Vault-13

CANADIAN NATL RY CO CNI

COM · Common Stock · CUSIP 136375102 · ISIN CA1363751027

Canadian Class I freight railway company

794 institutional holders +1 vs Q1 2023
453,646,976453.6m shares reported held*
$55.0bnreported value*
49 new 268 added 278 reduced 54 sold out net sold ≈ $426.5m (-2.9m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($565.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $121.27. Options: 17 managers hold calls ($108.6m notional), 15 hold puts ($140.9m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 743Q4 22: 785Q1 23: 793Q2 23: 794794Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022743
Q4 2022785
Q1 2023793
Q2 2023794

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q4 22: 301 bought or addedQ4 22: 333 cut or sold outQ4 22Q1 23: 299 bought or addedQ1 23: 337 cut or sold outQ1 23Q2 23: 317 bought or addedQ2 23: 332 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022301333
Q1 2023299337
Q2 2023317332

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100m$200m$300mQ3 22 calls: $156.2mQ3 22 puts: $211.4mQ3 22P/C 1.35Q4 22 calls: $231.1mQ4 22 puts: $183.0mQ4 22P/C 0.79Q1 23 calls: $86.2mQ1 23 puts: $149.0mQ1 23P/C 1.73Q2 23 calls: $108.6mQ2 23 puts: $140.9mQ2 23P/C 1.30
Numbers
QuarterCallsPutsP/C
Q3 2022$156.2m$211.4m1.35
Q4 2022$231.1m$183.0m0.79
Q1 2023$86.2m$149.0m1.73
Q2 2023$108.6m$140.9m1.30

Biggest buyers

TCI FUND MANAGEMENT LTD Added +4,189,128+4.2m
TORONTO DOMINION BANK Added +3,419,184+3.4m
FIL Ltd Added +2,237,592+2.2m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +1,938,333+1.9m
Capital International Investors Added +1,525,722+1.5m
MONTRUSCO BOLTON INVESTMENTS INC. Added +974,096+974.1k
ROYAL BANK OF CANADA Added +931,971+932.0k
PRICE T ROWE ASSOCIATES INC /MD/ Added +619,828+619.8k
State of Tennessee, Department of Treasury Added +452,509+452.5k
VANGUARD GROUP INC Added +379,813+379.8k

Biggest sellers

FMR LLC Reduced -5,665,306-5.7m
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Reduced -3,102,797-3.1m
CAUSEWAY CAPITAL MANAGEMENT LLC Reduced -1,845,152-1.8m
CANADA PENSION PLAN INVESTMENT BOARD Reduced -1,429,200-1.4m
Egerton Capital (UK) LLP Reduced -1,014,587-1.0m
Aberdeen Group plc Reduced -938,957-939.0k
MILLENNIUM MANAGEMENT LLC Reduced -818,730-818.7k
MACKENZIE FINANCIAL CORP Reduced -665,378-665.4k
EARNEST PARTNERS LLC Reduced -646,144-646.1k
BANK OF AMERICA CORP /DE/ Reduced -537,638-537.6k

Biggest calls

ROYAL BANK OF CANADA Added $27.8m230.0k shares
SIG North Trading, ULC Added $22.1m182.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $20.4m168.1k shares
SCOPUS ASSET MANAGEMENT, L.P. New $12.1m100.0k shares
CITADEL ADVISORS LLC Added $7.7m63.7k shares
JANE STREET GROUP, LLC Reduced $5.3m43.6k shares
MILLENNIUM MANAGEMENT LLC New $2.8m23.3k shares
SIMPLEX TRADING, LLC Reduced $2.0m16.5k shares
WOLVERINE TRADING, LLC New $1.8m14.7k shares
GROUP ONE TRADING LLC Added $1.8m14.5k shares

Biggest puts

ROYAL BANK OF CANADA Added $46.0m379.6k shares
BANK OF MONTREAL /CAN/ Unchanged $36.4m300.0k shares
SIG North Trading, ULC Reduced $14.6m120.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $12.7m105.1k shares
CITADEL ADVISORS LLC Added $12.2m100.8k shares
JANE STREET GROUP, LLC Reduced $6.7m55.2k shares
WOLVERINE TRADING, LLC New $3.7m31.3k shares
Walleye Trading LLC Added $2.7m22.3k shares
SIMPLEX TRADING, LLC Added $2.3m18.7k shares
Walleye Capital LLC New $1.9m16.1k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q2 2023

