Vault-13

CANADIAN PAC RY LTD

COM · CUSIP 13645T100

753 institutional holders -150 vs Q4 2022
663,892,004663.9m shares reported held*
$51.7bnreported value*
63 new 248 added 274 reduced 204 sold out net sold ≈ $1.5bn (-19.0m 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 ($323.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.90. Options: 20 managers hold calls ($148.1m notional), 24 hold puts ($154.8m).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 819Q4 22: 903Q1 23: 753753Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 2022819
Q4 2022903
Q1 2023753

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q4 22: 359 bought or addedQ4 22: 367 cut or sold outQ4 22Q1 23: 311 bought or addedQ1 23: 478 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022359367
Q1 2023311478

Calls vs puts

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

CallsPuts
$0$50m$100m$150m$200mQ3 22 calls: $140.8mQ3 22 puts: $103.7mQ3 22P/C 0.74Q4 22 calls: $153.8mQ4 22 puts: $140.4mQ4 22P/C 0.91Q1 23 calls: $148.1mQ1 23 puts: $154.8mQ1 23P/C 1.05
Numbers
QuarterCallsPutsP/C
Q3 2022$140.8m$103.7m0.74
Q4 2022$153.8m$140.4m0.91
Q1 2023$148.1m$154.8m1.05

Biggest buyers

FMR LLC Added +28,965,107+29.0m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Added +1,900,859+1.9m
CANADA PENSION PLAN INVESTMENT BOARD Added +1,813,770+1.8m
Sustainable Growth Advisers, LP Added +1,598,478+1.6m
ROYAL BANK OF CANADA Added +1,466,240+1.5m
Skye Global Management LP New +1,152,000+1.2m
PUTNAM INVESTMENTS LLC New +1,119,338+1.1m
MACKENZIE FINANCIAL CORP Added +1,102,823+1.1m
NORGES BANK Added +982,049+982.0k
ADAGE CAPITAL PARTNERS GP, L.L.C. Added +721,058+721.1k

Biggest sellers

TD Asset Management Inc Sold out -13,293,931-13.3m
PRICE T ROWE ASSOCIATES INC /MD/ Sold out -9,403,514-9.4m
Artisan Partners Limited Partnership Reduced -4,309,500-4.3m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -4,254,137-4.3m
Allen Investment Management, LLC Sold out -3,992,556-4.0m
Capital World Investors Reduced -3,718,622-3.7m
GEODE CAPITAL MANAGEMENT, LLC Reduced -2,957,073-3.0m
Egerton Capital (UK) LLP Reduced -2,746,040-2.7m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sold out -2,415,057-2.4m
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Reduced -1,729,234-1.7m

Biggest calls

ROYAL BANK OF CANADA Added $44.0m571.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $34.1m442.9k shares
CITADEL ADVISORS LLC Reduced $21.4m277.6k shares
SIMPLEX TRADING, LLC Added $7.2m94.1k shares
JANE STREET GROUP, LLC Added $7.2m93.4k shares
GROUP ONE TRADING LLC Reduced $6.9m90.0k shares
SIG North Trading, ULC Added $5.0m64.6k shares
Squarepoint Ops LLC Reduced $4.4m57.8k shares
Walleye Trading LLC Reduced $4.0m52.4k shares
D. E. Shaw & Co., Inc. Reduced $4.0m52.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $28.5m371.0k shares
GROUP ONE TRADING LLC Added $20.5m265.8k shares
ROYAL BANK OF CANADA Added $17.5m227.3k shares
CITADEL ADVISORS LLC Reduced $13.2m171.2k shares
JET CAPITAL INVESTORS L P New $12.3m160.1k shares
SIG North Trading, ULC Added $11.8m153.9k shares
Squarepoint Ops LLC Reduced $10.6m137.2k shares
SIMPLEX TRADING, LLC Added $7.7m100.0k shares
Waratah Capital Advisors Ltd. New $5.0m65.0k shares
Jefferies Financial Group Inc. New $4.6m60.0k 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.

