SEC 13F Intelligence

Managers / Q3 2025

Galibier Capital Management Ltd.

CIK 0001765768 · 80 RICHMOND STREET WEST, SUITE 1100, TORONTO, M5H 2A4 · 416.867.1234

Reported Value
$300M
Q3 2025
Positions
38
Filings on Record
28
2019–present window
Filed
Oct 21, 2025
original filing

Summary

Galibier Capital Management Ltd. reported $300M in U.S.-listed holdings across 38 positions for Q3 2025.

Its largest position, AEM, represents 12.7% of the portfolio.

The book was largely unchanged from Q2 2025.

Portfolio Metrics

Turnover
+2.8%
vs prior filed quarter
Top-10 Concentration
+71.1%
share of reported value
Largest Position
+12.7%
Agnico Eagle Mines

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $146MQ4 ’18Q1 ’19: $168MQ2 ’19: $220MQ3 ’19: $251MQ4 ’19: $315MQ4 ’19Q1 ’20: $230MQ2 ’20: $312MQ3 ’20: $425MQ4 ’20: $578MQ4 ’20Q1 ’21: $666MQ2 ’21: $744MQ3 ’21: $730MQ4 ’21: $697MQ4 ’21Q1 ’22: $744MQ2 ’22: $528MQ3 ’22: $496MQ4 ’22: $493MQ4 ’22Q1 ’23: $423MQ2 ’23: $436MQ3 ’23: $450MQ4 ’23: $386MQ4 ’23Q1 ’24: $418MQ2 ’24: $402MQ3 ’24: $443MQ4 ’24: $350MQ4 ’24Q1 ’25: $321MQ2 ’25: $333MQ3 ’25: $300Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 99.0%Other: 0.6%ADR: 0.4%
  • Common Stock · 99.0% · $297M
  • Other · 0.6% · $2M
  • ADR · 0.4% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CCOCAMECO CORPTRIMMED−114.1K49.9K−$8M$4M
AZOAUTOZONE INC.ADDED+110310+$587,528$1M
HBMHUDBAY MINERALS INCTRIMMED−458.2K687.0K−$2M$10M
GILGILDAN ACTIVEWEAR INCTRIMMED−100.1K172.8K−$3M$10M
AAPLAPPLE INC.TRIMMED−1.6K4.0K−$134,823$1M
CMCANADIAN IMPERIAL BANK OF COMMERCETRIMMED−73.3K212.0K−$3M$17M
EQXEQUINOX GOLD CORPTRIMMED−110.0K417.0K+$2M$5M
MSFTMICROSOFT CORPTRIMMED−3591.4K−$148,807$750,510