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q2 2023.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GATES FOUNDATION TRUST 15.78% of their portfolio KIRKLAND, WA 54,826,78654.8m $6.6bn $6.6bn 15.78% Unchanged
2 TCI FUND MANAGEMENT LTD 14.71% of their portfolio LONDON, X0 40,888,95340.9m $5.0bn $5.0bn 14.71% Added +4.2m +4,189,128
3 ROYAL BANK OF CANADA 1.03% of their portfolio TORONTO, A6 30,340,15230.3m $3.7bn $3.7bn 1.03% Added +932.0k +931,971
4 VANGUARD GROUP INC 0.06% of their portfolio Valley Forge, PA 22,061,52422.1m $2.7bn $2.7bn 0.06% Added +379.8k +379,813
5 WELLINGTON MANAGEMENT GROUP LLP 0.47% of their portfolio Boston, MA 20,379,36420.4m $2.5bn $2.5bn 0.47% Added +4.3k +4,302
6 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.70% of their portfolio Boston, MA 17,569,70217.6m $2.1bn $2.1bn 0.70% Reduced -3.1m -3,102,797
7 BANK OF MONTREAL /CAN/ 0.67% of their portfolio TORONTO, A6 15,066,71615.1m $1.8bn $1.8bn 0.67% Added +373.6k +373,619
8 Bank of New York Mellon Corp 0.35% of their portfolio NEW YORK, NY 13,819,79013.8m $1.7bn $1.7bn 0.35% Added +106.5k +106,492
9 Caisse de depot et placement du Quebec 4.01% of their portfolio Montreal, A8 12,441,80012.4m $1.5bn $1.5bn 4.01% Added +108.1k +108,100
10 FIL Ltd 1.63% of their portfolio HAMILTON, D0 11,996,25712.0m $1.5bn $1.5bn 1.63% Added +2.2m +2,237,592
11 TD Asset Management Inc 1.60% of their portfolio Toronto, A6 11,554,04811.6m $1.4bn $1.4bn 1.60% Reduced -259.9k -259,950
12 MACKENZIE FINANCIAL CORP 1.98% of their portfolio TORONTO ONTARIO, A6 10,696,25010.7m $1.3bn $1.3bn 1.98% Reduced -665.4k -665,378
13 JARISLOWSKY, FRASER Ltd 6.67% of their portfolio MONTREAL, A8 9,248,5509.2m $1.1bn $1.1bn 6.67% Reduced -308.0k -307,961
14 1832 Asset Management L.P. 1.99% of their portfolio TORONTO, A6 8,438,6688.4m $1.0bn $1.0bn 1.99% Reduced -75.3k -75,323
15 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.55% of their portfolio Toronto, A6 8,122,1768.1m $983.2m $983.2m 0.55% Reduced -56.6k -56,594
16 Egerton Capital (UK) LLP 9.61% of their portfolio LONDON, X0 7,695,4437.7m $931.7m $931.7m 9.61% Reduced -1.0m -1,014,587
17 TORONTO DOMINION BANK 0.63% of their portfolio TORONTO, ONTARIO, A6 6,951,1687.0m $849.2m $849.2m 0.63% Added +3.4m +3,419,184
18 NATIONAL BANK OF CANADA /FI/ 1.46% of their portfolio MONTREAL, A8 6,058,4666.1m $733.1m $733.1m 1.46% Added +229.9k +229,938
19 NORGES BANK 0.14% of their portfolio OSLO, Q8 5,980,4366.0m $724.1m $724.1m 0.14% Reduced -46.0k -45,967
20 CIBC Asset Management Inc 2.62% of their portfolio TORONTO, Z4 5,521,9445.5m $669.2m $669.2m 2.62% Reduced -97.6k -97,630
21 BANK OF NOVA SCOTIA 1.75% of their portfolio TORONTO, A6 5,503,7405.5m $666.5m $666.5m 1.75% Reduced -25.6k -25,556
22 DEUTSCHE BANK AG\ 0.33% of their portfolio FRANKFURT AM MAIN, 2M 5,197,1485.2m $629.2m $629.2m 0.33% Reduced -65.7k -65,741
23 CIBC WORLD MARKET INC. 2.12% of their portfolio TORONTO, A6 5,095,8705.1m $617.6m $617.6m 2.12% Added +95.6k +95,552
24 Fiera Capital Corp 1.75% of their portfolio MONTREAL, A8 4,985,8965.0m $604.6m $604.6m 1.75% Added +34.8k +34,825
25 FMR LLC 0.05% of their portfolio BOSTON, MA 4,812,7304.8m $582.8m $582.8m 0.05% Reduced -5.7m -5,665,306
