Vault-13

CANADIAN NATL RY CO CNI

COM · Common Stock · CUSIP 136375102 · ISIN CA1363751027

Canadian Class I freight railway company

823 institutional holders -4 vs Q1 2025
453,138,218453.1m shares reported held*
$47.2bnreported value*
68 new 281 added 281 reduced 69 sold out net bought ≈ $3.1bn (+29.4m 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 ($491.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $104.23. Options: 19 managers hold calls ($130.0m notional), 16 hold puts ($57.8m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 743Q4 22: 785Q1 23: 793Q2 23: 794Q3 23: 778Q4 23: 827Q1 24: 858Q2 24: 856Q3 24: 854Q4 24: 858Q1 25: 827Q2 25: 823823Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022743
Q4 2022785
Q1 2023793
Q2 2023794
Q3 2023778
Q4 2023827
Q1 2024858
Q2 2024856
Q3 2024854
Q4 2024858
Q1 2025827
Q2 2025823

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 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 24Q3 24: 345 bought or addedQ3 24: 367 cut or sold outQ4 24: 300 bought or addedQ4 24: 417 cut or sold outQ4 24Q1 25: 317 bought or addedQ1 25: 410 cut or sold outQ2 25: 349 bought or addedQ2 25: 350 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023298361
Q4 2023347314
Q1 2024357339
Q2 2024327384
Q3 2024345367
Q4 2024300417
Q1 2025317410
Q2 2025349350

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ3 24 calls: $99.4mQ3 24 puts: $83.0mQ3 24P/C 0.84Q4 24 calls: $113.1mQ4 24 puts: $62.1mQ4 24P/C 0.55Q1 25 calls: $109.4mQ1 25 puts: $93.9mQ1 25P/C 0.86Q2 25 calls: $130.0mQ2 25 puts: $57.8mQ2 25P/C 0.44
Numbers
QuarterCallsPutsP/C
Q3 2024$99.4m$83.0m0.84
Q4 2024$113.1m$62.1m0.55
Q1 2025$109.4m$93.9m0.86
Q2 2025$130.0m$57.8m0.44

Biggest buyers

ROYAL BANK OF CANADA Added +29,353,377+29.4m
WELLINGTON MANAGEMENT GROUP LLP Added +6,372,688+6.4m
Fisher Asset Management, LLC New +1,823,800+1.8m
FIL Ltd Added +1,478,619+1.5m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Added +1,408,978+1.4m
Caisse de depot et placement du Quebec Added +1,241,322+1.2m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +1,051,977+1.1m
Connor, Clark & Lunn Investment Management Ltd. Added +1,019,914+1.0m
ClearBridge Investments Ltd Added +956,280+956.3k
GOLDMAN SACHS GROUP INC Added +833,922+833.9k

Biggest sellers

Bank of New York Mellon Corp Reduced -6,397,027-6.4m
TCI FUND MANAGEMENT LTD Reduced -3,910,012-3.9m
Quadrature Capital Ltd Reduced -2,113,700-2.1m
CIBC WORLD MARKET INC. Reduced -1,700,845-1.7m
Capital International Investors Reduced -1,049,960-1.0m
Point72 Asset Management, L.P. Reduced -661,332-661.3k
BANK OF AMERICA CORP /DE/ Reduced -631,372-631.4k
1832 Asset Management L.P. Reduced -620,539-620.5k
MORGAN STANLEY Reduced -607,318-607.3k
Schonfeld Strategic Advisors LLC Reduced -513,501-513.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $20.0m192.0k shares
TORONTO DOMINION BANK Reduced $18.0m173.0k shares
Walleye Trading LLC Added $16.4m157.8k shares
CITADEL ADVISORS LLC Reduced $15.2m146.5k shares
SIG North Trading, ULC Reduced $13.0m124.7k shares
PEAK6 LLC New $7.8m75.2k shares
CAPITAL FUND MANAGEMENT S.A. Added $7.4m70.9k shares
SIMPLEX TRADING, LLC Added $7.3m70.5k shares
NATIONAL BANK OF CANADA /FI/ Added $7.0m674 shares
Ionic Capital Management LLC New $6.1m58.5k shares

