# EDGAR Filing Document

**Accession Number:** 0001938757
**File Stem:** 0001938757-25-000016
**Filing Date:** 2025-10
**Character Count:** 18537
**Document Hash:** 94a071fc2b580ffb0866bdba8be1b8bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001938757-25-000016.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001938757-25-000016

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Triasima Portfolio Management inc.
- **CENTRAL INDEX KEY:** 0001938757

**ORGANIZATION NAME:**
- **EIN:** 896679610
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22571
- **FILM NUMBER:** 251430663

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **PROVINCE COUNTRY:** A8
- **ZIP:** H3A0A8
- **BUSINESS PHONE:** 514-906-0667

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **PROVINCE COUNTRY:** A8
- **ZIP:** H3A0A8

### 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:** Triasima Portfolio Management inc.<br>**Address:** 900 DE MAISONNEUVE BLVD. WEST<br>SUITE 2520<br>MONTREAL, A8 H3A0A8

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

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

Mathieu Tanguay  Montreal, A8  10-29-2025<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:** 149

**Form 13F Information Table Value Total:** $662575422

      (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 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 226687 | 3970 | SH |  | SOLE |  | 3970 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1553490 | 16638 | SH |  | SOLE |  | 16638 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 166532 | 15800 | SH |  | SOLE |  | 15800 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 3884326 | 6343 | SH |  | SOLE |  | 6343 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 3332585 | 39700 | SH |  | SOLE |  | 39700 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 1105112 | 34554 | SH |  | SOLE |  | 34554 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 2764390 | 162775 | SH |  | SOLE |  | 162775 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 1558865 | 566320 | SH |  | SOLE |  | 31070 | 0 | 535250 |
| ENBRIDGE INC | COM | 29250N105 |  | 9802958 | 194272 | SH |  | SOLE |  | 188672 | 0 | 5600 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 6475921 | 71405 | SH |  | SOLE |  | 68405 | 0 | 3000 |
| SOUTH BOW CORP | COM | 83671M105 |  | 3186428 | 112585 | SH |  | SOLE |  | 103385 | 0 | 9200 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 215229 | 5142 | SH |  | SOLE |  | 5142 | 0 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 329013 | 8340 | SH |  | SOLE |  | 8340 | 0 | 0 |
| CENTRUS ENERGY CORP | CL A | 15643U104 |  | 277512 | 895 | SH |  | SOLE |  | 895 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 5619097 | 33355 | SH |  | SOLE |  | 33355 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 7939755 | 227734 | SH |  | SOLE |  | 218034 | 0 | 9700 |
| ARIS MNG CORP | COM | 04040Y109 |  | 1741604 | 177659 | SH |  | SOLE |  | 11930 | 0 | 165729 |
| FRANCO NEV CORP | COM | 351858105 |  | 374689 | 1683 | SH |  | SOLE |  | 1683 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 8057380 | 531833 | SH |  | SOLE |  | 393383 | 0 | 138450 |
| IAMGOLD CORP | COM | 450913108 |  | 8968678 | 694050 | SH |  | SOLE |  | 417983 | 0 | 276067 |
| KINROSS GOLD CORP | COM | 496902404 |  | 20230525 | 814961 | SH |  | SOLE |  | 775361 | 0 | 39600 |
| NEW GOLD INC CDA | COM | 644535106 |  | 6087661 | 849586 | SH |  | SOLE |  | 599321 | 0 | 250265 |
| NUTRIEN LTD | COM | 67077M108 |  | 8547169 | 145510 | SH |  | SOLE |  | 136010 | 0 | 9500 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 2303054 | 213489 | SH |  | SOLE |  | 71784 | 0 | 141705 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 9379998 | 242005 | SH |  | SOLE |  | 225305 | 0 | 16700 |
| SSR MINING IN | COM | 784730103 |  | 285730 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 2274474 | 526573 | SH |  | SOLE |  | 29280 | 0 | 497293 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 3201769 | 28605 | SH |  | SOLE |  | 28605 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 2652881 | 9687 | SH |  | SOLE |  | 8817 | 0 | 870 |
