# EDGAR Filing Document

**Accession Number:** 0001539919
**File Stem:** 0001539919-25-000003
**Filing Date:** 2025-8
**Character Count:** 19524
**Document Hash:** 68ef92fb1d45d49ad8db50a510c8e439
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539919-25-000003.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001539919-25-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waratah Capital Advisors Ltd.
- **CENTRAL INDEX KEY:** 0001539919

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1212

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15447
- **FILM NUMBER:** 251199600

**BUSINESS ADDRESS:**
- **STREET 1:** 1133 YONGE STREET, 5TH FLOOR
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 2Y7
- **BUSINESS PHONE:** 416 637 5622

**MAIL ADDRESS:**
- **STREET 1:** 1133 YONGE STREET, 5TH FLOOR
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 2Y7

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Waratah Capital Advisors Ltd.<br>**Address:** 1133 YONGE STREET 5TH FLOOR<br>TORONTO, A6 M4T 2Y7

**Form 13F File Number:** 028-15447

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Dimitri Michalopoulos<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-637-5622

**Signature, Place, and Date of Signing:**

Dimitri Michalopoulos  Toronto, A6  08-08-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 155

**Form 13F Information Table Value Total:** $3758725724

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 8454263 | 102043 | SH |  | SOLE | N/A | 102043 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 31977304 | 268875 | SH |  | SOLE | N/A | 268875 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 3741916 | 17056 | SH |  | SOLE | N/A | 17056 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 2441523 | 11900 | SH | Put | SOLE | N/A | 11900 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 7029000 | 100000 | SH | Put | SOLE | N/A | 100000 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 17429896 | 602277 | SH |  | SOLE | N/A | 602277 | 0 | 0 |
| ATLAS LITHIUM CORP | COM NEW | 105861306 |  | 1698040 | 449217 | SH |  | SOLE | N/A | 449217 | 0 | 0 |
| ATS CORPORATION | COM | 00217Y104 |  | 3777142 | 118480 | SH |  | SOLE | N/A | 118480 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 1452978 | 402487 | SH |  | SOLE | N/A | 402487 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 4647585 | 22181 | SH |  | SOLE | N/A | 22181 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 8381200 | 40000 | SH | Call | SOLE | N/A | 40000 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 19367547 | 79692 | SH |  | SOLE | N/A | 79692 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 10075798 | 207877 | SH |  | SOLE | N/A | 207877 | 0 | 0 |
| BRUNSWICK CORP | COM | 117043109 |  | 9819904 | 177768 | SH |  | SOLE | N/A | 177768 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 997471 | 6924 | SH |  | SOLE | N/A | 6924 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM | COM | 136069101 |  | 4101057 | 57900 | SH | Put | SOLE | N/A | 57900 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM | COM | 136069101 |  | 5871807 | 82900 | SH |  | SOLE | N/A | 82900 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 43883698 | 1397570 | SH |  | SOLE | N/A | 1397570 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 12063958 | 115955 | SH |  | SOLE | N/A | 115955 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 23396461 | 295149 | SH |  | SOLE | N/A | 295149 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 105500 | 10000 | SH |  | SOLE | N/A | 10000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 6381143 | 87186 | SH |  | SOLE | N/A | 87186 | 0 | 0 |
| CAVA GROUP INC | COM | 148929102 |  | 16462332 | 195445 | SH |  | SOLE | N/A | 195445 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 68000000 | 5000000 | SH | Call | SOLE | N/A | 5000000 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 11551938 | 314424 | SH |  | SOLE | N/A | 314424 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 48154847 | 6678897 | SH |  | SOLE | N/A | 6678897 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 36302257 | 149073 | SH |  | SOLE | N/A | 149073 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 27277277 | 485793 | SH |  | SOLE | N/A | 485793 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 93204234 | 418200 | SH | Put | SOLE | N/A | 418200 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 2979200 | 35000 | SH | Call | SOLE | N/A | 35000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 3228091 | 37924 | SH |  | SOLE | N/A | 37924 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 23702091 | 44203 | SH |  | SOLE | N/A | 44203 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 4961740 | 30500 | SH | Call | SOLE | N/A | 30500 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 16772869 | 51967 | SH |  | SOLE | N/A | 51967 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 165715956 | 167400 | SH | Put | SOLE | N/A | 167400 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 2938209 | 5769 | SH |  | SOLE | N/A | 5769 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 25560491 | 129394 | SH |  | SOLE | N/A | 129394 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 755484 | 3466 | SH |  | SOLE | N/A | 3466 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 |  | 5653962 | 205300 | SH | Call | SOLE | N/A | 205300 | 0 | 0 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 8140704 | 74067 | SH |  | SOLE | N/A | 74067 | 0 | 0 |
