Lincluden Management’s Canadian National Railway CNI Stock Holding History

Lincluden Management’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
2026 Q2	$54.9M	Sell	324,110 -80,154	-20%	-$9.13M	5.38%	5
2026 Q1	$42.3M	Sell	404,264 -14,858	-4%	-$1.53M	4.5%	6
2025 Q4	$56.9M	Sell	419,122 -15,222	-4%	-$1.46M	4.83%	6
2025 Q3	$40.7M	Buy	434,344 +17,257	+4%	+$1.67M	4.53%	7
2025 Q2	$43.4M	Buy	417,087 +8,865	+2%	+$902K	4.8%	3
2025 Q1	$39.7M	Buy	408,222 +45,635	+13%	+$4.61M	5.05%	5
2024 Q4	$36.8M	Buy	362,587 +86,096	+31%	+$9.42M	4.46%	7
2024 Q3	$32.4M	Sell	276,491 -2,188	-0.8%	-$255K	3.53%	12
2024 Q2	$33M	Buy	278,679 +1,334	+0.5%	+$167K	4%	9
2024 Q1	$36.5M	Sell	277,345 -8,113	-3%	-$1.04M	4.33%	9
2023 Q4	$35.9M	Sell	285,458 -70,868	-20%	-$8.03M	4.35%	8
2023 Q3	$38.6M	Buy	356,326 +60,001	+20%	+$6.89M	4.67%	7
2023 Q2	$35.9M	Buy	296,325 +15,002	+5%	+$1.78M	4.13%	9
2023 Q1	$33.1M	Sell	281,323 -819	-0.3%	-$96.8K	3.76%	9
2022 Q4	$33.5M	Sell	282,142 -9,765	-3%	-$1.17M	3.89%	10
2022 Q3	$31.5M	Sell	291,907 -19,691	-6%	-$2.35M	4.02%	9
2022 Q2	$35M	Sell	311,598 -15,421	-5%	-$1.8M	3.84%	11
2022 Q1	$43.9M	Buy	327,019 +10,055	+3%	+$1.26M	3.88%	9
2021 Q4	$38.9M	Buy	316,964 +6,590	+2%	+$835K	3.56%	8
2021 Q3	$36M	Buy	310,374 +37,150	+14%	+$4.11M	3.61%	10
2021 Q2	$28.8M	Buy	273,224 +15,370	+6%	+$1.7M	2.77%	14
2021 Q1	$29.9M	Sell	257,854 -13,358	-5%	-$1.48M	2.9%	14
2020 Q4	$29.8M	Sell	271,212 -94,930	-26%	-$10.3M	3.1%	13
2020 Q3	$39M	Sell	366,142 -13,630	-4%	-$1.37M	3.85%	10
2020 Q2	$33.6M	Buy	379,772 +6,907	+2%	+$575K	3.53%	13
2020 Q1	$29.2M	Buy	372,865 +317,625	+575%	+$27.7M	3.52%	10
2019 Q4	$5M	Sell	55,240 -445	-0.8%	-$40K	0.45%	37
2019 Q3	$5M	Hold	55,685	–	–	0.46%	34
2019 Q2	$5.15M	Sell	55,685 -770	-1%	-$70.7K	0.33%	32
2019 Q1	$5.05M	Sell	56,455 -1,030	-2%	-$86.4K	0.48%	38
2018 Q4	$4.26M	Buy	57,485 +790	+1%	+$65.5K	0.33%	36
2018 Q3	$5.02M	Sell	56,695 -26,710	-32%	-$2.33M	0.42%	39
2018 Q2	$6.82M	Sell	83,405 -1,205	-1%	-$95.8K	0.5%	40
2018 Q1	$6.18M	Sell	84,610 -39,710	-32%	-$3.07M	0.5%	38
2017 Q4	$10.5M	Sell	124,320 -910	-0.7%	-$73.3K	0.73%	31
2017 Q3	$10.4M	Buy	125,230 +72,890	+139%	+$5.91M	0.8%	31
2017 Q2	$4.37M	Hold	52,340	–	–	0.38%	44
2017 Q1	$3.86M	Sell	52,340 -30,800	-37%	-$2.18M	0.35%	48
2016 Q4	$5.59M	Sell	83,140 -2,110	-2%	-$139K	0.61%	39
2016 Q3	$5.57M	Buy	85,250 +30,800	+57%	+$1.94M	0.82%	39
2016 Q2	$3.21M	Sell	54,450 -1,075	-2%	-$64.9K	0.53%	50
2016 Q1	$3.46M	Sell	55,525 -745	-1%	-$41.7K	0.59%	47
2015 Q4	$3.15M	Sell	56,270 -4,340	-7%	-$254K	0.64%	46
2015 Q3	$3.45M	Sell	60,610 -23,105	-28%	-$1.35M	0.67%	43
2015 Q2	$4.83M	Buy	83,715 +52,775	+171%	+$3.31M	0.59%	39
2015 Q1	$2.07M	Buy	30,940 +9,840	+47%	+$670K	0.3%	62
2014 Q4	$1.36M	Buy	+21,100	New	+$1.44M	0.13%	69
2013 Q3	–	Sell	-15,000	Closed	-$807K	–	79
2013 Q2	$807K	Buy	+15,000	New	+$740K	﹤0.01%	71

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

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

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

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

Vanguard Capital Management Malvern, Pennsylvania $4.68T AUM

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

Mackenzie Financial Toronto Ontario, Ontario, Canada $100B AUM 36.93% 1-Year Est. Return

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

TCI Fund Management London, United Kingdom $52.8B AUM 12.71% 1-Year Est. Return

Lincluden Management's CNI Position: Q2 2026 in Review

Lincluden Management reduced its Canadian National Railway (CNI) stake by 20% in Q2 2026, selling an estimated $9.13M and leaving 324,110 shares worth $54.9M. The position accounts for 5.38% of the portfolio, ranked #5.

Lincluden Management first reported a position in CNI in Q2 2013 and has held it in 48 quarters since. The position peaked at $56.9M in Q4 2025. 846 funds tracked by Wall St. Rank hold CNI as of Q2 2026.

Lincluden Management held 324,110 shares of Canadian National Railway worth $54.9M as of Q2 2026.
Lincluden Management sold 80,154 Canadian National Railway shares in Q2 2026, an estimated $9.13M.
Canadian National Railway made up 5.38% of Lincluden Management's portfolio in Q2 2026, its #5 holding.
Lincluden Management first reported a position in Canadian National Railway in Q2 2013 and has held it in 48 quarters since.
Lincluden Management's Canadian National Railway position peaked at $56.9M in Q4 2025.
846 funds tracked by Wall St. Rank held Canadian National Railway as of Q2 2026.

Based on Lincluden Management's 13F filing for Q2 2026, filed 24 Jul 2026.