PCJ Investment Counsel Ltd. Activity Q4 2007-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
	Buy	RB GLOBAL INC	$17,483,142	+87.0%	279,630	+79.5%	8.06%	+103.7%
	Sell	CANADIAN PACIFIC KANSAS CITY	$15,859,886	-22.1%	213,260	-15.4%	7.32%	-15.2%
RCI	Buy	ROGERS COMMUNICATIONS INCcl b	$11,242,858	-9.5%	292,850	+7.6%	5.19%	-1.5%
RY	Sell	ROYAL BK CDA	$9,359,065	-14.6%	107,099	-6.7%	4.32%	-7.0%
TD	Sell	TORONTO DOMINION BK ONT	$7,438,302	-18.2%	123,471	-15.8%	3.43%	-10.9%
UBER	Buy	UBER TECHNOLOGIES INC	$6,967,669	+148.3%	151,504	+133.1%	3.21%	+170.3%
URI	Sell	UNITED RENTALS INC	$6,788,584	-13.7%	15,270	-13.6%	3.13%	-6.1%
ENRFF	Buy	ENERFLEX LTD	$6,581,441	+266.3%	1,146,120	+334.3%	3.04%	+298.9%
	Sell	DOCEBO INC	$5,696,942	-21.5%	140,492	-23.4%	2.63%	-14.6%
CVE	Buy	CENOVUS ENERGY INC	$5,661,108	+366.1%	271,910	+280.1%	2.61%	+407.0%
CAE	Sell	CAE INC	$5,528,848	-33.2%	236,805	-36.0%	2.55%	-27.3%
ERF	Sell	ENERPLUS CORP	$5,374,278	+10.4%	305,440	-9.1%	2.48%	+20.2%
OR	Sell	OSISKO GOLD ROYALTIES LTD	$4,883,572	-25.1%	415,892	-2.0%	2.25%	-18.5%
SHOP	Buy	SHOPIFY INCcl a	$4,835,959	+9.7%	88,600	+29.9%	2.23%	+19.4%
TRP	Sell	TC ENERGY CORP	$4,785,714	-36.3%	139,115	-25.2%	2.21%	-30.6%
	Buy	TRIPLE FLAG PRECIOUS METAL	$4,210,808	+12.7%	321,509	+18.4%	1.94%	+22.7%
BMO	Buy	BANK MONTREAL QUE	$3,864,336	+10.7%	45,811	+18.5%	1.78%	+20.6%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$3,685,001	-13.6%	117,858	-7.0%	1.70%	-5.9%
AEM	Buy	AGNICO EAGLE MINES LTD	$3,597,670	+19.7%	79,177	+31.5%	1.66%	+30.4%
CNQ	Sell	CANADIAN NAT RES LTD	$3,569,344	-23.4%	55,195	-33.4%	1.65%	-16.6%
GFL	Buy	GFL ENVIRONMENTAL INC	$3,356,858	-1.4%	105,720	+20.6%	1.55%	+7.4%
CPG	Sell	CRESCENT PT ENERGY CORP	$3,112,427	+11.2%	375,410	-9.7%	1.44%	+21.1%
ENB	Sell	ENBRIDGE INC	$2,935,443	-19.6%	88,508	-10.0%	1.35%	-12.5%
PDS	Buy	PRECISION DRILLING CORP	$2,887,771	+42.9%	43,100	+4.1%	1.33%	+55.6%
OC	New	OWENS CORNING NEW	$2,870,066	–	21,040	–	1.32%	–
SLF	Sell	SUN LIFE FINANCIAL INC.	$2,420,862	-26.2%	49,620	-21.2%	1.12%	-19.6%
VET	Buy	VERMILION ENERGY INC	$2,370,194	+26.9%	162,120	+8.1%	1.09%	+38.2%
SU	Sell	SUNCOR ENERGY INC NEW	$2,285,595	+3.4%	66,465	-11.8%	1.05%	+12.6%
MFC	Buy	MANULIFE FINL CORP	$2,276,224	+6.7%	124,571	+10.4%	1.05%	+16.3%
TAC	Sell	TRANSALTA CORP	$2,219,989	-33.9%	254,900	-29.0%	1.02%	-28.0%
CCJ	Sell	CAMECO CORP	$2,198,842	-21.4%	55,440	-37.9%	1.01%	-14.4%
STN	Sell	STANTEC INC	$2,088,465	-18.2%	32,190	-17.8%	0.96%	-11.0%
WFC	New	WELLS FARGO CO NEW	$2,061,387	–	50,450	–	0.95%	–
	Sell	ATS CORPORATION	$1,970,175	-66.2%	46,220	-63.5%	0.91%	-63.1%
PH	New	PARKER-HANNIFIN CORP	$1,947,600	–	5,000	–	0.90%	–
PBA	Buy	PEMBINA PIPELINE CORP	$1,933,573	+29.1%	64,310	+35.0%	0.89%	+40.7%
BNS	Buy	BANK NOVA SCOTIA HALIFAX	$1,925,777	+18.9%	42,967	+32.7%	0.89%	+29.4%
AMZN	Buy	AMAZON COM INC	$1,906,800	+95.0%	15,000	+100.0%	0.88%	+112.6%
NTR	Buy	NUTRIEN LTD	$1,842,078	+23.2%	29,830	+17.8%	0.85%	+34.3%
FNV	Sell	FRANCO NEV CORP	$1,675,366	-20.7%	12,550	-15.4%	0.77%	-13.6%
GIB	Sell	CGI INCcl a sub vtg	$1,597,699	-27.8%	16,210	-22.8%	0.74%	-21.4%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$1,591,964	-65.5%	54,250	-57.1%	0.73%	-62.5%
	New	GENERAL ELECTRIC CO	$1,517,852	–	13,730	–	0.70%	–
VVV	Sell	VALVOLINE INC	$1,489,488	-43.3%	46,200	-34.0%	0.69%	-38.2%
TECK	Buy	TECK RESOURCES LTDcl b	$1,381,099	+22.2%	32,090	+19.4%	0.64%	+33.0%
NXE	Sell	NEXGEN ENERGY LTD	$1,317,367	+9.9%	220,100	-13.4%	0.61%	+19.7%
IAG	Buy	IAMGOLD CORP	$1,225,717	+54.2%	568,233	+89.4%	0.56%	+67.7%
HWM	Sell	HOWMET AEROSPACE INC	$1,165,963	-57.2%	25,210	-54.2%	0.54%	-53.4%
GOLD	Buy	BARRICK GOLD CORP	$1,148,511	+102.9%	79,070	+136.3%	0.53%	+120.8%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$1,104,165	-42.6%	27,210	-38.8%	0.51%	-37.5%
STRL	New	STERLING INFRASTRUCTURE INC	$1,102,200	–	15,000	–	0.51%	–
MAG	New	MAG SILVER CORP	$1,033,626	–	100,000	–	0.48%	–
UNP	New	UNION PAC CORP	$1,003,896	–	4,930	–	0.46%	–
QSR	Sell	RESTAURANT BRANDS INTL INC	$958,221	-63.8%	14,390	-57.9%	0.44%	-60.6%
PWR	Sell	QUANTA SVCS INC	$935,350	-52.4%	5,000	-50.0%	0.43%	-48.2%
XPO	Sell	XPO INC	$828,726	-50.5%	11,100	-60.9%	0.38%	-46.2%
MLM	New	MARTIN MARIETTA MATLS INC	$747,074	–	1,820	–	0.34%	–
AJG	New	GALLAGHER ARTHUR J & CO	$733,935	–	3,220	–	0.34%	–
ERO	Sell	ERO COPPER CORP	$689,673	-73.0%	40,000	-68.3%	0.32%	-70.6%
GIL	New	GILDAN ACTIVEWEAR INC	$403,344	–	14,400	–	0.19%	–
V	Exit	VISA INC	$0	–	-5,000	–	-0.50%	–
STKL	Exit	SUNOPTA INC	$0	–	-207,810	–	-0.59%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-11,856	–	-0.61%	–
FDX	Exit	FEDEX CORP	$0	–	-6,500	–	-0.68%	–
	Exit	THOMSON REUTERS CORP.	$0	–	-13,470	–	-0.77%	–
RTOKY	Exit	RENTOKIL INITIAL PLCsponsored adr	$0	–	-50,000	–	-0.83%	–
BAC	Exit	BANK AMERICA CORP	$0	–	-75,000	–	-0.91%	–
CLS	Exit	CELESTICA INC	$0	–	-175,860	–	-1.08%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-40,500	–	-1.48%	–
	Exit	TRICON RESIDENTIAL INC	$0	–	-403,940	–	-1.51%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	CANADIAN PACIFIC KANSAS CITY	$20,360,882	–	252,100	–	8.63%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$12,422,870	–	272,240	–	5.26%	–
RY	New	ROYAL BK CDA	$10,963,091	–	114,809	–	4.64%	–
	New	RB GLOBAL INC	$9,346,868	–	155,780	–	3.96%	–
TD	New	TORONTO DOMINION BK ONT	$9,089,225	–	146,661	–	3.85%	–
CAE	New	CAE INC	$8,282,042	–	370,075	–	3.51%	–
URI	New	UNITED RENTALS INC	$7,869,688	–	17,670	–	3.33%	–
TRP	New	TC ENERGY CORP	$7,512,344	–	185,905	–	3.18%	–
	New	DOCEBO INC	$7,260,776	–	183,452	–	3.08%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$6,522,967	–	424,492	–	2.76%	–
	New	ATS CORPORATION	$5,820,885	–	126,525	–	2.47%	–
ERF	New	ENERPLUS CORP	$4,868,115	–	335,940	–	2.06%	–
CNQ	New	CANADIAN NAT RES LTD	$4,660,065	–	82,895	–	1.97%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$4,616,472	–	126,350	–	1.96%	–
SHOP	New	SHOPIFY INCcl a	$4,409,085	–	68,230	–	1.87%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$4,265,174	–	126,708	–	1.81%	–
	New	TRIPLE FLAG PRECIOUS METAL	$3,735,672	–	271,509	–	1.58%	–
ENB	New	ENBRIDGE INC	$3,653,092	–	98,298	–	1.55%	–
	New	TRICON RESIDENTIAL INC	$3,560,882	–	403,940	–	1.51%	–
BMO	New	BANK MONTREAL QUE	$3,490,980	–	38,661	–	1.48%	–
WFG	New	WEST FRASER TIMBER CO LTD	$3,480,863	–	40,500	–	1.48%	–
GFL	New	GFL ENVIRONMENTAL INC	$3,402,912	–	87,650	–	1.44%	–
TAC	New	TRANSALTA CORP	$3,359,038	–	358,910	–	1.42%	–
SLF	New	SUN LIFE FINANCIAL INC.	$3,282,148	–	62,970	–	1.39%	–
AEM	New	AGNICO EAGLE MINES LTD	$3,005,402	–	60,197	–	1.27%	–
UBER	New	UBER TECHNOLOGIES INC	$2,806,050	–	65,000	–	1.19%	–
CPG	New	CRESCENT PT ENERGY CORP	$2,799,096	–	415,790	–	1.19%	–
CCJ	New	CAMECO CORP	$2,795,974	–	89,260	–	1.18%	–
HWM	New	HOWMET AEROSPACE INC	$2,725,800	–	55,000	–	1.16%	–
QSR	New	RESTAURANT BRANDS INTL INC	$2,647,297	–	34,150	–	1.12%	–
VVV	New	VALVOLINE INC	$2,625,700	–	70,000	–	1.11%	–
STN	New	STANTEC INC	$2,554,398	–	39,160	–	1.08%	–
CLS	New	CELESTICA INC	$2,552,374	–	175,860	–	1.08%	–
ERO	New	ERO COPPER CORP	$2,550,531	–	126,095	–	1.08%	–
GIB	New	CGI INCcl a sub vtg	$2,214,183	–	21,000	–	0.94%	–
SU	New	SUNCOR ENERGY INC NEW	$2,210,104	–	75,355	–	0.94%	–
BAC	New	BANK AMERICA CORP	$2,151,750	–	75,000	–	0.91%	–
MFC	New	MANULIFE FINL CORP	$2,132,739	–	112,851	–	0.90%	–
FNV	New	FRANCO NEV CORP	$2,113,314	–	14,830	–	0.90%	–
PDS	New	PRECISION DRILLING CORP	$2,020,697	–	41,400	–	0.86%	–
UUUU	New	ENERGY FUELS INC	$1,978,990	–	318,600	–	0.84%	–
PWR	New	QUANTA SVCS INC	$1,964,500	–	10,000	–	0.83%	–
RTOKY	New	RENTOKIL INITIAL PLCsponsored adr	$1,950,500	–	50,000	–	0.83%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$1,923,275	–	44,480	–	0.82%	–
VET	New	VERMILION ENERGY INC	$1,867,500	–	150,000	–	0.79%	–
	New	THOMSON REUTERS CORP.	$1,818,355	–	13,470	–	0.77%	–
DNN	New	DENISON MINES CORP	$1,810,146	–	1,444,800	–	0.77%	–
ENRFF	New	ENERFLEX LTD	$1,796,569	–	263,900	–	0.76%	–
SAND	New	SANDSTORM GOLD LTD	$1,700,593	–	331,843	–	0.72%	–
XPO	New	XPO INC	$1,675,600	–	28,400	–	0.71%	–
BNS	New	BANK NOVA SCOTIA HALIFAX	$1,619,134	–	32,367	–	0.69%	–
FDX	New	FEDEX CORP	$1,611,350	–	6,500	–	0.68%	–
	New	ORLA MNG LTD NEW	$1,540,853	–	367,188	–	0.65%	–
PBA	New	PEMBINA PIPELINE CORP	$1,497,561	–	47,640	–	0.63%	–
NTR	New	NUTRIEN LTD	$1,494,596	–	25,320	–	0.63%	–
HBM	New	HUDBAY MINERALS INC	$1,485,037	–	309,860	–	0.63%	–
CNI	New	CANADIAN NATL RY CO	$1,435,472	–	11,856	–	0.61%	–
STKL	New	SUNOPTA INC	$1,389,626	–	207,810	–	0.59%	–
EXK	New	ENDEAVOUR SILVER CORP	$1,252,931	–	431,190	–	0.53%	–
CVE	New	CENOVUS ENERGY INC	$1,214,699	–	71,530	–	0.52%	–
NXE	New	NEXGEN ENERGY LTD	$1,199,047	–	254,190	–	0.51%	–
V	New	VISA INC	$1,187,400	–	5,000	–	0.50%	–
TECK	New	TECK RESOURCES LTDcl b	$1,130,401	–	26,870	–	0.48%	–
AMZN	New	AMAZON COM INC	$977,700	–	7,500	–	0.41%	–
	New	OSISKO DEVELOPMENT CORP	$898,913	–	194,930	–	0.38%	–
IAG	New	IAMGOLD CORP	$794,742	–	300,000	–	0.34%	–
GOLD	New	BARRICK GOLD CORP	$565,934	–	33,460	–	0.24%	–
PRMW	New	PRIMO WATER CORPORATION	$130,674	–	10,430	–	0.06%	–

Q4 2022

			Value		Shares		↓ Weighting
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-11,560	–	-0.17%	–
IAUCF	Exit	I-80 GOLD CORP	$0	–	-200,000	–	-0.17%	–
TFII	Exit	TFI INTL INC	$0	–	-5,000	–	-0.22%	–
RADI	Exit	RADIUS GLOBAL INFRASTRCTRE I	$0	–	-52,090	–	-0.24%	–
ERO	Exit	ERO COPPER CORP	$0	–	-50,000	–	-0.27%	–
TIXT	Exit	TELUS INTL CDA INC	$0	–	-21,580	–	-0.28%	–
SSRM	Exit	SSR MNG INC	$0	–	-50,000	–	-0.36%	–
SLF	Exit	SUN LIFE FINANCIAL INC.	$0	–	-18,550	–	-0.36%	–
TJX	Exit	TJX COS INC NEW	$0	–	-12,500	–	-0.38%	–
CCJ	Exit	CAMECO CORP	$0	–	-32,370	–	-0.42%	–
ACM	Exit	AECOM	$0	–	-13,310	–	-0.45%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-31,230	–	-0.50%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-7,600	–	-0.51%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-13,820	–	-0.51%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-39,390	–	-0.52%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-40,000	–	-0.52%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-15,000	–	-0.53%	–
AZO	Exit	AUTOZONE INC	$0	–	-520	–	-0.55%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-192,890	–	-0.58%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-40,000	–	-0.61%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-10,000	–	-0.66%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-10,410	–	-0.69%	–
	Exit	ALGOMA STL GROUP INC	$0	–	-229,100	–	-0.72%	–
	Exit	LIGHTSPEED COMMERCE INC	$0	–	-92,170	–	-0.80%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-105,200	–	-0.80%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-150,000	–	-0.80%	–
BNS	Exit	BANK NOVA SCOTIA HALIFAX	$0	–	-34,517	–	-0.80%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-457,750	–	-0.82%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-503,700	–	-0.82%	–
MFC	Exit	MANULIFE FINL CORP	$0	–	-106,681	–	-0.82%	–
CMA	Exit	COMERICA INC	$0	–	-25,000	–	-0.87%	–
TRP	Exit	TC ENERGY CORP	$0	–	-45,005	–	-0.89%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-60,700	–	-0.90%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-124,930	–	-0.94%	–
UUUU	Exit	ENERGY FUELS INC	$0	–	-346,000	–	-1.04%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-18,660	–	-1.06%	–
MTB	Exit	M & T BK CORP	$0	–	-12,500	–	-1.08%	–
DNN	Exit	DENISON MINES CORP	$0	–	-1,950,000	–	-1.12%	–
GFL	Exit	GFL ENVIRONMENTAL INC	$0	–	-97,240	–	-1.21%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-87,755	–	-1.21%	–
GFF	Exit	GRIFFON CORP	$0	–	-86,580	–	-1.26%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-11,000	–	-1.30%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-79,610	–	-1.50%	–
BCE	Exit	BCE INC	$0	–	-78,370	–	-1.61%	–
ENB	Exit	ENBRIDGE INC	$0	–	-98,098	–	-1.78%	–
NTR	Exit	NUTRIEN LTD	$0	–	-44,815	–	-1.83%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-7,500	–	-1.86%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-90,297	–	-1.87%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-110,900	–	-1.95%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-44,000	–	-1.98%	–
ERF	Exit	ENERPLUS CORP	$0	–	-293,870	–	-2.04%	–
STN	Exit	STANTEC INC	$0	–	-95,790	–	-2.06%	–
HUM	Exit	HUMANA INC	$0	–	-9,000	–	-2.14%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-872,683	–	-2.22%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-98,745	–	-2.25%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-40,100	–	-2.35%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-47,210	–	-2.38%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-73,070	–	-2.39%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-48,506	–	-2.57%	–
	Exit	DOCEBO INC	$0	–	-203,050	–	-2.69%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-568,800	–	-2.84%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-122,510	–	-3.04%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-163,758	–	-3.29%	–
URI	Exit	UNITED RENTALS INC	$0	–	-31,840	–	-4.22%	–
TAC	Exit	TRANSALTA CORP	$0	–	-1,000,000	–	-4.34%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-151,811	–	-4.57%	–
RY	Exit	ROYAL BK CDA	$0	–	-125,309	–	-5.53%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-137,661	–	-5.92%	–

Q3 2022

			Value		Shares		↓ Weighting
BMO	Buy	BANK MONTREAL QUE	$12,057,000	+111.9%	137,661	+132.6%	5.92%	+110.2%
RY	Buy	ROYAL BK CDA	$11,269,000	+3.6%	125,309	+11.5%	5.53%	+2.7%
TD	Buy	TORONTO DOMINION BK ONT	$9,299,000	+10.1%	151,811	+17.9%	4.57%	+9.2%
TAC	Buy	TRANSALTA CORP	$8,829,000	+23.8%	1,000,000	+60.0%	4.34%	+22.8%
URI	Buy	UNITED RENTALS INC	$8,601,000	+192.4%	31,840	+162.9%	4.22%	+190.0%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$6,692,000	+48.0%	163,758	+61.2%	3.29%	+46.8%
PDS	Sell	PRECISION DRILLING CORP	$6,196,000	-40.7%	122,510	-24.7%	3.04%	-41.2%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$5,786,000	+120.7%	568,800	+118.8%	2.84%	+118.9%
	Buy	DOCEBO INC	$5,475,000	+137.0%	203,050	+152.5%	2.69%	+135.0%
CNI	Buy	CANADIAN NATL RY CO	$5,233,000	+4.6%	48,506	+9.0%	2.57%	+3.8%
CP	Sell	CANADIAN PAC RY LTD	$4,871,000	-5.8%	73,070	-1.3%	2.39%	-6.5%
TRI	Sell	THOMSON REUTERS CORP.	$4,842,000	-13.2%	47,210	-11.8%	2.38%	-13.8%
FNV	Sell	FRANCO NEV CORP	$4,787,000	-19.9%	40,100	-11.7%	2.35%	-20.5%
CNQ	Buy	CANADIAN NAT RES LTD	$4,590,000	+48.9%	98,745	+72.1%	2.25%	+47.7%
SAND	Buy	SANDSTORM GOLD LTD	$4,511,000	+112.7%	872,683	+144.2%	2.22%	+111.0%
HUM	Buy	HUMANA INC	$4,367,000	+43.6%	9,000	+38.5%	2.14%	+42.4%
STN	Buy	STANTEC INC	$4,197,000	+582.4%	95,790	+582.8%	2.06%	+578.0%
ERF	Sell	ENERPLUS CORP	$4,156,000	-25.2%	293,870	-30.1%	2.04%	-25.8%
CIGI	New	COLLIERS INTL GROUP INC	$4,031,000	–	44,000	–	1.98%	–
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$3,977,000	+200.2%	110,900	+220.1%	1.95%	+197.7%
AEM	Buy	AGNICO EAGLE MINES LTD	$3,812,000	+150.5%	90,297	+171.5%	1.87%	+148.6%
UNH	New	UNITEDHEALTH GROUP INC	$3,788,000	–	7,500	–	1.86%	–
NTR	Buy	NUTRIEN LTD	$3,732,000	+17.6%	44,815	+12.4%	1.83%	+16.7%
ENB	Sell	ENBRIDGE INC	$3,633,000	-19.0%	98,098	-7.6%	1.78%	-19.6%
BCE	Sell	BCE INC	$3,281,000	-24.1%	78,370	-10.9%	1.61%	-24.7%
RCI	Sell	ROGERS COMMUNICATIONS INCcl b	$3,064,000	-56.2%	79,610	-45.5%	1.50%	-56.6%
DG	New	DOLLAR GEN CORP NEW	$2,638,000	–	11,000	–	1.30%	–
GFF	New	GRIFFON CORP	$2,556,000	–	86,580	–	1.26%	–
SU	Sell	SUNCOR ENERGY INC NEW	$2,468,000	-34.9%	87,755	-18.8%	1.21%	-35.5%
GFL	New	GFL ENVIRONMENTAL INC	$2,457,000	–	97,240	–	1.21%	–
MTB	New	M & T BK CORP	$2,204,000	–	12,500	–	1.08%	–
PGR	Buy	PROGRESSIVE CORP	$2,168,000	+49.2%	18,660	+49.3%	1.06%	+48.1%
CVE	Sell	CENOVUS ENERGY INC	$1,917,000	-38.1%	124,930	-23.3%	0.94%	-38.7%
PBA	Sell	PEMBINA PIPELINE CORP	$1,841,000	-35.3%	60,700	-24.6%	0.90%	-35.8%
TRP	Sell	TC ENERGY CORP	$1,810,000	-26.5%	45,005	-5.4%	0.89%	-27.1%
CMA	New	COMERICA INC	$1,778,000	–	25,000	–	0.87%	–
MMX	Buy	MAVERIX METALS INC	$1,672,000	-15.0%	503,700	+10.9%	0.82%	-15.7%
MFC	Sell	MANULIFE FINL CORP	$1,672,000	-23.6%	106,681	-15.5%	0.82%	-24.3%
NXE	Buy	NEXGEN ENERGY LTD	$1,665,000	+15.9%	457,750	+14.4%	0.82%	+15.0%
BNS	Sell	BANK NOVA SCOTIA HALIFAX	$1,640,000	-68.2%	34,517	-60.4%	0.80%	-68.5%
AQN	New	ALGONQUIN PWR UTILS CORP	$1,637,000	–	150,000	–	0.80%	–
GOLD	Sell	BARRICK GOLD CORP	$1,628,000	-19.1%	105,200	-7.6%	0.80%	-19.9%
	Sell	LIGHTSPEED COMMERCE INC	$1,620,000	-34.9%	92,170	-17.4%	0.80%	-35.5%
	Sell	ALGOMA STL GROUP INC	$1,474,000	-35.2%	229,100	-9.8%	0.72%	-35.7%
WCN	New	WASTE CONNECTIONS INC	$1,406,000	–	10,410	–	0.69%	–
TMUS	New	T-MOBILE US INC	$1,342,000	–	10,000	–	0.66%	–
LUV	New	SOUTHWEST AIRLS CO	$1,234,000	–	40,000	–	0.61%	–
CPG	Buy	CRESCENT PT ENERGY CORP	$1,185,000	+101.5%	192,890	+133.0%	0.58%	+100.0%
AZO	New	AUTOZONE INC	$1,114,000	–	520	–	0.55%	–
WFG	New	WEST FRASER TIMBER CO LTD	$1,087,000	–	15,000	–	0.53%	–
UBER	New	UBER TECHNOLOGIES INC	$1,060,000	–	40,000	–	0.52%	–
SHOP	Sell	SHOPIFY INCcl a	$1,059,000	-14.7%	39,390	-0.8%	0.52%	-15.3%
GIB	New	CGI INCcl a sub vtg	$1,039,000	–	13,820	–	0.51%	–
DLTR	Sell	DOLLAR TREE INC	$1,034,000	-73.6%	7,600	-69.8%	0.51%	-73.8%
WPM	Buy	WHEATON PRECIOUS METALS CORP	$1,010,000	+59.3%	31,230	+77.3%	0.50%	+58.0%
ACM	Sell	AECOM	$910,000	-20.2%	13,310	-23.9%	0.45%	-20.9%
CCJ	Sell	CAMECO CORP	$858,000	-33.5%	32,370	-47.2%	0.42%	-34.1%
TJX	New	TJX COS INC NEW	$777,000	–	12,500	–	0.38%	–
SLF	New	SUN LIFE FINANCIAL INC.	$737,000	–	18,550	–	0.36%	–
SSRM	Sell	SSR MNG INC	$734,000	-51.2%	50,000	-44.4%	0.36%	-51.6%
TIXT	Sell	TELUS INTL CDA INC	$564,000	-71.3%	21,580	-72.5%	0.28%	-71.6%
ERO	New	ERO COPPER CORP	$552,000	–	50,000	–	0.27%	–
RADI	Sell	RADIUS GLOBAL INFRASTRCTRE I	$491,000	-59.8%	52,090	-34.9%	0.24%	-60.1%
TFII	Sell	TFI INTL INC	$452,000	-69.1%	5,000	-72.5%	0.22%	-69.3%
IAUCF	Sell	I-80 GOLD CORP	$353,000	-51.0%	200,000	-50.0%	0.17%	-51.5%
TECK	Sell	TECK RESOURCES LTDcl b	$351,000	-27.3%	11,560	-26.8%	0.17%	-28.0%
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-2,120	–	-0.13%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-5,630	–	-0.14%	–
CSX	Exit	CSX CORP	$0	–	-12,500	–	-0.18%	–
TREX	Exit	TREX CO INC	$0	–	-10,000	–	-0.27%	–
J	Exit	JACOBS ENGR GROUP INC	$0	–	-5,000	–	-0.32%	–
PROF	Exit	PROFOUND MED CORP	$0	–	-110,999	–	-0.40%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-300,000	–	-0.47%	–
	Exit	SANGOMA TECHNOLOGIES CORP	$0	–	-119,154	–	-0.50%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-200,000	–	-0.60%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-20,390	–	-0.63%	–
VET	Exit	VERMILION ENERGY INC	$0	–	-74,200	–	-0.70%	–
OBELF	Exit	OBSIDIAN ENERGY LTD	$0	–	-195,000	–	-0.75%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-4,000	–	-0.78%	–
GM	Exit	GENERAL MTRS CO	$0	–	-50,000	–	-0.79%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-25,000	–	-0.84%	–
SYY	Exit	SYSCO CORP	$0	–	-27,500	–	-1.15%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-5,000	–	-1.20%	–
MGA	Exit	MAGNA INTL INC	$0	–	-44,111	–	-1.20%	–
V	Exit	VISA INC	$0	–	-15,000	–	-1.46%	–
	Exit	TRICON RESIDENTIAL INC	$0	–	-375,000	–	-1.88%	–
CM	Exit	CANADIAN IMP BK COMM	$0	–	-84,280	–	-2.03%	–
CAE	Exit	CAE INC	$0	–	-199,990	–	-2.44%	–

