Northwest & Ethical Investments L.P.

Name: Northwest & Ethical Investments L.P. 13F holdings, Q1 2025
Creator: Northwest & Ethical Investments L.P.
Published: 2025-05-13

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Northwest & Ethical Investments L.P. reported 464 stock positions worth $3.7 billion. Its top holding was Microsoft (MSFT) at 4.9% of the portfolio, followed by Apple (AAPL, 2.3%) and Nvidia (NVDA, 2.2%). Compared with Q4 2024, it opened 52 new positions, sold out of 47, added to 255 and reduced 150. The biggest buy was eBay (EBAY, shares +419%) and the biggest sale Broadcom (AVGO, shares −24%).

Most Recent 13F: Q2 2026
Location: TORONTO, A6
CIK: 0002033536
Portfolio Value: $3.7B (Q1 2025)
SEC Filing: 0002033536-25-000006 ↗ filed May 13, 2025

Holdings Value

Holdings 464 stocks · $3.7B


MSFT Microsoft Corp.	4.89%	480,539	$180.4M	Add +5.4%
AAPL Apple Inc.	2.30%	381,374	$84.7M	Add +22.4%
NVDA Nvidia Corp.	2.17%	739,204	$80.1M	Add +11.0%
RY Royal Bank of Canada	1.55%	508,296	$57.3M	Add +17.1%
AMZN Amazon.com Inc.	1.40%	272,140	$51.8M	Reduce -2.3%
WM Waste Management Inc.	1.40%	222,550	$51.5M	Reduce -1.6%
LIN Linde PLC	1.36%	107,611	$50.1M	Add +8.9%
TD Toronto-Dominion Bank	1.31%	802,497	$48.1M	Add +38.5%
A Agilent Technologies Inc.	1.22%	385,655	$45.1M	Add +14.1%
ENB Enbridge Inc.	1.19%	987,592	$43.7M	Add +17.1%
V Visa Inc. Class A	1.18%	123,802	$43.4M	Add +9.2%
SLF Sun Life Financial Inc.	1.14%	735,766	$42.1M	Add +6.8%
GOOG Alphabet Inc. Class C	1.13%	265,675	$41.5M	Reduce -8.0%
FISV Fiserv Inc.	1.09%	181,851	$40.2M	Reduce -10.7%
AVGO Broadcom Inc.	1.02%	224,138	$37.5M	Reduce -24.0%
INTU Intuit Inc.	0.94%	56,674	$34.8M	Add +41.4%
META Meta Platforms Inc. Class A	0.94%	60,117	$34.6M	Add +11.1%
ADP Automatic Data Processing	0.92%	110,513	$33.8M	Add +9.1%
MRK Merck & Co. Inc.	0.92%	375,692	$33.7M	Add +28.8%
CNI Canadian Natl Railway Co.	0.90%	341,221	$33.2M	Add +11.4%
ABBV Abbvie Inc.	0.87%	153,315	$32.1M	Reduce -21.6%
GILD Gilead Sciences Inc.	0.87%	284,815	$31.9M	Add +16.6%
MCK McKesson Corp.	0.86%	47,054	$31.7M	Add +20.0%
UNP Union Pacific Corp.	0.84%	130,857	$30.9M	Reduce -2.4%
GIB Cgi Inc.	0.82%	302,938	$30.3M	Add +13.6%
AZO AutoZone Inc.	0.81%	7,826	$29.8M	Reduce -21.7%
UNH Unitedhealth Group Inc.	0.80%	55,986	$29.3M	Reduce -4.0%
TXN Texas Instruments Inc.	0.78%	160,690	$28.9M	Reduce -9.3%
PG The Procter & Gamble Co.	0.78%	168,332	$28.7M	Add +12.7%
XYL Xylem Inc.	0.76%	234,430	$28.0M	Add +3.2%
CP Canadian Pacific Kansas City	0.75%	395,770	$27.8M	Add +63.7%
MA Mastercard Inc. Class A	0.74%	50,042	$27.4M	Add +13.1%
EBAY eBay Inc.	0.71%	388,783	$26.3M	Add +418.6%
SNPS Synopsys Inc.	0.69%	59,186	$25.4M	Add +5.2%
JPM JPMorgan Chase & Co.	0.69%	103,199	$25.3M	Add +10.4%
AMAT Applied Materials Inc.	0.69%	174,053	$25.3M	Add +2.6%
BN Brookfield Corp.	0.68%	478,532	$25.1M	Add +24.5%
TEL Te Connectivity PLC	0.68%	176,194	$24.9M	Reduce -1.2%
LLY Eli Lilly & Co.	0.67%	29,906	$24.7M	Add +9.5%
MTD Mettler-Toledo International	0.66%	20,664	$24.4M	Reduce -1.2%
HUBB Hubbell Inc.	0.66%	73,632	$24.4M	Add +32.3%
MRSH Marsh & McLennan Cos	0.66%	99,714	$24.3M	Reduce -4.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.66%	582,869	$24.3M	Reduce -4.6%
AEP American Electric Power	0.62%	210,653	$23.0M	Add +15.7%
FTS Fortis Inc.	0.61%	495,142	$22.6M	Add +2.1%
ANSS Ansys Inc.	0.61%	71,290	$22.6M	Reduce -1.2%
RNR Renaissancere Holdings Ltd.	0.61%	93,907	$22.5M	Add +10.7%
CBOE Cboe Global Markets Inc.	0.61%	99,513	$22.5M	Add +29.6%
RSG Republic Services Inc.	0.61%	92,096	$22.3M	Reduce -13.1%
CL Colgate-Palmolive Co.	0.60%	235,989	$22.1M	Add +93.8%
KO The Coca-Cola Co.	0.60%	307,083	$22.0M	Add +8.9%
FNV Franco-Nevada Corp.	0.59%	137,709	$21.7M	Add +4.9%
CNQ Canadian Natural Resources	0.58%	690,975	$21.3M	Add +53.2%
AEE Ameren Corporation	0.57%	210,143	$21.1M	Add +117.9%
WAT Waters Corp.	0.57%	56,925	$21.0M	Reduce -38.3%
IEX Idex Corp.	0.57%	115,754	$20.9M	Add +20.4%
CARR Carrier Global Corp.	0.56%	325,058	$20.6M	Reduce -1.2%
TRV The Travelers Cos Inc.	0.56%	77,455	$20.5M	Add +110.8%
SHEL Shell PLC-ADR	0.55%	276,106	$20.2M	Reduce -6.7%
SHOP Shopify Inc. Class A	0.54%	210,029	$20.0M	Add +28.1%
RBA RB Global Inc.	0.53%	193,376	$19.4M	Add +2.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE	0.53%	202,639	$19.4M	Add +40.6%
VLTO Veralto Corp.	0.52%	196,330	$19.1M	Reduce -1.2%
NOW ServiceNow Inc.	0.52%	23,922	$19.0M	Add +24.4%
ADSK Autodesk Inc.	0.51%	71,684	$18.8M	Reduce -1.2%
