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 ($496.0m this quarter). Holder counts are more reliable. Shares outstanding: 879.1m as of 2026-07-28, 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 ≈ $88.06. Options: 23 managers hold calls ($225.3m notional), 16 hold puts ($77.6m).
Trends to Q2 2026
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 |
| Q3 2025 | 946 |
| Q4 2025 | 960 |
| Q1 2026 | 950 |
| Q2 2026 | 973 |
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 | 429 | 399 |
| Q4 2024 | 392 | 465 |
| Q1 2025 | 443 | 435 |
| Q2 2025 | 412 | 446 |
| Q3 2025 | 356 | 474 |
| Q4 2025 | 331 | 484 |
| Q1 2026 | 384 | 435 |
| Q2 2026 | 426 | 351 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $166.7m | $71.4m | 0.43 |
| Q4 2025 | $136.7m | $49.2m | 0.36 |
| Q1 2026 | $152.5m | $92.7m | 0.61 |
| Q2 2026 | $225.3m | $77.6m | 0.34 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +10.6m |
| FMR LLC | Added | +4.2m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Added | +3.1m |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +2.2m |
| MACKENZIE FINANCIAL CORP | Added | +1.4m |
| GOLDMAN SACHS GROUP INC | Added | +1.4m |
| MORGAN STANLEY | Added | +1.4m |
| ROYAL BANK OF CANADA | Added | +1.3m |
| AMERICAN CENTURY COMPANIES INC | Added | +1.2m |
| Federation des caisses Desjardins du Quebec | Added | +1.1m |
Biggest sellers
| TD Asset Management Inc | Reduced | -4.2m |
| Cantillon Capital Management LLC | Reduced | -4.1m |
| Fisher Asset Management, LLC | Reduced | -2.6m |
| Rathbones Group PLC | Reduced | -2.1m |
| CAUSEWAY CAPITAL MANAGEMENT LLC | Reduced | -2.1m |
| FRANKLIN RESOURCES INC | Reduced | -2.1m |
| Sustainable Growth Advisers, LP | Reduced | -2.0m |
| Invesco Ltd. | Reduced | -1.8m |
| Consulta Ltd | Sold out | -1.4m |
| TCI FUND MANAGEMENT LTD | Reduced | -1.2m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $41.4m478.3k shares |
| TORONTO DOMINION BANK | Added | $28.2m326.0k shares |
| JANE STREET GROUP, LLC | Reduced | $24.5m282.9k shares |
| SIG North Trading, ULC | Added | $24.2m279.8k shares |
| Walleye Trading LLC | Added | $22.4m258.6k shares |
| CITADEL ADVISORS LLC | Added | $15.2m174.9k shares |
| Murchinson Ltd. | Added | $11.9m137.0k shares |
| IMC-Chicago, LLC | Added | $11.7m134.5k shares |
| Twin Tree Management, LP | New | $7.8m90.4k shares |
| Waratah Capital Advisors Ltd. | Reduced | $7.8m90.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $19.4m224.1k shares |
| CITADEL ADVISORS LLC | Added | $14.5m167.3k shares |
| Murchinson Ltd. | Added | $11.9m137.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $6.8m78.6k shares |
| Twin Tree Management, LP | Added | $4.8m55.7k shares |
| IMC-Chicago, LLC | Added | $4.5m51.5k shares |
| Caption Management, LLC | New | $3.5m40.0k shares |
| SIG North Trading, ULC | Reduced | $2.4m27.8k shares |
| JANE STREET GROUP, LLC | Reduced | $2.0m22.9k shares |
| Walleye Capital LLC | Added | $2.0m22.6k 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 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 |
|---|---|---|
| ROYAL BANK OF CANADA 0.80% of their portfolio | 54.2m $4.7bn | Added +1.3m |
| TCI FUND MANAGEMENT LTD 7.44% of their portfolio | 45.3m $3.9bn | Reduced -1.2m |
| JPMORGAN CHASE & CO 0.13% of their portfolio | 26.4m $2.3bn | Added +10.6m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 24.6m $2.1bn | Reduced -101.1k |
| FMR LLC 0.09% of their portfolio | 24.3m $2.1bn | Added +4.2m |
| FIL Ltd 1.32% of their portfolio | 21.2m $1.8bn | Added +217.8k |
| Invesco Ltd. 0.14% of their portfolio | 20.5m $1.8bn | Reduced -1.8m |
| BANK OF MONTREAL /CAN/ 0.63% of their portfolio | 19.9m $1.7bn | Added +206.6k |
| MACKENZIE FINANCIAL CORP 2.07% of their portfolio | 17.0m $2.1bn | Added +1.4m |
| WCM INVESTMENT MANAGEMENT, LLC 2.41% of their portfolio | 15.3m $1.3bn | Reduced -802.5k |