Q2 2022

			Value		Shares		↓ Weighting
RY	New	ROYAL BK CDA	$10,882,000	–	112,389	–	5.39%	–
PDS	New	PRECISION DRILLING CORP	$10,453,000	–	162,760	–	5.18%	–
TD	New	TORONTO DOMINION BK ONT	$8,445,000	–	128,794	–	4.18%	–
TAC	New	TRANSALTA CORP	$7,129,000	–	625,000	–	3.53%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$6,997,000	–	146,050	–	3.46%	–
FNV	New	FRANCO NEV CORP	$5,974,000	–	45,410	–	2.96%	–
BMO	New	BANK MONTREAL QUE	$5,691,000	–	59,181	–	2.82%	–
TRI	New	THOMSON REUTERS CORP.	$5,576,000	–	53,500	–	2.76%	–
ERF	New	ENERPLUS CORP	$5,558,000	–	420,580	–	2.75%	–
CP	New	CANADIAN PAC RY LTD	$5,170,000	–	74,020	–	2.56%	–
BNS	New	BANK NOVA SCOTIA B C	$5,158,000	–	87,167	–	2.55%	–
CNI	New	CANADIAN NATL RY CO	$5,004,000	–	44,490	–	2.48%	–
CAE	New	CAE INC	$4,925,000	–	199,990	–	2.44%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$4,521,000	–	101,618	–	2.24%	–
ENB	New	ENBRIDGE INC	$4,484,000	–	106,178	–	2.22%	–
BCE	New	BCE INC	$4,320,000	–	87,910	–	2.14%	–
CM	New	CANADIAN IMP BK COMM	$4,093,000	–	84,280	–	2.03%	–
DLTR	New	DOLLAR TREE INC	$3,917,000	–	25,130	–	1.94%	–
	New	TRICON RESIDENTIAL INC	$3,802,000	–	375,000	–	1.88%	–
SU	New	SUNCOR ENERGY INC NEW	$3,794,000	–	108,135	–	1.88%	–
NTR	New	NUTRIEN LTD	$3,174,000	–	39,855	–	1.57%	–
CVE	New	CENOVUS ENERGY INC	$3,099,000	–	162,910	–	1.53%	–
CNQ	New	CANADIAN NAT RES LTD	$3,082,000	–	57,365	–	1.53%	–
HUM	New	HUMANA INC	$3,042,000	–	6,500	–	1.51%	–
V	New	VISA INC	$2,953,000	–	15,000	–	1.46%	–
URI	New	UNITED RENTALS INC	$2,942,000	–	12,110	–	1.46%	–
PBA	New	PEMBINA PIPELINE CORP	$2,845,000	–	80,490	–	1.41%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$2,622,000	–	260,000	–	1.30%	–
	New	LIGHTSPEED COMMERCE INC	$2,488,000	–	111,570	–	1.23%	–
TRP	New	TC ENERGY CORP	$2,463,000	–	47,555	–	1.22%	–
MGA	New	MAGNA INTL INC	$2,422,000	–	44,111	–	1.20%	–
ANTM	New	ELEVANCE HEALTH INC	$2,413,000	–	5,000	–	1.20%	–
SYY	New	SYSCO CORP	$2,330,000	–	27,500	–	1.15%	–
	New	DOCEBO INC	$2,310,000	–	80,420	–	1.14%	–
	New	ALGOMA STL GROUP INC	$2,274,000	–	254,100	–	1.13%	–
MFC	New	MANULIFE FINL CORP	$2,189,000	–	126,271	–	1.08%	–
SAND	New	SANDSTORM GOLD LTD	$2,121,000	–	357,300	–	1.05%	–
GOLD	New	BARRICK GOLD CORP	$2,013,000	–	113,870	–	1.00%	–
TIXT	New	TELUS INTL CDA INC	$1,968,000	–	78,440	–	0.97%	–
MMX	New	MAVERIX METALS INC	$1,968,000	–	454,000	–	0.97%	–
DNN	New	DENISON MINES CORP	$1,924,000	–	1,950,000	–	0.95%	–
WRB	New	BERKLEY W R CORP	$1,707,000	–	25,000	–	0.84%	–
UUUU	New	ENERGY FUELS INC	$1,704,000	–	346,000	–	0.84%	–
GM	New	GENERAL MTRS CO	$1,588,000	–	50,000	–	0.79%	–
SIVB	New	SVB FINANCIAL GROUP	$1,580,000	–	4,000	–	0.78%	–
AEM	New	AGNICO EAGLE MINES LTD	$1,522,000	–	33,257	–	0.75%	–
OBELF	New	OBSIDIAN ENERGY LTD	$1,506,000	–	195,000	–	0.75%	–
SSRM	New	SSR MNG INC	$1,503,000	–	90,000	–	0.74%	–
TFII	New	TFI INTL INC	$1,461,000	–	18,200	–	0.72%	–
PGR	New	PROGRESSIVE CORP	$1,453,000	–	12,500	–	0.72%	–
NXE	New	NEXGEN ENERGY LTD	$1,436,000	–	400,000	–	0.71%	–
VET	New	VERMILION ENERGY INC	$1,412,000	–	74,200	–	0.70%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$1,325,000	–	34,650	–	0.66%	–
CCJ	New	CAMECO CORP	$1,290,000	–	61,350	–	0.64%	–
DSGX	New	DESCARTES SYS GROUP INC	$1,267,000	–	20,390	–	0.63%	–
SHOP	New	SHOPIFY INCcl a	$1,241,000	–	39,720	–	0.61%	–
SILV	New	SILVERCREST METALS INC	$1,223,000	–	200,000	–	0.60%	–
RADI	New	RADIUS GLOBAL INFRASTRCTRE I	$1,221,000	–	80,000	–	0.60%	–
ACM	New	AECOM	$1,141,000	–	17,500	–	0.56%	–
	New	SANGOMA TECHNOLOGIES CORP	$1,007,000	–	119,154	–	0.50%	–
EXK	New	ENDEAVOUR SILVER CORP	$942,000	–	300,000	–	0.47%	–
PROF	New	PROFOUND MED CORP	$811,000	–	110,999	–	0.40%	–
IAUCF	New	I-80 GOLD CORP	$721,000	–	400,000	–	0.36%	–
J	New	JACOBS ENGR GROUP INC	$636,000	–	5,000	–	0.32%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$634,000	–	17,610	–	0.31%	–
STN	New	STANTEC INC	$615,000	–	14,030	–	0.30%	–
CPG	New	CRESCENT PT ENERGY CORP	$588,000	–	82,780	–	0.29%	–
TREX	New	TREX CO INC	$544,000	–	10,000	–	0.27%	–
TECK	New	TECK RESOURCES LTDcl b	$483,000	–	15,800	–	0.24%	–
CSX	New	CSX CORP	$363,000	–	12,500	–	0.18%	–
QSR	New	RESTAURANT BRANDS INTL INC	$283,000	–	5,630	–	0.14%	–
FSV	New	FIRSTSERVICE CORP NEW	$257,000	–	2,120	–	0.13%	–

Q4 2021

			Value		Shares		↓ Weighting
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-5,000	–	-0.10%	–
CSTE	Exit	CAESARSTONE LTD	$0	–	-25,400	–	-0.11%	–
TJX	Exit	TJX COS INC NEW	$0	–	-7,500	–	-0.18%	–
APTV	Exit	APTIV PLC	$0	–	-3,460	–	-0.18%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-3,060	–	-0.19%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-19,150	–	-0.19%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-14,670	–	-0.20%	–
ULH	Exit	UNIVERSAL LOGISTICS HLDGS IN	$0	–	-30,308	–	-0.22%	–
TIXT	Exit	TELUS INTL CDA INC	$0	–	-17,690	–	-0.22%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-15,000	–	-0.26%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-2,530	–	-0.27%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-2,130	–	-0.31%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-25,000	–	-0.38%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-20,320	–	-0.40%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-35,000	–	-0.45%	–
EFX	Exit	EQUIFAX INC	$0	–	-5,000	–	-0.46%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-3,530	–	-0.46%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-310,460	–	-0.50%	–
SSRM	Exit	SSR MNG INC	$0	–	-100,000	–	-0.52%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-60,000	–	-0.56%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-14,230	–	-0.56%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-12,500	–	-0.57%	–
HRI	Exit	HERC HLDGS INC	$0	–	-10,000	–	-0.59%	–
MEOH	Exit	METHANEX CORP	$0	–	-38,460	–	-0.64%	–
BNS	Exit	BANK NOVA SCOTIA B C	$0	–	-29,772	–	-0.66%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-6,110	–	-0.67%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-41,360	–	-0.72%	–
MGA	Exit	MAGNA INTL INC	$0	–	-26,711	–	-0.72%	–
PROF	Exit	PROFOUND MED CORP	$0	–	-138,470	–	-0.73%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-24,000	–	-0.73%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-450,000	–	-0.77%	–
ERO	Exit	ERO COPPER CORP	$0	–	-122,730	–	-0.78%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-47,750	–	-0.84%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-63,705	–	-0.84%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE	$0	–	-15,000	–	-0.85%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-547,200	–	-0.91%	–
TAC	Exit	TRANSALTA CORP	$0	–	-240,910	–	-0.91%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-72,220	–	-0.95%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-70,000	–	-0.96%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-1,020	–	-0.98%	–
MFC	Exit	MANULIFE FINL CORP	$0	–	-144,451	–	-1.00%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-422,690	–	-1.06%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-121,010	–	-1.08%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-36,100	–	-1.09%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-757,920	–	-1.12%	–
URI	Exit	UNITED RENTALS INC	$0	–	-10,000	–	-1.26%	–
NTR	Exit	NUTRIEN LTD	$0	–	-55,595	–	-1.30%	–
MCD	Exit	MCDONALDS CORP	$0	–	-15,000	–	-1.30%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-65,000	–	-1.35%	–
TRP	Exit	TC ENERGY CORP	$0	–	-80,635	–	-1.39%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-15,000	–	-1.42%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-66,830	–	-1.47%	–
CM	Exit	CANADIAN IMP BK COMM	$0	–	-38,840	–	-1.55%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-24,290	–	-1.58%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-30,000	–	-1.75%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-8,000	–	-1.76%	–
STN	Exit	STANTEC INC	$0	–	-105,520	–	-1.78%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-40,000	–	-1.87%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-83,090	–	-1.95%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-273,525	–	-2.04%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-80,000	–	-2.04%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-596,100	–	-2.16%	–
GFL	Exit	GFL ENVIRONMENTAL INC	$0	–	-177,670	–	-2.37%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-161,700	–	-2.42%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-146,600	–	-2.46%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-60,430	–	-2.52%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-993,860	–	-2.57%	–
ENB	Exit	ENBRIDGE INC	$0	–	-184,308	–	-2.64%	–
BBU	Exit	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$0	–	-169,567	–	-2.78%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-197,130	–	-2.86%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-92,510	–	-3.32%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-140,522	–	-3.34%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-192,975	–	-3.72%	–
ERF	Exit	ENERPLUS CORP	$0	–	-1,427,640	–	-4.11%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-9,322	–	-4.55%	–
RY	Exit	ROYAL BK CDA	$0	–	-153,386	–	-5.48%	–

Q3 2021

			Value		Shares		↓ Weighting
RY	Buy	ROYAL BK CDA	$15,244,000	-0.8%	153,386	+1.2%	5.48%	-4.7%
SHOP	Buy	SHOPIFY INCcl a	$12,638,000	+0.0%	9,322	+7.9%	4.55%	-4.0%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$10,328,000	+8.4%	192,975	+3.3%	3.72%	+4.0%
TD	Buy	TORONTO DOMINION BK ONT	$9,291,000	-0.6%	140,522	+5.4%	3.34%	-4.6%
BMO	Sell	BANK MONTREAL QUE	$9,225,000	-19.6%	92,510	-17.3%	3.32%	-22.8%
PDS	Buy	PRECISION DRILLING CORP	$7,959,000	+27.4%	197,130	+31.5%	2.86%	+22.3%
BBU	Buy	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$7,740,000	+22.3%	169,567	+23.8%	2.78%	+17.4%
ENB	Sell	ENBRIDGE INC	$7,334,000	-2.3%	184,308	-1.7%	2.64%	-6.2%
AGI	Sell	ALAMOS GOLD INC NEW	$7,144,000	-30.3%	993,860	-25.9%	2.57%	-33.1%
CNI	Sell	CANADIAN NATL RY CO	$6,995,000	+8.7%	60,430	-0.9%	2.52%	+4.4%
RCI	Buy	ROGERS COMMUNICATIONS INCcl b	$6,838,000	+15.1%	146,600	+31.1%	2.46%	+10.4%
KL	New	KIRKLAND LAKE GOLD LTD	$6,726,000	–	161,700	–	2.42%	–
GFL	Buy	GFL ENVIRONMENTAL INC	$6,600,000	+63.3%	177,670	+40.4%	2.37%	+56.8%
CVE	Buy	CENOVUS ENERGY INC	$6,001,000	+33.5%	596,100	+26.9%	2.16%	+28.1%
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$5,683,000	–	80,000	–	2.04%	–
SU	Sell	SUNCOR ENERGY INC NEW	$5,665,000	-26.9%	273,525	-15.5%	2.04%	-29.9%
CP	Buy	CANADIAN PAC RY LTD	$5,417,000	+17.6%	83,090	+38.7%	1.95%	+12.9%
FNV	Buy	FRANCO NEV CORP	$5,190,000	+28.5%	40,000	+43.7%	1.87%	+23.4%
STN	Buy	STANTEC INC	$4,951,000	+452.6%	105,520	+425.0%	1.78%	+430.1%
ORLY	New	OREILLY AUTOMOTIVE INC	$4,888,000	–	8,000	–	1.76%	–
COF	Buy	CAPITAL ONE FINL CORP	$4,859,000	+109.4%	30,000	+100.0%	1.75%	+101.2%
FSV	Sell	FIRSTSERVICE CORP NEW	$4,386,000	+4.5%	24,290	-0.8%	1.58%	+0.3%
CM	Buy	CANADIAN IMP BK COMM	$4,319,000	+94.5%	38,840	+99.1%	1.55%	+86.7%
QSR	Sell	RESTAURANT BRANDS INTL INC	$4,089,000	-39.4%	66,830	-36.2%	1.47%	-41.9%
TRP	Sell	TC ENERGY CORP	$3,876,000	-4.5%	80,635	-1.7%	1.39%	-8.4%
AER	New	AERCAP HOLDINGS NV	$3,758,000	–	65,000	–	1.35%	–
MCD	Buy	MCDONALDS CORP	$3,617,000	+49.3%	15,000	+43.0%	1.30%	+43.3%
NTR	Sell	NUTRIEN LTD	$3,604,000	+0.3%	55,595	-6.3%	1.30%	-3.8%
URI	New	UNITED RENTALS INC	$3,509,000	–	10,000	–	1.26%	–
EXK	Buy	ENDEAVOUR SILVER CORP	$3,102,000	-32.6%	757,920	+0.8%	1.12%	-35.3%
WFG	New	WEST FRASER TIMBER CO LTD	$3,041,000	–	36,100	–	1.09%	–
TECK	Buy	TECK RESOURCES LTDcl b	$3,009,000	+55.0%	121,010	+43.5%	1.08%	+48.8%
SILV	Buy	SILVERCREST METALS INC	$2,950,000	-9.6%	422,690	+13.4%	1.06%	-13.3%
MFC	Sell	MANULIFE FINL CORP	$2,777,000	-14.9%	144,451	-12.9%	1.00%	-18.3%
GOOGL	New	ALPHABET INCcap stk cl a	$2,727,000	–	1,020	–	0.98%	–
AMH	Sell	AMERICAN HOMES 4 RENTcl a	$2,668,000	-43.2%	70,000	-42.1%	0.96%	-45.5%
GIL	Buy	GILDAN ACTIVEWEAR INC	$2,636,000	+7.0%	72,220	+8.1%	0.95%	+2.7%
TAC	Sell	TRANSALTA CORP	$2,542,000	-60.2%	240,910	-62.4%	0.91%	-61.8%
CPG	Sell	CRESCENT PT ENERGY CORP	$2,522,000	-8.5%	547,200	-10.1%	0.91%	-12.2%
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$2,360,000	–	15,000	–	0.85%	–
CNQ	Buy	CANADIAN NAT RES LTD	$2,326,000	+3.8%	63,705	+3.2%	0.84%	-0.2%
OTEX	Sell	OPEN TEXT CORP	$2,328,000	-44.7%	47,750	-42.4%	0.84%	-46.9%
NXE	Buy	NEXGEN ENERGY LTD	$2,136,000	+29.8%	450,000	+12.5%	0.77%	+24.7%
GIB	Sell	CGI INCcl a sub vtg	$2,036,000	-7.7%	24,000	-1.3%	0.73%	-11.4%
PROF	Sell	PROFOUND MED CORP	$2,019,000	-24.9%	138,470	-16.2%	0.73%	-28.0%
MGA	Sell	MAGNA INTL INC	$2,008,000	-20.3%	26,711	-1.9%	0.72%	-23.5%
ACC	Sell	AMERICAN CAMPUS CMNTYS INC	$2,004,000	-14.2%	41,360	-17.3%	0.72%	-17.6%
DHR	New	DANAHER CORPORATION	$1,860,000	–	6,110	–	0.67%	–
BNS	Sell	BANK NOVA SCOTIA B C	$1,830,000	-77.0%	29,772	-75.6%	0.66%	-77.9%
MEOH	New	METHANEX CORP	$1,770,000	–	38,460	–	0.64%	–
HRI	New	HERC HLDGS INC	$1,635,000	–	10,000	–	0.59%	–
CIGI	New	COLLIERS INTL GROUP INC	$1,596,000	–	12,500	–	0.57%	–
TRI	New	THOMSON REUTERS CORP.	$1,572,000	–	14,230	–	0.56%	–
SAVE	New	SPIRIT AIRLS INC	$1,556,000	–	60,000	–	0.56%	–
ULTA	New	ULTA BEAUTY INC	$1,274,000	–	3,530	–	0.46%	–
EFX	New	EQUIFAX INC	$1,267,000	–	5,000	–	0.46%	–
MOS	New	MOSAIC CO NEW	$1,250,000	–	35,000	–	0.45%	–
SEAS	New	SEAWORLD ENTMT INC	$1,124,000	–	20,320	–	0.40%	–
BAC	New	BK OF AMERICA CORP	$1,061,000	–	25,000	–	0.38%	–
GNRC	New	GENERAC HLDGS INC	$870,000	–	2,130	–	0.31%	–
EL	New	LAUDER ESTEE COS INCcl a	$759,000	–	2,530	–	0.27%	–
HGV	New	HILTON GRAND VACATIONS INC	$714,000	–	15,000	–	0.26%	–
TIXT	New	TELUS INTL CDA INC	$619,000	–	17,690	–	0.22%	–
ULH	Sell	UNIVERSAL LOGISTICS HLDGS IN	$609,000	-36.1%	30,308	-25.9%	0.22%	-38.7%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$552,000	-73.7%	14,670	-69.1%	0.20%	-74.6%
BHC	Sell	BAUSCH HEALTH COS INC	$533,000	-70.5%	19,150	-68.8%	0.19%	-71.6%
VMC	Sell	VULCAN MATLS CO	$518,000	-40.5%	3,060	-38.8%	0.19%	-42.9%
APTV	Buy	APTIV PLC	$515,000	-1.3%	3,460	+4.2%	0.18%	-5.6%
TJX	New	TJX COS INC NEW	$495,000	–	7,500	–	0.18%	–
CSTE	New	CAESARSTONE LTD	$315,000	–	25,400	–	0.11%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$281,000	–	5,000	–	0.10%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-7,132	–	-0.18%	–
SYY	Exit	SYSCO CORP	$0	–	-7,000	–	-0.20%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-10,000	–	-0.28%	–
GM	Exit	GENERAL MTRS CO	$0	–	-13,030	–	-0.29%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-10,000	–	-0.39%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-17,780	–	-0.40%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-13,150	–	-0.55%	–
TFII	Exit	TFI INTL INC	$0	–	-19,780	–	-0.68%	–
AMZN	Exit	AMAZON COM INC	$0	–	-600	–	-0.77%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-20,000	–	-0.78%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-50,000	–	-0.80%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-45,000	–	-0.82%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-15,000	–	-0.93%	–
V	Exit	VISA INC	$0	–	-12,500	–	-1.10%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-15,000	–	-1.32%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-180,248	–	-1.40%	–
SLF	Exit	SUN LIFE FINANCIAL INC.	$0	–	-77,327	–	-1.49%	–

Q2 2021

			Value		Shares		↓ Weighting
RY	New	ROYAL BK CDA	$15,360,000	–	151,636	–	5.76%	–
SHOP	New	SHOPIFY INCcl a	$12,636,000	–	8,642	–	4.74%	–
BMO	New	BANK MONTREAL QUE	$11,468,000	–	111,900	–	4.30%	–
ERF	New	ENERPLUS CORP	$10,260,000	–	1,427,640	–	3.84%	–
AGI	New	ALAMOS GOLD INC NEW	$10,251,000	–	1,341,524	–	3.84%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$9,528,000	–	186,795	–	3.57%	–
TD	New	TORONTO DOMINION BK ONT	$9,344,000	–	133,352	–	3.50%	–
BNS	New	BANK NOVA SCOTIA B C	$7,946,000	–	122,202	–	2.98%	–
SU	New	SUNCOR ENERGY INC NEW	$7,754,000	–	323,775	–	2.91%	–
ENB	New	ENBRIDGE INC	$7,503,000	–	187,438	–	2.81%	–
QSR	New	RESTAURANT BRANDS INTL INC	$6,750,000	–	104,770	–	2.53%	–
CNI	New	CANADIAN NATL RY CO	$6,434,000	–	60,990	–	2.41%	–
TAC	New	TRANSALTA CORP	$6,383,000	–	640,546	–	2.39%	–
BBU	New	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$6,329,000	–	136,925	–	2.37%	–
PDS	New	PRECISION DRILLING CORP	$6,247,000	–	149,930	–	2.34%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$5,943,000	–	111,820	–	2.23%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$4,701,000	–	121,000	–	1.76%	–
CP	New	CANADIAN PAC RY LTD	$4,605,000	–	59,900	–	1.73%	–
EXK	New	ENDEAVOUR SILVER CORP	$4,602,000	–	751,647	–	1.72%	–
CVE	New	CENOVUS ENERGY INC	$4,494,000	–	469,600	–	1.68%	–
OTEX	New	OPEN TEXT CORP	$4,207,000	–	82,860	–	1.58%	–
FSV	New	FIRSTSERVICE CORP NEW	$4,198,000	–	24,480	–	1.57%	–
TRP	New	TC ENERGY CORP	$4,060,000	–	82,065	–	1.52%	–
GFL	New	GFL ENVIRONMENTAL INC	$4,041,000	–	126,570	–	1.51%	–
FNV	New	FRANCO NEV CORP	$4,038,000	–	27,830	–	1.51%	–
SLF	New	SUN LIFE FINANCIAL INC.	$3,987,000	–	77,327	–	1.49%	–
SYK	New	STRYKER CORPORATION	$3,896,000	–	15,000	–	1.46%	–
GOLD	New	BARRICK GOLD CORP	$3,728,000	–	180,248	–	1.40%	–
NTR	New	NUTRIEN LTD	$3,593,000	–	59,305	–	1.35%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$3,508,000	–	15,000	–	1.32%	–
SILV	New	SILVERCREST METALS INC	$3,265,000	–	372,690	–	1.22%	–
MFC	New	MANULIFE FINL CORP	$3,264,000	–	165,831	–	1.22%	–
V	New	VISA INC	$2,923,000	–	12,500	–	1.10%	–
CPG	New	CRESCENT PT ENERGY CORP	$2,757,000	–	608,980	–	1.03%	–
PROF	New	PROFOUND MED CORP	$2,690,000	–	165,220	–	1.01%	–
ERO	New	ERO COPPER CORP	$2,575,000	–	122,730	–	0.96%	–
MGA	New	MAGNA INTL INC	$2,520,000	–	27,221	–	0.94%	–
AXP	New	AMERICAN EXPRESS CO	$2,478,000	–	15,000	–	0.93%	–
GIL	New	GILDAN ACTIVEWEAR INC	$2,463,000	–	66,780	–	0.92%	–
MCD	New	MCDONALDS CORP	$2,423,000	–	10,490	–	0.91%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$2,336,000	–	50,000	–	0.88%	–
COF	New	CAPITAL ONE FINL CORP	$2,320,000	–	15,000	–	0.87%	–
CNQ	New	CANADIAN NAT RES LTD	$2,240,000	–	61,715	–	0.84%	–
CM	New	CANADIAN IMP BK COMM	$2,221,000	–	19,510	–	0.83%	–
GIB	New	CGI INCcl a sub vtg	$2,205,000	–	24,320	–	0.83%	–
CARR	New	CARRIER GLOBAL CORPORATION	$2,187,000	–	45,000	–	0.82%	–
MGM	New	MGM RESORTS INTERNATIONAL	$2,133,000	–	50,000	–	0.80%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$2,096,000	–	47,550	–	0.78%	–
EW	New	EDWARDS LIFESCIENCES CORP	$2,071,000	–	20,000	–	0.78%	–
AMZN	New	AMAZON COM INC	$2,064,000	–	600	–	0.77%	–
TECK	New	TECK RESOURCES LTDcl b	$1,941,000	–	84,300	–	0.73%	–
TFII	New	TFI INTL INC	$1,806,000	–	19,780	–	0.68%	–
BHC	New	BAUSCH HEALTH COS INC	$1,804,000	–	61,460	–	0.68%	–
MMX	New	MAVERIX METALS INC	$1,678,000	–	310,460	–	0.63%	–
NXE	New	NEXGEN ENERGY LTD	$1,645,000	–	400,000	–	0.62%	–
SSRM	New	SSR MNG INC	$1,562,000	–	100,000	–	0.58%	–
SBUX	New	STARBUCKS CORP	$1,470,000	–	13,150	–	0.55%	–
AEM	New	AGNICO EAGLE MINES LTD	$1,075,000	–	17,780	–	0.40%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$1,038,000	–	10,000	–	0.39%	–
ULH	New	UNIVERSAL LOGISTICS HLDGS IN	$953,000	–	40,918	–	0.36%	–
STN	New	STANTEC INC	$896,000	–	20,100	–	0.34%	–
VMC	New	VULCAN MATLS CO	$870,000	–	5,000	–	0.33%	–
GM	New	GENERAL MTRS CO	$771,000	–	13,030	–	0.29%	–
WRB	New	BERKLEY W R CORP	$744,000	–	10,000	–	0.28%	–
SYY	New	SYSCO CORP	$544,000	–	7,000	–	0.20%	–
APTV	New	APTIV PLC	$522,000	–	3,320	–	0.20%	–
DSGX	New	DESCARTES SYS GROUP INC	$493,000	–	7,132	–	0.18%	–