| HAWKINS INC | COM | 420261109 |  | 203732 | 1115 | SH |  | SOLE |  | 1115 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 875149 | 25235 | SH |  | SOLE |  | 16045 | 0 | 9190 |
| CAE INC | COM | 124765108 |  | 5849723 | 197508 | SH |  | SOLE |  | 188608 | 0 | 8900 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 546780 | 7340 | SH |  | SOLE |  | 7340 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 12074150 | 111450 | SH |  | SOLE |  | 109050 | 0 | 2400 |
| STANTEC INC | COM | 85472N109 |  | 4023434 | 37299 | SH |  | SOLE |  | 37299 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 4620197 | 29748 | SH |  | SOLE |  | 28848 | 0 | 900 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 5151575 | 42575 | SH |  | SOLE |  | 42575 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 6704910 | 9343 | SH |  | SOLE |  | 8533 | 0 | 810 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 276186 | 1498 | SH |  | SOLE |  | 1498 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 4322198 | 32645 | SH |  | SOLE |  | 31305 | 0 | 1340 |
| CINTAS CORP | COM | 172908105 |  | 923875 | 4501 | SH |  | SOLE |  | 4501 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 469643 | 865 | SH |  | SOLE |  | 865 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 304077 | 665 | SH |  | SOLE |  | 665 | 0 | 0 |
| FERROVIAL SE | ORD SHS | N3168P101 |  | 7122830 | 121550 | SH |  | SOLE |  | 121550 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 2392196 | 2899 | SH |  | SOLE |  | 2899 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 6394960 | 10400 | SH |  | SOLE |  | 9650 | 0 | 750 |
| GRUPO AEROPUERTO DEL PACIFIC | SPON ADS B | 400506101 |  | 2056437 | 8670 | SH |  | SOLE |  | 8670 | 0 | 0 |
| PITNEY BOWES INC | COM | 724479100 |  | 2217419 | 194340 | SH |  | SOLE |  | 174875 | 0 | 19465 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 2451098 | 3233 | SH |  | SOLE |  | 3038 | 0 | 195 |
| POWELL INDS INC | COM | 739128106 |  | 688870 | 2260 | SH |  | SOLE |  | 2260 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 439447 | 23056 | SH |  | SOLE |  | 23056 | 0 | 0 |
| RELX PLC | SPONSORED ADR | 759530108 |  | 837949 | 17545 | SH |  | SOLE |  | 17545 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 2788094 | 47465 | SH |  | SOLE |  | 47465 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 4684375 | 20413 | SH |  | SOLE |  | 20413 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1986635 | 20278 | SH |  | SOLE |  | 16078 | 0 | 4200 |
| UNITED RENTALS INC | COM | 911363109 |  | 1462539 | 1532 | SH |  | SOLE |  | 1367 | 0 | 165 |
| BRP INC | COM SUN VTG | 05577W200 |  | 4113320 | 67635 | SH |  | SOLE |  | 63145 | 0 | 4490 |
| MAGNA INTL INC | COM | 559222401 |  | 3509312 | 74050 | SH |  | SOLE |  | 68250 | 0 | 5800 |
| AMAZON COM INC | COM | 023135106 |  | 3672527 | 16726 | SH |  | SOLE |  | 15441 | 0 | 1285 |
| AUTOZONE INC | COM | 053332102 |  | 1574518 | 367 | SH |  | SOLE |  | 307 | 0 | 60 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 4548678 | 25450 | SH |  | SOLE |  | 25450 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 2590122 | 20550 | SH |  | SOLE |  | 19355 | 0 | 1195 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 8109181 | 3470 | SH |  | SOLE |  | 3470 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 4200816 | 38965 | SH |  | SOLE |  | 36865 | 0 | 2100 |
| FERRARI N V | COM | N3167Y103 |  | 3537253 | 7290 | SH |  | SOLE |  | 7290 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 4981426 | 34464 | SH |  | SOLE |  | 33344 | 0 | 1120 |
| XPENG INC | ADS | 98422D105 |  | 5428873 | 231805 | SH |  | SOLE |  | 231805 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 4432842 | 4789 | SH |  | SOLE |  | 4639 | 0 | 150 |
| KROGER CO | COM | 501044101 |  | 348307 | 5167 | SH |  | SOLE |  | 2922 | 0 | 2245 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 916176 | 8806 | SH |  | SOLE |  | 5036 | 0 | 3770 |
