Barometer Capital Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Barometer Capital Management Inc. reported 178 stock positions worth $361.8 million. Its top holding was Bank of Montreal (BMO) at 4.4% of the portfolio, followed by Howmet Aerospace (HWM, 4.3%) and Banco Santander SA-Spon ADR (SAN, 4.0%). Compared with Q1 2025, it opened 67 new positions, sold out of 35, added to 58 and reduced 33. The biggest buy was Banco Santander SA-Spon ADR (SAN, shares +5819%) and the biggest sale an exit from Agnico Eagle Mines (AEM).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001536890
- Portfolio Value
- $361.8M (Q2 2025)
- SEC Filing
- 0001104659-25-077667 ↗ filed Aug 14, 2025
Holdings Value
Holdings 178 stocks · $361.8M
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.36% | 105,572 | $15.8M | Add +29.2% |
| HWM Howmet Aerospace Inc. | 4.28% | 83,240 | $15.5M | Reduce -11.7% |
| SAN Banco Santander SA-Spon ADR | 4.03% | 1,757,483 | $14.6M | Add +5818.9% |
| GEV GE Vernova Inc. | 3.84% | 26,261 | $13.9M | New |
| JPM JPMorgan Chase & Co. | 3.46% | 43,400 | $12.5M | Reduce -17.5% |
| META Meta Platforms Inc. Class A | 3.27% | 16,043 | $11.8M | Reduce -18.3% |
| IMO Imperial Oil Ltd. | 3.26% | 108,840 | $11.8M | New |
| NVDA Nvidia Corp. | 3.26% | 74,577 | $11.8M | New |
| CCJ Cameco Corp. | 3.24% | 115,650 | $11.7M | New |
| EXE Expand Energy Corp. | 3.19% | 98,779 | $11.6M | Add +42.9% |
| NTR Nutrien Ltd. | 3.08% | 140,540 | $11.2M | New |
| LNG Cheniere Energy Inc. | 3.03% | 45,051 | $10.9M | Reduce -0.8% |
| DRI Darden Restaurants Inc. | 2.88% | 48,187 | $10.4M | New |
| V Visa Inc. Class A | 2.86% | 29,116 | $10.3M | Add +12.7% |
| GE General Electric filed as GE AEROSPACE | 2.59% | 36,477 | $9.4M | New |
| MSFT Microsoft Corp. | 2.50% | 18,179 | $9.0M | New |
| RY Royal Bank of Canada | 2.48% | 50,326 | $9.0M | New |
| WPM Wheaton Precious Metals Corp. | 2.28% | 67,270 | $8.2M | Reduce -29.3% |
| MS Morgan Stanley | 2.09% | 53,977 | $7.6M | New |
| STN Stantec Inc. | 1.90% | 46,430 | $6.9M | New |
| CSCO Cisco Systems Inc. | 1.80% | 94,600 | $6.5M | New |
| RTX RTX Corp. | 1.80% | 44,647 | $6.5M | New |
| CNQ Canadian Natural Resources | 1.77% | 150,000 | $6.4M | New |
| AXON Axon Enterprise Inc. | 1.55% | 6,786 | $5.6M | New |
| NFLX Netflix Inc. | 1.53% | 4,128 | $5.5M | Reduce -5.5% |
| EMBJ Embraer SA-Spon ADR | 1.45% | 91,920 | $5.2M | Add +10.8% |
| SE Sea Ltd.-ADR | 1.21% | 27,290 | $4.4M | Add +6.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.11% | 7,913 | $4.0M | New |
| LRCX Lam Research Corp. | 1.03% | 38,260 | $3.7M | New |
| U Unity Software Inc. | 0.99% | 148,022 | $3.6M | No change |
| GFL GFL Environmental Inc.-Sub VT | 0.95% | 50,250 | $3.5M | Reduce -57.6% |
| SITM Sitime Corp. | 0.93% | 15,710 | $3.3M | New |
| FCX Freeport-McMoran Inc. | 0.91% | 76,100 | $3.3M | New |
| ENB Enbridge Inc. | 0.82% | 48,295 | $3.0M | Reduce -77.2% |
| BSX Boston Scientific Corp. | 0.80% | 27,050 | $2.9M | Reduce -28.4% |
| KGC Kinross Gold Corp. | 0.58% | 98,550 | $2.1M | Reduce -87.6% |
| AVGO Broadcom Inc. | 0.56% | 7,400 | $2.0M | New |
| TTWO Take-Two Interactive Softwre | 0.54% | 8,100 | $2.0M | New |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.52% | 110,200 | $1.9M | New |
| TRP TC Energy Corp. | 0.51% | 27,500 | $1.8M | Reduce -81.1% |
