# EDGAR Filing Document

**Accession Number:** 0001715635
**File Stem:** 0001715635-26-000001
**Filing Date:** 2026-2
**Character Count:** 19122
**Document Hash:** 0a962fd7f5a1209bfbd73f424d6eda8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001715635-26-000001.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001715635-26-000001

**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:** Ninepoint Partners LP
- **CENTRAL INDEX KEY:** 0001715635

**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:** 028-18158
- **FILM NUMBER:** 26638394

**BUSINESS ADDRESS:**
- **STREET 1:** 200 BAY STREET, SUITE 2700, PO BOX 27
- **STREET 2:** ROYAL BANK PLAZA, SOUTH TOWER
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1
- **BUSINESS PHONE:** 416-362-7172

**MAIL ADDRESS:**
- **STREET 1:** 200 BAY STREET, SUITE 2700, PO BOX 27
- **STREET 2:** ROYAL BANK PLAZA, SOUTH TOWER
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPR & Co LP
- **DATE OF NAME CHANGE:** 20170825

### 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:** Ninepoint Partners LP<br>**Address:** 200 BAY STREET SUITE 2700 PO BOX 27<br>ROYAL BANK PLAZA SOUTH TOWER<br>TORONTO, A6 M5J 2J1

**Form 13F File Number:** 028-18158

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:** Kirstin McTaggart<br>**Title:** Partner CAO/CCO<br>**Phone:** 416-943-4065

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

Kirstin McTaggart  Toronto, A6  02-17-2026<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:** 161