PGR Progressive Corp.	0.51%	65,978	$18.7M	Add +13.9%
GOOGL Alphabet Inc. Class A	0.50%	120,132	$18.6M	Reduce -30.1%
VZ Verizon Communications Inc.	0.50%	402,743	$18.3M	Add +6.0%
STN Stantec Inc.	0.49%	216,924	$18.0M	Add +9.6%
PNR Pentair PLC	0.49%	205,181	$17.9M	Reduce -1.2%
ORCL Oracle Corp.	0.48%	127,205	$17.8M	Reduce -18.1%
CMCSA Comcast Corp. Class A	0.46%	459,858	$17.0M	Add +5.6%
G Genpact Ltd.	0.45%	332,336	$16.7M	Add +9.1%
MRVL Marvell Technology Inc.	0.44%	265,486	$16.3M	New
NTR Nutrien Ltd.	0.44%	327,983	$16.3M	Reduce -9.0%
ABT Abbott Laboratories	0.44%	122,438	$16.2M	Add +5.9%
MFC Manulife Financial Corp.	0.44%	516,568	$16.1M	Add +5.8%
BKNG Booking Holdings Inc.	0.43%	3,454	$15.9M	Add +7.1%
CRM Salesforce Inc.	0.42%	57,217	$15.4M	Add +44.6%
MGA Magna International Inc.	0.41%	442,017	$15.0M	Reduce -5.5%
RSP Invesco S&P 500 Equal Weight	0.40%	85,912	$14.9M	Reduce -38.9%
TRP TC Energy Corp.	0.39%	302,252	$14.3M	Add +35.5%
EG Everest Group Ltd.	0.38%	38,983	$14.2M	Add +9.4%
DOX Amdocs Ltd.	0.38%	154,707	$14.2M	Reduce -18.6%
BNDX Vanguard Total Intl Bond ETF	0.38%	287,340	$14.0M	No change
NYT New York Times Co. Class A	0.38%	280,634	$13.9M	Reduce -6.5%
TMO Thermo Fisher Scientific Inc.	0.37%	27,758	$13.8M	Add +44.5%
APTV Aptiv PLC	0.36%	226,006	$13.4M	Reduce -1.2%
AOS Smith (a.o.) Corp.	0.36%	203,377	$13.3M	New
EA Electronic Arts Inc.	0.36%	91,555	$13.2M	Add +1.0%
LULU Lululemon Athletica Inc.	0.35%	46,019	$13.0M	Reduce -1.0%
SHW The Sherwin-Williams Co.	0.35%	37,009	$12.9M	Add +6.9%
TT Trane Technologies PLC	0.35%	37,909	$12.8M	Reduce -37.0%
MELI MercadoLibre Inc.	0.34%	6,510	$12.7M	Reduce -32.6%
TFII Tfi International Inc.	0.34%	163,371	$12.7M	Add +69.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	0.32%	252,100	$12.0M	Reduce -15.9%
YUM Yum! Brands Inc.	0.32%	75,902	$11.9M	Reduce -14.4%
RCI Rogers Communications Inc. Class B	0.32%	443,299	$11.8M	Add +28.8%
ADBE Adobe Inc.	0.32%	30,712	$11.8M	Reduce -29.4%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM	0.31%	204,355	$11.5M	Add +22.5%
AVSE Avantis Resp Emerg MKTS Eq-E	0.31%	223,750	$11.5M	New
T AT&T Inc.	0.31%	406,451	$11.5M	Add +33.1%
AEM Agnico Eagle Mines Ltd.	0.31%	104,888	$11.4M	Add +55.5%
IMO Imperial Oil Ltd.	0.31%	155,682	$11.3M	Reduce -22.2%
RELX Relx PLC - Spon ADR	0.30%	221,725	$11.2M	Add +5.3%
KR Kroger Co.	0.30%	163,220	$11.0M	Reduce -18.2%
WCN Waste Connections Inc.	0.30%	56,462	$11.0M	Add +106.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.29%	86,986	$10.6M	Add +4.0%
TMUS T-Mobile US Inc.	0.28%	38,158	$10.2M	Add +42.0%
GLD SPDR Gold Shares	0.28%	35,320	$10.2M	New
WTW Willis Towers Watson PLC	0.28%	30,083	$10.2M	Add +6.3%
BAM Brookfield Asset Mgmt-A	0.27%	207,252	$10.0M	Add +2.9%
MTB M & T Bank Corp. filed as M & T BK CORP	0.27%	55,774	$10.0M	Reduce -5.5%
ORLY O'reilly Automotive Inc.	0.27%	6,955	$10.0M	Reduce -13.0%
BMY Bristol-Myers Squibb Co.	0.27%	162,087	$9.9M	Add +120.5%
SU Suncor Energy Inc.	0.26%	244,579	$9.5M	Add +12.9%
TSM Taiwan Semiconductor-SP ADR	0.25%	56,510	$9.4M	Reduce -25.6%
COST Costco Wholesale Corp.	0.25%	9,911	$9.4M	Reduce -25.9%
QCOM Qualcomm Inc.	0.25%	60,866	$9.3M	Reduce -33.0%
TU Telus Corp.	0.25%	645,893	$9.3M	Add +28.6%
WPM Wheaton Precious Metals Corp.	0.25%	117,399	$9.1M	Add +45.8%
BND Vanguard Total Bond Market	0.25%	123,890	$9.1M	New
ADI Analog Devices Inc.	0.25%	45,117	$9.1M	Add +17.7%
MSCI MSCI Inc.	0.24%	15,874	$9.0M	Add +3.1%
AMT American Tower Corp.	0.24%	40,937	$8.9M	Reduce -2.2%
PSA Public Storage	0.24%	29,193	$8.7M	Reduce -2.7%
BRK.B Berkshire Hathaway Inc. Class B	0.24%	16,353	$8.7M	Reduce -35.1%
ISRG Intuitive Surgical Inc.	0.23%	16,977	$8.4M	Add +6.6%
MDLZ Mondelez International Inc. Class A	0.22%	119,245	$8.1M	Add +38.8%
RNW Renew Energy Global PLC-A	0.22%	1,362,071	$8.0M	Reduce -40.7%
RGA Reinsurance Group of America	0.22%	40,730	$8.0M	Add +26.8%
GIS General Mills Inc.	0.22%	132,577	$7.9M	Add +45.3%
SPGI S&P Global Inc.	0.21%	15,555	$7.9M	Add +73.7%
XOM Exxon Mobil Corp.	0.21%	65,455	$7.8M	Add +0.4%
CWEN Clearway Energy Inc. Class C	0.21%	256,578	$7.8M	Reduce -55.8%
TIP iShares Tips Bond ETF	0.21%	69,837	$7.8M	Reduce -2.8%
BCE Bce Inc.	0.21%	336,856	$7.7M	Add +11.5%
CSCO Cisco Systems Inc.	0.21%	125,023	$7.7M	Add +32.3%
BDX Becton Dickinson and Co.	0.21%	33,679	$7.7M	Add +42.0%
TRI Thomson Reuters Corp.	0.21%	44,488	$7.7M	Add +81.1%
CME Cme Group Inc.	0.21%	28,716	$7.6M	New
BSX Boston Scientific Corp.	0.20%	74,350	$7.5M	Reduce -0.1%
