAL INC	RBA	$3.6M	30,510	0.10%	-0.67pp	13q	-89.1%-$29.1M
VICI PPTYS INC	VICI	$3.5M	132,900	0.10%	+0.03pp	9q	+48.5%+$1.2M
SEABRIDGE GOLD INC	SA	$3.5M	135,400	0.10%	-	new	NEW
Ventas Inc	VTR	$3.5M	39,100	0.10%	+0.01pp	9q	+6.0%+$195.4K
AMERICAN TOWER CORP	AMT	$3.5M	21,200	0.10%	-0.01pp	23q	HELD
PROLOGIS INC.	PLD	$3.4M	25,400	0.10%	+0.02pp	17q	+17.1%+$501.2K
AES CORP	AES	$3.4M	232,500	0.10%	+0.02pp	14q	+19.4%+$552.7K
REALTY INCOME CORP	O	$3.4M	54,300	0.10%	flat	9q	HELD
DENISON MINES CORP	DNN	$3.3M	1,080,100	0.09%	-0.02pp	12q	-8.3%-$301.2K
NORTH AMERN CONSTR GROUP LTD	NOA	$3.2M	244,300	0.09%	+0.01pp	11q	+17.5%+$482.7K
LIGHTSPEED COMMERCE INC	LSPD	$3.2M	301,300	0.09%	flat	15q	-17.3%-$658.6K
GOLDMAN SACHS GROUP INC	GS	$3.1M	3,100	0.09%	+0.03pp	12q	+29.2%+$708.0K
LITHIUM ARGENTINA AG	LAR	$3.1M	376,400	0.09%	-0.01pp	2q	-24.3%-$998.2K
SOUTHERN CO	SO	$3.1M	32,100	0.09%	flat	31q	HELD
EATON CORP PLC	ETN	$3.0M	7,000	0.08%	-0.07pp	6q	-53.9%-$3.5M
AUTOMATIC DATA PROCESSING IN	ADP	$3.0M	13,300	0.08%	-0.01pp	5q	-22.2%-$851.0K
TERADYNE INC	TER	$3.0M	6,100	0.08%	+0.07pp	5q	+306.7%+$2.2M
ANALOG DEVICES INC	ADI	$2.9M	7,400	0.08%	+0.05pp	9q	+105.6%+$1.5M
CONOCOPHILLIPS	COP	$2.9M	27,800	0.08%	-0.06pp	8q	-26.8%-$1.1M
Blue Moon Metals Inc.	BMM	$2.9M	452,000	0.08%	-	new	NEW
DELL TECHNOLOGIES INC	DELL	$2.8M	6,600	0.08%	+0.04pp	6q	-32.0%-$1.3M
MOTOROLA SOLUTIONS INC	MSI	$2.8M	6,800	0.08%	+0.03pp	2q	+70.0%+$1.2M
CF INDUSTRIES HOLD	CF	$2.8M	25,800	0.08%	-	new	NEW
MONDELEZ INTL INC	MDLZ	$2.8M	47,900	0.08%	-0.26pp	31q	-77.0%-$9.3M
S&P GLOBAL INC	SPGI	$2.7M	6,700	0.08%	-0.05pp	10q	-37.4%-$1.6M
SUNBELT RENTALS HOLDINGS INC	SUNB	$2.7M	36,523	0.08%	+0.01pp	2q	-7.1%-$202.5K
SANGOMA TECHNOLOGIES CORP	SANG	$2.7M	694,925	0.08%	-0.01pp	8q	-3.1%-$85.8K
COMCAST CORP NEW	CMCSA	$2.6M	104,800	0.07%	-0.02pp	31q	-3.8%-$100.7K
MICROCHIP TECHNOLOGY INC.	MCHP	$2.5M	27,600	0.07%	+0.02pp	2q	+2.6%+$63.8K
GENERAL MTRS CO	GM	$2.4M	30,800	0.07%	-0.02pp	6q	-27.7%-$909.5K
INTUIT	INTU	$2.3M	8,700	0.06%	-	new	NEW
Vizsla Silver Corp	VZLA	$2.2M	673,200	0.06%	-	new	NEW
EXTRA SPACE STORAGE INC	EXR	$1.9M	12,800	0.05%	+0.01pp	13q	+7.6%+$130.8K
NIKE INC	NKE	$1.8M	44,200	0.05%	-0.09pp	7q	-54.2%-$2.1M
ALMONTY INDS INC	ALM	$1.8M	106,800	0.05%	-0.01pp	3q	-30.9%-$790.6K
FORTUNA MNG CORP	FSM	$1.3M	154,400	0.04%	flat	3q	+5.0%+$61.7K
ATS CORPORATION	ATS	$1.2M	40,489	0.03%	-0.01pp	2q	-24.2%-$371.8K