**Form 13F Information Table Value Total:** $904232058

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 182107 | 797 | SH |  | SOLE |  | 797 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1351992 | 6313 | SH |  | SOLE |  | 6313 | 0 | 0 |
| AERCAP HOLDINGS NV | COM | N00985106 |  | 589272 | 4099 | SH |  | SOLE |  | 4099 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 11828108 | 69770 | SH |  | SOLE |  | 69770 | 0 | 0 |
| ALAMOS GOLD INC CLASS A | COM | 011532108 |  | 11766900 | 305000 | SH |  | SOLE |  | 305000 | 0 | 0 |
| ALIBABA GROUP HOLDING ADR | COM | 01609W102 |  | 3958 | 27 | SH |  | SOLE |  | 27 | 0 | 0 |
| ALPHABET INC CLASS A | COM | 02079K305 |  | 836336 | 2672 | SH |  | SOLE |  | 2672 | 0 | 0 |
| ALPHABET INC CLASS C | COM | 02079K107 |  | 3596776 | 11462 | SH |  | SOLE |  | 11462 | 0 | 0 |
| AMAZON INC | COM | 023135106 |  | 2164399 | 9377 | SH |  | SOLE |  | 9377 | 0 | 0 |
| AMEREN CORP | COM | 023608102 |  | 1367683 | 13696 | SH |  | SOLE |  | 13696 | 0 | 0 |
| AMERICAN ELECTRIC POWER INC | COM | 025537101 |  | 1341747 | 11636 | SH |  | SOLE |  | 11636 | 0 | 0 |
| AMERICAN TOWER CORP | COM | 03027X100 |  | 1807493 | 10295 | SH |  | SOLE |  | 10295 | 0 | 0 |
| AMPHENOL CORP CLASS A | COM | 032095101 |  | 286497 | 2120 | SH |  | SOLE |  | 2120 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM | G0378L100 |  | 5714 | 67 | SH |  | SOLE |  | 67 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 86150000 | 2500000 | SH |  | SOLE |  | 2500000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1567001 | 5764 | SH |  | SOLE |  | 5764 | 0 | 0 |
| APPLOVIN CORP CLASS A | COM | 03831W108 |  | 552532 | 820 | SH |  | SOLE |  | 820 | 0 | 0 |
| ARGENX SE ADR | COM | 04016X101 |  | 436453 | 519 | SH |  | SOLE |  | 519 | 0 | 0 |
| ASCENDIS PHARMA ADR | COM | 04351P101 |  | 451003 | 2115 | SH |  | SOLE |  | 2115 | 0 | 0 |
| ASML HOLDING ADR | COM | N07059210 |  | 4279 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| ASTRAZENECA ADR | COM | 046353108 |  | 4229 | 46 | SH |  | SOLE |  | 46 | 0 | 0 |
| ATLASSIAN CORP CLASS A | COM | 049468101 |  | 1621 | 10 | SH |  | SOLE |  | 10 | 0 | 0 |
| BAIDU CLASS A | COM | 056752108 |  | 3920 | 30 | SH |  | SOLE |  | 30 | 0 | 0 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 541640 | 9848 | SH |  | SOLE |  | 9848 | 0 | 0 |
| BARRICK MINING CORP | COM | 06849F108 |  | 9617364 | 220835 | SH |  | SOLE |  | 220835 | 0 | 0 |
| BCE INC | COM | 05534B760 |  | 8218448 | 345023 | SH |  | SOLE |  | 345023 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1530454 | 4422 | SH |  | SOLE |  | 4422 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE PARTNERS | COM | G16252101 |  | 2975029 | 85637 | SH |  | SOLE |  | 85637 | 0 | 0 |
| BUENAVENTURA ADR | COM | 204448104 |  | 3491719 | 125466 | SH |  | SOLE |  | 125466 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 21937747 | 239783 | SH |  | SOLE |  | 239783 | 0 | 0 |
| CAMTEK LTD | COM | S25852716 |  | 1489 | 14 | SH |  | SOLE |  | 14 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF COMMERCE | COM | 136069101 |  | 3354110 | 37017 | SH |  | SOLE |  | 37017 | 0 | 0 |
| CANADIAN NATIONAL RAILWAY | COM | 136375102 |  | 16496612 | 121522 | SH |  | SOLE |  | 121522 | 0 | 0 |
| CANADIAN NATURAL RESOURCES LTD | COM | 136385101 |  | 7736519 | 228553 | SH |  | SOLE |  | 228553 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY LTD | COM | 13646K108 |  | 155580 | 2113 | SH |  | SOLE |  | 2113 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 523603 | 914 | SH |  | SOLE |  | 914 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 408533 | 1382 | SH |  | SOLE |  | 1382 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 76140000 | 4500000 | SH |  | SOLE |  | 4500000 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 1364444 | 35588 | SH |  | SOLE |  | 35588 | 0 | 0 |
| CHARLES SCHWAB CORP | COM | 808513105 |  | 264062 | 2643 | SH |  | SOLE |  | 2643 | 0 | 0 |
