# EDGAR Filing Document

**Accession Number:** 0001734493
**File Stem:** 0001734493-23-000002
**Filing Date:** 2023-2
**Character Count:** 16871
**Document Hash:** cffc8532feb7ecbc6eecf9450f8869c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001734493-23-000002.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001734493-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICOLA WEALTH MANAGEMENT LTD.
- **CENTRAL INDEX KEY:** 0001734493
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18800
- **FILM NUMBER:** 23602308

**BUSINESS ADDRESS:**
- **STREET 1:** 1508 WEST BROADWAY, 5TH FLOOR
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6J1W8
- **BUSINESS PHONE:** 6047396450

**MAIL ADDRESS:**
- **STREET 1:** 1508 WEST BROADWAY, 5TH FLOOR
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6J1W8

### 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:** NICOLA WEALTH MANAGEMENT LTD.<br>**Address:** 1508 WEST BROADWAY 5TH FLOOR<br>VANCOUVER, A1 V6J1W8

**Form 13F File Number:** 028-18800

**CRD Number (if applicable):** 000173201

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:** Richard Chen<br>**Title:** Chief Compliance Officer<br>**Phone:** 6047396450

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

Richard Chen  Vancouver, A1  02-09-2023<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:** 116

**Form 13F Information Table Value Total:** $986284870

      (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 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG000BB5BP5 | 11677591 | 34700 | SH |  | SOLE | N/A | 0 | 0 | 34700 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | BBG000CZ8QM8 | 12346752 | 238100 | SH |  | SOLE | N/A | 0 | 0 | 238100 |
| AIR PRODS  CHEMS INC | COM | 009158106 | BBG000BC4LR0 | 13563440 | 44000 | SH |  | SOLE | N/A | 0 | 0 | 44000 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 | BBG000BC3621 | 2075536 | 14274 | SH |  | SOLE | N/A | 0 | 0 | 14274 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S4MT03 | 16507833 | 187100 | SH |  | SOLE | N/A | 0 | 0 | 187100 |
| AMAZON COM INC | COM | 023135106 | BBG000BVQ4Z3 | 7551600 | 89900 | SH |  | SOLE | N/A | 0 | 0 | 89900 |
| AMERESCO INC | CL A | 02361E108 | BBG000BD1SQ7 | 4228360 | 74000 | SH |  | SOLE | N/A | 0 | 0 | 74000 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG000B9Y214 | 1453905 | 6875 | SH |  | SOLE | N/A | 0 | 0 | 6875 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 | BBG000TRJ3B9 | 5639540 | 37000 | SH |  | SOLE | N/A | 0 | 0 | 37000 |
| APPLE INC | COM | 037833100 | BBG000B9Y5X2 | 9095100 | 70000 | SH |  | SOLE | N/A | 0 | 0 | 70000 |
| APTIV PLC | SHS | G6095L109 | BBG001QD41R4 | 1769470 | 19000 | SH |  | SOLE | N/A | 0 | 0 | 19000 |
| ARRAY TECHNOLOGIES INC | COM SHS | 04271T100 | BBG00XK4JQH0 | 2899500 | 150000 | SH |  | SOLE | N/A | 0 | 0 | 150000 |
| AT INC | COM | 00206R102 | BBG000BSJLV4 | 21939197 | 1191700 | SH |  | SOLE | N/A | 0 | 0 | 1191700 |
