The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ATS CORP | COM | 00217Y104 | 70,487,018 | 2,486,400 | SH | DFND | 01,02 | 2,486,400 | 0 | 0 | |
| BANK NOVA SCOTIA | COM | 064149107 | 31,165,804 | 359,100 | SH | DFND | 01,02 | 359,100 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC | CL A | 084670108 | 748,836 | 1 | SH | DFND | 01,02 | 1 | 0 | 0 | |
| BRIGHTSTAR LOTTERY PLC | SHS USD | G4863A108 | 737,505 | 68,733 | SH | DFND | 01,02 | 68,733 | 0 | 0 | |
| CANADIAN NATIONAL RAILWAY CO | COM | 136375102 | 2,952,402 | 24,800 | SH | DFND | 01,02 | 24,800 | 0 | 0 | |
| CAPRI HOLDINGS LTD | SHS | G1890L107 | 1,450,317 | 78,100 | SH | DFND | 01,02 | 78,100 | 0 | 0 | |
| CEMENTOS PACASMAYO SAA | SPONSORED ADR | 15126Q208 | 594,500 | 50,000 | SH | DFND | 01,02 | 50,000 | 0 | 0 | |
| CLEVELAND-CLIFFS INC | COM | 185899101 | 139,904,173 | 14,899,273 | SH | DFND | 01,02 | 14,899,273 | 0 | 0 | |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 | 2,325,991 | 25,000 | SH | DFND | 01,02 | 25,000 | 0 | 0 | |
| CVS HEALTH CORP | COM | 126650100 | 280,502,160 | 2,712,000 | SH | DFND | 01,02 | 2,712,000 | 0 | 0 | |
| DOMINO'S PIZZA INC | COM | 25754A201 | 2,139,502 | 7,230 | SH | DFND | 01,02 | 7,230 | 0 | 0 | |
| ELDORADO GOLD CORP | COM | 284902509 | 427,001,600 | 13,746,506 | SH | DFND | 01,02 | 13,746,506 | 0 | 0 | |
| ELECTRONIC ARTS INC | COM | 285512109 | 1,045,449 | 5,100 | SH | DFND | 01,02 | 5,100 | 0 | 0 | |
| GARRETT MOTION INC | COM | 366505105 | 3,722,800 | 102,783 | SH | DFND | 01,02 | 102,783 | 0 | 0 | |
| GENERAL MOTORS CO | COM | 37045V100 | 28,971,863 | 375,965 | SH | DFND | 01,02 | 375,965 | 0 | 0 | |
| HELMERICH & PAYNE INC | COM | 423452101 | 38,451,939 | 1,174,105 | SH | DFND | 01,02 | 1,174,105 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 18,640,664 | 73,400 | SH | DFND | 01,02 | 73,400 | 0 | 0 | |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 | 9,175,360 | 106,000 | SH | DFND | 01,02 | 106,000 | 0 | 0 | |
| KRAFT HEINZ CO | COM | 500754106 | 337,633,400 | 14,306,500 | SH | DFND | 01,02 | 14,306,500 | 0 | 0 | |
| LULULEMON ATHLETICA INC | COM | 550021109 | 1,426,750 | 12,500 | SH | DFND | 01,02 | 12,500 | 0 | 0 | |
| MAGNACHIP SEMICONDUCTOR CORP | COM | 55933J203 | 296,250 | 62,500 | SH | DFND | 01,02 | 62,500 | 0 | 0 | |
| MERCK & CO INC | COM | 58933Y105 | 22,198,631 | 172,900 | SH | DFND | 01,02 | 172,900 | 0 | 0 | |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 | 77,665,830 | 1,994,500 | SH | DFND | 01,02 | 1,994,500 | 0 | 0 | |
| ORLA MINING LTD | COM | 68634K106 | 568,456,141 | 58,399,504 | SH | DFND | 01,02 | 58,399,504 | 0 | 0 | |
| PENN ENTERTAINMENT INC | COM | 707569109 | 1,173,762 | 54,900 | SH | DFND | 01,02 | 54,900 | 0 | 0 | |
| PFIZER INC | COM | 717081103 | 25,116,234 | 1,043,900 | SH | DFND | 01,02 | 1,043,900 | 0 | 0 | |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 | 4,870,979 | 150,200 | SH | DFND | 01,02 | 150,200 | 0 | 0 | |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | 44,684,593 | 93,700 | SH | DFND | 01,02 | 93,700 | 0 | 0 | |
| WENDYS CO | COM | 95058W100 | 66,286,592 | 8,005,627 | SH | DFND | 01,02 | 8,005,627 | 0 | 0 | |
| UNDER ARMOUR INC | CL A | 904311107 | 289,831,006 | 45,356,965 | SH | DFND | 01,02 | 45,356,965 | 0 | 0 | |
| UNDER ARMOUR INC | CL C | 904311206 | 136,614,585 | 21,999,128 | SH | DFND | 01,02 | 21,999,128 | 0 | 0 | |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | 2,179,359 | 81,900 | SH | DFND | 01,02 | 81,900 | 0 | 0 | |