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
ADOBE INC Common Stock 00724F101 BBG000BB5006 2,799,920 8,000 SH   SOLE   8,000 0 0
AGNICO EAGLE MINES LIMITED Common Stock 008474108 BBG000DLVDK3 120,680,165 711,604 SH   SOLE   711,604 0 0
ALAMOS GOLD INC NEW Common Stock 011532108 BBG009HT6BL4 6,955,748 180,127 SH   SOLE   180,127 0 0
ALCON INC Common Stock H01301128 BBG00NPWGYJ9 26,571,007 332,828 SH   SOLE   332,828 0 0
ALPHABET INC Common Stock 02079K305 BBG009S39JX6 320,578,982 1,024,214 SH   SOLE   1,024,214 0 0
AMAZON.COM INC Common Stock 023135106 BBG000BVPV84 12,164,214 52,700 SH   SOLE   52,700 0 0
AMERICAN EXPRESS CO Common Stock 025816109 BBG000BCQZS4 118,289,293 319,744 SH   SOLE   319,744 0 0
ANALOG DEVICES INC Common Stock 032654105 BBG000BB6G37 173,313,614 639,062 SH   SOLE   639,062 0 0
AON PLC Common Stock G0403H108 BBG00SSQFPK6 27,436,067 77,749 SH   SOLE   77,749 0 0
ATS CORP Common Stock 00217Y104 BBG000BBH2L6 2,220,398 80,600 SH   SOLE   80,600 0 0
AUTOZONE INC Common Stock 053332102 BBG000C7LMS8 167,509,577 49,391 SH   SOLE   49,391 0 0
BANK OF NT BUTTERFIELD & SON L Common Stock G0772R208 BBG00DK7NM27 3,208,159 64,395 SH   SOLE   64,395 0 0
BERKSHIRE HATHAWAY INC Common Stock 084670702 BBG000DWG505 81,543,904 162,228 SH   SOLE   162,228 0 0
BOYD GROUP SERVICES INC Common Stock 103310108 BBG000GB1NC2 43,184,873 271,102 SH   SOLE   271,102 0 0
CANADIAN NATIONAL RAILWAY CO Common Stock 136375102 BBG000GLP2C0 289,190,554 2,924,012 SH   SOLE   2,924,012 0 0
CANADIAN NATURAL RESOURCES LTD Common Stock 136385101 BBG0014LGC02 189,312,177 5,588,945 SH   SOLE   5,588,945 0 0
CANADIAN PACIFIC KANSAS CITY LTD Common Stock 13646K108 BBG000BCVMH9 328,957 4,468 SH   SOLE   4,468 0 0
CAPITAL ONE FINANCIAL CORP Common Stock 14040H105 BBG000BGKTF9 65,619,697 270,753 SH   SOLE   270,753 0 0
CARRIER GLOBAL CORP Common Stock 14448C104 BBG00RP5HYS8 63,146,442 1,195,050 SH   SOLE   1,195,050 0 0
CENOVUS ENERGY INC Common Stock 15135U109 BBG000FT86F1 102,662,366 6,068,200 SH   SOLE   6,068,200 0 0
CGI INC Common Stock 12532H104 BBG000BYYC35 6,121,671 66,272 SH   SOLE   66,272 0 0
CHUBB LTD Common Stock H1467J104 BBG000BR14K5 44,646,581 143,043 SH   SOLE   143,043 0 0
CIGNA CORP Common Stock 125523100 BBG00KXRCDP0 2,077,987 7,550 SH   SOLE   7,550 0 0
CME GROUP INC Common Stock 12572Q105 BBG000BHLYP4 147,496,516 540,122 SH   SOLE   540,122 0 0
COLGATE-PALMOLIVE CO Common Stock 194162103 BBG000BFQYY3 7,589,555 96,046 SH   SOLE   96,046 0 0
COLLIERS INTL GROUP INC Common Stock 194693107 BBG000BH2VW3 5,639,921 38,370 SH   SOLE   38,370 0 0
COPART INC Common Stock 217204106 BBG000BM9RH1 11,417,197 291,627 SH   SOLE   291,627 0 0
