# EDGAR Filing Document

**Accession Number:** 0001884799
**File Stem:** 0001062993-26-000999
**Filing Date:** 2026-2
**Character Count:** 24010
**Document Hash:** 9faee9da2a8f9203501221603009bfb0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-000999.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001062993-26-000999

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guardian Partners Inc.
- **CENTRAL INDEX KEY:** 0001884799

**ORGANIZATION NAME:**
- **EIN:** 890187354
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21632
- **FILM NUMBER:** 26642456

**BUSINESS ADDRESS:**
- **STREET 1:** COMMERCE COURT WEST
- **STREET 2:** 199 BAY STREET, SUITE 2700, PO BOX 201
- **CITY:** TORONTO
- **STATE:** Z4
- **ZIP:** M5L 1E8
- **BUSINESS PHONE:** 4168408001

**MAIL ADDRESS:**
- **STREET 1:** COMMERCE COURT WEST
- **STREET 2:** 199 BAY STREET, SUITE 2700, PO BOX 201
- **CITY:** TORONTO
- **STATE:** Z4
- **ZIP:** M5L 1E8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Guardian Partners Inc.<br>**Address:** COMMERCE COURT WEST<br>199 BAY STREET SUITE 2700 PO BOX 201<br>TORONTO, Z4 M5L 1E8

**Form 13F File Number:** 028-21632

**CRD Number (if applicable):** 000112500

**SEC File Number (if applicable):** 801-23854

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:** Christina Forster Pazienza<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-350-8119

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

/s/ Christina Forster Pazienza  Toronto, Z4  02-17-2026<br>[Signature]  [City, State]  [Date]

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

[ ] **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).)

[x] **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:** 201

**Form 13F Information Table Value Total:** $1247731604

      (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.]

|   No. | Name                                 | Form 13F File Number   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | Hardman Johnston Global Advisors LLC | 028-05210              |    000112500 | 801-23854         |
|     2 | Night Owl Capital Management LLC     | 028-12639              |    000106030 | 801-45362         |
|     3 | Mawer Investment Management Ltd.     | 028-14623              |    000159100 | 801-74336         |
|     4 | GUARDIAN CAPITAL LP                  | 028-14316              |    000105078 | 801-56081         |
|     5 | Pembroke Management LTD              | 028-15085              |    000155405 | 801-72181         |