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 FMR LLC 0.21% of their portfolio BOSTON, MA 60,803,98260.8m $4.7bn $4.7bn 0.21% Added +29.0m +28,965,107
2 TCI FUND MANAGEMENT LTD 14.72% of their portfolio LONDON, X0 55,860,38555.9m $4.3bn $4.3bn 14.72% Unchanged
3 ROYAL BANK OF CANADA 1.24% of their portfolio TORONTO, A6 53,653,18853.7m $4.1bn $4.1bn 1.24% Added +1.5m +1,466,240
4 VANGUARD GROUP INC 0.06% of their portfolio Valley Forge, PA 32,696,85332.7m $2.5bn $2.5bn 0.06% Added +173.0k +172,951
5 FIL Ltd 2.67% of their portfolio HAMILTON, D0 30,263,79430.3m $2.3bn $2.3bn 2.67% Added +698.6k +698,587
6 WCM INVESTMENT MANAGEMENT, LLC 7.24% of their portfolio LAGUNA BEACH, CA 29,435,84929.4m $2.3bn $2.3bn 7.24% Reduced -826.8k -826,799
7 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.73% of their portfolio Boston, MA 27,870,55527.9m $2.1bn $2.1bn 0.73% Reduced -1.7m -1,729,234
8 Capital World Investors 0.33% of their portfolio LOS ANGELES, CA 20,848,06520.8m $1.6bn $1.6bn 0.33% Reduced -3.7m -3,718,622
9 BANK OF MONTREAL /CAN/ 0.87% of their portfolio TORONTO, A6 19,396,99619.4m $2.1bn $2.1bn 0.87% Added +180.9k +180,904
10 Egerton Capital (UK) LLP 14.61% of their portfolio LONDON, X0 17,587,14317.6m $1.4bn $1.4bn 14.61% Reduced -2.7m -2,746,040
11 NORGES BANK 0.27% of their portfolio OSLO, Q8 16,221,83416.2m $1.2bn $1.2bn 0.27% Added +982.0k +982,049
12 MACKENZIE FINANCIAL CORP 1.83% of their portfolio TORONTO ONTARIO, A6 15,258,46615.3m $1.2bn $1.2bn 1.83% Added +1.1m +1,102,823
13 Pershing Square Capital Management, L.P. 11.48% of their portfolio New York, NY 15,238,04415.2m $1.2bn $1.2bn 11.48% Added +1.0k +1,000
14 Veritas Asset Management LLP 7.75% of their portfolio London, X0 13,628,11913.6m $1.0bn $1.0bn 7.75% Reduced -252.5k -252,455
15 1832 Asset Management L.P. 2.09% of their portfolio TORONTO, A6 13,216,56113.2m $1.0bn $1.0bn 2.09% Added +294.7k +294,744
16 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.56% of their portfolio Toronto, A6 12,833,74812.8m $987.7m $987.7m 0.56% Added +1.9m +1,900,859
17 CIBC Asset Management Inc 2.77% of their portfolio TORONTO, Z4 8,898,7008.9m $684.6m $684.6m 2.77% Added +198.1k +198,117
18 PARNASSUS INVESTMENTS, LLC 1.64% of their portfolio San Francisco, CA 8,576,0058.6m $659.8m $659.8m 1.64% Reduced -1.5m -1,536,210
19 BANK OF NOVA SCOTIA 1.85% of their portfolio TORONTO, A6 8,084,2348.1m $622.6m $622.6m 1.85% Added +24.2k +24,160
20 CIBC WORLD MARKET INC. 1.90% of their portfolio TORONTO, A6 6,817,4096.8m $525.0m $525.0m 1.90% Added +75.6k +75,579
21 NATIONAL BANK OF CANADA /FI/ 1.29% of their portfolio MONTREAL, A8 6,212,1696.2m $477.8m $477.8m 1.29% Added +55.5k +55,542
22 Legal & General Group Plc 0.17% of their portfolio London, X0 6,093,8726.1m $468.7m $468.7m 0.17% Reduced -41.3k -41,340
23 Connor, Clark & Lunn Investment Management Ltd. 2.47% of their portfolio VANCOUVER, A1 5,918,8405.9m $455.7m $455.7m 2.47% Reduced -493.1k -493,103
24 Artisan Partners Limited Partnership 0.72% of their portfolio Milwaukee, WI 5,639,2085.6m $434.0m $434.0m 0.72% Reduced -4.3m -4,309,500
