CANADIAN NATIONAL RAILWAY CO (CNI) — Institutional Holders, Q2 2026

851 institutional investment managers reported a CNI position on SEC Form 13F-HR for the quarter ended June 30, 2026, with a combined reported value of $49.4B. Every filer is listed below, ranked by position value, 100 per page; this page shows ranks 1 to 100. Put and call option positions are excluded, and a firm filing several lots or share classes is shown once with its total.

← CNI stock profile

CNI in Q2 2026: what funds did

Funds that filed a 13F for both Q1 2026 and Q2 2026, by what they did with the common stock. Share counts are adjusted for any split between the two quarters; dollar figures are the change in shares at this quarter’s price.

New positions

Added to

297

Trimmed

262

Sold out

Biggest buyers

ROYAL BANK OF CANADAAdded · +3,646,856 sh+$434.9M
CIBC Asset ManagementAdded · +3,193,207 sh+$380.8M
HARDING LOEVNERAdded · +2,549,371 sh+$304.0M
FIL LtdAdded · +2,288,097 sh+$272.8M
PineStone Asset ManagementNew · +2,034,355 sh+$242.6M

Biggest sellers

LAZARD ASSET MANAGEMENTTrimmed · -5,165,999 sh-$616.0M
WELLINGTON MANAGEMENT GROUP LLPTrimmed · -2,985,994 sh-$356.0M
Fisher Asset ManagementTrimmed · -2,329,268 sh-$277.7M
TD ASSET MANAGEMENTTrimmed · -2,223,622 sh-$265.1M
1832 Asset Management L.P.Trimmed · -2,164,896 sh-$258.1M