| BALLARD PWR SYS INC NEW | COM | 058586108 | BBG000BBJBD3 | 2392203 | 500000 | SH |  | SOLE | N/A | 0 | 0 | 500000 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTN44 | 15125904 | 456700 | SH |  | SOLE | N/A | 0 | 0 | 456700 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 | BBG000BXSYK7 | 73383090 | 1500000 | SH |  | SOLE | N/A | 0 | 0 | 1500000 |
| BARINGS BDC INC | COM | 06759L103 | BBG000F54HY2 | 4995057 | 614000 | SH |  | SOLE | N/A | 0 | 0 | 614000 |
| BEAM GLOBAL | COM | 07373B109 | BBG000BBJNN6 | 1747000 | 100000 | SH |  | SOLE | N/A | 0 | 0 | 100000 |
| BENCHMARK ELECTRS INC | COM | 08160H101 | BBG000C4K040 | 1865285 | 51600 | SH |  | SOLE | N/A | 0 | 0 | 51600 |
| BLACKROCK INC | COM | 09247X101 | BBG000C2PYL6 | 21896667 | 30900 | SH |  | SOLE | N/A | 0 | 0 | 30900 |
| BLOOM ENERGY CORP | COM CL A | 093712107 | BBG00L4SB0Y7 | 3059200 | 160000 | SH |  | SOLE | N/A | 0 | 0 | 160000 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LY07 | 19822068 | 428400 | SH |  | SOLE | N/A | 0 | 0 | 428400 |
| BRINKS CO | COM | 109696104 | BBG000DR5SG1 | 1862267 | 25600 | SH |  | SOLE | N/A | 0 | 0 | 25600 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | BBG01BTZW1Q9 | 4942757 | 172984 | SH |  | SOLE | N/A | 0 | 0 | 172984 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG000C9K7Q0 | 5482341 | 174700 | SH |  | SOLE | N/A | 0 | 0 | 174700 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 | BBG000VC6X81 | 7685717 | 248650 | SH |  | SOLE | N/A | 0 | 0 | 248650 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 | BBG000C40RH9 | 5062020 | 200000 | SH |  | SOLE | N/A | 0 | 0 | 200000 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 | BBG000C13KQ7 | 3582272 | 22300 | SH |  | SOLE | N/A | 0 | 0 | 22300 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 | BBG000BB0XQ1 | 1317798 | 11800 | SH |  | SOLE | N/A | 0 | 0 | 11800 |
| CANADIAN NAT RES LTD | COM | 136385101 | BBG0014HPGP5 | 18137339 | 327300 | SH |  | SOLE | N/A | 0 | 0 | 327300 |
| CANADIAN NATL RY CO | COM | 136375102 | BBG000GLP4J9 | 15030755 | 126800 | SH |  | SOLE | N/A | 0 | 0 | 126800 |
| CANADIAN PAC RY LTD | COM | 13645T100 | BBG000DMM5P3 | 17744436 | 238500 | SH |  | SOLE | N/A | 0 | 0 | 238500 |
| CARTERS INC | COM | 146229109 | BBG000CTM6D0 | 1930089 | 19100 | SH |  | SOLE | N/A | 0 | 0 | 19100 |
| CHARGEPOINT HOLDINGS INC | COM CL A | 15961R105 | BBG00Q741Z52 | 3192550 | 335000 | SH |  | SOLE | N/A | 0 | 0 | 335000 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 | BBG000C3HT52 | 9837376 | 65600 | SH |  | SOLE | N/A | 0 | 0 | 65600 |
| COCA COLA CONS INC | COM | 191098102 | BBG000BG2259 | 2123458 | 3060 | SH |  | SOLE | N/A | 0 | 0 | 3060 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRP72 | 2413880 | 28000 | SH |  | SOLE | N/A | 0 | 0 | 28000 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6HLL1 | 9951700 | 21800 | SH |  | SOLE | N/A | 0 | 0 | 21800 |
