CAMECO CORP

Broad, genuine buying defined the quarter at Cameco Corp (CCJ), whose 131 institutional holders account for $424.0 million in tracked value. Addenda Capital, already the largest holder at nearly a quarter of the book, added 31% more shares (a real $24.7 million addition, the single largest flow). Contravisory Investment Management scaled up far more dramatically in percentage terms — from 3,082 to 71,788 shares, a more than 23-fold increase and a genuine $7.0 million real buy. ARS Investment Partners opened a substantial new position ($30.3 million). Against that buying, Y-Intercept (Hong Kong) cut its stake by 68% (a real $8.49 million reduction, the largest true sale), and Drummond Knight Asset Management cut 23.4% ($2.31 million).