| HBM Hudbay Minerals Inc. | 0.49% | 123,500 | $1.8M | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.44% | 52,600 | $1.6M | Add +29.6% |
| CME Cme Group Inc. | 0.42% | 5,517 | $1.5M | New |
| BN Brookfield Corp. | 0.41% | 17,425 | $1.5M | New |
| WDS Woodside Energy Group-ADR | 0.32% | 75,306 | $1.2M | New |
| HMY Harmony Gold MNG-Spon ADR | 0.30% | 77,319 | $1.1M | Add +20.6% |
| VRNA Verona Pharma Ltd. | 0.29% | 11,000 | $1.0M | Add +27.9% |
| BCS Barclays PLC-Spons ADR | 0.26% | 50,265 | $927K | Add +218.8% |
| SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION | 0.23% | 221,359 | $839K | Add +53.2% |
| XPEV Xpeng Inc. - ADR | 0.23% | 46,600 | $833K | Add +33.1% |
| ZLAB Zai Lab Ltd.-ADR | 0.23% | 23,600 | $825K | Add +36.4% |
| IBIT iShares Bitcoin Trust ETF | 0.23% | 13,300 | $814K | Add +202.3% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.22% | 49,122 | $807K | Reduce -58.2% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 0.22% | 18,438 | $799K | Add +17.9% |
| NWG Natwest Group PLC -Spon ADR | 0.20% | 53,224 | $740K | Add +142.8% |
| FNV Franco-Nevada Corp. | 0.20% | 3,235 | $723K | Reduce -1.2% |
| PHYS Sprott Physical Gold Trust | 0.19% | 27,300 | $692K | Reduce -94.0% |
| PSLV Sprott Physical Silver Trust | 0.19% | 56,300 | $689K | Reduce -43.8% |
| TME Tencent Music Entertainm-ADR | 0.19% | 31,389 | $687K | Add +115.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.19% | 3,003 | $680K | Add +25.0% |
| SGDM Sprott Gold Miners ETF | 0.19% | 14,900 | $674K | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.18% | 5,408 | $668K | Add +13.7% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.18% | 41,763 | $642K | Add +13.6% |
| IHG Intercontinental Hotels-ADR | 0.18% | 5,548 | $640K | Add +311.6% |
| BMA Banco Macro SA-ADR | 0.17% | 8,871 | $619K | Add +11.3% |
| BBDO Banco Bradesco-ADR | 0.17% | 201,200 | $609K | New |
| SMFG Sumitomo Mitsui-Spons ADR | 0.17% | 39,554 | $598K | Add +28.2% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.16% | 9,480 | $576K | Add +207.8% |
| IMTM iShares MSCI Intl Momentum F | 0.16% | 12,600 | $576K | New |
| GDXJ Vaneck Junior Gold Miners | 0.16% | 8,500 | $575K | Reduce -4.5% |
| COPX Global X Copper Miners ETF | 0.16% | 12,500 | $563K | Add +83.8% |
| GFI Gold Fields Ltd.-Spons ADR | 0.16% | 23,746 | $562K | Add +210.6% |
| EUAD Select Stoxx Eur Aer DE ETF | 0.15% | 13,000 | $561K | Add +209.5% |
| XLI SS Industrial Select Sector | 0.15% | 3,800 | $561K | New |
| ENIC Enel Chile SA-ADR | 0.15% | 153,902 | $559K | Add +26.1% |
| MTUM iShares MSCI USA Momentum Fa | 0.15% | 2,300 | $553K | New |
| EWS iShares MSCI Singapore ETF | 0.15% | 20,800 | $540K | New |
| EWG iShares MSCI Germany ETF | 0.15% | 12,500 | $529K | Add +22.6% |
| XAR SS SPDR S&P Aerospace Def | 0.15% | 2,500 | $527K | New |
| IAI iShares U.S. Broker-Dealers | 0.14% | 3,100 | $524K | New |
| FMS Fresenius Medical Care-ADR | 0.14% | 18,300 | $523K | New |
| SAP Sap SE-Sponsored ADR | 0.14% | 1,700 | $517K | Add +54.5% |
| ARKW ARK Next Generation Technolo | 0.14% | 3,500 | $517K | New |
| EUFN iShares MSCI Europe Financia | 0.14% | 15,950 | $504K | Reduce -34.2% |
| BIDU Baidu Inc. - Spon ADR | 0.14% | 5,865 | $503K | Add +47.9% |
| JOF Japan Smaller Capitalization | 0.14% | 52,100 | $498K | Add +22.0% |
| UBS UBS Group AG-Reg | 0.14% | 14,489 | $490K | Add +7.4% |
| TDIV FT Nasdaq Tech DVD Index FD | 0.13% | 5,400 | $487K | New |