Biggest puts

SIG North Trading, ULC Added $21.9m210.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $8.9m85.8k shares
BANK OF MONTREAL /CAN/ Added $7.3m70.0k shares
CITADEL ADVISORS LLC Reduced $5.4m52.1k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $4.0m38.2k shares
NATIONAL BANK OF CANADA /FI/ Reduced $2.9m277 shares
TORONTO DOMINION BANK Reduced $1.9m18.7k shares
UBS Group AG Unchanged $1.7m16.5k shares
PEAK6 LLC Reduced $1.3m12.6k shares
TUDOR INVESTMENT CORP ET AL Reduced $801.1k7.7k 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 2025

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 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ROYAL BANK OF CANADA 0.57% of their portfolio TORONTO, A6 56,303,29456.3m $5.9bn $5.9bn 0.57% Added +29.4m +29,353,377
2 GATES FOUNDATION TRUST 11.94% of their portfolio KIRKLAND, WA 54,826,78654.8m $5.7bn $5.7bn 11.94% Unchanged
3 VANGUARD GROUP INC 0.04% of their portfolio Valley Forge, PA 23,927,39323.9m $2.5bn $2.5bn 0.04% Added +761.5k +761,454
4 TCI FUND MANAGEMENT LTD 4.72% of their portfolio LONDON, X0 22,989,06623.0m $2.4bn $2.4bn 4.72% Reduced -3.9m -3,910,012
5 WELLINGTON MANAGEMENT GROUP LLP 0.42% of their portfolio Boston, MA 22,508,72522.5m $2.3bn $2.3bn 0.42% Added +6.4m +6,372,688
6 BANK OF MONTREAL /CAN/ 0.75% of their portfolio TORONTO, A6 14,228,76814.2m $1.5bn $1.5bn 0.75% Reduced -357.1k -357,059
7 Caisse de depot et placement du Quebec 3.05% of their portfolio Montreal, A8 13,737,92213.7m $1.4bn $1.4bn 3.05% Added +1.2m +1,241,322
8 TD Asset Management Inc 1.07% of their portfolio Toronto, A6 12,072,54012.1m $1.3bn $1.3bn 1.07% Added +274.0k +273,974
9 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.39% of their portfolio Boston, MA 11,823,66111.8m $1.2bn $1.2bn 0.39% Reduced -298.3k -298,256
10 1832 Asset Management L.P. 1.93% of their portfolio TORONTO, A6 10,622,97310.6m $1.1bn $1.1bn 1.93% Reduced -620.5k -620,539
11 Capital International Investors 0.19% of their portfolio Los Angeles, CA 10,505,58310.5m $1.1bn $1.1bn 0.19% Reduced -1.0m -1,049,960
12 JARISLOWSKY, FRASER Ltd 5.49% of their portfolio MONTREAL, A8 9,241,7039.2m $961.0m $961.0m 5.49% Added +25.2k +25,244
13 MACKENZIE FINANCIAL CORP 1.16% of their portfolio TORONTO ONTARIO, A6 8,590,2098.6m $895.6m $895.6m 1.16% Added +18.4k +18,403
14 NATIONAL BANK OF CANADA /FI/ 0.84% of their portfolio MONTREAL, A8 7,454,5157.5m $775.2m $775.2m 0.84% Reduced -125.1k -125,109
15 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.62% of their portfolio Toronto, A6 6,705,6796.7m $695.0m $695.0m 0.62% Added +1.4m +1,408,978
16 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.46% of their portfolio BOSTON, MA 6,296,8286.3m $655.8m $655.8m 0.46% Added +1.1m +1,051,977
17 PRICE T ROWE ASSOCIATES INC /MD/ 0.07% of their portfolio BALTIMORE, MD 6,166,4416.2m $641.6m $641.6m 0.07% Reduced -472.0k -472,002
18 DEUTSCHE BANK AG\ 0.23% of their portfolio FRANKFURT AM MAIN, 2M 6,054,6296.1m $629.9m $629.9m 0.23% Reduced -101.2k -101,235
19 Fiera Capital Corp 2.05% of their portfolio MONTREAL, A8 5,800,5835.8m $604.0m $604.0m 2.05% Added +330.9k +330,901
20 Bank of New York Mellon Corp 0.11% of their portfolio NEW YORK, NY 5,713,5795.7m $594.4m $594.4m 0.11% Reduced -6.4m -6,397,027