| ELBIT SYS LTD | ORD | M3760D101 |  | 7405513 | 16475 | SH |  | SOLE | N/A | 16475 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 3890255 | 7273 | SH |  | SOLE | N/A | 7273 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 11810558 | 202513 | SH |  | SOLE | N/A | 202513 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 2479360 | 431193 | SH |  | SOLE | N/A | 431193 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 17084255 | 277027 | SH |  | SOLE | N/A | 277027 | 0 | 0 |
| ETF SER SOLUTIONS | US GLB JETS | 26922A842 |  | 11485000 | 500000 | SH | Put | SOLE | N/A | 500000 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 17678209 | 65470 | SH |  | SOLE | N/A | 65470 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 21224142 | 181496 | SH |  | SOLE | N/A | 181496 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 7288639 | 41740 | SH |  | SOLE | N/A | 41740 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 33077390 | 435458 | SH |  | SOLE | N/A | 435458 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 17436454 | 311143 | SH |  | SOLE | N/A | 311143 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 8024868 | 48956 | SH |  | SOLE | N/A | 48956 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 3046768 | 70283 | SH |  | SOLE | N/A | 70283 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 2089084 | 3948 | SH |  | SOLE | N/A | 3948 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 8343783 | 396003 | SH |  | SOLE | N/A | 396003 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 413209 | 2220 | SH |  | SOLE | N/A | 2220 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 37372144 | 3522351 | SH |  | SOLE | N/A | 3522351 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1867598 | 254095 | SH |  | SOLE | N/A | 254095 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 1827157 | 10407 | SH |  | SOLE | N/A | 10407 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 14861445 | 27709 | SH |  | SOLE | N/A | 27709 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 20824555 | 262010 | SH |  | SOLE | N/A | 262010 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 449917584 | 815600 | SH | Put | SOLE | N/A | 815600 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 5763778 | 94164 | SH |  | SOLE | N/A | 94164 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 402284 | 13944 | SH |  | SOLE | N/A | 13944 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 1229486 | 29059 | SH |  | SOLE | N/A | 29059 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 142723500 | 4350000 | SH | Call | SOLE | N/A | 4350000 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 4113444 | 111900 | SH | Call | SOLE | N/A | 111900 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 20297500 | 230000 | SH | Call | SOLE | N/A | 230000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 58527400 | 663200 | SH | Put | SOLE | N/A | 663200 | 0 | 0 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 5036570 | 21100 | SH | Put | SOLE | N/A | 21100 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 145830882 | 675800 | SH | Put | SOLE | N/A | 675800 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 143557000 | 1780000 | SH | Put | SOLE | N/A | 1780000 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 12016000 | 50000 | SH | Put | SOLE | N/A | 50000 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 23298505 | 220588 | SH |  | SOLE | N/A | 220588 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 10611576 | 36603 | SH |  | SOLE | N/A | 36603 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 31976651 | 2045851 | SH |  | SOLE | N/A | 2045851 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 8936822 | 67179 | SH |  | SOLE | N/A | 67179 | 0 | 0 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 3906259 | 84096 | SH |  | SOLE | N/A | 84096 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 827554 | 6819 | SH |  | SOLE | N/A | 6819 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 4032066 | 26653 | SH |  | SOLE | N/A | 26653 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 11583000 | 300000 | SH | Call | SOLE | N/A | 300000 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 7990000 | 250000 | SH | Call | SOLE | N/A | 250000 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 9116654 | 285252 | SH |  | SOLE | N/A | 285252 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 24163572 | 44017 | SH |  | SOLE | N/A | 44017 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 9606849 | 126706 | SH |  | SOLE | N/A | 126706 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 25672246 | 34782 | SH |  | SOLE | N/A | 34782 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 3081250 | 25000 | SH | Call | SOLE | N/A | 25000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 35394203 | 71157 | SH |  | SOLE | N/A | 71157 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 24567447 | 3539978 | SH |  | SOLE | N/A | 3539978 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1864282 | 11800 | SH | Put | SOLE | N/A | 11800 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 59090946 | 374017 | SH |  | SOLE | N/A | 374017 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 7326575 | 992 | SH |  | SOLE | N/A | 992 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 5660768 | 25892 | SH |  | SOLE | N/A | 25892 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 13341167 | 350622 | SH |  | SOLE | N/A | 350622 | 0 | 0 |
| OXLEY BRIDGE ACQ LTD | UNIT 06/17/2030 | G6858G123 |  | 780780 | 78000 | SH |  | SOLE | N/A | 78000 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 17835853 | 628023 | SH |  | SOLE | N/A | 628023 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 3889779 | 5569 | SH |  | SOLE | N/A | 5569 | 0 | 0 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 8340779 | 612392 | SH |  | SOLE | N/A | 612392 | 0 | 0 |
