Galibier Capital Management Ltd.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 25, 2024), Galibier Capital Management Ltd. reported 42 stock positions worth $442.4 million. Its top holding was Toronto-Dominion Bank (TD) at 8.7% of the portfolio, followed by Agnico Eagle Mines (AEM, 7.8%) and Can Imperial BK of Commerce (CM, 7.3%). Compared with Q2 2024, it opened 1 new position, added to 20 and reduced 9. The biggest buy was Toronto-Dominion Bank (TD, shares +25%) and the biggest sale Royal Bank of Canada (RY, shares −98%).

Most Recent 13F
Q3 2025
Location
TORONTO, A6
CIK
0001765768
Portfolio Value
$442.4M (Q3 2024)
SEC Filing
0000945621-24-000824 ↗ filed Oct 25, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $417.4M Q1 2024 Q2 2024: $401.8M Q2 2024 Q3 2024: $442.4M $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 42 stocks · $442.4M
TD Toronto-Dominion Bank 8.71% 608,613 $38.5M Add +24.6%
AEM Agnico Eagle Mines Ltd. 7.84% 429,912 $34.7M Add +0.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 7.27% 523,698 $32.2M Add +10.1%
NTR Nutrien Ltd. 7.21% 663,346 $31.9M Add +48.9%
CP Canadian Pacific Kansas City 6.42% 331,469 $28.4M Reduce -0.1%
CVE Cenovus Energy Inc. 6.36% 1,680,484 $28.1M Add +15.0%
MFC Manulife Financial Corp. 5.99% 895,402 $26.5M Add +1.3%
ENB Enbridge Inc. 5.90% 641,864 $26.1M Add +0.4%
QSR Restaurant Brands Intern 5.88% 359,989 $26.0M Add +1.3%
GIB Cgi Inc. 5.87% 225,387 $26.0M Add +1.3%
CNQ Canadian Natural Resources 5.85% 777,962 $25.9M Add +23.2%
HBM Hudbay Minerals Inc. 5.25% 2,521,108 $23.2M Add +23.2%
CAE Cae Inc. 4.62% 1,088,488 $20.5M Add +9.9%
WFG West Fraser Timber Co. Ltd. 4.62% 209,423 $20.4M Reduce -25.1%
OTEX Open Text Corp. 3.04% 404,175 $13.5M Add +1.3%
GBX Greenbrier Companies Inc. 1.26% 109,448 $5.6M Add +4.8%
OSK Oshkosh Corp. 1.02% 45,227 $4.5M Add +23.8%
ATS Ats Corp. 0.87% 132,830 $3.9M Add +19.9%
HSIC Henry Schein Inc. 0.85% 51,476 $3.8M No change
VFC VF Corp. 0.57% 126,759 $2.5M Reduce -13.6%
BRK.B Berkshire Hathaway Inc. Class B 0.42% 3,990 $1.8M No change
GNRC Generac Holdings Inc. 0.38% 10,611 $1.7M Reduce -50.3%
ING ING Groep N.V.-Sponsored ADR 0.38% 92,208 $1.7M No change
DEO Diageo PLC-Sponsored ADR 0.37% 11,613 $1.6M No change
CB Chubb Ltd. 0.35% 5,297 $1.5M No change
NKE Nike Inc. Class B 0.34% 16,900 $1.5M Add +9.7%
TSM Taiwan Semiconductor-SP ADR 0.30% 7,710 $1.3M Add +10.1%
AAPL Apple Inc. 0.30% 5,635 $1.3M Reduce -6.6%
JPM JPMorgan Chase & Co. 0.25% 5,260 $1.1M Reduce -8.7%
WAB Wabtec Corp. 0.23% 5,678 $1.0M Add +0.3%
ZBH Zimmer Biomet Holdings Inc. 0.22% 9,200 $993K New
TMO Thermo Fisher Scientific Inc. 0.22% 1,601 $990K No change
MSFT Microsoft Corp. 0.20% 2,058 $886K No change
GOOGL Alphabet Inc. Class A 0.16% 4,200 $697K No change
TGT Target Corp. 0.12% 3,528 $550K Reduce -49.0%
RY Royal Bank of Canada 0.11% 3,910 $489K Reduce -98.2%
PROSHARES TR 0.09% 54,400 $402K Add +25.1%
CNI Canadian Natl Railway Co. 0.06% 2,200 $258K No change
GOOG Alphabet Inc. Class C 0.05% 1,225 $205K No change
CL Colgate-Palmolive Co. 0.03% 1,200 $125K No change
TRP TC Energy Corp. 0.02% 1,816 $86K No change
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.02% 1,242 $68K Reduce -15.1%
Other holdings (1): bonds, preferreds, convertibles and warrants · $410K (not counted above)
SecurityClassShares / PrincipalValueChange
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 34,402$410KAdd +64.8%

Total filed on the 13F, all lines: $442.8M.

Portfolio Sells Q2 2024 → Q3 2024
RY Royal Bank of Canada Reduce -98.2% 0.11% −5.69
WFG West Fraser Timber Co. Ltd. Reduce -25.1% 4.62% −0.73
GNRC Generac Holdings Inc. Reduce -50.3% 0.38% −0.32
TGT Target Corp. Reduce -49.0% 0.12% −0.13
CP Canadian Pacific Kansas City Reduce -0.1% 6.42% −0.08
JPM JPMorgan Chase & Co. Reduce -8.7% 0.25% −0.04
AAPL Apple Inc. Reduce -6.6% 0.30% −0.02
BNS Bank of Nova Scotia Reduce -15.1% 0.02% −0.00
VFC VF Corp. Reduce -13.6% 0.57% +0.08

Portfolio Buys Q2 2024 → Q3 2024
TD Toronto-Dominion Bank Add +24.6% 8.71% +2.02
CM Can Imperial BK of Commerce Add +10.1% 7.27% +1.64
NTR Nutrien Ltd. Add +48.9% 7.21% +1.57
AEM Agnico Eagle Mines Ltd. Add +0.8% 7.84% +0.89
HBM Hudbay Minerals Inc. Add +23.2% 5.25% +0.64
GIB Cgi Inc. Add +1.3% 5.87% +0.34
CNQ Canadian Natural Resources Add +23.2% 5.85% +0.25
ENB Enbridge Inc. Add +0.4% 5.90% +0.24
ZBH Zimmer Biomet Holdings Inc. New 0.22% +0.22
MFC Manulife Financial Corp. Add +1.3% 5.99% +0.13
OTEX Open Text Corp. Add +1.3% 3.04% +0.06
NKE Nike Inc. Class B Add +9.7% 0.34% +0.05
CAE Cae Inc. Add +9.9% 4.62% +0.05
OSK Oshkosh Corp. Add +23.8% 1.02% +0.04
WAB Wabtec Corp. Add +0.3% 0.23% +0.01
PROSHARES TR Add +25.1% 0.09% +0.00
TSM Taiwan Semiconductor-SP ADR Add +10.1% 0.30% −0.00
ATS Ats Corp. Add +19.9% 0.87% −0.02
GBX Greenbrier Companies Inc. Add +4.8% 1.26% −0.03
QSR Restaurant Brands Intern Add +1.3% 5.88% −0.35
CVE Cenovus Energy Inc. Add +15.0% 6.36% −0.79

Notes & Other Activity Q2 2024 → Q3 2024
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Add +64.8% 34,402 $410K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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