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Galibier Capital Management Ltd.

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13F filer, CIK 1765768, TORONTO, Ontario, Canada

Galibier Capital Management Ltd. reported $332,853,823 across 38 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-07. Its ten largest share positions make up 68.84% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000945621-25-000668

Period
2025-06-30
Reported value
$333M
Holdings
38
Top 10 weight
68.84%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TUnew+902,372$14.5M
GILnew+272,918$13.4M
RYadded+49,206$6.47M
CPadded+76,090$6.03M
QSRadded+47,205$3.12M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CVEexited-1,331,784-$18.5M
HBMreduced-1,279,357-$13.5M
ATSreduced-320,622-$10.2M
CCJreduced-119,198-$8.83M
CMreduced-99,939-$7.08M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000945621-25-000668, largest first. % of portfolio is the value over $332,853,823, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RYROYAL BK CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 321,376 shares; 2024Q1: 256,254 shares; 2024Q2: 219,075 shares; 2024Q3: 3,910 shares; 2024Q4: 3,910 shares; 2025Q1: 206,282 shares; 2025Q2: 255,488 shares 255,488$33.6M10.1%+49,206Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 463,086 shares; 2024Q1: 489,610 shares; 2024Q2: 426,551 shares; 2024Q3: 429,912 shares; 2024Q4: 367,446 shares; 2025Q1: 316,516 shares; 2025Q2: 278,610 shares 278,610$33.1M9.95%-37,906Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 351,364 shares; 2024Q1: 640,076 shares; 2024Q2: 639,285 shares; 2024Q3: 641,864 shares; 2024Q4: 809,045 shares; 2025Q1: 694,942 shares; 2025Q2: 559,017 shares 559,017$25.3M7.6%-135,925Timeline
MFCMANULIFE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 1,343,779 shares; 2024Q1: 1,104,709 shares; 2024Q2: 884,276 shares; 2024Q3: 895,402 shares; 2024Q4: 781,573 shares; 2025Q1: 695,153 shares; 2025Q2: 710,069 shares 710,069$22.7M6.81%+14,916Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 451,424 shares; 2024Q1: 382,328 shares; 2024Q2: 631,286 shares; 2024Q3: 777,962 shares; 2024Q4: 795,332 shares; 2025Q1: 696,293 shares; 2025Q2: 677,413 shares 677,413$21.2M6.38%-18,880Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 455,067 shares; 2024Q1: 332,235 shares; 2024Q2: 331,647 shares; 2024Q3: 331,469 shares; 2024Q4: 284,791 shares; 2025Q1: 191,818 shares; 2025Q2: 267,908 shares 267,908$21.2M6.38%+76,090Timeline
CMCANADIAN IMPERIAL BANK OF COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 512,922 shares; 2024Q1: 498,398 shares; 2024Q2: 475,645 shares; 2024Q3: 523,698 shares; 2024Q4: 387,299 shares; 2025Q1: 385,212 shares; 2025Q2: 285,273 shares 285,273$20.2M6.07%-99,939Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 425,130 shares; 2024Q1: 445,941 shares; 2024Q2: 445,453 shares; 2024Q3: 663,346 shares; 2024Q4: 541,324 shares; 2025Q1: 406,762 shares; 2025Q2: 313,057 shares 313,057$18.2M5.47%-93,705Timeline
GIBCGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 231,315 shares; 2024Q1: 222,836 shares; 2024Q2: 222,485 shares; 2024Q3: 225,387 shares; 2024Q4: 197,010 shares; 2025Q1: 160,720 shares; 2025Q2: 172,318 shares 172,318$18.1M5.43%+11,598Timeline
ATSATS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: 110,830 shares; 2024Q3: 132,830 shares; 2024Q4: 717,571 shares; 2025Q1: 806,997 shares; 2025Q2: 486,375 shares 486,375$15.5M4.65%-320,622Timeline
TUTELUS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 902,372 shares 902,372$14.5M4.35%newTimeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 375,752 shares; 2024Q1: 326,013 shares; 2024Q2: 355,326 shares; 2024Q3: 359,989 shares; 2024Q4: 287,533 shares; 2025Q1: 161,810 shares; 2025Q2: 209,015 shares 209,015$13.8M4.16%+47,205Timeline
GILGILDAN ACTIVEWEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 272,918 shares 272,918$13.4M4.03%newTimeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 283,159 shares; 2025Q2: 163,961 shares 163,961$12.2M3.65%-119,198Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: 1,799,148 shares; 2024Q2: 2,046,150 shares; 2024Q3: 2,521,108 shares; 2024Q4: 2,613,432 shares; 2025Q1: 2,424,596 shares; 2025Q2: 1,145,239 shares 1,145,239$12.1M3.64%-1,279,357Timeline
WFGWEST FRASER TIMBER CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: 110,853 shares; 2024Q2: 279,655 shares; 2024Q3: 209,423 shares; 2024Q4: 158,544 shares; 2025Q1: 152,530 shares; 2025Q2: 150,298 shares 150,298$11M3.3%-2,232Timeline
