LOUISBOURG INVESTMENTS INC.

Louisbourg Investments runs a $529 million book with a pronounced Canadian and commodities tilt, and the first quarter of 2026 made that tilt sharper. The fund exited its entire Royal Bank of Canada and Toronto-Dominion Bank positions — together worth roughly $9.3 million at year-end — and did not replace them with any other financial-services names. Instead, the capital migrated into the resource sector: Franco-Nevada (the gold royalty company) opened at $7.4 million, alongside new positions in First Majestic Silver, Coeur Mining, and ConocoPhillips. Existing mining and energy holdings — Kinross Gold, Wheaton Precious Metals, Teck Resources, Energy Fuels, and Iamgold — all saw material share-count increases.

The rotation was not limited to precious metals. Cenovus Energy entered the portfolio as a new $6.0 million position, complementing the existing Canadian Natural Resources and Suncor stakes. In the industrials and technology sleeves, Stantec (the Canadian engineering firm) and Thomson Reuters opened at $6.8 million and $6.6 million respectively, while Shopify was aggressively increased — share count jumped 85% to make it the second-largest holding at $14.6 million. Brookfield Corp, the alternative-asset manager, was built by 59% to $10.7 million, giving Louisbourg a meaningful private-markets proxy.