Galibier Capital Management Ltd. In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 16, 2024), Galibier Capital Management Ltd. reported 39 stock positions worth $417.4 million . Its top holding was Toronto-Dominion Bank (TD) at 7.3% of the portfolio, followed by Canadian Pacific Kansas City (CP, 7.0% ) and Cenovus Energy (CVE, 7.0% ). Compared with Q4 2023, it opened 6 new positions, sold out of 2, added to 7 and reduced 15. The biggest buy was a new position in Open Text (OTEX) and the biggest sale Canadian Pacific Kansas City (CP, shares −27% ).
Location TORONTO, A6
CIK 0001765768
Portfolio Value $417.4M (Q1 2024) Holdings 39 stocks · $417.4M Holdings quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 TD Toronto-Dominion Bank 503,575 $30.4M Reduce -2.8% CP Canadian Pacific Kansas City 332,235 $29.3M Reduce -27.0% CVE Cenovus Energy Inc. 1,463,678 $29.3M Reduce -3.6% AEM Agnico Eagle Mines Ltd. 489,610 $29.2M Add +5.7% CNQ Canadian Natural Resources 382,328 $29.2M Reduce -15.3% MFC Manulife Financial Corp. 1,104,709 $27.6M Reduce -17.8% QSR Restaurant Brands Intern 326,013 $25.9M Reduce -13.2% RY Royal Bank of Canada 256,254 $25.9M Reduce -20.3% CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 498,398 $25.3M Reduce -2.8% GIB Cgi Inc. 222,836 $24.6M Reduce -3.7% NTR Nutrien Ltd. 445,941 $24.3M Add +4.9% ENB Enbridge Inc. 640,076 $23.2M Add +82.2% CAE Cae Inc. 992,131 $20.5M Reduce -3.6% OTEX Open Text Corp. 399,643 $15.5M New HBM Hudbay Minerals Inc. 1,799,148 $12.6M New WFG West Fraser Timber Co. Ltd. 110,853 $9.6M New GNRC Generac Holdings Inc. 54,863 $6.9M Add +43.0% OSK Oshkosh Corp. 48,509 $6.0M No change HSIC Henry Schein Inc. 51,476 $3.9M Add +18.4% MTN Vail Resorts Inc. 13,534 $3.0M Reduce -26.5% DEO Diageo PLC-Sponsored ADR 11,613 $1.7M Reduce -7.2% ING ING Groep N.V.-Sponsored ADR 92,208 $1.5M Add +58.4% BRK.B Berkshire Hathaway Inc. Class B 3,590 $1.5M No change VFC VF Corp. 81,759 $1.3M No change TGT Target Corp. 6,924 $1.2M Reduce -30.7% JPM JPMorgan Chase & Co. 5,760 $1.2M No change TSM Taiwan Semiconductor-SP ADR 8,000 $1.1M New AAPL Apple Inc. 6,035 $1.0M Reduce -52.3% WAB Wabtec Corp. 6,658 $970K No change TMO Thermo Fisher Scientific Inc. 1,601 $931K No change MSFT Microsoft Corp. 2,058 $866K No change GOOGL Alphabet Inc. Class A 4,200 $634K No change GOOG Alphabet Inc. Class C 2,225 $339K No change PROSHARES TR 29,500 $309K Add +195.0% CNI Canadian Natl Railway Co. 2,200 $290K No change CL Colgate-Palmolive Co. 1,200 $108K No change BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1,462 $76K New TRP TC Energy Corp. 1,816 $73K New NKE Nike Inc. Class B 400 $38K Reduce -85.0%
Other holdings (1): bonds, preferreds, convertibles and warrants · $316K (not counted above) Security Class Shares / Principal Value Change CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 20,875 $316K Reduce -65.7%
Total filed on the 13F, all lines: $417.7M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ CP Canadian Pacific Kansas City Reduce -27.0% 7.02% −2.38 RY Royal Bank of Canada Reduce -20.3% 6.20% −2.29 QSR Restaurant Brands Intern Reduce -13.2% 6.21% −1.46 TD Toronto-Dominion Bank Reduce -2.8% 7.29% −1.45 MFC Manulife Financial Corp. Reduce -17.8% 6.62% −1.14 CAE Cae Inc. Reduce -3.6% 4.91% −0.89 CNQ Canadian Natural Resources Reduce -15.3% 6.99% −0.73 GIB Cgi Inc. Reduce -3.7% 5.90% −0.57 CM Can Imperial BK of Commerce Reduce -2.8% 6.06% −0.39 AAPL Apple Inc. Reduce -52.3% 0.25% −0.38 TFC Truist Financial Corp. Sold out 0.00% −0.34 MTN Vail Resorts Inc. Reduce -26.5% 0.72% −0.30 TGT Target Corp. Reduce -30.7% 0.29% −0.08 DIS The Walt Disney Co. Sold out 0.00% −0.07 NKE Nike Inc. Class B Reduce -85.0% 0.01% −0.07 DEO Diageo PLC-Sponsored ADR Reduce -7.2% 0.41% −0.06 CVE Cenovus Energy Inc. Reduce -3.6% 7.02% +0.41
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ OTEX Open Text Corp. New 3.72% +3.72 HBM Hudbay Minerals Inc. New 3.02% +3.02 WFG West Fraser Timber Co. Ltd. New 2.30% +2.30 ENB Enbridge Inc. Add +82.2% 5.55% +2.24 AEM Agnico Eagle Mines Ltd. Add +5.7% 7.00% +0.37 GNRC Generac Holdings Inc. Add +43.0% 1.66% +0.37 TSM Taiwan Semiconductor-SP ADR New 0.26% +0.26 ING ING Groep N.V.-Sponsored ADR Add +58.4% 0.36% +0.14 HSIC Henry Schein Inc. Add +18.4% 0.93% +0.08 PROSHARES TR Add +195.0% 0.07% +0.04 BNS Bank of Nova Scotia New 0.02% +0.02 TRP TC Energy Corp. New 0.02% +0.02 NTR Nutrien Ltd. Add +4.9% 5.81% −0.44
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Reduce -65.7% 20,875 $316K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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