| CROWN HLDGS INC | COM | 228368106 | BBG000BF68R0 | 19237140 | 234000 | SH |  | SOLE | N/A | 0 | 0 | 234000 |
| DEERE  CO | COM | 244199105 | BBG000BH1QM6 | 20451852 | 47700 | SH |  | SOLE | N/A | 0 | 0 | 47700 |
| DOUGLAS EMMETT INC | COM | 25960P109 | BBG000PN1TY9 | 1158380 | 74010 | SH |  | SOLE | N/A | 0 | 0 | 74010 |
| EDGEWELL PERS CARE CO | COM | 28035Q102 | BBG000BRW7M2 | 1837390 | 35200 | SH |  | SOLE | N/A | 0 | 0 | 35200 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 | BBG000BRXR56 | 8505540 | 114000 | SH |  | SOLE | N/A | 0 | 0 | 114000 |
| ELECTRONIC ARTS INC | COM | 285512109 | BBG000BP0WH2 | 21393718 | 175100 | SH |  | SOLE | N/A | 0 | 0 | 175100 |
| ENPHASE ENERGY INC | COM | 29355A107 | BBG001R3MP47 | 4239360 | 16000 | SH |  | SOLE | N/A | 0 | 0 | 16000 |
| ENVIVA INC | COM | 29415B103 | BBG007FHNKZ2 | 4873240 | 92000 | SH |  | SOLE | N/A | 0 | 0 | 92000 |
| EQUINIX INC | COM | 29444U700 | BBG000MBDX12 | 3456885 | 5287 | SH |  | SOLE | N/A | 0 | 0 | 5287 |
| ESSENTIAL PPTYS RLTY TR INC | COM | 29670E107 | BBG00L17LGN2 | 1857644 | 79293 | SH |  | SOLE | N/A | 0 | 0 | 79293 |
| EVOQUA WATER TECHNOLOGIES CO | COM | 30057T105 | BBG00HW4CRR6 | 5940000 | 150000 | SH |  | SOLE | N/A | 0 | 0 | 150000 |
| FLUENCE ENERGY INC | COM CL A | 34379V103 | BBG012QSDT33 | 2744000 | 160000 | SH |  | SOLE | N/A | 0 | 0 | 160000 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDCQ6 | 9492400 | 249800 | SH |  | SOLE | N/A | 0 | 0 | 249800 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG000BBHZK4 | 5675054 | 30100 | SH |  | SOLE | N/A | 0 | 0 | 30100 |
| GOLUB CAP BDC INC | COM | 38173M102 | BBG000PXNVF9 | 2220021 | 169000 | SH |  | SOLE | N/A | 0 | 0 | 169000 |
| HANCOCK WHITNEY CORPORATION | COM | 410120109 | BBG000CBDM35 | 1900643 | 29000 | SH |  | SOLE | N/A | 0 | 0 | 29000 |
| HANNON ARMSTRONG SUST INFR C | COM | 41068X100 | BBG0044K5FQ5 | 5216400 | 180000 | SH |  | SOLE | N/A | 0 | 0 | 180000 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 | BBG000BKYGV5 | 1944419 | 77700 | SH |  | SOLE | N/A | 0 | 0 | 77700 |
| HELMERICH  PAYNE INC | COM | 423452101 | BBG000BLCRT6 | 1738864 | 25900 | SH |  | SOLE | N/A | 0 | 0 | 25900 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 | BBG000BL8K25 | 1080280 | 67429 | SH |  | SOLE | N/A | 0 | 0 | 67429 |
| HYATT HOTELS CORP | COM CL A | 448579102 | BBG000CVRH82 | 11080125 | 122500 | SH |  | SOLE | N/A | 0 | 0 | 122500 |
| INVITATION HOMES INC | COM | 46187W107 | BBG00FQH6BX3 | 2091435 | 70689 | SH |  | SOLE | N/A | 0 | 0 | 70689 |
| ITRON INC | COM | 465741106 | BBG000BD2CV5 | 4761100 | 94000 | SH |  | SOLE | N/A | 0 | 0 | 94000 |
| JABIL INC | COM | 466313103 | BBG000BJNJ80 | 2078327 | 22500 | SH |  | SOLE | N/A | 0 | 0 | 22500 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG000DMBZW1 | 14509620 | 108200 | SH |  | SOLE | N/A | 0 | 0 | 108200 |
| KIMCO RLTY CORP | COM | 49446R109 | BBG000CN3V94 | 1901909 | 89960 | SH |  | SOLE | N/A | 0 | 0 | 89960 |
