Norges Bank’s Canadian National Railway CNI Stock Holding History

Norges Bank’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 Q1	–	Sell	-5,764,854	Closed	-$570M	–	301
2025 Q4	$570M	Buy	+5,764,854	New	+$554M	0.06%	272
2025 Q3	–	Sell	-5,677,554	Closed	-$592M	–	342
2025 Q2	$592M	Buy	5,677,554 +128,617	+2%	+$13.1M	0.07%	246
2025 Q1	$540M	Sell	5,548,937 -2,626	-0%	-$266K	0.08%	244
2024 Q4	$563M	Sell	5,551,563 -200,854	-3%	-$22M	0.07%	239
2024 Q3	$674M	Sell	5,752,417 -188,797	-3%	-$22M	0.09%	198
2024 Q2	$702M	Sell	5,941,214 -167,057	-3%	-$20.9M	0.1%	182
2024 Q1	$805M	Sell	6,108,271 -14,083	-0.2%	-$1.8M	0.13%	166
2023 Q4	$770M	Sell	6,122,354 -129,678	-2%	-$14.7M	0.13%	147
2023 Q3	$677M	Buy	6,252,032 +271,596	+5%	+$31.2M	0.14%	149
2023 Q2	$724M	Sell	5,980,436 -45,967	-0.8%	-$5.45M	0.14%	140
2023 Q1	$711M	Sell	6,026,403 -99,293	-2%	-$11.7M	0.16%	128
2022 Q4	$728M	Buy	6,125,696 +420,403	+7%	+$50.3M	0.18%	115
2022 Q3	$615M	Buy	5,705,293 +126,624	+2%	+$15.1M	0.16%	119
2022 Q2	$627M	Buy	5,578,669 +245,286	+5%	+$28.7M	0.16%	120
2022 Q1	$715M	Buy	5,333,383 +10,307	+0.2%	+$1.29M	0.16%	122
2021 Q4	$654M	Sell	5,323,076 -89,051	-2%	-$11.3M	0.13%	145
2021 Q3	$626M	Sell	5,412,127 -470,315	-8%	-$52M	0.14%	141
2021 Q2	$621M	Sell	5,882,442 -1,407,855	-19%	-$155M	0.13%	147
2021 Q1	$846M	Buy	7,290,297 +98,553	+1%	+$10.9M	0.19%	98
2020 Q4	$791M	Sell	7,191,744 -22,284	-0.3%	-$2.41M	0.18%	98
2020 Q3	$757M	Sell	7,214,028 -16,209	-0.2%	-$1.63M	0.2%	88
2020 Q2	$630M	Buy	7,230,237 +71,291	+1%	+$5.93M	0.18%	103
2020 Q1	$551M	Buy	7,158,946 +29,502	+0.4%	+$2.57M	0.2%	100
2019 Q4	$637M	Hold	7,129,444	–	–	0.18%	109
2019 Q3	$641M	Buy	7,129,444 +195,863	+3%	+$18.1M	0.2%	95
2019 Q2	$643M	Buy	6,933,581 +137,978	+2%	+$12.7M	0.2%	94
2019 Q1	$608M	Buy	6,795,603 +267,047	+4%	+$22.4M	0.2%	97
2018 Q4	$483M	Buy	6,528,556 +181,866	+3%	+$15.1M	0.18%	112
2018 Q3	$569M	Hold	6,346,690	–	–	0.18%	108
2018 Q2	$519M	Buy	6,346,690 +220,814	+4%	+$17.5M	0.18%	113
2018 Q1	$447M	Sell	6,125,876 -169,445	-3%	-$13.1M	0.16%	121
2017 Q4	$521M	Sell	6,295,321 -24,792	-0.4%	-$2M	0.19%	107
2017 Q3	$523M	Buy	6,320,113 +468,628	+8%	+$38M	0.2%	108
2017 Q2	$474M	Sell	5,851,485 -48,005	-0.8%	-$3.66M	0.19%	109
2017 Q1	$434M	Buy	5,899,490 +405,554	+7%	+$28.8M	0.18%	109
2016 Q4	$370M	Buy	5,493,936 +795,512	+17%	+$52.5M	0.16%	123
2016 Q3	$293M	Sell	4,698,424 -950,066	-17%	-$60M	0.14%	142
2016 Q2	$332M	Sell	5,648,490 -182,885	-3%	-$11M	0.16%	129
2016 Q1	$366M	Sell	5,831,375 -185,647	-3%	-$10.4M	0.18%	112
2015 Q4	$335M	Sell	6,017,022 -322,533	-5%	-$18.9M	0.17%	122
2015 Q3	$358M	Buy	6,339,555 +204,954	+3%	+$11.9M	0.19%	105
2015 Q2	$354M	Buy	6,134,601 +605,760	+11%	+$37.9M	0.18%	113
2015 Q1	$370M	Buy	5,528,841 +147,186	+3%	+$10M	0.18%	109
2014 Q4	$372M	Sell	5,381,655 -100,081	-2%	-$6.85M	0.19%	103
2014 Q3	$390M	Sell	5,481,736 -5,577,730	-50%	-$387M	0.21%	91
2014 Q2	$721M	Buy	11,059,466 +5,983,965	+118%	+$356M	0.19%	103
2014 Q1	$286M	Buy	5,075,501 +808,393	+19%	+$44.5M	0.16%	131
2013 Q4	$243M	Sell	4,267,108 -97,292	-2%	-$5.35M	0.14%	145
2013 Q3	$222M	Sell	4,364,400 -1,426,492	-25%	-$70.4M	0.13%	153
2013 Q2	$281M	Buy	+5,790,892	New	+$286M	0.17%	116

