Barometer Capital Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Barometer Capital Management Inc. reported 146 stock positions worth $268.5 million. Its top holding was Agnico Eagle Mines (AEM) at 8.8% of the portfolio, followed by Kinross Gold (KGC, 5.4%) and Enbridge (ENB, 5.0%). Compared with Q4 2024, it opened 71 new positions, sold out of 58, added to 30 and reduced 40. The biggest buy was a new position in Agnico Eagle Mines (AEM) and the biggest sale an exit from Progressive (PGR).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001536890
- Portfolio Value
- $268.5M (Q1 2025)
- SEC Filing
- 0001104659-25-048209 ↗ filed May 14, 2025
Holdings Value
Holdings 146 stocks · $268.5M
| AEM Agnico Eagle Mines Ltd. | 8.79% | 151,303 | $23.6M | New |
| KGC Kinross Gold Corp. | 5.38% | 796,561 | $14.4M | New |
| ENB Enbridge Inc. | 5.03% | 212,173 | $13.5M | New |
| JPM JPMorgan Chase & Co. | 4.78% | 52,613 | $12.8M | Add +3.4% |
| HWM Howmet Aerospace Inc. | 4.55% | 94,310 | $12.2M | Add +113.4% |
| META Meta Platforms Inc. Class A | 4.21% | 19,636 | $11.3M | Reduce -1.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.13% | 81,722 | $11.1M | New |
| PHYS Sprott Physical Gold Trust | 4.08% | 455,670 | $11.0M | Add +353.9% |
| WPM Wheaton Precious Metals Corp. | 3.95% | 95,150 | $10.6M | New |
| LNG Cheniere Energy Inc. | 3.90% | 45,402 | $10.5M | New |
| MFC Manulife Financial Corp. | 3.72% | 222,645 | $10.0M | Add +77.2% |
| TRP TC Energy Corp. | 3.68% | 145,570 | $9.9M | Reduce -10.4% |
| WCN Waste Connections Inc. | 3.41% | 32,706 | $9.2M | Reduce -50.1% |
| V Visa Inc. Class A | 3.37% | 25,844 | $9.0M | Add +153.9% |
| GFL GFL Environmental Inc.-Sub VT | 2.91% | 118,610 | $7.8M | New |
| EXE Expand Energy Corp. | 2.87% | 69,109 | $7.7M | New |
| BKR Baker Hughes Co. | 2.51% | 154,450 | $6.7M | New |
| AGI Alamos Gold Inc. Class A | 2.34% | 163,090 | $6.3M | New |
| GS Goldman Sachs Group Inc. | 2.32% | 11,392 | $6.2M | Add +52.3% |
| NFLX Netflix Inc. | 1.52% | 4,369 | $4.1M | New |
| EMBJ Embraer SA-Spon ADR | 1.43% | 82,980 | $3.8M | New |
| BSX Boston Scientific Corp. | 1.42% | 37,800 | $3.8M | New |
| SE Sea Ltd.-ADR | 1.25% | 25,730 | $3.4M | Add +278.4% |
| U Unity Software Inc. | 1.08% | 148,022 | $2.9M | Reduce -51.6% |
| DE Deere & Co. | 0.96% | 5,488 | $2.6M | New |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.67% | 117,622 | $1.8M | New |
| KC Kingsoft Cloud Holdings-ADR | 0.52% | 96,600 | $1.4M | Add +36.6% |
| PSLV Sprott Physical Silver Trust | 0.43% | 100,200 | $1.2M | Reduce -42.3% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.38% | 40,600 | $1.0M | Add +36.2% |
| HMY Harmony Gold MNG-Spon ADR | 0.35% | 64,119 | $940K | Add +61.0% |
| FNV Franco-Nevada Corp. | 0.28% | 3,275 | $741K | New |