| LOWES COS INC | COM | 548661107 | BBG000BNDQS4 | 11476224 | 57600 | SH |  | SOLE | N/A | 0 | 0 | 57600 |
| MAGNA INTL INC | COM | 559222401 | BBG000CZX4L0 | 4893708 | 87300 | SH |  | SOLE | N/A | 0 | 0 | 87300 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPHFS9 | 21622171 | 90160 | SH |  | SOLE | N/A | 0 | 0 | 90160 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 | BBG000BZTXK3 | 1719999 | 8200 | SH |  | SOLE | N/A | 0 | 0 | 8200 |
| NETFLIX INC | COM | 64110L106 | BBG000CLD9D1 | 8109200 | 27500 | SH |  | SOLE | N/A | 0 | 0 | 27500 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG000BJSF01 | 5935600 | 71000 | SH |  | SOLE | N/A | 0 | 0 | 71000 |
| NEXTERA ENERGY PARTNERS LP | COM UNIT PART IN | 65341B106 | BBG006JNW367 | 5887560 | 84000 | SH |  | SOLE | N/A | 0 | 0 | 84000 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG000BQ2F03 | 6056271 | 11100 | SH |  | SOLE | N/A | 0 | 0 | 11100 |
| NUVEI CORPORATION | SUB VTG SHS | 67079A102 | BBG00X2VHVX3 | 2835267 | 111800 | SH |  | SOLE | N/A | 0 | 0 | 111800 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | BBG000BNDGF0 | 10319359 | 65300 | SH |  | SOLE | N/A | 0 | 0 | 65300 |
| ORMAT TECHNOLOGIES INC | COM | 686688102 | BBG000Q5BSH7 | 4756400 | 55000 | SH |  | SOLE | N/A | 0 | 0 | 55000 |
| PATTERSON COS INC | COM | 703395103 | BBG000BQYC69 | 1890599 | 49800 | SH |  | SOLE | N/A | 0 | 0 | 49800 |
| PFIZER INC | COM | 717081103 | BBG000BR2F10 | 17390856 | 339400 | SH |  | SOLE | N/A | 0 | 0 | 339400 |
| PIMCO DYNAMIC INCOME OPRNTS | COM BEN SHS | 69355M107 | BBG00ST5DTJ7 | 688334 | 54000 | SH |  | SOLE | N/A | 0 | 0 | 54000 |
| PLUG POWER INC | COM NEW | 72919P202 | BBG000C1Y014 | 4205800 | 340000 | SH |  | SOLE | N/A | 0 | 0 | 340000 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 | BBG000BT0GY0 | 1659360 | 16000 | SH |  | SOLE | N/A | 0 | 0 | 16000 |
| PROLOGIS INC. | COM | 74340W103 | BBG000B9Z339 | 4742757 | 42148 | SH |  | SOLE | N/A | 0 | 0 | 42148 |
| PUBLIC STORAGE | COM | 74460D109 | BBG000BPPPX2 | 2961290 | 10588 | SH |  | SOLE | N/A | 0 | 0 | 10588 |
| RADIUS GLOBAL INFRASTRCTRE I | COM CL A | 750481103 | BBG00K5TV6V4 | 747762 | 63377 | SH |  | SOLE | N/A | 0 | 0 | 63377 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 | BBG00HY28KC4 | 1639799 | 73600 | SH |  | SOLE | N/A | 0 | 0 | 73600 |
| REXFORD INDL RLTY INC | COM | 76169C100 | BBG004MB8398 | 2597200 | 47619 | SH |  | SOLE | N/A | 0 | 0 | 47619 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 | BBG000BCG2P1 | 15080622 | 322900 | SH |  | SOLE | N/A | 0 | 0 | 322900 |
| ROSS STORES INC | COM | 778296103 | BBG000BSC9R3 | 22018479 | 189700 | SH |  | SOLE | N/A | 0 | 0 | 189700 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 | BBG000BCJHV8 | 25902791 | 276090 | SH |  | SOLE | N/A | 0 | 0 | 276090 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1RM6 | 10483622 | 31300 | SH |  | SOLE | N/A | 0 | 0 | 31300 |