CNI 13F holders ranked 1–100 of 851

Institutional investors reporting a position in CANADIAN NATIONAL RAILWAY CO on SEC Form 13F-HR for Q2 2026, ranked by reported value.
#	Institution	Shares	Value	% of portfolio	QoQShares vs Q1 2026
1	GATES FOUNDATION#1 · 51,826,786 sh	51,826,786	$6.2B	17.95%	0.0%
2	ROYAL BANK OF CANADA#2 · 31,156,081 sh	31,156,081	$3.7B	0.55%	+13.3%
3	FIL Ltd#3 · 19,129,315 sh	19,129,315	$2.3B	1.64%	+13.6%
4	CAISSE DE DEPOT ET PLACEMENT DU QUEBEC#4 · 18,962,558 sh	18,962,558	$2.3B	3.22%	+0.9%
5	1832 Asset Management L.P.#5 · 16,518,344 sh	16,518,344	$2.0B	0.99%	-11.6%
6	VANGUARD CAPITAL MANAGEMENT#6 · 15,918,701 sh	15,918,701	$1.9B	0.04%	+0.8%
7	BANK OF MONTREAL#7 · 14,841,305 sh	14,841,305	$1.8B	0.58%	+6.0%
8	MACKENZIE FINANCIAL#8 · 8,939,323 sh	8,939,323	$1.5B	1.50%	+1.9%
9	TD ASSET MANAGEMENT#9 · 9,907,691 sh	9,907,691	$1.2B	1.02%	-18.3%
10	TCI Fund Management Ltd#10 · 9,433,422 sh	9,433,422	$1.1B	2.13%	-4.2%
11	WELLINGTON MANAGEMENT GROUP LLP#11 · 8,537,192 sh	8,537,192	$1.0B	0.18%	-25.9%
12	CIBC Asset Management#12 · 6,861,848 sh	6,861,848	$819.9M	1.80%	+87.0%
13	NATIONAL BANK OF CANADA#13 · 6,761,268 sh	6,761,268	$805.3M	0.58%	+1.1%
14	MASSACHUSETTS FINANCIAL SERVICES#14 · 1,417,278 sh	1,417,278	$784.1M	0.25%	-62.2%
15	DEUTSCHE BANK AG\#15 · 6,062,146 sh	6,062,146	$722.9M	0.21%	-15.9%
16	PRICE T ROWE ASSOCIATES#16 · 6,052,322 sh	6,052,322	$721.7M	0.07%	-6.6%
17	Clearbridge Investments#17 · 5,964,425 sh	5,964,425	$711.2M	0.59%	+13.5%
18	GEODE CAPITAL MANAGEMENT#18 · 5,829,986 sh	5,829,986	$706.7M	0.04%	+11.6%
19	NORGES BANK#19 · 5,695,165 sh	5,695,165	$679.0M	0.07%	—
20	Connor, Clark & Lunn Investment Management Ltd.#20 · 5,674,241 sh	5,674,241	$676.4M	1.28%	+24.0%
21	HARDING LOEVNER#21 · 5,390,831 sh	5,390,831	$648.4M	6.10%	+89.7%
22	Fiera Capital#22 · 5,406,877 sh	5,406,877	$644.0M	2.34%	-12.7%
23	MANUFACTURERS LIFE INSURANCE COMPANY, THE#23 · 5,303,746 sh	5,303,746	$631.7M	0.49%	+20.4%
24	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP#24 · 5,152,780 sh	5,152,780	$614.4M	0.27%	+9.0%
25	CIBC WORLD MARKET#25 · 5,025,832 sh	5,025,832	$602.2M	0.97%	-1.4%
26	VANGUARD FIDUCIARY#26 · 4,816,343 sh	4,816,343	$574.8M	0.13%	+0.4%
27	CANADA PENSION PLAN INVESTMENT BOARD#27 · 4,462,797 sh	4,462,797	$532.0M	0.29%	-0.6%
28	TD Waterhouse Canada#28 · 4,297,955 sh	4,297,955	$514.6M	—	+2.8%
29	Legal & General Group Plc#29 · 3,986,362 sh	3,986,362	$475.6M	0.10%	-5.4%
30	LAZARD ASSET MANAGEMENT#30 · 3,911,519 sh	3,911,519	$466.3M	0.71%	-56.9%
