Carlson Capital’s Canadian National Railway CNI Stock Holding History

Carlson Capital’s Portfolio CNI Stock Details CNI Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-8,900	Closed	-$839K	–	77
2025 Q3	$839K	Buy	8,900 +4,000	+82%	+$386K	0.31%	29
2025 Q2	$510K	Buy	+4,900	New	+$499K	0.21%	51
2023 Q4	–	Sell	-91,886	Closed	-$9.95M	–	132
2023 Q3	$9.95M	Buy	91,886 +8,400	+10%	+$964K	0.78%	35
2023 Q2	$10.1M	Sell	83,486 -10,591	-11%	-$1.26M	0.87%	31
2023 Q1	$11.1M	Buy	94,077 +60,877	+183%	+$7.2M	1.04%	19
2022 Q4	$3.95M	Sell	33,200 -75,500	-69%	-$9.02M	0.3%	84
2022 Q3	$11.7M	Buy	+108,700	New	+$13M	0.88%	25
2022 Q2	–	Sell	-75,100	Closed	-$10.1M	–	132
2022 Q1	$10.1M	Buy	+75,100	New	+$9.39M	0.69%	37
2021 Q3	–	Sell	-66,094	Closed	-$6.97M	–	167
2021 Q2	$6.97M	Buy	66,094 +31,685	+92%	+$3.5M	0.34%	62
2021 Q1	$3.99M	Buy	+34,409	New	+$3.82M	0.15%	126
2019 Q2	–	Sell	-208,272	Closed	-$18.6M	–	261
2019 Q1	$18.6M	Buy	+208,272	New	+$17.5M	0.33%	96
2018 Q4	–	Sell	-150,236	Closed	-$13.5M	–	279
2018 Q3	$13.5M	Sell	150,236 -112,189	-43%	-$9.79M	0.17%	149
2018 Q2	$21.5M	Buy	+262,425	New	+$20.9M	0.3%	89

Other funds holding CNI

Gates Foundation Trust Kirkland, Washington $34.4B AUM 26.34% 1-Year Est. Return

Royal Bank of Canada Toronto, Ontario, Canada $672B AUM 33.48% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

1832 Asset Management Toronto, Ontario, Canada $199B AUM 37.98% 1-Year Est. Return

Fidelity International Hamilton, Bermuda $139B AUM 29.06% 1-Year Est. Return

Bank of Montreal Toronto, Ontario, Canada $304B AUM 35.64% 1-Year Est. Return

Caisse de Depot et Placement du Quebec (CDPQ) Montreal, Quebec, Canada $70.2B AUM 30.95% 1-Year Est. Return

TD Asset Management Toronto, Ontario, Canada $115B AUM 41.58% 1-Year Est. Return

Massachusetts Financial Services Boston, Massachusetts $315B AUM 27.84% 1-Year Est. Return

Capital International Investors Los Angeles, California $484B AUM 34.9% 1-Year Est. Return

Carlson Capital's CNI Position: Q4 2025 in Review

Carlson Capital sold out of Canadian National Railway (CNI) in Q4 2025, closing a stake of 8,900 shares — an estimated $839K sold.

Carlson Capital first reported a position in CNI in Q2 2018 and held it in 13 quarters. The position peaked at $21.5M in Q2 2018. 808 funds tracked by Wall St. Rank hold CNI as of Q4 2025.

Carlson Capital reported no remaining Canadian National Railway position as of Q4 2025 after selling out during the quarter.
Carlson Capital sold 8,900 Canadian National Railway shares in Q4 2025, an estimated $839K.
Carlson Capital first reported a position in Canadian National Railway in Q2 2018 and held it in 13 quarters.
Carlson Capital's Canadian National Railway position peaked at $21.5M in Q2 2018.
808 funds tracked by Wall St. Rank held Canadian National Railway as of Q4 2025.

Based on Carlson Capital's 13F filing for Q4 2025, filed 3 Feb 2026.