### 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 |
| 3M CO | COM | 88579Y101 |  | 342102 | 2090 | SH |  | SOLE |  | 2090 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 428990 | 1976 | SH |  | SOLE |  | 1976 | 0 | 0 |
| ABCELLERA BIOLOGICS INC | COM | 00288U106 |  | 5819229 | 1786414 | SH |  | SOLE |  | 1786414 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 8167935 | 72132 | SH |  | SOLE |  | 72132 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 8809447 | 44369 | SH |  | SOLE |  | 44369 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 643744 | 98696 | SH |  | SOLE |  | 98696 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 2161756 | 13635 | SH |  | SOLE |  | 13635 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 22701164 | 68353 | SH |  | SOLE |  | 68353 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3845762 | 11575 | SH |  | SOLE |  | 11575 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 928218 | 14250 | SH |  | SOLE |  | 14250 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 4856946 | 20906 | SH |  | SOLE |  | 20906 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 5050640 | 42245 | SH |  | SOLE |  | 42245 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 9359960 | 26563 | SH |  | SOLE |  | 26563 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 477820 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 226160 | 1740 | SH |  | SOLE |  | 1740 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 29032139 | 105312 | SH |  | SOLE |  | 105312 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 4304728 | 14517 | SH |  | SOLE |  | 14517 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 253715 | 9340 | SH |  | SOLE |  | 9340 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1188928 | 5080 | SH |  | SOLE |  | 5080 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 836986 | 15164 | SH |  | SOLE |  | 15164 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 52159811 | 371924 | SH |  | SOLE |  | 371924 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 47522102 | 638369 | SH |  | SOLE |  | 638369 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 511166 | 10711 | SH |  | SOLE |  | 10711 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 4159147 | 158788 | SH |  | SOLE |  | 158788 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2593745 | 5163 | SH |  | SOLE |  | 5163 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 7624897 | 105953 | SH |  | SOLE |  | 105953 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 2273382 | 2115 | SH |  | SOLE |  | 2115 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 2156944 | 9175 | SH |  | SOLE |  | 9175 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 2164284 | 471 | SH |  | SOLE |  | 471 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 2421198 | 7884 | SH |  | SOLE |  | 7884 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 16831786 | 340315 | SH |  | SOLE |  | 340315 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 24245601 | 530895 | SH |  | SOLE |  | 530895 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CO | COM SUB VTG A | 11276H106 |  | 430772 | 8793 | SH |  | SOLE |  | 8793 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A  EX SUB VTG | 11285B108 |  | 867819 | 20895 | SH |  | SOLE |  | 20895 | 0 | 0 |
| BXP INC | COM | 101121101 |  | 281911 | 4435 | SH |  | SOLE |  | 4435 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2776485 | 24300 | SH |  | SOLE |  | 24300 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 36079524 | 381494 | SH |  | SOLE |  | 381494 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 21457425 | 559344 | SH |  | SOLE |  | 559344 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 24552816 | 248911 | SH |  | SOLE |  | 248911 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 1587364 | 20041 | SH |  | SOLE |  | 20041 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 483553 | 2150 | SH |  | SOLE |  | 2150 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 691820 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 248553 | 850 | SH |  | SOLE |  | 850 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 2618778 | 129804 | SH |  | SOLE |  | 129804 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 1284325 | 15591 | SH |  | SOLE |  | 15591 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 12797475 | 70862 | SH |  | SOLE |  | 70862 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 579456 | 7155 | SH |  | SOLE |  | 7155 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 5820544 | 19819 | SH |  | SOLE |  | 19819 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 707572 | 7515 | SH |  | SOLE |  | 7515 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 440629 | 4098 | SH |  | SOLE |  | 4098 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 1719707 | 15720 | SH |  | SOLE |  | 15720 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 10306470 | 10571 | SH |  | SOLE |  | 10571 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 662034 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 949628 | 1568 | SH |  | SOLE |  | 1568 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 392804 | 5224 | SH |  | SOLE |  | 5224 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 3335201 | 15246 | SH |  | SOLE |  | 15246 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 418922 | 1974 | SH |  | SOLE |  | 1974 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 338322 | 1607 | SH |  | SOLE |  | 1607 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 3508385 | 32890 | SH |  | SOLE |  | 32890 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 15268267 | 125364 | SH |  | SOLE |  | 125364 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 1106900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 1158302 | 3412 | SH |  | SOLE |  | 3412 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 3832236 | 3830 | SH |  | SOLE |  | 3830 | 0 | 0 |