| EDU New Oriental Educatio-SP ADR | 0.13% | 9,000 | $486K | Add +32.4% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.13% | 16,917 | $474K | Add +25.1% |
| AIA iShares Asia 50 ETF | 0.13% | 5,800 | $470K | Add +87.1% |
| COPJ Sprott Jr Copper Miners ETF | 0.13% | 19,000 | $466K | Reduce -7.3% |
| URA Global X Uranium ETF | 0.13% | 12,000 | $466K | New |
| JD Jd.com Inc.-ADR | 0.13% | 14,000 | $457K | Add +40.0% |
| NLR Vaneck Urani & Nuclr ETF-Usd | 0.13% | 4,100 | $456K | New |
| CIBR First Trust Nasdaq Cybersecu | 0.13% | 6,000 | $453K | New |
| GUNR NT Mstar GLBL NR ETF | 0.13% | 11,300 | $453K | New |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.12% | 32,900 | $451K | Reduce -3.2% |
| ARGT Global X MSCI Argentina ETF | 0.12% | 5,300 | $449K | Add +253.3% |
| SIL Global X Silver Miners ETF | 0.12% | 9,200 | $443K | Reduce -27.0% |
Portfolio Sells Q1 2025 → Q2 2025
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −8.79 |
| KGC Kinross Gold Corp. | Reduce -87.6% | 0.58% | −4.80 |
| ENB Enbridge Inc. | Reduce -77.2% | 0.82% | −4.21 |
| PHYS Sprott Physical Gold Trust | Reduce -94.0% | 0.19% | −3.89 |
| MFC Manulife Financial Corp. | Sold out | 0.00% | −3.72 |
| WCN Waste Connections Inc. | Sold out | 0.00% | −3.41 |
| TRP TC Energy Corp. | Reduce -81.1% | 0.51% | −3.18 |
| BKR Baker Hughes Co. | Sold out | 0.00% | −2.51 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −2.34 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −2.32 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -57.6% | 0.95% | −1.96 |
| WPM Wheaton Precious Metals Corp. | Reduce -29.3% | 2.28% | −1.67 |
| JPM JPMorgan Chase & Co. | Reduce -17.5% | 3.46% | −1.32 |
| DE Deere & Co. | Sold out | 0.00% | −0.96 |
| META Meta Platforms Inc. Class A | Reduce -18.3% | 3.27% | −0.94 |
| LNG Cheniere Energy Inc. | Reduce -0.8% | 3.03% | −0.88 |
| BSX Boston Scientific Corp. | Reduce -28.4% | 0.80% | −0.62 |
| KC Kingsoft Cloud Holdings-ADR | Sold out | 0.00% | −0.52 |
| BVN Cia DE Minas Buenaventur-ADR | Reduce -58.2% | 0.22% | −0.45 |
| HWM Howmet Aerospace Inc. | Reduce -11.7% | 4.28% | −0.27 |
| AMLP Alerian MLP ETF | Sold out | 0.00% | −0.26 |
| PSLV Sprott Physical Silver Trust | Reduce -43.8% | 0.19% | −0.24 |
| KIE SS SPDR S&P Insurance ETF | Sold out | 0.00% | −0.23 |
| BABA Alibaba Group Holding-SP ADR | Reduce -70.3% | 0.05% | −0.22 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −0.21 |
| SQQQ Proshares TR | Sold out | 0.00% | −0.20 |
| EZU iShares MSCI Eurozone ETF | Reduce -80.5% | 0.04% | −0.20 |
| EWJ iShares MSCI Japan ETF | Sold out | 0.00% | −0.19 |
| CHIQ Global X MSCI China Consumer | Sold out | 0.00% | −0.18 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −0.18 |
| SILJ Amplify Junior Silver Miners | Sold out | 0.00% | −0.18 |
| BILI Bilibili Inc.-Sponsored ADR | Sold out | 0.00% | −0.16 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -45.7% | 0.10% | −0.16 |
| AADR Advisorshares Dorsey Wright | Sold out | 0.00% | −0.15 |
| MFG Mizuho Financial Group-ADR | Reduce -63.0% | 0.06% | −0.15 |
| PSO Pearson PLC-Sponsored ADR | Reduce -66.9% | 0.04% | −0.14 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.13 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.13 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -55.5% | 0.06% | −0.13 |
| IQ Iqiyi Inc.-ADR | Sold out | 0.00% | −0.12 |
