# EDGAR Filing Document

**Accession Number:** 0001443077
**File Stem:** 0001062993-25-016410
**Filing Date:** 2025-10
**Character Count:** 28720
**Document Hash:** a28a704ccee9d55075049e0f37b05906
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016410.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001062993-25-016410

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTACT INVESTMENT MANAGEMENT INC.
- **CENTRAL INDEX KEY:** 0001443077

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13194
- **FILM NUMBER:** 251439778

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 ROBERT-BOURASSA BLVD
- **STREET 2:** SUITE 1400
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2A5
- **BUSINESS PHONE:** (514) 350-8541

**MAIL ADDRESS:**
- **STREET 1:** 2020 ROBERT-BOURASSA BLVD
- **STREET 2:** SUITE 1400
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2A5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING INVESTMENT MANAGEMENT, INC.
- **DATE OF NAME CHANGE:** 20080814

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** INTACT INVESTMENT MANAGEMENT INC.<br>**Address:** 2020 ROBERT-BOURASSA BLVD<br>SUITE 1400<br>MONTREAL, A8 H3A 2A5

**Form 13F File Number:** 028-13194

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:** Edith Rathe<br>**Title:** Chief Compliance Officer and Director of Governance<br>**Phone:** 514-350-8541

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

/s/ Edith Rathe  Montreal, A8  10-30-2025<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:** 254