26 Connor, Clark & Lunn Investment Management Ltd. 2.87% of their portfolio VANCOUVER, A1 4,747,7924.7m $574.8m $574.8m 2.87% Added +182.1k +182,093
27 Beutel, Goodman & Co Ltd. 3.04% of their portfolio TORONTO, A6 4,475,7094.5m $542.6m $542.6m 3.04% Added +29.4k +29,440
28 Legal & General Group Plc 0.17% of their portfolio London, X0 4,380,1814.4m $531.0m $531.0m 0.17% Added +23.9k +23,883
29 JPMORGAN CHASE & CO 0.06% of their portfolio NEW YORK, NY 4,047,9934.0m $490.1m $490.1m 0.06% Reduced -111.1k -111,134
30 Capital International Investors 0.11% of their portfolio Los Angeles, CA 3,910,6983.9m $473.6m $473.6m 0.11% Added +1.5m +1,525,722
31 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.53% of their portfolio BOSTON, MA 3,588,6883.6m $434.5m $434.5m 0.53% Added +1.9m +1,938,333
32 Harding Loevner LP 2.14% of their portfolio Bridgewater, NJ 3,027,5833.0m $366.5m $366.5m 2.14% Reduced -69.0k -68,974
33 CAUSEWAY CAPITAL MANAGEMENT LLC 9.21% of their portfolio LOS ANGELES, CA 2,887,7422.9m $350.1m $350.1m 9.21% Reduced -1.8m -1,845,152
34 SCOTIA CAPITAL INC. 1.98% of their portfolio TORONTO, A6 2,390,6502.4m $289.2m $289.2m 1.98% Added +105.8k +105,822
35 Swiss National Bank 0.18% of their portfolio ZURICH, V8 2,138,2002.1m $259.2m $259.2m 0.18% Reduced -169.5k -169,500
36 GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio BOSTON, MA 2,004,5272.0m $243.2m $243.2m 0.03% Added +88.6k +88,568
37 MONTRUSCO BOLTON INVESTMENTS INC. 3.69% of their portfolio MONTREAL, A8 1,963,4112.0m $238.0m $238.0m 3.69% Added +974.1k +974,096
38 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 1,878,8471.9m $227.5m $227.5m 0.02% Reduced -167.8k -167,789
39 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 1,818,6681.8m $220.2m $220.2m 0.06% Reduced -424.8k -424,816
40 PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio BALTIMORE, MD 1,785,7681.8m $216.2m $216.2m 0.03% Added +619.8k +619,828
41 PRINCIPAL FINANCIAL GROUP INC 0.14% of their portfolio DES MOINES, IA 1,652,6591.7m $200.4m $200.4m 0.14% Added +22.4k +22,416
42 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 1,594,5411.6m $193.1m $193.1m 0.09% Reduced -9.0k -8,973
43 CANADA PENSION PLAN INVESTMENT BOARD 0.29% of their portfolio TORONTO ONTARIO, A6 1,580,6801.6m $191.6m $191.6m 0.29% Reduced -1.4m -1,429,200
44 ROYAL LONDON ASSET MANAGEMENT LTD 0.61% of their portfolio UNITED KINGDOM, X0 1,548,2401.5m $187.4m $187.4m 0.61% Added +45.0k +45,044
45 Alberta Investment Management Corp 1.74% of their portfolio EDMONTON, A0 1,496,4291.5m $181.4m $181.4m 1.74% Added +164.2k +164,237
46 Russell Investments Group, Ltd. 0.35% of their portfolio Seattle, WA 1,490,5251.5m $180.5m $180.5m 0.35% Reduced -106.2k -106,206
47 LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA 1.92% of their portfolio BOSTON, MA 1,481,6881.5m $179.4m $179.4m 1.92% Reduced -9.5k -9,510
48 TD Waterhouse Canada Inc. 2.35% of their portfolio TORONTO, A6 1,473,4351.5m $236.0m $236.0m 2.35% Added +20.3k +20,329
49 CREDIT SUISSE AG/ 0.16% of their portfolio ZURICH, V8 1,359,0871.4m $164.5m $164.5m 0.16% Reduced -33.6k -33,641