| XPEV Xpeng Inc. - ADR | 0.27% | 35,000 | $725K | Reduce -56.5% |
| BABA Alibaba Group Holding-SP ADR | 0.27% | 5,404 | $715K | New |
| AMLP Alerian MLP ETF | 0.26% | 13,320 | $692K | New |
| GGAL Grupo Financiero Galicia-ADR | 0.26% | 12,684 | $691K | Reduce -6.6% |
| EUFN iShares MSCI Europe Financia | 0.26% | 24,250 | $691K | New |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 0.26% | 15,638 | $689K | Reduce -29.8% |
| EZU iShares MSCI Eurozone ETF | 0.23% | 11,800 | $628K | New |
| ZLAB Zai Lab Ltd.-ADR | 0.23% | 17,300 | $625K | Reduce -55.8% |
| KIE SS SPDR S&P Insurance ETF | 0.23% | 10,250 | $620K | Reduce -63.9% |
| BMA Banco Macro SA-ADR | 0.22% | 7,971 | $602K | New |
| GDX Vaneck Gold Miners ETF | 0.21% | 12,550 | $577K | Reduce -73.8% |
| XLF SS Financial Select Sector | 0.21% | 11,450 | $570K | Reduce -19.9% |
| MFG Mizuho Financial Group-ADR | 0.21% | 100,172 | $552K | Add +20.3% |
| VRNA Verona Pharma Ltd. | 0.20% | 8,600 | $546K | Reduce -63.6% |
| SQQQ Proshares TR | 0.20% | 14,100 | $541K | New |
| GDXJ Vaneck Junior Gold Miners | 0.19% | 8,900 | $509K | Reduce -74.0% |
| TCOM Trip.com Group Ltd.-ADR | 0.19% | 7,927 | $504K | Reduce -44.0% |
| EWJ iShares MSCI Japan ETF | 0.19% | 7,300 | $500K | New |
| SIL Global X Silver Miners ETF | 0.19% | 12,600 | $497K | New |
| CHIQ Global X MSCI China Consumer | 0.18% | 22,200 | $496K | New |
| KWEB Kranesh Csi China Internet | 0.18% | 14,100 | $492K | New |
| SILJ Amplify Junior Silver Miners | 0.18% | 40,500 | $491K | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.18% | 4,758 | $487K | Add +106.2% |
| PSO Pearson PLC-Sponsored ADR | 0.18% | 30,211 | $484K | Reduce -40.3% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.18% | 36,763 | $481K | New |
| SMFG Sumitomo Mitsui-Spons ADR | 0.18% | 30,854 | $477K | Reduce -45.0% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.17% | 34,000 | $463K | Add +80.8% |
| BILI Bilibili Inc.-Sponsored ADR | 0.16% | 22,800 | $436K | New |
| COPJ Sprott Jr Copper Miners ETF | 0.15% | 20,500 | $415K | New |
| AADR Advisorshares Dorsey Wright | 0.15% | 5,400 | $402K | New |
| UBS UBS Group AG-Reg | 0.15% | 13,489 | $400K | Add +23.9% |
| JD Jd.com Inc.-ADR | 0.15% | 10,000 | $399K | Add +37.0% |
| ENIC Enel Chile SA-ADR | 0.15% | 122,002 | $399K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 2,403 | $399K | Reduce -27.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.15% | 4,814 | $390K | New |
| EPI Wisdomtree India Earnings | 0.14% | 8,800 | $385K | Reduce -39.3% |
| MOMO Hello Group Inc. -SPN ADR | 0.14% | 63,604 | $380K | Add +24.2% |
| EWG iShares MSCI Germany ETF | 0.14% | 10,200 | $378K | New |
| TD Toronto-Dominion Bank | 0.14% | 4,400 | $374K | New |
| BIDU Baidu Inc. - Spon ADR | 0.14% | 3,965 | $365K | New |
| TTE Totalenergies SE -Spon ADR | 0.13% | 5,589 | $362K | Reduce -39.1% |
