Fil Ltd 13F Portfolio

The “biggest buys” list is dominated by two themes: aggressive averaging into under-pressure US software and reaffirming already-core franchises in tech and Canadian finance.

On the software side, Fil is clearly leaning into drawdowns rather than running from them:

• Intuit: up 174.1% in shares, adding about $841.9M despite the position sitting around -22.4% vs its own average buy. That is a textbook signal of increasing conviction in a temporarily mispriced compounder.
• Adobe: shares up 63.2% and roughly $382.2M added, even though it’s around -24.6% versus cost. Fil is not waiting for the chart to repair; it is paying for durable creative and enterprise software rails.
• Salesforce: an 11.1% share increase (~$92.2M) into another name trading below their cost basis, consolidating a CRM and workflow pillar around which a lot of IT budgets still revolve.

Alongside this, they are scaling the broader growth platform:

• QQQ: a 451.3% position explosion (+$534.6M) effectively tops up the entire US large-cap tech and growth basket.
• Apple, Amazon, and Alphabet: all receive mid- to high-single-digit share increases, adding between roughly $240M and $407.1M each, showing Fil is content to keep over-earning the benchmark via the usual megacap suspects rather than chasing niche AI stories.
• Toronto-Dominion and other Canadian banks (BNS, RY, BMO) see material adds, reinforcing the view that high-quality, oligopolistic banks remain the best risk‑adjusted way to own the Canadian macro backdrop.

There is also a quiet bet on service and real-asset operators that can compound over cycles: CGI gets a 62.8% boost ($308.5M) and Brookfield’s parent BN rises 15.9% ($152.7M). Both moves extend a preference for asset-light fee streams and alternative-asset ecosystems.

The funding side of the ledger is telling: Fil is pulling chips off the table where the safety trade worked and where growth visibility is more pedestrian.

The most dramatic move is in gold equities:

• Agnico Eagle is cut by 39.3%, freeing about $770.8M, even though the position is up roughly 259.8% vs their average cost. That is pure profit-taking in a richly valued hedge.
• Hudbay and Cameco are also gently reduced, trimming cyclical and uranium exposure after large gains instead of pressing the bet at higher prices.

In financials and energy, they’re rotating within the theme, not abandoning it:

• Canadian Imperial Bank of Commerce is slashed by 24.2% (~$326.5M), while peers like TD and BNS are boosted. This looks like a quality upgrade inside the Canadian banking oligopoly.
• Cenovus loses 12.6% of its shares (~$133.4M), and Suncor is ticked down, while TotalEnergies is essentially held steady. Fil is monetizing higher-beta upstream gains and leaning toward more diversified, cash-returning oil names.

Defensive income plays also get pruned:

• Fortis and Emera are both cut (down 8.6% and 6.1%), and Rogers Communications is hacked by 25.9% (~$218.7M) while lagging their cost basis. Across classic yield plays – Canadian telco and regulated utilities – Fil is signaling that future total return will be driven more by growth than dividends.

Even within tech, there is a subtle handoff: Texas Instruments and Microchip are trimmed while cash is redeployed to software and Nvidia. That’s a quiet view that the next leg of returns will come less from mature analog and more from software and AI‑levered platforms.

On the sector chart, the net changes are modest in magnitude but clear in direction. Technology creeps up from 32.72% to 33.42%, while Energy, Utilities, Basic Materials, Telecommunications and Health Care all inch lower.

What matters is where within those sectors the money is moving:

• Within Tech, Fil is rotating from hardware and mature semis (TXN, MCHP trims) into software and platforms (INTU, ADBE, CRM, MSFT, GOOGL, NVDA) and topping it off with a much larger QQQ sleeve.
• Finance stays broadly flat at 21.11%, but the mix skews toward higher-quality and better-positioned franchises (TD, RY, BNS) with less in CM and property-casualty (small cut in Progressive).
• Basic Materials slips from 10.32% to 9.98% as they cash in Agnico Eagle and lighten smaller miners, even while increasing Franco-Nevada, Barrick, and Wheaton. The book shifts from high-beta gold miners toward royalty and streaming models.

Cyclical “real economy” exposure is quietly refined rather than dumped. Industrials is essentially steady (9.44% to 9.36%), but more dollars sit in high-ROIC, long-duration rail and instrumentation names like Canadian National, CP, Wabtec, and Teledyne. Real Estate rises from 3.55% to 3.93% via BN and RB Global, a nod to alternative assets and infrastructure-adjacent cash flows instead of traditional REIT beta.

Telecom’s weight falls from 3.62% to 2.97% thanks to the Rogers and Cisco trims, and Utilities drop from 5.17% to 4.71% as Fortis and Emera are cut. Together with a small Energy reduction (5.13% to 4.59%), that’s a coherent step down in regulated, rate‑sensitive exposures.

Taken together, Fil LTD’s 2026-Q2 moves look like a manager who believes the decisive phase of the “own anything safe” trade is over. They are keeping the ballast — Canadian banks, some energy, a refined precious-metals sleeve — but redirecting incremental risk budget into assets that can outgrow GDP for a decade.

Three signals stand out for the next few years:

• First, the aggressive averaging into Intuit, Adobe, Salesforce and CGI, all below or near their own cost, suggests Fil expects software multiples to re-rate once macro uncertainty and AI hype settle, and is willing to suffer near-term volatility to own that re-rating.
• Second, the move to boost QQQ on top of hand-picked megacaps indicates comfort with elevated tech leadership. They aren’t rotating out of AI winners; they are acknowledging that missing the Nasdaq complex is a bigger risk than short-term overvaluation.
• Third, the trims in gold, traditional telcos, utilities and some upstream energy show a belief that the next leg of returns will come from earnings growth, not just dividend yield and inflation hedges.

If the cycle stays benign and rates drift sideways or lower, this playbook should keep biasing Fil toward the winners: software platforms, alternative-asset operators, and oligopolistic financials and rails. If instead we get a harder landing, the residual ballast in banks, energy, gold royalties, and infrastructure still leaves them far from a pure growth fund. The quarter’s message is simple: Fil is done paying up for safety and is back to paying for growth it understands.