50 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 1,204,4561.2m $145.8m $145.8m 0.02% Reduced -537.6k -537,638
51 Sumitomo Mitsui Trust Group, Inc. 0.11% of their portfolio CHIYODA-KU, TOKYO, M0 1,199,8291.2m $145.5m $145.5m 0.11% Reduced -375.6k -375,641
52 Amundi 0.07% of their portfolio Paris, I0 1,186,7511.2m $144.3m $144.3m 0.07% Added +121.7k +121,697
53 Federation des caisses Desjardins du Quebec 1.47% of their portfolio LEVIS, A8 1,178,2691.2m $149.9m $149.9m 1.47% Added +168.9k +168,870
54 APG Asset Management N.V. 0.26% of their portfolio Amsterdam, P7 1,145,7121.1m $127.3m $127.3m 0.26% Added +145.7k +145,699
55 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.39% of their portfolio CHICAGO, IL 994,301994.3k $120.4m $120.4m 0.39% Reduced -7.4k -7,360
56 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 1.11% of their portfolio VICTORIA, A1 982,255982.3k $118.9m $118.9m 1.11% Added +308.1k +308,073
57 STIFEL FINANCIAL CORP 0.15% of their portfolio ST. LOUIS, MO 932,131932.1k $112.9m $112.9m 0.15% Added +15.2k +15,151
58 ALLIANCEBERNSTEIN L.P. 0.05% of their portfolio NASHVILLE, TN 925,303925.3k $112.0m $112.0m 0.05% Reduced -166.3k -166,328
59 DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio AUSTIN, TX 921,265921.3k $111.5m $111.5m 0.04% Added +49.4k +49,359
60 Douglass Winthrop Advisors, LLC 2.66% of their portfolio NEW YORK, NY 919,852919.9k $111.4m $111.4m 2.66% Added +4.1k +4,053
61 AGF MANAGEMENT LTD 0.77% of their portfolio TORONTO, A6 873,654873.7k $105.8m $105.8m 0.77% Added +284.0k +284,045
62 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.15% of their portfolio FRANKFURT AM MAIN, 2M 778,624778.6k $94.3m $94.3m 0.15% Reduced -40.7k -40,655
63 BROWN ADVISORY INC 0.14% of their portfolio BALTIMORE, MD 765,699765.7k $92.7m $92.7m 0.14% Added +98.3k +98,290
64 Consulta Ltd 5.95% of their portfolio LONDON, X0 707,250707.2k $85.6m $85.6m 5.95% Unchanged
65 CIDEL ASSET MANAGEMENT INC 3.66% of their portfolio TORONTO, A6 667,231667.2k $80.9m $80.9m 3.66% Reduced -13.4k -13,439
66 State of Tennessee, Department of Treasury 0.34% of their portfolio NASHVILLE, TN 664,461664.5k $80.5m $80.5m 0.34% Added +452.5k +452,509
67 RENAISSANCE TECHNOLOGIES LLC 0.12% of their portfolio NEW YORK, NY 659,100659.1k $79.8m $79.8m 0.12% Added +68.5k +68,500
68 Manning & Napier Group, LLC 0.87% of their portfolio Fairport, NY 629,660629.7k $76.2m $76.2m 0.87% Reduced -4.4k -4,396
69 Quadrature Capital Ltd 1.64% of their portfolio LONDON, X0 618,500618.5k $74.9m $74.9m 1.64% Reduced -363.7k -363,700
70 FIRST TRUST ADVISORS LP 0.08% of their portfolio Wheaton, IL 603,474603.5k $73.1m $73.1m 0.08% Reduced -22.7k -22,671
71 BlackRock Inc. 0.00% of their portfolio New York, NY 602,365602.4k $72.9m $72.9m 0.00% Reduced -16.9k -16,870
72 CIBC Private Wealth Group LLC 0.08% of their portfolio ATLANTA, GA 600,000600.0k $72.6m $72.6m 0.08% Added +23.5k +23,532
73 Findlay Park Partners LLP 0.73% of their portfolio LONDON, X0 586,818586.8k $71.0m $71.0m 0.73% Reduced -36.8k -36,823
74 Coronation Fund Managers Ltd. 1.89% of their portfolio Cape Town, T3 578,460578.5k $70.0m $70.0m 1.89% Added +136.1k +136,060