CGNX Cognex Corp.	0.20%	248,212	$7.4M	Reduce -58.3%
NICE Nice Ltd. - Spon ADR	0.20%	47,470	$7.3M	Add +152.6%
CPAY Corpay Inc.	0.19%	20,542	$7.2M	New
VRTX Vertex Pharmaceuticals Inc.	0.19%	14,559	$7.1M	Reduce -47.7%
IGRO iShares Intl Div Growth ETF	0.19%	94,762	$6.9M	Reduce -15.2%
EXC Exelon Corp.	0.18%	147,816	$6.8M	Reduce -59.5%
ELV Elevance Health Inc.	0.18%	15,588	$6.8M	Reduce -42.4%
D Dominion Energy Inc.	0.18%	120,523	$6.8M	Reduce -38.3%
CB Chubb Ltd.	0.18%	22,099	$6.7M	Reduce -5.7%
QSR Restaurant Brands Intern	0.17%	95,619	$6.4M	Add +15.6%
PAYX Paychex Inc.	0.17%	41,282	$6.4M	Add +42.0%
DOO BRP Inc./Ca- Sub Voting	0.17%	186,375	$6.3M	Reduce -0.2%
WAB Wabtec Corp.	0.16%	33,472	$6.1M	Reduce -23.1%
CEG Constellation Energy	0.16%	29,938	$6.0M	Reduce -15.1%
AVA Avista Corp.	0.16%	141,825	$5.9M	Reduce -43.0%
CI The Cigna Group	0.16%	17,840	$5.9M	Reduce -66.0%
GEN Gen Digital Inc.	0.16%	220,102	$5.8M	Reduce -31.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.16%	59,081	$5.8M	Reduce -30.1%
NTAP Netapp Inc.	0.16%	66,085	$5.8M	Reduce -7.6%
AMP Ameriprise Financial Inc.	0.16%	11,887	$5.8M	Reduce -42.4%
LOW Lowe's Cos Inc.	0.16%	24,648	$5.7M	Reduce -42.4%
UGI Ugi Corp.	0.15%	169,459	$5.6M	Reduce -35.3%
OTEX Open Text Corp.	0.15%	219,294	$5.5M	Add +8.1%
AXP American Express Co.	0.15%	20,334	$5.5M	Reduce -28.4%
AFG American Financial Group Inc.	0.15%	41,607	$5.5M	Add +1.1%
WMT Walmart Inc.	0.15%	62,093	$5.4M	Reduce -57.4%
AFL Aflac Inc.	0.15%	48,835	$5.4M	Reduce -8.6%
PFE Pfizer Inc.	0.14%	209,453	$5.3M	Reduce -21.0%
ECL Ecolab Inc.	0.14%	20,682	$5.2M	Add +42.0%
JNJ Johnson & Johnson	0.14%	30,925	$5.1M	Reduce -52.4%
ED Consolidated Edison Inc.	0.13%	44,747	$4.9M	Add +42.0%
TECK Teck Resources Ltd.-CLS B	0.13%	135,745	$4.9M	Add +53.8%
PANW Palo Alto Networks Inc.	0.13%	28,741	$4.9M	Add +107.4%
NEM Newmont Corp.	0.13%	100,993	$4.9M	Reduce -42.4%
FR First Industrial Realty TR	0.13%	90,147	$4.9M	Add +0.0%
COF Capital One Financial Corp.	0.13%	26,919	$4.8M	Reduce -51.4%
AIG American International Group	0.13%	55,305	$4.8M	Add +42.0%
PEP Pepsico Inc.	0.13%	32,017	$4.8M	Add +42.0%
HPQ HP Inc.	0.13%	171,875	$4.8M	Reduce -42.4%
HIG Hartford Insurance Group Inc.	0.13%	37,772	$4.7M	Add +33.9%
SRLN SS Blackstone Sr Loan ETF	0.12%	110,404	$4.5M	No change
NEE Nextera Energy Inc.	0.12%	63,979	$4.5M	Reduce -43.5%
TIXT Telus International Cda Inc.	0.12%	1,676,677	$4.5M	Reduce -7.9%
PBA Pembina Pipeline Corp.	0.12%	112,405	$4.5M	Add +2.3%
NFLX Netflix Inc.	0.12%	4,790	$4.5M	Reduce -8.7%
CAE Cae Inc.	0.12%	180,206	$4.4M	Reduce -3.4%
IEFA iShares Core MSCI Eafe ETF	0.12%	58,128	$4.4M	Reduce -63.4%
CSX CSX Corp.	0.12%	149,016	$4.4M	Reduce -42.4%
DSGX The Descartes Systems Grp	0.12%	43,521	$4.4M	Add +84.5%
IBN Icici Bank Ltd.-Spon ADR	0.12%	137,889	$4.3M	Reduce -56.7%
HCA HCA Healthcare Inc.	0.12%	12,419	$4.3M	New
CVE Cenovus Energy Inc.	0.12%	305,723	$4.3M	Add +39.2%
RMD Resmed Inc.	0.11%	18,777	$4.2M	Add +42.0%
SPOT Spotify Technology SA	0.11%	7,606	$4.2M	Reduce -55.6%
ETN Eaton Corp. PLC	0.11%	15,005	$4.1M	Reduce -30.4%
PRU Prudential Financial Inc.	0.11%	35,632	$4.0M	Reduce -24.9%
ZTS Zoetis Inc.	0.11%	23,739	$3.9M	Reduce -20.8%
HD Home Depot Inc.	0.10%	10,326	$3.8M	Add +50.6%
PEG Public Service Enterprise GP	0.10%	44,694	$3.7M	Reduce -24.7%
PSX Phillips 66	0.10%	29,748	$3.7M	Add +42.0%
GIL Gildan Activewear Inc.	0.10%	83,018	$3.7M	Add +60.4%
AWK American Water Works Co. Inc.	0.10%	24,765	$3.7M	Reduce -79.8%
SPLV Invesco S&P 500 Low Volatili	0.10%	48,247	$3.6M	Add +827.1%
TCOM Trip.com Group Ltd.-ADR	0.10%	55,501	$3.5M	Reduce -31.3%
KHC The Kraft Heinz Co.	0.10%	115,470	$3.5M	Add +42.0%
ORA Ormat Technologies Inc.	0.10%	49,635	$3.5M	Reduce -5.9%
VTR Ventas Inc.	0.09%	50,817	$3.5M	Add +85.4%
FDX FedEx Corp.	0.09%	13,929	$3.4M	Reduce -36.0%
BIP Brookfield Infrastructure Pa	0.09%	114,012	$3.4M	Add +60.0%
FFIV F5 Inc.	0.09%	12,458	$3.3M	Add +147.8%
C Citigroup Inc.	0.09%	45,020	$3.2M	Reduce -29.4%
ILMN Illumina Inc.	0.08%	39,017	$3.1M	Reduce -35.9%
TYL Tyler Technologies Inc.	0.08%	5,292	$3.1M	Add +42.0%
CTSH Cognizant Tech Solutions-A	0.08%	40,067	$3.1M	Add +42.0%
MDT Medtronic PLC	0.08%	33,792	$3.0M	Add +48.7%
STT State Street Corp.	0.08%	33,495	$3.0M	Add +42.0%
UPS United Parcel Service Class B	0.08%	26,808	$2.9M	Reduce -44.1%
ZBH Zimmer Biomet Holdings Inc.	0.08%	26,002	$2.9M	Add +42.0%
K Kellanova	0.08%	34,984	$2.9M	Add +42.0%
EW Edwards Lifesciences Corp.	0.08%	39,313	$2.8M	Reduce -47.8%
PAAS Pan American Silver Corp.	0.08%	108,059	$2.8M	Add +53.4%
