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Canadian Natural Resources
CNQ

622 hedge funds and large institutions have $47.4B invested in Canadian Natural Resources in 2025 Q1 according to their latest regulatory filings, with 82 funds opening new positions, 249 increasing their positions, 205 reducing their positions, and 76 closing their positions.

New
Increased
Maintained
Reduced
Closed

21% more repeat investments, than reductions

Existing positions increased: 249 | Existing positions reduced: 205

15% more funds holding in top 10

Funds holding in top 10: 26 → 30 (+4)

3.93% more ownership

Funds ownership: 69.27% → 73.2% (+3.9%)

8% more first-time investments, than exits

New positions opened: 82 | Existing positions closed: 76

5% more capital invested

Capital invested by funds: $45.2B → $47.4B (+$2.16B)

1% less funds holding

Funds holding: 626 → 622 (-4)

12% less call options, than puts

Call options by funds: $399M | Put options by funds: $453M

Holders
622
Holders Change
-4
Holders Change %
-0.64%
% of All Funds
8.34%
Holding in Top 10
30
Holding in Top 10 Change
+4
Holding in Top 10 Change %
+15.38%
% of All Funds
0.4%
New
82
Increased
249
Reduced
205
Closed
76
Calls
$399M
Puts
$453M
Net Calls
-$53.8M
Net Calls Change
+$82.2M

Top Buyers

1
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$1.33B
2
Toronto Dominion Bank
Toronto Dominion Bank
Ontario, Canada
+$512M
3
Bank of Montreal
Bank of Montreal
Ontario, Canada
+$500M
4
Goldman Sachs
Goldman Sachs
New York
+$476M
5
Bank of Nova Scotia
Bank of Nova Scotia
Ontario, Canada
+$341M

Top Sellers

1
Capital World Investors
Capital World Investors
California
-$1.74B
2
Fidelity Investments
Fidelity Investments
Massachusetts
-$781M
3
Fidelity International
Fidelity International
Bermuda
-$572M
4
Ameriprise
Ameriprise
Minnesota
-$198M
5
Manulife (Manufacturers Life Insurance)
Manulife (Manufacturers Life Insurance)
Ontario, Canada
-$155M
Name Holding Trade Value Shares
Change 		Change in
Stake
GQG Partners
626
GQG Partners
Florida
– -$5.69M -184,371 Closed
HHAM
627
HITE Hedge Asset Management
Massachusetts
– -$4.79M -155,285 Closed
AIC
628
Anthracite Investment Company
Texas
– -$3.51M -113,788 Closed
CIM
629
Cambria Investment Management
California
– -$3.11M -100,653 Closed
HP
630
Hartree Partners
New York
– -$3.09M -100,000 Closed
Mirae Asset Global ETFs Holdings
631
Mirae Asset Global ETFs Holdings
Hong Kong
– -$2.51M -81,235 Closed
GCM
632
GeoSphere Capital Management
Florida
– -$2.16M -70,000 Closed
ERIC
633
Eagle Rock Investment Company
Georgia
– -$1.89M -61,351 Closed
PAMP
634
Polar Asset Management Partners
Ontario, Canada
– -$1.76M -57,189 Closed
TAM
635
Tocqueville Asset Management
New York
– -$1.74M -56,424 Closed
CM
636
Crestline Management
Texas
– -$1.57M -50,977 Closed
Parallax Volatility Advisers
637
Parallax Volatility Advisers
California
– -$1.53M -50,324 Closed
NIM
638
Nexus Investment Management
Ontario, Canada
– -$1.25M -40,550 Closed
MG
639
Marex Group
– -$1.23M -40,000 Closed
CCG
640
Cloverfields Capital Group
Minnesota
– -$1.04M -33,849 Closed
SG
641
Sienna Gestion
France
– -$963K -31,200 Closed
AFM
642
Anson Funds Management
Texas
– -$926K -30,000 Closed
MIG
643
Mariner Investment Group
New York
– -$926K -30,000 Closed
ACM
644
Arosa Capital Management
Florida
– -$864K -28,000 Closed
CWM
645
Calamos Wealth Management
Illinois
– -$850K -27,546 Closed
PP
646
Prudential plc
United Kingdom
– -$819K -26,567 Closed
LG
647
Leuthold Group
Minnesota
– -$771K -24,968 Closed
BCM
648
BluePath Capital Management
Georgia
– -$721K -22,877 Closed
ATC
649
Argent Trust Co
Tennessee
– -$571K -18,511 Closed
WA
650
Wealthstar Advisors
Texas
– -$567K -18,355 Closed
24 25
26
27 28

CNQ Hedge Fund Activity: Q1 2025 in Review

622 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in Canadian Natural Resources (CNQ) for Q1 2025, worth a combined $47.4B — up 4.8% from $45.2B a quarter earlier.

Buyers outnumbered sellers: 82 funds opened new CNQ positions and 76 closed out — a net gain of 6 holders — while 249 added to existing stakes and 205 trimmed.

The largest buyer was Royal Bank of Canada, adding an estimated $1.33B. The largest seller was Capital World Investors, cutting an estimated $1.74B.

  • 622 institutional investors held Canadian Natural Resources (CNQ) as of Q1 2025, down from 626 in Q4 2024.
  • Funds reported $47.4B of Canadian Natural Resources stock for Q1 2025, up 4.8% quarter-over-quarter.
  • 82 funds opened new Canadian Natural Resources positions in Q1 2025 and 76 closed out, a net change of +6 holders.
  • The largest Canadian Natural Resources buyer in Q1 2025 was Royal Bank of Canada, an estimated $1.33B added.
  • The largest Canadian Natural Resources seller in Q1 2025 was Capital World Investors, an estimated $1.74B sold.

Based on aggregated 13F filings for Q1 2025.