| TD Asset Management Inc 1.10% of their portfolio | 14.6m $1.3bn | Reduced -4.2m |
| 1832 Asset Management L.P. 1.50% of their portfolio | 14.1m $1.2bn | Reduced -56.2k |
| NORGES BANK 0.12% of their portfolio | 13.7m $1.2bn | Not comparable |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 9.8m $859.5m | Added +973.4k |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 9.3m $806.4m | Added +1.4m |
| Connor, Clark & Lunn Investment Management Ltd. 1.52% of their portfolio | 9.3m $803.0m | Added +2.2m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.26% of their portfolio | 8.0m $820.5m | Added +3.1m |
| VANGUARD FIDUCIARY TRUST CO 0.15% of their portfolio | 7.9m $682.3m | Reduced -67.9k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.51% of their portfolio | 7.6m $657.7m | Reduced -502.4k |
| CIBC WORLD MARKET INC. 1.10% of their portfolio | 7.6m $656.6m | Reduced -217.4k |
| NATIONAL BANK OF CANADA /FI/ 0.53% of their portfolio | 7.1m $610.3m | Reduced -23.7k |
| Legal & General Group Plc 0.13% of their portfolio | 7.0m $604.8m | Reduced -168.4k |
| CAUSEWAY CAPITAL MANAGEMENT LLC 6.30% of their portfolio | 6.7m $581.7m | Reduced -2.1m |
| Jupiter Topco LLC 0.24% of their portfolio | 6.7m $576.7m | First filing |
| MORGAN STANLEY 0.03% of their portfolio | 6.3m $546.5m | Added +1.4m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.30% of their portfolio | 6.3m $542.5m | Added +770.0k |
| TD Waterhouse Canada Inc. 1.40% of their portfolio | 6.2m $532.6m | Added +7.8k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.39% of their portfolio | 5.8m $501.9m | Reduced -235.0k |
| Fiera Capital Corp 1.81% of their portfolio | 5.8m $497.8m | Reduced -153.1k |
| Veritas Asset Management LLP 8.93% of their portfolio | 5.7m $496.3m | Reduced -1.1m |
| CIBC Asset Management Inc 1.07% of their portfolio | 5.6m $488.3m | Reduced -992.8k |
| Rothschild & Co Wealth Management UK Ltd 6.53% of their portfolio | 5.2m $452.6m | Reduced -40.8k |
| Allspring Global Investments Holdings, LLC 0.68% of their portfolio | 5.1m $442.2m | Reduced -153.0k |
| Federation des caisses Desjardins du Quebec 1.30% of their portfolio | 4.9m $424.6m | Added +1.1m |
| Select Equity Group, L.P. 2.00% of their portfolio | 4.3m $376.8m | Reduced -609.0k |
| Fayez Sarofim & Co 0.84% of their portfolio | 4.1m $355.7m | Reduced -516.6k |
| Vanguard Global Advisers, LLC 0.15% of their portfolio | 3.8m $327.7m | Added +161.0k |
| BARCLAYS PLC 0.10% of their portfolio | 3.8m $325.6m | Reduced -429.3k |
| SCOTIA CAPITAL INC. 1.17% of their portfolio | 3.6m $313.0m | Reduced -67.0k |
| Fisher Asset Management, LLC 0.09% of their portfolio | 3.6m $308.4m | Reduced -2.6m |
| Beutel, Goodman & Co Ltd. 2.27% of their portfolio | 3.6m $308.2m | Reduced -555.4k |
| Sustainable Growth Advisers, LP 2.76% of their portfolio | 3.2m $281.4m | Reduced -2.0m |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 3.2m $276.9m | Added +265.6k |
| Clearbridge Investments, LLC 0.21% of their portfolio | 3.0m $257.4m | Added +105.8k |
| TORONTO DOMINION BANK 0.42% of their portfolio | 2.9m $250.3m | Added +171.1k |
| Swiss National Bank 0.13% of their portfolio | 2.9m $249.3m | Reduced -136.3k |
| BESSEMER GROUP INC 0.34% of their portfolio | 2.8m $245.5m | Added +291.4k |
| PICTON MAHONEY ASSET MANAGEMENT 2.26% of their portfolio | 2.8m $244.7m | Added +350.4k |
| AMERICAN CENTURY COMPANIES INC 0.10% of their portfolio | 2.6m $229.6m | Added +1.2m |
| Caisse de depot et placement du Quebec 0.33% of their portfolio | 2.6m $228.4m | Added +537.3k |
| FRANKLIN RESOURCES INC 0.05% of their portfolio | 2.6m $227.6m | Reduced -2.1m |
| Mirova US LLC 2.41% of their portfolio | 2.6m $224.1m | Added +642.3k |
| AKO CAPITAL LLP 4.90% of their portfolio | 2.4m $210.2m | Reduced -321.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 2.4m $207.6m | Added +82.7k |