**Form 13F Information Table Value Total:** $3305729880

      (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 |  | 7647974 | 57100 | SH |  | SOLE |  | 57100 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 24358008 | 105200 | SH |  | SOLE |  | 105200 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 7126740 | 28900 | SH |  | SOLE |  | 28900 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 1343978 | 3810 | SH |  | SOLE |  | 3810 | 0 | 0 |
| AES CORP | COM | 00130H105 |  | 3076808 | 233800 | SH |  | SOLE |  | 233800 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 34804159 | 206620 | SH |  | SOLE |  | 189220 | 0 | 17400 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 2018128 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 22927551 | 657696 | SH |  | SOLE |  | 540122 | 0 | 117574 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 25006540 | 4652119 | SH |  | SOLE |  | 4652119 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 643950 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2191950 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 27907880 | 114800 | SH |  | SOLE |  | 114800 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 9650705 | 146090 | SH |  | SOLE |  | 146090 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 7979174 | 36340 | SH |  | SOLE |  | 36340 | 0 | 0 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 3115858 | 93710 | SH |  | SOLE |  | 93710 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 518364 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 3365600 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 |  | 4008035 | 1074640 | SH |  | SOLE |  | 562300 | 0 | 512340 |
| AMGEN INC | COM | 031162100 |  | 6321280 | 22400 | SH |  | SOLE |  | 22400 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 1372388 | 11090 | SH |  | SOLE |  | 11090 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 2653560 | 10800 | SH |  | SOLE |  | 10800 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 1146122 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 22407440 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 4770442 | 23300 | SH |  | SOLE |  | 23300 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 1293084 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 12513144 | 443100 | SH |  | SOLE |  | 443100 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2201250 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 214512 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 2723697 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 155246 | 31400 | SH |  | SOLE |  | 31400 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 5013288 | 102900 | SH |  | SOLE |  | 102900 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 12685981 | 245900 | SH |  | SOLE |  | 245900 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 28309914 | 217230 | SH |  | SOLE |  | 160270 | 0 | 56960 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 106434782 | 1645842 | SH |  | SOLE |  | 1466120 | 0 | 179722 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 80757125 | 2458490 | SH |  | SOLE |  | 2161890 | 0 | 296600 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 731455 | 113600 | SH |  | SOLE |  | 41904 | 0 | 71696 |
| BAYTEX ENERGY CORP | COM | 07317Q105 |  | 6616051 | 2824100 | SH |  | SOLE |  | 2421400 | 0 | 402700 |
| BCE INC | COM NEW | 05534B760 |  | 72925612 | 3120530 | SH |  | SOLE |  | 3056530 | 0 | 64000 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1608768 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| BITFARMS LTD | COM | 09173B107 |  | 768462 | 272100 | SH |  | SOLE |  | 99800 | 0 | 172300 |
| BLACKROCK INC | COM | 09290D101 |  | 8744025 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1877721 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 1288716 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 2534620 | 56200 | SH |  | SOLE |  | 56200 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 30747612 | 93200 | SH |  | SOLE |  | 93200 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 33611693 | 590560 | SH |  | SOLE |  | 481860 | 0 | 108700 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 13731126 | 200100 | SH |  | SOLE |  | 109325 | 0 | 90775 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 77961967 | 2365634 | SH |  | SOLE |  | 2300634 | 0 | 65000 |
| BROOKFIELD INFRASTRUCTURE CO | COM SUB VTG A | 11276H106 |  | 303966 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A EX SUB VTG | 11285B108 |  | 908932 | 26400 | SH |  | SOLE |  | 26400 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 20512495 | 795767 | SH |  | SOLE |  | 795767 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 34682233 | 1171125 | SH |  | SOLE |  | 946609 | 0 | 224516 |
| CAMECO CORP | COM | 13321L108 |  | 14373060 | 171240 | SH |  | SOLE |  | 110000 | 0 | 61240 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 29413289 | 368043 | SH |  | SOLE |  | 350843 | 0 | 17200 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 54946491 | 1718220 | SH |  | SOLE |  | 1363020 | 0 | 355200 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 41164401 | 436470 | SH |  | SOLE |  | 413270 | 0 | 23200 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 11466935 | 153949 | SH |  | SOLE |  | 112949 | 0 | 41000 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1551834 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 831888 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 1150040 | 39780 | SH |  | SOLE |  | 39780 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 423870 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 270718 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 62080699 | 3655878 | SH |  | SOLE |  | 3327206 | 0 | 328672 |
