Ranked by reported Q2 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 | GATES FOUNDATION TRUST | 51.8M | $6.18B | 0.0% | 8.568% | 17.95% |
| 2 | ROYAL BANK OF CANADA | 31.2M | $3.72B | +13.3% | 5.162% | 0.55% |
| 3 | FIL Ltd | 19.1M | $2.28B | +13.6% | 3.162% | 1.64% |
| 4 | CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | 19.0M | $2.26B | +0.9% | 3.135% | 3.22% |
| 5 | 1832 Asset Management L.P. | 16.5M | $1.97B | -11.6% | 2.731% | 0.99% |
| 6 | VANGUARD CAPITAL MANAGEMENT LLC | 15.9M | $1.90B | +0.8% | 2.632% | 0.04% |
| 7 | BANK OF MONTREAL /CAN/ | 14.9M | $1.77B | +5.6% | 2.456% | 0.58% |
| 8 | MACKENZIE FINANCIAL CORP | 8.9M | $1.51B | +1.9% | 1.478% | 1.51% |
| 9 | TD ASSET MANAGEMENT INC | 9.9M | $1.18B | -18.3% | 1.638% | 1.02% |
| 10 | TCI Fund Management Ltd | 9.4M | $1.12B | -4.2% | 1.559% | 2.13% |
| 11 | WELLINGTON MANAGEMENT GROUP LLP | 8.5M | $1.02B | -25.9% | 1.411% | 0.18% |
| 12 | CIBC Asset Management Inc | 6.9M | $819.9M | +87.0% | 1.134% | 1.80% |
| 13 | NATIONAL BANK OF CANADA /FI/ | 6.8M | $805.3M | +1.1% | 1.118% | 0.58% |
| 14 | MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 1.4M | $784.1M | -62.2% | 0.234% | 0.25% |
| 15 | DEUTSCHE BANK AG\ | 6.1M | $722.9M | -15.9% | 1.002% | 0.21% |
| 16 | Clearbridge Investments, LLC | 6.0M | $711.2M | +13.5% | 0.986% | 0.59% |
| 17 | GEODE CAPITAL MANAGEMENT, LLC | 5.8M | $706.7M | +11.6% | 0.964% | 0.04% |
| 18 | NORGES BANK | 5.7M | $679.0M | β | 0.942% | 0.07% |
| 19 | Connor, Clark & Lunn Investment Management Ltd. | 5.7M | $676.4M | +24.0% | 0.938% | 1.28% |
| 20 | HARDING LOEVNER LP | 5.4M | $648.4M | +89.7% | 0.891% | 6.10% |
| 21 | Fiera Capital Corp | 5.4M | $644.0M | -12.7% | 0.894% | 2.34% |
| 22 | MANUFACTURERS LIFE INSURANCE COMPANY, THE | 5.3M | $631.7M | +20.4% | 0.877% | 0.25% |
| 23 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 5.2M | $614.4M | +9.0% | 0.852% | 0.27% |
| 24 | CIBC WORLD MARKET INC. | 5.0M | $602.2M | -2.9% | 0.831% | 0.97% |
| 25 | VANGUARD FIDUCIARY TRUST CO | 4.8M | $574.8M | +0.4% | 0.796% | 0.13% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). β% of Fundβ shows how much of that investorβs total 13F portfolio is invested in CNI β a direct measure of their conviction.
Filings activity in CNI during Q2 2026, grouped by how each filer changed its position.
8 quarters of 13F filings Β· Ξ columns show change vs prior quarter
| Quarter | Inst. Holders | Ξ Holders | Ownership % | Ξ Ownership | Total 13F Value | Ξ Value |
|---|---|---|---|---|---|---|
| Q2 2026 | 848 | +2.3% | 67.05% | +0.58 pp | $48.10B | 2.3% |
| Q1 2026 | 829 | +3.4% | 66.47% | 29.59 pp | $49.22B | 14% |
| Q4 2025 | 802 | +7.2% | 96.06% | +27.72 pp | $57.44B | +53% |
| Q3 2025 | 748 | 7.3% | 68.34% | 27.29 pp | $37.60B | 38% |
| Q2 2025 | 807 | +1.3% | 95.63% | +25.93 pp | $60.18B | +51% |
| Q1 2025 | 797 | 3.3% | 69.70% | +0.15 pp | $39.77B | 2.9% |
| Q4 2024 | 824 | 0.4% | 69.55% | +0.05 pp | $40.96B | 15% |
| Q3 2024 | 827 | β | 69.50% | β | $47.95B | β |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Ξ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying CNI stock.
Based on Q2 2026 13F filings, institutional ownership of Canadian National Railway Company stands at 67.0%, held across 848 reporting institutions.
GATES FOUNDATION TRUST is the largest reported institutional holder of CNI, with approximately 51,826,786 shares worth $6.18B as of Q2 2026.
Yes β 2 widely-followed marquee investors appear among the top 25 institutional holders of CNI, including GATES FOUNDATION TRUST, TCI Fund Management Ltd.
Our composite Smart Money Score for CNI is 63 out of 100 (Bullish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
77 institutions opened new positions in CNI during Q2 2026, while 61 fully exited. 669 added to existing positions and 76 trimmed.
CNI institutional ownership rose by 0.58 percentage points quarter-over-quarter, with a net change of +19 holders.
The top 10 institutions account for 49.7% of all reported 13F value in CNI, and the top 25 account for 71.8%.
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