25 JPMORGAN CHASE & CO 0.06% of their portfolio NEW YORK, NY 5,629,9845.6m $433.2m $433.2m 0.06% Added +32.0k +32,015
26 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 1.45% of their portfolio CHICAGO, IL 5,404,2195.4m $415.8m $415.8m 1.45% Added +266.4k +266,441
27 Fiera Capital Corp 1.16% of their portfolio MONTREAL, A8 5,063,5505.1m $389.6m $389.6m 1.16% Reduced -171.7k -171,737
28 Beutel, Goodman & Co Ltd. 2.20% of their portfolio TORONTO, A6 4,877,3854.9m $375.1m $375.1m 2.20% Reduced -6.9k -6,880
29 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 4,762,8594.8m $366.5m $366.5m 0.04% Added +290.8k +290,827
30 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 4,740,6274.7m $364.7m $364.7m 0.04% Added +588.3k +588,324
31 Clearbridge Investments, LLC 0.34% of their portfolio NEW YORK, NY 4,566,7954.6m $351.4m $351.4m 0.34% Reduced -87.0k -86,950
32 AMERICAN CENTURY COMPANIES INC 0.27% of their portfolio KANSAS CITY, MO 4,411,6764.4m $338.3m $338.3m 0.27% Added +336 +336
33 Fayez Sarofim & Co 1.03% of their portfolio Houston, TX 3,818,6283.8m $293.8m $293.8m 1.03% Added +191.0k +190,973
34 Swiss National Bank 0.20% of their portfolio ZURICH, V8 3,735,5933.7m $287.3m $287.3m 0.20% Reduced -185.7k -185,700
35 CANADA PENSION PLAN INVESTMENT BOARD 0.45% of their portfolio TORONTO ONTARIO, A6 3,723,3703.7m $286.3m $286.3m 0.45% Added +1.8m +1,813,770
36 BESSEMER GROUP INC 0.66% of their portfolio WOODBRIDGE, NJ 3,616,7903.6m $278.1m $278.1m 0.66% Added +9.7k +9,698
37 FRANKLIN RESOURCES INC 0.14% of their portfolio San Mateo, CA 3,608,2693.6m $277.7m $277.7m 0.14% Added +361.7k +361,749
38 TORONTO DOMINION BANK 0.45% of their portfolio TORONTO, ONTARIO, A6 3,574,2393.6m $276.1m $276.1m 0.45% Added +161.1k +161,124
39 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 3,001,5243.0m $230.9m $230.9m 0.06% Reduced -29.3k -29,271
40 Invesco Ltd. 0.06% of their portfolio ATLANTA, GA 2,958,7023.0m $227.6m $227.6m 0.06% Added +298.5k +298,493
41 NAYA CAPITAL MANAGEMENT UK LTD 24.69% of their portfolio London, X0 2,832,6542.8m $217.9m $217.9m 24.69% Added +460.6k +460,581
42 Alberta Investment Management Corp 2.02% of their portfolio EDMONTON, A0 2,697,8272.7m $207.5m $207.5m 2.02% Added +208.0k +207,951
43 WELLINGTON MANAGEMENT GROUP LLP 0.04% of their portfolio Boston, MA 2,625,4652.6m $201.9m $201.9m 0.04% Reduced -896.8k -896,750
44 Sumitomo Mitsui Trust Group, Inc. 0.15% of their portfolio CHIYODA-KU, TOKYO, M0 2,544,6462.5m $195.8m $195.8m 0.15% Added +203.8k +203,818
45 PRINCIPAL FINANCIAL GROUP INC 0.13% of their portfolio DES MOINES, IA 2,426,1822.4m $186.6m $186.6m 0.13% Reduced -214.4k -214,398
46 SCOTIA CAPITAL INC. 1.35% of their portfolio TORONTO, A6 2,407,7562.4m $185.0m $185.0m 1.35% Added +95.4k +95,405
47 NORTHERN TRUST CORP 0.04% of their portfolio CHICAGO, IL 2,349,2022.3m $180.7m $180.7m 0.04% Reduced -41.6k -41,560
48 CHILTON INVESTMENT CO INC. 5.12% of their portfolio STAMFORD, CT 2,150,4072.2m $165.5m $165.5m 5.12% Reduced -443.7k -443,690
49 DEUTSCHE BANK AG\ 0.09% of their portfolio FRANKFURT AM MAIN, 2M 2,128,7172.1m $163.8m $163.8m 0.09% Reduced -179.7k -179,715
