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    <nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>008474108</cusip>
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    <nameOfIssuer>ALBEMARLE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>012653101</cusip>
    <value>1495</value>
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    <nameOfIssuer>ALGONQUIN PWR UTILS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>015857105</cusip>
    <value>262</value>
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      <Sole>26433</Sole>
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      <None>0</None>
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    <nameOfIssuer>ALPHABET INC</nameOfIssuer>
    <titleOfClass>CAP STK CL A</titleOfClass>
    <cusip>02079K305</cusip>
    <value>31342</value>
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    <nameOfIssuer>ALPHABET INC</nameOfIssuer>
    <titleOfClass>CAP STK CL C</titleOfClass>
    <cusip>02079K107</cusip>
    <value>386</value>
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      <Sole>374</Sole>
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    <nameOfIssuer>ANHEUSER BUSCH INBEV SA/NV</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>03524A108</cusip>
    <value>1865</value>
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      <Sole>16967</Sole>
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    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>626</value>
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      <Sole>3732</Sole>
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      <None>0</None>
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    <nameOfIssuer>APPLIED DNA SCIENCES INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>03815U201</cusip>
    <value>29</value>
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      <Sole>20000</Sole>
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      <None>0</None>
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    <nameOfIssuer>BANK AMER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>46600</value>
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      <sshPrnamt>1553851</sshPrnamt>
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      <Sole>1553851</Sole>
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      <None>0</None>
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    <nameOfIssuer>BANK MONTREAL QUE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>063671101</cusip>
    <value>616</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8158</sshPrnamt>
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    <otherManager>N/A</otherManager>
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      <Sole>8158</Sole>
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      <None>0</None>
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    <nameOfIssuer>BANK N S HALIFAX</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>064149107</cusip>
    <value>89280</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1449385</sshPrnamt>
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    <otherManager>N/A</otherManager>
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      <Sole>1449385</Sole>
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      <None>0</None>
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    <nameOfIssuer>BCE INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>05534B760</cusip>
    <value>46244</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1074654</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>1074654</Sole>
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      <None>0</None>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>084670108</cusip>
    <value>29611</value>
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      <Sole>99</Sole>
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      <None>0</None>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
    <titleOfClass>CL B NEW</titleOfClass>
    <cusip>084670702</cusip>
    <value>6503</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <otherManager>N/A</otherManager>
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      <Sole>32600</Sole>
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      <None>0</None>
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    <nameOfIssuer>BIOTIME INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09066L105</cusip>
    <value>32</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11800</sshPrnamt>
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    <otherManager>N/A</otherManager>
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      <Sole>11800</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BROOKFIELD ASSET MGMT INC</nameOfIssuer>
    <titleOfClass>CL A LTD VT SH</titleOfClass>
    <cusip>112585104</cusip>
    <value>88485</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <otherManager>N/A</otherManager>
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      <Sole>2269998</Sole>
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      <None>0</None>
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    <nameOfIssuer>BROOKFIELD INFRAST PARTNERS</nameOfIssuer>
    <titleOfClass>LP INT UNIT</titleOfClass>
    <cusip>G16252101</cusip>
    <value>42809</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1030302</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>1030302</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>CALLON PETE CO DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13123X102</cusip>
    <value>2251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170030</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>170030</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>CANADA GOOSE HOLDINGS INC</nameOfIssuer>
    <titleOfClass>SHS SUB VTG</titleOfClass>
    <cusip>135086106</cusip>
    <value>1355</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>40500</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>CANADIAN NAT RES LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>136385101</cusip>
    <value>71361</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2270048</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>2270048</Sole>
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      <None>0</None>
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    <nameOfIssuer>CANADIAN NATL RY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>136375102</cusip>
    <value>1040</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14230</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>14230</Sole>
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      <None>0</None>
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    <nameOfIssuer>CANADIAN PAC RY LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13645T100</cusip>
    <value>56659</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>321286</Sole>
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      <None>0</None>
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    <nameOfIssuer>CDN IMPERIAL BK COMM TORONTO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>136069101</cusip>
    <value>210</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2383</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>2383</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>CELESTICA INC</nameOfIssuer>
    <titleOfClass>SUB VTG SHS</titleOfClass>
    <cusip>15101q108</cusip>
    <value>152</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>14700</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>CHARTER COMMUNICATIONS INC N</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>16119P108</cusip>
    <value>37992</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>122073</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>172967424</cusip>
    <value>2973</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44038</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COLLIERS INTL GROUP INC</nameOfIssuer>
    <titleOfClass>SUB VTG SHS</titleOfClass>
    <cusip>194693107</cusip>
    <value>3499</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>20030N101</cusip>
    <value>1457</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>42653</Sole>
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    <nameOfIssuer>COTT CORP QUE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22163N106</cusip>
    <value>1140</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>77480</Sole>
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      <None>0</None>
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    <nameOfIssuer>CRESCENT PT ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22576C101</cusip>
    <value>2024</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>247361702</cusip>
    <value>39779</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>725763</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>2157</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67860</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>67860</Sole>
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      <None>0</None>
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    <nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25278X109</cusip>
    <value>1704</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13470</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>DISCOVERY COMMUNICATNS NEW</nameOfIssuer>
    <titleOfClass>COM SER A</titleOfClass>
    <cusip>25470F104</cusip>