CIGI Colliers Intl GR-Subord Vot	0.07%	22,419	$2.7M	Add +51.9%
CHD Church & Dwight Co. Inc.	0.07%	23,890	$2.6M	Add +42.0%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.07%	28,613	$2.6M	Add +42.0%
HDB HDFC Bank Ltd.-ADR	0.07%	39,067	$2.6M	Add +10.7%
CLS Celestica Inc.	0.07%	32,520	$2.6M	Add +121.4%
CHKP Check Point Software Tech	0.07%	11,053	$2.5M	Add +42.0%
HES Hess Corp.	0.07%	15,708	$2.5M	Add +42.0%
B Barrick Gold Corp.	0.07%	128,425	$2.5M	Add +2.4%
WY Weyerhaeuser Co.	0.07%	84,255	$2.5M	Reduce -22.3%
WDAY Workday Inc. Class A	0.07%	10,356	$2.4M	Reduce -51.0%
VOYA Voya Financial Inc.	0.06%	35,117	$2.4M	Add +10.6%
BEP Brookfield Renewable Partner	0.06%	107,354	$2.4M	Add +30.9%
BFAM Bright Horizons Family Solut	0.06%	18,083	$2.3M	Add +10.5%
LRCX Lam Research Corp.	0.06%	31,470	$2.3M	Reduce -34.0%
ACN Accenture PLC Class A	0.06%	7,256	$2.3M	Add +42.0%
IQV Iqvia Holdings Inc.	0.06%	12,836	$2.3M	Reduce -10.4%
ALV Autoliv Inc.	0.06%	25,489	$2.3M	Add +34.1%
SNA Snap-on Inc.	0.06%	6,657	$2.2M	Add +42.0%
MSI Motorola Solutions Inc.	0.06%	5,112	$2.2M	Add +74.6%
MKC McCormick & Co.-Non VTG SHRS	0.06%	26,848	$2.2M	Add +42.0%
USB US Bancorp	0.06%	52,090	$2.2M	Add +22.1%
WFG West Fraser Timber Co. Ltd.	0.06%	28,169	$2.2M	Add +6.2%
IR Ingersoll-Rand Inc.	0.06%	26,151	$2.1M	Reduce -26.0%
CTAS Cintas Corp.	0.06%	10,133	$2.1M	Add +42.0%
GS Goldman Sachs Group Inc.	0.06%	3,777	$2.1M	Reduce -48.2%
CLH Clean Harbors Inc.	0.06%	10,465	$2.1M	Reduce -14.8%
ACGL Arch Capital Group Ltd.	0.05%	20,919	$2.0M	Reduce -39.3%
DELL Dell Technologies -C	0.05%	21,769	$2.0M	Reduce -22.7%
SBUX Starbucks Corp.	0.05%	19,573	$1.9M	Reduce -47.0%
ITW Illinois Tool Works	0.05%	7,681	$1.9M	Reduce -28.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.05%	180,697	$1.9M	Reduce -22.3%
CRH CRH PLC	0.05%	21,002	$1.8M	Reduce -48.7%
FITB Fifth Third Bancorp	0.05%	46,837	$1.8M	Add +42.0%
MET Metlife Inc.	0.05%	22,827	$1.8M	Add +221.5%
SCI Service Corp. International	0.05%	22,679	$1.8M	Reduce -42.4%
HHH Howard Hughes Holdings Inc.	0.05%	24,247	$1.8M	Add +16.1%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC	0.05%	32,697	$1.8M	Reduce -28.5%
CCJ Cameco Corp.	0.05%	42,487	$1.8M	Add +50.0%
DOW Dow Inc.	0.05%	49,188	$1.7M	Add +42.0%
HBM Hudbay Minerals Inc.	0.05%	223,472	$1.7M	Add +11.1%
UTHR United Therapeutics Corp.	0.05%	5,416	$1.7M	Add +42.0%
NRC NRC Health filed as NATIONAL RESH CORP	0.04%	129,200	$1.7M	No change
CAG Conagra Brands Inc.	0.04%	60,024	$1.6M	Add +42.0%
SCHW Schwab (charles) Corp.	0.04%	20,400	$1.6M	New
RJF Raymond James Financial Inc.	0.04%	11,413	$1.6M	Add +42.0%
RF Regions Financial Corp.	0.04%	72,714	$1.6M	Add +42.0%
FOXA Fox Corp. Class A	0.04%	27,895	$1.6M	Add +42.0%
EFXT Enerflex Ltd.	0.04%	204,109	$1.6M	Add +2.3%
TBBB BBB Foods Inc. Class A	0.04%	59,078	$1.6M	Add +81.4%
MSA Msa Safety Inc.	0.04%	10,658	$1.6M	Reduce -47.4%
UNM Unum Group	0.04%	18,734	$1.5M	Add +546.0%
KGC Kinross Gold Corp.	0.04%	120,285	$1.5M	Reduce -2.8%
DUOL Duolingo	0.04%	4,862	$1.5M	Reduce -15.3%
JNPR Juniper Networks Inc.	0.04%	41,509	$1.5M	Add +42.0%
LPLA LPL Financial Holdings Inc.	0.04%	4,560	$1.5M	Add +250.8%
CHWY Chewy Inc. Class A	0.04%	45,724	$1.5M	Add +211.1%
WMS Advanced Drainage Systems Inc.	0.04%	13,504	$1.5M	Reduce -47.1%
SRE Sempra	0.04%	20,529	$1.5M	Add +18.3%
DASH DoorDash Inc. Class A	0.04%	7,933	$1.4M	Add +173.6%
CTVA Corteva Inc.	0.04%	22,651	$1.4M	Add +42.0%
ONON On Holding AG Class A filed as ON HLDG AG	0.04%	32,286	$1.4M	Add +55.7%
WFC Wells Fargo & Co.	0.04%	19,447	$1.4M	New
YMM Full Truck Alliance -SPN ADR	0.04%	108,623	$1.4M	Reduce -25.8%
PDD PDD Holdings Inc.	0.04%	11,576	$1.4M	Reduce -35.3%
SAP Sap SE-Sponsored ADR	0.04%	5,141	$1.4M	Add +45.4%
AIZ Assurant Inc.	0.04%	6,488	$1.4M	Add +42.0%
ATR Aptargroup Inc.	0.04%	9,083	$1.3M	Add +16.7%
TSCO Tractor Supply Company	0.04%	24,378	$1.3M	Reduce -46.1%
IPG Interpublic Group of Cos Inc.	0.04%	48,931	$1.3M	Add +42.0%
NWSA News Corp. Class A	0.04%	48,713	$1.3M	Add +42.0%
MKTX Marketaxess Holdings Inc.	0.04%	6,099	$1.3M	Reduce -65.6%
KKR KKR & Co. Inc.	0.04%	11,245	$1.3M	Add +253.6%
WTRG Essential Utilities Inc.	0.04%	32,627	$1.3M	Add +42.0%
INCY Incyte Corp.	0.03%	21,217	$1.3M	Add +42.0%
TLT iShares 20+ Year Treasury BD	0.03%	14,087	$1.3M	No change
RCL Royal Caribbean Cruises Ltd.	0.03%	6,231	$1.3M	Reduce -77.2%
FBIN Fortune Brands Innovations I	0.03%	20,635	$1.3M	Reduce -22.8%
PNFP Pinnacle Financial Partners	0.03%	11,857	$1.3M	Add +202.1%