31	Federation des caisses Desjardins du Quebec#31 · 3,891,768 sh	3,891,768	$462.6M	1.41%	+1.5%
32	SCOTIA CAPITAL#32 · 3,802,550 sh	3,802,550	$452.8M	1.69%	-3.1%
33	MORGAN STANLEY#33 · 3,675,358 sh	3,675,358	$438.2M	0.02%	+37.9%
34	Canoe Financial#34 · 3,407,690 sh	3,407,690	$406.3M	—	-0.5%
35	GOLDMAN SACHS GROUP#35 · 3,129,271 sh	3,129,271	$373.1M	0.03%	+15.9%
36	Troy Asset Management Ltd#36 · 2,564,246 sh	2,564,246	$322.3M	8.99%	-2.5%
37	JPMORGAN CHASE#37 · 2,621,159 sh	2,621,159	$315.4M	0.02%	-10.8%
38	Vanguard Global Advisers#38 · 2,325,865 sh	2,325,865	$277.6M	0.13%	+6.0%
39	Beutel, Goodman & Ltd.#39 · 2,105,136 sh	2,105,136	$251.1M	1.85%	-12.9%
40	TORONTO DOMINION BANK#40 · 2,069,940 sh	2,069,940	$246.8M	0.29%	+5.5%
41	PineStone Asset Management#41 · 2,034,355 sh	2,034,355	$242.6M	—	New
42	FMR#42 · 1,824,799 sh	1,824,799	$217.8M	<0.01%	-3.6%
43	Findlay Park Partners LLP#43 · 1,826,068 sh	1,826,068	$217.7M	2.94%	-3.3%
44	CHARLES SCHWAB INVESTMENT MANAGEMENT#44 · 1,718,110 sh	1,718,110	$205.0M	0.03%	+6.0%
45	Mitsubishi UFJ & Banking#45 · 1,718,819 sh	1,718,819	$204.9M	0.45%	+21.7%
46	Swiss National Bank#46 · 1,672,400 sh	1,672,400	$199.0M	0.10%	-5.0%
47	DIMENSIONAL FUND ADVISORS#47 · 1,440,786 sh	1,440,786	$171.8M	0.03%	+4.2%
48	AQR CAPITAL MANAGEMENT#48 · 1,406,399 sh	1,406,399	$167.7M	0.06%	+24.3%
49	TWO SIGMA INVESTMENTS#49 · 1,398,413 sh	1,398,413	$166.7M	0.12%	+230.1%
50	STIFEL FINANCIAL#50 · 1,359,885 sh	1,359,885	$162.2M	0.13%	-2.2%
51	BANK OF NOVA SCOTIA#51 · 1,335,451 sh	1,335,451	$159.4M	0.24%	-4.4%
52	BANK OF AMERICA#52 · 1,269,855 sh	1,269,855	$151.4M	<0.01%	-8.7%
53	Cardinal Capital Management#53 · 1,254,252 sh	1,254,252	$149.4M	—	+5.8%
54	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP#54 · 1,251,453 sh	1,251,453	$149.2M	—	-1.6%
55	Nuveen#55 · 1,236,343 sh	1,236,343	$147.5M	0.04%	+7.1%
56	VANGUARD ASSET MANAGEMENT, Ltd#56 · 1,156,300 sh	1,156,300	$138.0M	0.09%	+12.3%
57	LETKO, BROSSEAU & ASSOCIATES#57 · 1,027,674 sh	1,027,674	$122.6M	1.81%	-2.3%
58	INTACT INVESTMENT MANAGEMENT#58 · 955,760 sh	955,760	$114.0M	3.24%	-0.6%
59	Douglass Winthrop Advisors#59 · 936,884 sh	936,884	$111.7M	1.93%	-1.8%
60	BESSEMER GROUP#60 · 912,231 sh	912,231	$108.7M	0.15%	New
61	Amundi#61 · 860,943 sh	860,943	$102.7M	0.02%	-15.8%
62	Russell Investments Group, Ltd.#62 · 795,350 sh	795,350	$94.9M	0.08%	+57.9%
63	Addenda Capital#63 · 548,874 sh	548,874	$92.9M	—	+19.3%
64	MUFG SECURITIES (CANADA), LTD.#64 · 765,088 sh	765,088	$91.2M	2.46%	-5.5%
65	Alberta Investment Management#65 · 750,814 sh	750,814	$89.5M	0.50%	-1.1%