| CENTERRA GOLD INC | COM | 152006102 |  | 6084861 | 567900 | SH |  | SOLE |  | 465900 | 0 | 102000 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 1042242 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 12914227 | 83162 | SH |  | SOLE |  | 83162 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 1810578 | 46200 | SH |  | SOLE |  | 46200 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 17269208 | 252400 | SH |  | SOLE |  | 252400 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 5257700 | 51800 | SH |  | SOLE |  | 51800 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 5985342 | 81700 | SH |  | SOLE |  | 81700 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 16387672 | 247100 | SH |  | SOLE |  | 247100 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 7154630 | 89500 | SH |  | SOLE |  | 89500 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 11759318 | 75180 | SH |  | SOLE |  | 56980 | 0 | 18200 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 3509614 | 111700 | SH |  | SOLE |  | 111700 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 829092 | 12100 | SH |  | SOLE |  | 12100 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 8740116 | 92400 | SH |  | SOLE |  | 92400 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 2060451 | 15300 | SH |  | SOLE |  | 15300 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 362635 | 1102 | SH |  | SOLE |  | 1102 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 5151484 | 62800 | SH |  | SOLE |  | 62800 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 691344 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 564634 | 610 | SH |  | SOLE |  | 610 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 3977930 | 168200 | SH |  | SOLE |  | 168200 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 6995525 | 72500 | SH |  | SOLE |  | 72500 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 13404342 | 177800 | SH |  | SOLE |  | 177800 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1328342 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1814656 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 6223286 | 2261100 | SH |  | SOLE |  | 1118600 | 0 | 1142500 |
| DEXCOM INC | COM | 252131107 |  | 2280458 | 33890 | SH |  | SOLE |  | 33890 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1522850 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| DOCEBO INC | COM | 25609L105 |  | 1757226 | 64400 | SH |  | SOLE |  | 35200 | 0 | 29200 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 5467215 | 52900 | SH |  | SOLE |  | 52900 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 10159875 | 82100 | SH |  | SOLE |  | 82100 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 5569850 | 71500 | SH |  | SOLE |  | 71500 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 5081830 | 80600 | SH |  | SOLE |  | 80600 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1085325 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 4853584 | 87800 | SH |  | SOLE |  | 87800 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 1489583 | 4610 | SH |  | SOLE |  | 4610 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 2662870 | 3490 | SH |  | SOLE |  | 3490 | 0 | 0 |
| EMERA INC | COM | 290876101 |  | 55280839 | 1152105 | SH |  | SOLE |  | 1152105 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 4827424 | 36800 | SH |  | SOLE |  | 36800 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 40606461 | 804813 | SH |  | SOLE |  | 673313 | 0 | 131500 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 5241055 | 669100 | SH |  | SOLE |  | 332400 | 0 | 336700 |
| ENERFLEX LTD | COM | 29269R105 |  | 5053491 | 468500 | SH |  | SOLE |  | 243000 | 0 | 225500 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 1185559 | 77200 | SH |  | SOLE |  | 28300 | 0 | 48900 |
| EQUINIX INC | COM | 29444U700 |  | 5247708 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 5185152 | 115200 | SH |  | SOLE |  | 115200 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 1916784 | 13600 | SH |  | SOLE |  | 13600 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4667850 | 41400 | SH |  | SOLE |  | 41400 | 0 | 0 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 6007683 | 59300 | SH |  | SOLE |  | 59300 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 5319270 | 119400 | SH |  | SOLE |  | 119400 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 1274663 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| FLOWSERVE CORP | COM | 34354P105 |  | 658936 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 47937841 | 945005 | SH |  | SOLE |  | 862605 | 0 | 82400 |
| FRANCO NEV CORP | COM | 351858105 |  | 24958796 | 112120 | SH |  | SOLE |  | 75920 | 0 | 36200 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 2059050 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 1235949 | 2010 | SH |  | SOLE |  | 2010 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 3530163 | 57900 | SH |  | SOLE |  | 57900 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 66661078 | 1153759 | SH |  | SOLE |  | 1061459 | 0 | 92300 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 4639800 | 41800 | SH |  | SOLE |  | 41800 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 796053 | 13900 | SH |  | SOLE |  | 13900 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1911240 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | TR UNIT NEW | 387437205 |  | 62775755 | 1129647 | SH |  | SOLE |  | 1097247 | 0 | 32400 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 3604030 | 188200 | SH |  | SOLE |  | 188200 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 4212040 | 171500 | SH |  | SOLE |  | 171500 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 17301613 | 42700 | SH |  | SOLE |  | 42700 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 5557200 | 26400 | SH |  | SOLE |  | 26400 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 