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Canadian Natural Resources
CNQ

635 hedge funds and large institutions have $46.9B invested in Canadian Natural Resources in 2025 Q3 according to their latest regulatory filings, with 85 funds opening new positions, 235 increasing their positions, 205 reducing their positions, and 63 closing their positions.

New
Increased
Maintained
Reduced
Closed

35% more first-time investments, than exits

New positions opened: 85 | Existing positions closed: 63

15% more repeat investments, than reductions

Existing positions increased: 235 | Existing positions reduced: 205

3% more funds holding

Funds holding: 619 → 635 (+16)

0% more capital invested

Capital invested by funds: $46.7B → $46.9B (+$165M)

0.81% less ownership

Funds ownership: 71% → 70.19% (-0.81%)

5% less funds holding in top 10

Funds holding in top 10: 21 → 20 (-1)

20% less call options, than puts

Call options by funds: $632M | Put options by funds: $787M

Holders
635
Holders Change
+16
Holders Change %
+2.58%
% of All Funds
8.33%
Holding in Top 10
20
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-4.76%
% of All Funds
0.26%
New
85
Increased
235
Reduced
205
Closed
63
Calls
$632M
Puts
$787M
Net Calls
-$155M
Net Calls Change
-$20.5M

Top Buyers

Rank Fund Capital Flow
1
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
+$608M
2
Toronto Dominion Bank
Toronto Dominion Bank
Ontario, Canada
+$548M
3
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$390M
4
Fidelity Investments
Fidelity Investments
Massachusetts
+$110M
5
Canada Pension Plan Investment Board
Canada Pension Plan Investment Board
Ontario, Canada
+$105M

Top Sellers

Rank Fund Capital Flow
1
Bank of Montreal
Bank of Montreal
Ontario, Canada
-$389M
2
Goldman Sachs
Goldman Sachs
New York
-$329M
3
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
-$237M
4
CIBC World Market
CIBC World Market
Ontario, Canada
-$233M
5
National Bank of Canada
National Bank of Canada
Quebec, Canada
-$225M
Name Holding Trade Value Shares
Change 		Change in
Stake
Northern Trust
51
Northern Trust
Illinois
$102M +$2.39M +76,329 +2%
AC
52
Addenda Capital
Quebec, Canada
$98.1M -$6.13M -195,810 -8%
Voloridge Investment Management
53
Voloridge Investment Management
Florida
$92.3M +$11.6M +371,001 +15%
Bank of Nova Scotia
54
Bank of Nova Scotia
Ontario, Canada
$88.3M -$73.1M -2,334,946 -46%
UBS Group
55
UBS Group
Switzerland
$83.8M -$88M -2,810,438 -52%
AF
56
Aviso Financial
Ontario, Canada
$83.4M +$431K +13,756 +0.5%
ISL
57
Ingalls & Snyder LLC
New York
$82.4M -$604K -19,288 -0.7%
AIMCA
58
Alberta Investment Management Corp (AIMCo)
Alberta, Canada
$82.2M -$44.1M -1,407,000 -35%
GCC
59
Guardian Capital (Canada)
Ontario, Canada
$78.6M +$3.53M +112,709 +5%
ClearBridge Investments
60
ClearBridge Investments
New York
$75.7M +$6.51M +207,735 +10%
CIC
61
Crawford Investment Counsel
Georgia
$74.8M +$240K +7,672 +0.3%
Barclays
62
Barclays
United Kingdom
$74.7M +$34.4M +1,097,013 +88%
BGIM
63
Brandywine Global Investment Management
Pennsylvania
$73.7M -$278K -8,890 -0.4%
N
64
Nuveen
North Carolina
$70.7M -$35K -1,117 -0.1%
DMIC
65
Dixon Mitchell Investment Counsel
British Columbia, Canada
$69.8M -$674K -21,520 -1%
NCM
66
Nearwater Capital Markets
Ireland
$65.5M +$64M +2,045,000 New
Deutsche Bank
67
Deutsche Bank
Germany
$64.8M -$56.7M -1,810,145 -47%
State of Tennessee, Department of Treasury
68
State of Tennessee, Department of Treasury
Tennessee
$58.8M -$113K -3,600 -0.2%
BlackRock
69
BlackRock
New York
$58.5M +$1.81M +57,885 +3%
IIM
70
Intact Investment Management
Quebec, Canada
$54.9M +$4.5M +143,550 +9%
Principal Financial Group
71
Principal Financial Group
Iowa
$54.9M +$1.05M +33,609 +2%
MAMU
72
Marathon Asset Management (UK)
United Kingdom
$54.8M -$3.07M -98,054 -5%
Two Sigma Advisers
73
Two Sigma Advisers
New York
$54.8M -$12.9M -411,000 -19%
Envestnet Asset Management
74
Envestnet Asset Management
Illinois
$51.7M +$1.36M +43,356 +3%
Russell Investments Group
75
Russell Investments Group
United Kingdom
$51.6M -$13.7M -438,117 -21%
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CNQ Hedge Fund Activity: Q3 2025 in Review

635 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Canadian Natural Resources (CNQ) for Q3 2025, worth a combined $46.9B — up 0.35% from $46.7B a quarter earlier.

Buyers outnumbered sellers: 85 funds opened new CNQ positions and 63 closed out — a net gain of 22 holders — while 235 added to existing stakes and 205 trimmed.

The largest buyer was Healthcare of Ontario Pension Plan (HOOPP) Trust Fund, adding an estimated $608M. The largest seller was Bank of Montreal, cutting an estimated $389M.

  • 635 institutional investors held Canadian Natural Resources (CNQ) as of Q3 2025, up from 619 in Q2 2025.
  • Funds reported $46.9B of Canadian Natural Resources stock for Q3 2025, up 0.35% quarter-over-quarter.
  • 85 funds opened new Canadian Natural Resources positions in Q3 2025 and 63 closed out, a net change of +22 holders.
  • The largest Canadian Natural Resources buyer in Q3 2025 was Healthcare of Ontario Pension Plan (HOOPP) Trust Fund, an estimated $608M added.
  • The largest Canadian Natural Resources seller in Q3 2025 was Bank of Montreal, an estimated $389M sold.

Based on aggregated 13F filings for Q3 2025.