# EDGAR Filing Document

**Accession Number:** 0001938757
**File Stem:** 0001938757-23-000017
**Filing Date:** 2023-3
**Character Count:** 18518
**Document Hash:** ddee0d5db6728cd1cb3e6a86c0c7474a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001938757-23-000017.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001938757-23-000017

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20210930

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Triasima Portfolio Management inc.
- **CENTRAL INDEX KEY:** 0001938757
- **IRS NUMBER:** 896679610
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22571
- **FILM NUMBER:** 23722184

**BUSINESS ADDRESS:**
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 0A8
- **BUSINESS PHONE:** 514-906-0667

**MAIL ADDRESS:**
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 0A8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2021

**Check here if Amendment** [x] **Amendment Number:** 1

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Triasima Portfolio Management inc.<br>**Address:** 900 DE MAISONNEUVE BLVD. WEST<br>SUITE 2520<br>MONTREAL, A8 H3A 0A8

**Form 13F File Number:** 028-22571

**CRD Number (if applicable):** 000304577

**SEC File Number (if applicable):** 801-119229

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:** Mathieu Tanguay<br>**Title:** Compliance Chief Officer<br>**Phone:** 514 906-0667

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

Mathieu Tanguay  Montreal, A8  03-10-2023<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:** 155

**Form 13F Information Table Value Total:** $1873303

      (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 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1606 | 20586 | SH |  | SOLE |  | 20586 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 619 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 798 | 1860 | SH |  | SOLE |  | 1860 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 4067 | 10313 | SH |  | SOLE |  | 10313 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 34379 | 1581325 | SH |  | SOLE |  | 954325 | 0 | 627000 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 53886 | 1472904 | SH |  | SOLE |  | 828904 | 0 | 644000 |
| ENBRIDGE INC | COM | 29250N105 |  | 22129 | 555131 | SH |  | SOLE |  | 555131 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 29403 | 929772 | SH |  | SOLE |  | 344742 | 0 | 585030 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 |  | 4220 | 289509 | SH |  | SOLE |  | 142143 | 0 | 147366 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 22294 | 702885 | SH |  | SOLE |  | 279731 | 0 | 423154 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 15833 | 763193 | SH |  | SOLE |  | 204759 | 0 | 558434 |
| TC ENERGY CORP | COM | 87807B107 |  | 2552 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 398 | 12090 | SH |  | SOLE |  | 12090 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 5774 | 319600 | SH |  | SOLE |  | 319600 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 37973 | 292115 | SH |  | SOLE |  | 150315 | 0 | 141800 |
| KIRKLAND LAKE GOLD LTD | COM | 49741E100 |  | 19441 | 466439 | SH |  | SOLE |  | 168439 | 0 | 298000 |
| METHANEX CORP | COM | 59151K108 |  | 19621 | 425500 | SH |  | SOLE |  | 152500 | 0 | 273000 |
| NUTRIEN LTD | COM | 67077M108 |  | 67715 | 1042640 | SH |  | SOLE |  | 598640 | 0 | 444000 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 27733 | 1113390 | SH |  | SOLE |  | 624390 | 0 | 489000 |
| TASEKO MINES LTD | COM | 876511106 |  | 413 | 219850 | SH |  | SOLE |  | 219850 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 851 | 10095 | SH |  | SOLE |  | 10095 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 2053 | 41955 | SH |  | SOLE |  | 41955 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 233 | 7170 | SH |  | SOLE |  | 7170 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 340 | 1215 | SH |  | SOLE |  | 1215 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 435 | 3750 | SH |  | SOLE |  | 3750 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 43094 | 659535 | SH |  | SOLE |  | 305535 | 0 | 354000 |
| DIRTT ENVIRONMENTAL SOLUTION | COM | 25490H106 |  | 110 | 35500 | SH |  | SOLE |  | 35500 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 35920 | 764170 | SH |  | SOLE |  | 394170 | 0 | 370000 |
| TFI INTL INC | COM | 87241L109 |  | 63171 | 617104 | SH |  | SOLE |  | 401104 | 0 | 216000 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 38650 | 349335 | SH |  | SOLE |  | 177235 | 0 | 172100 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 34768 | 275692 | SH |  | SOLE |  | 106692 | 0 | 169000 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 2717 | 52485 | SH |  | SOLE |  | 52485 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 263 | 690 | SH |  | SOLE |  | 690 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 317 | 4180 | SH |  | SOLE |  | 4180 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 250 | 985 | SH |  | SOLE |  | 985 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 5521 | 58605 | SH |  | SOLE |  | 58605 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 1158 | 22430 | SH |  | SOLE |  | 22430 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 11167 | 27326 | SH |  | SOLE |  | 27326 | 0 | 0 |
