Galibier Capital Management Ltd.
Reported holdings as of Q3 2025, from 28 quarterly filings.
This filer last reported in Q3 2025; the most recent quarter on file across all filers is Q2 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| AGNICO EAGLE MINES LTD | AEM | $38.1M | 226,197 | +2.74pp | 15q | -18.8%-$8.8M | |
| ROYAL BK CDA | RY | $32.5M | 220,458 | +0.73pp | 12q | -13.7%-$5.2M | |
| ENBRIDGE INC | ENB | $25.2M | 499,597 | +0.80pp | 28q | -10.6%-$3.0M | |
| CANADIAN NAT RES LTD MED TER | CNQ | $20.3M | 633,545 | +0.37pp | 13q | -6.5%-$1.4M | |
| MANULIFE FINL CORP | MFC | $19.8M | 635,318 | -0.21pp | 28q | -10.5%-$2.3M | |
| CANADIAN PACIFIC KANSAS CITY | CP | $17.9M | 240,014 | -0.42pp | 10q | -10.4%-$2.1M | |
| CANADIAN IMPERIAL BANK OF CO | CM | $16.9M | 212,022 | -0.42pp | 28q | -25.7%-$5.9M | |
| NUTRIEN LTD | NTR | $16.5M | 280,633 | +0.02pp | 26q | -10.4%-$1.9M | |
| CGI INC | GIB | $13.8M | 155,232 | -0.82pp | 27q | -9.9%-$1.5M | |
| TELUS CORPORATION | TU | $12.4M | 786,678 | -0.22pp | 2q | -12.8%-$1.8M | |
| RESTAURANT BRANDS INTL INC | QSR | $12.1M | 188,137 | -0.13pp | 22q | -10.0%-$1.3M | |
| ATS CORPORATION | ATS | $11.7M | 447,446 | -0.75pp | 6q | -8.0%-$1.0M | |
| HUDBAY MINERALS INC | HBM | $10.4M | 687,008 | -0.18pp | 7q | -40.0%-$6.9M | |
| GILDAN ACTIVEWEAR INC | GIL | $10.0M | 172,773 | -0.71pp | 2q | -36.7%-$5.8M | |
| WEST FRASER TIMBER CO LTD | WFG | $9.2M | 135,552 | -0.23pp | 7q | -9.8%-$1.0M | |
| OSHKOSH CORP | OSK | $4.8M | 37,227 | +0.34pp | 28q | HELD | |
| EQUINOX GOLD CORP | EQX | $4.7M | 417,019 | +0.64pp | 3q | -20.9%-$1.2M | |
| CAMECO CORP | CCJ | $4.2M | 49,899 | -2.26pp | 3q | -69.6%-$9.6M | |
| SCHEIN HENRY INC | HSIC | $2.8M | 41,476 | +0.01pp | 27q | HELD | |
| GREENBRIER COS INC | GBX | $2.2M | 47,799 | -0.05pp | 6q | -15.8%-$415.5K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $1.6M | 3,155 | +0.07pp | 22q | HELD | |
| AUTOZONE INC | AZO | $1.3M | 310 | +0.22pp | 2q | +55.0%+$471.9K | |
| JPMORGAN CHASE & CO | JPM | $1.2M | 3,760 | +0.07pp | 28q | HELD | |
| THERMO FISHER SCIENTIFIC INC | TMO | $1.2M | 2,432 | +0.10pp | 28q | HELD | |
| ING GROEP N.V. | ING | $1.2M | 44,883 | +0.06pp | 28q | -10.6%-$138.9K | |
| COLGATE PALMOLIVE CO | CL | $1.2M | 14,631 | -0.01pp | 12q | HELD | |
| CHUBB LIMITED | CB | $1.1M | 3,897 | +0.03pp | 6q | HELD | |
| ZIMMER BIOMET HOLDINGS INC | ZBH | $1.0M | 10,484 | +0.06pp | 5q | HELD | |
| ALPHABET INC | GOOGL | $1.0M | 4,200 | +0.12pp | 28q | HELD | |
| APPLE INC | AAPL | $1.0M | 3,961 | -0.01pp | 14q | -28.9%-$410.5K | |
| MICROSOFT CORP | MSFT | $750.5K | 1,449 | -0.02pp | 9q | -19.9%-$185.9K | |
