INTACT INVESTMENT MANAGEMENT INC.

The portfolio’s center of gravity is financials, energy, infrastructure, telecom, and Canadian cyclicals. That is visible in the top holdings—RY, TD, MFC, BAM, BMO, SU, CVE, PBA, BCE, RCI, and TU—but the quarter’s changes show a more forceful repositioning than the top-ten list alone suggests. Intact increased Royal Bank shares by 42.3%, Canadian National Railway by 69.9%, Cenovus by 11.4%, Brookfield Asset Management by 112.3%, Brookfield Infrastructure by 18.3%, BMO by 83.5%, Telus by 69.5%, and Restaurant Brands by 28.6%.

At the same time, the firm cut sharply into several legacy Canadian exposures. TD shares fell 45.6%, Sun Life was reduced 79.7%, Barrick dropped 54.9%, Rogers fell 20.5%, Magna fell 21.3%, CIBC declined 33.8%, Shopify was trimmed 7.5%, Franco-Nevada fell 31.7%, and Gildan was nudged down. The exits were also large: Granite REIT, Fortis, CAE, Methanex, Boyd Group, Centerra Gold, Apple, and Procter & Gamble were all sold out.