CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI) Institutional Ownership

13F Institutional Holders and Ownership History from Q1 2014 to Q4 2025

Type / Class
Equity / Common Shares, No Par Value
Symbol
CNI on NYSE
Shares outstanding
623,019,000
Price per share
$98.85
All holders as of 30 Sep 2025
Q3 2025
Total 13F shares
410,631,410
Total reported value
$38,766,204,220
% of total 13F portfolios
0.03%
Share change
-15,892,645
Value change
-$1,602,637,856
Number of holders
745
Reported Shares, Excluding Options vs Price
Reported Value, Excluding Options
Total Investors

Significant Owners of CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI) based on Schedule 13D/G filings

Filer Ownership Change % Holdings Value Net Change Nb Shares Change % Reporting Name Report Period
TCI Fund Management Ltd 4.2% $2,523,264,331 26,166,798 TCI Fund Management Limited 28 Apr 2025
GATES MELINDA FRENCH 2.6% $1,556,892,147 16,145,309 GATES MELINDA FRENCH 01 Oct 2024

As of 30 Sep 2025, 745 institutional investors reported holding 410,631,410 shares of CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI). This represents 66% of the company’s total 623,019,000 outstanding shares.

Top 25 Institutional Shareholders

The largest institutional shareholders of CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI) together control 48% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.

Institution Ownership % Shares Held Share Change % Portfolio % Holdings Value
GATES FOUNDATION TRUST 8.3% 51,826,786 -5.5% 13% $4,887,265,920
ROYAL BANK OF CANADA 4.3% 26,832,399 -4.7% 0.45% $2,530,295,000
VANGUARD GROUP INC 3.9% 24,300,252 +1.6% 0.03% $2,291,562,363
TCI FUND MANAGEMENT LTD 3% 18,767,774 -18% 3.4% $1,769,673,250
BANK OF MONTREAL /CAN/ 2.3% 14,201,675 -0.19% 0.59% $1,338,948,153
Caisse de depot et placement du Quebec 2.2% 13,894,922 +1.1% 2.4% $1,310,600,500
WELLINGTON MANAGEMENT GROUP LLP 1.9% 11,675,838 -48% 0.19% $1,101,265,061
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 1.9% 11,660,891 -1.4% 0.34% $1,099,622,020
TD Asset Management Inc 1.8% 11,464,138 -5% 0.88% $1,081,323,466
FIL Ltd 1.7% 10,535,341 +123% 0.78% $993,503,020
Capital International Investors 1.6% 10,035,944 -4.5% 0.15% $945,990,740
1832 Asset Management L.P. 1.5% 9,452,820 -11% 1.5% $891,400,926
LAZARD ASSET MANAGEMENT LLC 1.4% 8,955,711 +639137% 1.1% $844,353,411
JARISLOWSKY, FRASER Ltd 1.4% 8,871,249 -4% 4.6% $836,755,589
MACKENZIE FINANCIAL CORP 1.4% 8,626,147 +0.42% 0.99% $813,287,020
PRICE T ROWE ASSOCIATES INC /MD/ 1.3% 7,943,017 +29% 0.08% $749,027,000
DEUTSCHE BANK AG\ 1.3% 7,815,995 +29% 0.25% $737,048,330
NATIONAL BANK OF CANADA /FI/ 1.1% 6,912,021 -7.3% 0.74% $651,408,124
Fiera Capital Corp 1% 6,471,710 +12% 2% $610,075,546
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.96% 5,991,738 -4.8% 0.36% $564,972,894
Bank of New York Mellon Corp 0.84% 5,232,657 -8.4% 0.09% $493,439,544
GEODE CAPITAL MANAGEMENT, LLC 0.79% 4,909,765 +12% 0.03% $469,041,154
CIBC WORLD MARKET INC. 0.72% 4,513,941 -6.8% 0.88% $425,664,636
CIBC Asset Management Inc 0.72% 4,490,422 -14% 1.2% $423,595,131
Legal & General Group Plc 0.68% 4,219,717 -1.8% 0.09% $398,013,882

Institutional Holders of CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI) across Reporting Periods