| POOL CORP | COM | 73278L105 |  | 3737065 | 12821 | SH |  | SOLE | N/A | 12821 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 24232572 | 152100 | SH |  | SOLE | N/A | 152100 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 7809575 | 74292 | SH |  | SOLE | N/A | 74292 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 5912793 | 15639 | SH |  | SOLE | N/A | 15639 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 2356691 | 109410 | SH |  | SOLE | N/A | 109410 | 0 | 0 |
| REGAL REXNORD CORPORATION | COM | 758750103 |  | 12982473 | 89559 | SH |  | SOLE | N/A | 89559 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 19283330 | 34019 | SH |  | SOLE | N/A | 34019 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 11734128 | 89199 | SH |  | SOLE | N/A | 89199 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 889707 | 9017 | SH |  | SOLE | N/A | 9017 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 4000022 | 7586 | SH |  | SOLE | N/A | 7586 | 0 | 0 |
| SANMINA CORPORATION | COM | 801056102 |  | 3284153 | 33570 | SH |  | SOLE | N/A | 33570 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 18368758 | 186447 | SH |  | SOLE | N/A | 186447 | 0 | 0 |
| SHAKE SHACK INC | CL A | 819047101 |  | 1551943 | 11038 | SH |  | SOLE | N/A | 11038 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 16459562 | 166275 | SH |  | SOLE | N/A | 166275 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 11374143 | 33126 | SH |  | SOLE | N/A | 33126 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 1022985 | 227330 | SH |  | SOLE | N/A | 227330 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 9097150 | 571429 | SH |  | SOLE | N/A | 571429 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 257947146 | 846200 | SH | Put | SOLE | N/A | 846200 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 32869620 | 53200 | SH | Call | SOLE | N/A | 53200 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 562614210 | 910600 | SH | Put | SOLE | N/A | 910600 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 1513435 | 25483 | SH |  | SOLE | N/A | 25483 | 0 | 0 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 |  | 12580000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 1632132 | 2127 | SH |  | SOLE | N/A | 2127 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 10836974 | 156853 | SH |  | SOLE | N/A | 156853 | 0 | 0 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 339990 | 27777 | SH |  | SOLE | N/A | 27777 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 44612814 | 410497 | SH |  | SOLE | N/A | 410497 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 1406728 | 5856 | SH |  | SOLE | N/A | 5856 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 16185028 | 127955 | SH |  | SOLE | N/A | 127955 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 11607420 | 174679 | SH |  | SOLE | N/A | 174679 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 12713259 | 260571 | SH |  | SOLE | N/A | 260571 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 588321 | 3488 | SH |  | SOLE | N/A | 3488 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 6969548 | 172599 | SH |  | SOLE | N/A | 172599 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 908550 | 22500 | SH | Call | SOLE | N/A | 22500 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 4756286 | 9284 | SH |  | SOLE | N/A | 9284 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 6505264 | 405060 | SH |  | SOLE | N/A | 405060 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 1556534 | 4900 | SH | Put | SOLE | N/A | 4900 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 3874115 | 107734 | SH |  | SOLE | N/A | 107734 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2946072 | 7266 | SH |  | SOLE | N/A | 7266 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 26909786 | 133793 | SH |  | SOLE | N/A | 133793 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 9598666 | 130683 | SH |  | SOLE | N/A | 130683 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 3453352 | 7895 | SH |  | SOLE | N/A | 7895 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 5157318 | 477972 | SH |  | SOLE | N/A | 477972 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 539500 | 50000 | SH | Call | SOLE | N/A | 50000 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 14265124 | 9381 | SH |  | SOLE | N/A | 9381 | 0 | 0 |
| UL SOLUTIONS INC | CLASS A COM SHS | 903731107 |  | 5243880 | 71972 | SH |  | SOLE | N/A | 71972 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 1261299 | 5482 | SH |  | SOLE | N/A | 5482 | 0 | 0 |
| UNITED STS OIL FD LP | UNITS | 91232N207 |  | 10966500 | 150000 | SH | Call | SOLE | N/A | 150000 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 27288139 | 173666 | SH |  | SOLE | N/A | 173666 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 25249100 | 485000 | SH | Put | SOLE | N/A | 485000 | 0 | 0 |
| VIPER ENERGY INC | CL A | 927959106 |  | 10573030 | 277289 | SH |  | SOLE | N/A | 277289 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 12530786 | 64655 | SH |  | SOLE | N/A | 64655 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 15290461 | 5200837 | SH |  | SOLE | N/A | 5200837 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 5280120 | 54000 | SH | Put | SOLE | N/A | 54000 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 16801626 | 89983 | SH |  | SOLE | N/A | 89983 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 767329 | 7364 | SH |  | SOLE | N/A | 7364 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 20874689 | 135788 | SH |  | SOLE | N/A | 135788 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 17316253 | 137115 | SH |  | SOLE | N/A | 137115 | 0 | 0 |

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