| JOF Japan Smaller Capitalization | 0.13% | 42,700 | $358K | New |
| ITA iShares U.S. Aerospace & Def | 0.13% | 2,330 | $357K | New |
| FXI iShares China Large-Cap ETF | 0.13% | 9,800 | $351K | New |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.13% | 5,205 | $350K | New |
| PAM Pampa Energia SA-Spon ADR | 0.13% | 4,500 | $347K | Reduce -49.4% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.13% | 13,517 | $340K | Add +43.5% |
| IQ Iqiyi Inc.-ADR | 0.12% | 147,300 | $333K | Add +231.0% |
| EDU New Oriental Educatio-SP ADR | 0.12% | 6,800 | $325K | Add +195.7% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.12% | 9,200 | $322K | Reduce -68.3% |
| TKC Turkcell Iletisim Hizmet-ADR | 0.12% | 51,816 | $322K | Reduce -26.9% |
| PHG Koninklijke Philips NVR- NY | 0.12% | 12,986 | $318K | Add +41.1% |
| PUK Prudential PLC-ADR | 0.12% | 14,600 | $314K | Reduce -33.9% |
| IGF iShares Global Infrastructur | 0.12% | 5,700 | $312K | New |
| VOD Vodafone Group PLC-SP ADR | 0.11% | 32,800 | $307K | Add +47.1% |
| SAP Sap SE-Sponsored ADR | 0.11% | 1,100 | $293K | Add +31.7% |
| WIT Wipro Ltd.-ADR | 0.11% | 95,300 | $292K | Reduce -17.4% |
| BNTX Biontech SE-ADR | 0.11% | 3,160 | $288K | New |
| EC Ecopetrol SA-Sponsored ADR | 0.10% | 29,900 | $282K | New |
| WB Weibo Corp.-Spon ADR | 0.10% | 32,800 | $278K | Reduce -56.5% |
| TFPM Triple Flag Precious Met | 0.10% | 9,900 | $273K | New |
| ASAIY Sendas Distribuidora SA | 0.10% | 40,200 | $272K | New |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.10% | 12,600 | $268K | Reduce -34.0% |
| COPX Global X Copper Miners ETF | 0.10% | 6,800 | $266K | Reduce -50.4% |
| JKS Jinkosolar Holding Co.-ADR | 0.10% | 14,176 | $264K | Add +24.6% |
| RLX RLX Technology Inc.-ADR | 0.10% | 139,800 | $263K | Reduce -34.0% |
| NWG Natwest Group PLC -Spon ADR | 0.10% | 21,924 | $261K | No change |
| BBD Banco Bradesco-ADR | 0.10% | 119,500 | $261K | New |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.09% | 6,400 | $254K | Add +28.0% |
Portfolio Sells Q4 2024 → Q1 2025
| PGR Progressive Corp. | Sold out | 0.00% | −6.32 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −5.09 |
| RY Royal Bank of Canada | Sold out | 0.00% | −5.02 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −4.94 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −4.51 |
| STN Stantec Inc. | Sold out | 0.00% | −3.68 |
| RGA Reinsurance Group of America | Sold out | 0.00% | −3.48 |
| SU Suncor Energy Inc. | Sold out | 0.00% | −3.13 |
| WCN Waste Connections Inc. | Reduce -50.1% | 3.41% | −3.05 |
| TRI Thomson Reuters Corp. | Sold out | 0.00% | −2.79 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −2.67 |
| GD General Dynamics Corp. | Sold out | 0.00% | −2.04 |
| SYK Stryker Corp. | Sold out | 0.00% | −1.62 |