66	BALYASNY ASSET MANAGEMENT L.P.#66 · 745,247 sh	745,247	$88.9M	0.11%	+47.4%
67	AGF MANAGEMENT LTD#67 · 540,109 sh	540,109	$88.4M	0.34%	+1.0%
68	Scheer, Rowlett & Associates Investment Management Ltd.#68 · 727,812 sh	727,812	$86.8M	6.24%	-0.7%
69	BRITISH COLUMBIA INVESTMENT MANAGEMENT#69 · 716,203 sh	716,203	$85.4M	0.53%	+10.7%
70	FRANKLIN RESOURCES#70 · 685,127 sh	685,127	$81.7M	0.02%	-3.9%
71	BLI - Banque de Luxembourg Investments#71 · 683,667 sh	683,667	$81.6M	2.88%	-19.1%
72	HEALTHCARE OF ONTARIO PENSION PLAN FUND#72 · 651,600 sh	651,600	$77.7M	0.11%	+334.4%
73	NORTHERN#73 · 628,393 sh	628,393	$74.9M	<0.01%	+6.2%
74	Value Partners Investments#74 · 607,648 sh	607,648	$72.4M	—	+0.3%
75	PUBLIC SECTOR PENSION INVESTMENT BOARD#75 · 599,765 sh	599,765	$71.5M	0.18%	+123.1%
76	QV Investors#76 · 591,760 sh	591,760	$70.6M	—	-4.0%
77	Bank of New York Mellon#77 · 552,853 sh	552,853	$65.9M	0.01%	+9.7%
78	State of Tennessee, Treasury Department#78 · 537,896 sh	537,896	$64.2M	0.19%	-3.1%
79	Vanguard Investments Australia, Ltd.#79 · 530,857 sh	530,857	$63.4M	0.16%	+2.3%
80	Invesco Ltd.#80 · 524,812 sh	524,812	$62.6M	<0.01%	-49.4%
81	SEI INVESTMENTS#81 · 516,827 sh	516,827	$61.6M	0.05%	+2.3%
82	ADAGE CAPITAL PARTNERS GP, L.L.C.#82 · 516,526 sh	516,526	$61.6M	0.09%	-39.8%
83	Point72 Asset Management, L.P.#83 · 502,283 sh	502,283	$59.9M	0.07%	-35.6%
84	BlackRock#84 · 496,796 sh	496,796	$59.2M	<0.01%	+20.5%
85	Dixon Mitchell Investment Counsel#85 · 494,412 sh	494,412	$59.0M	1.92%	+10.3%
86	AMERICAN CENTURY COMPANIES#86 · 490,628 sh	490,628	$58.6M	0.03%	+36.9%
87	MILLENNIUM MANAGEMENT#87 · 473,152 sh	473,152	$56.4M	0.02%	-50.2%
88	Quadrature Capital Ltd#88 · 465,944 sh	465,944	$55.6M	0.48%	+3.1%
89	AVIVA PLC#89 · 464,294 sh	464,294	$55.3M	0.08%	+0.6%
90	LINCLUDEN MANAGEMENT LTD#90 · 324,110 sh	324,110	$54.9M	5.38%	-19.8%
91	GUARDIAN CAPITAL#91 · 422,207 sh	422,207	$50.4M	1.22%	+0.2%
92	CIDEL ASSET MANAGEMENT#92 · 403,673 sh	403,673	$48.2M	2.32%	-21.7%
93	Northwest & Ethical Investments L.P.#93 · 400,958 sh	400,958	$47.8M	1.11%	-6.1%
94	Saturna Capital#94 · 400,815 sh	400,815	$47.8M	0.58%	+0.1%
95	DekaBank Deutsche Girozentrale#95 · 456,770 sh	456,770	$46.8M	—	0.0%
96	UBS Group AG#96 · 379,861 sh	379,861	$45.3M	<0.01%	-43.2%
97	CIBC Bancorp USA#97 · 339,921 sh	339,921	$40.5M	0.05%	-4.1%
98	BARCLAYS PLC#98 · 334,663 sh	334,663	$39.9M	<0.01%	-7.5%
99	Encompass Capital Advisors#99 · 325,000 sh	325,000	$38.7M	1.38%	New
100	Neuberger Berman Group#100 · 307,260 sh	307,260	$36.7M	0.02%	+13.0%

