Galibier Capital Management

TORONTO, A6files as Galibier Capital Management Ltd.

$300m in 38 US stocks at the end of 30 September 2025. The top 10 are 71.1% of the money. It changed about 6.5% of the portfolio this quarter.

Value

$300m

Stocks

Top 10 share

71.1%

Turnover

6.5%

What changed this quarter

New

Bought for the first time this quarter.

None this quarter.

Added

Bought more of a stock they already held.

AutozoneAZO
0.4% of the fund
+55%

Cut

Sold some of their stake.

Agnico Eagle MinesAEM
12.7% of the fund
-19%
Royal Bank of CanadaRY
10.8% of the fund
-14%
EnbridgeENB
8.4% of the fund
-11%
Canadian Natural ResourcesCNQ
6.8% of the fund
-6%
Manulife FinancialMFC
6.6% of the fund
-11%
Canadian Pacific Kansas CityCP
6.0% of the fund
-10%
Canadian Imperial Bank of Commerce /canCM
5.6% of the fund
-26%
NutrienNTR
5.5% of the fund
-10%
CGIGIB
4.6% of the fund
-10%
TelusTU
4.1% of the fund
-13%
Restaurant Brands InternationalQSR
4.0% of the fund
-10%
ATS Corp /ATSATS
3.9% of the fund
-8%
Hudbay MineralsHBM
3.5% of the fund
-40%
Gildan ActivewearGIL
3.3% of the fund
-37%
West Fraser TimberWFG
3.1% of the fund
-10%
Equinox GoldEQX
1.6% of the fund
-21%
CamecoCCJ
1.4% of the fund
-70%
Greenbrier CompaniesGBX
0.7% of the fund
-16%
ING Groep NVING
0.4% of the fund
-11%
AppleAAPL
0.3% of the fund
-29%
MicrosoftMSFT
0.3% of the fund
-20%
Deckers OutdoorDECK
0.2% of the fund
-16%

Sold out

Sold their entire stake.

None this quarter.

Holdings

Agnico Eagle MinesAEM
Share
12.7%
Value
$38m
Shares
226,197
-19%
Royal Bank of CanadaRY
Share
10.8%
Value
$32m
Shares
220,458
-14%
EnbridgeENB
Share
8.4%
Value
$25m
Shares
499,597
-11%
Canadian Natural ResourcesCNQ
Share
6.8%
Value
$20m
Shares
633,545
-6%
Manulife FinancialMFC
Share
6.6%
Value
$20m
Shares
635,318
-11%
Canadian Pacific Kansas CityCP
Share
6.0%
Value
$18m
Shares
240,014
-10%
Canadian Imperial Bank of Commerce /canCM
Share
5.6%
Value
$17m
Shares
212,022
-26%
NutrienNTR
Share
5.5%
Value
$16m
Shares
280,633
-10%
CGIGIB
Share
4.6%
Value
$14m
Shares
155,232
-10%
TelusTU
Share
4.1%
Value
$12m
Shares
786,678
-13%
Restaurant Brands InternationalQSR
Share
4.0%
Value
$12m
Shares
188,137
-10%
ATS Corp /ATSATS
Share
3.9%
Value
$12m
Shares
447,446
-8%
Hudbay MineralsHBM
Share
3.5%
Value
$10m
Shares
687,008
-40%
Gildan ActivewearGIL
Share
3.3%
Value
$10m
Shares
172,773
-37%
West Fraser TimberWFG
Share
3.1%
Value
$9m
Shares
135,552
-10%
OshkoshOSK
Share
1.6%
Value
$5m
Shares
37,227
Held
Equinox GoldEQX
Share
1.6%
Value
$5m
Shares
417,019
-21%
CamecoCCJ
Share
1.4%
Value
$4m
Shares
49,899
-70%
Henry ScheinHSIC
Share
0.9%
Value
$3m
Shares
41,476
Held
Greenbrier CompaniesGBX
Share
0.7%
Value
$2m
Shares
47,799
-16%
Berkshire HathawayBRK-B
Share
0.5%
Value
$2m
Shares
3,155
Held
AutozoneAZO
Share
0.4%
Value
$1m
Shares
310
+55%
JPMorgan ChaseJPM
Share
0.4%
Value
$1m
Shares
3,760
Held
Thermo Fisher ScientificTMO
Share
0.4%
Value
$1m
Shares
2,432
Held
ING Groep NVING
Share
0.4%
Value
$1m
Shares
44,883
-11%
Colgate-PalmoliveCL
Share
0.4%
Value
$1m
Shares
14,631
Held
ChubbCB
Share
0.4%
Value
$1m
Shares
3,897
Held
Zimmer Biomet HoldingsZBH
Share
0.3%
Value
$1m
Shares
10,484
Held
AlphabetGOOGL
Share
0.3%
Value
$1m
Shares
4,200
Held
AppleAAPL
Share
0.3%
Value
$1m
Shares
3,961
-29%
MicrosoftMSFT
Share
0.3%
Value
$750,510
Shares
1,449
-20%
ASML Holding NVASML
Share
0.2%
Value
$677,663
Shares
700
Held
Westinghouse Air Brake TechnologiesWAB
Share
0.2%
Value
$597,000
Shares
2,978
Held
Deckers OutdoorDECK
Share
0.2%
Value
$516,987
Shares
5,100
-16%
Canadian National RailwayCNI
Share
<0.1%
Value
$207,509
Shares
2,200
Held
TC EnergyTRP
Share
<0.1%
Value
$98,761
Shares
1,816
Held
NikeNKE
Share
<0.1%
Value
$27,892
Shares
400
Held
South BowSOBO
Share
<0.1%
Value
$10,274
Shares
363
Held