| SANMINA CORPORATION | COM | 801056102 | BBG000BHC504 | 2102786 | 27100 | SH |  | SOLE | N/A | 0 | 0 | 27100 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 | BBG0113JHNN7 | 7570579 | 143900 | SH |  | SOLE | N/A | 0 | 0 | 143900 |
| SHELL PLC | SPON ADS | 780259305 | BBG0147BN6T8 | 25832520 | 453600 | SH |  | SOLE | N/A | 0 | 0 | 453600 |
| SHOPIFY INC | CL A | 82509L107 | BBG008P8T6V8 | 1323491 | 38200 | SH |  | SOLE | N/A | 0 | 0 | 38200 |
| SILGAN HOLDINGS INC | COM | 827048109 | BBG000BPDFV9 | 2169554 | 30900 | SH |  | SOLE | N/A | 0 | 0 | 30900 |
| STEM INC | COM | 85859N102 | BBG00XP8NQT8 | 2458500 | 275000 | SH |  | SOLE | N/A | 0 | 0 | 275000 |
| SUN CMNTYS INC | COM | 866674104 | BBG000BLJXH9 | 2771470 | 19416 | SH |  | SOLE | N/A | 0 | 0 | 19416 |
| SUNCOR ENERGY INC NEW | COM | 867224107 | BBG000BC1N80 | 25712666 | 812300 | SH |  | SOLE | N/A | 0 | 0 | 812300 |
| SUNRUN INC | COM | 86771W105 | BBG009HT4X01 | 5284400 | 220000 | SH |  | SOLE | N/A | 0 | 0 | 220000 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG000BD90Z0 | 8997001 | 121000 | SH |  | DFND | N/A | 0 | 0 | 121000 |
| TC ENERGY CORP | COM | 87807B107 | BBG000D080D1 | 21668748 | 544670 | SH |  | SOLE | N/A | 0 | 0 | 544670 |
| TELUS CORPORATION | COM | 87971M103 | BBG000BZYZZ6 | 6066210 | 315000 | SH |  | SOLE | N/A | 0 | 0 | 315000 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 | BBG00YTSWG83 | 4900121 | 248737 | SH |  | SOLE | N/A | 0 | 0 | 248737 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDPD4 | 10187765 | 18500 | SH |  | SOLE | N/A | 0 | 0 | 18500 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG000BCRN55 | 19577675 | 303000 | SH |  | SOLE | N/A | 0 | 0 | 303000 |
| TPI COMPOSITES INC | COM | 87266J104 | BBG00D3JRC73 | 3853200 | 380000 | SH |  | SOLE | N/A | 0 | 0 | 380000 |
| UDR INC | COM | 902653104 | BBG000C412D7 | 2074303 | 53655 | SH |  | SOLE | N/A | 0 | 0 | 53655 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3413 | 16938326 | 81800 | SH |  | SOLE | N/A | 0 | 0 | 81800 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH53T5 | 17177832 | 32400 | SH |  | SOLE | N/A | 0 | 0 | 32400 |
| VICI PPTYS INC | COM | 925652109 | BBG00HZQTQG0 | 1323186 | 40913 | SH |  | SOLE | N/A | 0 | 0 | 40913 |
| VISA INC | COM CL A | 92826C839 | BBG000PSL0X0 | 25658360 | 123500 | SH |  | SOLE | N/A | 0 | 0 | 123500 |
| WALMART INC | COM | 931142103 | BBG000BWXCP6 | 27280396 | 192400 | SH |  | SOLE | N/A | 0 | 0 | 192400 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG000DZ8CG5 | 3915392 | 29600 | SH |  | SOLE | N/A | 0 | 0 | 29600 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG000BWVV12 | 4941720 | 31500 | SH |  | SOLE | N/A | 0 | 0 | 31500 |
| WELLTOWER INC | COM | 95040Q104 | BBG000BKY3S8 | 2449430 | 37435 | SH |  | SOLE | N/A | 0 | 0 | 37435 |
| WESCO INTL INC | COM | 95082P105 | BBG000D0FQ55 | 6735760 | 53800 | SH |  | SOLE | N/A | 0 | 0 | 53800 |
| XYLEM INC | COM | 98419M100 | BBG00256TDP9 | 4975650 | 45000 | SH |  | SOLE | N/A | 0 | 0 | 45000 |

---