75 TWO SIGMA INVESTMENTS, LP 0.19% of their portfolio NEW YORK, NY 576,276576.3k $69.8m $69.8m 0.19% Reduced -65.6k -65,575
76 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 549,228549.2k $66.5m $66.5m 0.02% Added +27.1k +27,138
77 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 534,997535.0k $64.8m $64.8m 0.03% Reduced -21.8k -21,847
78 GUARDIAN CAPITAL LP 2.03% of their portfolio TORONTO, A6 522,236522.2k $63.3m $63.3m 2.03% Added +29.1k +29,096
79 D. E. Shaw & Co., Inc. 0.10% of their portfolio New York, NY 521,614521.6k $63.2m $63.2m 0.10% Added +115.7k +115,700
80 Burgundy Asset Management Ltd. 0.72% of their portfolio Toronto, A6 504,693504.7k $61.1m $61.1m 0.72% Reduced -28.5k -28,532
81 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 501,891501.9k $57.0m $57.0m 0.02% Added +5.1k +5,147
82 Dixon Mitchell Investment Counsel Inc. 3.38% of their portfolio VANCOUVER, A1 487,687487.7k $59.1m $59.1m 3.38% Added +730 +730
83 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 455,365455.4k $55.1m $55.1m 0.01% Reduced -61.4k -61,368
84 Scheer, Rowlett & Associates Investment Management Ltd. 4.39% of their portfolio TORONTO, A6 453,292453.3k $54.9m $54.9m 4.39% Added +13.4k +13,385
85 Addenda Capital Inc. 3.03% of their portfolio MONTREAL, A8 449,627449.6k $72.1m $72.1m 3.03% Reduced -10.6k -10,622
86 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 444,708444.7k $53.8m $53.8m 0.06% Reduced -818.7k -818,730
87 Cardinal Capital Management, Inc. 2.70% of their portfolio WINNIPEG, A2 444,223444.2k $53.8m $53.8m 2.70% Added +52.4k +52,435
88 BRADLEY FOSTER & SARGENT INC/CT 1.13% of their portfolio HARTFORD, CT 443,109443.1k $53.6m $53.6m 1.13% Added +23.2k +23,194
89 DekaBank Deutsche Girozentrale 0.12% of their portfolio FRANKFURT, 2M 442,381442.4k $52.9m $52.9m 0.12% Added +113.6k +113,587
90 AVIVA PLC 0.20% of their portfolio LONDON, X0 409,322409.3k $49.6m $49.6m 0.20% Added +175.6k +175,576
91 SATURNA CAPITAL CORP 0.85% of their portfolio BELLINGHAM, WA 408,000408.0k $49.4m $49.4m 0.85% Unchanged
92 PICTET ASSET MANAGEMENT SA 0.06% of their portfolio GENEVA 73, V8 407,333407.3k $49.4m $49.4m 0.06% Added +61.2k +61,203
93 Korea Investment CORP 0.13% of their portfolio SEOUL, M5 387,764387.8k $47.0m $47.0m 0.13% Reduced -189.9k -189,919
94 INTACT INVESTMENT MANAGEMENT INC. 1.89% of their portfolio MONTREAL, A8 384,064384.1k $46.5m $46.5m 1.89% Added +22.5k +22,500
95 SEI INVESTMENTS CO 0.08% of their portfolio OAKS, PA 383,719383.7k $46.5m $46.5m 0.08% Reduced -26.0k -25,987
96 Reynders McVeigh Capital Management, LLC 3.03% of their portfolio BOSTON, MA 382,096382.1k $46.3m $46.3m 3.03% Reduced -5.7k -5,700
97 WINDWARD CAPITAL MANAGEMENT CO /CA 2.85% of their portfolio LOS ANGELES, CA 356,569356.6k $31.5m $31.5m 2.85% Added +164.0k +163,957
98 Partners Group Holding AG 3.58% of their portfolio BAAR-ZUG, V8 355,643355.6k $43.1m $43.1m 3.58% Reduced -19.6k -19,596
99 NEUBERGER BERMAN GROUP LLC 0.04% of their portfolio NEW YORK, NY 331,068331.1k $40.0m $40.0m 0.04% Reduced -8.1k -8,146
100 Clark Capital Management Group, Inc. 0.35% of their portfolio PHILADELPHIA, PA 326,158326.2k $39.5m $39.5m 0.35% Added +59.8k +59,837