Company	Share of fund	Value	Shares	Change
Agnico Eagle MinesAEM	12.7%	$38m	226,197	-19%
Royal Bank of CanadaRY	10.8%	$32m	220,458	-14%
EnbridgeENB	8.4%	$25m	499,597	-11%
Canadian Natural ResourcesCNQ	6.8%	$20m	633,545	-6%
Manulife FinancialMFC	6.6%	$20m	635,318	-11%
Canadian Pacific Kansas CityCP	6.0%	$18m	240,014	-10%
Canadian Imperial Bank of Commerce /canCM	5.6%	$17m	212,022	-26%
NutrienNTR	5.5%	$16m	280,633	-10%
CGIGIB	4.6%	$14m	155,232	-10%
TelusTU	4.1%	$12m	786,678	-13%
Restaurant Brands InternationalQSR	4.0%	$12m	188,137	-10%
ATS Corp /ATSATS	3.9%	$12m	447,446	-8%
Hudbay MineralsHBM	3.5%	$10m	687,008	-40%
Gildan ActivewearGIL	3.3%	$10m	172,773	-37%
West Fraser TimberWFG	3.1%	$9m	135,552	-10%
OshkoshOSK	1.6%	$5m	37,227	Held
Equinox GoldEQX	1.6%	$5m	417,019	-21%
CamecoCCJ	1.4%	$4m	49,899	-70%
Henry ScheinHSIC	0.9%	$3m	41,476	Held
Greenbrier CompaniesGBX	0.7%	$2m	47,799	-16%
Berkshire HathawayBRK-B	0.5%	$2m	3,155	Held
AutozoneAZO	0.4%	$1m	310	+55%
JPMorgan ChaseJPM	0.4%	$1m	3,760	Held
Thermo Fisher ScientificTMO	0.4%	$1m	2,432	Held
ING Groep NVING	0.4%	$1m	44,883	-11%
Colgate-PalmoliveCL	0.4%	$1m	14,631	Held
ChubbCB	0.4%	$1m	3,897	Held
Zimmer Biomet HoldingsZBH	0.3%	$1m	10,484	Held
AlphabetGOOGL	0.3%	$1m	4,200	Held
AppleAAPL	0.3%	$1m	3,961	-29%
MicrosoftMSFT	0.3%	$750,510	1,449	-20%
ASML Holding NVASML	0.2%	$677,663	700	Held
Westinghouse Air Brake TechnologiesWAB	0.2%	$597,000	2,978	Held
Deckers OutdoorDECK	0.2%	$516,987	5,100	-16%
Canadian National RailwayCNI	<0.1%	$207,509	2,200	Held
TC EnergyTRP	<0.1%	$98,761	1,816	Held
NikeNKE	<0.1%	$27,892	400	Held
South BowSOBO	<0.1%	$10,274	363	Held

Over time and by industry

Value over time

Sep '25

Value is down 9.8% since 30 June 2025.

Where the money is

Materials27.7%

Financial services24.8%

Industrials17.3%

Energy15.2%

Retail & consumer8.0%

Media & telecom4.5%

Health care1.7%

Technology0.6%

Everyday goods0.4%

Utilities0.0%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.