Canadian National Railway
758 hedge funds and large institutions have $38.9B invested in Canadian National Railway in 2025 Q3 according to their latest regulatory filings, with 54 funds opening new positions, 242 increasing their positions, 292 reducing their positions, and 104 closing their positions.
44% more call options, than puts
Call options by funds: $168M | Put options by funds: $117M
2.13% less ownership
Funds ownership: 68.43% → 66.3% (-2.1%)
8% less funds holding
Funds holding: 821 → 758 (-63)
13% less capital invested
Capital invested by funds: $44.8B → $38.9B (-$5.93B)
17% less repeat investments, than reductions
Existing positions increased: 242 | Existing positions reduced: 292
25% less funds holding in top 10
Funds holding in top 10: 24 → 18 (-6)
48% less first-time investments, than exits
New positions opened: 54 | Existing positions closed: 104
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Lazard Asset Management
New York
|
+$864M |
| 2 |
Fidelity International
Hamilton,
Bermuda
|
+$560M |
| 3 |
ClearBridge Investments
New York
|
+$211M |
| 4 |
T. Rowe Price Associates
Baltimore,
Maryland
|
+$171M |
| 5 |
Deutsche Bank
Frankfurt Am Main Ge,
Germany
|
+$170M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Wellington Management Group
Boston,
Massachusetts
|
-$1.05B |
| 2 |
TCI Fund Management
London,
United Kingdom
|
-$407M |
| 3 |
Gates Foundation Trust
Kirkland,
Washington
|
-$289M |
| 4 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
-$256M |
| 5 |
Ninety One (UK)
London,
United Kingdom
|
-$213M |
CNI Hedge Fund Activity: Q3 2025 in Review
758 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Canadian National Railway (CNI) for Q3 2025, worth a combined $38.9B — down 13% from $44.8B a quarter earlier.
Sellers outnumbered buyers: 104 funds closed out of CNI and 54 opened new positions — a net loss of 50 holders — while 292 trimmed existing stakes and 242 added.
The largest buyer was Lazard Asset Management, adding an estimated $864M. The largest seller was Wellington Management Group, cutting an estimated $1.05B.
- 758 institutional investors held Canadian National Railway (CNI) as of Q3 2025, down from 821 in Q2 2025.
- Funds reported $38.9B of Canadian National Railway stock for Q3 2025, down 13% quarter-over-quarter.
- 54 funds opened new Canadian National Railway positions in Q3 2025 and 104 closed out, a net change of -50 holders.
- The largest Canadian National Railway buyer in Q3 2025 was Lazard Asset Management, an estimated $864M added.
- The largest Canadian National Railway seller in Q3 2025 was Wellington Management Group, an estimated $1.05B sold.
Based on aggregated 13F filings for Q3 2025.