Other funds holding CNI

Gates Foundation Trust Kirkland, Washington $31.7B AUM 20.52% 1-Year Est. Return

Royal Bank of Canada Toronto, Ontario, Canada $570B AUM 27.57% 1-Year Est. Return

Caisse de Depot et Placement du Quebec (CDPQ) Montreal, Quebec, Canada $62.4B AUM 23.7% 1-Year Est. Return

1832 Asset Management Toronto, Ontario, Canada $109B AUM 35.56% 1-Year Est. Return

Fidelity International Hamilton, Bermuda $129B AUM 30.83% 1-Year Est. Return

VCM

Vanguard Capital Management Malvern, Pennsylvania $4.04T AUM

Bank of Montreal Toronto, Ontario, Canada $269B AUM 31.4% 1-Year Est. Return

TD Asset Management Toronto, Ontario, Canada $123B AUM 34.51% 1-Year Est. Return

Wellington Management Group Boston, Massachusetts $535B AUM 26.23% 1-Year Est. Return

Massachusetts Financial Services Boston, Massachusetts $298B AUM 21.96% 1-Year Est. Return

Norges Bank's CNI Position: Q1 2026 in Review

Norges Bank sold out of Canadian National Railway (CNI) in Q1 2026, closing a stake of 5,764,854 shares — an estimated $570M sold.

Norges Bank first reported a position in CNI in Q2 2013 and held it in 50 quarters. The position peaked at $846M in Q1 2021. 824 funds tracked by Wall St. Rank hold CNI as of Q1 2026.

Norges Bank reported no remaining Canadian National Railway position as of Q1 2026 after selling out during the quarter.
Norges Bank sold 5,764,854 Canadian National Railway shares in Q1 2026, an estimated $570M.
Norges Bank first reported a position in Canadian National Railway in Q2 2013 and held it in 50 quarters.
Norges Bank's Canadian National Railway position peaked at $846M in Q1 2021.
824 funds tracked by Wall St. Rank held Canadian National Railway as of Q1 2026.

Based on Norges Bank's 13F filing for Q1 2026.