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AEMAGNICO EAGLE MINES LTDhistory →COM12.70%$38M226.2K
2RYROYAL BANK OF CANADAhistory →COM10.83%$32M220.5K
3ENBENBRIDGE INChistory →COM8.40%$25M499.6K
4CRCCANADIAN NATURAL RESOURCES LTDhistory →COM6.75%$20M633.5K
5MFCMANULIFE FINANCIAL CORPhistory →COM6.60%$20M635.3K
6CPCANADIAN PACIFIC KANSAS CITY LTDhistory →COM5.96%$18M240.0K
7CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM5.65%$17M212.0K
8NTRNUTRIEN LTDhistory →COM5.49%$16M280.6K
9GIB/ACGI INChistory →CL A SUB VTG4.61%$14M155.2K
10TTELUS CORPhistory →COM4.13%$12M786.7K
11QSRRESTAURANT BRANDS INTERNATIONAL INC.history →COM4.02%$12M188.1K
12ATSATS CORPORATIONhistory →COM3.90%$12M447.4K
13HBMHUDBAY MINERALS INChistory →COM3.47%$10M687.0K
14GILGILDAN ACTIVEWEAR INChistory →COM3.33%$10M172.8K
15WFGWEST FRASER TIMBER CO LTDhistory →COM3.07%$9M135.6K
16OSKOSHKOSH CORP.history →COM1.61%$5M37.2K
17EQXEQUINOX GOLD CORPhistory →COM1.56%$5M417.0K
18CCOCAMECO CORPhistory →COM1.40%$4M49.9K
19HSICHENRY SCHEIN INC.COM0.92%$3M41.5K
20GBXGREENBRIER COMPANIES INCCOM0.74%$2M47.8K
21BRK/BBERKSHIRE HATHAWAY INC. - CL BCL B NEW0.53%$2M3.2K
22AZOAUTOZONE INC.COM0.44%$1M310
23JPMJPMORGAN CHASE & COCOM0.40%$1M3.8K
24TMOTHERMO FISHER SCIENTIFIC INCCOM0.39%$1M2.4K
25INGING GROEP NV - ADRSPONSORED ADR0.39%$1M44.9K
26CLCOLGATE PALMOLIVE COCOM0.39%$1M14.6K
27CHUBB LTDCOM0.37%$1M3.9K
28ZBHZIMMER BIOMET HOLDINGS INCCOM0.34%$1M10.5K
29GOOGLALPHABET INC CLASS ACAP STK CL A0.34%$1M4.2K
30AAPLAPPLE INC.COM0.34%$1M4.0K
31MSFTMICROSOFT CORPCOM0.25%$750,5101.4K
32ASML HOLDLING NVCOM0.23%$677,663700
33WABWABTEC CORPCOM0.20%$597,0003.0K
34DECKDECKERS OUTDOOR CORPCOM0.17%$516,9875.1K
35CNRCANADIAN NATIONAL RAILWAY COCOM0.07%$207,5092.2K
36TRPTC ENERGY CORPCOM0.03%$98,7611.8K
37NKENIKE INCCL B0.01%$27,892400
38SOBOSOUTH BOW CORPORATIONCOM0.00%$10,274363

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2025$300M38Oct 21, 202513F-HRchanges · EDGAR ↗
Q2 2025$333M38Aug 7, 202513F-HRchanges · EDGAR ↗
Q1 2025$321M37Apr 30, 202513F-HRchanges · EDGAR ↗
Q4 2024$350M37Jan 15, 202513F-HRchanges · EDGAR ↗
Q3 2024$443M43Oct 25, 202413F-HRchanges · EDGAR ↗
Q2 2024$402M42Jul 26, 202413F-HRchanges · EDGAR ↗
Q1 2024$418M40Apr 16, 202413F-HRchanges · EDGAR ↗
Q4 2023$386M36Jan 23, 202413F-HRchanges · EDGAR ↗
Q3 2023$450M38Oct 23, 202313F-HRchanges · EDGAR ↗
Q2 2023$436M36Jul 24, 202313F-HRchanges · EDGAR ↗
Q1 2023$423M39May 3, 202313F-HRchanges · EDGAR ↗
Q4 2022$493M43Jan 26, 202313F-HRchanges · EDGAR ↗
Q3 2022$496M41Oct 20, 202213F-HRchanges · EDGAR ↗
Q2 2022$528M40Jul 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$744M42Apr 28, 202213F-HRchanges · EDGAR ↗
Q4 2021$697M42Feb 8, 202213F-HRchanges · EDGAR ↗
Q3 2021$730M42Oct 20, 202113F-HRchanges · EDGAR ↗
Q2 2021$744M42Jul 20, 202113F-HRchanges · EDGAR ↗
Q1 2021$666M39May 5, 202113F-HRchanges · EDGAR ↗
Q4 2020$578M38Jan 19, 202113F-HRchanges · EDGAR ↗
Q3 2020$425M39Oct 26, 202013F-HRchanges · EDGAR ↗
Q2 2020$312M36Aug 5, 202013F-HRchanges · EDGAR ↗
Q1 2020$230M39Apr 21, 202013F-HRchanges · EDGAR ↗
Q4 2019$315M35Jan 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$251M31Nov 8, 201913F-HRchanges · EDGAR ↗
Q2 2019$220M31Aug 2, 201913F-HRchanges · EDGAR ↗
Q1 2019$168M31May 10, 201913F-HRchanges · EDGAR ↗
Q4 2018$146M30Feb 12, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • Guardian Partners Inc.028-21632

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.