CANADIAN PACIFIC KANSAS CITY CP
COM · Common Stock · CUSIP 13646K108 · ISIN CA13646K1084
Class I North American railroad
* 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 ($464.2m this quarter). Holder counts are more reliable. Shares outstanding: 918.0m as of 2025-07-29, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $79.44. Options: 24 managers hold calls ($217.9m notional), 20 hold puts ($68.6m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 6 |
| Q4 2022 | 8 |
| Q1 2023 | 90 |
| Q2 2023 | 860 |
| Q3 2023 | 892 |
| Q4 2023 | 941 |
| Q1 2024 | 955 |
| Q2 2024 | 962 |
| Q3 2024 | 976 |
| Q4 2024 | 991 |
| Q1 2025 | 973 |
| Q2 2025 | 989 |
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 2023 | 396 | 343 |
| Q4 2023 | 379 | 405 |
| Q1 2024 | 419 | 404 |
| Q2 2024 | 390 | 438 |
| Q3 2024 | 429 | 399 |
| Q4 2024 | 392 | 465 |
| Q1 2025 | 443 | 435 |
| Q2 2025 | 412 | 446 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $126.9m | $60.3m | 0.48 |
| Q4 2024 | $120.1m | $75.8m | 0.63 |
| Q1 2025 | $157.7m | $96.5m | 0.61 |
| Q2 2025 | $217.9m | $68.6m | 0.32 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +56.1m |
| JPMORGAN CHASE & CO | Added | +7.5m |
| Fisher Asset Management, LLC | Added | +4.0m |
| FIL Ltd | Added | +3.2m |
| GOLDMAN SACHS GROUP INC | Added | +3.1m |
| FRANKLIN RESOURCES INC | Added | +2.8m |
| Invesco Ltd. | Added | +2.6m |
| PICTON MAHONEY ASSET MANAGEMENT | New | +2.5m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Added | +1.8m |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +1.3m |
Biggest sellers
| Pershing Square Capital Management, L.P. | Sold out | -14.8m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -6.5m |
| NAYA CAPITAL MANAGEMENT UK LTD | Sold out | -4.1m |
| Meritage Group LP | Sold out | -3.8m |
| CAUSEWAY CAPITAL MANAGEMENT LLC | Reduced | -2.5m |
| Balyasny Asset Management L.P. | Reduced | -2.4m |
| D1 Capital Partners L.P. | Sold out | -2.3m |
| TCI FUND MANAGEMENT LTD | Reduced | -2.1m |
| FMR LLC | Reduced | -1.5m |
| Holocene Advisors, LP | Reduced | -1.5m |
Biggest calls
| PEAK6 LLC | Added | $42.5m535.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $34.8m439.4k shares |
| SIG North Trading, ULC | Added | $27.1m341.8k shares |
| TORONTO DOMINION BANK | Added | $19.1m240.5k shares |
| CITADEL ADVISORS LLC | Added | $17.2m217.4k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $11.7m1.5k shares |
| ROYAL BANK OF CANADA | Reduced | $11.1m140.4k shares |
| Caption Management, LLC | Unchanged | $7.9m100.0k shares |
| WOLVERINE TRADING, LLC | Added | $7.9m100.8k shares |
| SIMPLEX TRADING, LLC | Added | $5.8m73.1k shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $19.2m242.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $13.7m172.7k shares |
| PEAK6 LLC | Reduced | $8.3m104.4k shares |
| SIG North Trading, ULC | Reduced | $4.8m60.0k shares |
| Verition Fund Management LLC | Added | $4.4m55.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $4.2m52.7k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $4.0m50.9k shares |
| WOLVERINE TRADING, LLC | Reduced | $2.6m32.8k shares |
| IMC-Chicago, LLC | Reduced | $2.3m28.9k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $2.2m27.9k 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.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution new · filed 2026-10-27 | 5.0% |
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
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.84% of their portfolio | 109.1m $8.6bn | Added +56.1m |
| TCI FUND MANAGEMENT LTD 8.26% of their portfolio | 52.8m $4.2bn | Reduced -2.1m |
| VANGUARD GROUP INC 0.05% of their portfolio | 38.2m $3.0bn | Added +1.1m |
| BANK OF MONTREAL /CAN/ 0.84% of their portfolio | 21.0m $1.7bn | Added +614.5k |
| TD Asset Management Inc 1.42% of their portfolio | 21.0m $1.7bn | Added +137.0k |
| Invesco Ltd. 0.26% of their portfolio | 19.5m $1.5bn | Added +2.6m |
| WCM INVESTMENT MANAGEMENT, LLC 2.99% of their portfolio | 16.7m $1.3bn | Reduced -225.0k |