BROOKFIELD RENEWABLE CORP	BEPC	$1.2M	31,000	0.03%	+0.01pp	2q	+47.6%+$371.7K
MEDTRONIC PLC	MDT	$1.1M	14,640	0.03%	-0.11pp	8q	-75.1%-$3.5M
SILVERCORP METALS INC	SVM	$1.0M	103,600	0.03%	-0.02pp	2q	-36.3%-$598.4K
TELESAT CORP	TSAT	$892.6K	17,600	0.03%	-0.05pp	2q	-76.1%-$2.8M
ALLIED GOLD CORP	AAUC	$841.1K	35,400	0.02%	+0.01pp	2q	+100.0%+$420.6K
PERPETUA RESOURCES CORP	PPTA	$792.9K	38,200	0.02%	-0.07pp	3q	-66.3%-$1.6M
ENDEAVOUR SILVER CORP	EXK	$772.6K	93,100	0.02%	flat	6q	+23.0%+$144.4K
ISOENERGY LTD	ISOU	$703.6K	70,581	0.02%	-0.01pp	3q	-35.0%-$378.8K
BAUSCH HEALTH COS INC	BHC	$582.0K	118,100	0.02%	-0.01pp	8q	-32.6%-$280.9K
GFL ENVIRONMENTAL INC	GFL	$547.8K	14,900	0.02%	-	new	NEW
FIRSTSERVICE CORP NEW	FSV	$455.0K	3,200	0.01%	flat	3q	+33.3%+$113.7K
I-80 GOLD CORP	IAUX	$376.0K	258,900	0.01%	-	new	NEW
BALLARD PWR SYS INC NEW	BLDP	$371.2K	95,200	0.01%	-	new	NEW
VERSANT MEDIA GROUP INC	VSNT	$156.9K	4,356	0.00%	flat	2q	HELD
DESCARTES SYS GROUP INC	DSGX	$9.7K	140	0.00%	-	new	NEW
NOVAGOLD RESOURCES INC	NG	$4.2K	700	0.00%	flat	3q	HELD
OPENDOOR TECHNOLOGIES INC	OPENW	$2.9K	5,814	0.00%	flat	3q	HELD
OPENDOOR TECHNOLOGIES INC	OPENL	$1.6K	5,814	0.00%	flat	3q	HELD
OPENDOOR TECHNOLOGIES INC	OPENZ	$1.4K	5,814	0.00%	flat	3q	HELD
ADVANCED MICRO DEVICES INC	AMD	$0	none filed	0.00%	-	new	NEW
ALAMOS GOLD INC	AGI	$0	none filed	0.00%	-	new	NEW
ALPHABET INC	GOOG	$0	none filed	0.00%	-0.07pp	25q	-100.0%
AMAZON COM INC	AMZN	$0	none filed	0.00%	-0.21pp	31q	-100.0%
American Int'l Group, Inc.	AIG	$0	none filed	0.00%	-0.01pp	10q	-100.0%
APOLLO GLOBAL MGMT INC	APO	$0	none filed	0.00%	-0.02pp	6q	-100.0%
APPLOVIN CORP	APP	$0	none filed	0.00%	-0.04pp	4q	-100.0%
ARISTA NETWORKS INC	ANET	$0	none filed	0.00%	-0.04pp	2q	-100.0%
ARM HOLDINGS PLC	ARM	$0	none filed	0.00%	-	new	NEW
AUTOZONE INC	AZO	$0	none filed	0.00%	-0.04pp	4q	-100.0%
BERKSHIRE HATHAWAY INC DEL	BRKB	$0	none filed	0.00%	-0.04pp	31q	-100.0%
BOSTON SCIENTIFIC CORP	BSX	$0	none filed	0.00%	-0.05pp	31q	-100.0%
CAPITAL ONE FINL CORP	COF	$0	none filed	0.00%	-0.04pp	11q	-100.0%
CARRIER GLOBAL CORPORATION	CARR	$0	none filed	0.00%	-0.01pp	4q	-100.0%
CELSIUS HLDGS INC	CELH	$0	none filed	0.00%	-0.01pp	2q	-100.0%
CENTENE CORP DEL	CNC	$0	none filed	0.00%	-	new	NEW
CHIPOTLE MEXICAN GRILL INC	CMG	$0	none filed	0.00%	-0.04pp	22q	-100.0%
COHERENT CORP	COHR	$0	none filed	0.00%	-	new	NEW
CONSTELLATION ENERGY CORP	CEG	$0	none filed	0.00%	-0.01pp	15q	-100.0%
