LETKO, BROSSEAU & ASSOCIATES INC

This was not a broad technology expansion. Letko reduced INTC by 964,950 shares, an estimated $42.6 million sale and the largest continuing-position cut. SWKS moved the other way, with roughly $12.9 million of buying, but the contrast remains sharp: capital shifted from a large semiconductor holding toward a cluster of software companies. The portfolio therefore carries a more specific technology stance than its sector total alone suggests.

Outside technology, the firm cleared several sizable positions and pared its financial exposure. SU was sold completely from a prior value of $73.8 million, GPK from $52.0 million, and Invesco Ltd. from $41.4 million. CM, TD, Citigroup and State Street were each reduced by an estimated $15.7 million to $23.3 million, while BNS and BMO were also trimmed. NTR provides another price-effect warning: Letko sold 153,174 shares, worth an estimated $11.5 million, even though the remaining position's value rose by $27.6 million. Price appreciation masked the sale; it was not additional buying.