| CHORD ENERGY CORP | COM | 674215207 |  | 4635000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CIPHER MINING INC | COM | 17253J106 |  | 407376 | 27600 | SH |  | SOLE |  | 27600 | 0 | 0 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 569098 | 7388 | SH |  | SOLE |  | 7388 | 0 | 0 |
| CITIGROUP INC | COM | 172967424 |  | 273521 | 2344 | SH |  | SOLE |  | 2344 | 0 | 0 |
| CME GROUP INC CLASS A | COM | 12572Q105 |  | 669319 | 2451 | SH |  | SOLE |  | 2451 | 0 | 0 |
| COCA COLA EUROPACIFIC PARTNERS PLC | COM | G25839104 |  | 3537 | 39 | SH |  | SOLE |  | 39 | 0 | 0 |
| COCA-COLA | COM | 191216100 |  | 504191 | 7212 | SH |  | SOLE |  | 7212 | 0 | 0 |
| COEUR MINING INC | COM | 192108504 |  | 11665153 | 654243 | SH |  | SOLE |  | 654243 | 0 | 0 |
| COINBASE GLOBAL INC CLASS A | COM | 19260Q107 |  | 1171631 | 5181 | SH |  | SOLE |  | 5181 | 0 | 0 |
| COLLECTIVE MINING LTD | COM | 19425C100 |  | 6857300 | 470000 | SH |  | SOLE |  | 470000 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASICO DO | COM | 20441A102 |  | 2003 | 84 | SH |  | SOLE |  | 84 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1629635 | 4613 | SH |  | SOLE |  | 4613 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 758532 | 8663 | SH |  | SOLE |  | 8663 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 620885 | 720 | SH |  | SOLE |  | 720 | 0 | 0 |
| CRH PLC | COM | G25508105 |  | 398112 | 3190 | SH |  | SOLE |  | 3190 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1775815 | 48988 | SH |  | SOLE |  | 48988 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 505400 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 3006600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| DIGITALOCEAN HOLDINGS INC | COM | 25402D102 |  | 365520 | 7596 | SH |  | SOLE |  | 7596 | 0 | 0 |
| DOLLAR GENERAL CORP | COM | 256677105 |  | 577284 | 4348 | SH |  | SOLE |  | 4348 | 0 | 0 |
| DYCOM INDUSTRIES INC | COM | 267475101 |  | 1361399 | 4029 | SH |  | SOLE |  | 4029 | 0 | 0 |
| ELI LILLY | COM | 532457108 |  | 650181 | 605 | SH |  | SOLE |  | 605 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 15446699 | 322950 | SH |  | SOLE |  | 322950 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 4086960 | 434783 | SH |  | SOLE |  | 434783 | 0 | 0 |
| ENTERGY CORP | COM | 29364G103 |  | 1341714 | 14516 | SH |  | SOLE |  | 14516 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 64787231 | 1208717 | SH |  | SOLE |  | 1208717 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 1438082 | 1877 | SH |  | SOLE |  | 1877 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 707250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| EXPAND ENERGY CORP | COM | 165167735 |  | 88288000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 538642 | 4476 | SH |  | SOLE |  | 4476 | 0 | 0 |
| FERROVIAL | COM | N3168P101 |  | 557972 | 8636 | SH |  | SOLE |  | 8636 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN ETF | COM | 315948109 |  | 2347884 | 30800 | SH |  | SOLE |  | 30800 | 0 | 0 |
| FIGURE TECHNOLOGY SOLUTIONS | COM | 349381103 |  | 1092674 | 26755 | SH |  | SOLE |  | 26755 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 3064876 | 59008 | SH |  | SOLE |  | 59008 | 0 | 0 |
| FREEPORT MCMORAN INC | COM | 35671D857 |  | 2285550 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| FUTU HOLDINGS ADR | COM | 36118L106 |  | 3448 | 21 | SH |  | SOLE |  | 21 | 0 | 0 |
| GE AEROSPACE | COM | 369604301 |  | 548293 | 1780 | SH |  | SOLE |  | 1780 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 284303 | 435 | SH |  | SOLE |  | 435 | 0 | 0 |
| GENMAB  SPONSORED ADR | COM | 372303206 |  | 2064 | 67 | SH |  | SOLE |  | 67 | 0 | 0 |
| GLOBAL E ONLINE LTD | COM | M5216V106 |  | 2083 | 53 | SH |  | SOLE |  | 53 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 569592 | 648 | SH |  | SOLE |  | 648 | 0 | 0 |
