# Galibier Capital Management Ltd.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1765768. Source: https://holderbook.com/funds/1765768-galibier-capital-management-ltd/

- Reported value: $300.1M
- Positions: 38
- Weight of the ten largest: 71.1%
- Filed: 2025-10-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $38.1M | 226,197 | 12.7% | 15 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $32.5M | 220,458 | 10.8% | 12 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $25.2M | 499,597 | 8.4% | 28 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $20.3M | 633,545 | 6.8% | 13 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $19.8M | 635,318 | 6.6% | 28 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $17.9M | 240,014 | 6.0% | 10 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $16.9M | 212,022 | 5.6% | 28 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $16.5M | 280,633 | 5.5% | 26 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $13.8M | 155,232 | 4.6% | 27 |
| TELUS CORPORATION | [TU](https://holderbook.com/stocks/TU/) | $12.4M | 786,678 | 4.1% | 2 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $12.1M | 188,137 | 4.0% | 22 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $11.7M | 447,446 | 3.9% | 6 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $10.4M | 687,008 | 3.5% | 7 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $10.0M | 172,773 | 3.3% | 2 |
| WEST FRASER TIMBER CO LTD | [WFG](https://holderbook.com/stocks/WFG/) | $9.2M | 135,552 | 3.1% | 7 |
| OSHKOSH CORP | [OSK](https://holderbook.com/stocks/OSK/) | $4.8M | 37,227 | 1.6% | 28 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $4.7M | 417,019 | 1.6% | 3 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $4.2M | 49,899 | 1.4% | 3 |
| SCHEIN HENRY INC | [HSIC](https://holderbook.com/stocks/HSIC/) | $2.8M | 41,476 | 0.9% | 27 |
| GREENBRIER COS INC | [GBX](https://holderbook.com/stocks/GBX/) | $2.2M | 47,799 | 0.7% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.6M | 3,155 | 0.5% | 22 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $1.3M | 310 | 0.4% | 2 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.2M | 3,760 | 0.4% | 28 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $1.2M | 2,432 | 0.4% | 28 |
| ING GROEP N.V. | [ING](https://holderbook.com/stocks/ING/) | $1.2M | 44,883 | 0.4% | 28 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $1.2M | 14,631 | 0.4% | 12 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $1.1M | 3,897 | 0.4% | 6 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $1.0M | 10,484 | 0.3% | 5 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.0M | 4,200 | 0.3% | 28 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.0M | 3,961 | 0.3% | 14 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $750.5K | 1,449 | 0.3% | 9 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $677.7K | 700 | 0.2% | 3 |
| WABTEC | [WAB](https://holderbook.com/stocks/WAB/) | $597.0K | 2,978 | 0.2% | 17 |
| DECKERS OUTDOOR CORP | [DECK](https://holderbook.com/stocks/DECK/) | $517.0K | 5,100 | 0.2% | 2 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $207.5K | 2,200 | 0.1% | 12 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $98.8K | 1,816 | 0.0% | 7 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $27.9K | 400 | 0.0% | 12 |
| SOUTH BOW CORP | [SOBO](https://holderbook.com/stocks/SOBO/) | $10.3K | 363 | 0.0% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +8.6% | +7.8% | +0.8% | 100% |
| Q2 2025 | +13.1% | +10.5% | +2.7% | 100% |
| Q1 2025 | -0.3% | -4.6% | +4.3% | 100% |
| Q4 2024 | -4.1% | +2.1% | -6.2% | 100% |
| Q3 2024 | +9.0% | +5.4% | +3.6% | 100% |
| Q2 2024 | -3.7% | +4.0% | -7.8% | 100% |
| Q1 2024 | +5.4% | +10.0% | -4.7% | 100% |
| Q4 2023 | +7.9% | +11.2% | -3.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $300.1M | 38 |
| Q2 2025 | $332.9M | 38 |
| Q1 2025 | $320.6M | 37 |
| Q4 2024 | $350.3M | 37 |
| Q3 2024 | $442.8M | 43 |
| Q2 2024 | $402.1M | 42 |
| Q1 2024 | $417.7M | 40 |
| Q4 2023 | $385.6M | 36 |
| Q3 2023 | $449.8M | 38 |
| Q2 2023 | $435.8M | 36 |
| Q1 2023 | $422.6M | 39 |
| Q4 2022 | $493.1M | 43 |