Galibier Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ALIBABA GROUP HOLDING	ADS	01609W102	1,361	6,000	SH		SOLE	NONE	6,000	0	0
ALPHABET INC	CAP STK CL A	02079K305	813	333	SH		SOLE	NONE	333	0	0
ALPHABET INC	CAP STK CL C	02079K107	850	339	SH		SOLE	NONE	339	0	0
ANHEUSER-BUSCH INBEV NV	ADR	03524A108	919	12,769	SH		SOLE	NONE	12,769	0	0
ASTRAZENECA PLC	ADR	046353108	1,756	29,317	SH		SOLE	NONE	29,317	0	0
BANK OF NOVA SCOTIA	COM	064149107	33,715	517,853	SH		SOLE	NONE	380,797	0	137,056
BECTON DICKINSON AND CO	COM	075887109	15,909	65,417	SH		SOLE	NONE	65,417	0	0
BERKSHIRE HATHAWAY INC.	CL B	084670702	1,745	6,279	SH		SOLE	NONE	6,279	0	0
CANADIAN IMPERIAL BANK OF COMMERCE	COM	136069101	76,000	666,929	SH		SOLE	NONE	545,736	0	121,193
CENOVUS ENERGY INC	COM	15135U109	43,823	4,575,529	SH		SOLE	NONE	3,744,392	0	831,137
CENOVUS ENERGY INC	*W EXP 01/01/2026	15135U117	219	40,400	SH		SOLE	NONE	40,400	0	0
CGI INC	CL A SUB VTG	12532H104	41,913	461,792	SH		SOLE	NONE	339,330	0	122,462
CISCO SYSTEMS INC	COM	17275R102	1,617	30,516	SH		SOLE	NONE	30,516	0	0
COGNIZANT TECH SOLUTIONS	CL A	192446102	1,152	16,635	SH		SOLE	NONE	16,635	0	0
COLGATE PALMOLIVE CO	COM	194162103	488	6,000	SH		SOLE	NONE	6,000	0	0
EMERSON ELECTRIC CO	COM	291011104	931	9,673	SH		SOLE	NONE	9,673	0	0
ENBRIDGE INC	COM	29250N105	30,890	770,722	SH		SOLE	NONE	566,407	0	204,315
FLUOR CORP	COM	343412102	3,482	196,732	SH		SOLE	NONE	196,732	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	41,623	1,126,830	SH		SOLE	NONE	829,704	0	297,126
GLAXOSMITHKLINE PLC	ADR	37733W105	20,420	512,815	SH		SOLE	NONE	512,815	0	0
HENRY SCHEIN INC.	COM	806407102	3,569	48,101	SH		SOLE	NONE	48,101	0	0
ING GROEP NV	ADR	456837103	835	63,032	SH		SOLE	NONE	63,032	0	0
INTEL CORP	COM	458140100	1,151	20,500	SH		SOLE	NONE	20,500	0	0
ISHARES	IBOXX HI YD ETF	464288513	241	2,736	SH		SOLE	NONE	2,736	0	0
JPMORGAN CHASE & CO	COM	46625H100	1,062	6,831	SH		SOLE	NONE	6,831	0	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	67,108	1,739,574	SH		SOLE	NONE	1,408,566	0	331,008
MANULIFE FINANCIAL CORP	COM	56501R106	67,672	3,434,341	SH		SOLE	NONE	2,764,107	0	670,234
MEDTRONIC PLC	SHS	G5960L103	1,387	11,170	SH		SOLE	NONE	11,170	0	0
NUTRIEN LTD	COM	67077M108	70,655	1,164,855	SH		SOLE	NONE	936,851	0	228,004
OSHKOSH CORP.	COM	688239201	4,079	32,728	SH		SOLE	NONE	32,728	0	0
POINTS INTERNATIONAL LTD	COM	730843208	1,360	78,317	SH		SOLE	NONE	78,317	0	0
RAYTHEON TECHNOLOGOIES CORP	COM	75513E101	1,266	14,837	SH		SOLE	NONE	14,837	0	0
RESTAURANT BRANDS INTERNATIONAL INC.	COM	76131D103	57,556	892,340	SH		SOLE	NONE	731,398	0	160,942
ROGERS COMMUNICATIONS INC CLASS B	CL B	775109200	63,960	1,201,840	SH		SOLE	NONE	978,912	0	222,928
SPDR SER TR	BLOOMBERG BRCLYS	78468R622	242	2,199	SH		SOLE	NONE	2,199	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	1,092	2,165	SH		SOLE	NONE	2,165	0	0
TRUIST FINANCIAL CORP	COM	89832Q109	841	15,147	SH		SOLE	NONE	15,147	0	0
UNILEVER PLC	SPON ADR NEW	904767704	784	13,400	SH		SOLE	NONE	13,400	0	0
VF CORP	COM	918204108	20,510	250,000	SH		SOLE	NONE	250,000	0	0
VOYA FINANCIAL INC.	COM	929089100	967	15,716	SH		SOLE	NONE	15,716	0	0
WASTE CONNECTIONS INC	COM	94106B101	48,736	407,495	SH		SOLE	NONE	334,525	0	72,970
WEST FRASER TIMBER CO LTD	COM	952845105	9,024	125,570	SH		SOLE	NONE	90,883	0	34,687