| EMERA INC | COM | 290876101 |  | 9391812 | 187522 | SH |  | SOLE |  | 187522 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 20926635 | 133483 | SH |  | SOLE |  | 133483 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 41130223 | 823603 | SH |  | SOLE |  | 823603 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 272279 | 12750 | SH |  | SOLE |  | 12750 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 1680637 | 15450 | SH |  | SOLE |  | 15450 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | NAT GAS ETF | 33733E807 |  | 2167766 | 92600 | SH |  | SOLE |  | 92600 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 16637853 | 307660 | SH |  | SOLE |  | 307660 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 402298 | 1692 | SH |  | SOLE |  | 1692 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1355005 | 21974 | SH |  | SOLE |  | 21974 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 1138093 | 1531 | SH |  | SOLE |  | 1531 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 1466600 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 9268089 | 129100 | SH |  | SOLE |  | 129100 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1820574 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 743050 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 210482 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 893554 | 2310 | SH |  | SOLE |  | 2310 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 2763360 | 20671 | SH |  | SOLE |  | 20671 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 17406248 | 158293 | SH |  | SOLE |  | 158293 | 0 | 0 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 21942658 | 718678 | SH |  | SOLE |  | 718678 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1292648 | 26600 | SH |  | SOLE |  | 26600 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 2417774 | 5445 | SH |  | SOLE |  | 5445 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 |  | 11665736 | 138400 | SH |  | SOLE |  | 138400 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 5391547 | 8925 | SH |  | SOLE |  | 8925 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 2787600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 1109400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 795190 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| ISHARES INC | MSCI GBL GOLD MN | 46434G855 |  | 11414200 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 361307 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 737830 | 7421 | SH |  | SOLE |  | 7421 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 2704800 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 582712 | 5306 | SH |  | SOLE |  | 5306 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 400024 | 4625 | SH |  | SOLE |  | 4625 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 1139720 | 13796 | SH |  | SOLE |  | 13796 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 235709 | 2319 | SH |  | SOLE |  | 2319 | 0 | 0 |
| ISHARES TR | INTL SEL DIV ETF | 464288448 |  | 239180 | 5598 | SH |  | SOLE |  | 5598 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 422552 | 5252 | SH |  | SOLE |  | 5252 | 0 | 0 |
| ISHARES TR | GLOB UTILITS ETF | 464288711 |  | 4097649 | 52100 | SH |  | SOLE |  | 52100 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 215667 | 2272 | SH |  | SOLE |  | 2272 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 291122 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 375762 | 7446 | SH |  | SOLE |  | 7446 | 0 | 0 |
| ISHARES TR | MSCI JP VALUE | 46435U374 |  | 6804413 | 171300 | SH |  | SOLE |  | 171300 | 0 | 0 |
| ISHARES U S ETF TR | INT RT HDG C B | 46431W705 |  | 347309 | 3727 | SH |  | SOLE |  | 3727 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 22741645 | 97316 | SH |  | SOLE |  | 97316 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 31888483 | 100818 | SH |  | SOLE |  | 100818 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 381979 | 2977 | SH |  | SOLE |  | 2977 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 208125 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 11141106 | 210210 | SH |  | SOLE |  | 210210 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 7150893 | 191751 | SH |  | SOLE |  | 191751 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 242810 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 13458433 | 24395 | SH |  | SOLE |  | 24395 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 17577218 | 54494 | SH |  | SOLE |  | 54494 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1482258 | 12574 | SH |  | SOLE |  | 12574 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 758244 | 1137 | SH |  | SOLE |  | 1137 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 28405145 | 68810 | SH |  | SOLE |  | 68810 | 0 | 0 |
| MITSUBISHI UFJ FINL GROUP IN | SPONSORED ADS | 606822104 |  | 10604319 | 573638 | SH |  | SOLE |  | 573638 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 1118117 | 6209 | SH |  | SOLE |  | 6209 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 2117662 | 35100 | SH |  | SOLE |  | 35100 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 3158578 | 35825 | SH |  | SOLE |  | 35825 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 699074 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| NATIONAL GRID PLC | SPONSORED ADR NE | 636274409 |  | 15180637 | 173539 | SH |  | SOLE |  | 173539 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 277005 | 2871 | SH |  | SOLE |  | 2871 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 6730096 | 105167 | SH |  | SOLE |  | 105167 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 1122000 | 165000 | SH |  | SOLE |  | 165000 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1240701 | 8140 | SH |  | SOLE |  | 8140 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 3505246 | 74540 | SH |  | SOLE |  | 74540 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 25496881 | 358454 | SH |  | SOLE |  | 358454 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 4083971 | 23515 | SH |  | SOLE |  | 23515 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 362107 | 8873 | SH |  | SOLE |  | 8873 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 216242 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 5286082 | 225939 | SH |  | SOLE |  | 225939 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 