CVS HEALTH CORP Common Stock 126650100 BBG000BGRY34 150,717,576 1,899,163 SH   SOLE   1,899,163 0 0
DESCARTES SYS GROUP INC Common Stock 249906108 BBG000BYLFM1 6,093,338 69,455 SH   SOLE   69,455 0 0
ELEVANCE HEALTH INC Common Stock 036752103 BBG000BCG930 129,935,564 370,662 SH   SOLE   370,662 0 0
EMERSON ELECTRIC CO Common Stock 291011104 BBG000BHX7N2 31,832,361 239,846 SH   SOLE   239,846 0 0
ENERFLEX LTD Common Stock 29269R105 BBG000SR92R6 94,936,580 6,157,845 SH   SOLE   6,157,845 0 0
EQT CORP Common Stock 26884L109 BBG000BHZ5J9 118,551,140 2,211,775 SH   SOLE   2,211,775 0 0
EQUIFAX INC Common Stock 294429105 BBG000BHPL78 4,359,996 20,094 SH   SOLE   20,094 0 0
ERO COPPER CORP Common Stock 296006109 BBG00HNV5D77 1,820,787 64,358 SH   SOLE   64,358 0 0
Expand Energy Corp Common Stock 165167735 BBG00Z6DX554 8,692,836 78,768 SH   SOLE   78,768 0 0
FACTSET RESEARCH SYSTEMS INC Common Stock 303075105 BBG000BDJL83 7,183,653 24,755 SH   SOLE   24,755 0 0
FIRSTSERVICE CORP Common Stock 33767E202 BBG0093LLBM8 4,408,050 28,344 SH   SOLE   28,344 0 0
FISERV INC Common Stock 337738108 BBG000BJKPG0 32,978,589 490,972 SH   SOLE   490,972 0 0
FORTIS INC Common Stock 349553107 BBG000BYTHG6 394,938 7,596 SH   SOLE   7,596 0 0
GRACO INC Common Stock 384109104 BBG000BK9W84 39,868,077 486,374 SH   SOLE   486,374 0 0
GRANITE REAL ESTATE INVESTMENT TRUST REIT 387437205 BBG01Q41FY12 2,634,733 44,256 SH   SOLE   44,256 0 0
HDFC BANK LTD ADR 40415F101 BBG000NWKS18 21,429,979 586,480 SH   SOLE   586,480 0 0
HILTON WORLDWIDE HOLDINGS INC Common Stock 43300A203 BBG0058KMH30 13,445,311 46,807 SH   SOLE   46,807 0 0
ICON PLC Common Stock G4705A100 BBG000CTSZQ6 35,335,556 193,917 SH   SOLE   193,917 0 0
INTERCONTINENTAL EXCHANGE INC Common Stock 45866F104 BBG000C1FB75 154,102,673 951,486 SH   SOLE   951,486 0 0
JACK HENRY & ASSOCIATES INC Common Stock 426281101 BBG000BMH2Q7 2,820,593 15,457 SH   SOLE   15,457 0 0
JOHNSON & JOHNSON Common Stock 478160104 BBG000BMHYD1 104,627,505 505,569 SH   SOLE   505,569 0 0
KINROSS GOLD CORP Common Stock 496902404 BBG000BB2DM7 4,556,375 161,759 SH   SOLE   161,759 0 0
LINDE PLC Common Stock G54950103 BBG01FND0CC1 14,001,795 32,838 SH   SOLE   32,838 0 0
LOCKHEED MARTIN CORP Common Stock 539830109 BBG000C1BW00 166,390,702 344,017 SH   SOLE   344,017 0 0
LOWE'S COS INC Common Stock 548661107 BBG000BNDN65 13,274,411 55,044 SH   SOLE   55,044 0 0
M&T BANK CORP Common Stock 55261F104 BBG000D9KWL9 131,514,861 652,744 SH   SOLE   652,744 0 0
MARRIOTT INTERNATIONAL INC/MD Common Stock 571903202 BBG000BGD7W6 31,568,471 101,755 SH   SOLE   101,755 0 0