50 OMERS ADMINISTRATION Corp 2.42% of their portfolio TORONTO, A6 2,042,8862.0m $157.1m $157.1m 2.42% Unchanged
51 BARCLAYS PLC 0.15% of their portfolio LONDON, X0 1,894,4471.9m $145.8m $145.8m 0.15% Reduced -331.7k -331,733
52 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 1,816,7231.8m $139.8m $139.8m 0.04% Reduced -277.1k -277,135
53 Amundi 0.07% of their portfolio Paris, I0 1,784,7961.8m $135.2m $135.2m 0.07% Reduced -130.4k -130,389
54 Caisse de depot et placement du Quebec 0.38% of their portfolio Montreal, A8 1,744,5571.7m $134.2m $134.2m 0.38% Added +59.2k +59,191
55 Sustainable Growth Advisers, LP 0.73% of their portfolio STAMFORD, CT 1,639,0401.6m $126.1m $126.1m 0.73% Added +1.6m +1,598,478
56 AGF MANAGEMENT LTD 0.86% of their portfolio TORONTO, A6 1,637,3341.6m $126.1m $126.1m 0.86% Added +423.3k +423,259
57 BAILLIE GIFFORD & CO 0.10% of their portfolio EDINBURGH, X0 1,445,7971.4m $111.2m $111.2m 0.10% Reduced -9.7k -9,748
58 GUARDIAN CAPITAL LP 3.51% of their portfolio TORONTO, A6 1,432,9821.4m $110.2m $110.2m 3.51% Reduced -48.7k -48,747
59 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 1.15% of their portfolio VICTORIA, A1 1,427,3821.4m $109.9m $109.9m 1.15% Reduced -171.5k -171,470
60 THORNBURG INVESTMENT MANAGEMENT INC 1.78% of their portfolio SANTA FE, NM 1,399,8691.4m $107.7m $107.7m 1.78% Added +85.4k +85,380
61 BRISTOL JOHN W & CO INC /NY/ 2.14% of their portfolio NEW YORK, NY 1,351,2711.4m $104.0m $104.0m 2.14% Added +1.5k +1,536
62 RAYMOND JAMES & ASSOCIATES 0.09% of their portfolio ST PETERSBURG, FL 1,300,1721.3m $100.0m $100.0m 0.09% Reduced -97.0k -96,986
63 TD Waterhouse Canada Inc. 1.36% of their portfolio TORONTO, A6 1,273,6801.3m $131.5m $131.5m 1.36% Reduced -2.5k -2,509
64 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,222,1061.2m $94.0m $94.0m 0.02% Added +9.7k +9,680
65 CREDIT SUISSE AG/ 0.09% of their portfolio ZURICH, V8 1,205,1141.2m $92.7m $92.7m 0.09% Reduced -223.8k -223,842
66 Cardinal Capital Management, Inc. 4.99% of their portfolio WINNIPEG, A2 1,195,2761.2m $92.0m $92.0m 4.99% Added +29.1k +29,107
67 Federation des caisses Desjardins du Quebec 1.06% of their portfolio LEVIS, A8 1,191,6181.2m $96.1m $96.1m 1.06% Added +4.7k +4,721
68 Skye Global Management LP 3.02% of their portfolio WEST PALM BEACH, FL 1,152,0001.2m $88.6m $88.6m 3.02% New
69 Echo Street Capital Management LLC 0.80% of their portfolio New York, NY 1,151,5051.2m $88.7m $88.7m 0.80% Added +34.7k +34,685
70 TYBOURNE CAPITAL MANAGEMENT (HK) LTD 8.85% of their portfolio HONG KONG, K3 1,142,8001.1m $87.9m $87.9m 8.85% Added +18.1k +18,108
71 LOCUST WOOD CAPITAL ADVISERS, LLC 5.46% of their portfolio NEW YORK, NY 1,134,9851.1m $87.3m $87.3m 5.46% Added +267.6k +267,592
72 PUTNAM INVESTMENTS LLC 0.14% of their portfolio BOSTON, MA 1,119,3381.1m $86.1m $86.1m 0.14% New
73 Korea Investment CORP 0.25% of their portfolio SEOUL, M5 1,095,2251.1m $84.2m $84.2m 0.25% Added +377.3k +377,338
74 Scharf Investments, LLC 2.65% of their portfolio LOS GATOS, CA 1,089,3331.1m $83.8m $83.8m 2.65% Added +37.3k +37,347
75 GILDER GAGNON HOWE & CO LLC 1.38% of their portfolio New York, NY 1,081,7281.1m $83.2m $83.2m 1.38% Reduced -520 -520
