Barometer Capital Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Barometer Capital Management Inc. reported 173 stock positions worth $437.3 million. Its top holding was Agnico Eagle Mines (AEM) at 4.4% of the portfolio, followed by Bank of Montreal (BMO, 4.1%) and Cameco (CCJ, 4.0%). Compared with Q2 2025, it opened 35 new positions, sold out of 40, added to 74 and reduced 42. The biggest buy was a new position in Agnico Eagle Mines (AEM) and the biggest sale an exit from Expand Energy (EXE).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001536890
- Portfolio Value
- $437.3M (Q3 2025)
- SEC Filing
- 0001104659-25-111067 ↗ filed Nov 13, 2025
Holdings Value
Holdings 173 stocks · $437.3M
| AEM Agnico Eagle Mines Ltd. | 4.41% | 82,328 | $19.3M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.08% | 99,522 | $17.9M | Reduce -5.7% |
| CCJ Cameco Corp. | 3.97% | 148,700 | $17.4M | Add +28.6% |
| SAN Banco Santander SA-Spon ADR | 3.95% | 1,671,913 | $17.3M | Reduce -4.9% |
| IMO Imperial Oil Ltd. | 3.63% | 125,892 | $15.9M | Add +15.7% |
| AGI Alamos Gold Inc. Class A | 3.34% | 301,000 | $14.6M | New |
| GEV GE Vernova Inc. | 3.22% | 22,887 | $14.1M | Reduce -12.8% |
| NVDA Nvidia Corp. | 3.19% | 74,722 | $13.9M | Add +0.2% |
| HWM Howmet Aerospace Inc. | 3.17% | 70,630 | $13.9M | Reduce -15.2% |
| HBM Hudbay Minerals Inc. | 3.10% | 642,850 | $13.6M | Add +420.5% |
| GOOGL Alphabet Inc. Class A | 3.01% | 54,115 | $13.2M | New |
| WPM Wheaton Precious Metals Corp. | 3.00% | 84,150 | $13.1M | Add +25.1% |
| JPM JPMorgan Chase & Co. | 2.96% | 41,278 | $13.0M | Reduce -4.9% |
| META Meta Platforms Inc. Class A | 2.61% | 15,557 | $11.4M | Reduce -3.0% |
| GE General Electric filed as GE AEROSPACE | 2.38% | 34,538 | $10.4M | Reduce -5.3% |
| RY Royal Bank of Canada | 2.26% | 48,639 | $9.9M | Reduce -3.4% |
| SU Suncor Energy Inc. | 2.12% | 159,140 | $9.3M | New |
| MSFT Microsoft Corp. | 2.05% | 17,333 | $9.0M | Reduce -4.7% |
| MS Morgan Stanley | 1.93% | 53,447 | $8.4M | Reduce -1.0% |
| CLS Celestica Inc. | 1.88% | 23,963 | $8.2M | New |
| LNG Cheniere Energy Inc. | 1.63% | 30,330 | $7.1M | Reduce -32.7% |
| RTX RTX Corp. | 1.63% | 42,478 | $7.1M | Reduce -4.9% |
| PAAS Pan American Silver Corp. | 1.62% | 131,300 | $7.1M | New |
| STN Stantec Inc. | 1.61% | 46,990 | $7.1M | Add +1.2% |
| CAT Caterpillar Inc. | 1.35% | 12,400 | $5.9M | New |
| SE Sea Ltd.-ADR | 1.31% | 31,990 | $5.7M | Add +17.2% |
| U Unity Software Inc. | 1.21% | 131,722 | $5.3M | Reduce -11.0% |
| LRCX Lam Research Corp. | 1.08% | 35,210 | $4.7M | Reduce -8.0% |
| EMBJ Embraer SA-Spon ADR | 1.07% | 77,230 | $4.7M | Reduce -16.0% |
| EA Electronic Arts Inc. | 1.03% | 22,326 | $4.5M | New |