| MACKENZIE FINANCIAL CORP 1.70% of their portfolio | 16.5m $1.3bn | Added +151.0k |
| JPMORGAN CHASE & CO 0.09% of their portfolio | 16.0m $1.3bn | Added +7.5m |
| 1832 Asset Management L.P. 2.03% of their portfolio | 14.7m $1.2bn | Reduced -17.0k |
| CAUSEWAY CAPITAL MANAGEMENT LLC 18.42% of their portfolio | 14.7m $1.2bn | Reduced -2.5m |
| FMR LLC 0.06% of their portfolio | 14.5m $1.1bn | Reduced -1.5m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 1.05% of their portfolio | 12.9m $1.0bn | Added +1.8m |
| NORGES BANK 0.13% of their portfolio | 12.7m $1.0bn | Added +459.8k |
| GOLDMAN SACHS GROUP INC 0.16% of their portfolio | 12.4m $986.3m | Added +3.1m |
| FRANKLIN RESOURCES INC 0.24% of their portfolio | 11.6m $921.9m | Added +2.8m |
| FIL Ltd 0.76% of their portfolio | 11.2m $885.9m | Added +3.2m |
| Veritas Asset Management LLP 7.94% of their portfolio | 10.0m $793.5m | Reduced -627.9k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.58% of their portfolio | 8.2m $649.6m | Added +1.2m |
| NATIONAL BANK OF CANADA /FI/ 0.70% of their portfolio | 8.2m $649.5m | Added +51.2k |
| Sustainable Growth Advisers, LP 3.32% of their portfolio | 8.1m $642.1m | Reduced -263.4k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.20% of their portfolio | 7.9m $623.9m | Reduced -6.5m |
| CIBC Asset Management Inc 1.92% of their portfolio | 7.7m $610.4m | Added +169.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio | 7.5m $602.1m | Added +1.3m |
| CIBC WORLD MARKET INC. 1.25% of their portfolio | 7.1m $563.9m | Reduced -460.9k |
| MORGAN STANLEY 0.04% of their portfolio | 7.0m $554.4m | Added +836.9k |
| Legal & General Group Plc 0.13% of their portfolio | 6.8m $537.6m | Added +43.6k |
| Allspring Global Investments Holdings, LLC 0.79% of their portfolio | 5.8m $469.5m | Added +884.5k |
| Fiera Capital Corp 1.53% of their portfolio | 5.7m $450.2m | Added +31.2k |
| Fisher Asset Management, LLC 0.17% of their portfolio | 5.4m $430.5m | Added +4.0m |
| Federation des caisses Desjardins du Quebec 1.85% of their portfolio | 5.3m $421.1m | Added +375.0k |
| BANK OF AMERICA CORP /DE/ 0.03% of their portfolio | 5.3m $420.0m | Added +103.9k |
| Rothschild & Co Wealth Management UK Ltd 6.03% of their portfolio | 5.1m $405.5m | Added +23.7k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.35% of their portfolio | 5.1m $404.4m | Added +546.2k |
| Fayez Sarofim & Co 0.91% of their portfolio | 4.7m $379.5m | Reduced -59.3k |
| Egerton Capital (UK) LLP 3.71% of their portfolio | 4.6m $361.2m | Added +391.6k |
| Connor, Clark & Lunn Investment Management Ltd. 1.21% of their portfolio | 4.3m $342.4m | Added +686.8k |
| Cantillon Capital Management LLC 1.93% of their portfolio | 4.2m $334.5m | Added +606.5k |
| Beutel, Goodman & Co Ltd. 1.86% of their portfolio | 4.1m $327.2m | Reduced -139.3k |
| SCOTIA CAPITAL INC. 1.39% of their portfolio | 3.7m $293.2m | Added +167.8k |
| Clearbridge Investments, LLC 0.24% of their portfolio | 3.7m $290.4m | Reduced -22.5k |
| Select Equity Group, L.P. 1.14% of their portfolio | 3.4m $268.1m | Reduced -450.1k |
| BARCLAYS PLC 0.10% of their portfolio | 3.2m $251.4m | Added +99.0k |
| Findlay Park Partners LLP 2.58% of their portfolio | 3.2m $250.5m | Reduced -114.6k |
| BANK OF NOVA SCOTIA 0.50% of their portfolio | 3.1m $243.7m | Reduced -8.9k |
| Consulta Ltd 15.20% of their portfolio | 3.0m $237.8m | Unchanged |
| Swiss National Bank 0.13% of their portfolio | 2.8m $223.7m | Added +170.8k |
| NEUBERGER BERMAN GROUP LLC 0.16% of their portfolio | 2.7m $211.4m | Added +171.1k |
| PICTON MAHONEY ASSET MANAGEMENT 2.75% of their portfolio | 2.5m $195.0m | New |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 1.14% of their portfolio | 2.5m $195.7m | Reduced -169.3k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 2.5m $194.8m | Reduced -452.7k |
| AMERICAN CENTURY COMPANIES INC 0.10% of their portfolio | 2.3m $182.0m | Reduced -4.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 2.3m $180.4m | Added +90.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.04% of their portfolio | 2.2m $173.8m | Reduced -1.3m |