CORPAY INC	CPAY	$0	none filed	0.00%	-0.02pp	9q	-100.0%
COSTCO WHOLESALE CORPORATION	COST	$0	none filed	0.00%	-0.05pp	8q	-100.0%
DANAHER CORP DEL	DHR	$0	none filed	0.00%	-0.02pp	4q	-100.0%
DEXCOM INC	DXCM	$0	none filed	0.00%	-0.03pp	8q	-100.0%
DIGITAL RLTY TR INC	DLR	$0	none filed	0.00%	-	new	NEW
DOLLAR TREE INC	DLTR	$0	none filed	0.00%	-0.02pp	2q	-100.0%
DOORDASH INC	DASH	$0	none filed	0.00%	-	new	NEW
EQT Corp	EQT	$0	none filed	0.00%	-	new	NEW
EMERSON ELEC CO	EMR	$0	none filed	0.00%	-0.02pp	31q	-100.0%
FLOWSERVE CORP	FLS	$0	none filed	0.00%	-0.03pp	4q	-100.0%
FREEPORT-MCMORAN INC	FCX	$0	none filed	0.00%	-0.14pp	18q	-100.0%
GALLAGHER ARTHUR J CO	AJG	$0	none filed	0.00%	-0.01pp	2q	-100.0%
GE AEROSPACE	GE	$0	none filed	0.00%	-	new	NEW
INSULET CORP	PODD	$0	none filed	0.00%	-0.02pp	2q	-100.0%
INTEL CORP	INTC	$0	none filed	0.00%	-	new	NEW
INTERCONTINENTAL EXCHANGE IN	ICE	$0	none filed	0.00%	-0.02pp	31q	-100.0%
KKR & CO INC	KKR	$0	none filed	0.00%	-0.02pp	5q	-100.0%
L3HARRIS TECHNOLOGIES INC	LHX	$0	none filed	0.00%	-0.03pp	14q	-100.0%
ELI LILLY & CO	LLY	$0	none filed	0.00%	-0.08pp	16q	-100.0%
MASTERCARD INCORPORATED	MA	$0	none filed	0.00%	-0.02pp	6q	-100.0%
METLIFE INC	MET	$0	none filed	0.00%	-0.02pp	15q	-100.0%
NETFLIX INC.	NFLX	$0	none filed	0.00%	-0.05pp	28q	-100.0%
NEWMONT CORP	NEM	$0	none filed	0.00%	-0.01pp	8q	-100.0%
PALANTIR TECHNOLOGIES INC	PLTR	$0	none filed	0.00%	-0.01pp	2q	-100.0%
PALO ALTO NETWORKS INC	PANW	$0	none filed	0.00%	-0.02pp	4q	-100.0%
PERFORMANCE FOOD GROUP CO	PFGC	$0	none filed	0.00%	-0.01pp	5q	-100.0%
PROGRESSIVE CORP	PGR	$0	none filed	0.00%	-0.01pp	5q	-100.0%
RAYMOND JAMES FINL INC	RJF	$0	none filed	0.00%	-0.02pp	9q	-100.0%
REGENERON PHARMACEUTICALS	REGN	$0	none filed	0.00%	-0.07pp	7q	-100.0%
SBA COMMUNICATIONS CORP	SBAC	$0	none filed	0.00%	-0.02pp	9q	-100.0%
SERVICENOW INC	NOW	$0	none filed	0.00%	-0.04pp	28q	-100.0%
QXO INC	QXO	$0	none filed	0.00%	-0.03pp	4q	-100.0%
STANTEC INC	STN	$0	none filed	0.00%	-	new	NEW
TESLA INC	TSLA	$0	none filed	0.00%	-0.05pp	23q	-100.0%
UBER TECHNOLOGIES INC	UBER	$0	none filed	0.00%	-0.02pp	8q	-100.0%
UNITED RENTALS INC	URI	$0	none filed	0.00%	-0.12pp	3q	-100.0%
UNIVERSAL HLTH SVCS INC	UHS	$0	none filed	0.00%	-0.02pp	8q	-100.0%
VISA INC	V	$0	none filed	0.00%	-0.07pp	31q	-100.0%
WABTEC	WAB	$0	none filed	0.00%	-0.05pp	6q	-100.0%
WALMART INC	WMT	$0	none filed	0.00%	-0.01pp	12q	-100.0%