MASTERCARD INC Common Stock 57636Q104 BBG000F1ZSQ2 178,389,153 312,481 SH   SOLE   312,481 0 0
MEDTRONIC PLC Common Stock G5960L103 BBG000BNWG87 318,823 3,319 SH   SOLE   3,319 0 0
METTLER-TOLEDO INTERNATIONAL I Common Stock 592688105 BBG000BZCKH3 75,096,650 53,864 SH   SOLE   53,864 0 0
MICROSOFT CORP Common Stock 594918104 BBG000BPH459 252,682,261 522,481 SH   SOLE   522,481 0 0
MOODY'S CORP Common Stock 615369105 BBG000F86GP6 217,582,254 425,922 SH   SOLE   425,922 0 0
MSCI INC Common Stock 55354G100 BBG000RTDY25 114,763,786 200,031 SH   SOLE   200,031 0 0
NIKE INC Common Stock 654106103 BBG000C5HS04 6,920,180 108,620 SH   SOLE   108,620 0 0
NORTHROP GRUMMAN CORP Common Stock 666807102 BBG000BQ2C28 29,777,507 52,222 SH   SOLE   52,222 0 0
ORACLE CORP Common Stock 68389X105 BBG000BQLTW7 11,242,019 57,678 SH   SOLE   57,678 0 0
OTIS WORLDWIDE CORP Common Stock 68902V107 BBG00RP60KV0 243,520,445 2,787,870 SH   SOLE   2,787,870 0 0
PEPSICO INC Common Stock 713448108 BBG000DH7JK6 12,377,165 86,240 SH   SOLE   86,240 0 0
PHILIP MORRIS INTERNATIONAL IN Common Stock 718172109 BBG000J2XL74 99,645,132 621,229 SH   SOLE   621,229 0 0
RALLIANT CORP Common Stock 750940108 BBG01V4YRP24 5,666,453 111,303 SH   SOLE   111,303 0 0
RANGE RESOURCES CORP Common Stock 75281A109 BBG000FVXD63 54,917,767 1,557,509 SH   SOLE   1,557,509 0 0
RB GLOBAL INC Common Stock 74935Q107 BBG000C1DF05 124,857,217 1,212,695 SH   SOLE   1,212,695 0 0
RESTAURANT BRANDS INTL INC Common Stock 76131D103 BBG0076WG2V1 169,888,780 2,489,553 SH   SOLE   2,489,553 0 0
ROGERS COMMUNICATIONS INC Common Stock 775109200 BBG000BCG226 42,989,691 1,138,837 SH   SOLE   1,138,837 0 0
ROPER TECHNOLOGIES INC Common Stock 776696106 BBG000F1ZSN5 146,011,543 328,020 SH   SOLE   328,020 0 0
ROSS STORES INC Common Stock 778296103 BBG000BSBZH7 142,774,641 792,576 SH   SOLE   792,576 0 0
ROYAL BANK OF CANADA Common Stock 780087102 BBG000BCJG31 117,859,769 691,320 SH   SOLE   691,320 0 0
ROYAL GOLD INC Common Stock 780287108 BBG000BS5170 1,380,421 6,210 SH   SOLE   6,210 0 0
S&P GLOBAL INC Common Stock 78409V104 BBG000BP1Q11 37,994,383 72,704 SH   SOLE   72,704 0 0
SCHLUMBERGER LTD Common Stock 806857108 BBG000BT41Q8 43,403,942 1,130,900 SH   SOLE   1,130,900 0 0
SHERWIN-WILLIAMS CO/THE Common Stock 824348106 BBG000BSXQV7 112,288,384 346,537 SH   SOLE   346,537 0 0
STANTEC INC Common Stock 85472N109 BBG000BC1X33 6,968,908 73,848 SH   SOLE   73,848 0 0
SYNCHRONY FINANCIAL Common Stock 87165B103 BBG00658F3P3 2,902,029 34,784 SH   SOLE   34,784 0 0
TAIWAN SEMICONDUCTOR MANUFACTU ADR 874039100 BBG000BD8ZK0 364,111,881 1,198,170 SH   SOLE   1,198,170 0 0
TECK RESOURCES LTD Common Stock 878742204 BBG000BSJTT0 159,552,051 3,332,589 SH   SOLE   3,332,589 0 0
