CANADIAN NATL RY CO CNI
COM · Common Stock · CUSIP 136375102 · ISIN CA1363751027
Canadian Class I freight railway company
* 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 ($465.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $122.14. Options: 19 managers hold calls ($188.8m notional), 17 hold puts ($57.0m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 743 |
| Q4 2022 | 785 |
| Q1 2023 | 793 |
| Q2 2023 | 794 |
| Q3 2023 | 778 |
| Q4 2023 | 827 |
| Q1 2024 | 858 |
| Q2 2024 | 856 |
| Q3 2024 | 854 |
| Q4 2024 | 858 |
| Q1 2025 | 827 |
| Q2 2025 | 823 |
| Q3 2025 | 758 |
| Q4 2025 | 809 |
| Q1 2026 | 830 |
| Q2 2026 | 844 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 345 | 367 |
| Q4 2024 | 300 | 417 |
| Q1 2025 | 317 | 410 |
| Q2 2025 | 349 | 350 |
| Q3 2025 | 292 | 393 |
| Q4 2025 | 340 | 325 |
| Q1 2026 | 347 | 346 |
| Q2 2026 | 383 | 317 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $170.0m | $116.7m | 0.69 |
| Q4 2025 | $109.5m | $60.1m | 0.55 |
| Q1 2026 | $96.0m | $62.4m | 0.65 |
| Q2 2026 | $188.8m | $57.0m | 0.30 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +3.6m |
| CIBC Asset Management Inc | Added | +3.2m |
| Harding Loevner LP | Added | +2.5m |
| FIL Ltd | Added | +2.3m |
| PineStone Asset Management Inc. | New | +2.0m |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +1.1m |
| MORGAN STANLEY | Added | +1.0m |
| TWO SIGMA INVESTMENTS, LP | Added | +974.8k |
| BESSEMER GROUP INC | Added | +908.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +899.5k |
Biggest sellers
| LAZARD ASSET MANAGEMENT LLC | Reduced | -5.2m |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -3.0m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -2.3m |
| Fisher Asset Management, LLC | Reduced | -2.3m |
| TD Asset Management Inc | Reduced | -2.2m |
| 1832 Asset Management L.P. | Reduced | -2.2m |
| CITADEL ADVISORS LLC | Reduced | -1.5m |
| Capital International Investors | Reduced | -1.2m |
| DEUTSCHE BANK AG\ | Reduced | -1.1m |
| Fiera Capital Corp | Reduced | -784.6k |
Biggest calls
| SIG North Trading, ULC | Added | $32.2m269.9k shares |
| TORONTO DOMINION BANK | Added | $28.6m239.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $23.9m200.8k shares |
| CITADEL ADVISORS LLC | Added | $18.3m153.6k shares |
| Murchinson Ltd. | Added | $13.7m115.0k shares |
| GROUP ONE TRADING LLC | Added | $13.2m111.1k shares |
| JANE STREET GROUP, LLC | Added | $13.1m109.5k shares |
| CIBC WORLD MARKET INC. | Added | $10.6m88.2k shares |
| IMC-Chicago, LLC | Added | $7.2m60.1k shares |
| Waratah Capital Advisors Ltd. | New | $7.2m60.0k shares |
Biggest puts
| SIG North Trading, ULC | Reduced | $15.5m129.6k shares |
| Murchinson Ltd. | Added | $8.9m75.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $8.4m70.8k shares |
| ROYAL BANK OF CANADA | Reduced | $3.6m30.0k shares |
| Twin Tree Management, LP | New | $3.3m27.9k shares |
| IMC-Chicago, LLC | Added | $3.2m27.1k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $2.9m246 shares |
| CITADEL ADVISORS LLC | Reduced | $2.3m19.0k shares |
| TORONTO DOMINION BANK | Added | $2.1m17.8k shares |
| WELLS FARGO & COMPANY/MN | New | $2.1m17.5k 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 since 1 Apr 2026
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 since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| GATES FOUNDATION TRUST 17.95% of their portfolio | 51.8m $6.2bn | Unchanged |
| ROYAL BANK OF CANADA 0.63% of their portfolio | 31.2m $3.7bn | Added +3.6m |
| FIL Ltd 1.64% of their portfolio | 19.1m $2.3bn | Added +2.3m |
| Caisse de depot et placement du Quebec 3.22% of their portfolio | 19.0m $2.3bn | Added +178.4k |
| 1832 Asset Management L.P. 2.42% of their portfolio | 16.5m $2.0bn | Reduced -2.2m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 15.9m $1.9bn | Added +120.1k |
| BANK OF MONTREAL /CAN/ 0.64% of their portfolio | 14.8m $1.8bn | Added +845.5k |
| TD Asset Management Inc 1.02% of their portfolio | 9.9m $1.2bn | Reduced -2.2m |