| JACOBS ENGR GROUP INC | COM | 469814107 |  | 207 | 1560 | SH |  | SOLE |  | 1560 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 1912 | 6685 | SH |  | SOLE |  | 6685 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 6070 | 20645 | SH |  | SOLE |  | 20645 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 948 | 2125 | SH |  | SOLE |  | 2125 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 209 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 6995 | 40515 | SH |  | SOLE |  | 40515 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2260 | 11528 | SH |  | SOLE |  | 11528 | 0 | 0 |
| UPWORK INC | COM | 91688F104 |  | 907 | 20145 | SH |  | SOLE |  | 20145 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 3453 | 9840 | SH |  | SOLE |  | 9840 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 21496 | 232095 | SH |  | SOLE |  | 94095 | 0 | 138000 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 29252 | 800080 | SH |  | SOLE |  | 380080 | 0 | 420000 |
| MAGNA INTL INC | COM | 559222401 |  | 2096 | 27830 | SH |  | SOLE |  | 27830 | 0 | 0 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 322 | 1540 | SH |  | SOLE |  | 1540 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 1174 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 348 | 106 | SH |  | SOLE |  | 106 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 1066 | 8755 | SH |  | SOLE |  | 8755 | 0 | 0 |
| APTIV PLC | SHS | G6095L109 |  | 2216 | 14875 | SH |  | SOLE |  | 14875 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 2463 | 11610 | SH |  | SOLE |  | 11610 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 3943 | 46960 | SH |  | SOLE |  | 46960 | 0 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 445 | 31395 | SH |  | SOLE |  | 31395 | 0 | 0 |
| GARMIN LTD | SHS | H2906T109 |  | 4899 | 31514 | SH |  | SOLE |  | 31514 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 202 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 391 | 1190 | SH |  | SOLE |  | 1190 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 4036 | 43085 | SH |  | SOLE |  | 43085 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 460 | 2270 | SH |  | SOLE |  | 2270 | 0 | 0 |
| POOL CORP | COM | 73278L105 |  | 2845 | 6550 | SH |  | SOLE |  | 6550 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 3212 | 15360 | SH |  | SOLE |  | 15360 | 0 | 0 |
| RENT A CTR INC NEW | COM | 76009N100 |  | 2416 | 42990 | SH |  | SOLE |  | 42990 | 0 | 0 |
| SONY GROUP CORPORATION | SPONSORED ADR | 835699307 |  | 3154 | 28520 | SH |  | SOLE |  | 28520 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 1996 | 8725 | SH |  | SOLE |  | 8725 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 2218 | 10945 | SH |  | SOLE |  | 10945 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1375 | 3060 | SH |  | SOLE |  | 3060 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 512 | 1708 | SH |  | SOLE |  | 1708 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 459 | 13450 | SH |  | SOLE |  | 13450 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 1671 | 10610 | SH |  | SOLE |  | 10610 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 2918 | 7070 | SH |  | SOLE |  | 7070 | 0 | 0 |
| CATALENT INC | COM | 148806102 |  | 3291 | 24735 | SH |  | SOLE |  | 24735 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 362 | 1190 | SH |  | SOLE |  | 1190 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 395 | 3485 | SH |  | SOLE |  | 3485 | 0 | 0 |
| HORIZON THERAPEUTICS PUB L | SHS | G46188101 |  | 990 | 9035 | SH |  | SOLE |  | 9035 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 277 | 445 | SH |  | SOLE |  | 445 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 882 | 887 | SH |  | SOLE |  | 887 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 646 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 4034 | 17460 | SH |  | SOLE |  | 17460 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 868 | 630 | SH |  | SOLE |  | 630 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 4757 | 49548 | SH |  | SOLE |  | 49548 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 986 | 1725 | SH |  | SOLE |  | 1725 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 4931 | 12620 | SH |  | SOLE |  | 12620 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 3717 | 19148 | SH |  | SOLE |  | 19148 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 110420 | 1105360 | SH |  | SOLE |  | 681860 | 0 | 423500 |
| BANK NOVA SCOTIA B C | COM | 064149107 |  | 15968 | 259275 | SH |  | SOLE |  | 259275 | 0 | 0 |
| CANADIAN IMP BK COMM | COM | 136069101 |  | 95335 | 855870 | SH |  | SOLE |  | 553870 | 0 | 302000 |
| ROYAL BK CDA | COM | 780087102 |  | 193550 | 1943997 | SH |  | SOLE |  | 1238997 | 0 | 705000 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 36965 | 717650 | SH |  | SOLE |  | 274650 | 0 | 443000 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 117133 | 1768275 | SH |  | SOLE |  | 1089275 | 0 | 679000 |
| ALLIANCEBERNSTEIN HLDG L P | UNIT LTD PARTN | 01881G106 |  | 2166 | 43690 | SH |  | SOLE |  | 43690 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 2803 | 53765 | SH |  | SOLE |  | 53765 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 2992 | 58600 | SH |  | SOLE |  | 58600 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 3247 | 19380 | SH |  | SOLE |  | 19380 | 0 | 0 |
