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 COM 00724F101   6,207,072 12,300 SH   SOLE   12,300 0 0
AGNC INVT CORP COM 00123Q104   2,636,330 266,700 SH   SOLE   266,700 0 0
ALPHABET INC CAP STK CL C 02079K107   13,331,844 87,600 SH   SOLE   87,600 0 0
AMAZON COM INC COM 023135106   8,597,925 47,700 SH   SOLE   47,700 0 0
ASTERA LABS INC COM 04626A103   1,142,526 15,400 SH   SOLE   15,400 0 0
ATKORE INC COM 047649108   3,473,316 18,247 SH   SOLE   18,247 0 0
BARRICK GOLD CORP COM 067901108   1,851,441 111,300 SH   SOLE   111,300 0 0
BROADCOM INC COM 11135F101   8,807,792 6,650 SH   SOLE   6,650 0 0
BROOKFIELD BUSINESS PARTNERS UNIT LTD L P G16234109   9,720,000 439,020 SH   SOLE   439,020 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   3,462,934 82,800 SH   SOLE   82,800 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101   6,286,052 201,600 SH   SOLE   201,600 0 0
CANADIAN NAT RES LTD COM 136385101   10,968,066 143,800 SH   SOLE   143,800 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   7,015,962 79,600 SH   SOLE   79,600 0 0
CME GROUP INC COM 12572Q105   6,781,320 31,500 SH   SOLE   31,500 0 0
CORPAY INC COM SHS 219948106   6,109,092 19,800 SH   SOLE   19,800 0 0
DISCOVER FINL SVCS COM 254709108   13,341,029 101,770 SH   SOLE   101,770 0 0
FISERV INC COM 337738108   3,694,972 23,150 SH   SOLE   23,150 0 0
FRANCO NEV CORP COM 351858105   6,741,039 56,600 SH   SOLE   56,600 0 0
FREEPORT-MCMORAN INC CL B 35671D857   2,010,958 42,800 SH   SOLE   42,800 0 0
GFL ENVIRONMENTAL INC SUB VTG SHS 36168Q104   19,791,276 573,875 SH   SOLE   573,875 0 0
GLOBAL PMTS INC COM 37940X102   7,897,533 59,100 SH   SOLE   59,100 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107   7,782,697 717,961 SH   SOLE   717,961 0 0
HESS CORP COM 42809H107   17,321,235 113,500 SH   SOLE   113,500 0 0
IES HLDGS INC COM 44951W106   2,423,481 19,876 SH   SOLE   19,876 0 0
INSTALLED BLDG PRODS INC COM 45780R101   646,200 2,500 SH   SOLE   2,500 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   44,233,336 2,092,400 SH   SOLE   2,092,400 0 0
MASTERCARD INCORPORATED CL A 57636Q104   793,568 1,650 SH   SOLE   1,650 0 0
META PLATFORMS INC CL A 30303M102   1,238,000 2,550 SH   SOLE   2,550 0 0
MICROSOFT CORP COM 594918104   7,676,048 18,275 SH   SOLE   18,275 0 0
NUVEI CORPORATION SUB VTG SHS 67079A102   6,066,018 191,864 SH   SOLE   191,864 0 0
NVIDIA CORPORATION COM 67066G104   5,450,631 6,035 SH   SOLE   6,035 0 0
OPEN TEXT CORP COM 683715106   2,304,983 59,400 SH   SOLE   59,400 0 0
PALO ALTO NETWORKS INC COM 697435105   539,847 1,900 SH   SOLE   1,900 0 0
PATTERSON-UTI ENERGY INC COM 703481101   119,200 10,000 SH   SOLE   10,000 0 0
PIONEER NAT RES CO COM 723787107   7,716,030 29,400 SH   SOLE   29,400 0 0
PRIMO WATER CORPORATION COM 74167P108   6,792,009 372,900 SH   SOLE   372,900 0 0
RB GLOBAL INC COM 74935Q107   1,965,186 25,800 SH   SOLE   25,800 0 0
SHIFT4 PMTS INC CL A 82452J109   1,242,304 18,800 SH   SOLE   18,800 0 0
SKYLINE CHAMPION CORPORATION COM 830830105   9,398,363 110,478 SH   SOLE   110,478 0 0
SPDR S&P 500 ETF TR PUT 78462F953   1,846,000 4,700 SH   SOLE   4,700 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   5,881,937 43,240 SH   SOLE   43,240 0 0
TELUS INTL CDA INC SUB VTG SHS 87975H100   2,757,936 326,091 SH   SOLE   326,091 0 0
TFI INTL INC COM 87241L109   1,596,891 10,018 SH   SOLE   10,018 0 0
TOPBUILD CORP COM 89055F103   16,157,826 36,724 SH   SOLE   36,724 0 0
TRI POINTE HOMES INC COM 87265H109   3,156,048 81,636 SH   SOLE   81,636 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   736,519 51,100 SH   SOLE   51,100 0 0
VALE S A SPONSORED ADS 91912E105   1,859,813 152,600 SH   SOLE   152,600 0 0
VISA INC COM CL A 92826C839   389,679 1,398 SH   SOLE   1,398 0 0
WEST FRASER TIMBER CO LTD COM 952845105   5,735,882 66,400 SH   SOLE   66,400 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   4,816,782 102,300 SH   SOLE   102,300 0 0