| TCI FUND MANAGEMENT LTD 2.13% of their portfolio | 9.4m $1.1bn | Reduced -416.5k |
| MACKENZIE FINANCIAL CORP 1.50% of their portfolio | 8.9m $1.5bn | Added +163.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.18% of their portfolio | 8.5m $1.0bn | Reduced -3.0m |
| CIBC Asset Management Inc 1.80% of their portfolio | 6.9m $819.9m | Added +3.2m |
| NATIONAL BANK OF CANADA /FI/ 0.71% of their portfolio | 6.8m $805.3m | Added +76.1k |
| DEUTSCHE BANK AG\ 0.21% of their portfolio | 6.1m $722.9m | Reduced -1.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.07% of their portfolio | 6.1m $721.7m | Reduced -424.3k |
| Clearbridge Investments, LLC 0.59% of their portfolio | 6.0m $711.2m | Added +711.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio | 5.8m $706.7m | Added +607.8k |
| NORGES BANK 0.07% of their portfolio | 5.7m $679.0m | Not comparable |
| Connor, Clark & Lunn Investment Management Ltd. 1.28% of their portfolio | 5.7m $676.4m | Added +1.1m |
| Fiera Capital Corp 2.34% of their portfolio | 5.4m $644.0m | Reduced -784.6k |
| Harding Loevner LP 6.10% of their portfolio | 5.4m $648.4m | Added +2.5m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.49% of their portfolio | 5.3m $631.7m | Added +899.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.27% of their portfolio | 5.2m $614.4m | Added +424.3k |
| CIBC WORLD MARKET INC. 1.01% of their portfolio | 5.0m $602.2m | Reduced -73.6k |
| VANGUARD FIDUCIARY TRUST CO 0.13% of their portfolio | 4.8m $574.8m | Added +21.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.29% of their portfolio | 4.5m $532.0m | Reduced -27.4k |
| TD Waterhouse Canada Inc. 1.35% of their portfolio | 4.3m $514.6m | Added +116.5k |
| Legal & General Group Plc 0.10% of their portfolio | 4.0m $475.6m | Reduced -228.8k |
| LAZARD ASSET MANAGEMENT LLC 0.71% of their portfolio | 3.9m $466.3m | Reduced -5.2m |
| Federation des caisses Desjardins du Quebec 1.41% of their portfolio | 3.9m $462.6m | Added +56.0k |
| SCOTIA CAPITAL INC. 1.69% of their portfolio | 3.8m $452.8m | Reduced -122.4k |
| MORGAN STANLEY 0.02% of their portfolio | 3.7m $438.2m | Added +1.0m |
| Canoe Financial LP 5.03% of their portfolio | 3.4m $406.3m | Reduced -18.8k |
| GOLDMAN SACHS GROUP INC 0.04% of their portfolio | 3.1m $373.1m | Added +429.6k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 2.6m $315.4m | Reduced -316.0k |
| Troy Asset Management Ltd 8.99% of their portfolio | 2.6m $322.3m | Reduced -64.7k |
| Vanguard Global Advisers, LLC 0.13% of their portfolio | 2.3m $277.6m | Added +132.4k |
| Beutel, Goodman & Co Ltd. 1.85% of their portfolio | 2.1m $251.1m | Reduced -310.6k |
| TORONTO DOMINION BANK 0.41% of their portfolio | 2.1m $246.8m | Added +107.4k |
| PineStone Asset Management Inc. 1.50% of their portfolio | 2.0m $242.6m | New |
| Findlay Park Partners LLP 2.94% of their portfolio | 1.8m $217.7m | Reduced -61.9k |
| FMR LLC 0.01% of their portfolio | 1.8m $217.8m | Reduced -68.2k |
| Mitsubishi UFJ Trust & Banking Corp 0.45% of their portfolio | 1.7m $204.9m | Added +307.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 1.7m $205.0m | Added +97.6k |
| Swiss National Bank 0.10% of their portfolio | 1.7m $199.0m | Reduced -88.6k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 1.4m $171.8m | Added +58.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.25% of their portfolio | 1.4m $784.1m | Reduced -2.3m |
| AQR CAPITAL MANAGEMENT LLC 0.06% of their portfolio | 1.4m $167.7m | Added +274.6k |
| TWO SIGMA INVESTMENTS, LP 0.13% of their portfolio | 1.4m $166.7m | Added +974.8k |
| STIFEL FINANCIAL CORP 0.13% of their portfolio | 1.4m $162.2m | Reduced -31.1k |
| BANK OF NOVA SCOTIA 0.24% of their portfolio | 1.3m $159.4m | Reduced -61.6k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.3m $151.4m | Reduced -120.5k |
| Cardinal Capital Management, Inc. 3.61% of their portfolio | 1.3m $149.4m | Added +68.8k |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA 1.45% of their portfolio | 1.3m $149.2m | Reduced -20.6k |
