GC
Galibier Capital Management Ltd. Historical SEC 13F Holdings & Archive (Q3 2025)
Galibier Capital Management Ltd.CIK: 0001765768
Sector-focusedMomentum followerDiversified strategy
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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Personality snowflake
- Concentration
- 25.92
- Portfolio Stability
- 35.88
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 76
- Sizing Uniformity
- 87.74
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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd 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
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | 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 | — | — | — |
Portfolio Performance
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+27.8%
- Stdev
- +14.5%
- Beta
- +0.66
- Alpha
- +7%
- Max Drawdown
- -7.1%
- Annualized Perf
- +20.9%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.69
- Stutzer
- +0.4
- Treynor
- +0.31
- Sterling
- +1.34
- Calmar
- +2.95
- Information Ratio
- +0.01
- Tracking Error
- +12.5%
- Stdev Down
- +7.5%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +52.6%
- Worst 12 Months
- +4.2%
- Efficiency Ratio
- +0.55
- Sharpe
- +1.39
- Stdev Sectors
- +23.5%
- Skewness
- -0.27
- Kurtosis
- -0.83
- Upside Potential
- +4.47
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q3 | 38 | $300.1M | 36 | ||
| 2025 Q2 | 38 | $332.9M | 0 | ||
| 2025 Q1 | 37 | $320.6M | 100 | ||
| 2024 Q4 | 37 | $350.3M | 0 | ||
| 2024 Q3 | 43 | $442.8M | 0 | ||
| 2024 Q2 | 42 | $402.1M | 0 | ||
| 2024 Q1 | 40 | $417.7M | 0 | ||
| 2023 Q4 | 36 | $385.6M | 0 | ||
| 2023 Q3 | 38 | $449.8M | 0 | ||
| 2023 Q2 | 36 | $435.8M | 0 | ||
| 2023 Q1 | 39 | $422.6M | 0 | ||
| 2022 Q4 | 43 | $493.1M | 0 | ||
| 2022 Q3 | 41 | $496.0M | 0 | ||
| 2022 Q2 | 40 | $527.6M | 0 | ||
| 2022 Q1 | 42 | $743.7M | 0 | ||
| 2021 Q4 | 42 | $697.3M | 0 | ||
| 2021 Q3 | 42 | $730.3M | 0 | ||
| 2021 Q2 | 42 | $743.7M | 94 | ||
| 2021 Q1 | 39 | $666.0M | 17 | ||
| 2020 Q4 | 38 | $578.4M | 39 | ||
| 2020 Q3 | 39 | $425.2M | 41 | ||
| 2020 Q2 | 36 | $312.3M | 51 | ||
| 2020 Q1 | 39 | $229.6M | 56 | ||
| 2019 Q4 | 35 | $315.0M | 47 | ||
| 2019 Q3 | 31 | $251.3M | 26 | ||
| 2019 Q2 | 31 | $219.7M | 39 | ||
| 2019 Q1 | 31 | $167.5M | 38 | ||
| 2018 Q4 | 30 | $146.4M | 0 |
Holding changes this quarter
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 |
Filing History
FAQ
What is Galibier Capital Management Ltd. and what type of investor is it?
Galibier Capital Management Ltd. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $300.1M, spread across 38 disclosed positions.
What are Galibier Capital Management Ltd.'s largest equity positions?
Based on the latest 13F filing, Galibier Capital Management Ltd.'s top holdings by market value are:
1. Agnico Eagle Mines LTD (AEM) — $38.1M (12.7%)
2. Royal Bank Of Canada (RY) — $32.5M (10.8%)
3. Enbridge Inc (ENB) — $25.2M (8.4%)
4. Canadian Natural Resources (CNQ) — $20.3M (6.8%)
5. Manulife Financial CORP (MFC) — $19.8M (6.6%)
What changes did Galibier Capital Management Ltd. make in its most recent portfolio filing?
In the latest reported quarter, Galibier Capital Management Ltd. made 28 notable position adjustments: 4 new positions were initiated, 4 existing holdings were added to, 17 positions were partially reduced, and 3 were completely exited. The largest of these moves: 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)
What sectors does Galibier Capital Management Ltd. focus on?
Galibier Capital Management Ltd. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 66.6%
• Financials: 13.8%
• Information Technology: 8.7%
• Health Care: 5.8%
• Communication Services: 5.1%
Investment Profile
Galibier Capital Management Ltd. returned an annualized 20.9% over the trailing 36 months — outperforming the S&P 500 by 7.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.66 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 66.6% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 36 over the past 4 quarters — a shift toward more active trading.
It has added to its OSK position over the past two quarters (+$1.3M, now $4.8M), while trimming ATS over the same stretch (-$8.4M, still holding $11.7M).
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