Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in CNI held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | Employees Provident Fund Board | 93K | $8.40B | — | 0.015% | 0.01% |
| 2 | BILL & MELINDA GATES FOUNDATION TRUST | 51.8M | $5.33B | 0.0% | 8.477% | 16.82% |
| 3 | ROYAL BANK OF CANADA | 27.5M | $2.83B | +5.3% | 4.506% | 0.50% |
| 4 | CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | 18.8M | $1.93B | +35.2% | 3.072% | 3.09% |
| 5 | 1832 Asset Management L.P. | 18.7M | $1.92B | -0.3% | 3.056% | 2.54% |
| 6 | FIL Ltd | 16.8M | $1.73B | +7.0% | 2.755% | 1.35% |
| 7 | VANGUARD CAPITAL MANAGEMENT LLC | 15.8M | $1.63B | — | 2.584% | 0.04% |
| 8 | BANK OF MONTREAL /CAN/ | 14.1M | $1.45B | -0.8% | 2.301% | 0.55% |
| 9 | TD ASSET MANAGEMENT INC | 12.1M | $1.24B | +6.7% | 1.984% | 1.01% |
| 10 | WELLINGTON MANAGEMENT GROUP LLP | 11.5M | $1.18B | +23.7% | 1.885% | 0.22% |
| 11 | MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 3.8M | $1.05B | -64.6% | 0.613% | 0.35% |
| 12 | TCI Fund Management Ltd | 9.8M | $1.01B | 0.0% | 1.611% | 2.24% |
| 13 | LAZARD ASSET MANAGEMENT LLC | 9.1M | $934.5M | +1.9% | 1.485% | 1.54% |
| 14 | MACKENZIE FINANCIAL CORP | 8.8M | $903.2M | -1.3% | 1.435% | 1.08% |
| 15 | DEUTSCHE BANK AG\ | 7.2M | $740.5M | -19.9% | 1.179% | 0.25% |
| 16 | NATIONAL BANK OF CANADA /FI/ | 6.7M | $685.8M | -0.4% | 1.093% | 0.70% |
| 17 | Fiera Capital Corp | 6.2M | $636.2M | -6.9% | 1.013% | 2.18% |
| 18 | GEODE CAPITAL MANAGEMENT, LLC | 5.2M | $542.5M | +2.0% | 0.854% | 0.03% |
| 19 | Clearbridge Investments, LLC | 5.3M | $539.9M | +17.2% | 0.859% | 0.47% |
| 20 | CIBC World Markets Inc. | 5.2M | $534.3M | +0.0% | 0.846% | 0.87% |
| 21 | VANGUARD FIDUCIARY TRUST CO | 4.8M | $493.6M | — | 0.784% | 0.13% |
| 22 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 4.7M | $486.3M | -23.3% | 0.773% | 0.26% |
| 23 | Connor, Clark & Lunn Investment Management Ltd. | 4.6M | $471.0M | +49.1% | 0.748% | 1.09% |
| 24 | CANADA PENSION PLAN INVESTMENT BOARD | 4.5M | $462.2M | +24.6% | 0.734% | 0.30% |
| 25 | MANUFACTURERS LIFE INSURANCE COMPANY, THE | 4.4M | $452.9M | -1.1% | 0.720% | 0.39% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in CNI — a direct measure of their conviction.
Filings activity in CNI during Q1 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 809 | +1.8% | 67.16% | 11.69 pp | $48.85B | 15% |
| Q4 2025 | 795 | +7.6% | 78.85% | +27.35 pp | $57.36B | +53% |
| Q3 2025 | 739 | 8.4% | 51.50% | 31.23 pp | $37.46B | 38% |
| Q2 2025 | 807 | +1.3% | 82.73% | +28.06 pp | $60.18B | +51% |
| Q1 2025 | 797 | 3.3% | 54.67% | 1.63 pp | $39.77B | 2.9% |
| Q4 2024 | 824 | 0.4% | 56.30% | 9.61 pp | $40.96B | 15% |
| Q3 2024 | 827 | 0.2% | 65.91% | 134.08 pp | $47.95B | 76% |
| Q2 2024 | 829 | — | 199.99% | — | $202.44B | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying CNI stock.
Based on Q1 2026 13F filings, institutional ownership of Canadian National Railway Company stands at 67.2%, held across 809 reporting institutions.
Employees Provident Fund Board is the largest reported institutional holder of CNI, with approximately 92,600 shares worth $8.40B as of Q1 2026.
Yes — 2 widely-followed marquee investors appear among the top 25 institutional holders of CNI, including BILL & MELINDA GATES FOUNDATION TRUST, TCI Fund Management Ltd.
Our composite Smart Money Score for CNI is 46 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
101 institutions opened new positions in CNI during Q1 2026, while 87 fully exited. 524 added to existing positions and 178 trimmed.
CNI institutional ownership fell by 11.69 percentage points quarter-over-quarter, with a net change of +14 holders.
The top 10 institutions account for 56.6% of all reported 13F value in CNI, and the top 25 account for 76.9%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
Canadian National Railway Company (CNI) Institutional Ownership