Galibier Capital Management Ltd.

TORONTO, A6 · CIK 1765768 · 13F filing filed 2025-10-21

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Others nearbyToronto

$300.1m reported value -9.8% vs Q2 2025

38positions

71.1%in top 10

0 new 1 added 22 reduced 0 sold out vs Q2 2025

This report includes the holdings of 1 other manager that shares the investment decisions:

Guardian Partners Inc. – files its own report too; $138.8m of shares are in both

Shares in two reports are counted once in each security's totals.

Holdings, Q3 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	AGNICO EAGLE MINES LTD COM AEM	AEM	226,197	$38.1m12.70%	12.70%	Reduced -52.4k	-52,413 -18.8%
2	ROYAL BK CDA COM RY	RY	220,458	$32.5m10.83%	10.83%	Reduced -35.0k	-35,030 -13.7%
3	ENBRIDGE INC COM ENB	ENB	499,597	$25.2m8.40%	8.40%	Reduced -59.4k	-59,420 -10.6%
4	CANADIAN NAT RES LTD COM CNQ	CNQ	633,545	$20.3m6.75%	6.75%	Reduced -43.9k	-43,868 -6.5%
5	MANULIFE FINL CORP COM MFC	MFC	635,318	$19.8m6.60%	6.60%	Reduced -74.8k	-74,751 -10.5%
6	CANADIAN PACIFIC KANSAS CITY COM CP	CP	240,014	$17.9m5.96%	5.96%	Reduced -27.9k	-27,894 -10.4%
7	CANADIAN IMPERIAL BANK OF CO COM CM	CM	212,022	$16.9m5.65%	5.65%	Reduced -73.3k	-73,251 -25.7%
8	NUTRIEN LTD COM NTR	NTR	280,633	$16.5m5.49%	5.49%	Reduced -32.4k	-32,424 -10.4%
9	CGI INC CL A SUB VTG GIB	GIB	155,232	$13.8m4.61%	4.61%	Reduced -17.1k	-17,086 -9.9%
10	TELUS CORPORATION COM TU	TU	786,678	$12.4m4.13%	4.13%	Reduced -115.7k	-115,694 -12.8%
11	RESTAURANT BRANDS INTL INC COM QSR	QSR	188,137	$12.1m4.02%	4.02%	Reduced -20.9k	-20,878 -10.0%
12	ATS CORPORATION COM ATS	ATS	447,446	$11.7m3.90%	3.90%	Reduced -38.9k	-38,929 -8.0%
13	HUDBAY MINERALS INC COM HBM	HBM	687,008	$10.4m3.47%	3.47%	Reduced -458.2k	-458,231 -40.0%
14	GILDAN ACTIVEWEAR INC COM GIL	GIL	172,773	$10.0m3.33%	3.33%	Reduced -100.1k	-100,145 -36.7%
15	WEST FRASER TIMBER CO LTD COM WFG	WFG	135,552	$9.2m3.07%	3.07%	Reduced -14.7k	-14,746 -9.8%
16	OSHKOSH CORP COM OSK	OSK	37,227	$4.8m1.61%	1.61%	Unchanged
17	EQUINOX GOLD CORP COM EQX	EQX	417,019	$4.7m1.56%	1.56%	Reduced -110.0k	-110,000 -20.9%
18	CAMECO CORP COM CCJ	CCJ	49,899	$4.2m1.40%	1.40%	Reduced -114.1k	-114,062 -69.6%
19	HENRY SCHEIN INC COM HSIC	HSIC	41,476	$2.8m0.92%	0.92%	Unchanged
20	GREENBRIER COS INC COM GBX	GBX	47,799	$2.2m0.74%	0.74%	Reduced -9.0k	-9,000 -15.8%
21	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	3,155	$1.6m0.53%	0.53%	Unchanged
22	AUTOZONE INC COM AZO	AZO	310	$1.3m0.44%	0.44%	Added +110	+110 55.0%
23	JPMORGAN CHASE & CO COM JPM	JPM	3,760	$1.2m0.40%	0.40%	Unchanged
24	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	2,432	$1.2m0.39%	0.39%	Unchanged
25	ING GROEP N.V. SPONSORED ADR ING	ING	44,883	$1.2m0.39%	0.39%	Reduced -5.3k	-5,325 -10.6%
26	COLGATE PALMOLIVE CO COM CL	CL	14,631	$1.2m0.39%	0.39%	Unchanged
27	CHUBB LIMITED COM CB	CB	3,897	$1.1m0.37%	0.37%	Unchanged
28	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	10,484	$1.0m0.34%	0.34%	Unchanged
29	ALPHABET INC CAP STK CL A GOOGL	GOOGL	4,200	$1.0m0.34%	0.34%	Unchanged
30	APPLE INC COM AAPL	AAPL	3,961	$1.0m0.34%	0.34%	Reduced -1.6k	-1,612 -28.9%
31	MICROSOFT CORP COM MSFT	MSFT	1,449	$750.5k0.25%	0.25%	Reduced -359	-359 -19.9%
32	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	700	$677.7k0.23%	0.23%	Unchanged
33	WABTEC COM WAB	WAB	2,978	$597.0k0.20%	0.20%	Unchanged
34	DECKERS OUTDOOR CORP COM DECK	DECK	5,100	$517.0k0.17%	0.17%	Reduced -1.0k	-1,000 -16.4%
35	CANADIAN NATL RY CO COM CNI	CNI	2,200	$207.5k0.07%	0.07%	Unchanged
36	TC ENERGY CORP COM TRP	TRP	1,816	$98.8k0.03%	0.03%	Unchanged
37	NIKE INC CL B NKE	NKE	400	$27.9k0.01%	0.01%	Unchanged
38	SOUTH BOW CORP COM SOBO	SOBO	363	$10.3k0.00%	0.00%	Unchanged