| BK OF AMERICA CORP | COM | 060505104 |  | 3173 | 74750 | SH |  | SOLE |  | 74750 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 2478 | 15300 | SH |  | SOLE |  | 15300 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 |  | 304 | 23930 | SH |  | SOLE |  | 23930 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 4815 | 113460 | SH |  | SOLE |  | 113460 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2813 | 7440 | SH |  | SOLE |  | 7440 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 1960 | 26815 | SH |  | SOLE |  | 26815 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 4424 | 48040 | SH |  | SOLE |  | 48040 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 4934 | 30145 | SH |  | SOLE |  | 30145 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 4452 | 29400 | SH |  | SOLE |  | 29400 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 11805 | 19406 | SH |  | SOLE |  | 19406 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 262 | 1355 | SH |  | SOLE |  | 1355 | 0 | 0 |
| BANK OZK | COM | 06417N103 |  | 3002 | 69840 | SH |  | SOLE |  | 69840 | 0 | 0 |
| PENNYMAC FINL SVCS INC NEW | COM | 70932M107 |  | 283 | 4630 | SH |  | SOLE |  | 4630 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 1593 | 3750 | SH |  | SOLE |  | 3750 | 0 | 0 |
| ALLEGHANY CORP MD | COM | 017175100 |  | 378 | 605 | SH |  | SOLE |  | 605 | 0 | 0 |
| DOCEBO INC | COM | 25609L105 |  | 3234 | 44265 | SH |  | SOLE |  | 20892 | 0 | 23373 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 28396 | 348640 | SH |  | SOLE |  | 143140 | 0 | 205500 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 12696 | 149370 | SH |  | SOLE |  | 54370 | 0 | 95000 |
| LIGHTSPEED COMMERCE INC | SUB VTG SHS | 53229C107 |  | 23096 | 239200 | SH |  | SOLE |  | 86900 | 0 | 152300 |
| SHOPIFY INC | CL A | 82509L107 |  | 140253 | 103266 | SH |  | SOLE |  | 61886 | 0 | 41380 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 |  | 9526 | 271332 | SH |  | SOLE |  | 190923 | 0 | 80409 |
| APPLE INC | COM | 037833100 |  | 959 | 6780 | SH |  | SOLE |  | 6780 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 2420 | 7565 | SH |  | SOLE |  | 7565 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 407 | 707 | SH |  | SOLE |  | 707 | 0 | 0 |
| ALTAIR ENGR INC | COM CL A | 021369103 |  | 1945 | 28210 | SH |  | SOLE |  | 28210 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 3014 | 4045 | SH |  | SOLE |  | 4045 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 2211 | 4560 | SH |  | SOLE |  | 4560 | 0 | 0 |
| BILL COM HLDGS INC | COM | 090043100 |  | 4490 | 16818 | SH |  | SOLE |  | 16818 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 2263 | 7750 | SH |  | SOLE |  | 7750 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 3924 | 13965 | SH |  | SOLE |  | 13965 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 205 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 3165 | 6530 | SH |  | SOLE |  | 6530 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 14736 | 52270 | SH |  | SOLE |  | 52270 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 2036 | 18070 | SH |  | SOLE |  | 18070 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3349 | 16167 | SH |  | SOLE |  | 16167 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 609 | 2340 | SH |  | SOLE |  | 2340 | 0 | 0 |
| ATLASSIAN CORP PLC | CL A | G06242104 |  | 2615 | 6680 | SH |  | SOLE |  | 6680 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 4787 | 21490 | SH |  | SOLE |  | 21490 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 322 | 1290 | SH |  | SOLE |  | 1290 | 0 | 0 |
| WNS HLDGS LTD | SPON ADR | 92932M101 |  | 485 | 5923 | SH |  | SOLE |  | 5923 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 3585 | 6955 | SH |  | SOLE |  | 6955 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 12752 | 254400 | SH |  | SOLE |  | 254400 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 22481 | 481100 | SH |  | SOLE |  | 183100 | 0 | 298000 |
| TELUS CORPORATION | COM | 87971M103 |  | 52090 | 2368408 | SH |  | SOLE |  | 1442908 | 0 | 925500 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 382 | 525 | SH |  | SOLE |  | 525 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 3254 | 1217 | SH |  | SOLE |  | 1217 | 0 | 0 |
| IRIDIUM COMMUNICATIONS INC | COM | 46269C102 |  | 207 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| PEARSON PLC | SPONSORED ADR | 705015105 |  | 184 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 6617 | 20762 | SH |  | SOLE |  | 20762 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 270 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 18998 | 337610 | SH |  | SOLE |  | 143610 | 0 | 194000 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1000 | 12740 | SH |  | SOLE |  | 12740 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 13417 | 104756 | SH |  | SOLE |  | 45012 | 0 | 59744 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 55518 | 306881 | SH |  | SOLE |  | 174881 | 0 | 132000 |
| GRANITE REAL ESTATE INVT TR | UNIT 99/99/9999 | 387437114 |  | 18875 | 265242 | SH |  | SOLE |  | 110742 | 0 | 154500 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 3060 | 80280 | SH |  | SOLE |  | 80280 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 3308 | 17315 | SH |  | SOLE |  | 17315 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 353 | 9090 | SH |  | SOLE |  | 9090 | 0 | 0 |

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