Vault-13

CANADIAN NATL RY CO CNI

COM · Common Stock · CUSIP 136375102 · ISIN CA1363751027

Canadian Class I freight railway company

856 institutional holders -2 vs Q1 2024
438,675,987438.7m shares reported held*
$51.9bnreported value*
65 new 262 added 318 reduced 66 sold out net sold ≈ $1.4bn (-12.2m 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 ($477.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $118.25. Options: 22 managers hold calls ($206.1m notional), 20 hold puts ($81.8m).

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 743Q4 22: 785Q1 23: 793Q2 23: 794Q3 23: 778Q4 23: 827Q1 24: 858Q2 24: 856856Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 2022743
Q4 2022785
Q1 2023793
Q2 2023794
Q3 2023778
Q4 2023827
Q1 2024858
Q2 2024856

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 outQ2 23: 317 bought or addedQ2 23: 332 cut or sold outQ2 23Q3 23: 298 bought or addedQ3 23: 361 cut or sold outQ4 23: 347 bought or addedQ4 23: 314 cut or sold outQ4 23Q1 24: 357 bought or addedQ1 24: 339 cut or sold outQ2 24: 327 bought or addedQ2 24: 384 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022301333
Q1 2023299337
Q2 2023317332
Q3 2023298361
Q4 2023347314
Q1 2024357339
Q2 2024327384

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ3 23 calls: $81.8mQ3 23 puts: $136.1mQ3 23P/C 1.66Q4 23 calls: $42.4mQ4 23 puts: $130.8mQ4 23P/C 3.09Q1 24 calls: $162.7mQ1 24 puts: $47.3mQ1 24P/C 0.29Q2 24 calls: $206.1mQ2 24 puts: $81.8mQ2 24P/C 0.40
Numbers
QuarterCallsPutsP/C
Q3 2023$81.8m$136.1m1.66
Q4 2023$42.4m$130.8m3.09
Q1 2024$162.7m$47.3m0.29
Q2 2024$206.1m$81.8m0.40

Biggest buyers

Federation des caisses Desjardins du Quebec Added +1,970,095+2.0m
Quadrature Capital Ltd New +1,933,200+1.9m
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Added +1,307,689+1.3m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC New +1,301,965+1.3m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +998,439+998.4k
BANK OF MONTREAL /CAN/ Added +972,727+972.7k
1832 Asset Management L.P. Added +674,536+674.5k
Fiera Capital Corp Added +638,817+638.8k
Ninety One UK Ltd Added +611,252+611.3k
GOLDMAN SACHS GROUP INC Added +523,226+523.2k

Biggest sellers

FIL Ltd Reduced -4,372,970-4.4m
CANADA PENSION PLAN INVESTMENT BOARD Reduced -2,665,000-2.7m
WELLINGTON MANAGEMENT GROUP LLP Reduced -2,218,847-2.2m
FMR LLC Reduced -2,161,552-2.2m
Egerton Capital (UK) LLP Reduced -1,939,582-1.9m
Artisan Partners Limited Partnership Sold out -1,814,500-1.8m
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Reduced -1,347,876-1.3m
Sumitomo Mitsui Trust Group, Inc. Sold out -1,273,709-1.3m
ROYAL BANK OF CANADA Reduced -1,235,142-1.2m
PRINCIPAL FINANCIAL GROUP INC Reduced -1,149,721-1.1m

Biggest calls

NATIONAL BANK OF CANADA /FI/ Added $105.0m9.0k shares
SIG North Trading, ULC Added $22.3m188.8k shares
ROYAL BANK OF CANADA New $13.0m110.0k shares
CITADEL ADVISORS LLC Added $12.9m109.0k shares
D. E. Shaw & Co., Inc. Unchanged $11.8m100.0k shares
CIBC WORLD MARKET INC. Added $11.8m100.0k shares
IMC-Chicago, LLC Added $5.4m45.6k shares
Twin Tree Management, LP Added $5.0m42.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.7m31.6k shares
UBS Group AG Unchanged $2.9m24.8k shares

Biggest puts

SIG North Trading, ULC Added $16.5m139.6k shares
CITADEL ADVISORS LLC Added $10.6m89.4k shares
Genus Capital Management Inc. New $10.2m86.1k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $7.9m66.8k shares
BANK OF MONTREAL /CAN/ New $6.0m50.8k shares
PEAK6 Investments LLC Added $5.5m46.7k shares
IMC-Chicago, LLC Added $4.8m40.6k shares
GTS SECURITIES LLC Added $4.1m34.5k shares
Walleye Capital LLC Added $3.1m26.0k shares
MILLENNIUM MANAGEMENT LLC New $2.8m24.0k 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 2024

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 2024.

