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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
FMI
101
Factory Mutual Insurance
Massachusetts
$24.7M +$3.88M +123,803 +19%
WCA
102
Waratah Capital Advisors
Ontario, Canada
$24.2M -$20.1M -640,542 -46%
NEI
103
Northwest & Ethical Investments
Ontario, Canada
$23.5M -$308K -9,830 -1%
LM
104
Lincluden Management
Ontario, Canada
$22.3M -$1.51M -48,220 -6%
Pictet Asset Management
105
Pictet Asset Management
Switzerland
$21.9M -$511K -16,324 -2%
Citadel Advisors
106
Citadel Advisors
Florida
$21.6M -$14.2M -453,829 -40%
LIM
107
Longfellow Investment Management
Massachusetts
$21.5M – – –
PL
108
Parkwood LLC
Ohio
$20.9M +$943K +30,121 +5%
Neuberger Berman Group
109
Neuberger Berman Group
New York
$20.6M -$52.7K -1,683 -0.3%
USCWA
110
U.S. Capital Wealth Advisors
Texas
$20.6M +$37.1K +1,186 +0.2%
MA
111
Mudita Advisors
United Kingdom
$20.4M – – –
GCM
112
Galibier Capital Management
Ontario, Canada
$20.3M -$1.37M -43,868 -6%
RAM
113
Rempart Asset Management
Canada
$20.2M +$319K +10,185 +2%
QI
114
QV Investors
Alberta, Canada
$19.9M -$180K -5,752 -0.9%
Macquarie Group
115
Macquarie Group
Australia
$19.7M -$5.38M -171,707 -22%
Allianz Asset Management
116
Allianz Asset Management
Germany
$19.5M -$2.98M -95,179 -14%
NWM
117
Nicola Wealth Management
British Columbia, Canada
$18.4M – – –
QT
118
Quantbot Technologies
New York
$17.4M +$13.7M +438,080 +408%
Ohio Public Employees Retirement System (OPERS)
119
Ohio Public Employees Retirement System (OPERS)
Ohio
$16.4M +$11.9M +379,461 +285%
VV
120
Verity & Verity
South Carolina
$16.3M +$642K +20,505 +4%
OWIM
121
Old West Investment Management
California
$16.3M +$4.87M +155,608 +44%
PHAM
122
Pacific Heights Asset Management
California
$16M – – –
HA
123
Harbor Advisors
Florida
$16M – – –
Natixis Advisors
124
Natixis Advisors
Massachusetts
$15.6M -$3.54K -113 -0%
GP
125
Guardian Partners
Canada
$15.4M -$496K -15,833 -3%
3 4
5
6 7

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.