# EDGAR Filing Document

**Accession Number:** 0001536890
**File Stem:** 0001104659-26-013670
**Filing Date:** 2026-2
**Character Count:** 17110
**Document Hash:** 8547f42bc3a5d62493fa6522e0de41af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-013670.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001104659-26-013670

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAROMETER CAPITAL MANAGEMENT INC.
- **CENTRAL INDEX KEY:** 0001536890

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15883
- **FILM NUMBER:** 26622881

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 181 BAY STREET
- **STREET 2:** SUITE 3220
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2T3
- **BUSINESS PHONE:** 416 601 1683

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 181 BAY STREET
- **STREET 2:** SUITE 3220
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2T3

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** BAROMETER CAPITAL MANAGEMENT INC.<br>**Address:** 181 BAY STREET<br>SUITE 3220<br>TORONTO, A6 M5J 2T3

**Form 13F File Number:** 028-15883

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ron Kelterborn<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-601-6888

**Signature, Place, and Date of Signing:**

/s/ Ron Kelterborn  Toronto, A6  02-11-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 131

**Form 13F Information Table Value Total:** $415278989

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Agnico Eagle Mines Ltd | Common | 00768Y206 |  | 10062215 | 43230 | SH |  | SOLE |  | 43230 | 0 | 0 |
| Alamos Gold Inc | Common | 008474108 |  | 8914600 | 168200 | SH |  | SOLE |  | 168200 | 0 | 0 |
| Bank of Montreal | Common | 011532108 |  | 710827 | 4023 | SH |  | SOLE |  | 4023 | 0 | 0 |
| Bank of Nova Scotia/The | Common | 01609W102 |  | 1147084 | 11454 | SH |  | SOLE |  | 11454 | 0 | 0 |
| Celestica Inc | Common | 02079K305 |  | 7167295 | 17653 | SH |  | SOLE |  | 17653 | 0 | 0 |
| Canadian Imperial Bank of Commerce | Common | G0378L100 |  | 12335866 | 99139 | SH |  | SOLE |  | 99139 | 0 | 0 |
| Hudbay Minerals Inc | Common | 03938L203 |  | 13133410 | 481960 | SH |  | SOLE |  | 481960 | 0 | 0 |
| Imperial Oil Ltd | Common | 04351P101 |  | 10837263 | 91392 | SH |  | SOLE |  | 91392 | 0 | 0 |
| Kinross Gold Corp | Common | N07059210 |  | 19534511 | 505290 | SH |  | SOLE |  | 505290 | 0 | 0 |
| Manulife Financial Corp | Common | 15234Q207 |  | 999000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Novagold Resources Inc | Common | 05464C101 |  | 280384 | 21905 | SH |  | SOLE |  | 21905 | 0 | 0 |
| Pan American Silver Corp | Common | 056752108 |  | 5029945 | 70685 | SH |  | SOLE |  | 70685 | 0 | 0 |
| Royal Bank of Canada | Common | 05946K101 |  | 16127253 | 69412 | SH |  | SOLE |  | 69412 | 0 | 0 |
| South Bow Corp | Common | 059460303 |  | 419025 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| Suncor Energy Inc | Common | 05961W105 |  | 6991788 | 114770 | SH |  | SOLE |  | 114770 | 0 | 0 |
| Wheaton Precious Metals Corp | Common | 05964H105 |  | 11522556 | 71409 | SH |  | SOLE |  | 71409 | 0 | 0 |
| Apple Inc | Common | 063671101 |  | 11691272 | 43045 | SH |  | SOLE |  | 43045 | 0 | 0 |
| First Trust RBA American Industrial Renaissance ETF | ETP | 064149107 |  | 452272 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| Global X MSCI Argentina ETF | ETP | 06738E204 |  | 374781 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| Argenx SE | Common | 093712107 |  | 1202559 | 1430 | SH |  | SOLE |  | 1430 | 0 | 0 |
| Ascendis Pharma A/S | Common | 055622104 |  | 697295 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| Broadcom Inc | Common | 11135F101 |  | 11581890 | 33464 | SH |  | SOLE |  | 33464 | 0 | 0 |