| AVGO Broadcom Inc. | 0.99% | 13,063 | $4.3M | Add +76.5% |
| CSCO Cisco Systems Inc. | 0.97% | 62,650 | $4.3M | Reduce -33.8% |
| ENB Enbridge Inc. | 0.97% | 60,280 | $4.2M | Add +24.8% |
| NFLX Netflix Inc. | 0.96% | 3,507 | $4.2M | Reduce -15.0% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.96% | 223,200 | $4.2M | Add +102.5% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.83% | 93,600 | $3.6M | Add +78.0% |
| TTWO Take-Two Interactive Softwre | 0.75% | 12,623 | $3.3M | Add +55.8% |
| KGC Kinross Gold Corp. | 0.68% | 86,050 | $3.0M | Reduce -12.7% |
| HMY Harmony Gold MNG-Spon ADR | 0.51% | 122,519 | $2.2M | Add +58.5% |
| VRNA Verona Pharma Ltd. | 0.48% | 19,500 | $2.1M | Add +77.3% |
| AXON Axon Enterprise Inc. | 0.46% | 2,832 | $2.0M | Reduce -58.3% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.45% | 80,922 | $2.0M | Add +64.7% |
| WDS Woodside Energy Group-ADR | 0.45% | 129,306 | $1.9M | Add +71.7% |
| XPEV Xpeng Inc. - ADR | 0.44% | 82,800 | $1.9M | Add +77.7% |
| BCS Barclays PLC-Spons ADR | 0.36% | 77,165 | $1.6M | Add +53.5% |
| GFI Gold Fields Ltd.-Spons ADR | 0.35% | 36,346 | $1.5M | Add +53.1% |
| ZLAB Zai Lab Ltd.-ADR | 0.32% | 41,900 | $1.4M | Add +77.5% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.31% | 7,708 | $1.3M | Add +42.5% |
| SITM Sitime Corp. | 0.30% | 4,300 | $1.3M | Reduce -72.6% |
| BIDU Baidu Inc. - Spon ADR | 0.29% | 9,665 | $1.3M | Add +64.8% |
| BE Bloom Energy Corp. Class A | 0.29% | 15,000 | $1.3M | Add +25.0% |
| PHYS Sprott Physical Gold Trust | 0.28% | 36,200 | $1.2M | Add +32.6% |
| TME Tencent Music Entertainm-ADR | 0.28% | 52,700 | $1.2M | Add +67.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.28% | 4,403 | $1.2M | Add +46.6% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.28% | 63,763 | $1.2M | Add +52.7% |
| BBD Banco Bradesco-ADR | 0.27% | 357,600 | $1.2M | New |
| AU Anglogold Ashanti PLC | 0.26% | 15,900 | $1.1M | Add +78.7% |
| NWG Natwest Group PLC -Spon ADR | 0.25% | 77,724 | $1.1M | Add +46.0% |
| IHG Intercontinental Hotels-ADR | 0.25% | 8,848 | $1.1M | Add +59.5% |
| DQ Daqo New Energy Corp.-ADR | 0.24% | 37,900 | $1.1M | Add +78.8% |
| BN Brookfield Corp. | 0.23% | 16,125 | $1.0M | Reduce -7.5% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.23% | 14,480 | $1.0M | Add +52.7% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.23% | 60,054 | $1.0M | Add +51.8% |
| WB Weibo Corp.-Spon ADR | 0.22% | 78,900 | $978K | Add +78.1% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.22% | 27,617 | $957K | Add +63.3% |
| ENIC Enel Chile SA-ADR | 0.22% | 245,402 | $955K | Add +59.5% |
| GMAB Genmab A/S -SP ADR | 0.22% | 30,937 | $949K | Add +61.7% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.21% | 11,343 | $940K | Add +272.8% |