76 Marathon Asset Management Ltd 2.31% of their portfolio London, X0 1,073,7191.1m $82.7m $82.7m 2.31% Reduced -11.3k -11,278
77 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.18% of their portfolio Boston, MA 1,071,0581.1m $82.4m $82.4m 0.18% Added +721.1k +721,058
78 UBS Group AG 0.04% of their portfolio ZURICH, V8 1,054,0741.1m $81.1m $81.1m 0.04% Reduced -141.4k -141,450
79 Consulta Ltd 6.06% of their portfolio LONDON, X0 1,000,0001.0m $76.9m $76.9m 6.06% Unchanged
80 United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund 3.61% of their portfolio MELBOURNE, C3 929,317929.3k $71.5m $71.5m 3.61% Unchanged
81 Canoe Financial LP 0.97% of their portfolio CALGARY, A0 901,432901.4k $69.4m $69.4m 0.97% First filing
82 Addenda Capital Inc. 3.69% of their portfolio MONTREAL, A8 859,806859.8k $89.6m $89.6m 3.69% Added +102.0k +102,032
83 APG Asset Management N.V. 0.12% of their portfolio Amsterdam, P7 819,130819.1k $58.0m $58.0m 0.12% Reduced -154.9k -154,942
84 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 780,452780.5k $60.2m $60.2m 0.00% Added +2.2k +2,161
85 CIDEL ASSET MANAGEMENT INC 2.72% of their portfolio TORONTO, A6 769,658769.7k $59.2m $59.2m 2.72% Added +8.7k +8,710
86 Russell Investments Group, Ltd. 0.11% of their portfolio Seattle, WA 751,890751.9k $57.8m $57.8m 0.11% Reduced -8.0k -8,026
87 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.09% of their portfolio FRANKFURT AM MAIN, 2M 725,464725.5k $55.8m $55.8m 0.09% Reduced -4.3m -4,254,137
88 Scheer, Rowlett & Associates Investment Management Ltd. 4.58% of their portfolio TORONTO, A6 717,232717.2k $55.2m $55.2m 4.58% Added +47.1k +47,115
89 REAVES W H & CO INC 1.91% of their portfolio JERSEY CITY, NJ 690,535690.5k $53.1m $53.1m 1.91% Reduced -377.3k -377,292
90 Port Capital LLC 3.28% of their portfolio CHICAGO, IL 655,552655.6k $50.4m $50.4m 3.28% Added +8.7k +8,725
91 Credential Qtrade Securities Inc. 3.28% of their portfolio VANCOUVER, A1 642,634642.6k $49.5m $49.5m 3.28% Added +34.5k +34,523
92 ABN AMRO INVESTMENT SOLUTIONS 1.02% of their portfolio PARIS CEDEX 008, I0 639,148639.1k $49.2m $49.2m 1.02% First filing
93 BlackRock Inc. 0.00% of their portfolio New York, NY 636,713636.7k $49.0m $49.0m 0.00% Added +6.7k +6,730
94 RIT CAPITAL PARTNERS PLC 14.95% of their portfolio London, X0 576,000576.0k $44.3m $44.3m 14.95% Added +174.5k +174,500
95 Cumberland Partners Ltd 4.25% of their portfolio TORONTO, A6 563,129563.1k $43.3m $43.3m 4.25% Added +53.0k +52,978
96 INTACT INVESTMENT MANAGEMENT INC. 1.75% of their portfolio MONTREAL, A8 551,070551.1k $42.4m $42.4m 1.75% Added +186.5k +186,540
97 SEI INVESTMENTS CO 0.08% of their portfolio OAKS, PA 549,066549.1k $42.2m $42.2m 0.08% Added +103.6k +103,648
98 NATIXIS ADVISORS, LLC 0.14% of their portfolio Boston, MA 526,274526.3k $40.5m $40.5m 0.14% Added +9.9k +9,889
99 JANUS HENDERSON GROUP PLC 0.03% of their portfolio LONDON, X0 524,113524.1k $40.3m $40.3m 0.03% Added +83.1k +83,144
100 Galibier Capital Management Ltd. 9.22% of their portfolio TORONTO, A6 506,717506.7k $39.0m $39.0m 9.22% Reduced -181.9k -181,884