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GATES FOUNDATION TRUST 13.59% of their portfolio KIRKLAND, WA 54,826,78654.8m $6.5bn $6.5bn 13.59% Unchanged
2 TCI FUND MANAGEMENT LTD 11.40% of their portfolio LONDON, X0 39,488,38539.5m $4.7bn $4.7bn 11.40% Unchanged
3 ROYAL BANK OF CANADA 0.74% of their portfolio TORONTO, A6 26,041,79926.0m $3.1bn $3.1bn 0.74% Reduced -1.2m -1,235,142
4 VANGUARD GROUP INC 0.05% of their portfolio Valley Forge, PA 22,430,17422.4m $2.6bn $2.6bn 0.05% Added +40.1k +40,114
5 WELLINGTON MANAGEMENT GROUP LLP 0.37% of their portfolio Boston, MA 17,771,76917.8m $2.1bn $2.1bn 0.37% Reduced -2.2m -2,218,847
6 BANK OF MONTREAL /CAN/ 0.56% of their portfolio TORONTO, A6 15,746,61615.7m $1.9bn $1.9bn 0.56% Added +972.7k +972,727
7 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.54% of their portfolio Boston, MA 14,867,04814.9m $1.8bn $1.8bn 0.54% Reduced -1.3m -1,347,876
8 FIL Ltd 1.67% of their portfolio HAMILTON, D0 14,278,83114.3m $1.7bn $1.7bn 1.67% Reduced -4.4m -4,372,970
9 Bank of New York Mellon Corp 0.30% of their portfolio NEW YORK, NY 13,190,44913.2m $1.6bn $1.6bn 0.30% Reduced -143.8k -143,752
10 Caisse de depot et placement du Quebec 3.59% of their portfolio Montreal, A8 12,496,60012.5m $1.5bn $1.5bn 3.59% Unchanged
11 TD Asset Management Inc 1.26% of their portfolio Toronto, A6 11,457,04011.5m $1.4bn $1.4bn 1.26% Reduced -108.0k -108,028
12 1832 Asset Management L.P. 2.00% of their portfolio TORONTO, A6 9,365,6229.4m $1.1bn $1.1bn 2.00% Added +674.5k +674,536
13 MACKENZIE FINANCIAL CORP 1.62% of their portfolio TORONTO ONTARIO, A6 9,234,1329.2m $1.1bn $1.1bn 1.62% Reduced -191.2k -191,202
14 Capital International Investors 0.21% of their portfolio Los Angeles, CA 8,690,3958.7m $1.0bn $1.0bn 0.21% Reduced -313.1k -313,142
15 JARISLOWSKY, FRASER Ltd 6.18% of their portfolio MONTREAL, A8 8,610,9288.6m $1.0bn $1.0bn 6.18% Added +99.7k +99,716
16 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 6,637,6146.6m $784.1m $784.1m 0.03% Reduced -777.8k -777,848
17 NORGES BANK 0.10% of their portfolio OSLO, Q8 5,941,2145.9m $702.1m $702.1m 0.10% Reduced -167.1k -167,057
18 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 5,694,5175.7m $672.7m $672.7m 0.05% Reduced -437.0k -437,018
19 Fiera Capital Corp 1.99% of their portfolio MONTREAL, A8 5,443,4615.4m $643.5m $643.5m 1.99% Added +638.8k +638,817
20 DEUTSCHE BANK AG\ 0.27% of their portfolio FRANKFURT AM MAIN, 2M 5,079,5235.1m $600.0m $600.0m 0.27% Reduced -260.1k -260,137
21 CIBC WORLD MARKET INC. 1.44% of their portfolio TORONTO, A6 4,915,5274.9m $580.7m $580.7m 1.44% Reduced -45.4k -45,414
22 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.53% of their portfolio Toronto, A6 4,836,3454.8m $570.7m $570.7m 0.53% Added +120.5k +120,453
23 CIBC Asset Management Inc 2.03% of their portfolio TORONTO, Z4 4,819,4454.8m $569.1m $569.1m 2.03% Reduced -216.7k -216,653
24 Legal & General Group Plc 0.16% of their portfolio London, X0 4,754,7694.8m $561.7m $561.7m 0.16% Reduced -382.0k -381,960
25 Beutel, Goodman & Co Ltd. 2.91% of their portfolio TORONTO, A6 4,632,9274.6m $547.3m $547.3m 2.91% Reduced -87.8k -87,755