| Alibaba Group Holding Ltd | Common | 11271J107 |  | 938112 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| Banco Bradesco SA | Common | 13321L108 |  | 1345766 | 404900 | SH |  | SOLE |  | 404900 | 0 | 0 |
| Banco Bilbao Vizcaya Argentaria SA | Common | 136069101 |  | 1326339 | 56900 | SH |  | SOLE |  | 56900 | 0 | 0 |
| Barclays PLC | Common | 149123101 |  | 1768775 | 69500 | SH |  | SOLE |  | 69500 | 0 | 0 |
| Baidu Inc | Common | 15101Q207 |  | 1270669 | 9725 | SH |  | SOLE |  | 9725 | 0 | 0 |
| Banco Macro SA | Common | 16411R208 |  | 853411 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| Cia de Minas Buenaventura SAA | Common | 204429104 |  | 7394431 | 265700 | SH |  | SOLE |  | 265700 | 0 | 0 |
| Caterpillar Inc | Common | 204448104 |  | 13599054 | 23794 | SH |  | SOLE |  | 23794 | 0 | 0 |
| Grupo Cibest SA | Common | 20441A102 |  | 1221312 | 19200 | SH |  | SOLE |  | 19200 | 0 | 0 |
| Sprott Junior Copper Miners ETF | ETP | 20440W105 |  | 585421 | 14900 | SH |  | SOLE |  | 14900 | 0 | 0 |
| Global X Copper Miners ETF | ETP | 17275R102 |  | 567141 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| CRH PLC | Common | 22113B103 |  | 1104480 | 8850 | SH |  | SOLE |  | 8850 | 0 | 0 |
| Criteo SA | Common | G25508105 |  | 741960 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| Cosan SA | Common | 226718104 |  | 544310 | 137800 | SH |  | SOLE |  | 137800 | 0 | 0 |
| Endava PLC | Common | 23703Q203 |  | 539096 | 85300 | SH |  | SOLE |  | 85300 | 0 | 0 |
| Daqo New Energy Corp | Common | 26922A420 |  | 1265550 | 42900 | SH |  | SOLE |  | 42900 | 0 | 0 |
| WisdomTree Japan Hedged Equity Fund | ETP | 279158109 |  | 562224 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| Ecopetrol SA | Common | 285512109 |  | 875748 | 87400 | SH |  | SOLE |  | 87400 | 0 | 0 |
| New Oriental Education  Technology Group Inc | Common | 29082A107 |  | 996043 | 18100 | SH |  | SOLE |  | 18100 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | ETP | 29250N105 |  | 459564 | 8400 | SH |  | SOLE |  | 8400 | 0 | 0 |
| Embraer SA | Common | 29260V105 |  | 5163761 | 80220 | SH |  | SOLE |  | 80220 | 0 | 0 |
| WisdomTree India Earnings Fund | ETP | 29278D105 |  | 518448 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| iShares MSCI Peru and Global Exposure ETF | ETP | 26874R108 |  | 477510 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| iShares ESG Aware MSCI EM ETF | ETP | 316841105 |  | 547708 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| iShares MSCI Europe Financials ETF | ETP | 81369Y605 |  | 548932 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| iShares MSCI Japan ETF | ETP | 33737J158 |  | 274516 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| iShares MSCI Spain ETF | ETP | 33738R704 |  | 485190 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| iShares MSCI Brazil ETF | ETP | 33738R506 |  | 349470 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| iShares MSCI South Africa ETF | ETP | 35671D857 |  | 337120 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| iShares MSCI Eurozone ETF | ETP | 358029106 |  | 442290 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| Figma Inc | Common | 35969L108 |  | 493284 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| First Trust Japan AlphaDEX Fund | ETP | 36118L106 |  | 584423 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| Fresenius Medical Care AG | Common | 36315X101 |  | 883722 | 37100 | SH |  | SOLE |  | 37100 | 0 | 0 |
| Futu Holdings Ltd | Common | 36165L108 |  | 1067365 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| General Dynamics Corp | Common | 36828A101 |  | 4861370 | 14499 | SH |  | SOLE |  | 14499 | 0 | 0 |
| GDS Holdings Ltd | Common | 369604301 |  | 4439280 | 127200 | SH |  | SOLE |  | 127200 | 0 | 0 |