| UBS UBS Group AG-Reg | 0.21% | 22,789 | $934K | Add +57.3% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.21% | 58,500 | $932K | Add +77.8% |
| IBIT iShares Bitcoin Trust ETF | 0.21% | 13,900 | $904K | Add +4.5% |
| KEP Korea Elec Power Corp.-SP ADR | 0.20% | 67,715 | $884K | Add +298.0% |
| FMS Fresenius Medical Care-ADR | 0.20% | 32,800 | $864K | Add +79.2% |
| TV Grupo Televisa SA-Spon ADR | 0.20% | 320,400 | $862K | Add +192.3% |
| HOOD Robinhood Markets Inc. Class A | 0.20% | 6,000 | $859K | New |
| VOD Vodafone Group PLC-SP ADR | 0.20% | 73,600 | $854K | Add +77.3% |
| EDU New Oriental Educatio-SP ADR | 0.19% | 16,000 | $849K | Add +77.8% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.19% | 33,700 | $839K | New |
| FCX Freeport-McMoran Inc. | 0.19% | 21,240 | $830K | Reduce -72.1% |
| CRH CRH PLC | 0.18% | 6,650 | $797K | Add +77.3% |
| ASND Ascendis Pharma A/S | 0.18% | 3,904 | $776K | Add +288.8% |
| JD Jd.com Inc.-ADR | 0.17% | 21,600 | $756K | Add +54.3% |
| QFIN Qfin Holdings Inc.-ADR | 0.17% | 26,138 | $752K | Add +41.8% |
| VALE Vale SA-SP ADR | 0.17% | 69,100 | $750K | New |
| VIV Telefonica Brasil-ADR | 0.17% | 57,100 | $726K | Add +77.3% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.16% | 16,600 | $713K | Add +80.4% |
| EC Ecopetrol SA-Sponsored ADR | 0.16% | 77,200 | $711K | Add +77.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.16% | 7,860 | $699K | Add +48.7% |
| WF Woori Financial-Spon ADR | 0.16% | 12,400 | $696K | New |
| FIG Figma Inc. Class A | 0.16% | 13,200 | $685K | New |
| ETHE Grayscale Ethereum Staking E | 0.15% | 18,600 | $637K | New |
| PAM Pampa Energia SA-Spon ADR | 0.14% | 10,500 | $631K | Add +78.0% |
| RELX Relx PLC - Spon ADR | 0.14% | 12,600 | $602K | New |
| WPP WPP PLC-Sponsored ADR | 0.14% | 24,400 | $598K | New |
| MUX McEwen Inc. | 0.14% | 25,000 | $596K | New |
| LU Lufax Holding Ltd.-ADR | 0.13% | 143,500 | $583K | Add +77.6% |
| PSLV Sprott Physical Silver Trust | 0.13% | 37,000 | $581K | Reduce -34.3% |
| XME SS SPDR S&P Metals Mining | 0.13% | 6,200 | $578K | Add +21.6% |
| SAP Sap SE-Sponsored ADR | 0.13% | 2,150 | $575K | Add +26.5% |
| CSANY Cosan SA -ADR | 0.13% | 121,700 | $560K | Add +77.7% |
Portfolio Sells Q2 2025 → Q3 2025
| EXE Expand Energy Corp. | Sold out | 0.00% | −3.19 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −3.08 |
| DRI Darden Restaurants Inc. | Sold out | 0.00% | −2.88 |
| V Visa Inc. Class A | Sold out | 0.00% | −2.86 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −1.77 |
| LNG Cheniere Energy Inc. | Reduce -32.7% | 1.63% | −1.40 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −1.11 |
| HWM Howmet Aerospace Inc. | Reduce -15.2% | 3.17% | −1.11 |