| PHG Koninklijke Philips NVR- NY | Sold out | 0.00% | −0.12 |
| EUFN iShares MSCI Europe Financia | Reduce -34.2% | 0.14% | −0.12 |
| PUK Prudential PLC-ADR | Sold out | 0.00% | −0.12 |
| IGF iShares Global Infrastructur | Sold out | 0.00% | −0.12 |
| TD Toronto-Dominion Bank | Reduce -74.3% | 0.03% | −0.11 |
| ASAIY Sendas Distribuidora SA | Sold out | 0.00% | −0.10 |
| MOMO Hello Group Inc. -SPN ADR | Reduce -72.8% | 0.04% | −0.10 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Sold out | 0.00% | −0.10 |
| XLF SS Financial Select Sector | Reduce -31.5% | 0.11% | −0.10 |
| JKS Jinkosolar Holding Co.-ADR | Sold out | 0.00% | −0.10 |
Portfolio Buys Q1 2025 → Q2 2025
| SAN Banco Santander SA-Spon ADR | Add +5818.9% | 4.03% | +3.96 |
| GEV GE Vernova Inc. | New | 3.84% | +3.84 |
| IMO Imperial Oil Ltd. | New | 3.26% | +3.26 |
| NVDA Nvidia Corp. | New | 3.26% | +3.26 |
| CCJ Cameco Corp. | New | 3.24% | +3.24 |
| NTR Nutrien Ltd. | New | 3.08% | +3.08 |
| DRI Darden Restaurants Inc. | New | 2.88% | +2.88 |
| GE General Electric | New | 2.59% | +2.59 |
| MSFT Microsoft Corp. | New | 2.50% | +2.50 |
| RY Royal Bank of Canada | New | 2.48% | +2.48 |
| MS Morgan Stanley | New | 2.09% | +2.09 |
| STN Stantec Inc. | New | 1.90% | +1.90 |
| CSCO Cisco Systems Inc. | New | 1.80% | +1.80 |
| RTX RTX Corp. | New | 1.80% | +1.80 |
| CNQ Canadian Natural Resources | New | 1.77% | +1.77 |
| AXON Axon Enterprise Inc. | New | 1.55% | +1.55 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 1.11% | +1.11 |
| LRCX Lam Research Corp. | New | 1.03% | +1.03 |
| SITM Sitime Corp. | New | 0.93% | +0.93 |
| FCX Freeport-McMoran Inc. | New | 0.91% | +0.91 |
| AVGO Broadcom Inc. | New | 0.56% | +0.56 |
| TTWO Take-Two Interactive Softwre | New | 0.54% | +0.54 |
| TLK Telkom Indonesia Persero-ADR | New | 0.52% | +0.52 |
| HBM Hudbay Minerals Inc. | New | 0.49% | +0.49 |
| CME Cme Group Inc. | New | 0.42% | +0.42 |
| BN Brookfield Corp. | New | 0.41% | +0.41 |
| EXE Expand Energy Corp. | Add +42.9% | 3.19% | +0.33 |
| WDS Woodside Energy Group-ADR | New | 0.32% | +0.32 |
| BMO Bank of Montreal | Add +29.2% | 4.36% | +0.23 |
| SGDM Sprott Gold Miners ETF | New | 0.19% | +0.19 |
| BBDO Banco Bradesco-ADR | New | 0.17% | +0.17 |
| BCS Barclays PLC-Spons ADR | Add +218.8% | 0.26% | +0.17 |
| IMTM iShares MSCI Intl Momentum F | New | 0.16% | +0.16 |
| XLI SS Industrial Select Sector | New | 0.15% | +0.15 |
| MTUM iShares MSCI USA Momentum Fa | New | 0.15% | +0.15 |
| EWS iShares MSCI Singapore ETF | New | 0.15% | +0.15 |
| IBIT iShares Bitcoin Trust ETF | Add +202.3% | 0.23% | +0.15 |
| XAR SS SPDR S&P Aerospace Def | New | 0.15% | +0.15 |
| IAI iShares U.S. Broker-Dealers | New | 0.14% | +0.14 |
| FMS Fresenius Medical Care-ADR | New | 0.14% | +0.14 |
| ARKW ARK Next Generation Technolo | New | 0.14% | +0.14 |
| SID Cia Siderurgica Nacl-SP ADR | Add +53.2% | 0.23% | +0.14 |
| TDIV FT Nasdaq Tech DVD Index FD | New | 0.13% | +0.13 |
| URA Global X Uranium ETF | New | 0.13% | +0.13 |
| NLR Vaneck Urani & Nuclr ETF-Usd | New | 0.13% | +0.13 |
| CIBR First Trust Nasdaq Cybersecu | New | 0.13% | +0.13 |
| GUNR NT Mstar GLBL NR ETF | New | 0.13% | +0.13 |
| IHG Intercontinental Hotels-ADR | Add +311.6% | 0.18% | +0.12 |
| ARGX Argenx SE - ADR | New | 0.11% | +0.11 |
| IDV iShares International Select | New | 0.11% | +0.11 |
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 |