Funds that sold out of CNI in Q2 2026 (61)

Held CNI at the end of Q1 2026 and filed a Q2 2026 13F without it. Not in the list above, because they no longer hold it. Largest prior position first.

Institutions that held CNI in Q1 2026 and reported no position in Q2 2026.
Institution	Shares sold	Value in Q1 2026
PBU - The Pension Fund of Early Childhood & Youth Educators482,530 sh	482,530	$30.1M
Schonfeld Strategic Advisors258,232 sh	258,232	$26.5M
Trexquant Investment158,913 sh	158,913	$16.3M
DKRT Investments58,700 sh	58,700	$6.0M
DAVIS-REA LTD.47,404 sh	47,404	$4.9M
VICTORY CAPITAL MANAGEMENT33,200 sh	33,200	$4.8M
Motley Fool Wealth Management38,601 sh	38,601	$4.0M
Graham Capital Management, L.P.32,233 sh	32,233	$3.3M
SUSQUEHANNA ADVISORS GROUP27,600 sh	27,600	$2.8M
DAVIDSON KEMPNER CAPITAL MANAGEMENT25,000 sh	25,000	$2.6M
Numerai GP24,335 sh	24,335	$2.5M
SIG North Trading, ULC21,616 sh	21,616	$2.2M
Caldwell Investment Management Ltd.10,800 sh	10,800	$1.1M
Y-Intercept (Hong Kong) Ltd10,170 sh	10,170	$1.0M
WEALTHEDGE INVESTMENT ADVISORS8,507 sh	8,507	$874.3K
Engineers Gate Manager7,434 sh	7,434	$764.0K
Magnetar Financial7,119 sh	7,119	$731.6K
Capital International6,836 sh	6,836	$703.6K
Centiva Capital6,795 sh	6,795	$698.3K
YOUSIF CAPITAL MANAGEMENT6,226 sh	6,226	$639.8K
NIA IMPACT ADVISORS6,196 sh	6,196	$636.7K
WORLDQUANT MILLENNIUM ADVISORS6,136 sh	6,136	$630.5K
Stonehage Fleming Financial Services Ltd5,834 sh	5,834	$599.6K
Accent Capital Management5,306 sh	5,306	$595.3K
Bristol Gate Capital Partners5,700 sh	5,700	$584.8K
HANCOCK WHITNEY4,765 sh	4,765	$489.8K
Gotham Asset Management4,491 sh	4,491	$461.5K
Holocene Advisors3,940 sh	3,940	$404.9K
Pictet & Cie (Europe) SA2,890 sh	2,890	$296.5K
Sterling Investment Management2,722 sh	2,722	$279.7K
IEQ CAPITAL2,343 sh	2,343	$240.8K
First Bank2,231 sh	2,231	$229.3K
WORLD EQUITY GROUP2,208 sh	2,208	$227.3K
CONGRESS ASSET MANAGEMENT2,045 sh	2,045	$210.2K
KESTRA PRIVATE WEALTH SERVICES2,021 sh	2,021	$207.7K
Summit Financial2,006 sh	2,006	$206.1K
Dorsey & Whitney1,957 sh	1,957	$201.1K
Ballentine Partners1,953 sh	1,953	$200.7K
Wealth Enhancement Services1,935 sh	1,935	$198.9K
Mondrian Investment Partners LTD1,038 sh	1,038	$148.6K
Vermillion Wealth Management1,000 sh	1,000	$102.8K
Western Wealth Management748 sh	748	$76.9K
RESOURCES MANAGEMENT /CT400 sh	400	$41.0K
MBM WEALTH CONSULTANTS362 sh	362	$37.2K
First Command Advisory Services330 sh	330	$33.9K
DAGCO325 sh	325	$33.4K
CURIO WEALTH317 sh	317	$32.6K
Coastline290 sh	290	$29.8K
TIAA , NATIONAL ASSOCIATION227 sh	227	$23.3K
Golden State Equity Partners208 sh	208	$21.4K
TWIN PEAKS WEALTH ADVISORS200 sh	200	$20.6K
Sound Income Strategies132 sh	132	$13.6K
Root Financial Partners117 sh	117	$12.0K
Operose Advisors96 sh	96	$9.9K
Addison Advisors86 sh	86	$8.8K
J.Safra Asset Management78 sh	78	$8.0K
Frazier Financial Advisors65 sh	65	$6.7K
Innovative Asset Advisors Group26 sh	26	$2.7K
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT23 sh	23	$2.4K
Intentional Wealth Strategies14 sh	14	$1.4K
Whipplewood Advisors6 sh	6	$617.00

Source: Form 13F-HR filings on SEC EDGAR, Q2 2026. Values are as reported by each manager at quarter end. “% of portfolio” is the position’s share of the manager’s total reported 13F value for the same quarter. “New” means the manager filed a 13F for Q1 2026 without this position; a dash means no comparison is available. Where a manager’s own filing is internally inconsistent its value is withheld and it is listed last. 13F data shows reported holdings, not recommendations.