Q4 2020

			Value		Shares		↓ Weighting
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-19,178	–	-0.19%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-23,500	–	-0.30%	–
NEPT	Exit	NEPTUNE WELLNESS SOLUTIONS I	$0	–	-315,000	–	-0.30%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-4,600	–	-0.31%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS IN	$0	–	-46,000	–	-0.31%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-23,500	–	-0.32%	–
ECL	Exit	ECOLAB INC	$0	–	-3,500	–	-0.32%	–
AMZN	Exit	AMAZON COM INC	$0	–	-230	–	-0.33%	–
	Exit	BRP INC	$0	–	-13,720	–	-0.33%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-25,000	–	-0.35%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-9,700	–	-0.35%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-4,600	–	-0.41%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-65,000	–	-0.41%	–
PFSI	Exit	PENNYMAC FINL SVCS INC NEW	$0	–	-17,000	–	-0.45%	–
ULH	Exit	UNIVERSAL LOGISTICS HLDGS IN	$0	–	-48,500	–	-0.46%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-11,500	–	-0.47%	–
KMX	Exit	CARMAX INC	$0	–	-11,500	–	-0.48%	–
GGG	Exit	GRACO INC	$0	–	-17,500	–	-0.49%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-25,438	–	-0.49%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-11,500	–	-0.50%	–
KBH	Exit	KB HOME	$0	–	-29,000	–	-0.51%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-35,000	–	-0.52%	–
VMD	Exit	VIEMED HEALTHCARE INC	$0	–	-134,980	–	-0.53%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-23,880	–	-0.53%	–
ERF	Exit	ENERPLUS CORP	$0	–	-640,220	–	-0.54%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-11,600	–	-0.58%	–
MFC	Exit	MANULIFE FINL CORP	$0	–	-92,331	–	-0.58%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-146,740	–	-0.59%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-309,590	–	-0.60%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-259,980	–	-0.61%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-35,000	–	-0.61%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-352,800	–	-0.63%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-404,410	–	-0.65%	–
FIVE	Exit	FIVE BELOW INC	$0	–	-11,500	–	-0.67%	–
	Exit	LIGHTSPEED POS INC	$0	–	-46,700	–	-0.68%	–
SSRM	Exit	SSR MNG INC	$0	–	-84,050	–	-0.72%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-4,700	–	-0.72%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-58,000	–	-0.75%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-17,300	–	-0.80%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-17,500	–	-0.81%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-8,750	–	-0.83%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-63,260	–	-0.93%	–
PROF	Exit	PROFOUND MED CORP	$0	–	-121,560	–	-0.97%	–
MGA	Exit	MAGNA INTL INC	$0	–	-47,591	–	-0.99%	–
BLD	Exit	TOPBUILD CORP	$0	–	-12,800	–	-1.00%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-155,580	–	-1.03%	–
UNP	Exit	UNION PAC CORP	$0	–	-11,500	–	-1.03%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-269,970	–	-1.04%	–
NTR	Exit	NUTRIEN LTD	$0	–	-63,205	–	-1.13%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-24,334	–	-1.15%	–
MDC	Exit	M D C HLDGS INC	$0	–	-59,000	–	-1.27%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-184,255	–	-1.34%	–
TU	Exit	TELUS CORPORATION	$0	–	-169,030	–	-1.36%	–
CTAS	Exit	CINTAS CORP	$0	–	-9,750	–	-1.48%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-291,575	–	-1.62%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-90,000	–	-1.63%	–
BNS	Exit	BANK NOVA SCOTIA B C	$0	–	-92,612	–	-1.75%	–
CM	Exit	CANADIAN IMP BK COMM	$0	–	-54,000	–	-1.84%	–
TRP	Exit	TC ENERGY CORP	$0	–	-97,875	–	-1.87%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-76,064	–	-1.97%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-55,600	–	-2.02%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-87,380	–	-2.29%	–
ENB	Exit	ENBRIDGE INC	$0	–	-179,608	–	-2.39%	–
TFII	Exit	TFI INTL INC	$0	–	-133,130	–	-2.54%	–
LOW	Exit	LOWES COS INC	$0	–	-35,000	–	-2.65%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-210,248	–	-2.69%	–
SLF	Exit	SUN LIFE FINANCIAL INC.	$0	–	-146,127	–	-2.71%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-192,185	–	-2.90%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-48,250	–	-2.90%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-133,328	–	-2.96%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-174,712	–	-3.68%	–
TAC	Exit	TRANSALTA CORP	$0	–	-1,346,150	–	-3.77%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-93,954	–	-4.56%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-10,322	–	-4.81%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-35,444	–	-4.91%	–
RY	Exit	ROYAL BK CDA	$0	–	-180,816	–	-5.78%	–

Q3 2020

			Value		Shares		↓ Weighting
RY	Buy	ROYAL BK CDA	$12,689,000	+8.8%	180,816	+5.2%	5.78%	+2.3%
CP	Buy	CANADIAN PAC RY LTD	$10,776,000	+36.5%	35,444	+14.2%	4.91%	+28.3%
SHOP	Sell	SHOPIFY INCcl a	$10,550,000	+2.7%	10,322	-4.5%	4.81%	-3.5%
CNI	Buy	CANADIAN NATL RY CO	$10,001,000	+22.8%	93,954	+2.0%	4.56%	+15.4%
TAC	Buy	TRANSALTA CORP	$8,276,000	+70.0%	1,346,150	+64.0%	3.77%	+59.8%
TD	Sell	TORONTO DOMINION BK ONT	$8,085,000	-13.2%	174,712	-16.3%	3.68%	-18.5%
KL	Sell	KIRKLAND LAKE GOLD LTD	$6,505,000	+2.0%	133,328	-13.9%	2.96%	-4.1%
FSV	Sell	FIRSTSERVICE CORP NEW	$6,364,000	+3.3%	48,250	-21.1%	2.90%	-2.9%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$6,356,000	-23.8%	192,185	-24.2%	2.90%	-28.4%
SLF	Buy	SUN LIFE FINANCIAL INC.	$5,952,000	+34.6%	146,127	+21.4%	2.71%	+26.5%
GOLD	Sell	BARRICK GOLD CORP	$5,902,000	-22.0%	210,248	-25.3%	2.69%	-26.7%
LOW	Sell	LOWES COS INC	$5,805,000	+7.4%	35,000	-12.5%	2.65%	+0.9%
TFII	New	TFI INTL INC	$5,564,000	–	133,130	–	2.54%	–
ENB	Sell	ENBRIDGE INC	$5,244,000	-6.1%	179,608	-2.2%	2.39%	-11.7%
QSR	Sell	RESTAURANT BRANDS INTL INC	$5,018,000	+4.0%	87,380	-1.5%	2.29%	-2.3%
AEM	Buy	AGNICO EAGLE MINES LTD	$4,428,000	+34.3%	55,600	+7.9%	2.02%	+26.1%
DSGX	Buy	DESCARTES SYS GROUP INC	$4,330,000	+15.1%	76,064	+6.7%	1.97%	+8.2%
TRP	Sell	TC ENERGY CORP	$4,107,000	-3.1%	97,875	-1.4%	1.87%	-8.9%
CM	New	CANADIAN IMP BK COMM	$4,034,000	–	54,000	–	1.84%	–
BNS	Sell	BANK NOVA SCOTIA B C	$3,846,000	-35.2%	92,612	-35.4%	1.75%	-39.1%
RCI	New	ROGERS COMMUNICATIONS INCcl b	$3,568,000	–	90,000	–	1.63%	–
SU	Sell	SUNCOR ENERGY INC NEW	$3,561,000	-34.2%	291,575	-9.1%	1.62%	-38.1%
CTAS	Buy	CINTAS CORP	$3,245,000	+143.6%	9,750	+95.0%	1.48%	+128.9%
TU	Buy	TELUS CORPORATION	$2,973,000	+35.6%	169,030	+29.3%	1.36%	+27.5%
CNQ	Sell	CANADIAN NAT RES LTD	$2,951,000	-31.3%	184,255	-25.5%	1.34%	-35.4%
MDC	Buy	M D C HLDGS INC	$2,779,000	+55.7%	59,000	+18.0%	1.27%	+46.3%
WCN	Sell	WASTE CONNECTIONS INC	$2,528,000	-10.6%	24,334	-19.4%	1.15%	-16.0%
NTR	New	NUTRIEN LTD	$2,477,000	–	63,205	–	1.13%	–
SILV	Buy	SILVERCREST METALS INC	$2,288,000	+46.8%	269,970	+58.8%	1.04%	+38.0%
UNP	Sell	UNION PAC CORP	$2,264,000	+7.1%	11,500	-8.0%	1.03%	+0.7%
AQN	Buy	ALGONQUIN PWR UTILS CORP	$2,259,000	+238.7%	155,580	+201.7%	1.03%	+217.9%
BLD	New	TOPBUILD CORP	$2,185,000	–	12,800	–	1.00%	–
MGA	Buy	MAGNA INTL INC	$2,177,000	+2.9%	47,591	+0.2%	0.99%	-3.3%
PROF	Buy	PROFOUND MED CORP	$2,137,000	+37.0%	121,560	+32.0%	0.97%	+28.7%
PAAS	Sell	PAN AMERN SILVER CORP	$2,033,000	-59.3%	63,260	-61.5%	0.93%	-61.7%
SYK	New	STRYKER CORPORATION	$1,823,000	–	8,750	–	0.83%	–
IBP	New	INSTALLED BLDG PRODS INC	$1,781,000	–	17,500	–	0.81%	–
ZG	New	ZILLOW GROUP INCcl a	$1,757,000	–	17,300	–	0.80%	–
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$1,652,000	+75.4%	58,000	+65.7%	0.75%	+64.8%
MA	Sell	MASTERCARD INCORPORATEDcl a	$1,589,000	-17.3%	4,700	-27.7%	0.72%	-22.3%
SSRM	Buy	SSR MNG INC	$1,568,000	+0.3%	84,050	+14.5%	0.72%	-5.8%
	New	LIGHTSPEED POS INC	$1,495,000	–	46,700	–	0.68%	–
FIVE	Buy	FIVE BELOW INC	$1,461,000	+173.1%	11,500	+130.0%	0.67%	+157.1%
EXK	Buy	ENDEAVOUR SILVER CORP	$1,421,000	+96.0%	404,410	+26.6%	0.65%	+84.1%
CVE	Buy	CENOVUS ENERGY INC	$1,374,000	+65.7%	352,800	+99.0%	0.63%	+55.7%
BSX	New	BOSTON SCIENTIFIC CORP	$1,337,000	–	35,000	–	0.61%	–
MMX	Buy	MAVERIX METALS INC	$1,331,000	+38.9%	259,980	+20.9%	0.61%	+30.5%
HBM	New	HUDBAY MINERALS INC	$1,308,000	–	309,590	–	0.60%	–
AGI	Buy	ALAMOS GOLD INC NEW	$1,292,000	+34.2%	146,740	+42.1%	0.59%	+26.1%
MFC	Buy	MANULIFE FINL CORP	$1,284,000	+36.7%	92,331	+33.7%	0.58%	+28.6%
MTH	New	MERITAGE HOMES CORP	$1,281,000	–	11,600	–	0.58%	–
ERF	Buy	ENERPLUS CORP	$1,173,000	-16.7%	640,220	+28.0%	0.54%	-21.7%
VMD	Buy	VIEMED HEALTHCARE INC	$1,171,000	+28.7%	134,980	+42.1%	0.53%	+21.1%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$1,171,000	-33.3%	23,880	-40.2%	0.53%	-37.3%
BLDR	New	BUILDERS FIRSTSOURCE INC	$1,142,000	–	35,000	–	0.52%	–
KBH	New	KB HOME	$1,113,000	–	29,000	–	0.51%	–
PGR	New	PROGRESSIVE CORP	$1,089,000	–	11,500	–	0.50%	–
GGG	New	GRACO INC	$1,074,000	–	17,500	–	0.49%	–
OTEX	Sell	OPEN TEXT CORP	$1,075,000	-61.7%	25,438	-61.5%	0.49%	-64.0%
KMX	New	CARMAX INC	$1,057,000	–	11,500	–	0.48%	–
WSM	New	WILLIAMS SONOMA INC	$1,040,000	–	11,500	–	0.47%	–
ULH	New	UNIVERSAL LOGISTICS HLDGS IN	$1,012,000	–	48,500	–	0.46%	–
PFSI	Buy	PENNYMAC FINL SVCS INC NEW	$988,000	+57.6%	17,000	+13.3%	0.45%	+48.0%
TECK	New	TECK RESOURCES LTDcl b	$905,000	–	65,000	–	0.41%	–
GNRC	Sell	GENERAC HLDGS INC	$891,000	-41.5%	4,600	-63.2%	0.41%	-45.1%
TRI	Buy	THOMSON REUTERS CORP.	$774,000	+82.5%	9,700	+55.4%	0.35%	+71.4%
CARR	Sell	CARRIER GLOBAL CORPORATION	$764,000	-59.6%	25,000	-70.6%	0.35%	-62.0%
AMZN	Sell	AMAZON COM INC	$724,000	-59.6%	230	-64.6%	0.33%	-62.1%
	Sell	BRP INC	$725,000	-74.1%	13,720	-79.1%	0.33%	-75.7%
ECL	Sell	ECOLAB INC	$699,000	-56.1%	3,500	-56.2%	0.32%	-58.7%
LPX	Sell	LOUISIANA PAC CORP	$693,000	-61.4%	23,500	-66.4%	0.32%	-63.7%
AEO	New	AMERICAN EAGLE OUTFITTERS IN	$681,000	–	46,000	–	0.31%	–
FIS	Sell	FIDELITY NATL INFORMATION SV	$677,000	-66.3%	4,600	-69.3%	0.31%	-68.3%
NEPT	New	NEPTUNE WELLNESS SOLUTIONS I	$667,000	–	315,000	–	0.30%	–
INVH	Sell	INVITATION HOMES INC	$658,000	-31.7%	23,500	-32.9%	0.30%	-35.9%
PBA	Sell	PEMBINA PIPELINE CORP	$407,000	-77.1%	19,178	-73.0%	0.19%	-78.4%
UAL	Exit	UNITED AIRLS HLDGS INC	$0	–	-7,500	–	-0.13%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-20,000	–	-0.22%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-3,000	–	-0.25%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-10,494	–	-0.29%	–
TER	Exit	TERADYNE INC	$0	–	-10,000	–	-0.41%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-15,000	–	-0.45%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-18,980	–	-0.49%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-92,404	–	-0.50%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-5,000	–	-0.50%	–
GFL	Exit	GFL ENVIRONMENTAL INC	$0	–	-56,690	–	-0.52%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-6,000	–	-0.54%	–
MAG	Exit	MAG SILVER CORP	$0	–	-84,000	–	-0.58%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-5,000	–	-0.76%	–
HUM	Exit	HUMANA INC	$0	–	-5,000	–	-0.94%	–
BCE	Exit	BCE INC	$0	–	-66,250	–	-1.34%	–
OSB	Exit	NORBORD INC	$0	–	-327,792	–	-3.63%	–

Q2 2020

			Value		Shares		↓ Weighting
RY	New	ROYAL BK CDA	$11,661,000	–	171,856	–	5.66%	–
SHOP	New	SHOPIFY INCcl a	$10,272,000	–	10,812	–	4.98%	–
TD	New	TORONTO DOMINION BK ONT	$9,316,000	–	208,732	–	4.52%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$8,340,000	–	253,397	–	4.04%	–
CNI	New	CANADIAN NATL RY CO	$8,147,000	–	92,084	–	3.95%	–
CP	New	CANADIAN PAC RY LTD	$7,892,000	–	31,024	–	3.83%	–
GOLD	New	BARRICK GOLD CORPORATION	$7,570,000	–	281,308	–	3.67%	–
OSB	New	NORBORD INC	$7,482,000	–	327,792	–	3.63%	–
KL	New	KIRKLAND LAKE GOLD LTD	$6,376,000	–	154,828	–	3.09%	–
FSV	New	FIRSTSERVICE CORP NEW	$6,162,000	–	61,170	–	2.99%	–
BNS	New	BANK NOVA SCOTIA B C	$5,935,000	–	143,412	–	2.88%	–
ENB	New	ENBRIDGE INC	$5,584,000	–	183,638	–	2.71%	–
SU	New	SUNCOR ENERGY INC NEW	$5,408,000	–	320,745	–	2.62%	–
LOW	New	LOWES COS INC	$5,405,000	–	40,000	–	2.62%	–
PAAS	New	PAN AMERN SILVER CORP	$4,990,000	–	164,240	–	2.42%	–
TAC	New	TRANSALTA CORP	$4,867,000	–	820,730	–	2.36%	–
QSR	New	RESTAURANT BRANDS INTL INC	$4,826,000	–	88,670	–	2.34%	–
SLF	New	SUN LIFE FINANCIAL INC.	$4,422,000	–	120,327	–	2.14%	–
CNQ	New	CANADIAN NAT RES LTD	$4,293,000	–	247,325	–	2.08%	–
TRP	New	TC ENERGY CORP	$4,239,000	–	99,225	–	2.06%	–
DSGX	New	DESCARTES SYS GROUP INC	$3,763,000	–	71,274	–	1.82%	–
AEM	New	AGNICO EAGLE MINES LTD	$3,298,000	–	51,510	–	1.60%	–
WCN	New	WASTE CONNECTIONS INC	$2,827,000	–	30,174	–	1.37%	–
OTEX	New	OPEN TEXT CORP	$2,806,000	–	66,078	–	1.36%	–
	New	BRP INC	$2,803,000	–	65,710	–	1.36%	–
BCE	New	BCE INC	$2,763,000	–	66,250	–	1.34%	–
TU	New	TELUS CORPORATION	$2,192,000	–	130,680	–	1.06%	–
MGA	New	MAGNA INTL INC	$2,115,000	–	47,481	–	1.03%	–
UNP	New	UNION PAC CORP	$2,113,000	–	12,500	–	1.02%	–
FIS	New	FIDELITY NATL INFORMATION SV	$2,011,000	–	15,000	–	0.98%	–
HUM	New	HUMANA INC	$1,939,000	–	5,000	–	0.94%	–
MA	New	MASTERCARD INCORPORATEDcl a	$1,922,000	–	6,500	–	0.93%	–
CARR	New	CARRIER GLOBAL CORPORATION	$1,889,000	–	85,000	–	0.92%	–
LPX	New	LOUISIANA PAC CORP	$1,796,000	–	70,000	–	0.87%	–
AMZN	New	AMAZON COM INC	$1,793,000	–	650	–	0.87%	–
MDC	New	M D C HLDGS INC	$1,785,000	–	50,000	–	0.87%	–
PBA	New	PEMBINA PIPELINE CORP	$1,776,000	–	71,056	–	0.86%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$1,756,000	–	39,920	–	0.85%	–
ECL	New	ECOLAB INC	$1,592,000	–	8,000	–	0.77%	–
SSRM	New	SSR MNG INC	$1,564,000	–	73,400	–	0.76%	–
LULU	New	LULULEMON ATHLETICA INC	$1,560,000	–	5,000	–	0.76%	–
PROF	New	PROFOUND MED CORP	$1,560,000	–	92,120	–	0.76%	–
SILV	New	SILVERCREST METALS INC	$1,559,000	–	170,000	–	0.76%	–
GNRC	New	GENERAC HLDGS INC	$1,524,000	–	12,500	–	0.74%	–
ERF	New	ENERPLUS CORP	$1,408,000	–	500,300	–	0.68%	–
CTAS	New	CINTAS CORP	$1,332,000	–	5,000	–	0.65%	–
MAG	New	MAG SILVER CORP	$1,186,000	–	84,000	–	0.58%	–
CRM	New	SALESFORCE COM INC	$1,124,000	–	6,000	–	0.54%	–
GFL	New	GFL ENVIRONMENTAL INC	$1,064,000	–	56,690	–	0.52%	–
MLM	New	MARTIN MARIETTA MATLS INC	$1,033,000	–	5,000	–	0.50%	–
EQX	New	EQUINOX GOLD CORP	$1,033,000	–	92,404	–	0.50%	–
BMO	New	BANK MONTREAL QUE	$1,010,000	–	18,980	–	0.49%	–
INVH	New	INVITATION HOMES INC	$964,000	–	35,000	–	0.47%	–
AGI	New	ALAMOS GOLD INC NEW	$963,000	–	103,300	–	0.47%	–
MMX	New	MAVERIX METALS INC	$958,000	–	215,000	–	0.46%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$942,000	–	35,000	–	0.46%	–
MFC	New	MANULIFE FINL CORP	$939,000	–	69,041	–	0.46%	–
LEN	New	LENNAR CORPcl a	$924,000	–	15,000	–	0.45%	–
VMD	New	VIEMED HEALTHCARE INC	$910,000	–	95,000	–	0.44%	–
TER	New	TERADYNE INC	$845,000	–	10,000	–	0.41%	–
CVE	New	CENOVUS ENERGY INC	$829,000	–	177,290	–	0.40%	–
EXK	New	ENDEAVOUR SILVER CORP	$725,000	–	319,460	–	0.35%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$667,000	–	51,560	–	0.32%	–
PFSI	New	PENNYMAC FINL SVCS INC NEW	$627,000	–	15,000	–	0.30%	–
CIGI	New	COLLIERS INTL GROUP INC	$602,000	–	10,494	–	0.29%	–
FIVE	New	FIVE BELOW INC	$535,000	–	5,000	–	0.26%	–
PYPL	New	PAYPAL HLDGS INC	$523,000	–	3,000	–	0.25%	–
WY	New	WEYERHAEUSER CO MTN BE	$449,000	–	20,000	–	0.22%	–
TRI	New	THOMSON REUTERS CORP.	$424,000	–	6,240	–	0.21%	–
UAL	New	UNITED AIRLS HLDGS INC	$260,000	–	7,500	–	0.13%	–

Q4 2019

			Value		Shares		↓ Weighting
FSM	Exit	Fortuna Silver Mines Inc.	$0	–	-113,100	–	-0.18%	–
DHI	Exit	D R Horton Inc	$0	–	-10,000	–	-0.27%	–
TJX	Exit	TJX Companies Inc.	$0	–	-10,000	–	-0.29%	–
EQX	Exit	Equinox Gold Corp	$0	–	-108,454	–	-0.30%	–
BCC	Exit	Boise Cascade Corp.	$0	–	-19,000	–	-0.32%	–
MAS	Exit	Masco Corp.	$0	–	-15,000	–	-0.32%	–
BHC	Exit	Bausch Health Cos Inc	$0	–	-29,200	–	-0.33%	–
MEOH	Exit	Methanex Corp.	$0	–	-20,070	–	-0.37%	–
ROST	Exit	Ross Stores Inc	$0	–	-6,500	–	-0.37%	–
TREX	Exit	Trex Co Inc	$0	–	-8,000	–	-0.38%	–
BBT	Exit	BB&T Corp.	$0	–	-15,000	–	-0.42%	–
AG	Exit	First Majestic Silver Corp	$0	–	-109,640	–	-0.52%	–
MAG	Exit	Mag Silver	$0	–	-100,930	–	-0.56%	–
SHW	Exit	Sherwin-Williams	$0	–	-2,000	–	-0.57%	–
GOOS	Exit	Canada Goose Holdings Inc	$0	–	-25,090	–	-0.57%	–
LEN	Exit	Lennar Corp.cl a	$0	–	-20,000	–	-0.58%	–
SLF	Exit	Sun Life Financial Inc.	$0	–	-25,300	–	-0.59%	–
LULU	Exit	Lululemon Athletica	$0	–	-6,000	–	-0.60%	–
RTN	Exit	Raytheon Company	$0	–	-6,000	–	-0.61%	–
SAND	Exit	Sandstorm Gold Ltd	$0	–	-213,380	–	-0.63%	–
MA	Exit	Mastercard Inccl a	$0	–	-4,500	–	-0.64%	–
TECK	Exit	Teck Resources Ltd.cl b	$0	–	-78,732	–	-0.66%	–
NOC	Exit	Northrop Grumman Corp.	$0	–	-3,500	–	-0.68%	–
ETFC	Exit	E Trade Financial Group Inc	$0	–	-30,000	–	-0.68%	–
OTEX	Exit	Open Text Corp.	$0	–	-33,053	–	-0.70%	–
ERF	Exit	Enerplus Corp	$0	–	-200,800	–	-0.78%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-18,149	–	-0.78%	–
HD	Exit	Home Depot	$0	–	-7,000	–	-0.84%	–
SSRM	Exit	SSR Mining Inc	$0	–	-114,470	–	-0.86%	–
OSB	Exit	Norbord Inc.	$0	–	-71,030	–	-0.88%	–
CIGI	Exit	Colliers International Group Inc.	$0	–	-28,480	–	-1.11%	–
WY	Exit	Weyerhaeuser Company	$0	–	-80,000	–	-1.15%	–
BCE	Exit	BCE Inc.	$0	–	-50,110	–	-1.26%	–
AEM	Exit	Agnico Eagle Mines Ltd	$0	–	-47,252	–	-1.32%	–
SHOP	Exit	Shopify Inc - Class Acl a	$0	–	-8,151	–	-1.32%	–
QSR	Exit	Restaurant Brands International	$0	–	-36,379	–	-1.35%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-276,050	–	-1.35%	–
PGR	Exit	Progressive Corp.	$0	–	-35,000	–	-1.41%	–
NTR	Exit	Nutrien Ltd	$0	–	-58,324	–	-1.51%	–
WCN	Exit	Waste Connections Inc	$0	–	-31,654	–	-1.51%	–
PBA	Exit	Pembina Pipeline Corp.	$0	–	-82,050	–	-1.58%	–
FISV	Exit	Fiserv Inc.	$0	–	-30,000	–	-1.62%	–
FSV	Exit	New First Service Corp.	$0	–	-30,720	–	-1.64%	–
KL	Exit	Kirkland Lake Gold Ltd	$0	–	-70,956	–	-1.65%	–
GIB	Exit	CGI Inccl a sub vtg	$0	–	-43,199	–	-1.78%	–
FNF	Exit	FNF Group	$0	–	-80,000	–	-1.85%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-205,785	–	-1.96%	–
GOLD	Exit	Barrick Gold Corp.	$0	–	-220,340	–	-1.98%	–
SJR	Exit	Shaw Communications Inc. Class Bcl b conv	$0	–	-224,470	–	-2.30%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-51,400	–	-2.44%	–
DSGX	Exit	Descartes Systems Group	$0	–	-117,180	–	-2.46%	–
BMO	Exit	Bank of Montreal	$0	–	-64,703	–	-2.48%	–
CP	Exit	Canadian Pacific Railway Ltd.	$0	–	-23,465	–	-2.71%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-212,330	–	-2.94%	–
CNI	Exit	Canadian National Railway	$0	–	-66,466	–	-3.10%	–
TRP	Exit	TC Energy Corp	$0	–	-118,659	–	-3.20%	–
SU	Exit	Suncor Energy Inc.	$0	–	-200,529	–	-3.29%	–
ENB	Exit	Enbridge Inc.	$0	–	-209,112	–	-3.82%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-205,391	–	-6.23%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-222,164	–	-6.56%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-248,946	–	-6.88%	–
RY	Exit	Royal Bank of Canada	$0	–	-188,085	–	-7.94%	–

