Canadian Natural Resources
619 hedge funds and large institutions have $46.7B invested in Canadian Natural Resources in 2025 Q2 according to their latest regulatory filings, with 65 funds opening new positions, 264 increasing their positions, 196 reducing their positions, and 57 closing their positions.
35% more repeat investments, than reductions
Existing positions increased: 264 | Existing positions reduced: 196
14% more first-time investments, than exits
New positions opened: 65 | Existing positions closed: 57
0% less funds holding
Funds holding: 622 → 619 (-3)
1% less capital invested
Capital invested by funds: $47.4B → $46.7B (-$638M)
2.2% less ownership
Funds ownership: 73.2% → 71% (-2.2%)
20% less call options, than puts
Call options by funds: $554M | Put options by funds: $689M
30% less funds holding in top 10
Funds holding in top 10: 30 → 21 (-9)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$507M |
| 2 |
Capital Research Global Investors
Los Angeles,
California
|
+$342M |
| 3 |
Goldman Sachs
New York
|
+$225M |
| 4 |
Fidelity Investments
Boston,
Massachusetts
|
+$201M |
| 5 |
PMAM
Picton Mahoney Asset Management
Toronto,
Ontario, Canada
|
+$157M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$893M |
| 2 |
Bank of Nova Scotia
Toronto,
Ontario, Canada
|
-$581M |
| 3 |
Toronto Dominion Bank
Toronto, Ontario,
Ontario, Canada
|
-$266M |
| 4 |
Bank of America
Charlotte,
North Carolina
|
-$235M |
| 5 |
Point72 Asset Management
Stamford,
Connecticut
|
-$196M |
CNQ Hedge Fund Activity: Q2 2025 in Review
619 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Canadian Natural Resources (CNQ) for Q2 2025, worth a combined $46.7B — down 1.3% from $47.4B a quarter earlier.
Buyers outnumbered sellers: 65 funds opened new CNQ positions and 57 closed out — a net gain of 8 holders — while 264 added to existing stakes and 196 trimmed.
The largest buyer was Bank of Montreal, adding an estimated $507M. The largest seller was Royal Bank of Canada, cutting an estimated $893M.
- 619 institutional investors held Canadian Natural Resources (CNQ) as of Q2 2025, down from 622 in Q1 2025.
- Funds reported $46.7B of Canadian Natural Resources stock for Q2 2025, down 1.3% quarter-over-quarter.
- 65 funds opened new Canadian Natural Resources positions in Q2 2025 and 57 closed out, a net change of +8 holders.
- The largest Canadian Natural Resources buyer in Q2 2025 was Bank of Montreal, an estimated $507M added.
- The largest Canadian Natural Resources seller in Q2 2025 was Royal Bank of Canada, an estimated $893M sold.
Based on aggregated 13F filings for Q2 2025.