PPL PPL Corp.	0.03%	34,412	$1.2M	Add +239.3%
CSL Carlisle Cos Inc.	0.03%	3,579	$1.2M	Reduce -48.7%
IAG Iamgold Corp.	0.03%	192,291	$1.2M	Add +109.9%
CDNS Cadence Design SYS Inc.	0.03%	4,607	$1.2M	New
EWG iShares MSCI Germany ETF	0.03%	31,400	$1.2M	New
LINE Lineage Inc.	0.03%	19,210	$1.1M	Reduce -47.9%
TRGP Targa Resources Corp.	0.03%	5,609	$1.1M	Add +229.9%
NET Cloudflare Inc. Class A	0.03%	9,969	$1.1M	Add +276.2%
NGD New Gold Inc.	0.03%	302,062	$1.1M	Reduce -28.8%
FSM Fortuna Mining Corp.	0.03%	181,592	$1.1M	Add +799.3%
AGI Alamos Gold Inc. Class A	0.03%	41,059	$1.1M	Reduce -2.4%
MEOH Methanex Corp.	0.03%	31,233	$1.1M	Add +10.4%
BBY Best Buy Co. Inc.	0.03%	14,707	$1.1M	Reduce -44.4%
WRBY Warby Parker Inc. Class A	0.03%	59,360	$1.1M	Reduce -62.5%
HBAN Huntington Bancshares Inc.	0.03%	71,805	$1.1M	Add +42.0%
URI United Rentals Inc.	0.03%	1,708	$1.1M	Add +374.4%
CPRT Copart Inc.	0.03%	18,788	$1.1M	Add +256.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.03%	3,066	$1.1M	Add +206.6%
DHR Danaher Corp.	0.03%	5,140	$1.1M	Add +42.0%
NTRS Northern Trust Corp.	0.03%	10,678	$1.1M	Add +42.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.03%	24,923	$1.0M	Add +42.0%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.03%	9,000	$1.0M	New
TW Tradeweb Markets Inc. Class A	0.03%	6,895	$1.0M	Add +42.0%
BLK BlackRock Inc.	0.03%	1,067	$1.0M	Add +42.1%
UFPI Ufp Industries Inc.	0.03%	9,438	$1.0M	Add +228.3%
FAST Fastenal Co.	0.03%	12,855	$995K	Add +210.6%
ANET Arista Networks Inc.	0.03%	12,800	$992K	New
CPB The Campbell's Company	0.03%	24,404	$974K	Add +42.0%
MBLY Mobileye Global Inc. Class A	0.03%	67,360	$970K	Add +11.9%
VRN Veren Inc.	0.03%	146,090	$967K	Add +224.9%
PWR Quanta Services Inc.	0.03%	3,809	$967K	Add +292.7%
SG Sweetgreen Inc. Class A	0.03%	38,042	$952K	New
TEAM Atlassian Corp. Class A	0.03%	4,466	$946K	Add +208.0%
TWLO Twilio Inc. Class A	0.03%	9,670	$945K	Add +429.9%
ROST Ross Stores Inc.	0.03%	7,372	$942K	Add +42.0%
DRI Darden Restaurants Inc.	0.03%	4,534	$941K	Add +547.7%
CFLT Confluent Inc. Class A	0.02%	39,270	$919K	New
DAL Delta Air Lines Inc.	0.02%	21,049	$918K	Reduce -70.3%
INSP Inspire Medical Systems Inc.	0.02%	5,724	$912K	Reduce -48.1%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW	0.02%	95,460	$892K	Add +14.5%
SYY Sysco Corp.	0.02%	11,868	$891K	Add +42.0%
CAH Cardinal Health Inc.	0.02%	6,447	$887K	New
HOOD Robinhood Markets Inc. Class A	0.02%	21,059	$875K	Add +89.7%
BGRN iShares Usd Green Bond ETF	0.02%	18,456	$874K	Add +15.8%
GFL GFL Environmental Inc.-Sub VT	0.02%	17,932	$867K	Add +76.3%
EXE Expand Energy Corp.	0.02%	7,480	$831K	Add +211.7%
INFY Infosys Ltd.-SP ADR	0.02%	45,391	$828K	Reduce -35.3%
RDNT Radnet Inc.	0.02%	16,553	$822K	Add +269.9%
BF.B Brown-Forman Corp. Class B	0.02%	23,295	$791K	Add +42.0%
IT Gartner Inc.	0.02%	1,886	$790K	Add +236.8%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC	0.02%	23,703	$785K	Reduce -48.3%
ING ING Groep N.V.-Sponsored ADR	0.02%	39,215	$768K	Reduce -18.2%
LNG Cheniere Energy Inc.	0.02%	3,313	$765K	New
MMYT Makemytrip Ltd.	0.02%	7,623	$747K	Reduce -27.7%
DHI D.R. Horton Inc.	0.02%	5,871	$745K	Add +182.9%
DE Deere & Co.	0.02%	1,585	$743K	New
TAP Molson Coors Beverage Co. Class B	0.02%	11,954	$728K	Add +42.0%
SNOW Snowflake Inc.	0.02%	4,952	$723K	New
BLDR Builders Firstsource Inc.	0.02%	5,778	$721K	Add +200.9%
BB Blackberry Ltd.	0.02%	184,592	$696K	Add +67.7%
AME Ametek Inc.	0.02%	4,012	$690K	New
NI Nisource Inc.	0.02%	16,862	$675K	Add +198.6%
DXCM Dexcom Inc.	0.02%	9,812	$669K	New
ARES Ares Management Corp. Class A	0.02%	4,546	$665K	Add +198.1%
BRBR Bellring Brands Inc.	0.02%	8,827	$656K	Add +226.7%
PFSI Pennymac Financial Services	0.02%	6,441	$644K	New
RXO Rxo Inc.	0.02%	33,600	$641K	Add +277.5%
JBHT Hunt (jb) Transprt SVCS Inc.	0.02%	4,329	$640K	Add +42.0%
MRNA Moderna Inc.	0.02%	22,462	$637K	Reduce -48.3%
VST Vistra Corp.	0.02%	5,400	$633K	New
TFC Truist Financial Corp.	0.02%	15,000	$617K	Reduce -9.1%
HST Host Hotels & Resorts Inc.	0.02%	42,220	$599K	Add +246.1%
EVRG Evergy Inc.	0.02%	8,609	$593K	Add +291.3%
ROP Roper Technologies Inc.	0.02%	997	$587K	Add +130.8%
BHC Bausch Health Cos Inc.	0.02%	89,848	$583K	Add +26.3%
GGAL Grupo Financiero Galicia-ADR	0.02%	10,606	$578K	Reduce -27.1%
IBKR Interactive Brokers Gro Class A	0.02%	3,437	$568K	New
SVV Savers Value Village Inc.	0.02%	80,468	$555K	Reduce -12.9%
INTC Intel Corp.	0.01%	24,307	$551K	New
SWKS Skyworks Solutions Inc.	0.01%	8,500	$549K	No change