26 NATIONAL BANK OF CANADA /FI/ 0.84% of their portfolio MONTREAL, A8 4,590,3744.6m $537.0m $537.0m 0.84% Reduced -707.6k -707,583
27 Egerton Capital (UK) LLP 4.85% of their portfolio LONDON, X0 4,066,6664.1m $480.4m $480.4m 4.85% Reduced -1.9m -1,939,582
28 PRICE T ROWE ASSOCIATES INC /MD/ 0.06% of their portfolio BALTIMORE, MD 4,003,6054.0m $472.9m $472.9m 0.06% Added +17.1k +17,050
29 Connor, Clark & Lunn Investment Management Ltd. 1.87% of their portfolio VANCOUVER, A1 3,760,6693.8m $444.4m $444.4m 1.87% Added +161.0k +160,961
30 BANK OF NOVA SCOTIA 0.83% of their portfolio TORONTO, A6 3,590,5963.6m $424.3m $424.3m 0.83% Reduced -16.0k -16,020
31 Federation des caisses Desjardins du Quebec 2.02% of their portfolio LEVIS, A8 3,132,0093.1m $377.3m $377.3m 2.02% Added +2.0m +1,970,095
32 Harding Loevner LP 1.79% of their portfolio Bridgewater, NJ 2,749,3892.7m $324.8m $324.8m 1.79% Reduced -81.2k -81,186
33 SCOTIA CAPITAL INC. 1.77% of their portfolio TORONTO, A6 2,557,6382.6m $301.7m $301.7m 1.77% Added +63.9k +63,888
34 GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio BOSTON, MA 2,403,7232.4m $287.4m $287.4m 0.03% Added +113.6k +113,609
35 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 2,344,0832.3m $276.9m $276.9m 0.03% Added +204.8k +204,836
36 FMR LLC 0.02% of their portfolio BOSTON, MA 2,241,7932.2m $264.9m $264.9m 0.02% Reduced -2.2m -2,161,552
37 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.22% of their portfolio BOSTON, MA 2,082,7892.1m $246.1m $246.1m 0.22% Reduced -745.3k -745,255
38 GOLDMAN SACHS GROUP INC 0.05% of their portfolio NEW YORK, NY 2,028,4252.0m $239.6m $239.6m 0.05% Added +523.2k +523,226
39 Quadrature Capital Ltd 3.82% of their portfolio LONDON, X0 1,933,2001.9m $228.0m $228.0m 3.82% New
40 ALLIANCEBERNSTEIN L.P. 0.08% of their portfolio NASHVILLE, TN 1,861,1541.9m $219.9m $219.9m 0.08% Added +137.8k +137,754
41 CANADA PENSION PLAN INVESTMENT BOARD 0.21% of their portfolio TORONTO ONTARIO, A6 1,840,8601.8m $217.5m $217.5m 0.21% Reduced -2.7m -2,665,000
42 Findlay Park Partners LLP 2.03% of their portfolio LONDON, X0 1,827,0681.8m $215.8m $215.8m 2.03% Added +457.0k +457,000
43 ROYAL LONDON ASSET MANAGEMENT LTD 0.50% of their portfolio UNITED KINGDOM, X0 1,654,2291.7m $195.4m $195.4m 0.50% Added +16.1k +16,127
44 TD Waterhouse Canada Inc. 1.73% of their portfolio TORONTO, A6 1,641,2401.6m $192.5m $192.5m 1.73% Added +37.9k +37,945
45 Swiss National Bank 0.13% of their portfolio ZURICH, V8 1,634,1001.6m $192.9m $192.9m 0.13% Reduced -15.6k -15,600
46 LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA 1.67% of their portfolio BOSTON, MA 1,469,6051.5m $181.7m $181.7m 1.67% Reduced -849 -849
47 Alberta Investment Management Corp 1.78% of their portfolio EDMONTON, A0 1,423,6091.4m $168.2m $168.2m 1.78% Reduced -87.3k -87,305
48 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.95% of their portfolio VICTORIA, A1 1,336,0271.3m $157.9m $157.9m 0.95% Added +1.3m +1,307,689
49 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 1,301,9651.3m $153.8m $153.8m 0.03% New
