Dixon Mitchell Investment Counsel Inc.

Dixon Mitchell Investment Counsel closed out Apple entirely in Q1 2026 while committing $54.3 million to a new Spotify stake — a Canadian boutique leaning harder into names most U.S.-only investors would overlook, across a $2.9 billion, 140-position book. The firm more than doubled its stake in royalty company Triple Flag Precious Metals, adding roughly $23.3 million in share flow to push it to 1.5% of the book, and nearly doubled Netflix (+$20.1 million in flow) even as it trimmed Alphabet by 20% of its shares — the quarter's single largest outflow at $31.5 million. The largest new position is a $54.3 million stake in Spotify, while Apple was closed out entirely, a modest $34 million exit relative to the rest of the book. One holding tells a split story worth flagging: Canadian Natural Resources shares were cut by roughly 20%, yet the position's dollar value actually rose $10.5 million on higher oil-linked pricing — a reminder that a shrinking share count and a growing position value can coexist in the same quarter. With Financial Services ($688.9 million) and Healthcare ($427.0 million) as the largest sector weights and a whaleScore of 60.75, this reads as an active, discretionary book rotating conviction rather than tracking an index.