TEVA Teva Pharmaceutical-SP ADR	0.01%	35,679	$548K	Add +151.3%
OLLI Ollie's Bargain Outlet Holdi	0.01%	4,666	$542K	Add +305.7%
PNC PNC Financial Services Group	0.01%	3,076	$540K	Add +200.1%
EOG EOG Resources Inc.	0.01%	4,175	$535K	Reduce -7.0%
ICE Intercontinental Exchange Inc.	0.01%	3,071	$529K	Add +220.9%
MLI Mueller Industries Inc.	0.01%	6,700	$509K	New
CDE Coeur Mining Inc.	0.01%	84,424	$499K	New
CNC Centene Corp.	0.01%	8,148	$495K	Reduce -7.0%
GNRC Generac Holdings Inc.	0.01%	3,750	$474K	Add +212.5%
VCYT Veracyte Inc.	0.01%	15,400	$456K	New
NCNO Ncino Inc.	0.01%	16,542	$454K	Add +106.8%
ACB Aurora Cannabis Inc.	0.01%	103,239	$452K	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.01%	1,817	$451K	New
GWRE Guidewire Software Inc.	0.01%	2,400	$449K	Add +300.0%
TSLA Tesla Inc.	0.01%	1,700	$440K	Add +325.0%
LITE Lumentum Holdings Inc.	0.01%	7,000	$436K	New
BABA Alibaba Group Holding-SP ADR	0.01%	3,300	$436K	New
TTWO Take-Two Interactive Softwre	0.01%	2,071	$429K	Add +182.5%
MU Micron Technology Inc.	0.01%	4,900	$425K	Add +157.9%
WTTR Select Water Solutions Inc.	0.01%	40,367	$423K	Add +343.6%
DPZ Domino's Pizza Inc.	0.01%	918	$421K	Add +70.0%
DEO Diageo PLC-Sponsored ADR	0.01%	4,002	$419K	Add +14.9%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC	0.01%	20,700	$416K	Reduce -46.1%
TPR Tapestry Inc.	0.01%	5,800	$408K	New
APO Apollo Global Management Inc.	0.01%	2,931	$401K	Reduce -9.3%
FRT Federal Realty Invs Trust	0.01%	4,000	$391K	Add +10.3%
BTG B2GOLD Corp.	0.01%	137,550	$391K	Add +7.5%
SLSR Solaris Resources Inc.	0.01%	116,174	$391K	Add +221.1%
PDS Precision Drilling Corp.	0.01%	8,303	$386K	Add +157.7%
NXE Nexgen Energy Ltd.	0.01%	83,421	$374K	Add +149.0%
BIPC Brookfield Infrastructure-A	0.01%	9,863	$356K	Add +32.3%
Z Zillow Group Inc. Class C	0.01%	5,200	$356K	New
GLW Corning Inc.	0.01%	7,689	$352K	Reduce -25.1%
EGO Eldorado Gold Corp.	0.01%	20,815	$350K	Reduce -70.8%
MASI Masimo Corp.	0.01%	2,100	$349K	Add +200.0%
ULS Ul Solutions Inc. Class A	0.01%	6,125	$345K	Add +191.7%
CHRD Chord Energy Corp.	0.01%	2,954	$332K	New
OR Osisko Gold Royalties Ltd.	0.01%	15,641	$330K	Add +148.6%
CRBG Corebridge Financial Inc.	0.01%	10,313	$325K	New
RDDT Reddit Inc. Class A	0.01%	3,054	$320K	Add +23.4%
AQN Algonquin Power & Utilities	0.01%	62,061	$319K	Add +23.5%
ESTC Elastic NV	0.01%	3,492	$311K	Add +191.0%
GNTX Gentex Corp.	0.01%	12,667	$295K	Reduce -7.0%
IVT Inventrust Properties Corp.	0.01%	9,942	$292K	New
NTGR Netgear Inc.	0.01%	11,600	$283K	New
BZ Kanzhun Ltd. - ADR	0.01%	14,699	$282K	Reduce -35.3%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD	0.01%	11,054	$280K	New
RKT Rocket Cos Inc. Class A	0.01%	23,200	$280K	New
FIVE Five Below	0.01%	3,710	$278K	New
BIIB Biogen Inc.	0.01%	2,000	$274K	No change
PROF Profound Medical Corp.	0.01%	46,200	$265K	No change
HAS Hasbro Inc.	0.01%	4,300	$264K	Add +207.1%
TAC Transalta Corp.	0.01%	27,922	$261K	Reduce -35.0%
GRTUF Granite Real Estate Investme	0.01%	5,433	$253K	Add +30.9%
EQX Equinox Gold Corp.	0.01%	36,082	$248K	Add +19.4%
DVN Devon Energy Corp.	0.01%	6,300	$235K	New
BYD Boyd Gaming Corp.	0.01%	3,500	$230K	New
GLOB Globant SA	0.01%	1,923	$226K	Reduce -74.2%
ATS Ats Corp.	0.01%	8,333	$208K	Add +27.7%
ADMA Adma Biologics Inc.	0.01%	9,600	$190K	New
AG First Majestic Silver Corp.	0.00%	25,575	$171K	Add +19.4%
SAND Sandstorm Gold Ltd.	0.00%	21,074	$159K	Add +175.3%
IPAR Interparfums Inc.	0.00%	1,244	$141K	Add +55.5%
BTE Baytex Energy Corp.	0.00%	62,675	$139K	Add +53.5%
VET Vermilion Energy Inc.	0.00%	16,671	$135K	Add +48.1%
MAG Mag Silver Corp.	0.00%	8,178	$124K	Add +39.3%
CGAU Centerra Gold Inc.	0.00%	19,488	$124K	Add +29.1%
ZYME Zymeworks Inc.	0.00%	10,030	$119K	Add +83.3%
ASM Avino Silver & Gold Mines	0.00%	64,001	$118K	New
INSM Insmed Inc.	0.00%	1,500	$114K	Add +42.9%
DNN Denison Mines Corp.	0.00%	83,289	$109K	Add +54.5%
LSPD Lightspeed Commerce Inc.	0.00%	12,106	$106K	Reduce -62.1%
NOA North American Construction	0.00%	6,716	$106K	Reduce -54.0%
ERO Ero Copper Corp.	0.00%	8,033	$97K	Add +22.6%
EXK Endeavour Silver Corp.	0.00%	21,198	$91K	New
BNT Brookfield Wealth Solutions	0.00%	1,476	$77K	New
SKE Skeena Resources Ltd.	0.00%	7,624	$77K	New
SSRM SSR Mining Inc.	0.00%	7,222	$72K	New
UUUU Energy Fuels Inc.	0.00%	16,536	$61K	Add +21.5%
NG Novagold Resources Inc.	0.00%	20,497	$60K	Add +118.6%
TFPM Triple Flag Precious Met	0.00%	2,609	$50K	Reduce -13.2%
SA Seabridge Gold Inc.	0.00%	3,349	$39K	New
AKRO Akero Therapeutics Inc.	0.00%	800	$32K	New

