The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APPLIED MATLS INC COM 038222105 78,954,644 109,202 SH SOLE 95,714 0 13,488
AMPHENOL CORP CL A 032095101 67,852,708 384,825 SH SOLE 336,846 0 47,979
BROADCOM INC COM 11135F101 55,939,767 148,085 SH SOLE 129,701 0 18,384
BROOKFIELD CORP CL A LTD VT SH 11271J107 598,639 14,036 SH SOLE 14,036 0 0
CAMECO CORP COM 13321L108 483,990 4,750 SH SOLE 4,750 0 0
CANADIAN IMPERIAL BANK OF CO COM 136069101 579,146 5,031 SH SOLE 5,031 0 0
COSTCO WHOLESALE CORPORATION COM 22160K105 60,723,866 64,911 SH SOLE 56,658 0 8,253
CANADIAN PACIFIC KANSAS CITY COM 13646K108 594,975 6,865 SH SOLE 6,865 0 0
CINTAS CORP COM 172908105 61,696,839 362,750 SH SOLE 316,857 0 45,893
CENOVUS ENERGY INC COM 15135U109 485,678 19,581 SH SOLE 19,581 0 0
EMCOR GROUP INC COM 29084Q100 62,772,822 75,639 SH SOLE 66,153 0 9,486
FIRSTSERVICE CORP NEW COM 33767E202 597,725 4,205 SH SOLE 4,205 0 0
GE AEROSPACE COM NEW 369604301 72,662,053 194,423 SH SOLE 170,067 0 24,356
HOWMET AEROSPACE INC COM 443201108 63,653,985 236,753 SH SOLE 207,382 0 29,371
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 65,867,354 756,747 SH SOLE 662,266 0 94,481
KLA CORP COM NEW 482480100 77,910,613 258,228 SH SOLE 225,897 0 32,331
ELI LILLY & CO COM 532457108 74,781,288 62,345 SH SOLE 54,532 0 7,813
MASTERCARD INCORPORATED CL A 57636Q104 60,215,264 117,240 SH SOLE 102,531 0 14,709
MCKESSON CORP COM 58155Q103 58,166,389 76,979 SH SOLE 67,274 0 9,705
MOODYS CORP COM 615369105 263,599 582 SH SOLE 582 0 0
MSCI INC COM 55354G100 55,687,977 99,434 SH SOLE 86,978 0 12,456
MICROSOFT CORP COM 594918104 62,998,164 168,886 SH SOLE 147,611 0 21,275
ROYAL BK CDA COM 780087102 703,176 3,397 SH SOLE 3,397 0 0
SHERWIN WILLIAMS CO COM 824348106 260,994 758 SH SOLE 758 0 0
STATE STR SPDR S&P 500 ETF T TR UNIT 78462F103 3,285,440 4,399 SH SOLE 4,399 0 0
TARGA RES CORP COM 87612G101 70,707,184 263,694 SH SOLE 230,706 0 32,988
TRANE TECHNOLOGIES PLC SHS G8994E103 63,691,315 129,674 SH SOLE 113,494 0 16,180
VISA INC COM CL A 92826C839 64,182,847 187,072 SH SOLE 163,703 0 23,369
VERISK ANALYTICS INC COM 92345Y106 60,695,321 338,078 SH SOLE 295,327 0 42,751
WABTEC COM 929740108 63,342,836 234,949 SH SOLE 205,657 0 29,292
WASTE CONNECTIONS INC COM 94106B101 591,996 3,553 SH SOLE 3,553 0 0
WALMART INC COM 931142103 60,762,694 536,487 SH SOLE 469,212 0 67,275
BERKLEY W R CORP COM 084423102 64,748,735 918,030 SH SOLE 801,954 0 116,076