Galibier Capital Management Ltd.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Galibier Capital Management Ltd. reported 38 stock positions worth $332.9 million. Its top holding was Royal Bank of Canada (RY) at 10.1% of the portfolio, followed by Agnico Eagle Mines (AEM, 10.0%) and Enbridge (ENB, 7.6%). Compared with Q1 2025, it opened 4 new positions, sold out of 2, added to 6 and reduced 12. The biggest buy was a new position in Telus (TU) and the biggest sale an exit from Cenovus Energy (CVE).

Most Recent 13F
Q3 2025
Location
TORONTO, A6
CIK
0001765768
Portfolio Value
$332.9M (Q2 2025)
SEC Filing
0000945621-25-000668 ↗ filed Aug 7, 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 Q1 2025 Q2 2025: $332.9M $332.9M Q2 2025 Q3 2025: $300.1M Q3 2025

Holdings 38 stocks · $332.9M
RY Royal Bank of Canada 10.10% 255,488 $33.6M Add +23.9%
AEM Agnico Eagle Mines Ltd. 9.95% 278,610 $33.1M Reduce -12.0%
ENB Enbridge Inc. 7.60% 559,017 $25.3M Reduce -19.6%
MFC Manulife Financial Corp. 6.81% 710,069 $22.7M Add +2.1%
CNQ Canadian Natural Resources 6.38% 677,413 $21.2M Reduce -2.7%
CP Canadian Pacific Kansas City 6.38% 267,908 $21.2M Add +39.7%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 6.07% 285,273 $20.2M Reduce -25.9%
NTR Nutrien Ltd. 5.47% 313,057 $18.2M Reduce -23.0%
GIB Cgi Inc. 5.43% 172,318 $18.1M Add +7.2%
ATS Ats Corp. 4.65% 486,375 $15.5M Reduce -39.7%
TU Telus Corp. 4.35% 902,372 $14.5M New
QSR Restaurant Brands Intern 4.16% 209,015 $13.8M Add +29.2%
GIL Gildan Activewear Inc. 4.03% 272,918 $13.4M New
CCJ Cameco Corp. 3.65% 163,961 $12.2M Reduce -42.1%
HBM Hudbay Minerals Inc. 3.64% 1,145,239 $12.1M Reduce -52.8%
WFG West Fraser Timber Co. Ltd. 3.30% 150,298 $11.0M Reduce -1.5%
OSK Oshkosh Corp. 1.27% 37,227 $4.2M No change
EQX Equinox Gold Corp. 0.91% 527,019 $3.0M Reduce -7.5%
HSIC Henry Schein Inc. 0.91% 41,476 $3.0M No change
GBX Greenbrier Companies Inc. 0.79% 56,799 $2.6M No change
BRK.B Berkshire Hathaway Inc. Class B 0.46% 3,155 $1.5M Reduce -8.1%
CL Colgate-Palmolive Co. 0.40% 14,631 $1.3M No change
AAPL Apple Inc. 0.34% 5,573 $1.1M No change
CB Chubb Ltd. 0.34% 3,897 $1.1M No change
ING ING Groep N.V.-Sponsored ADR 0.33% 50,208 $1.1M Reduce -28.5%
JPM JPMorgan Chase & Co. 0.33% 3,760 $1.1M No change
TMO Thermo Fisher Scientific Inc. 0.30% 2,432 $986K Add +64.1%
ZBH Zimmer Biomet Holdings Inc. 0.29% 10,484 $956K No change
MSFT Microsoft Corp. 0.27% 1,808 $899K No change
AZO AutoZone Inc. 0.22% 200 $742K New
GOOGL Alphabet Inc. Class A 0.22% 4,200 $740K No change
DECK Deckers Outdoor Corp. 0.19% 6,100 $629K New
WAB Wabtec Corp. 0.19% 2,978 $623K No change
ASML ASML Holding NV-NY Reg SHS 0.17% 700 $561K No change
CNI Canadian Natl Railway Co. 0.07% 2,200 $229K No change
TRP TC Energy Corp. 0.03% 1,816 $88K No change
NKE Nike Inc. Class B 0.01% 400 $28K No change
SOBO South Bow Corp. 0.00% 363 $9K No change

Portfolio Sells Q1 2025 → Q2 2025
CVE Cenovus Energy Inc. Sold out 0.00% −5.78
HBM Hudbay Minerals Inc. Reduce -52.8% 3.64% −2.10
ENB Enbridge Inc. Reduce -19.6% 7.60% −2.00
ATS Ats Corp. Reduce -39.7% 4.65% −1.63
NTR Nutrien Ltd. Reduce -23.0% 5.47% −0.83
AEM Agnico Eagle Mines Ltd. Reduce -12.0% 9.95% −0.75
CM Can Imperial BK of Commerce Reduce -25.9% 6.07% −0.69
WFG West Fraser Timber Co. Ltd. Reduce -1.5% 3.30% −0.35
EQX Equinox Gold Corp. Reduce -7.5% 0.91% −0.31
CNQ Canadian Natural Resources Reduce -2.7% 6.38% −0.31
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −0.22
BRK.B Berkshire Hathaway Inc. Class B Reduce -8.1% 0.46% −0.11
ING ING Groep N.V.-Sponsored ADR Reduce -28.5% 0.33% −0.10
CCJ Cameco Corp. Reduce -42.1% 3.65% +0.01

Portfolio Buys Q1 2025 → Q2 2025
TU Telus Corp. New 4.35% +4.35
GIL Gildan Activewear Inc. New 4.03% +4.03
RY Royal Bank of Canada Add +23.9% 10.10% +2.84
CP Canadian Pacific Kansas City Add +39.7% 6.38% +2.18
QSR Restaurant Brands Intern Add +29.2% 4.16% +0.79
GIB Cgi Inc. Add +7.2% 5.43% +0.42
AZO AutoZone Inc. New 0.22% +0.22
DECK Deckers Outdoor Corp. New 0.19% +0.19
TMO Thermo Fisher Scientific Inc. Add +64.1% 0.30% +0.07
MFC Manulife Financial Corp. Add +2.1% 6.81% +0.04

Notes & Other Activity Q1 2025 → Q2 2025
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Sold out 39,402 $370Kbefore exit

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