| Mirova US LLC 1.79% of their portfolio | 2.2m $173.0m | Added +25.3k |
| THORNBURG INVESTMENT MANAGEMENT INC 2.08% of their portfolio | 2.0m $162.1m | Added +487.2k |
| ALKEON CAPITAL MANAGEMENT LLC 0.77% of their portfolio | 2.0m $158.9m | Added +904.0k |
| Caisse de depot et placement du Quebec 0.34% of their portfolio | 2.0m $158.2m | Added +534.2k |
| Mitsubishi UFJ Trust & Banking Corp 0.36% of their portfolio | 1.9m $153.8m | Added +137.0k |
| BRISTOL JOHN W & CO INC /NY/ 2.47% of their portfolio | 1.9m $152.7m | Added +385.1k |
| UBS Group AG 0.03% of their portfolio | 1.9m $150.3m | Added +428.5k |
| TORONTO DOMINION BANK 0.32% of their portfolio | 1.9m $150.4m | Reduced -201.2k |
| AGF MANAGEMENT LTD 0.66% of their portfolio | 1.8m $144.8m | Added +124.1k |
| WELLS FARGO & COMPANY/MN 0.03% of their portfolio | 1.7m $133.3m | Reduced -52.5k |
| Amundi 0.05% of their portfolio | 1.7m $135.7m | Added +295.6k |
| Rathbones Group PLC 0.56% of their portfolio | 1.7m $130.9m | Added +146.6k |
| Holocene Advisors, LP 0.32% of their portfolio | 1.6m $128.1m | Reduced -1.5m |
| TD Waterhouse Canada Inc. 0.93% of their portfolio | 1.6m $129.7m | Reduced -25.0k |
| Alberta Investment Management Corp 1.00% of their portfolio | 1.6m $127.6m | Reduced -383.7k |
| MUFG SECURITIES (CANADA), LTD. 3.81% of their portfolio | 1.6m $125.1m | Added +152.5k |
| LOCUST WOOD CAPITAL ADVISERS, LLC 3.67% of their portfolio | 1.6m $124.3m | Added +228.0k |
| AVIVA PLC 0.25% of their portfolio | 1.5m $122.3m | Reduced -213.2k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 1.5m $119.0m | Added +169.6k |
| RIVULET CAPITAL, LLC 10.31% of their portfolio | 1.3m $106.3m | Added +122.8k |
| Cardinal Capital Management, Inc. 3.33% of their portfolio | 1.3m $106.3m | Added +7.4k |
| Maren Capital LLC 6.13% of their portfolio | 1.3m $101.7m | Added +7.7k |
| BAILLIE GIFFORD & CO 0.07% of their portfolio | 1.1m $89.0m | Reduced -42.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 1.1m $88.2m | Reduced -221.6k |
| Aviso Financial Inc. 3.91% of their portfolio | 1.1m $86.7m | Added +23.1k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.0m $80.2m | Added +93.0k |
| State of Tennessee, Department of Treasury 0.28% of their portfolio | 991.9k $78.6m | Added +21.6k |
| Ninety One UK Ltd 0.18% of their portfolio | 987.8k $78.3m | Added +471.6k |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 883.5k $70.0m | Reduced -47.2k |
| Addenda Capital Inc. 3.44% of their portfolio | 883.0k $95.7m | Added +44.8k |
| Russell Investments Group, Ltd. 0.09% of their portfolio | 869.0k $68.9m | Reduced -78.3k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 869.0k $68.9m | Reduced -196.5k |
| Baird Financial Group, Inc. 0.12% of their portfolio | 850.6k $67.4m | Added +395.3k |
| Pictet Asset Management Holding SA 0.07% of their portfolio | 835.2k $66.2m | Added +408.9k |
| Quilter Plc 1.20% of their portfolio | 827.7k $65.8m | Reduced -44.8k |
| Corient Private Wealth LP 0.09% of their portfolio | 814.3k $64.6m | Reduced -11.4k |
| M.D. Sass, LLC 4.98% of their portfolio | 781.2k $61.9m | Reduced -74.9k |
| BlackRock, Inc. 0.00% of their portfolio | 777.0k $61.6m | Reduced -271.3k |
| GUARDIAN CAPITAL LP 2.16% of their portfolio | 769.8k $61.0m | Added +23.6k |
| Nuveen, LLC 0.02% of their portfolio | 725.1k $57.5m | Reduced -6.8k |
| UniSuper Management Pty Ltd 0.52% of their portfolio | 718.0k $77.7m | Added +131.1k |
| CI INVESTMENTS INC. 0.21% of their portfolio | 714.1k $56.6m | Added +47.9k |
| INTACT INVESTMENT MANAGEMENT INC. 1.89% of their portfolio | 702.4k $55.8m | Added +99.4k |
| Focus Partners Wealth 0.11% of their portfolio | 662.8k $52.5m | Added +28.4k |
| SEI INVESTMENTS CO 0.06% of their portfolio | 658.2k $52.2m | Reduced -146.8k |
| Scheer, Rowlett & Associates Investment Management Ltd. 3.33% of their portfolio | 648.3k $51.4m | Added +14.3k |