50 Russell Investments Group, Ltd. 0.23% of their portfolio Seattle, WA 1,228,5991.2m $145.1m $145.1m 0.23% Reduced -50.6k -50,616
51 APG Asset Management N.V. 0.23% of their portfolio Amsterdam, P7 1,165,4611.2m $128.5m $128.5m 0.23% Added +76.2k +76,152
52 Amundi 0.05% of their portfolio Paris, I0 1,138,8061.1m $135.6m $135.6m 0.05% Added +86.4k +86,410
53 MANNING & NAPIER ADVISORS LLC 1.51% of their portfolio Fairport, NY 1,135,1561.1m $134.1m $134.1m 1.51% First filing
54 DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio AUSTIN, TX 1,102,9971.1m $130.3m $130.3m 0.03% Added +49.0k +48,984
55 Ninety One UK Ltd 0.36% of their portfolio London, X0 1,096,9011.1m $129.6m $129.6m 0.36% Added +611.3k +611,252
56 Clearbridge Investments, LLC 0.10% of their portfolio NEW YORK, NY 1,082,2311.1m $127.8m $127.8m 0.10% Reduced -25.4k -25,407
57 STIFEL FINANCIAL CORP 0.14% of their portfolio ST. LOUIS, MO 1,061,7731.1m $125.4m $125.4m 0.14% Added +22.2k +22,186
58 Douglass Winthrop Advisors, LLC 2.41% of their portfolio NEW YORK, NY 999,450999.5k $118.1m $118.1m 2.41% Reduced -9.4k -9,435
59 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio NEW YORK, NY 998,439998.4k $117.9m $117.9m 0.03% New
60 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 942,229942.2k $111.3m $111.3m 0.04% Added +85.3k +85,298
61 Nuveen Asset Management, LLC 0.03% of their portfolio CHICAGO, IL 938,904938.9k $112.1m $112.1m 0.03% Reduced -258.2k -258,235
62 TORONTO DOMINION BANK 0.17% of their portfolio TORONTO, ONTARIO, A6 907,386907.4k $107.2m $107.2m 0.17% Added +314.8k +314,759
63 BROWN ADVISORY INC 0.14% of their portfolio BALTIMORE, MD 904,505904.5k $106.8m $106.8m 0.14% Added +146.3k +146,346
64 RIVULET CAPITAL, LLC 7.36% of their portfolio PASSAIC, NJ 900,000900.0k $106.3m $106.3m 7.36% Added +75.0k +75,000
65 EARNEST PARTNERS LLC 0.46% of their portfolio ATLANTA, GA 824,679824.7k $97.5m $97.5m 0.46% Reduced -27.5k -27,462
66 Consulta Ltd 6.44% of their portfolio LONDON, X0 800,000800.0k $94.5m $94.5m 6.44% Unchanged
67 BlackRock Inc. 0.00% of their portfolio New York, NY 737,473737.5k $87.1m $87.1m 0.00% Reduced -82.6k -82,576
68 FRANKLIN RESOURCES INC 0.03% of their portfolio San Mateo, CA 699,150699.1k $82.6m $82.6m 0.03% Added +3.6k +3,577
69 AXA S.A. 0.12% of their portfolio PARIS, I0 697,204697.2k $82.4m $82.4m 0.12% Added +402.6k +402,578
70 State of Tennessee, Department of Treasury 0.29% of their portfolio NASHVILLE, TN 656,970657.0k $77.6m $77.6m 0.29% Reduced -7.5k -7,491
71 AGF MANAGEMENT LTD 0.46% of their portfolio TORONTO, A6 588,712588.7k $83.2m $83.2m 0.46% Reduced -333.9k -333,894
72 MONTRUSCO BOLTON INVESTMENTS INC. 0.73% of their portfolio MONTREAL, A8 585,950586.0k $69.2m $69.2m 0.73% Reduced -20.2k -20,178
73 Capital International, Inc./CA/ 0.92% of their portfolio Los Angeles, CA 584,324584.3k $69.0m $69.0m 0.92% Reduced -9.1k -9,122
74 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 550,280550.3k $63.8m $63.8m 0.02% Added +24.9k +24,948
75 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.24% of their portfolio JUPITER, FL 549,321549.3k $64.9m $64.9m 0.24% Added +423.8k +423,820