Q3 2019

			Value		Shares		↓ Weighting
RY	Sell	Royal Bank of Canada	$15,267,000	-81.4%	188,085	-81.8%	7.94%	-9.8%
BAM	Sell	Brookfield Asset Management Inc.cl a ltd vt sh	$13,226,000	-71.9%	248,946	-74.6%	6.88%	+36.4%
BNS	Sell	Bank of Nova Scotia	$12,627,000	-66.3%	222,164	-68.1%	6.56%	+63.4%
TD	Sell	Toronto-Dominion Bank	$11,984,000	-86.8%	205,391	-86.8%	6.23%	-36.1%
ENB	Sell	Enbridge Inc.	$7,344,000	-85.2%	209,112	-84.8%	3.82%	-28.3%
SU	Sell	Suncor Energy Inc.	$6,329,000	-83.5%	200,529	-83.7%	3.29%	-20.0%
TRP	Sell	TC Energy Corp	$6,148,000	-71.5%	118,659	-72.7%	3.20%	+38.2%
CNI	Sell	Canadian National Railway	$5,972,000	-86.3%	66,466	-85.8%	3.10%	-33.3%
CNQ	Sell	Canadian Natural Resources Ltd.	$5,653,000	-80.5%	212,330	-80.2%	2.94%	-5.3%
CP	Sell	Canadian Pacific Railway Ltd.	$5,218,000	-86.2%	23,465	-85.4%	2.71%	-33.0%
BMO	Sell	Bank of Montreal	$4,769,000	-83.1%	64,703	-82.7%	2.48%	-18.1%
DSGX	Sell	Descartes Systems Group	$4,731,000	-62.2%	117,180	-65.3%	2.46%	+83.6%
FNV	New	Franco-Nevada Corp.	$4,686,000	–	51,400	–	2.44%	–
SJR	Sell	Shaw Communications Inc. Class Bcl b conv	$4,413,000	-78.7%	224,470	-77.8%	2.30%	+3.5%
GOLD	Sell	Barrick Gold Corp.	$3,814,000	-82.6%	220,340	-84.1%	1.98%	-15.6%
MFC	Sell	Manulife Financial Corp.	$3,777,000	-82.2%	205,785	-82.4%	1.96%	-13.8%
FNF	New	FNF Group	$3,553,000	–	80,000	–	1.85%	–
GIB	Sell	CGI Inccl a sub vtg	$3,418,000	-87.8%	43,199	-88.1%	1.78%	-40.6%
KL	Sell	Kirkland Lake Gold Ltd	$3,181,000	-85.8%	70,956	-86.3%	1.65%	-31.1%
FSV	Sell	New First Service Corp.	$3,152,000	-70.1%	30,720	-71.9%	1.64%	+44.9%
FISV	Buy	Fiserv Inc.	$3,108,000	+70.5%	30,000	+50.0%	1.62%	+728.7%
PBA	Sell	Pembina Pipeline Corp.	$3,043,000	-84.2%	82,050	-84.1%	1.58%	-23.2%
WCN	Sell	Waste Connections Inc	$2,910,000	-86.1%	31,654	-85.5%	1.51%	-32.5%
NTR	Sell	Nutrien Ltd	$2,907,000	-83.4%	58,324	-82.2%	1.51%	-19.6%
PGR	Sell	Progressive Corp.	$2,704,000	-32.3%	35,000	-30.0%	1.41%	+228.5%
CVE	Sell	Cenovus Energy Inc.	$2,591,000	-74.9%	276,050	-76.4%	1.35%	+21.8%
QSR	Sell	Restaurant Brands International	$2,588,000	-89.4%	36,379	-89.6%	1.35%	-48.5%
SHOP	Sell	Shopify Inc - Class Acl a	$2,538,000	-78.5%	8,151	-79.2%	1.32%	+4.3%
AEM	Sell	Agnico Eagle Mines Ltd	$2,534,000	-87.3%	47,252	-87.9%	1.32%	-38.5%
BCE	New	BCE Inc.	$2,425,000	–	50,110	–	1.26%	–
WY	Sell	Weyerhaeuser Company	$2,216,000	-16.4%	80,000	-20.5%	1.15%	+305.6%
CIGI	Sell	Colliers International Group Inc.	$2,139,000	-80.5%	28,480	-81.4%	1.11%	-5.5%
OSB	Sell	Norbord Inc.	$1,703,000	-12.0%	71,030	-8.9%	0.88%	+327.5%
SSRM	Buy	SSR Mining Inc	$1,661,000	+23.0%	114,470	+16.2%	0.86%	+495.9%
HD	Sell	Home Depot	$1,624,000	-8.1%	7,000	-17.6%	0.84%	+346.6%
CM	Sell	Canadian Imperial Bank of Commerce	$1,498,000	-80.6%	18,149	-81.5%	0.78%	-5.8%
ERF	Sell	Enerplus Corp	$1,496,000	-84.6%	200,800	-84.4%	0.78%	-25.2%
OTEX	Sell	Open Text Corp.	$1,349,000	-95.2%	33,053	-95.1%	0.70%	-76.7%
ETFC	Sell	E Trade Financial Group Inc	$1,311,000	-59.0%	30,000	-58.2%	0.68%	+98.8%
NOC	Sell	Northrop Grumman Corp.	$1,312,000	-32.3%	3,500	-41.7%	0.68%	+227.9%
TECK	Sell	Teck Resources Ltd.cl b	$1,277,000	-91.9%	78,732	-88.4%	0.66%	-60.6%
MA	Sell	Mastercard Inccl a	$1,222,000	-53.8%	4,500	-55.0%	0.64%	+124.4%
SAND	Buy	Sandstorm Gold Ltd	$1,207,000	+6.7%	213,380	+4.9%	0.63%	+419.0%
RTN	New	Raytheon Company	$1,177,000	–	6,000	–	0.61%	–
LULU	Sell	Lululemon Athletica	$1,155,000	-48.7%	6,000	-52.0%	0.60%	+149.4%
SLF	Sell	Sun Life Financial Inc.	$1,132,000	-92.8%	25,300	-93.3%	0.59%	-65.2%
LEN	Buy	Lennar Corp.cl a	$1,117,000	+130.3%	20,000	+100.0%	0.58%	+1017.3%
GOOS	Sell	Canada Goose Holdings Inc	$1,104,000	-87.6%	25,090	-89.1%	0.57%	-40.0%
SHW	New	Sherwin-Williams	$1,100,000	–	2,000	–	0.57%	–
MAG	Buy	Mag Silver	$1,073,000	+25.9%	100,930	+25.2%	0.56%	+513.2%
AG	Buy	First Majestic Silver Corp	$998,000	+97.6%	109,640	+72.0%	0.52%	+861.1%
BBT	New	BB&T Corp.	$801,000	–	15,000	–	0.42%	–
TREX	New	Trex Co Inc	$727,000	–	8,000	–	0.38%	–
ROST	New	Ross Stores Inc	$714,000	–	6,500	–	0.37%	–
MEOH	New	Methanex Corp.	$713,000	–	20,070	–	0.37%	–
BHC	Sell	Bausch Health Cos Inc	$637,000	-88.0%	29,200	-86.1%	0.33%	-42.0%
MAS	Sell	Masco Corp.	$625,000	-20.4%	15,000	-25.0%	0.32%	+286.9%
BCC	New	Boise Cascade Corp.	$619,000	–	19,000	–	0.32%	–
EQX	New	Equinox Gold Corp	$577,000	–	108,454	–	0.30%	–
TJX	Sell	TJX Companies Inc.	$557,000	-73.3%	10,000	-74.7%	0.29%	+29.5%
DHI	New	D R Horton Inc	$527,000	–	10,000	–	0.27%	–
FSM	Buy	Fortuna Silver Mines Inc.	$350,000	+9.7%	113,100	+1.1%	0.18%	+435.3%
LPX	Exit	Louisiana-Pacific Corp.	$0	–	-12,500	–	-0.04%	–
	Exit	Organigram Holdings Inc	$0	–	-58,010	–	-0.04%	–
CNTTQ	Exit	Canntrust Holdings Inc	$0	–	-98,370	–	-0.05%	–
GTE	Exit	Gran Tierra Energy Inc.	$0	–	-376,970	–	-0.06%	–
EGO	Exit	Eldorado Gold Corp.	$0	–	-134,600	–	-0.08%	–
PGTI	Exit	PGT Innovations Inc	$0	–	-47,700	–	-0.09%	–
COT	Exit	Cott Corp.	$0	–	-74,955	–	-0.11%	–
TCF	Exit	Tcf Financial Corp	$0	–	-50,000	–	-0.11%	–
ULTA	Exit	Ulta Salon Cosmetcs & Frag	$0	–	-3,500	–	-0.13%	–
UNP	Exit	Union Pacific	$0	–	-10,000	–	-0.18%	–
STI	Exit	Suntrust Banks Inc.	$0	–	-28,500	–	-0.19%	–
TRI	Exit	Thomson Reuters Corporation	$0	–	-97,161	–	-0.67%	–
RCI	Exit	Rogers Comm Inc. Class Bcl b	$0	–	-328,850	–	-1.89%	–

Q2 2019

			Value		Shares		↓ Weighting
TD	New	Toronto-Dominion Bank	$90,962,000	–	1,553,374	–	9.75%	–
RY	New	Royal Bank of Canada	$82,080,000	–	1,030,631	–	8.80%	–
ENB	New	Enbridge Inc.	$49,673,000	–	1,372,378	–	5.32%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$47,052,000	–	981,411	–	5.04%	–
CNI	New	Canadian National Railway	$43,452,000	–	468,492	–	4.66%	–
SU	New	Suncor Energy Inc.	$38,370,000	–	1,227,417	–	4.11%	–
CP	New	Canadian Pacific Railway Ltd.	$37,806,000	–	160,214	–	4.05%	–
BNS	New	Bank of Nova Scotia	$37,482,000	–	696,335	–	4.02%	–
CNQ	New	Canadian Natural Resources Ltd.	$28,963,000	–	1,071,854	–	3.10%	–
BMO	New	Bank of Montreal	$28,258,000	–	373,295	–	3.03%	–
OTEX	New	Open Text Corp.	$28,027,000	–	677,893	–	3.00%	–
GIB	New	CGI Inccl a sub vtg	$27,935,000	–	362,576	–	2.99%	–
QSR	New	Restaurant Brands International	$24,380,000	–	349,898	–	2.61%	–
KL	New	Kirkland Lake Gold Ltd	$22,412,000	–	519,098	–	2.40%	–
GOLD	New	Barrick Gold Corp.	$21,928,000	–	1,386,276	–	2.35%	–
TRP	New	TC Energy Corp	$21,579,000	–	434,365	–	2.31%	–
MFC	New	Manulife Financial Corp.	$21,255,000	–	1,167,010	–	2.28%	–
WCN	New	Waste Connections Inc	$20,907,000	–	218,402	–	2.24%	–
SJR	New	Shaw Communications Inc. Class Bcl b conv	$20,681,000	–	1,011,403	–	2.22%	–
AEM	New	Agnico Eagle Mines Ltd	$19,982,000	–	388,919	–	2.14%	–
PBA	New	Pembina Pipeline Corp.	$19,225,000	–	515,411	–	2.06%	–
RCI	New	Rogers Comm Inc. Class Bcl b	$17,641,000	–	328,850	–	1.89%	–
NTR	New	Nutrien Ltd	$17,537,000	–	327,138	–	1.88%	–
SLF	New	Sun Life Financial Inc.	$15,773,000	–	380,063	–	1.69%	–
TECK	New	Teck Resources Ltd.cl b	$15,710,000	–	679,315	–	1.68%	–
DSGX	New	Descartes Systems Group	$12,506,000	–	337,308	–	1.34%	–
SHOP	New	Shopify Inc - Class Acl a	$11,807,000	–	39,200	–	1.26%	–
CIGI	New	Colliers International Group Inc.	$10,980,000	–	153,254	–	1.18%	–
FSV	New	New First Service Corp.	$10,554,000	–	109,454	–	1.13%	–
CVE	New	Cenovus Energy Inc.	$10,324,000	–	1,168,091	–	1.11%	–
ERF	New	Enerplus Corp	$9,708,000	–	1,288,088	–	1.04%	–
GOOS	New	Canada Goose Holdings Inc	$8,933,000	–	230,327	–	0.96%	–
CM	New	Canadian Imperial Bank of Commerce	$7,715,000	–	97,900	–	0.83%	–
TRI	New	Thomson Reuters Corporation	$6,281,000	–	97,161	–	0.67%	–
BHC	New	Bausch Health Cos Inc	$5,326,000	–	210,720	–	0.57%	–
PGR	New	Progressive Corp.	$3,996,000	–	50,000	–	0.43%	–
ETFC	New	E Trade Financial Group Inc	$3,198,000	–	71,700	–	0.34%	–
WY	New	Weyerhaeuser Company	$2,650,000	–	100,600	–	0.28%	–
MA	New	Mastercard Inccl a	$2,645,000	–	10,000	–	0.28%	–
LULU	New	Lululemon Athletica	$2,253,000	–	12,500	–	0.24%	–
TJX	New	TJX Companies Inc.	$2,089,000	–	39,500	–	0.22%	–
NOC	New	Northrop Grumman Corp.	$1,939,000	–	6,000	–	0.21%	–
OSB	New	Norbord Inc.	$1,935,000	–	77,970	–	0.21%	–
FISV	New	Fiserv Inc.	$1,823,000	–	20,000	–	0.20%	–
STI	New	Suntrust Banks Inc.	$1,791,000	–	28,500	–	0.19%	–
HD	New	Home Depot	$1,768,000	–	8,500	–	0.19%	–
UNP	New	Union Pacific	$1,691,000	–	10,000	–	0.18%	–
SSRM	New	SSR Mining Inc	$1,350,000	–	98,470	–	0.14%	–
ULTA	New	Ulta Salon Cosmetcs & Frag	$1,214,000	–	3,500	–	0.13%	–
SAND	New	Sandstorm Gold Ltd	$1,131,000	–	203,350	–	0.12%	–
TCF	New	Tcf Financial Corp	$1,040,000	–	50,000	–	0.11%	–
COT	New	Cott Corp.	$1,003,000	–	74,955	–	0.11%	–
MAG	New	Mag Silver	$852,000	–	80,600	–	0.09%	–
PGTI	New	PGT Innovations Inc	$798,000	–	47,700	–	0.09%	–
EGO	New	Eldorado Gold Corp.	$784,000	–	134,600	–	0.08%	–
MAS	New	Masco Corp.	$785,000	–	20,000	–	0.08%	–
GTE	New	Gran Tierra Energy Inc.	$591,000	–	376,970	–	0.06%	–
AG	New	First Majestic Silver Corp	$505,000	–	63,760	–	0.05%	–
CNTTQ	New	Canntrust Holdings Inc	$494,000	–	98,370	–	0.05%	–
LEN	New	Lennar Corp.cl a	$485,000	–	10,000	–	0.05%	–
	New	Organigram Holdings Inc	$374,000	–	58,010	–	0.04%	–
LPX	New	Louisiana-Pacific Corp.	$328,000	–	12,500	–	0.04%	–
FSM	New	Fortuna Silver Mines Inc.	$319,000	–	111,840	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
FNV	Exit	Franco-Nevada Corp.	$0	–	-6,000	–	-0.03%	–
MAG	Exit	Mag Silver	$0	–	-71,140	–	-0.05%	–
C	Exit	Citigroup Inc.	$0	–	-8,900	–	-0.05%	–
PDS	Exit	Precision Drilling Corp.	$0	–	-183,250	–	-0.05%	–
SAND	Exit	Sandstorm Gold Ltd	$0	–	-176,490	–	-0.05%	–
PNC	Exit	PNC Bank Corp.	$0	–	-5,000	–	-0.06%	–
SSRM	Exit	SSR Mining Inc	$0	–	-82,750	–	-0.06%	–
FSV	Exit	New First Service Corp.sub vtg sh	$0	–	-8,820	–	-0.06%	–
FSM	Exit	Fortuna Silver Mines Inc.	$0	–	-172,550	–	-0.06%	–
NKE	Exit	Nike Inc.cl b	$0	–	-10,000	–	-0.07%	–
PGTI	Exit	PGT Innovations Inc	$0	–	-45,000	–	-0.08%	–
BBT	Exit	BB&T Corp.	$0	–	-20,000	–	-0.08%	–
BLDR	Exit	Builders Firstsource	$0	–	-75,000	–	-0.09%	–
TPH	Exit	TRI Pointe Group Inc	$0	–	-90,000	–	-0.09%	–
LULU	Exit	Lululemon Athletica	$0	–	-7,500	–	-0.10%	–
COT	Exit	Cott Corp.	$0	–	-80,621	–	-0.11%	–
BBU	Exit	Brookfield Business Partnersunit ltd lp	$0	–	-28,350	–	-0.11%	–
UNH	Exit	United Health Group Inc.	$0	–	-5,000	–	-0.11%	–
ADSW	Exit	Advanced Disposal Services Inc	$0	–	-49,630	–	-0.11%	–
UNP	Exit	Union Pacific	$0	–	-8,500	–	-0.11%	–
LEN	Exit	Lennar Corp.cl a	$0	–	-30,000	–	-0.11%	–
TAST	Exit	Carrols Restaurant Group Inc	$0	–	-98,200	–	-0.12%	–
GTE	Exit	Gran Tierra Energy Inc.	$0	–	-529,000	–	-0.16%	–
BAC	Exit	Bank of America Corp.	$0	–	-70,880	–	-0.17%	–
MERC	Exit	Mercer Intl Inc	$0	–	-128,155	–	-0.18%	–
BPY	Exit	Brookfield Property Partners LPunit ltd partn	$0	–	-175,000	–	-0.30%	–
ETFC	Exit	E Trade Financial Group Inc	$0	–	-76,700	–	-0.33%	–
JPM	Exit	JP Morgan Chase & Company	$0	–	-39,440	–	-0.36%	–
MA	Exit	Mastercard Inccl a	$0	–	-20,000	–	-0.36%	–
BTEGF	Exit	Baytex Energy Corp	$0	–	-1,642,024	–	-0.39%	–
CPG	Exit	Crescent Point Energy Corp.	$0	–	-828,800	–	-0.43%	–
KEYS	Exit	Keysight Technologies Inc	$0	–	-80,000	–	-0.43%	–
GOLD	Exit	Barrick Gold Corp.	$0	–	-634,150	–	-0.57%	–
	Exit	BRP Inc. Sub Voting	$0	–	-162,100	–	-0.62%	–
GG	Exit	Goldcorp Inc.	$0	–	-859,525	–	-0.72%	–
KL	Exit	Kirkland Lake Gold Ltd	$0	–	-488,482	–	-0.76%	–
SHOP	Exit	Shopify Inc - Class Acl a	$0	–	-70,678	–	-0.95%	–
OTEX	Exit	Open Text Corp.	$0	–	-338,139	–	-1.05%	–
MGA	Exit	Magna International Inc. Class A	$0	–	-277,684	–	-1.19%	–
TECK	Exit	Teck Resources Ltd.cl b	$0	–	-644,422	–	-1.27%	–
SLF	Exit	Sun Life Financial Inc.	$0	–	-437,139	–	-1.42%	–
RCI	Exit	Rogers Comm Inc. Class Bcl b	$0	–	-351,080	–	-1.47%	–
AEM	Exit	Agnico Eagle Mines Ltd	$0	–	-536,982	–	-1.50%	–
CIGI	Exit	Colliers International Group Inc.	$0	–	-244,179	–	-1.54%	–
TRP	Exit	TransCanada Corp.	$0	–	-493,184	–	-1.63%	–
TU	Exit	Telus Corp.	$0	–	-549,874	–	-1.65%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-1,562,981	–	-2.28%	–
ERF	Exit	Enerplus Corp	$0	–	-2,396,360	–	-2.42%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-318,081	–	-2.43%	–
ECA	Exit	Encana Corp.	$0	–	-2,503,288	–	-2.68%	–
GIB	Exit	CGI Group Class Acl a sub vtg	$0	–	-540,971	–	-2.85%	–
NTR	Exit	Nutrien Ltd	$0	–	-667,351	–	-3.14%	–
QSR	Exit	Restaurant Brands International	$0	–	-683,821	–	-3.30%	–
WCN	Exit	Waste Connections Inc	$0	–	-595,185	–	-3.87%	–
CNI	Exit	Canadian National Railway	$0	–	-532,622	–	-3.90%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-1,471,100	–	-3.92%	–
ENB	Exit	Enbridge Inc.	$0	–	-1,502,372	–	-3.96%	–
SU	Exit	Suncor Energy Inc.	$0	–	-1,332,485	–	-4.21%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-1,194,516	–	-4.34%	–
CP	Exit	Canadian Pacific Railway Ltd.	$0	–	-272,741	–	-4.71%	–
BMO	Exit	Bank of Montreal	$0	–	-743,168	–	-5.00%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-1,419,446	–	-6.90%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-1,723,943	–	-8.55%	–
RY	Exit	Royal Bank of Canada	$0	–	-1,577,096	–	-10.32%	–