OSKOSHKOSH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 48,509 shares; 2024Q1: 48,509 shares; 2024Q2: 36,527 shares; 2024Q3: 45,227 shares; 2024Q4: 45,227 shares; 2025Q1: 37,227 shares; 2025Q2: 37,227 shares 37,227$4.23M1.27%0Timeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 570,000 shares; 2025Q2: 527,019 shares 527,019$3.04M0.91%-42,981Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 43,476 shares; 2024Q1: 51,476 shares; 2024Q2: 51,476 shares; 2024Q3: 51,476 shares; 2024Q4: 51,476 shares; 2025Q1: 41,476 shares; 2025Q2: 41,476 shares 41,476$3.03M0.91%0Timeline
GBXGREENBRIER COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: 104,448 shares; 2024Q3: 109,448 shares; 2024Q4: 60,179 shares; 2025Q1: 56,799 shares; 2025Q2: 56,799 shares 56,799$2.62M0.79%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 3,590 shares; 2024Q1: 3,590 shares; 2024Q2: 3,990 shares; 2024Q3: 3,990 shares; 2024Q4: 3,990 shares; 2025Q1: 3,433 shares; 2025Q2: 3,155 shares 3,155$1.53M0.46%-278Timeline
CLCOLGATE PALMOLIVE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 1,200 shares; 2024Q1: 1,200 shares; 2024Q2: 1,200 shares; 2024Q3: 1,200 shares; 2024Q4: 1,200 shares; 2025Q1: 14,631 shares; 2025Q2: 14,631 shares 14,631$1.33M0.4%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 12,647 shares; 2024Q1: 6,035 shares; 2024Q2: 6,035 shares; 2024Q3: 5,635 shares; 2024Q4: 4,235 shares; 2025Q1: 5,573 shares; 2025Q2: 5,573 shares 5,573$1.14M0.34%0Timeline
CBCHUBB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: 5,297 shares; 2024Q3: 5,297 shares; 2024Q4: 5,297 shares; 2025Q1: 3,897 shares; 2025Q2: 3,897 shares 3,897$1.13M0.34%0Timeline
INGING GROEP N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 58,208 shares; 2024Q1: 92,208 shares; 2024Q2: 92,208 shares; 2024Q3: 92,208 shares; 2024Q4: 106,208 shares; 2025Q1: 70,208 shares; 2025Q2: 50,208 shares 50,208$1.1M0.33%-20,000Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 5,760 shares; 2024Q1: 5,760 shares; 2024Q2: 5,760 shares; 2024Q3: 5,260 shares; 2024Q4: 5,260 shares; 2025Q1: 3,760 shares; 2025Q2: 3,760 shares 3,760$1.09M0.33%0Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 1,601 shares; 2024Q1: 1,601 shares; 2024Q2: 1,601 shares; 2024Q3: 1,601 shares; 2024Q4: 1,601 shares; 2025Q1: 1,482 shares; 2025Q2: 2,432 shares 2,432$986K0.3%+950Timeline
ZBHZIMMER BIOMET HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: 9,200 shares; 2024Q4: 9,200 shares; 2025Q1: 10,484 shares; 2025Q2: 10,484 shares 10,484$956K0.29%0Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 2,058 shares; 2024Q1: 2,058 shares; 2024Q2: 2,058 shares; 2024Q3: 2,058 shares; 2024Q4: 2,058 shares; 2025Q1: 1,808 shares; 2025Q2: 1,808 shares 1,808$899K0.27%0Timeline
AZOAUTOZONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200 shares 200$742K0.22%newTimeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 4,200 shares; 2024Q1: 4,200 shares; 2024Q2: 4,200 shares; 2024Q3: 4,200 shares; 2024Q4: 4,200 shares; 2025Q1: 4,200 shares; 2025Q2: 4,200 shares 4,200$740K0.22%0Timeline
DECKDECKERS OUTDOOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,100 shares 6,100$629K0.19%newTimeline
WABWABTECQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 6,658 shares; 2024Q1: 6,658 shares; 2024Q2: 5,658 shares; 2024Q3: 5,678 shares; 2024Q4: 3,678 shares; 2025Q1: 2,978 shares; 2025Q2: 2,978 shares 2,978$623K0.19%0Timeline
ASMLASML HLDG NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 700 shares; 2025Q2: 700 shares 700$561K0.17%0Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 2,200 shares; 2024Q1: 2,200 shares; 2024Q2: 2,200 shares; 2024Q3: 2,200 shares; 2024Q4: 2,200 shares; 2025Q1: 2,200 shares; 2025Q2: 2,200 shares 2,200$229K0.07%0Timeline
TRPTC ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: 1,816 shares; 2024Q2: 1,816 shares; 2024Q3: 1,816 shares; 2024Q4: 1,816 shares; 2025Q1: 1,816 shares; 2025Q2: 1,816 shares 1,816$88.5K0.03%0Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 2,670 shares; 2024Q1: 400 shares; 2024Q2: 15,400 shares; 2024Q3: 16,900 shares; 2024Q4: 400 shares; 2025Q1: 400 shares; 2025Q2: 400 shares 400$28.4K0.01%0Timeline
SOBOSOUTH BOW CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 363 shares; 2025Q1: 363 shares; 2025Q2: 363 shares 363$9.41K<0.01%0Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CVECENOVUS ENERGY INC1,331,784$18.5Mshares
TSMTAIWAN SEMICONDUCTOR MANUFAC4,210$699Kshares
CENOVUS ENERGY INCCENOVUS ENERGY INC39,402$370Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000945621-25-000668 base2025-08-07acceptance time not in the bulk data set