TEXAS INSTRUMENTS INC Common Stock 882508104 BBG000BVV7G1 58,930,042 339,674 SH   SOLE   339,674 0 0
TFI INTERNATIONAL INC Common Stock 87241L109 BBG000G5FQQ8 1,674,537 16,200 SH   SOLE   16,200 0 0
THERMO FISHER SCIENTIFIC INC Common Stock 883556102 BBG000BVDLH9 424,157 732 SH   SOLE   732 0 0
TJX COS INC/THE Common Stock 872540109 BBG000BV8DN6 126,776,944 825,317 SH   SOLE   825,317 0 0
TORONTO DOMINION BANK Common Stock 891160509 BBG000BCRMB0 67,966,123 721,113 SH   SOLE   721,113 0 0
UNION PACIFIC CORP Common Stock 907818108 BBG000BW3299 433,262 1,873 SH   SOLE   1,873 0 0
UNITEDHEALTH GROUP INC Common Stock 91324P102 BBG000CH5208 15,586,804 47,217 SH   SOLE   47,217 0 0
VANECK JUNIOR GOLD MINERS ETP 92189F791 BBG000PTYMS2 6,166,990 54,201 SH   SOLE   54,201 0 0
VIPER ENERGY INC/OLD Common Stock 64361Q101 BBG01VXTFCN2 965,750 25,000 SH   SOLE   25,000 0 0
VISA INC COM CL A Common Stock 92826C839 BBG000PSKYX7 135,585,889 386,604 SH   SOLE   386,604 0 0
WASTE CONNECTIONS INC Common Stock 94106B101 BBG000FLHZZ2 2,104,663 12,000 SH   SOLE   12,000 0 0
WELLS FARGO & CO Common Stock 949746101 BBG000BWQFY7 261,382,662 2,804,535 SH   SOLE   2,804,535 0 0
WHEATON PRECIOUS METALS CORP Common Stock 962879102 BBG000PVRDL2 104,391,879 887,936 SH   SOLE   887,936 0 0
WILLIS TOWERS WATSON PLC Common Stock G96629103 BBG000DB3KT1 85,478,061 260,128 SH   SOLE   260,128 0 0
ZOETIS INC Common Stock 98978V103 BBG0039320N9 1,720,714 13,676 SH   SOLE   13,676 0 0
ASML HOLDING NV Common Stock N07059202 BBG000C1HT47 65,899,812 60,890 SH   SOLE   60,890 0 0
DIAGEO PLC Common Stock G42089113 BBG000BS69D5 61,124,372 2,828,894 SH   SOLE   2,828,894 0 0
INTERCONTINENTAL HOTELS GROUP Common Stock G4804L163 BBG000C2C4D5 177,243,443 1,257,505 SH   SOLE   1,257,505 0 0
UNILEVER PLC Common Stock G92087165 BBG000C0M8X7 21,992,557 336,148 SH   SOLE   336,148 0 0
VOLUTION GROUP PLC Common Stock G93824103 BBG006MJRQF7 8,254,599 949,746 SH   SOLE   949,746 0 0
CANADIAN NATL RAILWAY CO OPTIONS 136375102 BBG000GLP2C0 5,792 30 SH   SOLE   30 0 0
EXPAND ENERGY CORP OPTIONS 165167735 BBG00Z6DX554 130,584 3,236 SH   SOLE   3,236 0 0
FISERV INC OPTIONS 337738108 BBG000BJKPG0 208 13 SH   SOLE   13 0 0
LOCKHEED MARTIN CORP OPTIONS 539830109 BBG000C1BW00 12,200 10 SH   SOLE   10 0 0
PHILIP MORRIS INTERNATIONAL OPTIONS 718172109 BBG000J2XL74 4,230 9 SH   SOLE   9 0 0
RANGE RESOURCES CORP OPTIONS 75281A109 BBG000FVXD63 1,343,000 15,800 SH   SOLE   15,800 0 0
SLB LTD OPTIONS 806857108 BBG000BT41Q8 1,627,600 7,254 SH   SOLE   7,254 0 0
SPDR S&P 500 ETF TRUST OPTIONS 78462F103 BBG000BDTBL9 10,144,103 11,999 SH   SOLE   11,999 0 0