Galibier Capital Management Ltd.

CIK

1765768

Location

TORONTO, A6

Portfolio Value

Small $300,116,788

Diversification

Diversified

Filing Date

Global Rank

#3,390 / 7,976 ▼ 322

Top Industry

Banks - Diversified 17.3%

3Y Alpha vs SPY

-1.6%

Period ended 9 months ago

Filed Oct 21, 2025 · 8mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+70.6%

SPY

+76.5%

Annualised alpha

-1.4%

Max drawdown

−14.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

38 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

12.7%

+2.6 pts

Top 5

45.3%

+4.4 pts

Top 10

71.1%

+2.3 pts

HHI

648

Diversified+49

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Basic Materials	26.3%	$78,912,547	5
Financial Services	24.7%	$74,249,100	7
Energy	16.6%	$49,751,369	5
Industrials	12.5%	$37,441,406	6
Consumer Cyclical	8.0%	$23,928,239	5
Technology	5.4%	$16,272,589	4
Communication Services	4.5%	$13,426,932	2
Healthcare	1.7%	$4,965,004	3
Consumer Defensive	0.4%	$1,169,602	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
AZO	Autozone Inc	+110	310	$1,329,974
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
HBM	Hudbay Minerals Inc.	−458,231	687,008	$10,415,041
TU	Telus Corp	−115,694	786,678	$12,405,912
CCJ	Cameco Corp	−114,062	49,899	$4,184,530
EQX	Equinox Gold Corp.	−110,000	417,019	$4,678,953
GIL	Gildan Activewear Inc.	−100,145	172,773	$9,986,279
MFC	Manulife Financial Corp	−74,751	635,318	$19,790,155
CM	Canadian Imperial Bank Of Commerce /Can/	−73,251	212,022	$16,938,437
ENB	Enbridge Inc	−59,420	499,597	$25,209,664
AEM	Agnico Eagle Mines Ltd	−52,413	226,197	$38,127,766
CNQ	Canadian Natural Resources Ltd	−43,868	633,545	$20,248,098
ATS	ATS Corp /ATS	−38,929	447,446	$11,723,085
RY	Royal Bank Of Canada	−35,030	220,458	$32,477,872
NTR	Nutrien Ltd.	−32,424	280,633	$16,475,963
CP	Canadian Pacific Kansas City Ltd/Cn	−27,894	240,014	$17,878,642
QSR	Restaurant Brands International Inc.	−20,878	188,137	$12,067,107
GIB	Cgi Inc	−17,086	155,232	$13,835,828
WFG	West Fraser Timber Co., Ltd	−14,746	135,552	$9,214,824
GBX	Greenbrier Companies Inc	−9,000	47,799	$2,206,879
ING	Ing Groep NV	−5,325	44,883	$1,170,548
AAPL	Apple Inc.	−1,612	3,961	$1,008,589
DECK	Deckers Outdoor Corp	−1,000	5,100	$516,987
MSFT	Microsoft Corp	−359	1,449	$750,509
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

38 positions · $300,116,788 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SOBO	South Bow Corp Energy	Held	363	0	$10,269	+9.2%	0.00%
NKE	NIKE, Inc. Consumer Cyclical	Held	400	0	$27,892	−1.8%	0.01%
TRP	Tc Energy Corp Energy	Held	1,816	0	$98,808	+11.5%	0.03%
CNI	Canadian National Railway Co Industrials	Held	2,200	0	$207,460	−9.4%	0.07%
DECK	Deckers Outdoor Corp Consumer Cyclical	Reduced	5,100	-1,000	$516,987	−17.8%	0.17%
WAB	Westinghouse Air Brake Technologies Corp Industrials	Held	2,978	0	$596,999	−4.2%	0.20%
ASML	Asml Holding NV Technology	Held	700	0	$677,663	+20.8%	0.23%
MSFT	Microsoft Corp Technology	Reduced	1,449	-359	$750,509	−16.5%	0.25%
AAPL	Apple Inc. Technology	Reduced	3,961	-1,612	$1,008,589	−11.8%	0.34%
GOOGL	Alphabet Inc. Communication Services	Held	4,200	0	$1,021,020	+37.9%	0.34%
ZBH	Zimmer Biomet Holdings, Inc. Healthcare	Held	10,484	0	$1,032,674	+8.0%	0.34%
CB	Chubb Ltd Financial Services	Held	3,897	0	$1,099,928	−2.6%	0.37%
CL	Colgate Palmolive Co Consumer Defensive	Held	14,631	0	$1,169,602	−12.1%	0.39%
ING	Ing Groep NV Financial Services	Reduced	44,883	-5,325	$1,170,548	+6.6%	0.39%
TMO	Thermo Fisher Scientific Inc. Healthcare	Held	2,432	0	$1,179,568	+19.6%	0.39%
JPM	Jpmorgan Chase & Co Financial Services	Held	3,760	0	$1,186,016	+8.8%	0.40%
AZO	Autozone Inc Consumer Cyclical	Added	310	+110	$1,329,974	+79.1%	0.44%
BRK-B	Berkshire Hathaway Inc Financial Services	Held	3,155	0	$1,586,144	+3.5%	0.53%
GBX	Greenbrier Companies Inc Industrials	Reduced	47,799	-9,000	$2,206,879	−15.6%	0.74%
HSIC	Henry Schein Inc Healthcare	Held	41,476	0	$2,752,762	−9.1%	0.92%
CCJ	Cameco Corp Energy	Reduced	49,899	-114,062	$4,184,530	−65.6%	1.39%
EQX	Equinox Gold Corp. Basic Materials	Reduced	417,019	-110,000	$4,678,953	+54.4%	1.56%
OSK	Oshkosh Corp Industrials	Held	37,227	0	$4,828,341	+14.2%	1.61%
WFG	West Fraser Timber Co., Ltd Basic Materials	Reduced	135,552	-14,746	$9,214,824	−16.4%	3.07%
GIL	Gildan Activewear Inc. Consumer Cyclical	Reduced	172,773	-100,145	$9,986,279	−25.7%	3.33%
HBM	Hudbay Minerals Inc. Basic Materials	Reduced	687,008	-458,231	$10,415,041	−14.3%	3.47%
ATS	ATS Corp /ATS Industrials	Reduced	447,446	-38,929	$11,723,085	−24.4%	3.91%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Reduced	188,137	-20,878	$12,067,107	−12.9%	4.02%
TU	Telus Corp Communication Services	Reduced	786,678	-115,694	$12,405,912	−14.4%	4.13%
GIB	Cgi Inc Technology	Reduced	155,232	-17,086	$13,835,828	−23.4%	4.61%
NTR	Nutrien Ltd. Basic Materials	Reduced	280,633	-32,424	$16,475,963	−9.6%	5.49%
CM	Canadian Imperial Bank Of Commerce /Can/ Financial Services	Reduced	212,022	-73,251	$16,938,437	−16.2%	5.64%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Reduced	240,014	-27,894	$17,878,642	−15.8%	5.96%
MFC	Manulife Financial Corp Financial Services	Reduced	635,318	-74,751	$19,790,155	−12.8%	6.59%
CNQ	Canadian Natural Resources Ltd Energy	Reduced	633,545	-43,868	$20,248,098	−4.8%	6.75%
ENB	Enbridge Inc Energy	Reduced	499,597	-59,420	$25,209,664	−0.5%	8.40%
RY	Royal Bank Of Canada Financial Services	Reduced	220,458	-35,030	$32,477,872	−3.4%	10.82%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	226,197	-52,413	$38,127,766	+15.1%	12.70%