# EDGAR Filing Document

**Accession Number:** 0000905790
**File Stem:** 0001104659-23-021076
**Filing Date:** 2023-2
**Character Count:** 17744
**Document Hash:** 1abe642b58f200c404bc3c2bb6d81a14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-021076.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001104659-23-021076

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GLUSKIN SHEFF & ASSOC INC
- **CENTRAL INDEX KEY:** 0000905790
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13431
- **FILM NUMBER:** 23624611

**BUSINESS ADDRESS:**
- **STREET 1:** BAY ADELAIDE CENTRE, 333 BAY STREET
- **STREET 2:** SUITE 5100
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 2R2
- **BUSINESS PHONE:** 4166816000

**MAIL ADDRESS:**
- **STREET 1:** BAY ADELAIDE CENTRE, 333 BAY STREET
- **STREET 2:** SUITE 5100
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 2R2

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** GLUSKIN SHEFF  ASSOC INC<br>**Address:** BAY ADELAIDE CENTRE 333 BAY STREET<br>SUITE 5100<br>TORONTO, A6 M5H 2R2

**Form 13F File Number:** 028-13431

**CRD Number (if applicable):** 000144928

**SEC File Number (if applicable):** 801-68290

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:** Soma Choudhury<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-575-0878

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

/s/ Soma Choudhury  Toronto, A6  02-13-2023<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:** 141