Other holdings (6): bonds, preferreds, convertibles and warrants · $768K (not counted above)

Security	Class	Shares / Principal	Value	Change
DEXCOM INC (DXCM 0.25 11/15/25)	NOTE 0.250%11/1 · principal	300,000	$291K	No change
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	200,000	$183K	No change
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	120,000	$105K	No change
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	100,000	$96K	No change
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	105,000	$88K	New
GROY.WS Gold Royalty Corp. -29	*W EXP 05/31/202	19,400	$5K	No change

Total filed on the 13F, all lines: $3.7B.

Portfolio Sells Q4 2024 → Q1 2025


AVGO Broadcom Inc.	Reduce -24.0%	1.02%	−0.84
STE Steris PLC	Sold out	0.00%	−0.43
GOOGL Alphabet Inc. Class A	Reduce -30.1%	0.50%	−0.38
CGNX Cognex Corp.	Reduce -58.3%	0.20%	−0.38
GOOG Alphabet Inc. Class C	Reduce -8.0%	1.13%	−0.37
WAT Waters Corp.	Reduce -38.3%	0.57%	−0.36
ACM Aecom	Sold out	0.00%	−0.32
AWK American Water Works Co. Inc.	Reduce -79.8%	0.10%	−0.32
RSP Invesco S&P 500 Equal Weight	Reduce -38.9%	0.40%	−0.27
USMV iShares MSCI USA Min Vol Fac	Sold out	0.00%	−0.26
GOVT iShares US Treasury Bond ETF	Sold out	0.00%	−0.26
TT Trane Technologies PLC	Reduce -37.0%	0.35%	−0.26
AMZN Amazon.com Inc.	Reduce -2.3%	1.40%	−0.26
XIFR XPLR Infrastructure LP	Sold out	0.00%	−0.24
CI The Cigna Group	Reduce -66.0%	0.16%	−0.23
ORCL Oracle Corp.	Reduce -18.1%	0.48%	−0.22
WMT Walmart Inc.	Reduce -57.4%	0.15%	−0.21
RNW Renew Energy Global PLC-A	Reduce -40.7%	0.22%	−0.21
ADBE Adobe Inc.	Reduce -29.4%	0.32%	−0.21
CWEN Clearway Energy Inc. Class C	Reduce -55.8%	0.21%	−0.20
EXC Exelon Corp.	Reduce -59.5%	0.18%	−0.19
EIX Edison International	Sold out	0.00%	−0.19
IEFA iShares Core MSCI Eafe ETF	Reduce -63.4%	0.12%	−0.18
DLB Dolby Laboratories Inc. Class A	Sold out	0.00%	−0.16
TSM Taiwan Semiconductor-SP ADR	Reduce -25.6%	0.25%	−0.15
AMP Ameriprise Financial Inc.	Reduce -42.4%	0.16%	−0.14
IBN Icici Bank Ltd.-Spon ADR	Reduce -56.7%	0.12%	−0.14
COF Capital One Financial Corp.	Reduce -51.4%	0.13%	−0.14
ILMN Illumina Inc.	Reduce -35.9%	0.08%	−0.14
RCL Royal Caribbean Cruises Ltd.	Reduce -77.2%	0.03%	−0.14
HPQ HP Inc.	Reduce -42.4%	0.13%	−0.14
LOW Lowe's Cos Inc.	Reduce -42.4%	0.16%	−0.13
LULU Lululemon Athletica Inc.	Reduce -1.0%	0.35%	−0.13
QCOM Qualcomm Inc.	Reduce -33.0%	0.25%	−0.13
MGA Magna International Inc.	Reduce -5.5%	0.41%	−0.12
TXN Texas Instruments Inc.	Reduce -9.3%	0.78%	−0.12
JNJ Johnson & Johnson	Reduce -52.4%	0.14%	−0.12
VRTX Vertex Pharmaceuticals Inc.	Reduce -47.7%	0.19%	−0.11
BNS Bank of Nova Scotia	Reduce -15.9%	0.32%	−0.11
PKG Packaging Corp. of America	Sold out	0.00%	−0.11
CSX CSX Corp.	Reduce -42.4%	0.12%	−0.11
D Dominion Energy Inc.	Reduce -38.3%	0.18%	−0.10
MELI MercadoLibre Inc.	Reduce -32.6%	0.34%	−0.10
NEE Nextera Energy Inc.	Reduce -43.5%	0.12%	−0.10
DIS The Walt Disney Co.	Reduce -30.1%	0.16%	−0.10
TTD Trade Desk Inc./the Class A	Reduce -28.5%	0.05%	−0.10
SPOT Spotify Technology SA	Reduce -55.6%	0.11%	−0.10
DAL Delta Air Lines Inc.	Reduce -70.3%	0.02%	−0.09
DOO BRP Inc./Ca- Sub Voting	Reduce -0.2%	0.17%	−0.09
ELV Elevance Health Inc.	Reduce -42.4%	0.18%	−0.09

