Galibier Capital Management Ltd.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 26, 2024), Galibier Capital Management Ltd. reported 41 stock positions worth $401.8 million. Its top holding was Cenovus Energy (CVE) at 7.1% of the portfolio, followed by Agnico Eagle Mines (AEM, 6.9%) and Toronto-Dominion Bank (TD, 6.7%). Compared with Q1 2024, it opened 3 new positions, sold out of 1, added to 7 and reduced 18. The biggest buy was West Fraser Timber (WFG, shares +152%) and the biggest sale Canadian Natural Resources (CNQ, shares −17%).

Most Recent 13F
Q3 2025
Location
TORONTO, A6
CIK
0001765768
Portfolio Value
$401.8M (Q2 2024)
SEC Filing
0000945621-24-000597 ↗ filed Jul 26, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $417.4M Q1 2024 Q2 2024: $401.8M $401.8M Q2 2024 Q3 2024: $442.4M Q3 2024 Q4 2024: $349.9M Q4 2024 Q1 2025: $320.2M Q1 2025 Q2 2025: $332.9M Q2 2025 Q3 2025: $300.1M Q3 2025

Holdings 41 stocks · $401.8M
CVE Cenovus Energy Inc. 7.15% 1,461,388 $28.7M Reduce -0.2%
AEM Agnico Eagle Mines Ltd. 6.94% 426,551 $27.9M Reduce -12.9%
TD Toronto-Dominion Bank 6.68% 488,635 $26.9M Reduce -3.0%
CP Canadian Pacific Kansas City 6.50% 331,647 $26.1M Reduce -0.2%
QSR Restaurant Brands Intern 6.23% 355,326 $25.0M Add +9.0%
MFC Manulife Financial Corp. 5.86% 884,276 $23.5M Reduce -19.9%
RY Royal Bank of Canada 5.80% 219,075 $23.3M Reduce -14.5%
ENB Enbridge Inc. 5.66% 639,285 $22.7M Reduce -0.1%
NTR Nutrien Ltd. 5.64% 445,453 $22.7M Reduce -0.1%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 5.63% 475,645 $22.6M Reduce -4.6%
CNQ Canadian Natural Resources 5.60% 631,286 $22.5M Reduce -17.4%
GIB Cgi Inc. 5.53% 222,485 $22.2M Reduce -0.2%
WFG West Fraser Timber Co. Ltd. 5.34% 279,655 $21.5M Add +152.3%
HBM Hudbay Minerals Inc. 4.61% 2,046,150 $18.5M Add +13.7%
CAE Cae Inc. 4.58% 990,612 $18.4M Reduce -0.1%
OTEX Open Text Corp. 2.98% 398,968 $12.0M Reduce -0.2%
GBX Greenbrier Companies Inc. 1.29% 104,448 $5.2M New
OSK Oshkosh Corp. 0.98% 36,527 $4.0M Reduce -24.7%
ATS Ats Corp. 0.89% 110,830 $3.6M New
HSIC Henry Schein Inc. 0.82% 51,476 $3.3M No change
GNRC Generac Holdings Inc. 0.70% 21,363 $2.8M Reduce -61.1%
VFC VF Corp. 0.49% 146,759 $2.0M Add +79.5%
BRK.B Berkshire Hathaway Inc. Class B 0.40% 3,990 $1.6M Add +11.1%
ING ING Groep N.V.-Sponsored ADR 0.39% 92,208 $1.6M No change
DEO Diageo PLC-Sponsored ADR 0.36% 11,613 $1.5M No change
CB Chubb Ltd. 0.34% 5,297 $1.4M New
AAPL Apple Inc. 0.32% 6,035 $1.3M No change
TSM Taiwan Semiconductor-SP ADR 0.30% 7,000 $1.2M Reduce -12.5%
JPM JPMorgan Chase & Co. 0.29% 5,760 $1.2M No change
NKE Nike Inc. Class B 0.29% 15,400 $1.2M Add +3750.0%
TGT Target Corp. 0.26% 6,924 $1.0M No change
MSFT Microsoft Corp. 0.23% 2,058 $920K No change
WAB Wabtec Corp. 0.22% 5,658 $894K Reduce -15.0%
TMO Thermo Fisher Scientific Inc. 0.22% 1,601 $885K No change
GOOGL Alphabet Inc. Class A 0.19% 4,200 $765K No change
PROSHARES TR 0.09% 43,500 $360K Add +47.5%
CNI Canadian Natl Railway Co. 0.06% 2,200 $260K No change
GOOG Alphabet Inc. Class C 0.06% 1,225 $225K Reduce -44.9%
CL Colgate-Palmolive Co. 0.03% 1,200 $116K No change
TRP TC Energy Corp. 0.02% 1,816 $69K No change
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.02% 1,462 $67K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $312K (not counted above)
SecurityClassShares / PrincipalValueChange
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 20,875$312KNo change