20826346 | 1611841 | SH |  | SOLE |  | 1301651 | 0 | 310190 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 758160 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 8013344 | 28400 | SH |  | SOLE |  | 28400 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 273164 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 417868 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 3588288 | 35200 | SH |  | SOLE |  | 35200 | 0 | 0 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 989076 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 10592859 | 57129 | SH |  | SOLE |  | 57129 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 12711829 | 40300 | SH |  | SOLE |  | 40300 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 5121060 | 274000 | SH |  | SOLE |  | 274000 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 1156362 | 9300 | SH |  | SOLE |  | 9300 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 11713889 | 471930 | SH |  | SOLE |  | 307230 | 0 | 164700 |
| KKR  CO INC | COM | 48251W104 |  | 753710 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 794066 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| LIGHTSPEED COMMERCE INC | SUB VTG SHS | 53229C107 |  | 4198952 | 363600 | SH |  | SOLE |  | 182400 | 0 | 181200 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 8536491 | 17100 | SH |  | SOLE |  | 17100 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 1181157 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 74099302 | 1563738 | SH |  | SOLE |  | 1519138 | 0 | 44600 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 47117680 | 1512145 | SH |  | SOLE |  | 1331845 | 0 | 180300 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1271859 | 2236 | SH |  | SOLE |  | 2236 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 4402678 | 65800 | SH |  | SOLE |  | 65800 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 12751528 | 41961 | SH |  | SOLE |  | 41961 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 8904940 | 93500 | SH |  | SOLE |  | 93500 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 16844751 | 200700 | SH |  | SOLE |  | 200700 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 20856392 | 28400 | SH |  | SOLE |  | 28400 | 0 | 0 |
| METHANEX CORP | COM | 59151K108 |  | 22998004 | 578400 | SH |  | SOLE |  | 509823 | 0 | 68577 |
| METLIFE INC | COM | 59156R108 |  | 1128469 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 2825680 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 8014628 | 47900 | SH |  | SOLE |  | 47900 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 32682645 | 63100 | SH |  | SOLE |  | 63100 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 9176843 | 146900 | SH |  | SOLE |  | 146900 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 11747144 | 73900 | SH |  | SOLE |  | 73900 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 3352418 | 28300 | SH |  | SOLE |  | 28300 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 839244 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 160489 | 22400 | SH |  | SOLE |  | 22400 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 4257655 | 50500 | SH |  | SOLE |  | 50500 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 8432233 | 111700 | SH |  | SOLE |  | 111700 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 5571427 | 79900 | SH |  | SOLE |  | 79900 | 0 | 0 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 |  | 355179 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 66077344 | 1125045 | SH |  | SOLE |  | 1090288 | 0 | 34757 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 19861441 | 106450 | SH |  | SOLE |  | 106450 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 3757955 | 51500 | SH |  | SOLE |  | 51500 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 43950180 | 1175680 | SH |  | SOLE |  | 1110080 | 0 | 65600 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 3451301 | 86100 | SH |  | SOLE |  | 86100 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 8802812 | 31300 | SH |  | SOLE |  | 31300 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 5867108 | 543929 | SH |  | SOLE |  | 280561 | 0 | 263368 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 1328018 | 7280 | SH |  | SOLE |  | 7280 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 203620 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 83648789 | 2068624 | SH |  | SOLE |  | 1952924 | 0 | 115700 |
| PEPSICO INC | COM | 713448108 |  | 14352968 | 102200 | SH |  | SOLE |  | 102200 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 260100 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 17114916 | 671700 | SH |  | SOLE |  | 671700 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 23340580 | 143900 | SH |  | SOLE |  | 143900 | 0 | 0 |
| PRIMO BRANDS CORPORATION | CLASS A COM SHS | 741623102 |  | 8208603 | 371430 | SH |  | SOLE |  | 371430 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 12722220 | 82800 | SH |  | SOLE |  | 82800 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 592680 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 1511664 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 4275452 | 25700 | SH |  | SOLE |  | 25700 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 981590 | 51500 | SH |  | SOLE |  | 51500 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 949300 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 16583729 | 153092 | SH |  | SOLE |  | 126822 | 0 | 26270 |
| REALTY INCOME CORP | COM | 756109104 |  | 3021263 | 49700 | SH |  | SOLE |  | 49700 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 1557488 | 2770 | SH |  | SOLE |  | 2770 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 3507210 | 133000 | SH |  | SOLE |  | 133000 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 48721518 | 759391 | SH |  | SOLE |  | 759391 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 111808282 | 3247481 | SH |  | SOLE |  | 3095281 | 0 | 152200 |