| GULFPORT ENERGY CORP | COM | 402635502 |  | 41598000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| HDFC BANK ADR | COM | 40415F101 |  | 556102 | 15219 | SH |  | SOLE |  | 15219 | 0 | 0 |
| HECLA MINING | COM | 422704106 |  | 6881534 | 358600 | SH |  | SOLE |  | 358600 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 276572 | 1349 | SH |  | SOLE |  | 1349 | 0 | 0 |
| HYCROFT MINING HOLDING CLASS A | COM | 44862P208 |  | 17996267 | 757100 | SH |  | SOLE |  | 757100 | 0 | 0 |
| HYCROFT MINING HOLDING CLASS A | PUT | 44862P958 |  | 4991700 | 210000 | SH | Put | SOLE |  | 210000 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 6907661 | 418900 | SH |  | SOLE |  | 418900 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 373806 | 2850 | SH |  | SOLE |  | 2850 | 0 | 0 |
| ING GROEP ADR | COM | 456837103 |  | 5432 | 194 | SH |  | SOLE |  | 194 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM | 46120E602 |  | 563528 | 995 | SH |  | SOLE |  | 995 | 0 | 0 |
| IQVIA HOLDINGS INC | COM | 46266C105 |  | 485759 | 2155 | SH |  | SOLE |  | 2155 | 0 | 0 |
| IREN LTD | COM | Q4982L109 |  | 427028 | 11306 | SH |  | SOLE |  | 11306 | 0 | 0 |
| ISHARES SILVER TRUST | COM | 46428Q109 |  | 3884462 | 60299 | SH |  | SOLE |  | 60299 | 0 | 0 |
| ISHARES 20 YR TR BD ETF | PUT | 464287952 |  | 25712200 | 295000 | SH | Put | SOLE |  | 295000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 582564 | 2815 | SH |  | SOLE |  | 2815 | 0 | 0 |
| JPMORGAN CHASE | COM | 46625H100 |  | 841961 | 2613 | SH |  | SOLE |  | 2613 | 0 | 0 |
| JUMIA TECHNOLOGIES | COM | 48138M105 |  | 1411 | 113 | SH |  | SOLE |  | 113 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 17316147 | 614920 | SH |  | SOLE |  | 614920 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 250122 | 852 | SH |  | SOLE |  | 852 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807306 |  | 585093 | 3418 | SH |  | SOLE |  | 3418 | 0 | 0 |
| LIVANOVA PLC | COM | 53802LAB8 |  | 2769 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| MANULIFE FINANCIAL CORP | COM | 56501R106 |  | 3758499 | 103597 | SH |  | SOLE |  | 103597 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 1847645 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| MASTERCARD INC CLASS A | COM | 57636Q104 |  | 192387 | 337 | SH |  | SOLE |  | 337 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 510402 | 1670 | SH |  | SOLE |  | 1670 | 0 | 0 |
| META PLATFORMS INC CLASS A | COM | 30303M102 |  | 693755 | 1051 | SH |  | SOLE |  | 1051 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3078241 | 6365 | SH |  | SOLE |  | 6365 | 0 | 0 |
| MONGODB INC CLASS A | COM | 60937P106 |  | 297141 | 708 | SH |  | SOLE |  | 708 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 1764172 | 18163 | SH |  | SOLE |  | 18163 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 624499 | 2726 | SH |  | SOLE |  | 2726 | 0 | 0 |
| NATWEST GROUP ADR | COM | 639057207 |  | 3010 | 172 | SH |  | SOLE |  | 172 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 3496000 | 380000 | SH |  | SOLE |  | 380000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1320767 | 16452 | SH |  | SOLE |  | 16452 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 1575187 | 37720 | SH |  | SOLE |  | 37720 | 0 | 0 |
| NU HOLDINGS LTD CLASS A | COM | G6683N103 |  | 631650 | 37733 | SH |  | SOLE |  | 37733 | 0 | 0 |
| NVENT ELECTRIC PLC | COM | G6700G107 |  | 2753 | 27 | SH |  | SOLE |  | 27 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 5257808 | 28192 | SH |  | SOLE |  | 28192 | 0 | 0 |
| ON HOLDING AG CLASS A | COM | H5919C104 |  | 461453 | 9928 | SH |  | SOLE |  | 9928 | 0 | 0 |
| ORLA MINING LTD | COM | 68634K106 |  | 2997075 | 222500 | SH |  | SOLE |  | 222500 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 736800 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| PAN AMERICAN SILVER CORP | COM | 697900108 |  | 5990324 | 115621 | SH |  | SOLE |  | 115621 | 0 | 0 |
