Canadian National Railway

CNI • NYSE

Canadian National Railway is a railroads company in the industrials sector on NYSE, led by Claude Mongeau, with a market cap of $60.7B. As of Q3 2025, 66% of shares are held by 735 institutional investors, with BILL & MELINDA GATES FOUNDATION TRUST as the largest holder at 8.3%.

President and CEOClaude Mongeau

Market Cap$60.7B

Railroads

Industrials

Employees18.3K

Websitecn.ca

Overview

Overview of institutional ownership in CNI as of Q3 2025 with a market cap of $58.9B

All Institutions

Institutions: 735
Value Held: $38.7B
Shares Held: 410.1M
Avg Position: $52.7M
Median Position: $934.2K

Hedge Funds

Hedge Funds: 33
Value Held: $1.0B
Shares Held: 10.6M
Avg Position: $30.3M
Median Position: $3.6M

Ownership Breakdown

Institutional (non-HF)

64.09%

$37.7B

Hedge Funds

1.7%

$1.0B

Retail & Other

34.21%

$20.1B

Based on market cap of $58.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CNI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BILL & MELINDA GATES FOUNDATION TRUST Institution	-	$4.9B 13.36% of portfolio	8.30% 51.8M shares	≤ Q2 2013 Held for 12y 5m+	$36.6B
R ROYAL BANK OF CANADA Institution	-	$2.5B 0.47% of portfolio	4.30% 26.8M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$2.3B 0.03% of portfolio	3.89% 24.3M shares	Q1 2015 Held for 10y 8m	$6.69T
T TCI Fund Management Ltd Institution	-	$1.8B 3.36% of portfolio	3.01% 18.8M shares	Q3 2018 Held for 7y 2m	$52.7B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$1.3B 0.57% of portfolio	2.28% 14.2M shares	≤ Q2 2013 Held for 12y 5m+	$235.55B
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	Neil David Blundell CIO	$1.3B 2.36% of portfolio	2.23% 13.9M shares	≤ Q2 2013 Held for 12y 5m+	$55.5B
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Edmund Wellington Iii President	$1.1B 0.19% of portfolio	1.87% 11.7M shares	≤ Q2 2013 Held for 12y 5m+	$571.21B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$1.1B 0.34% of portfolio	1.87% 11.7M shares	≤ Q2 2013 Held for 12y 5m+	$322.72B
T TD ASSET MANAGEMENT INC Institution	-	$1.1B 0.88% of portfolio	1.84% 11.5M shares	≤ Q2 2013 Held for 12y 5m+	$123.47B
F FIL Ltd Institution	-	$993.5M 0.78% of portfolio	1.69% 10.5M shares	Q2 2018 Held for 7y 5m	$127.75B

Net Capital Flow

Institutional buying and selling activity for CNI in Q3 2025

Net Flow: −$1.4B
Buyers: 247
Sellers: 385
Total Bought: +$3.0B
Total Sold: −$4.3B
Avg Position: $48.7M

Biggest Buyers

Institution	Net Bought	Current Position
LAZARD ASSET MANAGEMENT LLC Long Only Manager	+$844.2M +9.0M shares	$844.4M 9.0M shares
F FIL Ltd Institution	+$547.7M +5.8M shares	$993.5M 10.5M shares
Clearbridge Investments, LLC Long Only Manager	+$206.1M +2.2M shares	$330.5M 3.5M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$167.5M +1.8M shares	$749.0M 7.9M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$166.1M +1.8M shares	$737.0M 7.8M shares
Q Quadrature Capital Ltd Institution	+$154.9M +1.6M shares	$164.0M 1.7M shares
Troy Asset Management Ltd Long Only Manager	+$128.3M +1.4M shares	$258.2M 2.7M shares
BANK OF AMERICA CORP /DE/ Institution	+$88.2M +935.4K shares	$257.8M 2.7M shares
F Fiera Capital Corp Institution	+$63.3M +671.1K shares	$610.1M 6.5M shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$52.0M +543.9K shares	$469.0M 4.9M shares

Biggest Sellers

Institution	Net Sold	Current Position
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$1.0B −10.8M shares	$1.1B 11.7M shares
T TCI Fund Management Ltd Institution	−$398.0M −4.2M shares	$1.8B 18.8M shares
B BILL & MELINDA GATES FOUNDATION TRUST Institution	−$282.9M −3.0M shares	$4.9B 51.8M shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$279.9M −2.7M shares	Sold Off 0 shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$250.2M −2.7M shares	$382.3M 4.1M shares
I Investec Asset Management LTD Long Only Manager	−$213.3M −2.1M shares	Sold Off 0 shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	−$193.5M −2.1M shares	$204.4M 2.2M shares
R ROYAL BANK OF CANADA Institution	−$124.4M −1.3M shares	$2.5B 26.8M shares
G GCIC Ltd. Institution	−$110.3M −1.2M shares	$891.4M 9.5M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$93.5M −991.5K shares	$1.4M 14.7K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CNI in Q3 2025