| Nuveen, LLC 0.04% of their portfolio | 1.2m $147.5m | Added +82.5k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.09% of their portfolio | 1.2m $138.0m | Added +126.2k |
| LETKO, BROSSEAU & ASSOCIATES INC 1.81% of their portfolio | 1.0m $122.6m | Reduced -23.9k |
| INTACT INVESTMENT MANAGEMENT INC. 3.24% of their portfolio | 955.8k $114.0m | Reduced -5.7k |
| Douglass Winthrop Advisors, LLC 1.93% of their portfolio | 936.9k $111.7m | Reduced -17.4k |
| BESSEMER GROUP INC 0.15% of their portfolio | 912.2k $108.7m | Added +908.1k |
| Amundi 0.02% of their portfolio | 860.9k $102.7m | Reduced -161.0k |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 795.4k $94.9m | Added +291.6k |
| MUFG SECURITIES (CANADA), LTD. 2.46% of their portfolio | 765.1k $91.2m | Reduced -44.3k |
| Alberta Investment Management Corp 0.52% of their portfolio | 750.8k $89.5m | Reduced -8.5k |
| Balyasny Asset Management L.P. 0.16% of their portfolio | 745.2k $88.9m | Added +239.5k |
| Scheer, Rowlett & Associates Investment Management Ltd. 6.24% of their portfolio | 727.8k $86.8m | Reduced -5.4k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.53% of their portfolio | 716.2k $85.4m | Added +69.5k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 685.1k $81.7m | Reduced -27.9k |
| BLI - Banque de Luxembourg Investments 2.88% of their portfolio | 683.7k $81.6m | Reduced -161.2k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.11% of their portfolio | 651.6k $77.7m | Added +501.6k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 628.4k $74.9m | Added +36.9k |
| Value Partners Investments Inc. 5.05% of their portfolio | 607.6k $72.4m | Added +1.7k |
| Public Sector Pension Investment Board 0.19% of their portfolio | 599.8k $71.5m | Added +330.9k |
| QV Investors Inc. 5.43% of their portfolio | 591.8k $70.6m | Reduced -24.4k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 552.9k $65.9m | Added +48.8k |
| Addenda Capital Inc. 2.53% of their portfolio | 548.9k $92.9m | Added +88.9k |
| AGF MANAGEMENT LTD 0.34% of their portfolio | 540.1k $88.4m | Added +5.3k |
| State of Tennessee, Department of Treasury 0.19% of their portfolio | 537.9k $64.2m | Reduced -17.0k |
| Vanguard Investments Australia, Ltd. 0.16% of their portfolio | 530.9k $63.4m | Added +12.0k |
| Invesco Ltd. 0.00% of their portfolio | 524.8k $62.6m | Reduced -512.7k |
| SEI INVESTMENTS CO 0.05% of their portfolio | 516.8k $61.6m | Added +11.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.09% of their portfolio | 516.5k $61.6m | Reduced -341.1k |
| Point72 Asset Management, L.P. 0.09% of their portfolio | 502.3k $59.9m | Reduced -277.5k |
| BlackRock, Inc. 0.00% of their portfolio | 496.8k $59.2m | Added +84.7k |
| Dixon Mitchell Investment Counsel Inc. 1.92% of their portfolio | 494.4k $59.0m | Added +46.0k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 490.6k $58.6m | Added +132.2k |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 473.2k $56.4m | Reduced -477.2k |
| Quadrature Capital Ltd 0.48% of their portfolio | 465.9k $55.6m | Added +13.9k |
| AVIVA PLC 0.08% of their portfolio | 464.3k $55.3m | Added +2.5k |
| DekaBank Deutsche Girozentrale 0.08% of their portfolio | 456.8k $46.8m | Unchanged |
| GUARDIAN CAPITAL LP 1.22% of their portfolio | 422.2k $50.4m | Added +798 |
| CIDEL ASSET MANAGEMENT INC 2.32% of their portfolio | 403.7k $48.2m | Reduced -111.7k |
| Northwest & Ethical Investments L.P. 1.11% of their portfolio | 401.0k $47.8m | Reduced -25.9k |
| SATURNA CAPITAL CORP 0.58% of their portfolio | 400.8k $47.8m | Added +552 |
| UBS Group AG 0.01% of their portfolio | 379.9k $45.3m | Reduced -288.6k |
| CIBC Bancorp USA Inc. 0.05% of their portfolio | 339.9k $40.5m | Reduced -14.5k |
| BARCLAYS PLC 0.01% of their portfolio | 334.7k $39.9m | Reduced -27.1k |
| Encompass Capital Advisors LLC 1.67% of their portfolio | 325.0k $38.7m | New |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 5.38% of their portfolio | 324.1k $54.9m | Reduced -80.2k |
| NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio | 307.3k $36.7m | Added +35.3k |