Galibier Capital Management Ltd. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 15, 2025), Galibier Capital Management Ltd. reported 36 stock positions worth $349.9 million . Its top holding was Enbridge (ENB) at 9.8% of the portfolio, followed by Agnico Eagle Mines (AEM, 8.2% ) and Bank of Nova Scotia (BNS, 7.3% ). Compared with Q3 2024, it sold out of 7, added to 6 and reduced 15. The biggest buy was Bank of Nova Scotia (BNS, shares +38283% ) and the biggest sale an exit from Toronto-Dominion Bank (TD).
Location TORONTO, A6
CIK 0001765768
Portfolio Value $349.9M (Q4 2024) Holdings 36 stocks · $349.9M 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 Q3 2024 ENB Enbridge Inc. 809,045 $34.3M Add +26.1% AEM Agnico Eagle Mines Ltd. 367,446 $28.7M Reduce -14.5% BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 476,721 $25.6M Add +38283.3% CNQ Canadian Natural Resources 795,332 $24.5M Add +2.2% CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 387,299 $24.5M Reduce -26.1% NTR Nutrien Ltd. 541,324 $24.2M Reduce -18.4% MFC Manulife Financial Corp. 781,573 $24.0M Reduce -12.7% ATS Ats Corp. 717,571 $21.9M Add +440.2% GIB Cgi Inc. 197,010 $21.5M Reduce -12.6% HBM Hudbay Minerals Inc. 2,613,432 $21.2M Add +3.7% CVE Cenovus Energy Inc. 1,389,304 $21.0M Reduce -17.3% CP Canadian Pacific Kansas City 284,791 $20.6M Reduce -14.1% QSR Restaurant Brands Intern 287,533 $18.7M Reduce -20.1% WFG West Fraser Timber Co. Ltd. 158,544 $13.7M Reduce -24.3% OSK Oshkosh Corp. 45,227 $4.3M No change GBX Greenbrier Companies Inc. 60,179 $3.7M Reduce -45.0% HSIC Henry Schein Inc. 51,476 $3.6M No change BRK.B Berkshire Hathaway Inc. Class B 3,990 $1.8M No change ING ING Groep N.V.-Sponsored ADR 106,208 $1.7M Add +15.2% CB Chubb Ltd. 5,297 $1.5M No change JPM JPMorgan Chase & Co. 5,260 $1.3M No change AAPL Apple Inc. 4,235 $1.1M Reduce -24.8% ZBH Zimmer Biomet Holdings Inc. 9,200 $972K No change MSFT Microsoft Corp. 2,058 $867K No change TMO Thermo Fisher Scientific Inc. 1,601 $833K No change TSM Taiwan Semiconductor-SP ADR 4,210 $831K Reduce -45.4% GOOGL Alphabet Inc. Class A 4,200 $795K No change WAB Wabtec Corp. 3,678 $697K Reduce -35.2% RY Royal Bank of Canada 3,910 $471K No change SQQQ Proshares TR 9,880 $308K Reduce -9.2% GOOG Alphabet Inc. Class C 1,225 $233K No change CNI Canadian Natl Railway Co. 2,200 $223K No change CL Colgate-Palmolive Co. 1,200 $109K No change TRP TC Energy Corp. 1,816 $85K No change NKE Nike Inc. Class B 400 $30K Reduce -97.6% SOBO South Bow Corp. 363 $9K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $418K (not counted above) Security Class Shares / Principal Value Change CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 39,402 $418K Add +14.5%
Total filed on the 13F, all lines: $350.3M.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ TD Toronto-Dominion Bank Sold out 0.00% −8.71 CAE Cae Inc. Sold out 0.00% −4.62 OTEX Open Text Corp. Sold out 0.00% −3.04 WFG West Fraser Timber Co. Ltd. Reduce -24.3% 3.92% −0.69 VFC VF Corp. Sold out 0.00% −0.57 CP Canadian Pacific Kansas City Reduce -14.1% 5.89% −0.52 QSR Restaurant Brands Intern Reduce -20.1% 5.35% −0.52 GNRC Generac Holdings Inc. Sold out 0.00% −0.38 DEO Diageo PLC-Sponsored ADR Sold out 0.00% −0.37 CVE Cenovus Energy Inc. Reduce -17.3% 6.02% −0.34 NKE Nike Inc. Class B Reduce -97.6% 0.01% −0.33 NTR Nutrien Ltd. Reduce -18.4% 6.92% −0.29 CM Can Imperial BK of Commerce Reduce -26.1% 7.00% −0.27 GBX Greenbrier Companies Inc. Reduce -45.0% 1.05% −0.21 TGT Target Corp. Sold out 0.00% −0.12 TSM Taiwan Semiconductor-SP ADR Reduce -45.4% 0.24% −0.07 WAB Wabtec Corp. Reduce -35.2% 0.20% −0.03 SQQQ Proshares TR Reduce -9.2% 0.09% −0.00 AAPL Apple Inc. Reduce -24.8% 0.30% +0.01 GIB Cgi Inc. Reduce -12.6% 6.16% +0.29 AEM Agnico Eagle Mines Ltd. Reduce -14.5% 8.21% +0.38 MFC Manulife Financial Corp. Reduce -12.7% 6.86% +0.87
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ BNS Bank of Nova Scotia Add +38283.3% 7.31% +7.30 ATS Ats Corp. Add +440.2% 6.25% +5.38 ENB Enbridge Inc. Add +26.1% 9.81% +3.91 CNQ Canadian Natural Resources Add +2.2% 7.01% +1.17 HBM Hudbay Minerals Inc. Add +3.7% 6.06% +0.81 ING ING Groep N.V.-Sponsored ADR Add +15.2% 0.48% +0.10
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Add +14.5% 39,402 $418K
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