| VanEck Junior Gold Miners ETF | ETP | 372303206 |  | 512010 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| General Electric Co | Common | 37954Y830 |  | 10226288 | 33199 | SH |  | SOLE |  | 33199 | 0 | 0 |
| Gold Fields Ltd | Common | 37954Y855 |  | 1418950 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| Galapagos NV | Common | 37954Y848 |  | 905790 | 27700 | SH |  | SOLE |  | 27700 | 0 | 0 |
| Genmab A/S | Common | 37954Y871 |  | 942480 | 30600 | SH |  | SOLE |  | 30600 | 0 | 0 |
| Alphabet Inc | Common | 38059T106 |  | 14893166 | 47582 | SH |  | SOLE |  | 47582 | 0 | 0 |
| Harmony Gold Mining Co Ltd | Common | 389638107 |  | 2596950 | 130500 | SH |  | SOLE |  | 130500 | 0 | 0 |
| Howmet Aerospace Inc | Common | 400501102 |  | 12966243 | 63280 | SH |  | SOLE |  | 63280 | 0 | 0 |
| iShares U.S. Broker-Dealers  Securities Exchanges ETF | ETP | 40090E106 |  | 556047 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| iShares Bitcoin Trust ETF | ETP | 399909100 |  | 407130 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| InterContinental Hotels Group PLC | Common | 40049J206 |  | 1197055 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| iShares Latin America 40 ETF | ETP | 37733W204 |  | 462840 | 15200 | SH |  | SOLE |  | 15200 | 0 | 0 |
| iShares MSCI International Momentum Factor ETF | ETP | 413216300 |  | 460512 | 9600 | SH |  | SOLE |  | 9600 | 0 | 0 |
| JD.com Inc | Common | 423403104 |  | 700280 | 24400 | SH |  | SOLE |  | 24400 | 0 | 0 |
| Japan Smaller Capitalization Fund Inc | ETP | 443201108 |  | 572730 | 52100 | SH |  | SOLE |  | 52100 | 0 | 0 |
| JPMorgan Chase  Co | Common | 404280406 |  | 13335825 | 41574 | SH |  | SOLE |  | 41574 | 0 | 0 |
| KB Financial Group Inc | Common | 443628102 |  | 808776 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| Korea Electric Power Corp | Common | 453038408 |  | 947100 | 57400 | SH |  | SOLE |  | 57400 | 0 | 0 |
| Global X Lithium  Battery Tech ETF | ETP | 81369Y704 |  | 227010 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| Eli Lilly  Co | Common | 45857P806 |  | 12307235 | 11452 | SH |  | SOLE |  | 11452 | 0 | 0 |
| Lam Research Corp | Common | 464288430 |  | 12617678 | 73710 | SH |  | SOLE |  | 73710 | 0 | 0 |
| Lufax Holding Ltd | Common | 46438F101 |  | 416000 | 162500 | SH |  | SOLE |  | 162500 | 0 | 0 |
| Morgan Stanley | Common | 46434V621 |  | 13836227 | 78367 | SH |  | SOLE |  | 78367 | 0 | 0 |
| Mitsubishi UFJ Financial Group Inc | Common | 46434G863 |  | 1129232 | 71200 | SH |  | SOLE |  | 71200 | 0 | 0 |
| Newmont Corp | Common | 464287861 |  | 139790 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| NVIDIA Corp | Common | 464288448 |  | 12772826 | 68487 | SH |  | SOLE |  | 68487 | 0 | 0 |
| NatWest Group PLC | Common | 464287390 |  | 1106000 | 63200 | SH |  | SOLE |  | 63200 | 0 | 0 |
| abrdn Physical Palladium Shares ETF | ETP | 46429B671 |  | 421602 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Pampa Energia SA | Common | 464287234 |  | 1053269 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| Sprott Physical Gold Trust | ETP | 464289180 |  | 653796 | 19800 | SH |  | SOLE |  | 19800 | 0 | 0 |
| iShares MSCI Global Metals  Mining Producers ETF | ETP | 464286608 |  | 503132 | 9800 | SH |  | SOLE |  | 9800 | 0 | 0 |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | ETP | 46434V449 |  | 446770 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| abrdn Physical Platinum Shares ETF | ETP | 46434G822 |  | 372860 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Sprott Physical Silver Trust | ETP | 464286822 |  | 548680 | 23200 | SH |  | SOLE |  | 23200 | 0 | 0 |
| First Trust Rising Dividend Achievers ETF | ETP | 464289842 |  | 437661 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| RELX PLC | Common | 46434G780 |  | 578006 | 14300 | SH |  | SOLE |  | 14300 | 0 | 0 |