| AXON Axon Enterprise Inc. | Reduce -58.3% | 0.46% | −1.09 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −0.95 |
| CSCO Cisco Systems Inc. | Reduce -33.8% | 0.97% | −0.83 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.80 |
| FCX Freeport-McMoran Inc. | Reduce -72.1% | 0.19% | −0.72 |
| META Meta Platforms Inc. Class A | Reduce -3.0% | 2.61% | −0.66 |
| SITM Sitime Corp. | Reduce -72.6% | 0.30% | −0.63 |
| GEV GE Vernova Inc. | Reduce -12.8% | 3.22% | −0.62 |
| NFLX Netflix Inc. | Reduce -15.0% | 0.96% | −0.57 |
| TRP TC Energy Corp. | Sold out | 0.00% | −0.51 |
| JPM JPMorgan Chase & Co. | Reduce -4.9% | 2.96% | −0.50 |
| MSFT Microsoft Corp. | Reduce -4.7% | 2.05% | −0.45 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.42 |
| EMBJ Embraer SA-Spon ADR | Reduce -16.0% | 1.07% | −0.38 |
| BMO Bank of Montreal | Reduce -5.7% | 4.08% | −0.27 |
| GE General Electric | Reduce -5.3% | 2.38% | −0.22 |
| RY Royal Bank of Canada | Reduce -3.4% | 2.26% | −0.21 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.20 |
| RTX RTX Corp. | Reduce -4.9% | 1.63% | −0.18 |
| BN Brookfield Corp. | Reduce -7.5% | 0.23% | −0.17 |
| BBDO Banco Bradesco-ADR | Sold out | 0.00% | −0.17 |
| MS Morgan Stanley | Reduce -1.0% | 1.93% | −0.16 |
| MTUM iShares MSCI USA Momentum Fa | Sold out | 0.00% | −0.15 |
| EWG iShares MSCI Germany ETF | Sold out | 0.00% | −0.15 |
| XAR SS SPDR S&P Aerospace Def | Sold out | 0.00% | −0.15 |
| IAI iShares U.S. Broker-Dealers | Sold out | 0.00% | −0.14 |
| ARKW ARK Next Generation Technolo | Sold out | 0.00% | −0.14 |
| TDIV FT Nasdaq Tech DVD Index FD | Sold out | 0.00% | −0.13 |
| XLI SS Industrial Select Sector | Reduce -79.0% | 0.03% | −0.13 |
| CIBR First Trust Nasdaq Cybersecu | Sold out | 0.00% | −0.13 |
| GUNR NT Mstar GLBL NR ETF | Sold out | 0.00% | −0.13 |
| ARGT Global X MSCI Argentina ETF | Sold out | 0.00% | −0.12 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.12 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −0.11 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.09 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.09 |
| EWA iShares MSCI Australia ETF | Sold out | 0.00% | −0.09 |
| MNSO Miniso Group Holding Ltd.-ADR | Sold out | 0.00% | −0.09 |
| ECH iShares MSCI Chile ETF | Sold out | 0.00% | −0.08 |
| EPI Wisdomtree India Earnings | Sold out | 0.00% | −0.08 |
| ARKX ARK Space & Defense Innovati | Sold out | 0.00% | −0.08 |
| ASX Ase Technology Holding -ADR | Sold out | 0.00% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| AEM Agnico Eagle Mines Ltd. | New | 4.41% | +4.41 |
| AGI Alamos Gold Inc. Class A | New | 3.34% | +3.34 |
| GOOGL Alphabet Inc. Class A | New | 3.01% | +3.01 |