21 NORGES BANK 0.07% of their portfolio OSLO, Q8 5,677,5545.7m $591.9m $591.9m 0.07% Added +128.6k +128,617
22 CIBC Asset Management Inc 1.71% of their portfolio TORONTO, Z4 5,222,4705.2m $544.6m $544.6m 1.71% Added +275.0k +275,045
23 CIBC WORLD MARKET INC. 1.12% of their portfolio TORONTO, A6 4,844,4774.8m $504.0m $504.0m 1.12% Reduced -1.7m -1,700,845
24 FIL Ltd 0.42% of their portfolio HAMILTON, D0 4,727,5164.7m $492.6m $492.6m 0.42% Added +1.5m +1,478,619
25 GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio BOSTON, MA 4,365,9104.4m $460.1m $460.1m 0.03% Added +689.3k +689,309
26 Legal & General Group Plc 0.11% of their portfolio London, X0 4,297,3254.3m $446.9m $446.9m 0.11% Reduced -13.4k -13,371
27 Connor, Clark & Lunn Investment Management Ltd. 1.55% of their portfolio VANCOUVER, A1 4,220,1504.2m $440.0m $440.0m 1.55% Added +1.0m +1,019,914
28 Beutel, Goodman & Co Ltd. 2.45% of their portfolio TORONTO, A6 4,134,9544.1m $430.0m $430.0m 2.45% Reduced -127.7k -127,737
29 CANADA PENSION PLAN INVESTMENT BOARD 0.32% of their portfolio TORONTO ONTARIO, A6 3,634,4393.6m $378.9m $378.9m 0.32% Added +775.7k +775,700
30 SCOTIA CAPITAL INC. 1.72% of their portfolio TORONTO, A6 3,498,7243.5m $363.3m $363.3m 1.72% Added +312.5k +312,535
31 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 3,498,5403.5m $364.0m $364.0m 0.06% Added +833.9k +833,922
32 Federation des caisses Desjardins du Quebec 1.59% of their portfolio LEVIS, A8 3,483,3583.5m $361.7m $361.7m 1.59% Added +493.0k +493,017
33 BANK OF NOVA SCOTIA 0.59% of their portfolio TORONTO, A6 2,774,0992.8m $289.0m $289.0m 0.59% Reduced -3.5k -3,465
34 Canoe Financial LP 3.88% of their portfolio CALGARY, A0 2,612,2552.6m $272.3m $272.3m 3.88% Added +180.6k +180,594
35 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 2,549,0622.5m $265.2m $265.2m 0.02% Reduced -116.0k -116,027
36 Harding Loevner LP 1.63% of their portfolio Bridgewater, NJ 2,325,1772.3m $241.9m $241.9m 1.63% Reduced -70.3k -70,287
37 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 2,280,4492.3m $237.3m $237.3m 0.02% Reduced -607.3k -607,318
38 Ninety One UK Ltd 0.50% of their portfolio London, X0 2,050,8262.1m $213.3m $213.3m 0.50% Added +149.5k +149,484
39 TD Waterhouse Canada Inc. 1.38% of their portfolio TORONTO, A6 1,844,7821.8m $193.3m $193.3m 1.38% Added +44.6k +44,633
40 Fisher Asset Management, LLC 0.08% of their portfolio PLANO, TX 1,823,8001.8m $189.7m $189.7m 0.08% New
41 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 1,798,5481.8m $187.1m $187.1m 0.02% Reduced -631.4k -631,372
42 ClearBridge Investments Ltd 4.04% of their portfolio SYDNEY, C3 1,769,9701.8m $184.1m $184.1m 4.04% Added +956.3k +956,280
43 FMR LLC 0.01% of their portfolio BOSTON, MA 1,759,4221.8m $183.3m $183.3m 0.01% Reduced -16.6k -16,647
44 Swiss National Bank 0.10% of their portfolio ZURICH, V8 1,623,4001.6m $168.5m $168.5m 0.10% Added +102.3k +102,300
45 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 1,527,3591.5m $158.8m $158.8m 0.03% Added +64.9k +64,919
46 Findlay Park Partners LLP 1.60% of their portfolio LONDON, X0 1,490,3681.5m $155.1m $155.1m 1.60% Reduced -339.7k -339,700
47 LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA 1.31% of their portfolio BOSTON, MA 1,425,0791.4m $148.3m $148.3m 1.31% Reduced -7.2k -7,228