Q3 2018

			Value		Shares		↓ Weighting
RY	Sell	Royal Bank of Canada	$126,329,000	-8.9%	1,577,096	-14.4%	10.32%	+13.5%
TD	Sell	Toronto-Dominion Bank	$104,682,000	-27.4%	1,723,943	-30.8%	8.55%	-9.5%
BNS	Sell	Bank of Nova Scotia	$84,545,000	-19.9%	1,419,446	-23.9%	6.90%	-0.2%
BMO	Sell	Bank of Montreal	$61,254,000	-5.0%	743,168	-11.0%	5.00%	+18.3%
CP	Sell	Canadian Pacific Railway Ltd.	$57,658,000	-28.8%	272,741	-38.3%	4.71%	-11.3%
BAM	Sell	Brookfield Asset Management Inc.cl a ltd vt sh	$53,128,000	-8.0%	1,194,516	-16.2%	4.34%	+14.5%
SU	Sell	Suncor Energy Inc.	$51,522,000	-28.8%	1,332,485	-25.2%	4.21%	-11.4%
ENB	Sell	Enbridge Inc.	$48,444,000	-33.1%	1,502,372	-25.9%	3.96%	-16.7%
CNQ	Sell	Canadian Natural Resources Ltd.	$48,028,000	-37.2%	1,471,100	-30.7%	3.92%	-21.8%
CNI	Sell	Canadian National Railway	$47,757,000	+8.1%	532,622	-1.5%	3.90%	+34.7%
WCN	Sell	Waste Connections Inc	$47,415,000	-27.9%	595,185	-31.9%	3.87%	-10.2%
QSR	Buy	Restaurant Brands International	$40,468,000	+2.4%	683,821	+4.3%	3.30%	+27.6%
NTR	Buy	Nutrien Ltd	$38,505,000	+16.0%	667,351	+9.3%	3.14%	+44.5%
GIB	Sell	CGI Group Class Acl a sub vtg	$34,856,000	-43.3%	540,971	-44.2%	2.85%	-29.3%
ECA	Sell	Encana Corp.	$32,788,000	-11.6%	2,503,288	-11.9%	2.68%	+10.1%
CM	Buy	Canadian Imperial Bank of Commerce	$29,783,000	+69.9%	318,081	+57.7%	2.43%	+111.6%
ERF	Buy	Enerplus Corp	$29,570,000	+5.5%	2,396,360	+7.7%	2.42%	+31.4%
MFC	Sell	Manulife Financial Corp.	$27,920,000	-43.9%	1,562,981	-43.6%	2.28%	-30.1%
TU	Sell	Telus Corp.	$20,253,000	-43.0%	549,874	-45.1%	1.65%	-29.0%
TRP	Buy	TransCanada Corp.	$19,939,000	+12.8%	493,184	+20.6%	1.63%	+40.4%
CIGI	Buy	Colliers International Group Inc.	$18,900,000	+147.4%	244,179	+143.0%	1.54%	+208.2%
AEM	Sell	Agnico Eagle Mines Ltd	$18,329,000	-27.7%	536,982	-2.9%	1.50%	-9.9%
RCI	Sell	Rogers Comm Inc. Class Bcl b	$18,043,000	-27.5%	351,080	-33.0%	1.47%	-9.6%
SLF	Sell	Sun Life Financial Inc.	$17,366,000	-44.3%	437,139	-43.7%	1.42%	-30.6%
TECK	Sell	Teck Resources Ltd.cl b	$15,520,000	-32.3%	644,422	-28.4%	1.27%	-15.6%
MGA	Buy	Magna International Inc. Class A	$14,576,000	-8.1%	277,684	+1.7%	1.19%	+14.5%
OTEX	Sell	Open Text Corp.	$12,857,000	-52.1%	338,139	-55.7%	1.05%	-40.4%
SHOP	Sell	Shopify Inc - Class Acl a	$11,608,000	-3.9%	70,678	-14.8%	0.95%	+19.7%
KL	Buy	Kirkland Lake Gold Ltd	$9,251,000	+508.2%	488,482	+579.6%	0.76%	+656.0%
GG	Sell	Goldcorp Inc.	$8,751,000	-62.0%	859,525	-48.8%	0.72%	-52.7%
	New	BRP Inc. Sub Voting	$7,598,000	–	162,100	–	0.62%	–
GOLD	Sell	Barrick Gold Corp.	$7,011,000	-53.1%	634,150	-44.3%	0.57%	-41.5%
KEYS	Sell	Keysight Technologies Inc	$5,302,000	-2.9%	80,000	-13.5%	0.43%	+20.9%
CPG	Sell	Crescent Point Energy Corp.	$5,271,000	-52.5%	828,800	-45.2%	0.43%	-40.8%
BTEGF	New	Baytex Energy Corp	$4,765,000	–	1,642,024	–	0.39%	–
MA	Sell	Mastercard Inccl a	$4,452,000	+10.5%	20,000	-2.4%	0.36%	+37.9%
JPM	Buy	JP Morgan Chase & Company	$4,450,000	+70.8%	39,440	+57.8%	0.36%	+112.3%
ETFC	Sell	E Trade Financial Group Inc	$4,018,000	-17.9%	76,700	-4.1%	0.33%	+2.2%
BPY	New	Brookfield Property Partners LPunit ltd partn	$3,657,000	–	175,000	–	0.30%	–
MERC	Sell	Mercer Intl Inc	$2,153,000	-53.4%	128,155	-52.5%	0.18%	-41.9%
BAC	Buy	Bank of America Corp.	$2,088,000	+85.1%	70,880	+77.2%	0.17%	+131.1%
GTE	Buy	Gran Tierra Energy Inc.	$2,014,000	+157.5%	529,000	+133.9%	0.16%	+221.6%
TAST	Sell	Carrols Restaurant Group Inc	$1,434,000	-8.0%	98,200	-6.5%	0.12%	+14.7%
LEN	Buy	Lennar Corp.cl a	$1,401,000	+6.8%	30,000	+20.0%	0.11%	+32.6%
UNP	Buy	Union Pacific	$1,384,000	+30.2%	8,500	+13.3%	0.11%	+61.4%
ADSW	Sell	Advanced Disposal Services Inc	$1,344,000	-31.1%	49,630	-37.0%	0.11%	-14.1%
UNH	New	United Health Group Inc.	$1,330,000	–	5,000	–	0.11%	–
COT	Sell	Cott Corp.	$1,301,000	-19.6%	80,621	-17.5%	0.11%	0.0%
BBU	Buy	Brookfield Business Partnersunit ltd lp	$1,298,000	+125.7%	28,350	+89.0%	0.11%	+178.9%
LULU	Sell	Lululemon Athletica	$1,219,000	-21.9%	7,500	-40.0%	0.10%	-2.0%
TPH	Sell	TRI Pointe Group Inc	$1,116,000	-65.9%	90,000	-55.0%	0.09%	-57.7%
BLDR	Sell	Builders Firstsource	$1,101,000	-33.3%	75,000	-16.9%	0.09%	-16.7%
PGTI	New	PGT Innovations Inc	$972,000	–	45,000	–	0.08%	–
BBT	Sell	BB&T Corp.	$971,000	-70.4%	20,000	-69.2%	0.08%	-63.3%
NKE	Sell	Nike Inc.cl b	$847,000	-29.1%	10,000	-33.3%	0.07%	-11.5%
FSM	Sell	Fortuna Silver Mines Inc.	$753,000	-23.3%	172,550	-0.1%	0.06%	-3.1%
SSRM	Buy	SSR Mining Inc	$719,000	+1.1%	82,750	+14.7%	0.06%	+25.5%
PNC	New	PNC Bank Corp.	$681,000	–	5,000	–	0.06%	–
PDS	Sell	Precision Drilling Corp.	$632,000	-46.2%	183,250	-48.4%	0.05%	-32.5%
C	New	Citigroup Inc.	$638,000	–	8,900	–	0.05%	–
FNV	Buy	Franco-Nevada Corp.	$375,000	+0.5%	6,000	+17.4%	0.03%	+29.2%
OSB	Exit	Norbord Inc.	$0	–	-5,000	–	-0.01%	–
HBM	Exit	Hudbay Minerals Inc.	$0	–	-88,331	–	-0.03%	–
NSU	Exit	Nevsun Resources Ltd.	$0	–	-201,150	–	-0.05%	–
OCIP	Exit	Oci Partners Mlp	$0	–	-100,000	–	-0.08%	–
RYAM	Exit	Rayonier Advanced Materials	$0	–	-75,000	–	-0.08%	–
MAXR	Exit	Maxar Technologies Ltd	$0	–	-91,130	–	-0.30%	–
WPM	Exit	Wheaton Precious Metals Corp	$0	–	-391,414	–	-0.57%	–

Q2 2018

			Value		Shares		↓ Weighting
TD	New	Toronto-Dominion Bank	$144,133,000	–	2,491,786	–	9.45%	–
RY	New	Royal Bank of Canada	$138,676,000	–	1,842,825	–	9.09%	–
BNS	New	Bank of Nova Scotia	$105,485,000	–	1,864,058	–	6.92%	–
CP	New	Canadian Pacific Railway Ltd.	$80,980,000	–	442,181	–	5.31%	–
CNQ	New	Canadian Natural Resources Ltd.	$76,521,000	–	2,121,380	–	5.02%	–
ENB	New	Enbridge Inc.	$72,416,000	–	2,026,792	–	4.75%	–
SU	New	Suncor Energy Inc.	$72,403,000	–	1,780,241	–	4.75%	–
WCN	New	Waste Connections Inc	$65,767,000	–	873,614	–	4.31%	–
BMO	New	Bank of Montreal	$64,491,000	–	834,828	–	4.23%	–
GIB	New	CGI Group Class Acl a sub vtg	$61,434,000	–	970,038	–	4.03%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$57,770,000	–	1,424,966	–	3.79%	–
MFC	New	Manulife Financial Corp.	$49,725,000	–	2,769,306	–	3.26%	–
CNI	New	Canadian National Railway	$44,184,000	–	540,519	–	2.90%	–
QSR	New	Restaurant Brands International	$39,506,000	–	655,321	–	2.59%	–
ECA	New	Encana Corp.	$37,103,000	–	2,842,548	–	2.43%	–
TU	New	Telus Corp.	$35,533,000	–	1,000,904	–	2.33%	–
NTR	New	Nutrien Ltd	$33,200,000	–	610,631	–	2.18%	–
SLF	New	Sun Life Financial Inc.	$31,156,000	–	775,779	–	2.04%	–
ERF	New	Enerplus Corp	$28,033,000	–	2,224,170	–	1.84%	–
OTEX	New	Open Text Corp.	$26,854,000	–	763,464	–	1.76%	–
AEM	New	Agnico Eagle Mines Ltd	$25,337,000	–	553,012	–	1.66%	–
RCI	New	Rogers Comm Inc. Class Bcl b	$24,873,000	–	524,020	–	1.63%	–
GG	New	Goldcorp Inc.	$23,045,000	–	1,679,455	–	1.51%	–
TECK	New	Teck Resources Ltd.cl b	$22,920,000	–	900,282	–	1.50%	–
TRP	New	TransCanada Corp.	$17,684,000	–	408,975	–	1.16%	–
CM	New	Canadian Imperial Bank of Commerce	$17,531,000	–	201,651	–	1.15%	–
MGA	New	Magna International Inc. Class A	$15,865,000	–	272,950	–	1.04%	–
GOLD	New	Barrick Gold Corp.	$14,943,000	–	1,138,218	–	0.98%	–
SHOP	New	Shopify Inc - Class Acl a	$12,084,000	–	82,918	–	0.79%	–
CPG	New	Crescent Point Energy Corp.	$11,101,000	–	1,511,700	–	0.73%	–
WPM	New	Wheaton Precious Metals Corp	$8,635,000	–	391,414	–	0.57%	–
CIGI	New	Colliers International Group Inc.	$7,640,000	–	100,480	–	0.50%	–
KEYS	New	Keysight Technologies Inc	$5,460,000	–	92,500	–	0.36%	–
ETFC	New	E Trade Financial Group Inc	$4,893,000	–	80,000	–	0.32%	–
MERC	New	Mercer Intl Inc	$4,620,000	–	270,000	–	0.30%	–
MAXR	New	Maxar Technologies Ltd	$4,572,000	–	91,130	–	0.30%	–
MA	New	Mastercard Inccl a	$4,029,000	–	20,500	–	0.26%	–
BBT	New	BB&T Corp.	$3,279,000	–	65,000	–	0.22%	–
TPH	New	TRI Pointe Group Inc	$3,272,000	–	200,000	–	0.22%	–
JPM	New	JP Morgan Chase & Company	$2,605,000	–	25,000	–	0.17%	–
ADSW	New	Advanced Disposal Services Inc	$1,951,000	–	78,730	–	0.13%	–
BLDR	New	Builders Firstsource	$1,651,000	–	90,241	–	0.11%	–
COT	New	Cott Corp	$1,618,000	–	97,765	–	0.11%	–
TAST	New	Carrols Restaurant Group Inc	$1,559,000	–	105,000	–	0.10%	–
LULU	New	Lululemon Athletica	$1,561,000	–	12,500	–	0.10%	–
KL	New	Kirkland Lake Gold Ltd	$1,521,000	–	71,882	–	0.10%	–
LEN	New	Lennar Corp.cl a	$1,312,000	–	25,000	–	0.09%	–
RYAM	New	Rayonier Advanced Materials	$1,282,000	–	75,000	–	0.08%	–
NKE	New	Nike Inc.cl b	$1,195,000	–	15,000	–	0.08%	–
PDS	New	Precision Drilling Corp.	$1,175,000	–	355,440	–	0.08%	–
OCIP	New	Oci Partners Mlp	$1,150,000	–	100,000	–	0.08%	–
BAC	New	Bank of America Corp.	$1,128,000	–	40,000	–	0.07%	–
UNP	New	Union Pacific	$1,063,000	–	7,500	–	0.07%	–
FSM	New	Fortuna Silver Mines Inc.	$982,000	–	172,760	–	0.06%	–
SAND	New	Sandstorm Gold Ltd	$793,000	–	176,490	–	0.05%	–
GTE	New	Gran Tierra Energy Inc.	$782,000	–	226,200	–	0.05%	–
MAG	New	Mag Silver	$768,000	–	71,140	–	0.05%	–
SSRM	New	SSR Mining Inc	$711,000	–	72,130	–	0.05%	–
NSU	New	Nevsun Resources Ltd.	$699,000	–	201,150	–	0.05%	–
FSV	New	New First Service Corp.sub vtg sh	$670,000	–	8,820	–	0.04%	–
BBU	New	Brookfield Business Partnersunit ltd lp	$575,000	–	15,000	–	0.04%	–
HBM	New	Hudbay Minerals Inc.	$492,000	–	88,331	–	0.03%	–
FNV	New	Franco-Nevada Corp.	$373,000	–	5,110	–	0.02%	–
OSB	New	Norbord Inc.	$205,000	–	5,000	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
SM	Exit	SM Energy Co.	$0	–	-12,310	–	-0.01%	–
CPG	Exit	Crescent Point Energy Corp.	$0	–	-29,220	–	-0.02%	–
NXE	Exit	Nexgen Energy Ltd	$0	–	-114,310	–	-0.02%	–
SWIR	Exit	Sierra Wireless Inc.	$0	–	-13,670	–	-0.02%	–
OSB	Exit	Norbord Inc.	$0	–	-9,225	–	-0.02%	–
FSV	Exit	New First Service Corp.sub vtg sh	$0	–	-5,910	–	-0.02%	–
NSU	Exit	Nevsun Resources Ltd.	$0	–	-184,760	–	-0.03%	–
BLDP	Exit	Ballard Power Systems Inc	$0	–	-89,160	–	-0.03%	–
BTEGF	Exit	Baytex Energy Corp	$0	–	-141,152	–	-0.03%	–
PDS	Exit	Precision Drilling Corp.	$0	–	-149,020	–	-0.03%	–
GDXJ	Exit	Vaneck Vectors Junior Gold M ETFjr gold miners e	$0	–	-15,000	–	-0.03%	–
EXK	Exit	Endeavour Silver	$0	–	-238,050	–	-0.04%	–
KLDX	Exit	Klondex Mines Ltd	$0	–	-179,497	–	-0.04%	–
FSM	Exit	Fortuna Silver Mines Inc.	$0	–	-150,060	–	-0.04%	–
RIC	Exit	Richmont Mines Inc	$0	–	-80,910	–	-0.05%	–
FARM	Exit	Farmer Bros Co	$0	–	-23,042	–	-0.05%	–
MWA	Exit	Mueller Water Products Inc	$0	–	-61,038	–	-0.05%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-840	–	-0.05%	–
AAVVF	Exit	Advantage Oil & Gas Ltd.	$0	–	-130,963	–	-0.05%	–
ALLE	Exit	Allegion Plc	$0	–	-10,230	–	-0.06%	–
CSTE	Exit	Caesartone Ltd	$0	–	-29,650	–	-0.06%	–
UFPI	Exit	Universal Forest Prods Inc	$0	–	-9,578	–	-0.06%	–
HBM	Exit	Hudbay Minerals Inc.	$0	–	-128,271	–	-0.06%	–
SAND	Exit	Sandstorm Gold Ltd	$0	–	-224,810	–	-0.06%	–
KL	Exit	Kirkland Lake Gold Ltd	$0	–	-85,952	–	-0.07%	–
XEC	Exit	Cimarex Energy Co	$0	–	-10,000	–	-0.07%	–
MHK	Exit	Mohawk Industries Inc.	$0	–	-5,000	–	-0.08%	–
RTN	Exit	Raytheon Company	$0	–	-7,150	–	-0.08%	–
FBHS	Exit	Fortune Brands Home & Security Inc.	$0	–	-20,000	–	-0.09%	–
GVA	Exit	Granite Construction Inc	$0	–	-24,330	–	-0.09%	–
C	Exit	Citigroup Inc.	$0	–	-19,830	–	-0.09%	–
MA	Exit	Mastercard Inccl a	$0	–	-10,500	–	-0.10%	–
ADSW	Exit	Advanced Disposal Services Inc	$0	–	-63,940	–	-0.10%	–
TAST	Exit	Carrols Restaurant Group Inc	$0	–	-166,730	–	-0.12%	–
OC	Exit	Owens Corning	$0	–	-25,000	–	-0.12%	–
DVN	Exit	Devon Energy Corp.	$0	–	-55,000	–	-0.13%	–
BKU	Exit	BankUnited Inc	$0	–	-61,000	–	-0.14%	–
BAC	Exit	Bank of America Corp.	$0	–	-90,000	–	-0.15%	–
LEN	Exit	Lennar Corp.cl a	$0	–	-45,000	–	-0.15%	–
JPM	Exit	JP Morgan Chase & Company	$0	–	-25,000	–	-0.15%	–
PNC	Exit	PNC Bank Corp.	$0	–	-18,100	–	-0.16%	–
LPX	Exit	Louisiana-Pacific Corp.	$0	–	-100,000	–	-0.17%	–
COT	Exit	Cott Corp	$0	–	-191,315	–	-0.18%	–
TPH	Exit	TRI Pointe Group Inc	$0	–	-236,800	–	-0.21%	–
BMCH	Exit	BMC Stock Holdings Inc	$0	–	-202,500	–	-0.28%	–
CSX	Exit	CSX Corp.	$0	–	-80,620	–	-0.28%	–
ETFC	Exit	E Trade Financial Group Inc	$0	–	-122,000	–	-0.34%	–
KGC	Exit	Kinross Gold Corp.	$0	–	-2,121,930	–	-0.57%	–
WPM	Exit	Wheaton Precious Metals Corp	$0	–	-490,304	–	-0.60%	–
GG	Exit	Goldcorp Inc.	$0	–	-800,565	–	-0.66%	–
SHOP	Exit	Shopify Inc - Class Acl a	$0	–	-96,618	–	-0.72%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-218,901	–	-1.08%	–
MEOH	Exit	Methanex Corp.	$0	–	-361,338	–	-1.16%	–
TECK	Exit	Teck Resources Ltd.cl b	$0	–	-895,132	–	-1.20%	–
MGA	Exit	Magna International Inc. Class A	$0	–	-412,602	–	-1.41%	–
SLF	Exit	Sun Life Financial Inc.	$0	–	-573,029	–	-1.46%	–
BCE	Exit	BCE Inc.	$0	–	-549,089	–	-1.64%	–
GOLD	Exit	Barrick Gold Corp.	$0	–	-1,691,208	–	-1.74%	–
QSR	Exit	Restaurant Brands International	$0	–	-440,821	–	-1.80%	–
OTEX	Exit	Open Text Corp.	$0	–	-932,324	–	-1.92%	–
POT	Exit	Potash Corp. of Saskatchewan	$0	–	-1,629,736	–	-2.00%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-378,861	–	-2.12%	–
AEM	Exit	Agnico Eagle Mines Ltd	$0	–	-832,492	–	-2.40%	–
ECA	Exit	Encana Corp.	$0	–	-3,505,588	–	-2.64%	–
WCN	Exit	Waste Connections Inc	$0	–	-592,220	–	-2.64%	–
GIB	Exit	CGI Group Class Acl a sub vtg	$0	–	-924,418	–	-3.06%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-1,541,520	–	-3.30%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-1,363,681	–	-3.59%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-2,905,585	–	-3.76%	–
TU	Exit	Telus Corp.	$0	–	-1,646,424	–	-3.78%	–
BMO	Exit	Bank of Montreal	$0	–	-786,021	–	-3.80%	–
CNI	Exit	Canadian National Railway	$0	–	-805,797	–	-4.26%	–
SU	Exit	Suncor Energy Inc.	$0	–	-2,024,157	–	-4.53%	–
CP	Exit	Canadian Pacific Railway Ltd.	$0	–	-431,076	–	-4.62%	–
ENB	Exit	Enbridge Inc.	$0	–	-2,496,372	–	-6.66%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-1,682,368	–	-6.90%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-2,712,461	–	-9.75%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,016,755	–	-9.96%	–

Q3 2017

			Value		Shares		↓ Weighting
RY	Sell	Royal Bank of Canada	$155,677,000	+1.5%	2,016,755	-4.7%	9.96%	+0.9%
TD	Sell	Toronto-Dominion Bank	$152,361,000	+5.8%	2,712,461	-5.3%	9.75%	+5.1%
BNS	Sell	Bank of Nova Scotia	$107,885,000	+4.7%	1,682,368	-1.9%	6.90%	+4.1%
ENB	Sell	Enbridge Inc.	$104,037,000	+1.4%	2,496,372	-3.3%	6.66%	+0.7%
CP	Buy	Canadian Pacific Railway Ltd.	$72,259,000	+37.2%	431,076	+31.5%	4.62%	+36.4%
SU	Sell	Suncor Energy Inc.	$70,776,000	+13.0%	2,024,157	-5.7%	4.53%	+12.3%
CNI	Sell	Canadian National Railway	$66,608,000	-13.4%	805,797	-15.1%	4.26%	-13.9%
BMO	Sell	Bank of Montreal	$59,348,000	-15.3%	786,021	-17.8%	3.80%	-15.8%
TU	Sell	Telus Corp.	$59,082,000	-2.9%	1,646,424	-6.7%	3.78%	-3.5%
MFC	Sell	Manulife Financial Corp.	$58,802,000	-8.0%	2,905,585	-14.9%	3.76%	-8.6%
BAM	Sell	Brookfield Asset Management Inc.cl a ltd vt sh	$56,176,000	+1.6%	1,363,681	-3.4%	3.59%	+1.0%
CNQ	Sell	Canadian Natural Resources Ltd.	$51,510,000	+9.5%	1,541,520	-5.6%	3.30%	+8.8%
GIB	Buy	CGI Group Class Acl a sub vtg	$47,828,000	+14.3%	924,418	+12.7%	3.06%	+13.6%
WCN	Sell	Waste Connections Inc	$41,330,000	+1.3%	592,220	-6.7%	2.64%	+0.6%
ECA	Buy	Encana Corp.	$41,181,000	+62.9%	3,505,588	+21.8%	2.64%	+61.9%
AEM	Buy	Agnico Eagle Mines Ltd	$37,538,000	+12.4%	832,492	+12.3%	2.40%	+11.8%
CM	Sell	Canadian Imperial Bank of Commerce	$33,071,000	-3.0%	378,861	-9.8%	2.12%	-3.6%
POT	Sell	Potash Corp. of Saskatchewan	$31,301,000	+8.0%	1,629,736	-8.4%	2.00%	+7.4%
OTEX	Buy	Open Text Corp.	$30,015,000	+5.4%	932,324	+3.1%	1.92%	+4.7%
QSR	Sell	Restaurant Brands International	$28,101,000	-4.6%	440,821	-6.5%	1.80%	-5.2%
GOLD	Sell	Barrick Gold Corp.	$27,153,000	-14.6%	1,691,208	-15.5%	1.74%	-15.1%
BCE	Sell	BCE Inc.	$25,666,000	-20.5%	549,089	-23.5%	1.64%	-20.9%
SLF	Sell	Sun Life Financial Inc.	$22,767,000	-3.3%	573,029	-13.1%	1.46%	-3.9%
MGA	Sell	Magna International Inc. Class A	$21,969,000	-5.2%	412,602	-17.7%	1.41%	-5.8%
TECK	Sell	Teck Resources Ltd.cl b	$18,802,000	+4.3%	895,132	-14.1%	1.20%	+3.6%
MEOH	Sell	Methanex Corp.	$18,119,000	-2.3%	361,338	-14.1%	1.16%	-2.8%
FNV	Sell	Franco-Nevada Corp.	$16,918,000	-19.4%	218,901	-24.9%	1.08%	-19.9%
SHOP	Sell	Shopify Inc - Class Acl a	$11,211,000	+15.3%	96,618	-13.8%	0.72%	+14.5%
GG	Buy	Goldcorp Inc.	$10,370,000	+4.6%	800,565	+3.9%	0.66%	+3.9%
WPM	Sell	Wheaton Precious Metals Corp	$9,331,000	-40.5%	490,304	-38.0%	0.60%	-40.9%
KGC	New	Kinross Gold Corp.	$8,976,000	–	2,121,930	–	0.57%	–
ETFC	Buy	E Trade Financial Group Inc	$5,320,000	+76.2%	122,000	+53.7%	0.34%	+75.3%
CSX	Buy	CSX Corp.	$4,374,000	+34.8%	80,620	+35.5%	0.28%	+34.0%
BMCH	Sell	BMC Stock Holdings Inc	$4,323,000	-11.4%	202,500	-9.3%	0.28%	-11.8%
TPH	Buy	TRI Pointe Group Inc	$3,270,000	+12.4%	236,800	+7.4%	0.21%	+11.8%
COT	Sell	Cott Corp	$2,869,000	-55.5%	191,315	-57.2%	0.18%	-55.7%
LPX	Buy	Louisiana-Pacific Corp.	$2,708,000	+223.5%	100,000	+187.9%	0.17%	+220.4%
PNC	Sell	PNC Bank Corp.	$2,439,000	-27.5%	18,100	-32.8%	0.16%	-28.1%
JPM	Sell	JP Morgan Chase & Company	$2,388,000	-24.8%	25,000	-28.0%	0.15%	-25.0%
LEN	Sell	Lennar Corp.cl a	$2,376,000	-18.4%	45,000	-17.6%	0.15%	-18.7%
BAC	Sell	Bank of America Corp.	$2,281,000	-28.7%	90,000	-31.8%	0.15%	-29.1%
BKU	Buy	BankUnited Inc	$2,170,000	+93.2%	61,000	+83.1%	0.14%	+93.1%
DVN	New	Devon Energy Corp.	$2,019,000	–	55,000	–	0.13%	–
OC	Buy	Owens Corning	$1,934,000	+94.2%	25,000	+68.0%	0.12%	+93.8%
TAST	Buy	Carrols Restaurant Group Inc	$1,817,000	-0.4%	166,730	+11.9%	0.12%	-0.9%
ADSW	Sell	Advanced Disposal Services Inc	$1,611,000	+9.8%	63,940	-0.9%	0.10%	+9.6%
MA	Sell	Mastercard Inccl a	$1,483,000	-50.8%	10,500	-57.7%	0.10%	-51.0%
C	Buy	Citigroup Inc.	$1,442,000	+117.5%	19,830	+99.9%	0.09%	+114.0%
GVA	Sell	Granite Construction Inc	$1,410,000	+19.3%	24,330	-0.7%	0.09%	+18.4%
FBHS	Sell	Fortune Brands Home & Security Inc.	$1,345,000	-17.5%	20,000	-20.0%	0.09%	-18.1%
RTN	Sell	Raytheon Company	$1,334,000	+15.1%	7,150	-0.4%	0.08%	+13.3%
MHK	New	Mohawk Industries Inc.	$1,238,000	–	5,000	–	0.08%	–
XEC	Sell	Cimarex Energy Co	$1,137,000	-0.1%	10,000	-17.4%	0.07%	0.0%
KL	New	Kirkland Lake Gold Ltd	$1,105,000	–	85,952	–	0.07%	–
SAND	Buy	Sandstorm Gold Ltd	$1,014,000	+29.7%	224,810	+10.9%	0.06%	+30.0%
HBM	Sell	Hudbay Minerals Inc.	$949,000	-0.1%	128,271	-22.0%	0.06%	0.0%
UFPI	Sell	Universal Forest Prods Inc	$940,000	+6.5%	9,578	-5.3%	0.06%	+5.3%
ALLE	Sell	Allegion Plc	$885,000	-18.8%	10,230	-23.9%	0.06%	-18.6%
CSTE	Buy	Caesartone Ltd	$884,000	+27.2%	29,650	+49.4%	0.06%	+26.7%
AMZN	Buy	Amazon.Com Inc	$808,000	+4.4%	840	+5.0%	0.05%	+4.0%
AAVVF	Buy	Advantage Oil & Gas Ltd.	$819,000	+104.8%	130,963	+120.9%	0.05%	+100.0%
MWA	Sell	Mueller Water Products Inc	$781,000	-37.3%	61,038	-42.8%	0.05%	-37.5%
RIC	Buy	Richmont Mines Inc	$752,000	+46.0%	80,910	+22.1%	0.05%	+45.5%
FARM	New	Farmer Bros Co	$757,000	–	23,042	–	0.05%	–
KLDX	Buy	Klondex Mines Ltd	$653,000	+27.8%	179,497	+18.3%	0.04%	+27.3%
FSM	Buy	Fortuna Silver Mines Inc.	$655,000	+7.6%	150,060	+20.5%	0.04%	+7.7%
EXK	Buy	Endeavour Silver	$565,000	+8.0%	238,050	+38.5%	0.04%	+5.9%
GDXJ	Sell	Vaneck Vectors Junior Gold M ETFjr gold miners e	$504,000	-49.7%	15,000	-50.0%	0.03%	-50.0%
PDS	New	Precision Drilling Corp.	$462,000	–	149,020	–	0.03%	–
BTEGF	Sell	Baytex Energy Corp	$424,000	+22.5%	141,152	-1.0%	0.03%	+22.7%
BLDP	New	Ballard Power Systems Inc	$417,000	–	89,160	–	0.03%	–
NSU	Buy	Nevsun Resources Ltd.	$399,000	-5.9%	184,760	+5.1%	0.03%	-3.7%
FSV	Sell	New First Service Corp.sub vtg sh	$387,000	-32.7%	5,910	-34.2%	0.02%	-32.4%
OSB	Sell	Norbord Inc.	$350,000	-50.0%	9,225	-59.0%	0.02%	-51.1%
SWIR	Sell	Sierra Wireless Inc.	$293,000	-24.3%	13,670	-0.9%	0.02%	-24.0%
NXE	New	Nexgen Energy Ltd	$253,000	–	114,310	–	0.02%	–
CPG	Sell	Crescent Point Energy Corp.	$234,000	+4.5%	29,220	-0.5%	0.02%	+7.1%
SM	Sell	SM Energy Co.	$218,000	+5.3%	12,310	-1.5%	0.01%	+7.7%
EXFO	Exit	EXFO Inc.	$0	–	-11,240	–	-0.00%	–
TAC	Exit	Transalta Corp.	$0	–	-81,250	–	-0.03%	–
AQN	Exit	Algonquin Power & Utilities Co	$0	–	-58,820	–	-0.04%	–
PLNT	Exit	Planet Fitness Inccl a	$0	–	-44,640	–	-0.07%	–
TRP	Exit	TransCanada Corp.	$0	–	-664,660	–	-2.04%	–