    <value>5719</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <nameOfIssuer>DOWDUPONT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26078J100</cusip>
    <value>59025</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>E TRADE FINANCIAL CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>269246401</cusip>
    <value>1642</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29630</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29250N105</cusip>
    <value>316</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>10052</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENCANA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>292505104</cusip>
    <value>28707</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2610091</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2610091</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXTENDED STAY AMER INC</nameOfIssuer>
    <titleOfClass>UNIT 99/99/9999B</titleOfClass>
    <cusip>30224P200</cusip>
    <value>49666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2512168</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2512168</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>1865</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRSTSERVICE CORP NEW</nameOfIssuer>
    <titleOfClass>SUB VTG SH</titleOfClass>
    <cusip>33767E103</cusip>
    <value>65421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>892750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>892750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FLEETCOR TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>339041105</cusip>
    <value>13338</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65866</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>65866</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FLIR SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302445101</cusip>
    <value>752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15040</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15040</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FOMENTO ECONOMICO MEXICANO S</nameOfIssuer>
    <titleOfClass>SPON ADR UNITS</titleOfClass>
    <cusip>344419106</cusip>
    <value>9354</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102307</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>102307</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FRANCO NEVADA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>351858105</cusip>
    <value>1918</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>28100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>30144</value>
    <shrsOrPrnAmt>
      <sshPrnamt>829511</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>829511</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GLOBANT S A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>L44385109</cusip>
    <value>11721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>227421</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>227421</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>443628102</cusip>
    <value>71</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUNTSMAN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>447011107</cusip>
    <value>765</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>26150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JAGGED PEAK ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>47009K107</cusip>
    <value>987</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69820</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>69820</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46625H100</cusip>
    <value>43464</value>
    <shrsOrPrnAmt>
      <sshPrnamt>395231</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>395231</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>485170302</cusip>
    <value>1665</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15157</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15157</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KENNEDY-WILSON HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>489398107</cusip>
    <value>8492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>488055</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>488055</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KINGSWAY FINL SVCS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>496904202</cusip>
    <value>800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>200000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</nameOfIssuer>
    <titleOfClass>COM SER C FRMLA</titleOfClass>
    <cusip>531229854</cusip>
    <value>5575</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180713</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>180713</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIONS GATE ENTMNT CORP</nameOfIssuer>
    <titleOfClass>CL A VTG</titleOfClass>
    <cusip>535919401</cusip>
    <value>393</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15196</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15196</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIONS GATE ENTMNT CORP</nameOfIssuer>
    <titleOfClass>CL B NON VTG</titleOfClass>
    <cusip>535919500</cusip>
    <value>366</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15196</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15196</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MADISON SQUARE GARDEN CO NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>55825T103</cusip>
    <value>74462</value>
    <shrsOrPrnAmt>
      <sshPrnamt>302937</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>302937</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MANULIFE FINL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56501R106</cusip>
    <value>95925</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5166595</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5166595</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MASTERCARD INCORPORATED</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>36093</value>
    <shrsOrPrnAmt>
      <sshPrnamt>206055</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>206055</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MGM RESORTS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>552953101</cusip>
    <value>2205</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>62950</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>28381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>310960</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>310960</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOVARTIS A G</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>66987V109</cusip>
    <value>20890</value>
    <shrsOrPrnAmt>
      <sshPrnamt>258375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>258375</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NXP SEMICONDUCTORS N V</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N6596X109</cusip>
    <value>32833</value>
    <shrsOrPrnAmt>
      <sshPrnamt>280628</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>280628</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OPPENHEIMER HLDGS INC</nameOfIssuer>
    <titleOfClass>CL A NON VTG</titleOfClass>
    <cusip>683797104</cusip>
    <value>239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>9300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORACLE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>44882</value>
    <shrsOrPrnAmt>
      <sshPrnamt>981017</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>981017</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENGROWTH ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70706P104</cusip>
    <value>548</value>
    <shrsOrPrnAmt>
      <sshPrnamt>850000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>850000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>36091</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1016941</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1016941</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POINTS INTL LTD</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>730843208</cusip>
    <value>113</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11454</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>11454</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRETIUM RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74139C102</cusip>
    <value>593</value>
    <shrsOrPrnAmt>
      <sshPrnamt>89200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>89200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REINSURANCE GROUP AMER INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>759351604</cusip>
    <value>1306</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8479</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>8479</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESTAURANT BRANDS INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76131D103</cusip>
    <value>28627</value>
    <shrsOrPrnAmt>
      <sshPrnamt>503022</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>503022</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RETAIL OPPORTUNITY INVTS COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76131N101</cusip>
    <value>371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>21000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL BK CDA MONTREAL QUE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780087102</cusip>
    <value>59923</value>
    <shrsOrPrnAmt>
      <sshPrnamt>775736</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>775736</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANTANDER CONSUMER USA HDG I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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