Bastion Asset Management Inc.

The turnover rate was exceptionally high for the quarter. The manager completely exited 39 positions while initiating 23 new ones, effectively replacing nearly 65% of the portfolio's constituents. This indicates a pivot in strategy or a realization of previous investment theses. The current portfolio is top-heavy, with the top 10 holdings accounting for approximately 62.8% of total assets, suggesting high conviction in specific names while maintaining smaller "satellite" positions in other opportunities.

2. Key Holdings