Q2 2017

			Value		Shares		↓ Weighting
RY	New	Royal Bank of Canada	$153,366,000	–	2,115,297	–	9.87%	–
TD	New	Toronto-Dominion Banknew	$144,064,000	–	2,862,975	–	9.27%	–
BNS	New	Bank of Nova Scotia	$103,041,000	–	1,715,408	–	6.63%	–
ENB	New	Enbridge Inc.	$102,647,000	–	2,580,480	–	6.61%	–
CNI	New	Canadian National Railway	$76,919,000	–	949,387	–	4.95%	–
BMO	New	Bank of Montreal	$70,100,000	–	956,095	–	4.51%	–
MFC	New	Manulife Financial Corp.	$63,940,000	–	3,415,809	–	4.12%	–
SU	New	Suncor Energy Inc.	$62,653,000	–	2,147,449	–	4.03%	–
TU	New	Telus Corp.	$60,828,000	–	1,764,520	–	3.92%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$55,295,000	–	1,411,115	–	3.56%	–
CP	New	Canadian Pacific Railway Ltd.	$52,668,000	–	327,806	–	3.39%	–
CNQ	New	Canadian Natural Resources Ltd.	$47,051,000	–	1,632,940	–	3.03%	–
GIB	New	CGI Group Class Acl a sub vtg	$41,845,000	–	820,124	–	2.69%	–
WCN	New	Waste Connections Inc	$40,813,000	–	634,469	–	2.63%	–
CM	New	Canadian Imperial Bank of Commerce	$34,087,000	–	420,049	–	2.19%	–
AEM	New	Agnico Eagle Mines Ltd	$33,386,000	–	741,376	–	2.15%	–
BCE	New	BCE Inc.new	$32,269,000	–	717,589	–	2.08%	–
GOLD	New	Barrick Gold Corp.	$31,807,000	–	2,002,300	–	2.05%	–
TRP	New	TransCanada Corp.	$31,639,000	–	664,660	–	2.04%	–
QSR	New	Restaurant Brands International	$29,457,000	–	471,457	–	1.90%	–
POT	New	Potash Corp. of Saskatchewan	$28,971,000	–	1,778,970	–	1.86%	–
OTEX	New	Open Text Corp.	$28,487,000	–	903,876	–	1.83%	–
ECA	New	Encana Corp.	$25,286,000	–	2,877,910	–	1.63%	–
SLF	New	Sun Life Financial Inc.	$23,552,000	–	659,769	–	1.52%	–
MGA	New	Magna International Inc. Class A	$23,185,000	–	501,246	–	1.49%	–
FNV	New	Franco-Nevada Corp.	$20,989,000	–	291,319	–	1.35%	–
MEOH	New	Methanex Corp.	$18,540,000	–	420,602	–	1.19%	–
TECK	New	Teck Resources Ltd.cl b	$18,035,000	–	1,041,900	–	1.16%	–
WPM	New	Wheaton Precious Metals Corpadded	$15,683,000	–	790,640	–	1.01%	–
GG	New	Goldcorp Inc.	$9,918,000	–	770,397	–	0.64%	–
SHOP	New	Shopify Inc - Class Acl a	$9,720,000	–	112,090	–	0.63%	–
COT	New	Cott Corp	$6,446,000	–	446,505	–	0.42%	–
BMCH	New	BMC Stock Holdings Inc	$4,879,000	–	223,310	–	0.31%	–
PNC	New	PNC Bank Corp.	$3,364,000	–	26,940	–	0.22%	–
CSX	New	CSX Corp.	$3,246,000	–	59,500	–	0.21%	–
BAC	New	Bank of America Corp.	$3,201,000	–	131,960	–	0.21%	–
JPM	New	JP Morgan Chase & Company	$3,174,000	–	34,730	–	0.20%	–
ETFC	New	E Trade Financial Group Incnew	$3,020,000	–	79,400	–	0.19%	–
MA	New	Mastercard Inccl a	$3,014,000	–	24,820	–	0.19%	–
LEN	New	Lennar Corp.cl a	$2,912,000	–	54,610	–	0.19%	–
TPH	New	TRI Pointe Group Inc	$2,908,000	–	220,480	–	0.19%	–
TAST	New	Carrols Restaurant Group Inc	$1,825,000	–	149,020	–	0.12%	–
FBHS	New	Fortune Brands Home & Security Inc.	$1,631,000	–	25,000	–	0.10%	–
ADSW	New	Advanced Disposal Services Inc	$1,467,000	–	64,520	–	0.09%	–
MWA	New	Mueller Water Products Inc	$1,246,000	–	106,700	–	0.08%	–
GVA	New	Granite Construction Inc	$1,182,000	–	24,510	–	0.08%	–
RTN	New	Raytheon Companynew	$1,159,000	–	7,180	–	0.08%	–
XEC	New	Cimarex Energy Co	$1,138,000	–	12,100	–	0.07%	–
BKU	New	BankUnited Inc	$1,123,000	–	33,312	–	0.07%	–
ALLE	New	Allegion Plc	$1,090,000	–	13,440	–	0.07%	–
PLNT	New	Planet Fitness Inccl a	$1,042,000	–	44,640	–	0.07%	–
OC	New	Owens Corning	$996,000	–	14,880	–	0.06%	–
GDXJ	New	Vaneck Vectors Junior Gold M ETFjr gold miners e	$1,001,000	–	30,000	–	0.06%	–
HBM	New	Hudbay Minerals Inc.	$950,000	–	164,471	–	0.06%	–
UFPI	New	Universal Forest Prods Inc	$883,000	–	10,118	–	0.06%	–
LPX	New	Louisiana-Pacific Corp.	$837,000	–	34,730	–	0.05%	–
SAND	New	Sandstorm Gold Ltdnew	$782,000	–	202,720	–	0.05%	–
AMZN	New	Amazon.Com Inc	$774,000	–	800	–	0.05%	–
CSTE	New	Caesartone Ltd	$695,000	–	19,840	–	0.04%	–
OSB	New	Norbord Inc.new	$700,000	–	22,525	–	0.04%	–
C	New	Citigroup Inc.new	$663,000	–	9,920	–	0.04%	–
AQN	New	Algonquin Power & Utilities Co	$618,000	–	58,820	–	0.04%	–
FSM	New	Fortuna Silver Mines Inc.	$609,000	–	124,560	–	0.04%	–
FSV	New	New First Service Corp.sub vtg sh	$575,000	–	8,980	–	0.04%	–
EXK	New	Endeavour Silver	$523,000	–	171,850	–	0.03%	–
RIC	New	Richmont Mines Inc	$515,000	–	66,260	–	0.03%	–
KLDX	New	Klondex Mines Ltd	$511,000	–	151,767	–	0.03%	–
TAC	New	Transalta Corp.	$519,000	–	81,250	–	0.03%	–
NSU	New	Nevsun Resources Ltd.	$424,000	–	175,820	–	0.03%	–
AAVVF	New	Advantage Oil & Gas Ltd.	$400,000	–	59,293	–	0.03%	–
SWIR	New	Sierra Wireless Inc.	$387,000	–	13,800	–	0.02%	–
BTEGF	New	Baytex Energy Corp	$346,000	–	142,532	–	0.02%	–
CPG	New	Crescent Point Energy Corp.	$224,000	–	29,380	–	0.01%	–
SM	New	SM Energy Co.	$207,000	–	12,500	–	0.01%	–
EXFO	New	EXFO Inc.	$52,000	–	11,240	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
PDS	Exit	Precision Drilling Corp	$0	–	-100,000	–	-0.02%	–
BLDR	Exit	Builders Firstsource	$0	–	-40,000	–	-0.03%	–
CLS	Exit	Celestica Inc.	$0	–	-48,703	–	-0.03%	–
BTEGF	Exit	Baytex Energy Corp	$0	–	-139,420	–	-0.03%	–
FSV	Exit	New First Service Corp.sub vtg sh	$0	–	-15,609	–	-0.04%	–
WFC	Exit	Wells Fargo & Company	$0	–	-20,000	–	-0.05%	–
DOOR	Exit	Masonite International Corp.	$0	–	-14,580	–	-0.05%	–
ALLE	Exit	Allegion Plc	$0	–	-13,900	–	-0.05%	–
SAND	Exit	Sandstorm Gold Ltdnew	$0	–	-195,023	–	-0.06%	–
RIC	Exit	Richmont Mines Inc	$0	–	-99,393	–	-0.06%	–
NSU	Exit	Nevsun Resources Ltd.	$0	–	-332,289	–	-0.06%	–
FSM	Exit	Fortuna Silver Mines Inc.	$0	–	-141,590	–	-0.06%	–
ROST	Exit	Ross Stores Inc	$0	–	-18,200	–	-0.06%	–
AAVVF	Exit	Advantage Oil & Gas Ltd.	$0	–	-167,158	–	-0.06%	–
GDXJ	Exit	Vaneck Vectors Junior Gold M ETFjr gold miners e	$0	–	-28,500	–	-0.07%	–
GDX	Exit	VanEck Vectors Gold Minersgold miners etf	$0	–	-49,500	–	-0.07%	–
TPH	Exit	TRI Pointe Group Inc	$0	–	-102,000	–	-0.08%	–
LEN	Exit	Lennar Corp.cl a	$0	–	-32,500	–	-0.08%	–
MHK	Exit	Mohawk Industries Inc.	$0	–	-7,000	–	-0.08%	–
MAS	Exit	Masco Corp.	$0	–	-40,700	–	-0.08%	–
KLDX	Exit	Klondex Mines Ltd	$0	–	-250,686	–	-0.08%	–
BAC	Exit	Bank of America Corp.	$0	–	-95,000	–	-0.08%	–
AMWD	Exit	American Woodmark Corp	$0	–	-18,600	–	-0.08%	–
USG	Exit	USG Groupnew	$0	–	-60,000	–	-0.09%	–
TAST	Exit	Carrols Restaurant Group Inc	$0	–	-121,000	–	-0.09%	–
C	Exit	Citigroup Inc.new	$0	–	-35,000	–	-0.09%	–
TJX	Exit	TJX Companies Inc.	$0	–	-22,500	–	-0.09%	–
BECN	Exit	Beacon Roofing Supply Inc	$0	–	-45,000	–	-0.10%	–
HD	Exit	Home Depot	$0	–	-15,000	–	-0.11%	–
GVA	Exit	Granite Construction Inc	$0	–	-40,000	–	-0.11%	–
PGTI	Exit	PGT Inc	$0	–	-202,500	–	-0.12%	–
V	Exit	Visa Inc-Class Acl a	$0	–	-28,500	–	-0.13%	–
OC	Exit	Owens Corning	$0	–	-45,500	–	-0.14%	–
XEC	Exit	Cimarex Energy Co	$0	–	-20,000	–	-0.15%	–
OSB	Exit	Norbord Inc.new	$0	–	-149,520	–	-0.21%	–
ETFC	Exit	E Trade Financial Group Incnew	$0	–	-201,000	–	-0.33%	–
ECA	Exit	Encana Corp.	$0	–	-1,616,300	–	-0.94%	–
VET	Exit	Vermilion Energy Inc.	$0	–	-436,685	–	-0.94%	–
POT	Exit	Potash Corp. of Saskatchewan	$0	–	-1,250,850	–	-1.13%	–
PBA	Exit	Pembina Pipeline Corp.	$0	–	-765,447	–	-1.30%	–
OTEX	Exit	Open Text Corp.	$0	–	-375,349	–	-1.35%	–
CPG	Exit	Crescent Point Energy Corp.	$0	–	-1,883,198	–	-1.38%	–
GIL	Exit	Gildan Activewear Class A	$0	–	-923,930	–	-1.44%	–
GIB	Exit	CGI Group Class Acl a sub vtg	$0	–	-668,754	–	-1.77%	–
QSR	Exit	Restaurant Brands International	$0	–	-731,858	–	-1.82%	–
SLF	Exit	Sun Life Financial Inc.	$0	–	-1,027,799	–	-1.86%	–
SLW	Exit	Silver Wheaton Corp	$0	–	-1,281,970	–	-1.93%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-533,950	–	-2.07%	–
COT	Exit	Cott Corp.	$0	–	-2,776,147	–	-2.20%	–
MGA	Exit	Magna International Inc. Class A	$0	–	-1,070,166	–	-2.56%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-1,575,630	–	-2.80%	–
GG	Exit	Goldcorp Inc.	$0	–	-3,326,627	–	-3.05%	–
AEM	Exit	Agnico Eagle Mines Ltd	$0	–	-1,107,670	–	-3.33%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-4,372,162	–	-3.43%	–
WCN	Exit	Waste Connections Inc	$0	–	-839,384	–	-3.48%	–
BCE	Exit	BCE Inc.new	$0	–	-1,371,999	–	-3.52%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-1,843,065	–	-3.60%	–
TRP	Exit	TransCanada Corp.	$0	–	-1,445,510	–	-3.82%	–
SU	Exit	Suncor Energy Inc.	$0	–	-2,703,929	–	-4.17%	–
CNI	Exit	Canadian National Railway	$0	–	-1,152,742	–	-4.19%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-974,534	–	-4.20%	–
CP	Exit	Canadian Pacific Railway Ltd.	$0	–	-507,621	–	-4.31%	–
ENB	Exit	Enbridge Inc.	$0	–	-1,914,750	–	-4.68%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-2,335,063	–	-6.88%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,690,465	–	-9.27%	–
TD	Exit	Toronto-Dominion Banknew	$0	–	-3,832,237	–	-9.46%	–

Q3 2016

			Value		Shares		↓ Weighting
TD	Buy	Toronto-Dominion Banknew	$169,823,000	+7.0%	3,832,237	+3.1%	9.46%	0.0%
RY	Buy	Royal Bank of Canada	$166,351,000	+5.6%	2,690,465	+0.4%	9.27%	-1.3%
BNS	Sell	Bank of Nova Scotia	$123,518,000	+5.3%	2,335,063	-3.0%	6.88%	-1.6%
ENB	New	Enbridge Inc.	$84,006,000	–	1,914,750	–	4.68%	–
CP	Buy	Canadian Pacific Railway Ltd.	$77,330,000	+73.2%	507,621	+45.6%	4.31%	+62.0%
CM	Buy	Canadian Imperial Bank of Commerce	$75,434,000	+31.1%	974,534	+26.5%	4.20%	+22.5%
CNI	Sell	Canadian National Railway	$75,221,000	-1.8%	1,152,742	-11.6%	4.19%	-8.2%
SU	Buy	Suncor Energy Inc.	$74,930,000	+5.1%	2,703,929	+4.6%	4.17%	-1.8%
TRP	Sell	TransCanada Corp.	$68,533,000	-10.8%	1,445,510	-15.3%	3.82%	-16.5%
BAM	Buy	Brookfield Asset Management Inc.cl a ltd vt sh	$64,691,000	+8.4%	1,843,065	+1.6%	3.60%	+1.3%
BCE	Sell	BCE Inc.new	$63,252,000	-24.6%	1,371,999	-23.0%	3.52%	-29.5%
WCN	Buy	Waste Connections Inc	$62,528,000	+44.5%	839,384	+39.5%	3.48%	+35.1%
MFC	Sell	Manulife Financial Corp.	$61,580,000	-1.0%	4,372,162	-4.3%	3.43%	-7.4%
AEM	Sell	Agnico Eagle Mines Ltd	$59,798,000	+0.0%	1,107,670	-1.4%	3.33%	-6.5%
GG	Buy	Goldcorp Inc.	$54,805,000	-1.2%	3,326,627	+14.2%	3.05%	-7.6%
CNQ	Sell	Canadian Natural Resources Ltd.	$50,281,000	+2.7%	1,575,630	-1.2%	2.80%	-4.0%
MGA	Buy	Magna International Inc. Class A	$45,862,000	+46.2%	1,070,166	+19.2%	2.56%	+36.7%
COT	Buy	Cott Corp.	$39,464,000	+11.2%	2,776,147	+8.8%	2.20%	+4.0%
FNV	Sell	Franco-Nevada Corp.	$37,239,000	-12.4%	533,950	-5.0%	2.07%	-18.1%
SLW	Sell	Silver Wheaton Corp	$34,570,000	-13.1%	1,281,970	-24.6%	1.93%	-18.8%
SLF	Sell	Sun Life Financial Inc.	$33,385,000	-6.5%	1,027,799	-5.9%	1.86%	-12.6%
QSR	Buy	Restaurant Brands International	$32,578,000	+9.1%	731,858	+1.5%	1.82%	+2.1%
GIB	Sell	CGI Group Class Acl a sub vtg	$31,800,000	+3.6%	668,754	-7.4%	1.77%	-3.2%
GIL	Buy	Gildan Activewear Class A	$25,763,000	+1.9%	923,930	+6.4%	1.44%	-4.8%
CPG	Sell	Crescent Point Energy Corp.	$24,789,000	-49.9%	1,883,198	-40.1%	1.38%	-53.1%
OTEX	Sell	Open Text Corp.	$24,276,000	-17.9%	375,349	-25.3%	1.35%	-23.3%
PBA	Sell	Pembina Pipeline Corp.	$23,288,000	-19.1%	765,447	-19.7%	1.30%	-24.4%
POT	Sell	Potash Corp. of Saskatchewan	$20,320,000	-0.8%	1,250,850	-1.3%	1.13%	-7.3%
VET	Sell	Vermilion Energy Inc.	$16,887,000	-24.4%	436,685	-38.1%	0.94%	-29.3%
ECA	Buy	Encana Corp.	$16,868,000	+2808.3%	1,616,300	+2055.1%	0.94%	+2585.7%
ETFC	Buy	E Trade Financial Group Incnew	$5,853,000	+84.6%	201,000	+48.9%	0.33%	+72.5%
OSB	Sell	Norbord Inc.new	$3,843,000	+26.2%	149,520	-4.5%	0.21%	+18.2%
XEC	Buy	Cimarex Energy Co	$2,687,000	+80.1%	20,000	+60.0%	0.15%	+68.5%
OC	Buy	Owens Corning	$2,429,000	+88.6%	45,500	+82.0%	0.14%	+75.3%
V	Buy	Visa Inc-Class Acl a	$2,357,000	+32.4%	28,500	+18.8%	0.13%	+23.6%
PGTI	Buy	PGT Inc	$2,161,000	+31.1%	202,500	+26.6%	0.12%	+22.4%
GVA	Buy	Granite Construction Inc	$1,990,000	+149.7%	40,000	+128.6%	0.11%	+136.2%
HD	Buy	Home Depot	$1,930,000	+20.9%	15,000	+20.0%	0.11%	+13.7%
BECN	Buy	Beacon Roofing Supply Inc	$1,893,000	+38.8%	45,000	+50.0%	0.10%	+29.6%
TJX	Buy	TJX Companies Inc.	$1,683,000	+45.3%	22,500	+50.0%	0.09%	+36.2%
C	Buy	Citigroup Inc.new	$1,653,000	+94.9%	35,000	+75.0%	0.09%	+80.4%
TAST	Buy	Carrols Restaurant Group Inc	$1,598,000	+56.2%	121,000	+40.7%	0.09%	+45.9%
USG	Buy	USG Groupnew	$1,551,000	+187.8%	60,000	+200.0%	0.09%	+168.8%
AMWD	Buy	American Woodmark Corp	$1,499,000	+125.8%	18,600	+86.0%	0.08%	+110.0%
BAC	Buy	Bank of America Corp.	$1,487,000	+123.9%	95,000	+90.0%	0.08%	+107.5%
KLDX	Sell	Klondex Mines Ltd	$1,438,000	+54.6%	250,686	-2.7%	0.08%	+45.5%
MAS	Buy	Masco Corp.	$1,396,000	+80.4%	40,700	+62.8%	0.08%	+69.6%
MHK	Buy	Mohawk Industries Inc.	$1,402,000	+47.7%	7,000	+40.0%	0.08%	+36.8%
LEN	Buy	Lennar Corp.cl a	$1,376,000	+198.5%	32,500	+225.0%	0.08%	+185.2%
TPH	Buy	TRI Pointe Group Inc	$1,344,000	+75.0%	102,000	+56.9%	0.08%	+63.0%
GDX	Sell	VanEck Vectors Gold Minersgold miners etf	$1,308,000	-14.2%	49,500	-10.0%	0.07%	-19.8%
GDXJ	Buy	Vaneck Vectors Junior Gold M ETFjr gold miners e	$1,262,000	+48.1%	28,500	+42.5%	0.07%	+37.3%
ROST	Buy	Ross Stores Inc	$1,170,000	+65.0%	18,200	+45.6%	0.06%	+54.8%
AAVVF	Sell	Advantage Oil & Gas Ltd.	$1,170,000	+23.4%	167,158	-2.0%	0.06%	+16.1%
FSM	New	Fortuna Silver Mines Inc.	$1,025,000	–	141,590	–	0.06%	–
NSU	Sell	Nevsun Resources Ltd.	$1,004,000	+0.7%	332,289	-2.7%	0.06%	-5.1%
RIC	New	Richmont Mines Inc	$1,000,000	–	99,393	–	0.06%	–
SAND	New	Sandstorm Gold Ltdnew	$984,000	–	195,023	–	0.06%	–
ALLE	Buy	Allegion Plc	$958,000	+38.0%	13,900	+39.0%	0.05%	+29.3%
DOOR	Buy	Masonite International Corp.	$906,000	+37.1%	14,580	+45.8%	0.05%	+28.2%
WFC	Buy	Wells Fargo & Company	$886,000	+24.8%	20,000	+33.3%	0.05%	+16.7%
FSV	Sell	New First Service Corp.sub vtg sh	$725,000	-4.1%	15,609	-6.0%	0.04%	-11.1%
BTEGF	New	Baytex Energy Corp	$591,000	–	139,420	–	0.03%	–
CLS	New	Celestica Inc.	$526,000	–	48,703	–	0.03%	–
BLDR	New	Builders Firstsource	$460,000	–	40,000	–	0.03%	–
PDS	Buy	Precision Drilling Corp	$418,000	-6.7%	100,000	+17.6%	0.02%	-14.8%
VRX	Exit	Valeant Pharmaceuticals International	$0	–	-10,000	–	-0.01%	–
AUY	Exit	Yamana Gold Inc.	$0	–	-50,000	–	-0.02%	–
CSTE	Exit	Caesartone Ltd	$0	–	-15,000	–	-0.03%	–
TAHO	Exit	Tahoe Resources Inc.	$0	–	-37,790	–	-0.03%	–
CAA	Exit	CalAtlantic Group Incadded	$0	–	-17,500	–	-0.04%	–
USB	Exit	US Bancorp Inc.new	$0	–	-27,500	–	-0.07%	–
IAG	Exit	Iamgold Corp.	$0	–	-305,000	–	-0.08%	–
NGD	Exit	New Gold Inc.	$0	–	-305,395	–	-0.08%	–
PVG	Exit	Pretium Resources Inc	$0	–	-124,917	–	-0.08%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-89,206	–	-0.09%	–
AGI	Exit	Alamos Gold Inc.cl a	$0	–	-213,630	–	-0.11%	–
BTG	Exit	B2Gold Corp.	$0	–	-779,530	–	-0.12%	–
CXRXF	Exit	Concordia International Corpadded	$0	–	-682,970	–	-0.87%	–
RCI	Exit	Rogers Comm Inc. Class Bcl b	$0	–	-553,466	–	-1.33%	–