| MCK McKesson Corp. | Sold out | 0.00% | −1.58 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −1.44 |
| U Unity Software Inc. | Reduce -51.6% | 1.08% | −1.28 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −1.22 |
| VMC Vulcan Materials Co. | Sold out | 0.00% | −1.20 |
| RF Regions Financial Corp. | Sold out | 0.00% | −1.09 |
| SO The Southern Co. | Sold out | 0.00% | −0.86 |
| RIO Rio Tinto PLC-Spon ADR | Sold out | 0.00% | −0.83 |
| KCE SS SPDR S&P Cap MKTS ETF | Sold out | 0.00% | −0.60 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −0.58 |
| VIS Vanguard Industrials ETF | Sold out | 0.00% | −0.57 |
| XME SS SPDR S&P Metals Mining | Sold out | 0.00% | −0.55 |
| GDX Vaneck Gold Miners ETF | Reduce -73.8% | 0.21% | −0.44 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.43 |
| GDXJ Vaneck Junior Gold Miners | Reduce -74.0% | 0.19% | −0.39 |
| KIE SS SPDR S&P Insurance ETF | Reduce -63.9% | 0.23% | −0.37 |
| PPA Invesco Aerospace & Defense | Sold out | 0.00% | −0.31 |
| IBIT iShares Bitcoin Trust ETF | Reduce -84.5% | 0.08% | −0.31 |
| YPF YPF S.A.-Sponsored ADR | Reduce -68.3% | 0.12% | −0.29 |
| FEZ State Street SPDR Euro Stoxx | Sold out | 0.00% | −0.28 |
| OC Owens Corning | Sold out | 0.00% | −0.28 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.27 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −0.26 |
| URA Global X Uranium ETF | Sold out | 0.00% | −0.26 |
| PSLV Sprott Physical Silver Trust | Reduce -42.3% | 0.43% | −0.25 |
| PICK iShares MSCI Global Metals & | Sold out | 0.00% | −0.24 |
| XES SS SPDR S&P Og Eqp & Serv | Sold out | 0.00% | −0.22 |
| EVX Vaneck Environmental Service | Sold out | 0.00% | −0.21 |
| XMMO Invesco S&P Midcap Momentum | Sold out | 0.00% | −0.21 |
| PNQI Invesco Nasdaq Internet ETF | Sold out | 0.00% | −0.20 |
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −0.19 |
| DXJ Wisdomtree Japan Hedged Eq | Sold out | 0.00% | −0.19 |
| WB Weibo Corp.-Spon ADR | Reduce -56.5% | 0.10% | −0.17 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.16 |
| COPX Global X Copper Miners ETF | Reduce -50.4% | 0.10% | −0.15 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -44.0% | 0.19% | −0.14 |
| EPI Wisdomtree India Earnings | Reduce -39.3% | 0.14% | −0.14 |
Portfolio Buys Q4 2024 → Q1 2025
| AEM Agnico Eagle Mines Ltd. | New | 8.79% | +8.79 |
| KGC Kinross Gold Corp. | New | 5.38% | +5.38 |
| ENB Enbridge Inc. | New | 5.03% | +5.03 |
| BMO Bank of Montreal | New | 4.13% | +4.13 |
| WPM Wheaton Precious Metals Corp. | New | 3.95% | +3.95 |
| LNG Cheniere Energy Inc. | New | 3.90% | +3.90 |
| PHYS Sprott Physical Gold Trust | Add +353.9% | 4.08% | +3.32 |
| HWM Howmet Aerospace Inc. | Add +113.4% | 4.55% | +3.18 |
| GFL GFL Environmental Inc.-Sub VT | New | 2.91% | +2.91 |
| EXE Expand Energy Corp. | New | 2.87% | +2.87 |
