CIK: 0001765768
Total reported value
$300.1M
Reporting period: 2025-09-30 · Number of holdings: 38
Galibier Capital Management Ltd. disclosed 38 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $300.1M and a quarterly turnover rate of 35.9%.
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Galibier Capital Management Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.065 — mathematically equivalent to about 15 equally-sized positions, well below its 38 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.23), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 7% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add RY
-13.7% $9.3M
Trim ATS
-8.0% -$8.4M
Trim HBM
-40.0% -$8.0M
Trim CCJ
-69.6% -$7.5M
Add AEM
-18.8% $3.8M
Add CP
-10.4% $4.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 12.70% | +2.01% | -18.81% | |
| 2 | RY | Royal Bank Of Canada | Stock-Financials | 10.83% | +3.58% | -13.71% | |
| 3 | ENB | Enbridge INC | Stock-Energy | 8.40% | -1.19% | -10.63% | |
| 4 | CNQ | Canadian Natural Resources | Stock-Energy | 6.75% | +0.07% | -6.48% | |
| 5 | MFC | Manulife Financial CORP | Stock-Financials | 6.60% | -0.16% | -10.53% | |
| 6 | CP | Canadian Pacific Kansas City | Stock-Industrials | 5.96% | +1.76% | -10.41% | |
| 7 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 5.65% | -1.11% | -25.68% | |
| 8 | NTR | Nutrien LTD | Stock-Materials | 5.49% | -0.81% | -10.36% | |
| 9 | GIB | Cgi INC | Stock-Tech | 4.61% | -0.39% | -9.92% | |
| 10 | TU | Telus CORP | Stock-Other | 4.13% | +4.13% | NEW | |
| 11 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 4.02% | +0.66% | -9.99% | |
| 12 | ATS | Ats CORP | Stock-Other | 3.90% | -2.37% | -8.00% | |
| 13 | HBM | Hudbay Minerals INC | Stock-Other | 3.47% | -2.26% | -40.01% | |
| 14 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 3.33% | +3.33% | NEW | |
| 15 | WFG | West Fraser Timber Co LTD | Stock-Other | 3.07% | -0.58% | -9.81% | |
| 16 | OSK | Oshkosh CORP | Stock-Industrials | 1.61% | +0.52% | — | |
| 17 | EQX | Equinox Gold CORP | Stock-Other | 1.56% | +0.34% | -20.87% | |
| 18 | CCJ | Cameco CORP | Stock-Energy | 1.40% | -2.24% | -69.57% | |
| 19 | HSIC | Henry Schein INC | Stock-Healthcare | 0.92% | +0.03% | — | |
| 20 | GBX | Greenbrier Companies INC | Stock-Other | 0.74% | -0.17% | -15.85% | |
| 21 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.53% | -0.04% | — | |
| 22 | AZO | Autozone INC | Stock-Consumer Disc | 0.44% | +0.44% | NEW | |
| 23 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.40% | +0.11% | — | |
| 24 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.39% | +0.16% | — | |
| 25 | ING | Ing Groep N.v.-sponsored Adr | Stock-Financials | 0.39% | -0.04% | -10.61% | |
| 26 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.39% | -0.04% | — | |
| 27 | CB | Chubb Limited | Stock-Financials | 0.37% | — | — | |
| 28 | ZBH | Zimmer Biomet Holdings INC | Stock-Healthcare | 0.34% | -0.03% | — | |
| 29 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.34% | +0.14% | — | |
| 30 | AAPL | Apple INC | Stock-Tech | 0.34% | -0.05% | -28.93% | |
| 31 | MSFT | Microsoft CORP | Stock-Tech | 0.25% | +0.04% | -19.86% | |
| 32 | ASML | ASML Holding N.V. | Stock-Tech | 0.23% | +0.09% | — | |
| 33 | WAB | Wabtec CORP | Stock-Industrials | 0.20% | +0.03% | — | |
| 34 | DECK | Deckers Outdoor CORP | Stock-Consumer Disc | 0.17% | +0.17% | NEW | |
| 35 | CNI | Canadian Natl Railway Co | Stock-Industrials | 0.07% | — | — | |
| 36 | TRP | Tc Energy CORP | Stock-Energy | 0.03% | — | — | |
| 37 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.01% | — | — | |
| 38 | SOBO | South Bow CORP | Stock-Other | — | — | — |
Performance for Q3 2026
-4.9%
Performance Last 4 Quarters
+27.4%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-09-30 | 38 | $300.1M | 36 | |
| 2025-06-30 | 38 | $332.9M | 0 | |
| 2025-03-31 | 37 | $320.6M | 100 | |
| 2024-12-31 | 37 | $350.3M | 0 | |
| 2024-09-30 | 43 | $442.8M | 0 | |
| 2024-06-30 | 42 | $402.1M | 0 | |
| 2024-03-31 | 40 | $417.7M | 0 | |
| 2023-12-31 | 36 | $385.6M | 0 | |
| 2023-09-30 | 38 | $449.8M | 0 | |
| 2023-06-30 | 36 | $435.8M | 0 | |
| 2023-03-31 | 39 | $422.6M | 0 | |
| 2022-12-31 | 43 | $493.1M | 0 | |
| 2022-09-30 | 41 | $496.0M | 0 | |
| 2022-06-30 | 40 | $527.6M | 0 | |
| 2022-03-31 | 42 | $743.7M | 0 | |
| 2021-12-31 | 42 | $697.3M | 0 | |
| 2021-09-30 | 42 | $730.3M | 0 | |
| 2021-06-30 | 42 | $743.7M | 94 | |