**Form 13F Information Table Value Total:** $1781850634

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 6533492 | 59509 | SH |  | SOLE |  | 59509 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 6342248 | 18846 | SH |  | SOLE |  | 18846 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 231779 | 4460 | SH |  | SOLE |  | 4460 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 25959153 | 3984818 | SH |  | SOLE |  | 3984818 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 13804927 | 1651307 | SH |  | SOLE |  | 1651307 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 25073379 | 284182 | SH |  | SOLE |  | 284182 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 5374909 | 60576 | SH |  | SOLE |  | 60576 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 17377416 | 206874 | SH |  | SOLE |  | 206874 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 34715096 | 115663 | SH |  | SOLE |  | 115663 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 32829396 | 514648 | SH |  | SOLE |  | 514648 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 35064339 | 269871 | SH |  | SOLE |  | 269871 | 0 | 0 |
| ARAMARK | COM | 03852U106 |  | 2017681 | 48807 | SH |  | SOLE |  | 48807 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 5095180 | 9325 | SH |  | SOLE |  | 9325 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 15637496 | 4401582 | SH |  | SOLE |  | 4401582 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 15021507 | 453548 | SH |  | SOLE |  | 453548 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 47714005 | 526659 | SH |  | SOLE |  | 526659 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 12060761 | 246142 | SH |  | SOLE |  | 246142 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 20836726 | 1215461 | SH |  | SOLE |  | 1215461 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 34086335 | 775752 | SH |  | SOLE |  | 775752 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 7137441 | 28067 | SH |  | SOLE |  | 28067 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 21091995 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 5947249 | 19253 | SH |  | SOLE |  | 19253 | 0 | 0 |
| BERRY GLOBAL GROUP INC | COM | 08579W103 |  | 10207110 | 168908 | SH |  | SOLE |  | 168908 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 615777 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 12452385 | 22271 | SH |  | SOLE |  | 22271 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 8805856 | 307511 | SH |  | SOLE |  | 307511 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 46430856 | 1476344 | SH |  | SOLE |  | 1476344 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 28414680 | 917278 | SH |  | SOLE |  | 917278 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 7007942 | 276781 | SH |  | SOLE |  | 276781 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 27330138 | 358445 | SH |  | SOLE |  | 358445 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 4396998 | 539509 | SH |  | SOLE |  | 539509 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 9611099 | 423997 | SH |  | SOLE |  | 423997 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 |  | 18497689 | 457258 | SH |  | SOLE |  | 457258 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 429295 | 7730 | SH |  | SOLE |  | 7730 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 19942547 | 167870 | SH |  | SOLE |  | 167870 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 28986495 | 388755 | SH |  | SOLE |  | 388755 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 7039712 | 29386 | SH |  | SOLE |  | 29386 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 6789643 | 88223 | SH |  | SOLE |  | 88223 | 0 | 0 |
| CELESTICA INC | SUB VTG SHS | 15101Q108 |  | 255855 | 22700 | SH |  | SOLE |  | 22700 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 7789455 | 401452 | SH |  | SOLE |  | 401452 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 3062751 | 9032 | SH |  | SOLE |  | 9032 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 17306785 | 96422 | SH |  | SOLE |  | 96422 | 0 | 0 |
| CI FINL CORP | COM | 125491100 |  | 13288128 | 1331665 | SH |  | SOLE |  | 1331665 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 5856677 | 34828 | SH |  | SOLE |  | 34828 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 9646774 | 151655 | SH |  | SOLE |  | 151655 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 16394661 | 178459 | SH |  | SOLE |  | 178459 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 3466714 | 99134 | SH |  | SOLE |  | 99134 | 0 | 0 |
| CONTROLADORA VUELA COMP DE A | SPON ADR RP 10 | 21240E105 |  | 11972833 | 1432157 | SH |  | SOLE |  | 1432157 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 9312260 | 35085 | SH |  | SOLE |  | 35085 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 3022973 | 22101 | SH |  | SOLE |  | 22101 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 4185621 | 48177 | SH |  | SOLE |  | 48177 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 69043189 | 1766394 | SH |  | SOLE |  | 1766394 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 5681148 | 50499 | SH |  | SOLE |  | 50499 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 3161425 | 14918 | SH |  | SOLE |  | 14918 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 23986720 | 217468 | SH |  | SOLE |  | 217468 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 214220 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| FIRST REP BK SAN FRANCISCO C | COM | 33616C100 |  | 3391591 | 27825 | SH |  | SOLE |  | 27825 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 22874286 | 186777 | SH |  | SOLE |  | 186777 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 3160423 | 40456 | SH |  | SOLE |  | 40456 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 378588 | 2775 | SH |  | SOLE |  | 2775 | 0 | 0 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 6899925 | 403033 | SH |  | SOLE |  | 403033 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 3876627 | 46266 | SH |  | SOLE |  | 46266 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 6109691 | 71167 | SH |  | SOLE |  | 71167 | 0 | 0 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 137200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 8201142 | 64903 | SH |  | SOLE |  | 64903 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 8727211 | 27630 | SH |  | SOLE |  | 27630 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 50521 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| IAA INC | COM | 449253103 |  | 1880000 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 423592 | 8696 | SH |  | SOLE |  | 8696 | 0 | 0 |
| INMODE LTD | SHS | M5425M103 |  | 2734049 | 76584 | SH |  | SOLE |  | 76584 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 6689137 | 17186 | SH |  | SOLE |  | 17186 | 0 | 0 |