| BKR Baker Hughes Co. | New | 2.51% | +2.51 |
| AGI Alamos Gold Inc. Class A | New | 2.34% | +2.34 |
| V Visa Inc. Class A | Add +153.9% | 3.37% | +2.08 |
| MFC Manulife Financial Corp. | Add +77.2% | 3.72% | +1.88 |
| NFLX Netflix Inc. | New | 1.52% | +1.52 |
| EMBJ Embraer SA-Spon ADR | New | 1.43% | +1.43 |
| BSX Boston Scientific Corp. | New | 1.42% | +1.42 |
| SE Sea Ltd.-ADR | Add +278.4% | 1.25% | +1.01 |
| GS Goldman Sachs Group Inc. | Add +52.3% | 2.32% | +0.96 |
| DE Deere & Co. | New | 0.96% | +0.96 |
| JPM JPMorgan Chase & Co. | Add +3.4% | 4.78% | +0.68 |
| BVN Cia DE Minas Buenaventur-ADR | New | 0.67% | +0.67 |
| KC Kingsoft Cloud Holdings-ADR | Add +36.6% | 0.52% | +0.45 |
| FNV Franco-Nevada Corp. | New | 0.28% | +0.28 |
| GDS GDS Holdings Ltd. - ADR | Add +36.2% | 0.38% | +0.27 |
| BABA Alibaba Group Holding-SP ADR | New | 0.27% | +0.27 |
| AMLP Alerian MLP ETF | New | 0.26% | +0.26 |
| EUFN iShares MSCI Europe Financia | New | 0.26% | +0.26 |
| EZU iShares MSCI Eurozone ETF | New | 0.23% | +0.23 |
| BMA Banco Macro SA-ADR | New | 0.22% | +0.22 |
| HMY Harmony Gold MNG-Spon ADR | Add +61.0% | 0.35% | +0.20 |
| SQQQ Proshares TR | New | 0.20% | +0.20 |
| EWJ iShares MSCI Japan ETF | New | 0.19% | +0.19 |
| SIL Global X Silver Miners ETF | New | 0.19% | +0.19 |
| CHIQ Global X MSCI China Consumer | New | 0.18% | +0.18 |
| KWEB Kranesh Csi China Internet | New | 0.18% | +0.18 |
| SILJ Amplify Junior Silver Miners | New | 0.18% | +0.18 |
| BBVA Banco Bilbao Vizcaya-SP ADR | New | 0.18% | +0.18 |
| BILI Bilibili Inc.-Sponsored ADR | New | 0.16% | +0.16 |
| COPJ Sprott Jr Copper Miners ETF | New | 0.15% | +0.15 |
| AADR Advisorshares Dorsey Wright | New | 0.15% | +0.15 |
| ENIC Enel Chile SA-ADR | New | 0.15% | +0.15 |
| CM Can Imperial BK of Commerce | New | 0.15% | +0.15 |
| EWG iShares MSCI Germany ETF | New | 0.14% | +0.14 |
| TD Toronto-Dominion Bank | New | 0.14% | +0.14 |
| BIDU Baidu Inc. - Spon ADR | New | 0.14% | +0.14 |
| JOF Japan Smaller Capitalization | New | 0.13% | +0.13 |
| ITA iShares U.S. Aerospace & Def | New | 0.13% | +0.13 |
| FXI iShares China Large-Cap ETF | New | 0.13% | +0.13 |
| BNS Bank of Nova Scotia | New | 0.13% | +0.13 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 136 | $359.8M | CAT, LRCX, HBM, HWM, RY |
| Q1 2026 | 114 | $292.2M | SU, AGI, NTR, CP, IMO |
| Q4 2025 | 131 | $415.3M | ASML, ITA, BBVA, GFI, DGRO |
| Q3 2025 | 173 | $437.3M | AEM, BMO, CCJ, SAN, IMO |
| Q2 2025 | 178 | $361.8M | BMO, HWM, SAN, GEV, JPM |
| Q1 2025 | 146 | $268.5M | AEM, KGC, ENB, JPM, HWM |
| Q4 2024 | 133 | $249.7M | WCN, PGR, NVDA, RY, MSFT |
| Q3 2024 | 161 | $346.7M | CM, AEM, TRI, IMO, AVGO |
| Q2 2024 | 173 | $259.3M | LLY, NVDA, AEM, MSFT, COST |
| Q1 2024 | 173 | $385.5M | IMO, CNQ, TRI, LLY, CM |