Period Reported Shares, Excl. Options Value, Excl. Options Value Change Price (Median) Investors
2025 Q4 18,338,562 $1,871,285,268 -$67,065,233 $98.85 135
2025 Q3 410,631,410 $38,766,204,220 -$1,602,637,856 $94.30 745
2025 Q2 428,412,703 $44,654,047,673 +$590,589,559 $104.04 810
2025 Q1 422,252,948 $41,181,131,462 -$138,908,465 $97.46 808
2024 Q4 422,976,705 $42,939,307,394 -$515,882,869 $101.51 834
2024 Q3 424,790,132 $49,722,950,813 -$1,484,019,836 $117.15 834
2024 Q2 437,810,566 $51,721,931,172 -$1,114,446,057 $118.13 842
2024 Q1 443,938,948 $58,450,050,802 -$943,776,522 $131.71 840
2023 Q4 451,177,283 $56,727,026,012 -$6,339,060 $125.63 811
2023 Q3 450,204,661 $48,901,267,473 +$2,223,143 $108.33 762
2023 Q2 451,152,303 $54,623,682,900 -$166,743,280 $121.07 780
2023 Q1 437,692,801 $51,606,680,409 -$416,970,456 $117.97 773
2022 Q4 455,563,275 $54,197,155,563 -$466,789,486 $118.88 766
2022 Q3 459,669,422 $49,734,049,314 +$4,768,228,480 $107.99 726
2022 Q2 415,250,853 $46,707,221,080 +$1,406,943,896 $112.47 740
2022 Q1 404,570,772 $54,262,455,690 -$112,160,356 $134.14 763
2021 Q4 404,525,859 $49,630,291,183 -$766,694,815 $122.86 763
2021 Q3 400,353,158 $46,342,205,202 +$514,236,114 $115.65 697
2021 Q2 397,244,910 $41,960,441,235 +$1,428,242,318 $105.52 693
2021 Q1 381,635,434 $44,257,295,497 +$150,570,933 $115.98 706
2020 Q4 382,787,434 $42,090,861,750 +$108,936,980 $109.85 688
2020 Q3 381,196,383 $40,540,087,353 -$601,472,789 $106.46 636
2020 Q2 396,170,604 $35,037,891,692 -$207,277,121 $88.57 628
2020 Q1 398,697,793 $30,927,924,963 +$590,275,209 $77.63 611
2019 Q4 391,760,414 $35,427,368,739 +$481,390,277 $90.45 655
2019 Q3 385,598,826 $34,632,219,567 -$349,383,389 $89.86 632
2019 Q2 387,626,172 $35,848,508,931 -$910,181,316 $92.48 625
2019 Q1 397,316,382 $35,551,135,365 -$198,095,480 $89.48 633
2018 Q4 400,174,942 $29,635,853,875 -$271,344,259 $74.11 620
2018 Q3 401,384,803 $35,996,571,138 +$161,371,145 $89.80 628
2018 Q2 400,968,292 $32,749,347,505 -$659,093,610 $81.75 595
2018 Q1 410,903,745 $30,009,587,282 +$400,648,485 $73.13 575
2017 Q4 404,087,112 $33,335,339,112 -$3,067,815 $82.50 603
2017 Q3 405,581,602 $33,567,761,251 -$599,065,661 $82.85 569
2017 Q2 411,150,825 $33,296,698,891 -$726,085,112 $81.05 548
2017 Q1 420,517,914 $31,041,689,035 +$75,186,157 $73.93 536
2016 Q4 418,230,955 $28,161,456,442 -$279,472,473 $67.40 537
2016 Q3 421,051,222 $27,501,461,278 -$541,744,588 $65.40 494
2016 Q2 426,322,730 $25,132,243,221 -$194,234,064 $59.06 493
2016 Q1 423,343,263 $26,471,562,824 -$178,781,567 $62.46 489
2015 Q4 437,992,300 $24,476,867,463 -$779,054,151 $55.88 489
2015 Q3 450,337,222 $25,542,142,709 +$766,213,989 $56.76 477
2015 Q2 435,620,210 $25,205,557,632 +$170,473,859 $57.75 494
2015 Q1 431,809,817 $28,899,425,784 +$595,595,110 $66.87 533
2014 Q4 435,598,176 $30,201,791,161 -$23,202,577 $68.91 532
2014 Q3 435,313,537 $30,945,886,670 -$558,246,447 $70.96 526
2014 Q2 443,658,281 $28,901,910,187 +$216,015,815 $65.02 492
2014 Q1 433,385,857 $24,471,908,186 +$26,424,411 $56.22 478