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

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $385.5M Q1 2024 Q2 2024: $259.3M Q2 2024 Q3 2024: $346.7M Q3 2024 Q4 2024: $249.7M Q4 2024 Q1 2025: $268.5M $268.5M Q1 2025 Q2 2025: $361.8M Q2 2025 Q3 2025: $437.3M Q3 2025 Q4 2025: $415.3M Q4 2025 Q1 2026: $292.2M Q1 2026 Q2 2026: $359.8M Q2 2026

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%
ELP Companhia Paranaense DE Ener 0.09% 35,600 $251K New
DADA Dada Nexus Ltd.-ADR 0.09% 134,900 $250K New
BCS Barclays PLC-Spons ADR 0.09% 15,765 $242K New
SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION 0.09% 144,459 $241K New
VIPS Vipshop Holdings Ltd. - ADR 0.09% 15,400 $233K Add +28.3%
YMM Full Truck Alliance -SPN ADR 0.08% 18,017 $228K Reduce -56.5%
CRH CRH PLC 0.08% 2,550 $224K New
AIA iShares Asia 50 ETF 0.08% 3,100 $224K New
MNSO Miniso Group Holding Ltd.-ADR 0.08% 11,800 $214K New
TME Tencent Music Entertainm-ADR 0.08% 14,600 $208K Add +28.1%
SSL Sasol Ltd.-Sponsored ADR 0.08% 48,921 $207K Reduce -34.2%
IBIT iShares Bitcoin Trust ETF 0.08% 4,400 $206K Reduce -84.5%
IHI iShares U.S. Medical Devices 0.08% 3,400 $205K New
ASX Ase Technology Holding -ADR 0.08% 23,300 $204K New
TEVA Teva Pharmaceutical-SP ADR 0.07% 12,900 $198K Add +27.7%
SAN Banco Santander SA-Spon ADR 0.07% 29,693 $196K New
DQ Daqo New Energy Corp.-ADR 0.07% 10,500 $190K New
LU Lufax Holding Ltd.-ADR 0.07% 60,800 $181K Add +36.3%
PDD PDD Holdings Inc. 0.07% 1,500 $178K Add +27.7%
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.07% 3,080 $175K No change
CRTO Criteo SA-Spon 0.06% 4,868 $172K New
GFI Gold Fields Ltd.-Spons ADR 0.06% 7,646 $169K Reduce -57.9%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC 0.06% 3,043 $165K No change
BANCOLOMBIA S.A.-SPONS ADR 0.06% 4,114 $164K New
ASND Ascendis Pharma A/S 0.06% 1,004 $156K New
DAVA Endava PLC- Spon ADR 0.06% 8,000 $156K New
BRFS BRF SA-ADR 0.06% 43,076 $148K New
IHG Intercontinental Hotels-ADR 0.05% 1,348 $146K No change
TV Grupo Televisa SA-Spon ADR 0.05% 82,700 $145K Add +36.7%
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.05% 9,543 $143K New
EUAD Select Stoxx Eur Aer DE ETF 0.05% 4,200 $141K New
CSANY Cosan SA -ADR 0.05% 26,500 $138K New
GSK GSK PLC-Spon ADR 0.05% 3,323 $129K No change
KEP Korea Elec Power Corp.-SP ADR 0.05% 17,015 $126K New
MT Arcelormittal-NY Registered 0.05% 4,269 $123K New
ARGT Global X MSCI Argentina ETF 0.05% 1,500 $121K Reduce -77.6%
ZTO Zto Express Cayman Inc.-ADR 0.04% 6,114 $119K Reduce -66.7%
BP BP PLC-Spons ADR 0.04% 3,450 $117K New
PHI PLDT Inc.-Spon ADR 0.04% 5,224 $114K Reduce -50.0%
OMAB Grupo Aeroportuario Cen-ADR 0.04% 1,450 $114K Reduce -63.3%
E Eni SPA-Sponsored ADR 0.04% 3,653 $113K New
UMC United Microelectron-SP ADR 0.04% 15,447 $110K Reduce -50.0%
PBR Petroleo Brasileiro-Spon ADR 0.04% 7,862 $110K Reduce -71.3%
ASML ASML Holding NV-NY Reg SHS 0.04% 162 $107K New
EQNR Equinor ASA-Spon ADR 0.04% 3,871 $102K New
SIMO Silicon Motion Technol-ADR 0.04% 2,036 $102K Reduce -50.0%

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 136$359.8MCAT, LRCX, HBM, HWM, RY
Q1 2026 114$292.2MSU, AGI, NTR, CP, IMO
Q4 2025 131$415.3MASML, ITA, BBVA, GFI, DGRO
Q3 2025 173$437.3MAEM, BMO, CCJ, SAN, IMO
Q2 2025 178$361.8MBMO, HWM, SAN, GEV, JPM
Q1 2025 146$268.5MAEM, KGC, ENB, JPM, HWM
Q4 2024 133$249.7MWCN, PGR, NVDA, RY, MSFT
Q3 2024 161$346.7MCM, AEM, TRI, IMO, AVGO
Q2 2024 173$259.3MLLY, NVDA, AEM, MSFT, COST
Q1 2024 173$385.5MIMO, CNQ, TRI, LLY, CM