48 Troy Asset Management Ltd 3.92% of their portfolio LONDON, X0 1,377,6491.4m $143.4m $143.4m 3.92% Reduced -23.0k -23,046
49 TORONTO DOMINION BANK 0.31% of their portfolio TORONTO, ONTARIO, A6 1,363,8721.4m $142.2m $142.2m 0.31% Added +111.0k +111,048
50 Nuveen, LLC 0.04% of their portfolio CHARLOTTE, NC 1,319,5211.3m $137.2m $137.2m 0.04% Added +166.2k +166,232
51 Clearbridge Investments, LLC 0.11% of their portfolio NEW YORK, NY 1,319,3421.3m $137.3m $137.3m 0.11% Added +16.7k +16,658
52 DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio AUSTIN, TX 1,247,9041.2m $129.8m $129.8m 0.03% Added +37.5k +37,548
53 STIFEL FINANCIAL CORP 0.12% of their portfolio ST. LOUIS, MO 1,176,8481.2m $122.4m $122.4m 0.12% Added +32.0k +31,977
54 Amundi 0.05% of their portfolio Paris, I0 1,146,6351.1m $134.3m $134.3m 0.05% Reduced -191.3k -191,284
55 TWO SIGMA INVESTMENTS, LP 0.21% of their portfolio NEW YORK, NY 1,136,8811.1m $118.3m $118.3m 0.21% Added +633.1k +633,063
56 Douglass Winthrop Advisors, LLC 2.02% of their portfolio NEW YORK, NY 1,077,3811.1m $112.1m $112.1m 2.02% Added +22.8k +22,790
57 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.63% of their portfolio VICTORIA, A1 1,039,4451.0m $108.4m $108.4m 0.63% Added +113.4k +113,381
58 Alberta Investment Management Corp 0.84% of their portfolio EDMONTON, A0 1,024,5001.0m $106.8m $106.8m 0.84% Reduced -215.3k -215,313
59 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 1,006,1971.0m $104.7m $104.7m 0.02% Added +31.1k +31,148
60 MUFG SECURITIES (CANADA), LTD. 2.97% of their portfolio NEW YORK, NY 937,638937.6k $97.6m $97.6m 2.97% Added +94.1k +94,106
61 BLI - Banque de Luxembourg Investments 2.70% of their portfolio LUXEMBOURG CITY, N4 907,795907.8k $94.2m $94.2m 2.70% Added +11.5k +11,500
62 BROWN ADVISORY INC 0.12% of their portfolio BALTIMORE, MD 899,287899.3k $93.6m $93.6m 0.12% Added +87.9k +87,943
63 UBS Group AG 0.02% of their portfolio ZURICH, V8 823,394823.4k $85.7m $85.7m 0.02% Added +218.9k +218,859
64 MANNING & NAPIER ADVISORS LLC 1.02% of their portfolio Fairport, NY 820,103820.1k $85.3m $85.3m 1.02% Reduced -39.8k -39,795
65 Scheer, Rowlett & Associates Investment Management Ltd. 5.42% of their portfolio TORONTO, A6 802,257802.3k $83.6m $83.6m 5.42% Added +71.4k +71,364
66 AGF MANAGEMENT LTD 0.44% of their portfolio TORONTO, A6 800,550800.5k $97.4m $97.4m 0.44% Added +153.6k +153,572
67 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 749,116749.1k $77.9m $77.9m 0.01% Added +235.1k +235,148
68 Cardinal Capital Management, Inc. 2.38% of their portfolio WINNIPEG, A2 731,350731.4k $76.2m $76.2m 2.38% Added +22.0k +22,035
69 State of Tennessee, Department of Treasury 0.27% of their portfolio NASHVILLE, TN 718,137718.1k $74.7m $74.7m 0.27% Added +52.2k +52,201
70 Burgundy Asset Management Ltd. 0.72% of their portfolio Toronto, A6 708,784708.8k $73.7m $73.7m 0.72% Reduced -3.0k -3,035
71 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 655,840655.8k $68.2m $68.2m 0.05% Added +54.4k +54,415
72 Russell Investments Group, Ltd. 0.08% of their portfolio Seattle, WA 618,757618.8k $64.4m $64.4m 0.08% Added +22.7k +22,680
73 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.23% of their portfolio JUPITER, FL 611,667611.7k $63.6m $63.6m 0.23% Reduced -422.7k -422,739