| WALMART INC | COM | 931142103 |  | 726057 | 7045 | SH |  | SOLE |  | 4710 | 0 | 2335 |
| ABBVIE INC | COM | 00287Y109 |  | 2799318 | 12090 | SH |  | SOLE |  | 12090 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 3599637 | 26875 | SH |  | SOLE |  | 26875 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 4751066 | 48664 | SH |  | SOLE |  | 45574 | 0 | 3090 |
| CENCORA INC | COM | 03073E105 |  | 1050413 | 3361 | SH |  | SOLE |  | 2846 | 0 | 515 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 4341321 | 39111 | SH |  | SOLE |  | 36621 | 0 | 2490 |
| MCKESSON CORP | COM | 58155Q103 |  | 3421579 | 4429 | SH |  | SOLE |  | 4244 | 0 | 185 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 2690149 | 28246 | SH |  | SOLE |  | 25371 | 0 | 2875 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 2251253 | 17555 | SH |  | SOLE |  | 17555 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 1785506 | 4830 | SH |  | SOLE |  | 4830 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 1064134 | 3572 | SH |  | SOLE |  | 3052 | 0 | 520 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 527886 | 9274 | SH |  | SOLE |  | 4374 | 0 | 4900 |
| BANK MONTREAL QUE | COM | 063671101 |  | 13019558 | 99892 | SH |  | SOLE |  | 97492 | 0 | 2400 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 19824503 | 288866 | SH |  | SOLE |  | 274175 | 0 | 14691 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 6848010 | 105882 | SH |  | SOLE |  | 96782 | 0 | 9100 |
| BROOKFIELD WEALTH SOL LTD | CL A EXCHANGEAB | G17434104 |  | 1724017 | 25142 | SH |  | SOLE |  | 1873 | 0 | 23269 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 18228241 | 228062 | SH |  | SOLE |  | 215362 | 0 | 12700 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 383085 | 12293 | SH |  | SOLE |  | 12293 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 33122147 | 224679 | SH |  | SOLE |  | 213479 | 0 | 11200 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 18235796 | 228013 | SH |  | SOLE |  | 217453 | 0 | 10560 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 7793518 | 48743 | SH |  | SOLE |  | 47503 | 0 | 1240 |
| BANCO DE CHILE | SPONSORED ADS | 059520106 |  | 2344614 | 77380 | SH |  | SOLE |  | 77380 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 4208308 | 203595 | SH |  | SOLE |  | 203595 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 205941 | 3874 | SH |  | SOLE |  | 354 | 0 | 3520 |
| GRUPO CIBEST SA | SPON ADS | 40090E106 |  | 5485746 | 105617 | SH |  | SOLE |  | 105617 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 668179 | 2473 | SH |  | SOLE |  | 2473 | 0 | 0 |
| DLOCAL LTD | CLASS A COM | G29018101 |  | 165505 | 11590 | SH |  | SOLE |  | 11590 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 3180252 | 9428 | SH |  | SOLE |  | 8978 | 0 | 450 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 3274594 | 171985 | SH |  | SOLE |  | 150880 | 0 | 21105 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 2453591 | 55075 | SH |  | SOLE |  | 51725 | 0 | 3350 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 4171281 | 5238 | SH |  | SOLE |  | 4823 | 0 | 415 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 5501549 | 26795 | SH |  | SOLE |  | 25250 | 0 | 1545 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 249350 | 1480 | SH |  | SOLE |  | 1480 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 8987231 | 28492 | SH |  | SOLE |  | 27242 | 0 | 1250 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1399272 | 2460 | SH |  | SOLE |  | 2460 | 0 | 0 |
| NICOLET BANKSHARES INC | COM | 65406E102 |  | 506392 | 3765 | SH |  | SOLE |  | 3765 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 2504668 | 156444 | SH |  | SOLE |  | 156444 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 3047892 | 157270 | SH |  | SOLE |  | 149195 | 0 | 8075 |
| TOAST INC | CL A | 888787108 |  | 3166402 | 86727 | SH |  | SOLE |  | 81692 | 0 | 5035 |