Q2 2016

			Value		Shares		↓ Weighting
TD	New	Toronto-Dominion Banknew	$158,767,000	–	3,716,484	–	9.46%	–
RY	New	Royal Bank of Canada	$157,569,000	–	2,680,565	–	9.39%	–
BNS	New	Bank of Nova Scotia	$117,307,000	–	2,406,363	–	6.99%	–
BCE	New	BCE Inc.new	$83,857,000	–	1,781,237	–	5.00%	–
TRP	New	TransCanada Corp.	$76,790,000	–	1,705,910	–	4.58%	–
CNI	New	Canadian National Railway	$76,563,000	–	1,303,342	–	4.56%	–
SU	New	Suncor Energy Inc.	$71,311,000	–	2,584,029	–	4.25%	–
MFC	New	Manulife Financial Corp.	$62,174,000	–	4,569,662	–	3.70%	–
AEM	New	Agnico Eagle Mines Ltd	$59,795,000	–	1,123,170	–	3.56%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$59,694,000	–	1,813,865	–	3.56%	–
CM	New	Canadian Imperial Bank of Commerce	$57,556,000	–	770,284	–	3.43%	–
GG	New	Goldcorp Inc.	$55,448,000	–	2,913,027	–	3.30%	–
CPG	New	Crescent Point Energy Corp.	$49,442,000	–	3,145,998	–	2.95%	–
CNQ	New	Canadian Natural Resources Ltd.	$48,961,000	–	1,595,230	–	2.92%	–
CP	New	Canadian Pacific Railway Ltd.	$44,649,000	–	348,621	–	2.66%	–
WCN	New	Waste Connections Incadded	$43,259,000	–	601,884	–	2.58%	–
FNV	New	Franco-Nevada Corp.	$42,516,000	–	562,050	–	2.53%	–
SLW	New	Silver Wheaton Corp	$39,787,000	–	1,699,170	–	2.37%	–
SLF	New	Sun Life Financial Inc.	$35,711,000	–	1,092,799	–	2.13%	–
COT	New	Cott Corp.	$35,477,000	–	2,551,163	–	2.11%	–
MGA	New	Magna International Inc. Class A	$31,360,000	–	898,066	–	1.87%	–
GIB	New	CGI Group Class Acl a sub vtg	$30,697,000	–	722,354	–	1.83%	–
QSR	New	Restaurant Brands International	$29,847,000	–	720,758	–	1.78%	–
OTEX	New	Open Text Corp.	$29,568,000	–	502,683	–	1.76%	–
PBA	New	Pembina Pipeline Corp.	$28,802,000	–	952,747	–	1.72%	–
GIL	New	Gildan Activewear Class A	$25,290,000	–	867,990	–	1.51%	–
VET	New	Vermilion Energy Inc.	$22,331,000	–	704,945	–	1.33%	–
RCI	New	Rogers Comm Inc. Class Bcl b	$22,289,000	–	553,466	–	1.33%	–
POT	New	Potash Corp. of Saskatchewan	$20,491,000	–	1,267,250	–	1.22%	–
CXRXF	New	Concordia International Corpadded	$14,635,000	–	682,970	–	0.87%	–
ETFC	New	E Trade Financial Group Incnew	$3,171,000	–	135,000	–	0.19%	–
OSB	New	Norbord Inc.new	$3,046,000	–	156,605	–	0.18%	–
BTG	New	B2Gold Corp.	$1,945,000	–	779,530	–	0.12%	–
AGI	New	Alamos Gold Inc.cl a	$1,828,000	–	213,630	–	0.11%	–
V	New	Visa Inc-Class Acl a	$1,780,000	–	24,000	–	0.11%	–
PGTI	New	PGT Inc	$1,648,000	–	160,000	–	0.10%	–
HD	New	Home Depot	$1,596,000	–	12,500	–	0.10%	–
GDX	New	VanEck Vectors Gold Minersgold miners etf	$1,524,000	–	55,000	–	0.09%	–
XEC	New	Cimarex Energy Co	$1,492,000	–	12,500	–	0.09%	–
PAAS	New	Pan American Silver Corp.	$1,462,000	–	89,206	–	0.09%	–
PVG	New	Pretium Resources Inc	$1,391,000	–	124,917	–	0.08%	–
BECN	New	Beacon Roofing Supply Inc	$1,364,000	–	30,000	–	0.08%	–
NGD	New	New Gold Inc.	$1,329,000	–	305,395	–	0.08%	–
OC	New	Owens Corning	$1,288,000	–	25,000	–	0.08%	–
IAG	New	Iamgold Corp.	$1,256,000	–	305,000	–	0.08%	–
TJX	New	TJX Companies Inc.	$1,158,000	–	15,000	–	0.07%	–
USB	New	US Bancorp Inc.new	$1,109,000	–	27,500	–	0.07%	–
TAST	New	Carrols Restaurant Group Inc	$1,023,000	–	86,000	–	0.06%	–
NSU	New	Nevsun Resources Ltd.	$997,000	–	341,623	–	0.06%	–
MHK	New	Mohawk Industries Inc.	$949,000	–	5,000	–	0.06%	–
AAVVF	New	Advantage Oil & Gas Ltd.	$948,000	–	170,503	–	0.06%	–
KLDX	New	Klondex Mines Ltdadded	$930,000	–	257,626	–	0.06%	–
C	New	Citigroup Inc.new	$848,000	–	20,000	–	0.05%	–
GDXJ	New	Vaneck Vectors Junior Gold M ETFjr gold miners e	$852,000	–	20,000	–	0.05%	–
GVA	New	Granite Construction Inc	$797,000	–	17,500	–	0.05%	–
MAS	New	Masco Corp.	$774,000	–	25,000	–	0.05%	–
TPH	New	TRI Pointe Group Inc	$768,000	–	65,000	–	0.05%	–
FSV	New	New First Service Corp.sub vtg sh	$756,000	–	16,610	–	0.04%	–
ROST	New	Ross Stores Inc	$709,000	–	12,500	–	0.04%	–
WFC	New	Wells Fargo & Company	$710,000	–	15,000	–	0.04%	–
ALLE	New	Allegion Plc	$694,000	–	10,000	–	0.04%	–
BAC	New	Bank of America Corp.	$664,000	–	50,000	–	0.04%	–
AMWD	New	American Woodmark Corp	$664,000	–	10,000	–	0.04%	–
DOOR	New	Masonite International Corp.	$661,000	–	10,000	–	0.04%	–
CAA	New	CalAtlantic Group Incadded	$642,000	–	17,500	–	0.04%	–
ECA	New	Encana Corp.	$580,000	–	75,000	–	0.04%	–
TAHO	New	Tahoe Resources Inc.	$563,000	–	37,790	–	0.03%	–
USG	New	USG Groupnew	$539,000	–	20,000	–	0.03%	–
CSTE	New	Caesartone Ltd	$521,000	–	15,000	–	0.03%	–
PDS	New	Precision Drilling Corp.	$448,000	–	85,000	–	0.03%	–
LEN	New	Lennar Corp.cl a	$461,000	–	10,000	–	0.03%	–
AUY	New	Yamana Gold Inc.	$259,000	–	50,000	–	0.02%	–
VRX	New	Valeant Pharmaceuticals International	$201,000	–	10,000	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
PGNX	Exit	Progenics Pharmaceutical Inc	$0	–	-17,729	–	-0.01%	–
CRHM	Exit	CRH Medical Corpadded	$0	–	-40,000	–	-0.01%	–
MSLI	Exit	Merus Labs International Inc	$0	–	-120,020	–	-0.01%	–
ENDP	Exit	Endo International Plc	$0	–	-2,940	–	-0.01%	–
HDS	Exit	HD Supply Holdings Inc	$0	–	-7,622	–	-0.01%	–
ITW	Exit	Illinois Tool Works Inc.	$0	–	-2,984	–	-0.02%	–
TAST	Exit	Carrols Restaurant Group Inc	$0	–	-20,725	–	-0.02%	–
USG	Exit	USG Group	$0	–	-10,099	–	-0.02%	–
BBBY	Exit	Bed Bath and Beyond Inc.	$0	–	-5,000	–	-0.02%	–
BIN	Exit	Progressive Waste Solutions Ltd	$0	–	-10,754	–	-0.02%	–
TPH	Exit	TRI Pointe Group Inc	$0	–	-22,513	–	-0.02%	–
PGEM	Exit	Ply Gem Holdings Inc	$0	–	-27,362	–	-0.02%	–
GDXJ	Exit	Market Vectors Jr Gold Miner ETFjr gold miners e	$0	–	-15,909	–	-0.02%	–
AAVVF	Exit	Advantage Oil & Gas Ltd.	$0	–	-60,000	–	-0.02%	–
HVT	Exit	Haverty Furniture	$0	–	-13,774	–	-0.02%	–
CBPX	Exit	Continental Building Product	$0	–	-15,234	–	-0.02%	–
MHK	Exit	Mohawk Industries Inc.	$0	–	-1,975	–	-0.02%	–
AAP	Exit	Advance Auto Parts	$0	–	-2,000	–	-0.02%	–
PPPMF	Exit	Primero Mining Corp.	$0	–	-169,820	–	-0.02%	–
ETFC	Exit	E Trade Financial Group Inc	$0	–	-16,009	–	-0.03%	–
AMWD	Exit	American Woodmark Corp	$0	–	-6,567	–	-0.03%	–
XEC	Exit	Cimarex Energy Co	$0	–	-4,383	–	-0.03%	–
MCFT	Exit	MCBC Holdings Incadded	$0	–	-37,500	–	-0.03%	–
PVG	Exit	Pretium Resources Inc	$0	–	-86,360	–	-0.03%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-12,950	–	-0.04%	–
DDC	Exit	Dominion Diamond Corp.	$0	–	-59,420	–	-0.04%	–
BAC	Exit	Bank of America Corp.	$0	–	-41,845	–	-0.04%	–
FIS	Exit	Fidelity National Info Svcs	$0	–	-10,000	–	-0.04%	–
PGTI	Exit	PGT Inc	$0	–	-55,582	–	-0.04%	–
TJX	Exit	TJX Companies Inc.	$0	–	-9,943	–	-0.04%	–
LSG	Exit	Lake Shore Gold Corp	$0	–	-861,440	–	-0.05%	–
C	Exit	Citigroup Inc.	$0	–	-16,490	–	-0.05%	–
HD	Exit	Home Depot	$0	–	-7,951	–	-0.06%	–
FSV	Exit	New First Service Corp.added	$0	–	-31,927	–	-0.06%	–
LABL	Exit	Multi Color Corp	$0	–	-16,345	–	-0.08%	–
CXRX	Exit	Concordia Healthcare Corpadded	$0	–	-346,705	–	-0.93%	–
ECA	Exit	EnCana Corp.	$0	–	-2,563,290	–	-1.04%	–
SLW	Exit	Silver Wheaton Corp	$0	–	-1,815,998	–	-1.38%	–
GIL	Exit	Gildan Activewear Class A	$0	–	-725,370	–	-1.38%	–
VET	Exit	Vermilion Energy Inc.	$0	–	-740,252	–	-1.50%	–
RCI	Exit	Rogers Comm Inc. Class Bcl b	$0	–	-725,220	–	-1.58%	–
CPG	Exit	Crescent Point Energy Corp.	$0	–	-2,344,048	–	-1.69%	–
AEM	Exit	Agnico Eagle Mines Ltd	$0	–	-1,107,110	–	-1.77%	–
PBA	Exit	Pembina Pipeline Corp.	$0	–	-1,181,335	–	-1.79%	–
CP	Exit	Canadian Pacific Railway Ltd.	$0	–	-210,761	–	-1.91%	–
COT	Exit	Cott Corp.	$0	–	-3,090,297	–	-2.10%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-1,770,890	–	-2.17%	–
POT	Exit	Potash Corp. of Saskatchewan	$0	–	-1,729,020	–	-2.24%	–
GG	Exit	Goldcorp Inc.	$0	–	-2,928,287	–	-2.31%	–
MGA	Exit	Magna International Inc. Class A	$0	–	-845,836	–	-2.56%	–
OTEX	Exit	Open Text Corp.	$0	–	-906,203	–	-2.56%	–
GIB	Exit	CGI Group Class Acl a sub vtg	$0	–	-1,187,764	–	-2.71%	–
SLF	Exit	Sun Life Financial Inc.	$0	–	-1,354,539	–	-2.75%	–
QSR	Exit	Restaurant Brands Internationaladded	$0	–	-1,276,812	–	-2.90%	–
TRP	Exit	TransCanada Pipelines Corp.	$0	–	-1,557,380	–	-3.10%	–
SU	Exit	Suncor Energy Inc.	$0	–	-2,277,209	–	-3.84%	–
TU	Exit	Telus Corp.	$0	–	-1,947,757	–	-3.87%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-2,181,690	–	-4.33%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-1,014,647	–	-4.59%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-5,076,660	–	-4.95%	–
CNI	Exit	Canadian National Railway	$0	–	-1,444,572	–	-5.17%	–
VRX	Exit	Valeant Pharmaceuticals International	$0	–	-472,102	–	-5.31%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-2,521,989	–	-7.01%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-3,783,212	–	-9.40%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,912,695	–	-10.15%	–

Q3 2015

			Value		Shares		↓ Weighting
RY	Buy	Royal Bank of Canada	$160,310,000	-6.9%	2,912,695	+3.5%	10.15%	+2.9%
TD	Buy	Toronto-Dominion Bank	$148,428,000	-4.4%	3,783,212	+3.5%	9.40%	+5.7%
BNS	Buy	Bank of Nova Scotia	$110,665,000	-13.3%	2,521,989	+2.0%	7.01%	-4.2%
VRX	Sell	Valeant Pharmaceuticals International	$83,878,000	-28.1%	472,102	-10.2%	5.31%	-20.6%
CNI	Buy	Canadian National Railway	$81,651,000	+3.8%	1,444,572	+6.0%	5.17%	+14.7%
MFC	Buy	Manulife Financial Corp.	$78,155,000	-4.9%	5,076,660	+14.8%	4.95%	+5.0%
CM	Buy	Canadian Imperial Bank of Commerce	$72,562,000	+12.8%	1,014,647	+16.3%	4.59%	+24.6%
BAM	Sell	Brookfield Asset Management Inc.cl a ltd vt sh	$68,329,000	-10.9%	2,181,690	-0.6%	4.33%	-1.5%
TU	Sell	Telus Corp.	$61,090,000	-16.5%	1,947,757	-8.2%	3.87%	-7.7%
SU	Buy	Suncor Energy Inc.	$60,620,000	+0.2%	2,277,209	+3.7%	3.84%	+10.7%
TRP	Buy	TransCanada Pipelines Corp.	$49,020,000	-20.3%	1,557,380	+3.0%	3.10%	-11.9%
QSR	Buy	Restaurant Brands Internationaladded	$45,751,000	-2.3%	1,276,812	+4.5%	2.90%	+7.9%
SLF	Sell	Sun Life Financial Inc.	$43,484,000	-18.9%	1,354,539	-15.6%	2.75%	-10.4%
GIB	Buy	CGI Group Class Acl a sub vtg	$42,835,000	+19.7%	1,187,764	+29.8%	2.71%	+32.2%
OTEX	Buy	Open Text Corp.	$40,393,000	+23.8%	906,203	+12.9%	2.56%	+36.8%
MGA	Buy	Magna International Inc. Class A	$40,383,000	-3.4%	845,836	+13.6%	2.56%	+6.8%
GG	Buy	Goldcorp Inc.	$36,541,000	+4.1%	2,928,287	+35.5%	2.31%	+15.1%
POT	Sell	Potash Corp. of Saskatchewan	$35,375,000	-38.7%	1,729,020	-7.2%	2.24%	-32.2%
CNQ	Buy	Canadian Natural Resources Ltd.	$34,329,000	-18.3%	1,770,890	+14.5%	2.17%	-9.6%
COT	Buy	Cott Corp.	$33,238,000	+17.9%	3,090,297	+7.2%	2.10%	+30.3%
CP	Sell	Canadian Pacific Railway Ltd.	$30,111,000	-47.0%	210,761	-40.5%	1.91%	-41.4%
PBA	Buy	Pembina Pipeline Corp.	$28,293,000	-22.2%	1,181,335	+5.0%	1.79%	-14.1%
AEM	Buy	Agnico Eagle Mines Ltd	$27,936,000	+51.8%	1,107,110	+70.9%	1.77%	+67.8%
CPG	Buy	Crescent Point Energy Corp.	$26,698,000	-17.2%	2,344,048	+49.3%	1.69%	-8.5%
RCI	Sell	Rogers Comm Inc. Class Bcl b	$24,872,000	-20.5%	725,220	-17.8%	1.58%	-12.2%
VET	Buy	Vermilion Energy Inc.	$23,725,000	-16.6%	740,252	+12.5%	1.50%	-7.9%
GIL	Buy	Gildan Activewear Class A	$21,793,000	-8.3%	725,370	+1.5%	1.38%	+1.4%
SLW	Buy	Silver Wheaton Corp	$21,726,000	-19.6%	1,815,998	+16.6%	1.38%	-11.1%
ECA	Buy	EnCana Corp.	$16,423,000	-23.4%	2,563,290	+31.9%	1.04%	-15.3%
CXRX	Buy	Concordia Healthcare Corpadded	$14,725,000	+1840.1%	346,705	+3202.0%	0.93%	+2067.4%
LABL	Buy	Multi Color Corp	$1,250,000	+316.7%	16,345	+247.8%	0.08%	+364.7%
FSV	Sell	New First Service Corp.added	$1,027,000	+15.1%	31,927	-0.4%	0.06%	+27.5%
HD	New	Home Depot	$918,000	–	7,951	–	0.06%	–
C	Buy	Citigroup Inc.	$818,000	+54.0%	16,490	+71.5%	0.05%	+73.3%
LSG	Buy	Lake Shore Gold Corp	$720,000	+0.3%	861,440	+23.1%	0.05%	+12.2%
TJX	New	TJX Companies Inc.	$710,000	–	9,943	–	0.04%	–
PGTI	New	PGT Inc	$683,000	–	55,582	–	0.04%	–
FIS	New	Fidelity National Info Svcs	$671,000	–	10,000	–	0.04%	–
BAC	Buy	Bank of America Corp.	$652,000	+76.7%	41,845	+93.1%	0.04%	+95.2%
DDC	Sell	Dominion Diamond Corp.	$632,000	-31.5%	59,420	-9.7%	0.04%	-24.5%
FNV	Buy	Franco-Nevada Corp.	$568,000	+15.0%	12,950	+25.1%	0.04%	+28.6%
PVG	Sell	Pretium Resources Inc	$520,000	+9.2%	86,360	-1.9%	0.03%	+22.2%
MCFT	New	MCBC Holdings Incadded	$486,000	–	37,500	–	0.03%	–
XEC	Buy	Cimarex Energy Co	$449,000	+78.2%	4,383	+91.6%	0.03%	+100.0%
AMWD	Buy	American Woodmark Corp	$426,000	+101.9%	6,567	+70.9%	0.03%	+125.0%
ETFC	Buy	E Trade Financial Group Inc	$422,000	+77.3%	16,009	+101.4%	0.03%	+92.9%
PPPMF	Buy	Primero Mining Corp.	$395,000	-26.7%	169,820	+22.9%	0.02%	-19.4%
AAP	New	Advance Auto Parts	$379,000	–	2,000	–	0.02%	–
MHK	New	Mohawk Industries Inc.	$359,000	–	1,975	–	0.02%	–
GDXJ	New	Market Vectors Jr Gold Miner ETFjr gold miners e	$312,000	–	15,909	–	0.02%	–
AAVVF	New	Advantage Oil & Gas Ltd.	$312,000	–	60,000	–	0.02%	–
CBPX	New	Continental Building Product	$313,000	–	15,234	–	0.02%	–
HVT	New	Haverty Furniture	$323,000	–	13,774	–	0.02%	–
PGEM	Buy	Ply Gem Holdings Inc	$320,000	+34.5%	27,362	+35.3%	0.02%	+42.9%
TPH	Buy	TRI Pointe Group Inc	$295,000	+92.8%	22,513	+124.9%	0.02%	+111.1%
BBBY	New	Bed Bath and Beyond Inc.	$285,000	–	5,000	–	0.02%	–
BIN	New	Progressive Waste Solutions Ltd	$283,000	–	10,754	–	0.02%	–
USG	New	USG Group	$269,000	–	10,099	–	0.02%	–
TAST	Buy	Carrols Restaurant Group Inc	$247,000	+96.0%	20,725	+71.1%	0.02%	+128.6%
ITW	New	Illinois Tool Works Inc.	$246,000	–	2,984	–	0.02%	–
HDS	New	HD Supply Holdings Inc	$218,000	–	7,622	–	0.01%	–
ENDP	New	Endo International Plc	$204,000	–	2,940	–	0.01%	–
MSLI	Buy	Merus Labs International Inc	$154,000	-32.8%	120,020	+23.6%	0.01%	-23.1%
CRHM	New	CRH Medical Corpadded	$127,000	–	40,000	–	0.01%	–
PGNX	Buy	Progenics Pharmaceutical Inc	$101,000	+6.3%	17,729	+39.6%	0.01%	+20.0%
SPF	Exit	Standard Pacific Cp	$0	–	-20,193	–	-0.01%	–
CSTE	Exit	Caesar Stone Sdot-Yam Ltd	$0	–	-4,014	–	-0.02%	–
BCC	Exit	Boise Cascade Corp.	$0	–	-8,744	–	-0.02%	–
NSU	Exit	Nevsun Resources Ltd.	$0	–	-173,350	–	-0.04%	–
PSGLQ	Exit	Performance Sports Group Ltd	$0	–	-36,670	–	-0.04%	–
AUQ	Exit	AuRico Gold Inc	$0	–	-282,690	–	-0.05%	–
AUY	Exit	Yamana Gold Inc.	$0	–	-5,464,960	–	-0.94%	–

Q2 2015

			Value		Shares		↓ Weighting
RY	New	Royal Bank of Canada	$172,208,000	–	2,814,775	–	9.87%	–
TD	New	Toronto-Dominion Bank	$155,220,000	–	3,653,562	–	8.89%	–
BNS	New	Bank of Nova Scotia	$127,656,000	–	2,472,039	–	7.32%	–
VRX	New	Valeant Pharmaceuticals Int'l	$116,724,000	–	525,946	–	6.69%	–
MFC	New	Manulife Financial Corp.	$82,225,000	–	4,422,801	–	4.71%	–
CNI	New	Canadian National Railway	$78,675,000	–	1,363,062	–	4.51%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$76,685,000	–	2,193,790	–	4.39%	–
TU	New	Telus Corp.	$73,151,000	–	2,122,377	–	4.19%	–
CM	New	Canadian Imperial Bank of Commerce	$64,334,000	–	872,357	–	3.69%	–
TRP	New	TransCanada Pipelines Corp.	$61,496,000	–	1,512,500	–	3.52%	–
SU	New	Suncor Energy Inc.	$60,516,000	–	2,196,249	–	3.47%	–
POT	New	Potash Corp. of Saskatchewan	$57,696,000	–	1,862,210	–	3.31%	–
CP	New	Canadian Pacific Railway Ltd.	$56,786,000	–	354,439	–	3.25%	–
SLF	New	Sun Life Financial Inc.	$53,610,000	–	1,605,019	–	3.07%	–
QSR	New	Restaurant Brands Internationaladded	$46,848,000	–	1,221,789	–	2.68%	–
CNQ	New	Canadian Natural Resources Ltd.	$41,995,000	–	1,546,570	–	2.41%	–
MGA	New	Magna International Inc. Class A	$41,804,000	–	744,516	–	2.40%	–
PBA	New	Pembina Pipeline Corp.	$36,373,000	–	1,124,847	–	2.08%	–
GIB	New	CGI Group Class Acl a sub vtg	$35,793,000	–	914,764	–	2.05%	–
GG	New	Goldcorp Inc.	$35,100,000	–	2,161,847	–	2.01%	–
OTEX	New	Open Text Corp.	$32,622,000	–	802,840	–	1.87%	–
CPG	New	Crescent Point Energy Corp.	$32,230,000	–	1,569,948	–	1.85%	–
RCI	New	Rogers Comm Inc. Class Bcl b	$31,291,000	–	881,830	–	1.79%	–
VET	New	Vermilion Energy Inc.	$28,447,000	–	658,290	–	1.63%	–
COT	New	Cott Corp.	$28,192,000	–	2,882,621	–	1.62%	–
SLW	New	Silver Wheaton Corp	$27,010,000	–	1,557,535	–	1.55%	–
GIL	New	Gildan Activewear Class A	$23,758,000	–	714,900	–	1.36%	–
ECA	New	EnCana Corp.	$21,436,000	–	1,943,452	–	1.23%	–
AEM	New	Agnico Eagle Mines Ltd	$18,400,000	–	647,830	–	1.05%	–
AUY	New	Yamana Gold Inc.	$16,459,000	–	5,464,960	–	0.94%	–
DDC	New	Dominion Diamond Corp.	$922,000	–	65,811	–	0.05%	–
FSV	New	New First Service Corp.added	$892,000	–	32,061	–	0.05%	–
AUQ	New	AuRico Gold Inc	$808,000	–	282,690	–	0.05%	–
CXRX	New	Concordia Healthcare Corpadded	$759,000	–	10,500	–	0.04%	–
LSG	New	Lake Shore Gold Corp	$718,000	–	700,000	–	0.04%	–
PSGLQ	New	Performance Sports Group Ltd	$660,000	–	36,670	–	0.04%	–
NSU	New	Nevsun Resources Ltd.	$653,000	–	173,350	–	0.04%	–
PPPMF	New	Primero Mining Corp.	$539,000	–	138,160	–	0.03%	–
C	New	Citigroup Inc.	$531,000	–	9,614	–	0.03%	–
FNV	New	Franco-Nevada Corp.	$494,000	–	10,350	–	0.03%	–
PVG	New	Pretium Resources Inc	$476,000	–	88,000	–	0.03%	–
BAC	New	Bank of America Corp.	$369,000	–	21,671	–	0.02%	–
BCC	New	Boise Cascade Corp.	$321,000	–	8,744	–	0.02%	–
LABL	New	Multi Color Corp	$300,000	–	4,699	–	0.02%	–
CSTE	New	Caesar Stone Sdot-Yam Ltd	$275,000	–	4,014	–	0.02%	–
PGEM	New	Ply Gem Holdings Inc	$238,000	–	20,228	–	0.01%	–
XEC	New	Cimarex Energy Co	$252,000	–	2,288	–	0.01%	–
ETFC	New	E Trade Financial Group Inc	$238,000	–	7,948	–	0.01%	–
MSLI	New	Merus Labs International Inc	$229,000	–	97,120	–	0.01%	–
AMWD	New	American Woodmark Corp	$211,000	–	3,843	–	0.01%	–
SPF	New	Standard Pacific Cp	$180,000	–	20,193	–	0.01%	–
TPH	New	TRI Pointe Group Inc	$153,000	–	10,009	–	0.01%	–
TAST	New	Carrols Restaurant Group Inc	$126,000	–	12,116	–	0.01%	–
PGNX	New	Progenics Pharmaceutical Inc	$95,000	–	12,699	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
MSLI	Exit	Merus Labs International Inc	$0	–	-185,500	–	-0.01%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-7,200	–	-0.02%	–
MITL	Exit	Mitel Networks Corp.	$0	–	-46,800	–	-0.02%	–
FSRV	Exit	Firstservice Corp. Sub Vtg.sub vtg sh	$0	–	-10,830	–	-0.03%	–
NOA	Exit	North American Energy Partners	$0	–	-91,300	–	-0.03%	–
AGI	Exit	Alamos Gold	$0	–	-75,000	–	-0.03%	–
RIOM	Exit	Rio Alto Mining Ltd.	$0	–	-255,506	–	-0.03%	–
TGD	Exit	Timmins Gold Corp	$0	–	-493,100	–	-0.03%	–
BXE	Exit	Bellatrix Exploration Ltd.	$0	–	-107,780	–	-0.03%	–
AEM	Exit	Agnico Eagle Mines Ltd	$0	–	-23,300	–	-0.03%	–
AUQ	Exit	AuRico Gold Inc	$0	–	-214,500	–	-0.04%	–
PPPMF	Exit	Primero Mining Corp.	$0	–	-167,600	–	-0.04%	–
NSU	Exit	Nevsun Resources Ltd.	$0	–	-246,200	–	-0.04%	–
PSGLQ	Exit	Performance Sports Group Ltd	$0	–	-55,800	–	-0.04%	–
TECK	Exit	Teck Resources Ltd.cl b	$0	–	-828,020	–	-0.75%	–
TLM	Exit	Talisman Energy Inc.	$0	–	-2,628,434	–	-1.08%	–
ENB	Exit	Enbridge Inc.	$0	–	-562,876	–	-1.28%	–
SJR	Exit	Shaw Communications Inc. Class Bcl b conv	$0	–	-1,163,584	–	-1.36%	–
BRP	Exit	Brookfield Residential Properties Inc.	$0	–	-1,612,248	–	-1.44%	–
OTEX	Exit	Open Text Corp.	$0	–	-605,371	–	-1.60%	–
AUY	Exit	Yamana Gold Inc.	$0	–	-6,120,055	–	-1.75%	–
GIB	Exit	CGI Group Class Acl a sub vtg	$0	–	-1,195,609	–	-1.93%	–
GIL	Exit	Gildan Activewear Class A	$0	–	-738,954	–	-1.93%	–
ECA	Exit	EnCana Corp.	$0	–	-1,912,754	–	-1.94%	–
GG	Exit	Goldcorp Inc.	$0	–	-1,788,136	–	-1.97%	–
PBA	Exit	Pembina Pipeline Corp.	$0	–	-1,037,377	–	-2.08%	–
GOLD	Exit	Barrick Gold Corp.	$0	–	-3,182,152	–	-2.23%	–
AGU	Exit	Agrium Inc.	$0	–	-537,707	–	-2.28%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-1,806,040	–	-2.32%	–
MGA	Exit	Magna International Inc. Class A	$0	–	-523,918	–	-2.37%	–
SLF	Exit	Sun Life Financial Inc.	$0	–	-1,378,738	–	-2.38%	–
CTRX	Exit	Catamaran Corporation	$0	–	-1,471,146	–	-2.95%	–
TRP	Exit	TransCanada Pipelines Corp.	$0	–	-1,216,200	–	-2.99%	–
CPG	Exit	Crescent Point Energy Corp.	$0	–	-1,754,237	–	-3.02%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-710,827	–	-3.04%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-1,825,290	–	-3.38%	–
TU	Exit	Telus Corp.	$0	–	-2,322,527	–	-3.78%	–
CNI	Exit	Canadian National Railway	$0	–	-1,131,662	–	-3.83%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-4,658,186	–	-4.27%	–
SU	Exit	Suncor Energy Inc.	$0	–	-2,538,995	–	-4.38%	–
VRX	Exit	Valeant Pharmaceuticals International	$0	–	-706,112	–	-4.41%	–
CP	Exit	Canadian Pacific Railway Ltd.	$0	–	-511,471	–	-5.06%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-3,641,525	–	-8.57%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-3,132,963	–	-9.24%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,924,346	–	-9.97%	–

