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
$97.19
All holders as of 31 Dec 2025
Q4 2025
Total 13F shares
409,450,469
Total reported value
$40,652,188,885
% of total 13F portfolios
0.03%
Share change
+9,302,489
Value change
+$937,841,667
Number of holders
779
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 31 Dec 2025, 779 institutional investors reported holding 409,450,469 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 0% 14% $5,123,077,796
ROYAL BANK OF CANADA 4.2% 26,114,070 -2.7% 0.45% $2,581,376,000
VANGUARD GROUP INC 4% 24,646,922 +1.4% 0.04% $2,437,679,172
1832 Asset Management L.P. 3% 18,747,746 +98% 2.4% $1,853,214,692
FIL Ltd 2.5% 15,745,744 +49% 1.2% $1,557,309,203
BANK OF MONTREAL /CAN/ 2.3% 14,178,973 -0.16% 0.57% $1,402,378,678
Caisse de depot et placement du Quebec 2.2% 13,894,922 0% 2.3% $1,376,061,034
TD Asset Management Inc 1.8% 11,374,457 -0.78% 0.91% $1,126,450,876
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 1.7% 10,584,719 -9.2% 0.34% $1,046,299,475
Capital International Investors 1.6% 9,917,406 -1.2% 0.15% $981,275,019
TCI FUND MANAGEMENT LTD 1.6% 9,849,934 -48% 1.8% $974,114,657
WELLINGTON MANAGEMENT GROUP LLP 1.5% 9,315,803 -20% 0.16% $922,386,744
DEUTSCHE BANK AG\ 1.4% 8,998,101 +15% 0.29% $889,462,283
LAZARD ASSET MANAGEMENT LLC 1.4% 8,903,624 -0.58% 1.5% $880,617,480
MACKENZIE FINANCIAL CORP 1.4% 8,894,923 +3.1% 1% $882,038,816
PRICE T ROWE ASSOCIATES INC /MD/ 1.3% 8,032,989 +1.1% 0.09% $794,062,000
NATIONAL BANK OF CANADA /FI/ 1.1% 6,710,219 -2.9% 0.68% $663,062,713
Fiera Capital Corp 1.1% 6,648,582 +2.7% 2.1% $657,783,710
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.99% 6,165,148 +2.9% 0.36% $609,581,677
NORGES BANK 0.93% 5,764,854 0.06% $570,161,389
CIBC WORLD MARKET INC. 0.83% 5,165,704 +14% 0.91% $510,629,840
GEODE CAPITAL MANAGEMENT, LLC 0.82% 5,119,084 +4.3% 0.03% $514,883,628
Clearbridge Investments, LLC 0.72% 4,481,206 +28% 0.35% $442,967,200
MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.71% 4,452,495 +9.9% 0.36% $441,291,858
Legal & General Group Plc 0.66% 4,113,459 -2.5% 0.09% $407,364,013

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 409,450,469 $40,652,188,885 +$937,841,667 $98.85 779
2025 Q3 411,354,426 $38,834,374,778 -$1,631,292,443 $94.30 749
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