| UBS GROUP AG | SHS | H42097107 |  | 5943565 | 144965 | SH |  | SOLE |  | 144965 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 4719237 | 13824 | SH |  | SOLE |  | 13144 | 0 | 680 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 626973 | 7480 | SH |  | SOLE |  | 4745 | 0 | 2735 |
| CELESTICA INC | COM | 15101Q207 |  | 18608422 | 75603 | SH |  | SOLE |  | 70803 | 0 | 4800 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 24416225 | 164310 | SH |  | SOLE |  | 155710 | 0 | 8600 |
| APPLE INC | COM | 037833100 |  | 246991 | 970 | SH |  | SOLE |  | 970 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 2523115 | 15595 | SH |  | SOLE |  | 14220 | 0 | 1375 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 3861315 | 26500 | SH |  | SOLE |  | 25420 | 0 | 1080 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 1408027 | 11378 | SH |  | SOLE |  | 11378 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 13641448 | 41349 | SH |  | SOLE |  | 39888 | 0 | 1461 |
| CISCO SYS INC | COM | 17275R102 |  | 4070853 | 59498 | SH |  | SOLE |  | 56283 | 0 | 3215 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 225631 | 467 | SH |  | SOLE |  | 467 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 2079371 | 4445 | SH |  | SOLE |  | 4120 | 0 | 325 |
| KLA CORP | COM NEW | 482480100 |  | 4424417 | 4102 | SH |  | SOLE |  | 3857 | 0 | 245 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 446068 | 2303 | SH |  | SOLE |  | 2303 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 2697475 | 2930 | SH |  | SOLE |  | 2750 | 0 | 180 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 1426331 | 16966 | SH |  | SOLE |  | 16966 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 14220835 | 27456 | SH |  | SOLE |  | 26481 | 0 | 975 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 3696741 | 17227 | SH |  | SOLE |  | 16202 | 0 | 1025 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 13404280 | 71842 | SH |  | SOLE |  | 67142 | 0 | 4700 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3172806 | 15582 | SH |  | SOLE |  | 14422 | 0 | 1160 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 7997189 | 28634 | SH |  | SOLE |  | 28634 | 0 | 0 |
| SERVICETITAN INC | SHS CL A | 81764X103 |  | 3300871 | 32737 | SH |  | SOLE |  | 30857 | 0 | 1880 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 408293 | 39525 | SH |  | SOLE |  | 39525 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 264473 | 946 | SH |  | SOLE |  | 111 | 0 | 835 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 1187420 | 34485 | SH |  | SOLE |  | 34485 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 1575943 | 100035 | SH |  | SOLE |  | 92235 | 0 | 7800 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 861192 | 3536 | SH |  | SOLE |  | 3536 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 11825113 | 48643 | SH |  | SOLE |  | 46533 | 0 | 2110 |
| META PLATFORMS INC | CL A | 30303M102 |  | 7822615 | 10652 | SH |  | SOLE |  | 10137 | 0 | 515 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 7134956 | 10222 | SH |  | SOLE |  | 9897 | 0 | 325 |
| MILLICOM INTL CELLULAR S A | COM STK | L6388F110 |  | 9874006 | 203420 | SH |  | SOLE |  | 203420 | 0 | 0 |
| TKO GROUP HOLDINGS INC | CL A | 87256C101 |  | 2422106 | 11993 | SH |  | SOLE |  | 11173 | 0 | 820 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 1106814 | 4284 | SH |  | SOLE |  | 2679 | 0 | 1605 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 1069612 | 198965 | SH |  | SOLE |  | 11095 | 0 | 187870 |
| FORTIS INC | COM | 349553107 |  | 11820857 | 233001 | SH |  | SOLE |  | 226101 | 0 | 6900 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1186955 | 3607 | SH |  | SOLE |  | 2407 | 0 | 1200 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 337893 | 2160 | SH |  | SOLE |  | 2160 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 8231671 | 46209 | SH |  | SOLE |  | 43574 | 0 | 2635 |
| ZILLOW GROUP INC | CL C CAP STK | 98954M200 |  | 2204015 | 28605 | SH |  | SOLE |  | 26880 | 0 | 1725 |

---