| ROSS STORES INC | COM | 778296103 |  | 1432466 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 121137765 | 821808 | SH |  | SOLE |  | 651810 | 0 | 169998 |
| RTX CORPORATION | COM | 75513E101 |  | 11964095 | 71500 | SH |  | SOLE |  | 71500 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 1265446 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 7394400 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| SANGOMA TECHNOLOGIES CORP | COM NEW | 80100R408 |  | 2746645 | 553125 | SH |  | SOLE |  | 335971 | 0 | 217154 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 870075 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 6082648 | 67600 | SH |  | SOLE |  | 67600 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 1831357 | 1990 | SH |  | SOLE |  | 1990 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 57625351 | 387834 | SH |  | SOLE |  | 237383 | 0 | 150451 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 1596868 | 86700 | SH |  | SOLE |  | 31800 | 0 | 54900 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 3268860 | 30100 | SH |  | SOLE |  | 30100 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 22816657 | 806260 | SH |  | SOLE |  | 806260 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 2956824 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 7317987 | 10985 | SH |  | SOLE |  | 10985 | 0 | 0 |
| SPDR SERIES TRUST | GLB DOW ETF | 78464A706 |  | 11851083 | 73266 | SH |  | SOLE |  | 73266 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 4039784 | 48600 | SH |  | SOLE |  | 48600 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1565100 | 18500 | SH |  | SOLE |  | 18500 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 3515103 | 30300 | SH |  | SOLE |  | 30300 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 76327147 | 1270947 | SH |  | SOLE |  | 1170937 | 0 | 100010 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 52066740 | 1244050 | SH |  | SOLE |  | 1244050 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 1165220 | 16400 | SH |  | SOLE |  | 16400 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 1381492 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 3301834 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 2173824 | 19200 | SH |  | SOLE |  | 19200 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 4390392 | 1035500 | SH |  | SOLE |  | 528200 | 0 | 507300 |
| TC ENERGY CORP | COM | 87807B107 |  | 31368289 | 576854 | SH |  | SOLE |  | 456554 | 0 | 120300 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 3020144 | 68840 | SH |  | SOLE |  | 42340 | 0 | 26500 |
| TELUS CORPORATION | COM | 87971M103 |  | 38322974 | 2432862 | SH |  | SOLE |  | 2432862 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 4955040 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 2401488 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 12585505 | 68500 | SH |  | SOLE |  | 68500 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 |  | 6795173 | 77203 | SH |  | SOLE |  | 61000 | 0 | 16203 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 208559 | 430 | SH |  | SOLE |  | 430 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 3485429 | 22444 | SH |  | SOLE |  | 12744 | 0 | 9700 |
| T-MOBILE US INC | COM | 872590104 |  | 9934270 | 41500 | SH |  | SOLE |  | 41500 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 176448392 | 2206477 | SH |  | SOLE |  | 1955603 | 0 | 250874 |
| TRANSALTA CORP | COM | 89346D107 |  | 7922712 | 579950 | SH |  | SOLE |  | 579950 | 0 | 0 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 1522389 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 4503420 | 98500 | SH |  | SOLE |  | 98500 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1714475 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 12149418 | 51400 | SH |  | SOLE |  | 51400 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 5955689 | 71300 | SH |  | SOLE |  | 71300 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 2340838 | 11450 | SH |  | SOLE |  | 11450 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 10555272 | 218400 | SH |  | SOLE |  | 218400 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 3730467 | 53300 | SH |  | SOLE |  | 53300 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 17558025 | 399500 | SH |  | SOLE |  | 399500 | 0 | 0 |
| VERMILION ENERGY INC | COM | 923725105 |  | 8440254 | 1080500 | SH |  | SOLE |  | 1080500 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 2096823 | 64300 | SH |  | SOLE |  | 64300 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2116556 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 689732 | 159700 | SH |  | SOLE |  | 58600 | 0 | 101100 |
| WABTEC | COM | 929740108 |  | 3604451 | 17980 | SH |  | SOLE |  | 17980 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 855398 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 20890207 | 118817 | SH |  | SOLE |  | 88717 | 0 | 30100 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 3886608 | 17600 | SH |  | SOLE |  | 17600 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 4635246 | 55300 | SH |  | SOLE |  | 55300 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 700286 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 3406146 | 137400 | SH |  | SOLE |  | 137400 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 1969763 | 17600 | SH |  | SOLE |  | 17600 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 276360 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 6702015 | 83100 | SH |  | SOLE |  | 83100 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 1224250 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |

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