| ASML HLDG NV | ASML | $677.7K | 700 | +0.06pp | 3q | HELD | |
| WABTEC | WAB | $597.0K | 2,978 | +0.01pp | 17q | HELD | |
| DECKERS OUTDOOR CORP | DECK | $517.0K | 5,100 | -0.02pp | 2q | -16.4%-$101.4K | |
| CANADIAN NATL RY CO | CNI | $207.5K | 2,200 | flat | 12q | HELD | |
| TC ENERGY CORP | TRP | $98.8K | 1,816 | +0.01pp | 7q | HELD | |
| NIKE INC | NKE | $27.9K | 400 | flat | 12q | HELD | |
| SOUTH BOW CORP | SOBO | $10.3K | 363 | flat | 4q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Mining & Metals | $57.4M | 19.1% |
| Banks & Lending | $51.8M | 17.3% |
| Transport & Logistics | $43.3M | 14.4% |
| Retail & Consumer | $23.4M | 7.8% |
| Insurance | $22.5M | 7.5% |
| Energy | $20.4M | 6.8% |
| Chemicals | $18.2M | 6.1% |
| Business Services | $13.8M | 4.6% |
| Telecom & Media | $12.4M | 4.1% |
| Industrials | $12.4M | 4.1% |
| Construction & Building | $9.2M | 3.1% |
| Autos & Aerospace | $7.6M | 2.5% |
| Other sectors | $7.7M | 2.6% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2025 | $300.1M | 38 | 0 | 1 | 22 | 0 | 71.1% | 21 |
| Q2 2025 | $332.9M | 38 | 4 | 6 | 12 | 3 | 68.8% | 38 |
| Q1 2025 | $320.6M | 37 | 3 | 5 | 22 | 3 | 71.8% | 30 |
| Q4 2024 | $350.3M | 37 | 2 | 7 | 14 | 8 | 71.5% | 15 |
| Q3 2024 | $442.8M | 43 | 1 | 19 | 8 | 0 | 67.4% | 25 |
| Q2 2024 | $402.1M | 42 | 3 | 8 | 10 | 1 | 62.1% | 26 |
| Q1 2024 | $417.7M | 40 | 6 | 7 | 16 | 2 | 66.3% | 16 |
| Q4 2023 | $385.6M | 36 | 3 | 7 | 18 | 5 | 75.8% | 23 |
| Q3 2023 | $449.8M | 38 | 3 | 7 | 18 | 1 | 70.0% | 23 |
| Q2 2023 | $435.8M | 36 | 2 | 11 | 8 | 5 | 75.5% | 24 |
| Q1 2023 | $422.6M | 39 | 0 | 4 | 23 | 4 | 75.4% | 33 |
| Q4 2022 | $493.1M | 43 | 7 | 12 | 18 | 5 | 76.9% | 26 |
| Q3 2022 | $496.0M | 41 | 3 | 8 | 16 | 2 | 75.0% | 20 |
| Q2 2022 | $527.6M | 40 | 4 | 7 | 17 | 6 | 77.0% | 15 |
| Q1 2022 | $743.7M | 42 | 6 | 7 | 10 | 6 | 80.6% | 28 |
| Q4 2021 | $697.3M | 42 | 4 | 3 | 19 | 4 | 78.5% | 39 |
| Q3 2021 | $730.3M | 42 | 1 | 16 | 9 | 1 | 79.1% | 20 |
| Q2 2021 | $743.7M | 42 | 3 | 6 | 15 | 0 | 77.9% | 20 |
| Q1 2021 | $666.0M | 39 | 1 | 13 | 9 | 0 | 81.8% | 35 |
| Q4 2020 | $578.4M | 38 | 3 | 14 | 12 | 4 | 81.9% | 19 |
| Q3 2020 | $425.2M | 39 | 4 | 14 | 10 | 1 | 79.6% | 26 |
| Q2 2020 | $312.3M | 36 | 5 | 12 | 12 | 8 | 76.5% | 36 |
| Q1 2020 | $229.6M | 39 | 6 | 14 | 14 | 2 | 78.3% | 21 |
| Q4 2019 | $315.0M | 35 | 6 | 7 | 19 | 2 | 79.6% | 14 |
| Q3 2019 | $251.3M | 31 | 1 | 15 | 5 | 1 | 80.7% | 39 |
| Q2 2019 | $219.7M | 31 | 3 | 16 | 4 | 3 | 77.8% | 33 |
| Q1 2019 | $167.5M | 31 | 4 | 9 | 15 | 3 | 75.9% | 40 |
| Q4 2018 | $146.4M | 30 | 0 | 0 | 0 | 0 | 77.6% | 43 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.