| VanEck Rare Earth and Strategic Metals ETF | ETP | 464286780 |  | 243936 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| Rio Tinto PLC | Common | 464286764 |  | 11624358 | 145250 | SH |  | SOLE |  | 145250 | 0 | 0 |
| RTX Corp | Common | 46434G772 |  | 8918375 | 48628 | SH |  | SOLE |  | 48628 | 0 | 0 |
| Banco Santander SA | Common | 464288760 |  | 18408827 | 1569380 | SH |  | SOLE |  | 1569380 | 0 | 0 |
| SAP SE | Common | 47109U104 |  | 595130 | 2450 | SH |  | SOLE |  | 2450 | 0 | 0 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Common | 47215P106 |  | 938068 | 39332 | SH |  | SOLE |  | 39332 | 0 | 0 |
| Sea Ltd | Common | 46625H100 |  | 1849765 | 14500 | SH |  | SOLE |  | 14500 | 0 | 0 |
| Sprott Gold Miners ETF | ETP | 48241A105 |  | 550077 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| Cia Siderurgica Nacional SA | Common | 482497104 |  | 481440 | 300900 | SH |  | SOLE |  | 300900 | 0 | 0 |
| Global X Silver Miners ETF | ETP | 496902404 |  | 476064 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| Amplify Junior Silver Miners ETF | ETP | 500631106 |  | 478691 | 17300 | SH |  | SOLE |  | 17300 | 0 | 0 |
| VanEck Steel ETF | ETP | 512807306 |  | 322468 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| Sphere Entertainment Co | Common | 54975P201 |  | 665560 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| Sociedad Quimica y Minera de Chile SA | Common | 58039P305 |  | 1293440 | 18800 | SH |  | SOLE |  | 18800 | 0 | 0 |
| Sasol Ltd | Common | 30303M102 |  | 517545 | 79500 | SH |  | SOLE |  | 79500 | 0 | 0 |
| Teva Pharmaceutical Industries Ltd | Common | 594918104 |  | 4135325 | 132500 | SH |  | SOLE |  | 132500 | 0 | 0 |
| Tencent Music Entertainment Group | Common | 606822104 |  | 1046541 | 59700 | SH |  | SOLE |  | 59700 | 0 | 0 |
| Tesla Inc | Common | 60687Y109 |  | 4984696 | 11084 | SH |  | SOLE |  | 11084 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co Ltd | Common | 617446448 |  | 1090965 | 3590 | SH |  | SOLE |  | 3590 | 0 | 0 |
| Take-Two Interactive Software Inc | Common | 639057207 |  | 2182144 | 8523 | SH |  | SOLE |  | 8523 | 0 | 0 |
| Grupo Televisa SAB | Common | 64110L106 |  | 1055748 | 362800 | SH |  | SOLE |  | 362800 | 0 | 0 |
| Unity Software Inc | Common | 647581206 |  | 5376461 | 121722 | SH |  | SOLE |  | 121722 | 0 | 0 |
| UBS Group AG | Common | 67066G104 |  | 1213322 | 26200 | SH |  | SOLE |  | 26200 | 0 | 0 |
| Global X Uranium ETF | ETP | 697660207 |  | 162374 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| Vale SA | Common | 697900108 |  | 1018946 | 78200 | SH |  | SOLE |  | 78200 | 0 | 0 |
| Telefonica Brasil SA | Common | 705015105 |  | 766156 | 64600 | SH |  | SOLE |  | 64600 | 0 | 0 |
| iShares MSCI USA Value Factor ETF | ETP | 88557W101 |  | 341825 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| Vodafone Group PLC | Common | 759530108 |  | 1101714 | 83400 | SH |  | SOLE |  | 83400 | 0 | 0 |
| Weibo Corp | Common | 770700102 |  | 913668 | 89400 | SH |  | SOLE |  | 89400 | 0 | 0 |
| Woodside Energy Group Ltd | Common | 780087102 |  | 2179482 | 139800 | SH |  | SOLE |  | 139800 | 0 | 0 |
| Woori Financial Group Inc | Common | 75513E101 |  | 828939 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| Wipro Ltd | Common | 803054204 |  | 509534 | 184100 | SH |  | SOLE |  | 184100 | 0 | 0 |
| WPP PLC | Common | 803866300 |  | 619896 | 27600 | SH |  | SOLE |  | 27600 | 0 | 0 |
| State Street SPDR S Metals  Mining ETF | ETP | 81141R100 |  | 466245 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| XPeng Inc | Common | 84858T772 |  | 2088840 | 103000 | SH |  | SOLE |  | 103000 | 0 | 0 |
| YPF SA | Common | 82706C108 |  | 871456 | 24100 | SH |  | SOLE |  | 24100 | 0 | 0 |
| Zai Lab Ltd | Common | 82982T106 |  | 836136 | 47400 | SH |  | SOLE |  | 47400 | 0 | 0 |

---