Portfolio Buys Q4 2024 → Q1 2025


EBAY eBay Inc.	Add +418.6%	0.71%	+0.59
TD Toronto-Dominion Bank	Add +38.5%	1.31%	+0.47
MRVL Marvell Technology Inc.	New	0.44%	+0.44
AOS Smith (a.o.) Corp.	New	0.36%	+0.36
AEE Ameren Corporation	Add +117.9%	0.57%	+0.34
TRV The Travelers Cos Inc.	Add +110.8%	0.56%	+0.32
AVSE Avantis Resp Emerg MKTS Eq-E	New	0.31%	+0.31
CL Colgate-Palmolive Co.	Add +93.8%	0.60%	+0.30
CP Canadian Pacific Kansas City	Add +63.7%	0.75%	+0.28
GLD SPDR Gold Shares	New	0.28%	+0.28
INTU Intuit Inc.	Add +41.4%	0.94%	+0.26
GILD Gilead Sciences Inc.	Add +16.6%	0.87%	+0.25
MCK McKesson Corp.	Add +20.0%	0.86%	+0.25
BND Vanguard Total Bond Market	New	0.25%	+0.25
LIN Linde PLC	Add +8.9%	1.36%	+0.24
ENB Enbridge Inc.	Add +17.1%	1.19%	+0.22
CME Cme Group Inc.	New	0.21%	+0.21
V Visa Inc. Class A	Add +9.2%	1.18%	+0.20
CBOE Cboe Global Markets Inc.	Add +29.6%	0.61%	+0.20
CNQ Canadian Natural Resources	Add +53.2%	0.58%	+0.20
CPAY Corpay Inc.	New	0.19%	+0.19
AAPL Apple Inc.	Add +22.4%	2.30%	+0.18
WCN Waste Connections Inc.	Add +106.6%	0.30%	+0.17
FNV Franco-Nevada Corp.	Add +4.9%	0.59%	+0.17
AEP American Electric Power	Add +15.7%	0.62%	+0.17
AEM Agnico Eagle Mines Ltd.	Add +55.5%	0.31%	+0.17
BMY Bristol-Myers Squibb Co.	Add +120.5%	0.27%	+0.16
BMO Bank of Montreal	Add +40.6%	0.53%	+0.15
RY Royal Bank of Canada	Add +17.1%	1.55%	+0.13
PGR Progressive Corp.	Add +13.9%	0.51%	+0.13
MRK Merck & Co. Inc.	Add +28.8%	0.92%	+0.13
WPM Wheaton Precious Metals Corp.	Add +45.8%	0.25%	+0.12
T AT&T Inc.	Add +33.1%	0.31%	+0.12
KO The Coca-Cola Co.	Add +8.9%	0.60%	+0.12
HCA HCA Healthcare Inc.	New	0.12%	+0.12
TMUS T-Mobile US Inc.	Add +42.0%	0.28%	+0.11
NICE Nice Ltd. - Spon ADR	Add +152.6%	0.20%	+0.11
MA Mastercard Inc. Class A	Add +13.1%	0.74%	+0.11
ADP Automatic Data Processing	Add +9.1%	0.92%	+0.11
TRP TC Energy Corp.	Add +35.5%	0.39%	+0.11
TMO Thermo Fisher Scientific Inc.	Add +44.5%	0.37%	+0.10
TRI Thomson Reuters Corp.	Add +81.1%	0.21%	+0.10
G Genpact Ltd.	Add +9.1%	0.45%	+0.10
PG The Procter & Gamble Co.	Add +12.7%	0.78%	+0.10
LLY Eli Lilly & Co.	Add +9.5%	0.67%	+0.10
SPGI S&P Global Inc.	Add +73.7%	0.21%	+0.09
SPLV Invesco S&P 500 Low Volatili	Add +827.1%	0.10%	+0.09
ABT Abbott Laboratories	Add +5.9%	0.44%	+0.09
VZ Verizon Communications Inc.	Add +6.0%	0.50%	+0.08
BN Brookfield Corp.	Add +24.5%	0.68%	+0.08

Options Activity Q4 2024 → Q1 2025


TESLA INC	put	Sold out	125	$127Kbefore exit
INVESCO QQQ TR	put	Sold out	187	$83Kbefore exit
MONDAY COM LTD	call	Sold out	55	$29Kbefore exit
E L F BEAUTY INC	put	Sold out	43	$28Kbefore exit
APPLOVIN CORP	call	Sold out	17	$28Kbefore exit
ROKU INC	call	Sold out	79	$19Kbefore exit
ELI LILLY & CO	call	Sold out	10	$18Kbefore exit
TORONTO DOMINION BK ONT	call	Sold out	255	$15Kbefore exit
DATADOG INC	put	Sold out	35	$15Kbefore exit
MOBILEYE GLOBAL INC	call	Sold out	185	$15Kbefore exit
CHEWY INC	call	Sold out	101	$12Kbefore exit
MAPLEBEAR INC	put	Sold out	67	$11Kbefore exit
THE TRADE DESK INC	call	Sold out	35	$10Kbefore exit
METLIFE INC	call	Sold out	100	$9Kbefore exit
BCE INC	call	Sold out	359	$9Kbefore exit
ORACLE CORP	call	Sold out	36	$8Kbefore exit
GARMIN LTD	put	Sold out	30	$8Kbefore exit
PALANTIR TECHNOLOGIES INC	put	Sold out	73	$7Kbefore exit
ARK ETF TR	call	Sold out	200	$7Kbefore exit
PELOTON INTERACTIVE INC	call	Sold out	61	$6Kbefore exit
DEXCOM INC	call	Sold out	35	$5Kbefore exit
DECKERS OUTDOOR CORP	put	Sold out	31	$5Kbefore exit
SENTINELONE INC	call	Sold out	233	$4Kbefore exit
BANK NOVA SCOTIA B C	call	Sold out	198	$1Kbefore exit
CANADIAN PACIFIC KANSAS CITY	call	Sold out	67	$1Kbefore exit
TECK RESOURCES LTD	call	Sold out	162	$900before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025


INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	Sold out	230,000	$292Kbefore exit
NUVASIVE INC (GMED 0.375 03/15/25)	NOTE 0.375% 3/1 · principal	Sold out	260,000	$256Kbefore exit
BLOCK INC (XYZ 0.125 03/01/25)	NOTE 0.125% 3/0 · principal	Sold out	250,000	$247Kbefore exit
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	Sold out	150,000	$188Kbefore exit
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	New	105,000	$88K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	507	$4.3B	DMXF, NVDA, AVSD, MSFT, AAPL
Q1 2026	508	$4.3B	NVDA, MSFT, AVSD, NULG, AAPL
Q4 2025Amended	484	$4.4B	MSFT, AVSD, NVDA, NULG, AAPL
Q3 2025	481	$4.2B	MSFT, NVDA, AAPL, RY, AMZN
Q2 2025	468	$4.0B	MSFT, NVDA, AAPL, RY, AVGO
Q1 2025	464	$3.7B	MSFT, AAPL, NVDA, RY, AMZN
Q4 2024	459	$3.7B	MSFT, NVDA, AAPL, AVGO, AMZN
Q3 2024Amended	482	$3.8B	MSFT, NVDA, AAPL, AVGO, UNH
Q2 2024	468	$3.5B	MSFT, NVDA, AAPL, GOOG, AVGO
Q1 2024	467	$3.5B	MSFT, WM, RSG, RY, GOOG