| HBM Hudbay Minerals Inc. | Add +420.5% | 3.10% | +2.61 |
| SU Suncor Energy Inc. | New | 2.12% | +2.12 |
| CLS Celestica Inc. | New | 1.88% | +1.88 |
| PAAS Pan American Silver Corp. | New | 1.62% | +1.62 |
| CAT Caterpillar Inc. | New | 1.35% | +1.35 |
| EA Electronic Arts Inc. | New | 1.03% | +1.03 |
| CCJ Cameco Corp. | Add +28.6% | 3.97% | +0.74 |
| WPM Wheaton Precious Metals Corp. | Add +25.1% | 3.00% | +0.72 |
| TLK Telkom Indonesia Persero-ADR | Add +102.5% | 0.96% | +0.44 |
| AVGO Broadcom Inc. | Add +76.5% | 0.99% | +0.42 |
| GDS GDS Holdings Ltd. - ADR | Add +78.0% | 0.83% | +0.38 |
| IMO Imperial Oil Ltd. | Add +15.7% | 3.63% | +0.38 |
| BBD Banco Bradesco-ADR | New | 0.27% | +0.27 |
| BVN Cia DE Minas Buenaventur-ADR | Add +64.7% | 0.45% | +0.23 |
| XPEV Xpeng Inc. - ADR | Add +77.7% | 0.44% | +0.21 |
| BE Bloom Energy Corp. Class A | Add +25.0% | 0.29% | +0.21 |
| HMY Harmony Gold MNG-Spon ADR | Add +58.5% | 0.51% | +0.21 |
| TTWO Take-Two Interactive Softwre | Add +55.8% | 0.75% | +0.20 |
| HOOD Robinhood Markets Inc. Class A | New | 0.20% | +0.20 |
| GFI Gold Fields Ltd.-Spons ADR | Add +53.1% | 0.35% | +0.19 |
| SBS Cia Saneamento Basico DE-ADR | New | 0.19% | +0.19 |
| VRNA Verona Pharma Ltd. | Add +77.3% | 0.48% | +0.19 |
| VALE Vale SA-SP ADR | New | 0.17% | +0.17 |
| WF Woori Financial-Spon ADR | New | 0.16% | +0.16 |
| FIG Figma Inc. Class A | New | 0.16% | +0.16 |
| DQ Daqo New Energy Corp.-ADR | Add +78.8% | 0.24% | +0.15 |
| BIDU Baidu Inc. - Spon ADR | Add +64.8% | 0.29% | +0.15 |
| ETHE Grayscale Ethereum Staking E | New | 0.15% | +0.15 |
| KB KB Financial Group Inc.-ADR | Add +272.8% | 0.21% | +0.15 |
| AU Anglogold Ashanti PLC | Add +78.7% | 0.26% | +0.14 |
| ENB Enbridge Inc. | Add +24.8% | 0.97% | +0.14 |
| RELX Relx PLC - Spon ADR | New | 0.14% | +0.14 |
| WPP WPP PLC-Sponsored ADR | New | 0.14% | +0.14 |
| MUX McEwen Inc. | New | 0.14% | +0.14 |
| KEP Korea Elec Power Corp.-SP ADR | Add +298.0% | 0.20% | +0.14 |
| TV Grupo Televisa SA-Spon ADR | Add +192.3% | 0.20% | +0.13 |
| ASND Ascendis Pharma A/S | Add +288.8% | 0.18% | +0.13 |
| WDS Woodside Energy Group-ADR | Add +71.7% | 0.45% | +0.12 |
| FUTU Futu Holdings Ltd.-ADR | Add +42.5% | 0.31% | +0.12 |
| BCS Barclays PLC-Spons ADR | Add +53.5% | 0.36% | +0.11 |
| GMAB Genmab A/S -SP ADR | Add +61.7% | 0.22% | +0.11 |
| WB Weibo Corp.-Spon ADR | Add +78.1% | 0.22% | +0.11 |
| EWW iShares MSCI Mexico ETF | New | 0.11% | +0.11 |
| SE Sea Ltd.-ADR | Add +17.2% | 1.31% | +0.10 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Add +52.7% | 0.28% | +0.10 |
| ZLAB Zai Lab Ltd.-ADR | Add +77.5% | 0.32% | +0.10 |
| TSM Taiwan Semiconductor-SP ADR | Add +46.6% | 0.28% | +0.09 |
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 |