XYLEM INC	XYL	$0	none filed	0.00%	-0.03pp	4q	-100.0%
ZOETIS INC	ZTS	$0	none filed	0.00%	-0.02pp	3q	-100.0%
JOHNSON CONTROLS INTERNATION	JCI	$0	none filed	0.00%	-	new	NEW
PENTAIR PLC	PNR	$0	none filed	0.00%	-	new	NEW
WILLIS TOWERS WATSON PLC LTD	WTW	$0	none filed	0.00%	-	new	NEW

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Banks & Lending	$518.2M	14.7%
Energy	$395.9M	11.3%
Transport & Logistics	$326.7M	9.3%
Telecom & Media	$252.4M	7.2%
Utilities	$238.0M	6.8%
Insurance	$223.3M	6.3%
Mining & Metals	$215.0M	6.1%
Software & IT Services	$140.4M	4.0%
Retail & Consumer	$134.7M	3.8%
Biotech & Pharma	$120.5M	3.4%
Semiconductors & Electronics	$116.3M	3.3%
Food, Drink & Tobacco	$101.8M	2.9%
Other sectors	$578.5M	16.4%
Not classified	$157.0M	4.5%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q2 2026	+3.6%	+14.8%	-11.2%	100%
Q1 2026	+4.8%	-4.6%	+9.5%	100%
Q4 2025	+5.8%	+2.4%	+3.4%	100%
Q3 2025	+9.2%	+7.8%	+1.4%	100%
Q2 2025	+8.4%	+10.5%	-2.0%	99%
Q1 2025	+0.6%	-4.6%	+5.1%	100%
Q4 2024	-5.4%	+2.1%	-7.5%	97%
Q3 2024	+10.1%	+5.4%	+4.7%	97%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$3.5B	274	35	83	139	30	32.2%	20
Q1 2026	$3.5B	269	30	77	86	74	30.8%	38
Q4 2025	$3.5B	313	83	98	102	24	30.9%	33
Q3 2025	$3.3B	254	24	102	86	92	29.7%	31
Q2 2025	$3.0B	322	54	93	146	46	27.8%	45
Q1 2025	$2.9B	314	57	93	95	52	27.2%	22
Q4 2024	$2.9B	309	47	118	125	44	29.4%	41
Q3 2024	$3.0B	306	77	131	61	30	29.7%	29
Q2 2024	$2.7B	259	40	127	79	37	30.7%	30
Q1 2024	$2.5B	256	29	76	97	24	31.6%	33
Q4 2023	$2.5B	251	36	78	75	36	30.2%	36
Q3 2023	$2.3B	251	24	60	87	24	31.4%	44
Q2 2023	$2.5B	251	28	72	109	30	30.6%	46
Q1 2023	$2.4B	253	22	82	78	25	30.8%	42
Q4 2022	$2.3B	256	29	58	149	27	32.7%	45
Q3 2022	$3.0B	254	24	71	70	18	34.6%	45
Q2 2022	$3.2B	248	20	67	108	25	33.4%	42
Q1 2022	$3.9B	253	33	83	117	27	32.7%	46
Q4 2021	$3.9B	247	30	69	110	21	32.7%	42
Q3 2021	$3.6B	238	23	71	84	15	34.9%	43
Q2 2021	$3.5B	230	13	58	98	18	35.1%	43
Q1 2021	$3.3B	235	28	82	102	28	35.1%	47
Q4 2020	$3.1B	235	25	72	95	26	33.2%	35
Q3 2020	$2.9B	236	26	85	82	23	34.8%	43
Q2 2020	$2.7B	233	28	84	85	20	35.2%	29
Q1 2020	$2.3B	225	22	92	69	27	37.0%	44
Q4 2019	$2.9B	230	19	135	50	23	37.1%	49
Q3 2019	$2.8B	234	15	69	62	21	36.1%	44
Q2 2019	$2.8B	240	20	67	57	18	37.0%	30
Q1 2019	$2.8B	238	27	76	84	15	36.5%	40
Q4 2018	$2.5B	226	0	0	0	0	35.9%	22

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.