Q3 2014

			Value		Shares		↓ Weighting
RY	Sell	Royal Bank of Canada	$209,471,000	-0.9%	2,924,346	-0.9%	9.97%	+16.7%
BNS	Sell	Bank of Nova Scotia	$194,193,000	-27.5%	3,132,963	-21.9%	9.24%	-14.7%
TD	Sell	Toronto-Dominion Bank	$180,097,000	-15.7%	3,641,525	-12.1%	8.57%	-0.7%
CP	Sell	Canadian Pacific Railway Ltd.	$106,377,000	-7.3%	511,471	-19.1%	5.06%	+9.2%
VRX	Sell	Valeant Pharmaceuticals International	$92,722,000	-12.1%	706,112	-15.2%	4.41%	+3.5%
SU	Sell	Suncor Energy Inc.	$92,081,000	-32.2%	2,538,995	-20.2%	4.38%	-20.2%
MFC	Sell	Manulife Financial Corp.	$89,783,000	-23.4%	4,658,186	-20.9%	4.27%	-9.8%
CNI	Sell	Canadian National Railway	$80,514,000	-6.6%	1,131,662	-14.5%	3.83%	+10.0%
TU	Sell	Telus Corp.	$79,472,000	-13.5%	2,322,527	-5.6%	3.78%	+1.9%
CNQ	Sell	Canadian Natural Resources Ltd.	$71,065,000	-26.6%	1,825,290	-13.2%	3.38%	-13.5%
CM	New	Canadian Imperial Bank of Commerce	$63,981,000	–	710,827	–	3.04%	–
CPG	Sell	Crescent Point Energy Corp.	$63,448,000	-26.4%	1,754,237	-9.7%	3.02%	-13.3%
TRP	New	TransCanada Pipelines Corp.	$62,772,000	–	1,216,200	–	2.99%	–
CTRX	Sell	Catamaran Corporation	$62,095,000	-20.3%	1,471,146	-16.4%	2.95%	-6.1%
SLF	Sell	Sun Life Financial Inc.	$50,089,000	-14.8%	1,378,738	-13.7%	2.38%	+0.3%
MGA	Sell	Magna International Inc. Class A	$49,834,000	-24.8%	523,918	-14.7%	2.37%	-11.4%
CVE	Sell	Cenovus Energy Inc.	$48,692,000	-29.0%	1,806,040	-14.5%	2.32%	-16.4%
AGU	Sell	Agrium Inc.	$47,903,000	-31.4%	537,707	-29.3%	2.28%	-19.2%
GOLD	New	Barrick Gold Corp.	$46,897,000	–	3,182,152	–	2.23%	–
PBA	New	Pembina Pipeline Corp.	$43,795,000	–	1,037,377	–	2.08%	–
GG	Sell	Goldcorp Inc.	$41,313,000	-40.5%	1,788,136	-28.0%	1.97%	-29.9%
ECA	Buy	EnCana Corp.	$40,701,000	+18.6%	1,912,754	+32.3%	1.94%	+39.7%
GIL	Sell	Gildan Activewear Class A	$40,513,000	-24.6%	738,954	-18.8%	1.93%	-11.2%
GIB	Sell	CGI Group Class Acl a sub vtg	$40,483,000	-19.4%	1,195,609	-15.4%	1.93%	-5.0%
AUY	Sell	Yamana Gold Inc.	$36,801,000	-33.8%	6,120,055	-9.3%	1.75%	-22.1%
OTEX	Buy	Open Text Corp.	$33,558,000	+17.1%	605,371	+1.5%	1.60%	+37.9%
BRP	Sell	Brookfield Residential Properties Inc.	$30,368,000	-17.2%	1,612,248	-8.0%	1.44%	-2.4%
SJR	Sell	Shaw Communications Inc. Class Bcl b conv	$28,581,000	-14.3%	1,163,584	-10.4%	1.36%	+1.0%
ENB	Sell	Enbridge Inc.	$27,002,000	-72.6%	562,876	-72.8%	1.28%	-67.7%
TLM	Sell	Talisman Energy Inc.	$22,791,000	-36.9%	2,628,434	-22.9%	1.08%	-25.7%
TECK	Sell	Teck Resources Ltd.cl b	$15,715,000	-41.4%	828,020	-29.3%	0.75%	-30.9%
PSGLQ	New	Performance Sports Group Ltd	$909,000	–	55,800	–	0.04%	–
NSU	Buy	Nevsun Resources Ltd.	$892,000	+7.5%	246,200	+11.5%	0.04%	+23.5%
PPPMF	Buy	Primero Mining Corp.	$817,000	-38.3%	167,600	+1.6%	0.04%	-26.4%
AUQ	Buy	AuRico Gold Inc	$750,000	+5.0%	214,500	+28.7%	0.04%	+24.1%
BXE	Sell	Bellatrix Exploration Ltd.	$664,000	-31.3%	107,780	-3.1%	0.03%	-17.9%
TGD	Buy	Timmins Gold Corp	$622,000	-28.7%	493,100	+1.4%	0.03%	-14.3%
RIOM	New	Rio Alto Mining Ltd.	$610,000	–	255,506	–	0.03%	–
NOA	Sell	North American Energy Partners	$591,000	-22.8%	91,300	-3.9%	0.03%	-9.7%
AGI	New	Alamos Gold	$599,000	–	75,000	–	0.03%	–
FSRV	Sell	Firstservice Corp. Sub Vtg.sub vtg sh	$570,000	-29.1%	10,830	-31.6%	0.03%	-15.6%
MITL	Buy	Mitel Networks Corp.	$429,000	-12.3%	46,800	+1.1%	0.02%	0.0%
FNV	Sell	Franco-Nevada Corp.	$354,000	-99.5%	7,200	-99.4%	0.02%	-99.4%
MSLI	Buy	Merus Labs International Inc	$277,000	+25.3%	185,500	+85.5%	0.01%	+44.4%
BTG	Exit	B2Gold Corp.	$0	–	-10,000	–	-0.00%	–
THI	Exit	Tim Hortons Inc.	$0	–	-136,397	–	-0.30%	–

Q2 2014

			Value		Shares		↓ Weighting
BNS	New	Bank of Nova Scotia	$267,982,000	–	4,012,391	–	10.82%	–
TD	New	Toronto-Dominion Bank	$213,646,000	–	4,142,828	–	8.63%	–
RY	New	Royal Bank of Canada	$211,407,000	–	2,952,024	–	8.54%	–
SU	New	Suncor Energy Inc.	$135,889,000	–	3,181,138	–	5.49%	–
MFC	New	Manulife Financial Corp.	$117,259,000	–	5,888,659	–	4.74%	–
CP	New	Canadian Pacific Railway Ltd.	$114,716,000	–	632,090	–	4.63%	–
VRX	New	Valeant Pharmaceuticals International	$105,535,000	–	833,041	–	4.26%	–
ENB	New	Enbridge Inc.	$98,537,000	–	2,073,010	–	3.98%	–
CNQ	New	Canadian Natural Resources Ltd.	$96,788,000	–	2,102,670	–	3.91%	–
TU	New	Telus Corp.	$91,829,000	–	2,459,442	–	3.71%	–
CPG	New	Crescent Point Energy Corp.	$86,256,000	–	1,942,801	–	3.48%	–
CNI	New	Canadian National Railway	$86,197,000	–	1,322,951	–	3.48%	–
CTRX	New	Catamaran Corporation	$77,882,000	–	1,760,535	–	3.15%	–
AGU	New	Agrium Inc.	$69,827,000	–	760,883	–	2.82%	–
GG	New	Goldcorp Inc.	$69,405,000	–	2,482,434	–	2.80%	–
CVE	New	Cenovus Energy Inc.	$68,577,000	–	2,111,745	–	2.77%	–
FNV	New	Franco-Nevada Corp.	$67,965,000	–	1,181,930	–	2.74%	–
MGA	New	Magna International Inc. Class A	$66,264,000	–	614,494	–	2.68%	–
SLF	New	Sun Life Financial Inc.	$58,801,000	–	1,596,944	–	2.38%	–
AUY	New	Yamana Gold Inc.	$55,615,000	–	6,746,915	–	2.25%	–
GIL	New	Gildan Activewear Class A	$53,704,000	–	909,854	–	2.17%	–
GIB	New	CGI Group Class Acl a sub vtg	$50,204,000	–	1,413,937	–	2.03%	–
BRP	New	Brookfield Residential Properties Inc.	$36,671,000	–	1,751,626	–	1.48%	–
TLM	New	Talisman Energy Inc.	$36,110,000	–	3,409,841	–	1.46%	–
ECA	New	EnCana Corp.	$34,310,000	–	1,445,634	–	1.39%	–
SJR	New	Shaw Communications Inc. Class Bcl b conv	$33,357,000	–	1,298,634	–	1.35%	–
OTEX	New	Open Text Corp.	$28,661,000	–	596,263	–	1.16%	–
TECK	New	Teck Resources Ltd.cl b	$26,796,000	–	1,171,656	–	1.08%	–
THI	New	Tim Hortons Inc.	$7,475,000	–	136,397	–	0.30%	–
PPPMF	New	Primero Mining Corp.	$1,324,000	–	165,000	–	0.05%	–
BXE	New	Bellatrix Exploration Ltd.	$967,000	–	111,180	–	0.04%	–
AEM	New	Agnico Eagle Mines Ltd	$894,000	–	23,300	–	0.04%	–
TGD	New	Timmins Gold Corp	$872,000	–	486,100	–	0.04%	–
NSU	New	Nevsun Resources Ltd.	$830,000	–	220,900	–	0.03%	–
FSRV	New	Firstservice Corp. Sub Vtg.sub vtg sh	$804,000	–	15,830	–	0.03%	–
NOA	New	North American Energy Partners	$766,000	–	95,000	–	0.03%	–
AUQ	New	AuRico Gold Inc	$714,000	–	166,700	–	0.03%	–
MITL	New	Mitel Networks Corp.	$489,000	–	46,300	–	0.02%	–
MSLI	New	Merus Labs International Inc	$221,000	–	100,000	–	0.01%	–
BTG	New	B2Gold Corp.	$29,000	–	10,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
SPF	Exit	Standard Pacific Cp	$0	–	-10,000	–	-0.00%	–
BAC	Exit	Bank of America Corp.	$0	–	-12,500	–	-0.01%	–
PXD	Exit	Pioneer Natural Resources Co	$0	–	-1,300	–	-0.01%	–
EXFO	Exit	EXFO Inc.	$0	–	-46,870	–	-0.01%	–
ETFC	Exit	E Trade Financial Group Inc	$0	–	-16,000	–	-0.01%	–
C	Exit	Citigroup Inc.	$0	–	-6,000	–	-0.02%	–
WILN	Exit	Wi-LAN Inc.	$0	–	-88,410	–	-0.02%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-7,800	–	-0.02%	–
HBM	Exit	HudBay Minerals Inc.	$0	–	-48,840	–	-0.02%	–
TGD	Exit	Timmins Gold Corp	$0	–	-289,800	–	-0.03%	–
AUQ	Exit	AuRico Gold Inc	$0	–	-150,000	–	-0.03%	–
IMAX	Exit	IMAX Corp.	$0	–	-21,550	–	-0.04%	–
FSRV	Exit	Firstservice Corp. Sub Vtg.sub vtg sh	$0	–	-16,730	–	-0.04%	–
STN	Exit	Stantec Inc.	$0	–	-14,910	–	-0.04%	–
BTG	Exit	B2Gold Corp.	$0	–	-325,900	–	-0.04%	–
BXE	Exit	Bellatrix Exploration Ltd.	$0	–	-115,080	–	-0.05%	–
EGO	Exit	Eldorado Gold Corp.	$0	–	-2,128,120	–	-0.78%	–
TECK	Exit	Teck Resources Ltd.cl b	$0	–	-809,482	–	-1.19%	–
PWE	Exit	Penn West Petroleum Corp.	$0	–	-2,052,350	–	-1.24%	–
OTEX	Exit	Open Text Corp.	$0	–	-316,625	–	-1.29%	–
PDS	Exit	Precision Drilling Corp.	$0	–	-2,413,400	–	-1.31%	–
SLF	Exit	Sun Life Financial Inc.	$0	–	-985,820	–	-1.72%	–
BRP	Exit	Brookfield Residential Properties Inc.	$0	–	-1,493,130	–	-1.89%	–
GIB	Exit	CGI Group Class Acl a sub vtg	$0	–	-1,028,317	–	-1.97%	–
AUY	Exit	Yamana Gold Inc.	$0	–	-3,518,090	–	-2.00%	–
POT	Exit	Potash Corp. of Saskatchewan	$0	–	-1,234,234	–	-2.11%	–
CTRX	Exit	Catamaran Corporation	$0	–	-847,948	–	-2.13%	–
TLM	Exit	Talisman Energy Inc.	$0	–	-3,622,933	–	-2.27%	–
THI	Exit	Tim Hortons Inc.	$0	–	-780,600	–	-2.48%	–
	Exit	Agrium Inc.	$0	–	-623,923	–	-2.87%	–
ENB	Exit	Enbridge Inc.	$0	–	-1,262,890	–	-2.88%	–
MGA	Exit	Magna International Inc. Class A	$0	–	-715,944	–	-3.23%	–
CVE	Exit	Cenovus Energy Inc.	$0	–	-2,032,056	–	-3.32%	–
CM	Exit	Canadian Imperial Bank of Commerce	$0	–	-832,700	–	-3.63%	–
MFC	Exit	Manulife Financial Corp.	$0	–	-4,078,130	–	-3.69%	–
VRX	Exit	Valeant Pharmaceuticals International	$0	–	-663,031	–	-3.78%	–
TU	Exit	Telus Corp.	$0	–	-2,222,042	–	-4.03%	–
CNQ	Exit	Canadian Natural Resources Ltd.	$0	–	-2,701,270	–	-4.64%	–
GG	Exit	Goldcorp Inc.	$0	–	-3,359,500	–	-4.78%	–
CNI	Exit	Canadian National Railway	$0	–	-1,073,531	–	-5.95%	–
SU	Exit	Suncor Energy Inc.	$0	–	-3,165,664	–	-6.19%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-2,790,537	–	-8.74%	–
RY	Exit	Royal Bank of Canada	$0	–	-2,679,753	–	-9.39%	–
TD	Exit	Toronto-Dominion Bank	$0	–	-2,052,660	–	-10.10%	–

Q3 2013

			Value		Shares		↓ Weighting
TD	Buy	Toronto-Dominion Bank	$190,364,000	+10.9%	2,052,660	+1.0%	10.10%	+0.5%
RY	Buy	Royal Bank of Canada	$176,864,000	+14.5%	2,679,753	+6.4%	9.39%	+3.8%
BNS	Sell	Bank of Nova Scotia	$164,642,000	+2.6%	2,790,537	-2.2%	8.74%	-7.0%
SU	Sell	Suncor Energy Inc.	$116,591,000	+12.2%	3,165,664	-5.6%	6.19%	+1.6%
CNI	Buy	Canadian National Railway	$112,044,000	+10.1%	1,073,531	+8.0%	5.95%	-0.3%
GG	Buy	Goldcorp Inc.	$90,035,000	+30.7%	3,359,500	+27.4%	4.78%	+18.4%
CNQ	Buy	Canadian Natural Resources Ltd.	$87,440,000	+15.4%	2,701,270	+5.7%	4.64%	+4.6%
TU	Sell	Telus Corp.	$75,861,000	+9.9%	2,222,042	-1.2%	4.03%	-0.4%
VRX	Sell	Valeant Pharmaceuticals International	$71,210,000	+14.4%	663,031	-3.4%	3.78%	+3.6%
MFC	Sell	Manulife Financial Corp.	$69,491,000	-17.5%	4,078,130	-18.5%	3.69%	-25.2%
CM	Buy	Canadian Imperial Bank of Commerce	$68,331,000	+83.9%	832,700	+67.2%	3.63%	+66.6%
CVE	Buy	Cenovus Energy Inc.	$62,465,000	+16.1%	2,032,056	+13.3%	3.32%	+5.2%
MGA	Buy	Magna International Inc. Class A	$60,819,000	+17.0%	715,944	+3.1%	3.23%	+6.0%
ENB	Buy	Enbridge Inc.	$54,330,000	-0.4%	1,262,890	+2.3%	2.88%	-9.8%
	New	Agrium Inc.	$54,013,000	–	623,923	–	2.87%	–
THI	New	Tim Hortons Inc.	$46,633,000	–	780,600	–	2.48%	–
TLM	Buy	Talisman Energy Inc.	$42,823,000	+1.3%	3,622,933	+2.8%	2.27%	-8.2%
CTRX	Buy	Catamaran Corporation	$40,125,000	+47.4%	847,948	+59.4%	2.13%	+33.5%
POT	Sell	Potash Corp. of Saskatchewan	$39,755,000	-32.3%	1,234,234	-15.7%	2.11%	-38.7%
AUY	Buy	Yamana Gold Inc.	$37,679,000	+12.0%	3,518,090	+4.9%	2.00%	+1.5%
GIB	Sell	CGI Group Class Acl a sub vtg	$37,174,000	+8.9%	1,028,317	-7.3%	1.97%	-1.4%
BRP	Buy	Brookfield Residential Properties Inc.	$35,608,000	+30.6%	1,493,130	+27.8%	1.89%	+18.3%
SLF	New	Sun Life Financial Inc.	$32,433,000	–	985,820	–	1.72%	–
PDS	Sell	Precision Drilling Corp.	$24,665,000	+0.3%	2,413,400	-12.2%	1.31%	-9.2%
OTEX	Sell	Open Text Corp.	$24,371,000	-2.9%	316,625	-9.3%	1.29%	-12.0%
PWE	Buy	Penn West Petroleum Corp.	$23,458,000	+11.5%	2,052,350	+8.3%	1.24%	+1.1%
TECK	Sell	Teck Resources Ltd.cl b	$22,406,000	-3.9%	809,482	-21.9%	1.19%	-12.9%
EGO	Sell	Eldorado Gold Corp.	$14,790,000	-32.5%	2,128,120	-36.8%	0.78%	-38.8%
BXE	Sell	Bellatrix Exploration Ltd.	$902,000	+19.2%	115,080	-1.9%	0.05%	+9.1%
BTG	Buy	B2Gold Corp.	$838,000	+18.0%	325,900	+2.8%	0.04%	+4.8%
STN	Sell	Stantec Inc.	$784,000	-17.9%	14,910	-30.7%	0.04%	-25.0%
FSRV	Sell	Firstservice Corp. Sub Vtg.sub vtg sh	$669,000	+5.7%	16,730	-12.9%	0.04%	-2.7%
IMAX	Sell	IMAX Corp.	$669,000	+14.8%	21,550	-3.4%	0.04%	+5.9%
AUQ	Buy	AuRico Gold Inc	$590,000	+917.2%	150,000	+1100.0%	0.03%	+933.3%
TGD	Sell	Timmins Gold Corp	$504,000	-25.8%	289,800	-1.0%	0.03%	-32.5%
HBM	Sell	HudBay Minerals Inc.	$412,000	+18.4%	48,840	-2.3%	0.02%	+10.0%
WILN	Sell	Wi-LAN Inc.	$353,000	-45.9%	88,410	-34.2%	0.02%	-50.0%
FNV	Sell	Franco-Nevada Corp.	$364,000	-25.6%	7,800	-40.0%	0.02%	-34.5%
C	New	Citigroup Inc.	$299,000	–	6,000	–	0.02%	–
EXFO	Sell	EXFO Inc.	$262,000	+17.0%	46,870	-1.9%	0.01%	+7.7%
ETFC	New	E Trade Financial Group Inc	$271,000	–	16,000	–	0.01%	–
PXD	New	Pioneer Natural Resources Co	$252,000	–	1,300	–	0.01%	–
BAC	Buy	Bank of America Corp.	$177,000	+30.1%	12,500	+25.0%	0.01%	+12.5%
SPF	New	Standard Pacific Cp	$81,000	–	10,000	–	0.00%	–
DNN	Exit	Denison Mines Ltd.	$0	–	-180,000	–	-0.01%	–
RIOM	Exit	Rio Alto Mining Ltd.	$0	–	-130,000	–	-0.02%	–
COT	Exit	Cott Corp.	$0	–	-71,800	–	-0.04%	–
AGI	Exit	Alamos Gold	$0	–	-62,000	–	-0.05%	–
BBRY	Exit	Research In Motion	$0	–	-1,381,600	–	-0.90%	–
AGU	Exit	Agrium Inc.	$0	–	-472,863	–	-2.53%	–
BAM	Exit	Brookfield Asset Management Inc.cl a ltd vt sh	$0	–	-1,361,500	–	-3.02%	–

Q2 2013

			Value		Shares		↓ Weighting
TD	New	Toronto-Dominion Bank	$171,719,000	–	2,032,900	–	10.06%	–
BNS	New	Bank of Nova Scotia	$160,422,000	–	2,853,467	–	9.40%	–
RY	New	Royal Bank of Canada	$154,404,000	–	2,519,653	–	9.04%	–
SU	New	Suncor Energy Inc.	$103,941,000	–	3,352,924	–	6.09%	–
CNI	New	Canadian National Railway	$101,788,000	–	994,021	–	5.96%	–
MFC	New	Manulife Financial Corp.	$84,207,000	–	5,003,390	–	4.93%	–
CNQ	New	Canadian Natural Resources Ltd.	$75,759,000	–	2,555,100	–	4.44%	–
TU	New	Telus Corp.	$69,055,000	–	2,249,342	–	4.04%	–
GG	New	Goldcorp Inc.	$68,905,000	–	2,638,000	–	4.04%	–
VRX	New	Valeant Pharmaceuticals International	$62,251,000	–	686,491	–	3.65%	–
POT	New	Potash Corp. of Saskatchewan	$58,719,000	–	1,463,584	–	3.44%	–
ENB	New	Enbridge Inc.	$54,560,000	–	1,234,120	–	3.20%	–
CVE	New	Cenovus Energy Inc.	$53,789,000	–	1,792,966	–	3.15%	–
MGA	New	Magna International Inc. Class A	$51,961,000	–	694,104	–	3.04%	–
BAM	New	Brookfield Asset Management Inc.cl a ltd vt sh	$51,465,000	–	1,361,500	–	3.02%	–
AGU	New	Agrium Inc.	$43,116,000	–	472,863	–	2.53%	–
TLM	New	Talisman Energy Inc.	$42,278,000	–	3,523,203	–	2.48%	–
CM	New	Canadian Imperial Bank of Commerce	$37,163,000	–	497,900	–	2.18%	–
GIB	New	CGI Group Class Acl a sub vtg	$34,148,000	–	1,108,717	–	2.00%	–
AUY	New	Yamana Gold Inc.	$33,631,000	–	3,353,000	–	1.97%	–
BRP	New	Brookfield Residential Properties Inc.	$27,271,000	–	1,167,950	–	1.60%	–
CTRX	New	Catamaran Corporation	$27,226,000	–	531,858	–	1.60%	–
OTEX	New	Open Text Corp.	$25,092,000	–	348,985	–	1.47%	–
PDS	New	Precision Drilling Corp.	$24,592,000	–	2,747,700	–	1.44%	–
TECK	New	Teck Resources Ltd.cl b	$23,304,000	–	1,037,102	–	1.36%	–
EGO	New	Eldorado Gold Corp.	$21,905,000	–	3,364,900	–	1.28%	–
PWE	New	Penn West Petroleum Corp.	$21,038,000	–	1,895,300	–	1.23%	–
BBRY	New	Research In Motion	$15,308,000	–	1,381,600	–	0.90%	–
STN	New	Stantec Inc.	$955,000	–	21,510	–	0.06%	–
AGI	New	Alamos Gold	$790,000	–	62,000	–	0.05%	–
BXE	New	Bellatrix Exploration Ltd.	$757,000	–	117,300	–	0.04%	–
BTG	New	B2Gold Corp.	$710,000	–	316,900	–	0.04%	–
TGD	New	Timmins Gold Corp	$679,000	–	292,800	–	0.04%	–
WILN	New	Wi-LAN Inc.	$652,000	–	134,400	–	0.04%	–
FSRV	New	Firstservice Corp. Sub Vtg.sub vtg sh	$633,000	–	19,200	–	0.04%	–
COT	New	Cott Corp.	$590,000	–	71,800	–	0.04%	–
IMAX	New	IMAX Corp.	$583,000	–	22,300	–	0.03%	–
FNV	New	Franco-Nevada Corp.	$489,000	–	13,000	–	0.03%	–
HBM	New	HudBay Minerals Inc.	$348,000	–	50,000	–	0.02%	–
RIOM	New	Rio Alto Mining Ltd.	$254,000	–	130,000	–	0.02%	–
DNN	New	Denison Mines Ltd.	$220,000	–	180,000	–	0.01%	–
EXFO	New	EXFO Inc.	$224,000	–	47,800	–	0.01%	–
BAC	New	Bank of America Corp.	$136,000	–	10,000	–	0.01%	–
AUQ	New	AuRico Gold Inc	$58,000	–	12,500	–	0.00%	–

Compare quarters

Export PCJ Investment Counsel Ltd.'s holdings