SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Galibier Capital Management Ltd.

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

Reported Value
$333M
Q2 2025
Positions
38
Filings on Record
28
2019–present window
Filed
Aug 7, 2025
original filing

Summary

Galibier Capital Management Ltd. reported $333M in U.S.-listed holdings across 38 positions for Q2 2025.

Its largest position, RY, represents 10.1% of the portfolio.

Compared with Q1 2025, the fund opened 4 new positions and exited 3.

Portfolio Metrics

Turnover
+13.3%
vs prior filed quarter
Top-10 Concentration
+68.8%
share of reported value
Largest Position
+10.1%
Royal Bank Of Canada
New / Exited
4 / 3
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: 99.2%Other: 0.5%ADR: 0.3%
  • Common Stock · 99.2% · $330M
  • Other · 0.5% · $2M
  • ADR · 0.3% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TTELUS CORPNEW+902.4K902.4K+$14M$14M
GILGILDAN ACTIVEWEAR INCNEW+272.9K272.9K+$13M$13M
AZOAUTOZONE INC.NEW+200200+$742,446$742,446
DECKDECKERS OUTDOOR CORPNEW+6.1K6.1K+$628,727$628,727
CVECENOVUS ENERGY INCSOLD OUT−1.33M0−$19M$0
TSMTAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD - ADRSOLD OUT−4.2K0−$698,860$0
CVE/WSCENOVUS ENERGY INC - WARRANTSOLD OUT−39.4K0−$369,588$0
TMOTHERMO FISHER SCIENTIFIC INCADDED+9502.4K+$248,636$986,079

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

Holdings — Q2 2025

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYROYAL BANK OF CANADAhistory →COM10.10%$34M255.5K
2AEMAGNICO EAGLE MINES LTDhistory →COM9.95%$33M278.6K
3ENBENBRIDGE INChistory →COM7.60%$25M559.0K
4MFCMANULIFE FINANCIAL CORPhistory →COM6.81%$23M710.1K
5CRCCANADIAN NATURAL RESOURCES LTDhistory →COM6.38%$21M677.4K
6CPCANADIAN PACIFIC KANSAS CITY LTDhistory →COM6.38%$21M267.9K
7CMCANADIAN IMPERIAL BANK OF COMMERCEhistory →COM6.07%$20M285.3K
8NTRNUTRIEN LTDhistory →COM5.47%$18M313.1K
9GIB/ACGI INChistory →CL A SUB VTG5.43%$18M172.3K
10ATSATS CORPORATIONhistory →COM4.65%$15M486.4K
11TTELUS CORPhistory →COM4.35%$14M902.4K
12QSRRESTAURANT BRANDS INTERNATIONAL INC.history →COM4.16%$14M209.0K
13GILGILDAN ACTIVEWEAR INChistory →COM4.03%$13M272.9K
14CCOCAMECO CORPhistory →COM3.65%$12M164.0K
15HBMHUDBAY MINERALS INChistory →COM3.64%$12M1.15M
16WFGWEST FRASER TIMBER CO LTDhistory →COM3.30%$11M150.3K
17OSKOSHKOSH CORP.history →COM1.27%$4M37.2K
18EQXEQUINOX GOLD CORPCOM0.91%$3M527.0K
19HSICHENRY SCHEIN INC.COM0.91%$3M41.5K
20GBXGREENBRIER COMPANIES INCCOM0.79%$3M56.8K
21BRK/BBERKSHIRE HATHAWAY INC. - CL BCL B NEW0.46%$2M3.2K
22CLCOLGATE PALMOLIVE COCOM0.40%$1M14.6K
23AAPLAPPLE INC.COM0.34%$1M5.6K
24CHUBB LTDCOM0.34%$1M3.9K
25INGING GROEP NV - ADRSPONSORED ADR0.33%$1M50.2K
26JPMJPMORGAN CHASE & COCOM0.33%$1M3.8K
27TMOTHERMO FISHER SCIENTIFIC INCCOM0.30%$986,0792.4K
28ZBHZIMMER BIOMET HOLDINGS INCCOM0.29%$956,24610.5K
29MSFTMICROSOFT CORPCOM0.27%$899,3171.8K
30AZOAUTOZONE INC.COM0.22%$742,446200
31GOOGLALPHABET INC CLASS ACAP STK CL A0.22%$740,1664.2K
32DECKDECKERS OUTDOOR CORPCOM0.19%$628,7276.1K
33WABWABTEC CORPCOM0.19%$623,4443.0K
34ASML HOLDLING NVCOM0.17%$560,973700
35CNRCANADIAN NATIONAL RAILWAY COCOM0.07%$228,7712.2K
36TRPTC ENERGY CORPCOM0.03%$88,4781.8K
37NKENIKE INCCL B0.01%$28,416400
38SOBOSOUTH BOW CORPORATIONCOM0.00%$9,410363

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 ↗.