TCI Fund Management
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TCI Fund Management’s Canadian National Railway CNI Stock Holding History

TCI Fund 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 		$1.12B Sell
9,433,422
-416,512
-4% -$47.4M 2.13% 8
2026
Q1 		$1.01B Hold
9,849,934
– – 2.24% 8
2025
Q4 		$974M Sell
9,849,934
-8,917,840
-48% -$857M 1.82% 9
2025
Q3 		$1.77B Sell
18,767,774
-4,221,292
-18% -$407M 3.36% 8
2025
Q2 		$2.39B Sell
22,989,066
-3,910,012
-15% -$398M 4.72% 7
2025
Q1 		$2.62B Sell
26,899,078
-2,794,686
-9% -$283M 6.04% 7
2024
Q4 		$3.01B Sell
29,693,764
-5,743,513
-16% -$628M 7.11% 8
2024
Q3 		$4.15B Sell
35,437,277
-4,051,108
-10% -$472M 9.43% 7
2024
Q2 		$4.67B Hold
39,488,385
– – 11.4% 4
2024
Q1 		$5.2B Sell
39,488,385
-583,928
-1% -$74.6M 13.12% 2
2023
Q4 		$5.04B Sell
40,072,313
-816,640
-2% -$92.5M 14.01% 2
2023
Q3 		$4.43B Hold
40,888,953
– – 16.06% 2
2023
Q2 		$4.95B Buy
40,888,953
+4,189,128
+11% +$497M 14.71% 1
2023
Q1 		$4.33B Hold
36,699,825
– – 14.83% 3
2022
Q4 		$4.36B Hold
36,699,825
– – 14.56% 3
2022
Q3 		$3.96B Hold
36,699,825
– – 13.86% 3
2022
Q2 		$4.13B Hold
36,699,825
– – 13.06% 3
2022
Q1 		$4.92B Hold
36,699,825
– – 13.36% 3
2021
Q4 		$4.51B Hold
36,699,825
– – 10.15% 5
2021
Q3 		$4.25B Buy
36,699,825
+6,592,022
+22% +$729M 10.2% 5
2021
Q2 		$3.18B Buy
30,107,803
+9,334,385
+45% +$1.03B 7.92% 6
2021
Q1 		$2.41B Hold
20,773,418
– – 7% 6
2020
Q4 		$2.28B Sell
20,773,418
-28,847
-0.1% -$3.12M 7.49% 6
2020
Q3 		$2.21B Sell
20,802,265
-200,105
-1% -$20.1M 7.94% 6
2020
Q2 		$1.86B Buy
21,002,370
+90,469
+0.4% +$7.53M 7.38% 7
2020
Q1 		$1.63B Buy
20,911,901
+430,988
+2% +$37.6M 7.74% 5
2019
Q4 		$1.85B Buy
20,480,913
+1,378,200
+7% +$124M 8.19% 4
2019
Q3 		$1.72B Buy
19,102,713
+110,290
+0.6% +$10.2M 8.91% 4
2019
Q2 		$1.76B Buy
18,992,423
+6,134,889
+48% +$564M 9.48% 5
2019
Q1 		$1.15B Buy
12,857,534
+2,137,051
+20% +$179M 7.53% 6
2018
Q4 		$795M Buy
10,720,483
+8,948,483
+505% +$742M 3.98% 9
2018
Q3 		$159M Buy
+1,772,000
New +$155M 0.83% 11

Other funds holding CNI

Gates Foundation Trust
Gates Foundation Trust Kirkland, Washington $34.4B AUM 26.34% 1-Year Est. Return
Royal Bank of Canada
Royal Bank of Canada Toronto, Ontario, Canada $672B AUM 33.48% 1-Year Est. Return
Fidelity International
Fidelity International Hamilton, Bermuda $139B AUM 29.06% 1-Year Est. Return
Caisse de Depot et Placement du Quebec (CDPQ)
Caisse de Depot et Placement du Quebec (CDPQ) Montreal, Quebec, Canada $70.2B AUM 30.95% 1-Year Est. Return
1832 Asset Management
1832 Asset Management Toronto, Ontario, Canada $199B AUM 37.98% 1-Year Est. Return
Vanguard Capital Management
Vanguard Capital Management Malvern, Pennsylvania $4.68T AUM
Bank of Montreal
Bank of Montreal Toronto, Ontario, Canada $304B AUM 35.64% 1-Year Est. Return
Mackenzie Financial
Mackenzie Financial Toronto Ontario, Ontario, Canada $100B AUM 36.93% 1-Year Est. Return
TD Asset Management
TD Asset Management Toronto, Ontario, Canada $115B AUM 41.58% 1-Year Est. Return
Wellington Management Group
Wellington Management Group Boston, Massachusetts $580B AUM 38.23% 1-Year Est. Return

TCI Fund Management's CNI Position: Q2 2026 in Review

TCI Fund Management reduced its Canadian National Railway (CNI) stake by 4.2% in Q2 2026, selling an estimated $47.4M and leaving 9,433,422 shares worth $1.12B. The position accounts for 2.13% of the portfolio, ranked #8.

TCI Fund Management first reported a position in CNI in Q3 2018 and has held it in 32 quarters since. The position peaked at $5.2B in Q1 2024. 846 funds tracked by Wall St. Rank hold CNI as of Q2 2026.

  • TCI Fund Management held 9,433,422 shares of Canadian National Railway worth $1.12B as of Q2 2026.
  • TCI Fund Management sold 416,512 Canadian National Railway shares in Q2 2026, an estimated $47.4M.
  • Canadian National Railway made up 2.13% of TCI Fund Management's portfolio in Q2 2026, its #8 holding.
  • TCI Fund Management first reported a position in Canadian National Railway in Q3 2018 and has held it in 32 quarters since.
  • TCI Fund Management's Canadian National Railway position peaked at $5.2B in Q1 2024.
  • 846 funds tracked by Wall St. Rank held Canadian National Railway as of Q2 2026.

Based on TCI Fund Management's 13F filing for Q2 2026, filed 14 Aug 2026.