13F holdings as of 2025-12-31 · vs 2025-09-30 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | TRI4EURTHOMSON REUTERS CORP | 530K | $69.9M | 41.0% | -$12.4M | |
| 2 | ENBENBRIDGE INC | ADD | 718K | $34.4M | 20.1% | -$1.4M |
| 3 | RSPINVESCO EXCHANGE TRADED FD T | ADD | 147K | $28.2M | 16.5% | +$367K |
| 4 | IVVISHARES TR | ADD | 38K | $26.2M | 15.3% | +$7.1M |
| 5 | PBAPEMBINA PIPELINE CORP | ADD | 261K | $9.9M | 5.8% | -$485K |
| 6 | VGKVANGUARD INTL EQUITY INDEX F | ADD | 25K | $2.1M | 1.2% | +$112K |
Source: SEC Form 13F. Values are as-of 2025-12-31 (quarter-end), not live. Percentages are of reported 13F value, not the fund’s full AUM (13F excludes shorts, cash, bonds, most non-US holdings).