The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
HUDBAY MINERALS INC COM 443628102   18,512,394 2,046,150 SH   OTR 1 1,994,533 51,617 0
CENOVUS ENERGY INC COM 15135U109   28,718,438 1,461,388 SH   OTR 1 1,424,625 36,763 0
CAE INC COM 124765108   18,395,548 990,612 SH   OTR 1 965,680 24,932 0
MANULIFE FINANCIAL CORP COM 56501R106   23,542,441 884,276 SH   OTR 1 862,099 22,177 0
ENBRIDGE INC COM 29250N105   22,738,423 639,285 SH   OTR 1 622,268 17,017 0
CANADIAN NATURAL RESOURCES LTD COM 136385101   22,481,591 631,286 SH   OTR 1 614,660 16,626 0
TORONTO DOMINION BANK COM NEW 891160509   26,853,871 488,635 SH   OTR 1 475,993 12,642 0
CANADIAN IMPERIAL BANK OF COMMERCE COM 136069101   22,611,778 475,645 SH   OTR 1 464,124 11,521 0
NUTRIEN LTD COM 67077M108   22,673,966 445,453 SH   OTR 1 434,242 11,211 0
AGNICO EAGLE MINES LTD COM 008474108   27,893,398 426,551 SH   OTR 1 415,503 11,048 0
OPEN TEXT CORP COM 683715106   11,977,688 398,968 SH   OTR 1 389,125 9,843 0
RESTAURANT BRANDS INTERNATIONAL INC. COM 76131D103   25,032,747 355,326 SH   OTR 1 346,573 8,753 0
CANADIAN PACIFIC KANSAS CITY LTD COM 13646K108   26,113,046 331,647 SH   OTR 1 323,425 8,222 0
WEST FRASER TIMBER CO LTD COM 952845105   21,473,647 279,655 SH   OTR 1 272,467 7,188 0
ROYAL BANK OF CANADA COM 780087102   23,318,886 219,075 SH   OTR 1 212,846 6,229 0
CGI INC CL A SUB VTG 12532H104   22,202,247 222,485 SH   OTR 1 216,887 5,598 0
COLGATE PALMOLIVE CO COM 194162103   116,448 1,200 SH   SOLE   1,200 0 0
JPMORGAN CHASE & CO COM 46625H100   1,165,018 5,760 SH   SOLE   5,760 0 0
CANADIAN NATIONAL RAILWAY CO COM 136375102   259,914 2,200 SH   SOLE   2,200 0 0
BANK OF NOVA SCOTIA COM 064149107   66,863 1,462 SH   SOLE   1,462 0 0
TC ENERGY CORP COM 87807B107   68,826 1,816 SH   SOLE   1,816 0 0
NIKE INC CL B 654106103   1,160,698 15,400 SH   SOLE   15,400 0 0
TARGET CORP COM 87612E106   1,025,029 6,924 SH   SOLE   6,924 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   885,353 1,601 SH   SOLE   1,601 0 0
APPLE INC. COM 037833100   1,271,092 6,035 SH   SOLE   6,035 0 0
ALPHABET INC CLASS A CAP STK CL A 02079K305   765,030 4,200 SH   SOLE   4,200 0 0
ALPHABET INC CLASS C CAP STK CL C 02079K107   224,690 1,225 SH   SOLE   1,225 0 0
CHUBB LTD COM H1467J104   1,351,159 5,297 SH   SOLE   5,297 0 0
ING GROEP NV - ADR SPONSORED ADR 456837103   1,580,445 92,208 SH   SOLE   92,208 0 0
BERKSHIRE HATHAWAY INC. - CL B CL B NEW 084670702   1,623,132 3,990 SH   SOLE   3,990 0 0
WABTEC CORP COM 929740108   894,247 5,658 SH   SOLE   5,658 0 0
DIAGEO PLC - SPONSORED ADR SPONSORED ADR 25243Q205   1,464,167 11,613 SH   SOLE   11,613 0 0
GENERAC HOLDINGS INC COM 368736104   2,824,616 21,363 SH   SOLE   21,363 0 0
MICROSOFT CORP COM 594918104   919,823 2,058 SH   SOLE   2,058 0 0
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD - ADR SPONSORED ADR 874039100   1,216,670 7,000 SH   SOLE   7,000 0 0
GREENBRIER COMPANIES INC COM 393657101   5,175,398 104,448 SH   SOLE   104,448 0 0
CENOVUS ENERGY INC - WARRANT *W EXP 01/01/202 15135U117   311,826 20,875 SH   SOLE   20,875 0 0
PRO SHARES ULTRA PRO SHORT ETF ULTRAPRO SHT QQQ 74347G432   360,180 43,500 SH   SOLE   43,500 0 0
VF CORP COM 918204108   1,981,247 146,759 SH   SOLE   146,759 0 0
OSHKOSH CORP. COM 688239201   3,952,221 36,527 SH   SOLE   36,527 0 0
HENRY SCHEIN INC. COM 806407102   3,299,612 51,476 SH   SOLE   51,476 0 0
ATS CORPORATION COM 00217Y104   3,585,678 110,830 SH   SOLE   110,830 0 0