Galibier Capital Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Galibier Capital Management Ltd. reported 38 stock positions worth $300.1 million. Its top holding was Agnico Eagle Mines (AEM) at 12.7% of the portfolio, followed by Royal Bank of Canada (RY, 10.8%) and Enbridge (ENB, 8.4%). Compared with Q2 2025, it added to 1 and reduced 22. The biggest buy was AutoZone (AZO, shares +55%) and the biggest sale Cameco (CCJ, shares −70%).
- Most Recent 13F
- Q3 2025
- Location
- TORONTO, A6
- CIK
- 0001765768
- Portfolio Value
- $300.1M (Q3 2025)
- SEC Filing
- 0000945621-25-000978 ↗ filed Oct 21, 2025
Holdings Value
Holdings 38 stocks · $300.1M
| AEM Agnico Eagle Mines Ltd. | 12.70% | 226,197 | $38.1M | Reduce -18.8% |
| RY Royal Bank of Canada | 10.83% | 220,458 | $32.5M | Reduce -13.7% |
| ENB Enbridge Inc. | 8.40% | 499,597 | $25.2M | Reduce -10.6% |
| CNQ Canadian Natural Resources | 6.75% | 633,545 | $20.3M | Reduce -6.5% |
| MFC Manulife Financial Corp. | 6.60% | 635,318 | $19.8M | Reduce -10.5% |
| CP Canadian Pacific Kansas City | 5.96% | 240,014 | $17.9M | Reduce -10.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 5.65% | 212,022 | $16.9M | Reduce -25.7% |
| NTR Nutrien Ltd. | 5.49% | 280,633 | $16.5M | Reduce -10.4% |
| GIB Cgi Inc. | 4.61% | 155,232 | $13.8M | Reduce -9.9% |
| TU Telus Corp. | 4.13% | 786,678 | $12.4M | Reduce -12.8% |
| QSR Restaurant Brands Intern | 4.02% | 188,137 | $12.1M | Reduce -10.0% |
| ATS Ats Corp. | 3.90% | 447,446 | $11.7M | Reduce -8.0% |
| HBM Hudbay Minerals Inc. | 3.47% | 687,008 | $10.4M | Reduce -40.0% |
| GIL Gildan Activewear Inc. | 3.33% | 172,773 | $10.0M | Reduce -36.7% |
| WFG West Fraser Timber Co. Ltd. | 3.07% | 135,552 | $9.2M | Reduce -9.8% |
| OSK Oshkosh Corp. | 1.61% | 37,227 | $4.8M | No change |
| EQX Equinox Gold Corp. | 1.56% | 417,019 | $4.7M | Reduce -20.9% |
| CCJ Cameco Corp. | 1.40% | 49,899 | $4.2M | Reduce -69.6% |
| HSIC Henry Schein Inc. | 0.92% | 41,476 | $2.8M | No change |
| GBX Greenbrier Companies Inc. | 0.74% | 47,799 | $2.2M | Reduce -15.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.53% | 3,155 | $1.6M | No change |
| AZO AutoZone Inc. | 0.44% | 310 | $1.3M | Add +55.0% |
| JPM JPMorgan Chase & Co. | 0.40% | 3,760 | $1.2M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.39% | 2,432 | $1.2M | No change |
| ING ING Groep N.V.-Sponsored ADR | 0.39% | 44,883 | $1.2M | Reduce -10.6% |
| CL Colgate-Palmolive Co. | 0.39% | 14,631 | $1.2M | No change |
| CB Chubb Ltd. | 0.37% | 3,897 | $1.1M | No change |
| ZBH Zimmer Biomet Holdings Inc. | 0.34% | 10,484 | $1.0M | No change |
| GOOGL Alphabet Inc. Class A | 0.34% | 4,200 | $1.0M | No change |
| AAPL Apple Inc. | 0.34% | 3,961 | $1.0M | Reduce -28.9% |
| MSFT Microsoft Corp. | 0.25% | 1,449 | $751K | Reduce -19.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.23% | 700 | $678K | No change |
| WAB Wabtec Corp. | 0.20% | 2,978 | $597K | No change |
| DECK Deckers Outdoor Corp. | 0.17% | 5,100 | $517K | Reduce -16.4% |
| CNI Canadian Natl Railway Co. | 0.07% | 2,200 | $208K | No change |
| TRP TC Energy Corp. | 0.03% | 1,816 | $99K | No change |
| NKE Nike Inc. Class B | 0.01% | 400 | $28K | No change |
| SOBO South Bow Corp. | 0.00% | 363 | $10K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| CCJ Cameco Corp. | Reduce -69.6% | 1.40% | −2.26 |
| GIB Cgi Inc. | Reduce -9.9% | 4.61% | −0.82 |
| ATS Ats Corp. | Reduce -8.0% | 3.90% | −0.75 |
| GIL Gildan Activewear Inc. | Reduce -36.7% | 3.33% | −0.71 |
| CM Can Imperial BK of Commerce | Reduce -25.7% | 5.65% | −0.42 |
| CP Canadian Pacific Kansas City | Reduce -10.4% | 5.96% | −0.42 |
| WFG West Fraser Timber Co. Ltd. | Reduce -9.8% | 3.07% | −0.23 |
| TU Telus Corp. | Reduce -12.8% | 4.13% | −0.22 |
| MFC Manulife Financial Corp. | Reduce -10.5% | 6.60% | −0.21 |
| HBM Hudbay Minerals Inc. | Reduce -40.0% | 3.47% | −0.18 |
| QSR Restaurant Brands Intern | Reduce -10.0% | 4.02% | −0.13 |
| GBX Greenbrier Companies Inc. | Reduce -15.8% | 0.74% | −0.05 |
| MSFT Microsoft Corp. | Reduce -19.9% | 0.25% | −0.02 |
| DECK Deckers Outdoor Corp. | Reduce -16.4% | 0.17% | −0.02 |
| AAPL Apple Inc. | Reduce -28.9% | 0.34% | −0.01 |
| NTR Nutrien Ltd. | Reduce -10.4% | 5.49% | +0.02 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -10.6% | 0.39% | +0.06 |
| CNQ Canadian Natural Resources | Reduce -6.5% | 6.75% | +0.37 |
| EQX Equinox Gold Corp. | Reduce -20.9% | 1.56% | +0.64 |
| RY Royal Bank of Canada | Reduce -13.7% | 10.83% | +0.73 |
| ENB Enbridge Inc. | Reduce -10.6% | 8.40% | +0.80 |
| AEM Agnico Eagle Mines Ltd. | Reduce -18.8% | 12.70% | +2.74 |
Portfolio Buys Q2 2025 → Q3 2025
| AZO AutoZone Inc. | Add +55.0% | 0.44% | +0.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 38 | $300.1M | AEM, RY, ENB, CNQ, MFC |
| Q2 2025 | 38 | $332.9M | RY, AEM, ENB, MFC, CNQ |
| Q1 2025 | 36 | $320.2M | AEM, ENB, RY, CM, MFC |
| Q4 2024 | 36 | $349.9M | ENB, AEM, BNS, CNQ, CM |
| Q3 2024 | 42 | $442.4M | TD, AEM, CM, NTR, CP |
| Q2 2024 | 41 | $401.8M | CVE, AEM, TD, CP, QSR |
| Q1 2024 | 39 | $417.4M | TD, CP, CVE, AEM, CNQ |