| Findlay Park Partners LLP 2.61% of their portfolio | 2.2m $193.5m | Reduced -75.8k |
| BANK OF NOVA SCOTIA 0.29% of their portfolio | 2.2m $193.2m | Reduced -13.4k |
| Canoe Financial LP 2.39% of their portfolio | 2.2m $192.9m | Added +194.4k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 2.1m $185.7m | Added +113.9k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 2.1m $179.0m | Reduced -345.9k |
| THORNBURG INVESTMENT MANAGEMENT INC 1.67% of their portfolio | 2.0m $174.8m | Reduced -10.9k |
| ALKEON CAPITAL MANAGEMENT LLC 0.67% of their portfolio | 2.0m $173.6m | Unchanged |
| AGF MANAGEMENT LTD 0.67% of their portfolio | 2.0m $172.8m | Added +9.7k |
| UBS Group AG 0.03% of their portfolio | 1.9m $167.6m | Added +39.6k |
| BRISTOL JOHN W & CO INC /NY/ 2.32% of their portfolio | 1.8m $157.0m | Reduced -19.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio | 1.7m $151.3m | Reduced -648.0k |
| Cardinal Capital Management, Inc. 3.56% of their portfolio | 1.7m $147.3m | Added +32.1k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 1.6m $142.7m | Added +94.7k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.10% of their portfolio | 1.6m $142.2m | Added +195.8k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 1.6m $140.6m | Added +95.3k |
| Russell Investments Group, Ltd. 0.12% of their portfolio | 1.6m $136.9m | Added +596.3k |
| Amundi 0.03% of their portfolio | 1.6m $135.0m | Reduced -68.4k |
| Public Sector Pension Investment Board 0.32% of their portfolio | 1.4m $121.3m | Added +877.1k |
| Nuveen, LLC 0.03% of their portfolio | 1.4m $119.8m | Added +173.6k |
| Alberta Investment Management Corp 0.67% of their portfolio | 1.4m $116.9m | Added +184.4k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.72% of their portfolio | 1.3m $115.6m | Added +197.0k |
| Baird Financial Group, Inc. 0.15% of their portfolio | 1.3m $109.3m | Reduced -69.1k |
| MUFG SECURITIES (CANADA), LTD. 2.93% of their portfolio | 1.3m $108.7m | Reduced -75.9k |
| REAVES W H & CO INC 1.65% of their portfolio | 1.3m $108.5m | Added +174.1k |
| GUARDIAN CAPITAL LP 2.49% of their portfolio | 1.2m $102.4m | Reduced -41.2k |
| AVIVA PLC 0.14% of their portfolio | 1.1m $96.4m | Reduced -24.4k |
| Aviso Financial Inc. 3.29% of their portfolio | 1.1m $94.5m | Reduced -15.8k |
| BCV Asset Management Inc. 2.85% of their portfolio | 1.1m $94.4m | Reduced -37.7k |
| Maren Capital LLC 4.28% of their portfolio | 1.1m $92.4m | Added +18.7k |
| UniSuper Management Pty Ltd 0.67% of their portfolio | 1.0m $129.0m | Added +6.4k |
| Quilter Plc 1.86% of their portfolio | 1.0m $123.3m | Added +11.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 976.6k $84.6m | Reduced -78.2k |
| State of Tennessee, Department of Treasury 0.25% of their portfolio | 969.7k $84.0m | Reduced -17.9k |
| SEI INVESTMENTS CO 0.07% of their portfolio | 947.4k $82.1m | Reduced -346.1k |
| Vanguard Investments Australia, Ltd. 0.19% of their portfolio | 887.6k $76.9m | Added +14.1k |
| AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 882.6k $76.2m | Reduced -93.5k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 880.6k $76.3m | Added +44.9k |
| Vontobel Holding Ltd. 0.25% of their portfolio | 874.7k $75.8m | Added +868.0k |
| NATIXIS ADVISORS, LLC 0.08% of their portfolio | 856.9k $74.2m | Added +182.7k |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 840.1k $72.8m | Reduced -36.9k |
| Addenda Capital Inc. 2.79% of their portfolio | 832.9k $102.6m | Added +133.2k |
| BlackRock, Inc. 0.00% of their portfolio | 748.2k $64.8m | Added +54.1k |
| HighTower Advisors, LLC 0.06% of their portfolio | 747.0k $64.7m | Added +10.4k |
| Focus Partners Wealth 0.06% of their portfolio | 731.1k $63.3m | Reduced -46.5k |
| Value Partners Investments Inc. 4.38% of their portfolio | 724.6k $62.7m | Added +1.7k |
| MILFORD FUNDS LTD 1.22% of their portfolio | 684.6k $74.7m | Added +384.7k |