SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Galibier Capital Management Ltd.

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

Reported Value
$436M
Q2 2023
Positions
36
Filings on Record
28
2019–present window
Filed
Jul 24, 2023
original filing

Summary

Galibier Capital Management Ltd. reported $436M in U.S.-listed holdings across 36 positions for Q2 2023.

Its largest position, CP, represents 9.4% of the portfolio.

Compared with Q1 2023, the fund opened 2 new positions and exited 5.

Portfolio Metrics

Turnover
+10.9%
vs prior filed quarter
Top-10 Concentration
+75.5%
share of reported value
Largest Position
+9.4%
Canadian Pacific Railway
New / Exited
2 / 5
positions this quarter

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: 99.1%ADR: 0.5%Other: 0.3%Equity WRT: 0.1%
  • Common Stock · 99.1% · $432M
  • ADR · 0.5% · $2M
  • Other · 0.3% · $1M
  • Equity WRT · 0.1% · $435,139

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CPCANADIAN PACIFIC RAILWAY LTDNEW+507.9K507.9K+$41M$41M
ELESTEE LAUDER COMPANIES INC.NEW+8.3K8.3K+$2M$2M
CVE/WSCENOVUS ENERGY INC - WARRANTADDED+20.0K35.9K+$234,435$435,139
CANADIAN PACIFIC RAILWAY LTDSOLD OUT−506.7K0−$39M$0
GMGENERAL MOTORS COSOLD OUT−32.0K0−$1M$0
CSCOCISCO SYSTEMS INCSOLD OUT−16.7K0−$873,829$0
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETFSOLD OUT−1.0K0−$94,676$0
ISHARES IBOXX HIGH YIELD CORPORATE BOND ETFSOLD OUT−1.3K0−$94,438$0

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

Holdings — Q2 2023

35 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CPCANADIAN PACIFIC RAILWAY LTDhistory →COM9.43%$41M507.9K
2MFCMANULIFE FINANCIAL CORPhistory →COM9.06%$39M2.09M
3GIB/ACGI INChistory →CL A SUB VTG8.58%$37M354.1K
4AEMAGNICO EAGLE MINES LTDhistory →COM8.19%$36M713.6K
5QSRRESTAURANT BRANDS INTERNATIONAL INC.history →COM7.30%$32M409.7K
6CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM7.14%$31M727.9K
7RCI/BROGERS COMMUNICATIONS INC CLASS Bhistory →CL B6.91%$30M659.6K
8CAECAE INChistory →COM6.51%$28M1.27M
9CVECENOVUS ENERGY INChistory →COM6.31%$27M1.62M
10NTRNUTRIEN LTDhistory →COM6.10%$27M449.5K
11BNSBANK OF NOVA SCOTIAhistory →COM6.05%$26M526.2K
12CRCCANADIAN NATURAL RESOURCES LTDhistory →COM6.02%$26M466.0K
13ENBENBRIDGE INChistory →COM4.37%$19M512.2K
14OSKOSHKOSH CORP.history →COM1.34%$6M67.5K
15GNRCGENERAC HOLDINGS INChistory →COM1.08%$5M31.5K
16HSICHENRY SCHEIN INC.COM0.81%$4M43.5K
17AAPLAPPLE INC.COM0.67%$3M14.9K
18HBMHUDBAY MINERALS INCCOM0.40%$2M360.2K
19TFCTRUIST FINANCIAL CORPCOM0.38%$2M54.5K
20ELESTEE LAUDER COMPANIES INC.CL A0.37%$2M8.3K
21BRK/BBERKSHIRE HATHAWAY INC. - CL BCL B NEW0.36%$2M4.6K
22DYHTARGET CORPCOM0.34%$1M11.1K
23DISDISNEY COMPANYCOM0.32%$1M15.5K
24AXS SHORT INNOVATION ETFAXS SHORT INNOV0.30%$1M36.5K
25DGEDDIAGEO PLC - SPONSORED ADRSPONSORED ADR0.27%$1M6.7K
26GOOGALPHABET INC CLASS CCAP STK CL C · CAP STK CL A0.26%$1M9.5K
27JPMJPMORGAN CHASE & COCOM0.21%$932,2706.4K
28WABWABTEC CORPCOM0.21%$896,6628.2K
29INGING GROEP NV - ADRSPONSORED ADR0.20%$874,31164.9K
30TMOTHERMO FISHER SCIENTIFIC INCCOM0.20%$868,7141.7K
31CVE/WSCENOVUS ENERGY INC - WARRANT*W EXP 01/01/2020.10%$435,13935.9K
32RYROYAL BANK OF CANADACOM0.09%$373,8503.9K
33NKENIKE INCCL B0.07%$294,6882.7K
34CNRCANADIAN NATIONAL RAILWAY COCOM0.06%$266,7122.2K
35CLCOLGATE PALMOLIVE COCOM0.02%$92,4481.2K

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 ↗.