76 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.17% of their portfolio CHICAGO, IL 543,070543.1k $64.2m $64.2m 0.17% Reduced -136.5k -136,479
77 AVIVA PLC 0.18% of their portfolio LONDON, X0 534,727534.7k $63.2m $63.2m 0.18% Added +132.5k +132,508
78 INTACT INVESTMENT MANAGEMENT INC. 2.14% of their portfolio MONTREAL, A8 485,099485.1k $57.3m $57.3m 2.14% Added +160.3k +160,277
79 DekaBank Deutsche Girozentrale 0.10% of their portfolio FRANKFURT, 2M 482,206482.2k $56.4m $56.4m 0.10% Added +25.3k +25,263
80 Dixon Mitchell Investment Counsel Inc. 2.84% of their portfolio VANCOUVER, A1 479,077479.1k $56.7m $56.7m 2.84% Added +3.6k +3,615
81 Cardinal Capital Management, Inc. 2.14% of their portfolio WINNIPEG, A2 470,679470.7k $55.6m $55.6m 2.14% Added +22.2k +22,200
82 Burgundy Asset Management Ltd. 0.59% of their portfolio Toronto, A6 470,003470.0k $55.5m $55.5m 0.59% Reduced -7.3k -7,345
83 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 468,889468.9k $55.4m $55.4m 0.01% Added +52.8k +52,799
84 BRADLEY FOSTER & SARGENT INC/CT 0.98% of their portfolio HARTFORD, CT 458,442458.4k $54.2m $54.2m 0.98% Reduced -8.7k -8,658
85 REAVES W H & CO INC 1.74% of their portfolio JERSEY CITY, NJ 436,662436.7k $51.6m $51.6m 1.74% Reduced -20.0k -20,044
86 Addenda Capital Inc. 2.71% of their portfolio MONTREAL, A8 427,926427.9k $69.2m $69.2m 2.71% Reduced -7.1k -7,082
87 Scheer, Rowlett & Associates Investment Management Ltd. 3.80% of their portfolio TORONTO, A6 420,233420.2k $49.7m $49.7m 3.80% Reduced -2.3k -2,320
88 SATURNA CAPITAL CORP 0.64% of their portfolio BELLINGHAM, WA 408,000408.0k $48.2m $48.2m 0.64% Unchanged
89 FIRST TRUST ADVISORS LP 0.05% of their portfolio Wheaton, IL 387,993388.0k $45.8m $45.8m 0.05% Reduced -53.8k -53,785
90 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 373,429373.4k $44.1m $44.1m 0.01% Reduced -12.1k -12,145
91 UBS Group AG 0.01% of their portfolio ZURICH, V8 365,892365.9k $43.2m $43.2m 0.01% Added +23.6k +23,592
92 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 364,317364.3k $43.0m $43.0m 0.04% Added +266.2k +266,243
93 SEI INVESTMENTS CO 0.06% of their portfolio OAKS, PA 360,591360.6k $42.6m $42.6m 0.06% Reduced -4.8k -4,836
94 CANADA LIFE ASSURANCE Co 0.08% of their portfolio WINNIPEG, A2 353,496353.5k $41.7m $41.7m 0.08% Added +29.2k +29,162
95 Partners Group Holding AG 3.10% of their portfolio BAAR-ZUG, V8 349,217349.2k $41.1m $41.1m 3.10% Added +82.7k +82,698
96 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.04% of their portfolio FRANKFURT AM MAIN, 2M 339,656339.7k $40.1m $40.1m 0.04% Reduced -6.2k -6,167
97 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 327,872327.9k $38.7m $38.7m 0.00% Added +11.9k +11,900
98 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 326,979327.0k $38.6m $38.6m 0.05% Added +277.0k +276,982
99 CIBC Private Wealth Group LLC 0.07% of their portfolio ATLANTA, GA 316,983317.0k $37.0m $37.0m 0.07% Added +6.7k +6,719
100 MUFG SECURITIES (CANADA), LTD. 2.36% of their portfolio NEW YORK, NY 303,066303.1k $35.8m $35.8m 2.36% Added +302.8k +302,766