New Positions: 22
New Value: $14.3M
Exited Positions: 101
Exited Value: $777.9M

New Positions

Institution	Position Value
Ninepoint Partners LP Hedge Fund•Multi-Strategy	$4.9M 52.4K shares
Kensington Investment Counsel, LLC RIA/Wealth	$3.1M 32.7K shares
MARKEL CORP Institution	$2.4M 25.0K shares
A Argent Trust Co Institution	$2.3M 24.3K shares
R Rede Wealth, LLC RIA/Wealth	$482.5K 5.1K shares
T Toroso Investments, LLC ETF Provider	$468.2K 5.0K shares
Buckingham Strategic Partners RIA/Wealth	$214.6K 2.3K shares
S SIH Partners, LLLP Institution	$208.2K 2.2K shares
Mondrian Investment Partners LTD Long Only Manager	$136.2K 1.0K shares
Steigerwald, Gordon & Koch Inc. RIA/Wealth	$49.7K 527.0 shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$279.9M 2.7M shares
I Investec Asset Management LTD Long Only Manager	$213.3M 2.1M shares
Marshall Wace LLP Institution	$40.0M 384.2K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$39.0M 374.9K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$32.8M 315.6K shares
E Eisler Capital Management Ltd. Institution	$23.6M 227.1K shares
Trexquant Investment LP Hedge Fund•Quant	$16.5M 158.7K shares
Haven Global Partners, LLC Long Only Manager	$14.0M 134.3K shares
F Forge First Asset Management Inc. Institution	$13.7M 131.9K shares
A AXA Institution	$12.6M 121.6K shares

Options Activity

Institutions with the largest Call and Put options positions in CNI as of Q3 2025

Call Positions: 19
Call Value: $128.5M
Put Positions: 17
Put Value: $107.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$20.2M 2.1K contracts
Walleye Trading LLC RIA/Wealth	$15.6M 1.7K contracts
R ROYAL BANK OF CANADA Institution	$13.2M 1.4K contracts
TORONTO DOMINION BANK Institution	$13.1M 1.4K contracts
S SIG North Trading, ULC Institution	$12.0M 1.3K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$11.6M 1.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$9.8M 1.0K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$8.4M 891.0 contracts
M Murchinson Ltd. Institution	$5.3M 565.0 contracts
Polar Securities Inc. Hedge Fund•Multi-Strategy	$4.7M 500.0 contracts

Put Positions

Institution	Position Value
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$28.8M 3.1K contracts
S SIG North Trading, ULC Institution	$27.8M 2.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$12.1M 1.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$10.9M 1.2K contracts
C CIBC World Markets Inc. Institution	$8.3M 880.0 contracts
M Murchinson Ltd. Institution	$5.3M 565.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$4.6M 485.0 contracts
R ROYAL BANK OF CANADA Institution	$2.3M 249.0 contracts
TORONTO DOMINION BANK Institution	$2.1M 220.0 contracts
UBS Group AG Institution	$1.6M 165.0 contracts

Most Committed Institutions

Institutions with CNI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B BILL & MELINDA GATES FOUNDATION TRUST Institution	-	13.36% $4.9B	8.30% 51.8M shares	≤ Q2 2013 Held for 12y 5m+	$36.6B
Foresight Global Investors, Inc. RIA/Wealth	Ajay Mehra President	8.71% $14.7M	0.02% 155.6K shares	Q3 2023 Held for 2y 2m	$168.4M
Troy Asset Management Ltd Long Only Manager	Charles William Davies CEO	6.63% $258.2M	0.44% 2.7M shares	Q4 2023 Held for 1y 11m	$3.9B
LOUISBOURG INVESTMENTS INC. Long Only Manager	Luc Jospeh Gaudet CEO	6.21% $28.5M	0.05% 302.1K shares	Q4 2023 Held for 1y 11m	$458.4M
I Immersion Capital LLP Institution	-	5.20% $5.1M	0.01% 53.6K shares	Q4 2023 Held for 1y 11m	$97.2M
Q QV Investors Inc. Institution	-	5.14% $55.2M	0.09% 585.5K shares	Q2 2017 Held for 8y 5m	$1.1B
S Scheer, Rowlett & Associates Investment Management Ltd. Institution	-	4.95% $83.0M	0.14% 880.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.7B
L LINCLUDEN MANAGEMENT LTD Institution	-	4.81% $41.0M	0.07% 434.3K shares	Q4 2014 Held for 10y 11m	$850.9M
V Value Partner Investments Inc. Institution	-	4.63% $56.7M	0.10% 601.9K shares	Q2 2021 Held for 4y 5m	$1.2B
Jarislowsky, Fraser Ltd Long Only Manager	Marc Jeffrey Rowan CEO	4.60% $836.8M	1.42% 8.9M shares	≤ Q2 2013 Held for 12y 5m+	$18.2B

Hedge Fund Spotlight

Discover hedge funds investing in CNI

TWO SIGMA INVESTMENTS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerCarter Mayberry Lyons

Portfolio Value: $62.0B
Positions: 3,252
Last Reported: Q3 2025

Sector Allocation

Position in Canadian National Railway

Market Value: $117.7M
Shares Held: 1.2M
Portfolio Weight: 0.19%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$680.4M	1.10%
2 Financial Select Sector SPDR Fund XLF	ETF ETF	$582.6M	0.94%
3 Consumer Staples Select Sector SPDR Fund XLP	ETF ETF	$489.6M	0.79%