Galibier Capital Management Ltd.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Galibier Capital Management Ltd. reported 36 stock positions worth $320.2 million. Its top holding was Agnico Eagle Mines (AEM) at 10.7% of the portfolio, followed by Enbridge (ENB, 9.6%) and Royal Bank of Canada (RY, 7.3%). Compared with Q4 2024, it opened 3 new positions, sold out of 3, added to 5 and reduced 22. The biggest buy was Royal Bank of Canada (RY, shares +5176%) and the biggest sale an exit from Bank of Nova Scotia (BNS).

Most Recent 13F
Q3 2025
Location
TORONTO, A6
CIK
0001765768
Portfolio Value
$320.2M (Q1 2025)
SEC Filing
0000945621-25-000397 ↗ filed Apr 30, 2025

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 Q3 2024 Q4 2024: $349.9M Q4 2024 Q1 2025: $320.2M $320.2M Q1 2025 Q2 2025: $332.9M Q2 2025 Q3 2025: $300.1M Q3 2025

Holdings 36 stocks · $320.2M
AEM Agnico Eagle Mines Ltd. 10.71% 316,516 $34.3M Reduce -13.9%
ENB Enbridge Inc. 9.60% 694,942 $30.8M Reduce -14.1%
RY Royal Bank of Canada 7.26% 206,282 $23.2M Add +5175.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 6.77% 385,212 $21.7M Reduce -0.5%
MFC Manulife Financial Corp. 6.76% 695,153 $21.7M Reduce -11.1%
CNQ Canadian Natural Resources 6.69% 696,293 $21.4M Reduce -12.4%
NTR Nutrien Ltd. 6.30% 406,762 $20.2M Reduce -24.9%
ATS Ats Corp. 6.28% 806,997 $20.1M Add +12.5%
CVE Cenovus Energy Inc. 5.78% 1,331,784 $18.5M Reduce -4.1%
HBM Hudbay Minerals Inc. 5.74% 2,424,596 $18.4M Reduce -7.2%
GIB Cgi Inc. 5.01% 160,720 $16.0M Reduce -18.4%
CP Canadian Pacific Kansas City 4.20% 191,818 $13.5M Reduce -32.6%
WFG West Fraser Timber Co. Ltd. 3.66% 152,530 $11.7M Reduce -3.8%
CCJ Cameco Corp. 3.64% 283,159 $11.7M New
QSR Restaurant Brands Intern 3.37% 161,810 $10.8M Reduce -43.7%
EQX Equinox Gold Corp. 1.22% 570,000 $3.9M New
OSK Oshkosh Corp. 1.09% 37,227 $3.5M Reduce -17.7%
GBX Greenbrier Companies Inc. 0.91% 56,799 $2.9M Reduce -5.6%
HSIC Henry Schein Inc. 0.89% 41,476 $2.8M Reduce -19.4%
BRK.B Berkshire Hathaway Inc. Class B 0.57% 3,433 $1.8M Reduce -14.0%
ING ING Groep N.V.-Sponsored ADR 0.43% 70,208 $1.4M Reduce -33.9%
CL Colgate-Palmolive Co. 0.43% 14,631 $1.4M Add +1119.3%
AAPL Apple Inc. 0.39% 5,573 $1.2M Add +31.6%
ZBH Zimmer Biomet Holdings Inc. 0.37% 10,484 $1.2M Add +14.0%
CB Chubb Ltd. 0.37% 3,897 $1.2M Reduce -26.4%
JPM JPMorgan Chase & Co. 0.29% 3,760 $922K Reduce -28.5%
TMO Thermo Fisher Scientific Inc. 0.23% 1,482 $737K Reduce -7.4%
TSM Taiwan Semiconductor-SP ADR 0.22% 4,210 $699K No change
MSFT Microsoft Corp. 0.21% 1,808 $679K Reduce -12.2%
GOOGL Alphabet Inc. Class A 0.20% 4,200 $649K No change
WAB Wabtec Corp. 0.17% 2,978 $540K Reduce -19.0%
ASML ASML Holding NV-NY Reg SHS 0.14% 700 $464K New
CNI Canadian Natl Railway Co. 0.07% 2,200 $214K No change
TRP TC Energy Corp. 0.03% 1,816 $86K No change
NKE Nike Inc. Class B 0.01% 400 $25K No change
SOBO South Bow Corp. 0.00% 363 $9K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $370K (not counted above)
SecurityClassShares / PrincipalValueChange
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 39,402$370KNo change

Total filed on the 13F, all lines: $320.6M.

Portfolio Sells Q4 2024 → Q1 2025
BNS Bank of Nova Scotia Sold out 0.00% −7.31
QSR Restaurant Brands Intern Reduce -43.7% 3.37% −1.99
CP Canadian Pacific Kansas City Reduce -32.6% 4.20% −1.69
GIB Cgi Inc. Reduce -18.4% 5.01% −1.15
NTR Nutrien Ltd. Reduce -24.9% 6.30% −0.62
CNQ Canadian Natural Resources Reduce -12.4% 6.69% −0.33
HBM Hudbay Minerals Inc. Reduce -7.2% 5.74% −0.32
WFG West Fraser Timber Co. Ltd. Reduce -3.8% 3.66% −0.27
CVE Cenovus Energy Inc. Reduce -4.1% 5.78% −0.24
CM Can Imperial BK of Commerce Reduce -0.5% 6.77% −0.23
ENB Enbridge Inc. Reduce -14.1% 9.60% −0.21
GBX Greenbrier Companies Inc. Reduce -5.6% 0.91% −0.14
OSK Oshkosh Corp. Reduce -17.7% 1.09% −0.14
HSIC Henry Schein Inc. Reduce -19.4% 0.89% −0.13
MFC Manulife Financial Corp. Reduce -11.1% 6.76% −0.10
SQQQ Proshares TR Sold out 0.00% −0.09
JPM JPMorgan Chase & Co. Reduce -28.5% 0.29% −0.07
GOOG Alphabet Inc. Class C Sold out 0.00% −0.07
CB Chubb Ltd. Reduce -26.4% 0.37% −0.05
ING ING Groep N.V.-Sponsored ADR Reduce -33.9% 0.43% −0.05
MSFT Microsoft Corp. Reduce -12.2% 0.21% −0.04
WAB Wabtec Corp. Reduce -19.0% 0.17% −0.03
TMO Thermo Fisher Scientific Inc. Reduce -7.4% 0.23% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -14.0% 0.57% +0.05
AEM Agnico Eagle Mines Ltd. Reduce -13.9% 10.71% +2.49

Portfolio Buys Q4 2024 → Q1 2025
RY Royal Bank of Canada Add +5175.8% 7.26% +7.12
CCJ Cameco Corp. New 3.64% +3.64
EQX Equinox Gold Corp. New 1.22% +1.22
CL Colgate-Palmolive Co. Add +1119.3% 0.43% +0.40
ASML ASML Holding NV-NY Reg SHS New 0.14% +0.14
ZBH Zimmer Biomet Holdings Inc. Add +14.0% 0.37% +0.09
AAPL Apple Inc. Add +31.6% 0.39% +0.08
ATS Ats Corp. Add +12.5% 6.28% +0.03

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