| ISHARES TR | IBONDS 27 ETF | 46435UAA9 |  | 374598 | 16029 | SH |  | SOLE |  | 16029 | 0 | 0 |
| ISHARES TR | IBONDS 27 TRM TS | 46436E841 |  | 928567 | 41742 | SH |  | SOLE |  | 41742 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2032 | 46436E312 |  | 932534 | 40352 | SH |  | SOLE |  | 40352 | 0 | 0 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 373974 | 16016 | SH |  | SOLE |  | 16016 | 0 | 0 |
| ISHARES TR | IBONDS DEC23 ETF | 46434VAX8 |  | 374474 | 14961 | SH |  | SOLE |  | 14961 | 0 | 0 |
| ISHARES TR | IBONDS DEC24 ETF | 46434VBG4 |  | 373748 | 15305 | SH |  | SOLE |  | 15305 | 0 | 0 |
| ISHARES TR | IBONDS DEC25 ETF | 46434VBD1 |  | 373871 | 15373 | SH |  | SOLE |  | 15373 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 6660940 | 37707 | SH |  | SOLE |  | 37707 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 14650964 | 109254 | SH |  | SOLE |  | 109254 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | DEB   4.000%11/1 | 530715AG6 |  | 533294 | 1568000 | SH |  | SOLE |  | 1568000 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 9272944 | 25347 | SH |  | SOLE |  | 25347 | 0 | 0 |
| LIONS GATE ENTMNT CORP | CL A VTG | 535919401 |  | 98075 | 17176 | SH |  | SOLE |  | 17176 | 0 | 0 |
| LIONS GATE ENTMNT CORP | CL B NON VTG | 535919500 |  | 74261 | 13676 | SH |  | SOLE |  | 13676 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 14742010 | 262414 | SH |  | SOLE |  | 262414 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 35191588 | 1972915 | SH |  | SOLE |  | 1972915 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 28207554 | 170459 | SH |  | SOLE |  | 170459 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 12014072 | 34550 | SH |  | SOLE |  | 34550 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 8601096 | 32638 | SH |  | SOLE |  | 32638 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 10241352 | 92306 | SH |  | SOLE |  | 92306 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 12594062 | 104654 | SH |  | SOLE |  | 104654 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 3655041 | 73130 | SH |  | SOLE |  | 73130 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 42080021 | 175465 | SH |  | SOLE |  | 175465 | 0 | 0 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 2583743 | 13436 | SH |  | SOLE |  | 13436 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 3731132 | 41128 | SH |  | SOLE |  | 41128 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 20441331 | 279975 | SH |  | SOLE |  | 279975 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6659308 | 45568 | SH |  | SOLE |  | 45568 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 48758909 | 1645431 | SH |  | SOLE |  | 1645431 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 10518296 | 12462 | SH |  | SOLE |  | 12462 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 8880738 | 30518 | SH |  | SOLE |  | 30518 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 17985538 | 529822 | SH |  | SOLE |  | 529822 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 9683277 | 188979 | SH |  | SOLE |  | 188979 | 0 | 0 |
| POINT BIOPHARMA GLOBAL INC | COM | 730541109 |  | 5561577 | 762905 | SH |  | SOLE |  | 762905 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 3678146 | 29252 | SH |  | SOLE |  | 29252 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 10220450 | 67435 | SH |  | SOLE |  | 67435 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 3239602 | 29467 | SH |  | SOLE |  | 29467 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 4929215 | 6832 | SH |  | SOLE |  | 6832 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 888347 | 6252 | SH |  | SOLE |  | 6252 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 20812541 | 321778 | SH |  | SOLE |  | 321778 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 3711668 | 64253 | SH |  | SOLE |  | 64253 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 52038796 | 553459 | SH |  | SOLE |  | 553459 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 7694598 | 102924 | SH |  | SOLE |  | 102924 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 28434397 | 84894 | SH |  | SOLE |  | 84894 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 8778787 | 22610 | SH |  | SOLE |  | 22610 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 12522490 | 441739 | SH |  | SOLE |  | 441739 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 7161675 | 30176 | SH |  | SOLE |  | 30176 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 32035510 | 922631 | SH |  | SOLE |  | 922631 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 2523589 | 21481 | SH |  | SOLE |  | 21481 | 0 | 0 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 503016 | 28020 | SH |  | SOLE |  | 28020 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 21157364 | 455767 | SH |  | SOLE |  | 455767 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 40498173 | 1276612 | SH |  | SOLE |  | 1276612 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 16116933 | 404237 | SH |  | SOLE |  | 404237 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 13375266 | 693026 | SH |  | SOLE |  | 693026 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 4922735 | 29795 | SH |  | SOLE |  | 29795 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 12634481 | 22943 | SH |  | SOLE |  | 22943 | 0 | 0 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 238665 | 2092 | SH |  | SOLE |  | 2092 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 5634407 | 70784 | SH |  | SOLE |  | 70784 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 14950740 | 106791 | SH |  | SOLE |  | 106791 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 54095617 | 835406 | SH |  | SOLE |  | 835406 | 0 | 0 |
| TRICON RESIDENTIAL INC | COM NPV | 89612W102 |  | 10841992 | 1406032 | SH |  | SOLE |  | 1406032 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 8835534 | 357280 | SH |  | SOLE |  | 357280 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 16189147 | 78182 | SH |  | SOLE |  | 78182 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 23979514 | 45229 | SH |  | SOLE |  | 45229 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 3236331 | 190709 | SH |  | SOLE |  | 190709 | 0 | 0 |
| VERMILION ENERGY INC | COM | 923725105 |  | 9531274 | 538356 | SH |  | SOLE |  | 538356 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 10640427 | 51215 | SH |  | SOLE |  | 51215 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 3908945 | 168489 | SH |  | SOLE |  | 168489 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 29399911 | 221777 | SH |  | SOLE |  | 221777 | 0 | 0 |
| WILLSCOT MOBIL MINI HLDNG CO | COM CL A | 971378104 |  | 26406021 | 584592 | SH |  | SOLE |  | 584592 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 5618101 | 43864 | SH |  | SOLE |  | 43864 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 3220436 | 21975 | SH |  | SOLE |  | 21975 | 0 | 0 |

---