Total filed on the 13F, all lines: $402.1M.

Portfolio Sells Q1 2024 → Q2 2024
CNQ Canadian Natural Resources Reduce -17.4% 5.60% −1.40
GNRC Generac Holdings Inc. Reduce -61.1% 0.70% −0.95
MFC Manulife Financial Corp. Reduce -19.9% 5.86% −0.76
OTEX Open Text Corp. Reduce -0.2% 2.98% −0.74
MTN Vail Resorts Inc. Sold out 0.00% −0.72
TD Toronto-Dominion Bank Reduce -3.0% 6.68% −0.60
CP Canadian Pacific Kansas City Reduce -0.2% 6.50% −0.53
OSK Oshkosh Corp. Reduce -24.7% 0.98% −0.47
CM Can Imperial BK of Commerce Reduce -4.6% 5.63% −0.43
RY Royal Bank of Canada Reduce -14.5% 5.80% −0.39
GIB Cgi Inc. Reduce -0.2% 5.53% −0.37
CAE Cae Inc. Reduce -0.1% 4.58% −0.33
NTR Nutrien Ltd. Reduce -0.1% 5.64% −0.17
AEM Agnico Eagle Mines Ltd. Reduce -12.9% 6.94% −0.06
GOOG Alphabet Inc. Class C Reduce -44.9% 0.06% −0.03
WAB Wabtec Corp. Reduce -15.0% 0.22% −0.01
TSM Taiwan Semiconductor-SP ADR Reduce -12.5% 0.30% +0.04
ENB Enbridge Inc. Reduce -0.1% 5.66% +0.11
CVE Cenovus Energy Inc. Reduce -0.2% 7.15% +0.13

Portfolio Buys Q1 2024 → Q2 2024
WFG West Fraser Timber Co. Ltd. Add +152.3% 5.34% +3.05
HBM Hudbay Minerals Inc. Add +13.7% 4.61% +1.59
GBX Greenbrier Companies Inc. New 1.29% +1.29
ATS Ats Corp. New 0.89% +0.89
CB Chubb Ltd. New 0.34% +0.34
NKE Nike Inc. Class B Add +3750.0% 0.29% +0.28
VFC VF Corp. Add +79.5% 0.49% +0.19
BRK.B Berkshire Hathaway Inc. Class B Add +11.1% 0.40% +0.04
QSR Restaurant Brands Intern Add +9.0% 6.23% +0.02
PROSHARES TR Add +47.5% 0.09% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 38$300.1MAEM, RY, ENB, CNQ, MFC
Q2 2025 38$332.9MRY, AEM, ENB, MFC, CNQ
Q1 2025 36$320.2MAEM, ENB, RY, CM, MFC
Q4 2024 36$349.9MENB, AEM, BNS, CNQ, CM
Q3 2024 42$442.4MTD, AEM, CM, NTR, CP
Q2 2024 41$401.8MCVE, AEM, TD, CP, QSR
Q1 2024 39$417.4MTD, CP, CVE, AEM, CNQ