| PATTERSON UTI ENERGY INC | COM | 703481101 |  | 3055000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| PERMIAN RESOURCES CORP CLASS A | COM | 71424F105 |  | 4910500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| PLANET LABS CLASS A | COM | 72703X106 |  | 430034 | 21807 | SH |  | SOLE |  | 21807 | 0 | 0 |
| QUANTA SERVICES INC | COM | 74762E102 |  | 1316405 | 3119 | SH |  | SOLE |  | 3119 | 0 | 0 |
| REDDIT INC CLASS A | COM | 75734B100 |  | 1044989 | 4546 | SH |  | SOLE |  | 4546 | 0 | 0 |
| ROBINHOOD MARKETS INC CLASS A | COM | 770700102 |  | 1451525 | 12834 | SH |  | SOLE |  | 12834 | 0 | 0 |
| ROYAL BANK OF CANADA | COM | 780087102 |  | 9667806 | 56706 | SH |  | SOLE |  | 56706 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 1355958 | 15358 | SH |  | SOLE |  | 15358 | 0 | 0 |
| SHOPIFY SUBORDINATE VOTING INC CLA | COM | 82509L107 |  | 17479893 | 108591 | SH |  | SOLE |  | 108591 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE CHILE | COM | 833635105 |  | 1514 | 22 | SH |  | SOLE |  | 22 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 6867500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| SPDR S 500 | COM | 78462F103 |  | 33277696 | 48800 | SH |  | SOLE |  | 48800 | 0 | 0 |
| SPDR S 500 | PUT | 78462F953 |  | 31027360 | 45500 | SH | Put | SOLE |  | 45500 | 0 | 0 |
| SPHERE ENTERTAINMENT CLASS A | COM | 55826T102 |  | 316711 | 3331 | SH |  | SOLE |  | 3331 | 0 | 0 |
| SUMITOMO MITSUI FIN GRP ADR | COM | 86562M209 |  | 4562 | 236 | SH |  | SOLE |  | 236 | 0 | 0 |
| SUNCOR ENERGY INC | COM | 867224107 |  | 8876347 | 200098 | SH |  | SOLE |  | 200098 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFACTURING | COM | 874039100 |  | 647590 | 2131 | SH |  | SOLE |  | 2131 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 1410898 | 3764 | SH |  | SOLE |  | 3764 | 0 | 0 |
| TARGA RESOURCES CORP | COM | 87612G101 |  | 1486148 | 8055 | SH |  | SOLE |  | 8055 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 4951175 | 90005 | SH |  | SOLE |  | 90005 | 0 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 281263 | 6312 | SH |  | SOLE |  | 6312 | 0 | 0 |
| TENCENT HOLDINGS ADR LTD | COM | 88032Q109 |  | 461673 | 6031 | SH |  | SOLE |  | 6031 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 508757 | 878 | SH |  | SOLE |  | 878 | 0 | 0 |
| TJX INC | COM | 872540109 |  | 1135024 | 7389 | SH |  | SOLE |  | 7389 | 0 | 0 |
| TKO GROUP HOLDINGS INC CLASS A | COM | 87256C101 |  | 509960 | 2440 | SH |  | SOLE |  | 2440 | 0 | 0 |
| TORONTO DOMINION | COM | 891160509 |  | 9640428 | 102340 | SH |  | SOLE |  | 102340 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 2088126 | 9027 | SH |  | SOLE |  | 9027 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 1315460 | 112625 | SH |  | SOLE |  | 112625 | 0 | 0 |
| VALE S A ADR | COM | 91912E105 |  | 2971 | 228 | SH |  | SOLE |  | 228 | 0 | 0 |
| VIPER ENERGY INC CLASS A | COM | 64361Q101 |  | 46356000 | 1200000 | SH |  | SOLE |  | 1200000 | 0 | 0 |
| VISA INC CLASS A | COM | 92826C839 |  | 500112 | 1426 | SH |  | SOLE |  | 1426 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1210620 | 7504 | SH |  | SOLE |  | 7504 | 0 | 0 |
| VIZSLA SILVER CORP | COM | 92859G608 |  | 18652700 | 3410000 | SH |  | SOLE |  | 3410000 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 745444 | 6691 | SH |  | SOLE |  | 6691 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 1356532 | 12863 | SH |  | SOLE |  | 12863 | 0 | 0 |
| WELLS FARGO | COM | 949746101 |  | 547923 | 5879 | SH |  | SOLE |  | 5879 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 645737 | 3479 | SH |  | SOLE |  | 3479 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 14683889 | 124948 | SH |  | SOLE |  | 124948 | 0 | 0 |
| WILLIAMS INC | COM | 969457100 |  | 1671960 | 27815 | SH |  | SOLE |  | 27815 | 0 | 0 |

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