5615382 | 38421 | SH |  | SOLE |  | 38421 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 706735 | 5065 | SH |  | SOLE |  | 5065 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 333552 | 3387 | SH |  | SOLE |  | 3387 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 11314982 | 269137 | SH |  | SOLE |  | 269137 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 9589165 | 57901 | SH |  | SOLE |  | 57901 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1799461 | 67405 | SH |  | SOLE |  | 67405 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1341895 | 7440 | SH |  | SOLE |  | 7440 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 1741600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 281283 | 3372 | SH |  | SOLE |  | 3372 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 685462 | 4373 | SH |  | SOLE |  | 4373 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 364076 | 4543 | SH |  | SOLE |  | 4543 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 3961180 | 26691 | SH |  | SOLE |  | 26691 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 642587 | 9188 | SH |  | SOLE |  | 9188 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 2040163 | 102300 | SH |  | SOLE |  | 102300 | 0 | 0 |
| ROCKET LAB CORP | COM | 773121108 |  | 1169760 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 13676901 | 368853 | SH |  | SOLE |  | 368853 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 615293 | 1715 | SH |  | SOLE |  | 1715 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 85879395 | 507206 | SH |  | SOLE |  | 507206 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 11299296 | 57633 | SH |  | SOLE |  | 57633 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 219171 | 2279 | SH |  | SOLE |  | 2279 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 9729059 | 203060 | SH |  | SOLE |  | 203060 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 9872197 | 49610 | SH |  | SOLE |  | 49610 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 2028390 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 5097186 | 119400 | SH |  | SOLE |  | 119400 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 1469250 | 18654 | SH |  | SOLE |  | 18654 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1257788 | 11053 | SH |  | SOLE |  | 11053 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 360277 | 1842 | SH |  | SOLE |  | 1842 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 384825 | 1005 | SH |  | SOLE |  | 1005 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 1500156 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 398740 | 13961 | SH |  | SOLE |  | 13961 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1941333 | 4278 | SH |  | SOLE |  | 4278 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 8206671 | 12003 | SH |  | SOLE |  | 12003 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 1105207 | 12127 | SH |  | SOLE |  | 12127 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 3156900 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 346646 | 12450 | SH |  | SOLE |  | 12450 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 5498072 | 56904 | SH |  | SOLE |  | 56904 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 9672724 | 148149 | SH |  | SOLE |  | 148149 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 15407727 | 293698 | SH |  | SOLE |  | 293698 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 11977583 | 36874 | SH |  | SOLE |  | 36874 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 11044694 | 187100 | SH |  | SOLE |  | 187100 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 1635969 | 29432 | SH |  | SOLE |  | 29432 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 6722681 | 473648 | SH |  | SOLE |  | 473648 | 0 | 0 |
| TEMPUS AI INC | CL A | 88023B103 |  | 661480 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 455014 | 1125 | SH |  | SOLE |  | 1125 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 10236684 | 46083 | SH |  | SOLE |  | 46083 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 |  | 4622100 | 37960 | SH |  | SOLE |  | 37960 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 1875782 | 20129 | SH |  | SOLE |  | 20129 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 68064868 | 716017 | SH |  | SOLE |  | 716017 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 902984 | 72055 | SH |  | SOLE |  | 72055 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 1074679 | 3647 | SH |  | SOLE |  | 3647 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1622517 | 22032 | SH |  | SOLE |  | 22032 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 3229736 | 45768 | SH |  | SOLE |  | 45768 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 835826 | 3349 | SH |  | SOLE |  | 3349 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 250205 | 2149 | SH |  | SOLE |  | 2149 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 4832667 | 17562 | SH |  | SOLE |  | 17562 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 415914 | 661 | SH |  | SOLE |  | 661 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 874485 | 2594 | SH |  | SOLE |  | 2594 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 1303430 | 6892 | SH |  | SOLE |  | 6892 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 713354 | 2170 | SH |  | SOLE |  | 2170 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1079009 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 15956073 | 125101 | SH |  | SOLE |  | 125101 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 2922467 | 17331 | SH |  | SOLE |  | 17331 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 276358 | 721 | SH |  | SOLE |  | 721 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 281205 | 686 | SH |  | SOLE |  | 686 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 5390086 | 58062 | SH |  | SOLE |  | 58062 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 1347050 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 1169170 | 8380 | SH |  | SOLE |  | 8380 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 360492 | 6788 | SH |  | SOLE |  | 6788 | 0 | 0 |

---