74 Qube Research & Technologies Ltd 0.09% of their portfolio LONDON, X0 599,029599.0k $62.3m $62.3m 0.09% Added +323.7k +323,729
75 QV Investors Inc. 6.03% of their portfolio CALGARY, A0 590,955591.0k $61.5m $61.5m 6.03% Added +85.3k +85,350
76 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 583,219583.2k $60.8m $60.8m 0.02% Added +91.8k +91,790
77 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 575,918575.9k $59.9m $59.9m 0.01% Reduced -63.6k -63,623
78 RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio NEW YORK, NY 565,900565.9k $58.9m $58.9m 0.08% Reduced -7.8k -7,800
79 Value Partners Investments Inc. 4.50% of their portfolio WINNIPEG, A2 553,945553.9k $57.6m $57.6m 4.50% Added +655 +655
80 Dixon Mitchell Investment Counsel Inc. 2.11% of their portfolio VANCOUVER, A1 520,754520.8k $54.2m $54.2m 2.11% Added +10.9k +10,927
81 TWO SIGMA ADVISERS, LP 0.11% of their portfolio NEW YORK, NY 519,472519.5k $54.0m $54.0m 0.11% Added +253.2k +253,200
82 MACQUARIE GROUP LTD 0.09% of their portfolio Sydney, NSW 2000, C3 517,907517.9k $71.9m $71.9m 0.09% Added +160.8k +160,823
83 SEI INVESTMENTS CO 0.06% of their portfolio OAKS, PA 514,769514.8k $53.6m $53.6m 0.06% Added +57.0k +56,965
84 INTACT INVESTMENT MANAGEMENT INC. 1.76% of their portfolio MONTREAL, A8 498,493498.5k $51.9m $51.9m 1.76% Reduced -120.0k -119,986
85 BlackRock, Inc. 0.00% of their portfolio New York, NY 497,143497.1k $51.7m $51.7m 0.00% Reduced -89.8k -89,805
86 Addenda Capital Inc. 2.39% of their portfolio MONTREAL, A8 469,260469.3k $66.6m $66.6m 2.39% Added +38.3k +38,292
87 DekaBank Deutsche Girozentrale 0.08% of their portfolio FRANKFURT, 2M 456,770456.8k $47.2m $47.2m 0.08% Reduced -173 -173
88 HSBC HOLDINGS PLC 0.03% of their portfolio LONDON, X0 424,323424.3k $44.2m $44.2m 0.03% Added +183.9k +183,941
89 Partners Group Holding AG 2.16% of their portfolio BAAR-ZUG, V8 418,381418.4k $43.5m $43.5m 2.16% Reduced -60.7k -60,736
90 MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.80% of their portfolio MISSISSAUGA, A6 417,087417.1k $43.4m $43.4m 4.80% Added +8.9k +8,865
91 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 416,224416.2k $42.0m $42.0m 0.01% Reduced -110.6k -110,600
92 Korea Investment CORP 0.09% of their portfolio SEOUL, M5 403,542403.5k $42.0m $42.0m 0.09% Added +60.7k +60,669
93 AVIVA PLC 0.09% of their portfolio LONDON, X0 400,387400.4k $41.7m $41.7m 0.09% Added +25.1k +25,050
94 CIDEL ASSET MANAGEMENT INC 2.49% of their portfolio TORONTO, A6 399,269399.3k $41.5m $41.5m 2.49% Added +7.9k +7,936
95 SATURNA CAPITAL CORP 0.54% of their portfolio BELLINGHAM, WA 384,280384.3k $40.0m $40.0m 0.54% Added +280 +280
96 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 384,230384.2k $40.0m $40.0m 0.05% Added +94 +94
97 APG Asset Management N.V. 0.10% of their portfolio Amsterdam, P7 382,900382.9k $33.9m $33.9m 0.10% Added +10.8k +10,800
98 Northwest & Ethical Investments L.P. 0.98% of their portfolio TORONTO, A6 377,662377.7k $39.3m $39.3m 0.98% Added +36.4k +36,441
99 CANADA LIFE ASSURANCE Co 0.06% of their portfolio WINNIPEG, A2 375,665375.7k $39.0m $39.0m 0.06% Added +187 +187
100 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 374,868374.9k $39.0m $39.0m 0.03% Reduced -476.3k -476,312