| 2021-03-31 | 39 | $666.0M | 17 | |
| 2020-12-31 | 38 | $578.4M | 39 | |
| 2020-09-30 | 39 | $425.2M | 41 | |
| 2020-06-30 | 36 | $312.3M | 51 | |
| 2020-03-31 | 39 | $229.6M | 56 | |
| 2019-12-31 | 35 | $315.0M | 47 | |
| 2019-09-30 | 31 | $251.3M | 26 | |
| 2019-06-30 | 31 | $219.7M | 39 | |
| 2019-03-31 | 31 | $167.5M | 38 | |
| 2018-12-31 | 30 | $146.4M | 0 |
Galibier Capital Management Ltd.'s most significant position changes for 2025-09-30: Sold out: Cenovus Energy INC (CVE); New buy: Telus CORP (TU); New buy: Gildan Activewear INC (GIL); New buy: Autozone INC (AZO); Sold out: Taiwan Semiconductor-sp Adr (TSM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RY | Royal Bank Of Canada | +3.6% | -13.71% | Add |
| 2 | AEM | Agnico Eagle Mines LTD | +2% | -18.81% | Trim |
| 3 | CP | Canadian Pacific Kansas City | +1.8% | -10.41% | Add |
| 4 | QSR | Restaurant Brands Intern | +0.7% | -9.99% | Add |
| 5 | OSK | Oshkosh CORP | +0.5% | — | Unchanged |
| 6 | EQX | Equinox Gold CORP | +0.3% | -20.87% | Trim |
| 7 | TMO | Thermo Fisher Scientific INC | +0.2% | — | Add |
| 8 | GOOGL | Alphabet Inc-cl A | +0.1% | — | Unchanged |
| 9 | JPM | Jpmorgan Chase & Co | +0.1% | — | Unchanged |
| 10 | ASML | ASML Holding N.V. | +0.1% | — | Unchanged |
| 11 | CNQ | Canadian Natural Resources | +0.1% | -6.48% | Trim |
| 12 | MSFT | Microsoft CORP | 0% | -19.86% | Trim |
| 13 | HSIC | Henry Schein INC | 0% | — | Unchanged |
| 14 | WAB | Wabtec CORP | 0% | — | Unchanged |
| 15 | CB | Chubb Limited | — | — | Unchanged |
| 16 | TRP | Tc Energy CORP | — | — | Unchanged |
| 17 | CNI | Canadian Natl Railway Co | — | — | Unchanged |
| 18 | NKE | Nike INC -cl B | — | — | Unchanged |
| 19 | SOBO | South Bow CORP | — | — | Unchanged |
| 20 | ZBH | Zimmer Biomet Holdings INC | 0% | — | Unchanged |
| 21 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | — | Trim |
| 22 | ING | Ing Groep N.v.-sponsored Adr | 0% | -10.61% | Trim |
| 23 | CL | Colgate-palmolive Co | 0% | — | Unchanged |
| 24 | AAPL | Apple INC | -0.1% | -28.93% | Trim |
| 25 | MFC | Manulife Financial CORP | -0.2% | -10.53% | Trim |
| 26 | GBX | Greenbrier Companies INC | -0.2% | -15.85% | Trim |
| 27 | GIB | Cgi INC | -0.4% | -9.92% | Trim |
| 28 | WFG | West Fraser Timber Co LTD | -0.6% | -9.81% | Trim |
| 29 | NTR | Nutrien LTD | -0.8% | -10.36% | Trim |
| 30 | CM | Can Imperial Bk Of Commerce | -1.1% | -25.68% | Trim |
| 31 | ENB | Enbridge INC | -1.2% | -10.63% | Trim |
| 32 | CCJ | Cameco CORP | -2.2% | -69.57% | Trim |
| 33 | HBM | Hudbay Minerals INC | -2.3% | -40.01% | Trim |
| 34 | ATS | Ats CORP | -2.4% | -8.00% | Trim |
| 35 | CVE | Cenovus Energy INC | — | EXIT | Sold out |
| 36 | TU | Telus CORP | — | NEW | New buy |
| 37 | GIL | Gildan Activewear INC | — | NEW | New buy |
| 38 | AZO | Autozone INC | — | NEW | New buy |
| 39 | TSM | Taiwan Semiconductor-sp Adr | — | EXIT | Sold out |
| 40 | DECK | Deckers Outdoor CORP | — | NEW | New buy |
| 41 | CVE-WS | Cenovus Energy INC -cw26 | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-09-30 | 2025-10-21 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-30 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-15 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-25 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-26 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-16 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-23 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-23 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-24 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-03 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-26 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-20 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-28 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-08 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-20 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-20 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-05 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-19 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-26 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-21 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-08 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-02 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-10 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
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