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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
Corient Private Wealth
126
Corient Private Wealth
Florida
$15.1M -$304K -9,716 -2%
IIM
127
INTECH Investment Management
Florida
$14.9M -$1.26M -40,161 -8%
BNP Paribas Financial Markets
128
BNP Paribas Financial Markets
France
$14.8M -$4.89M -156,206 -25%
EWA
129
Exencial Wealth Advisors
Oklahoma
$14.7M +$124K +3,965 +0.9%
OSAM
130
O'Shaughnessy Asset Management
Connecticut
$14.3M -$2.66M -84,936 -16%
SCM
131
SIR Capital Management
New York
$14M +$6.9M +220,200 +101%
HIM
132
Hillsdale Investment Management
Ontario, Canada
$14M -$7.19M -229,671 -34%
CGH
133
Crossmark Global Holdings
Texas
$13.8M -$189K -6,044 -1%
DAC
134
Dividend Assets Capital
South Carolina
$13.6M +$20.2K +644 +0.2%
HPG
135
Harvest Portfolios Group
Ontario, Canada
$12.4M +$8.07M +257,765 +197%
HCM
136
Heathbridge Capital Management
Ontario, Canada
$10.9M +$1.15M +36,600 +12%
IMA
137
Investment Management Associates
Colorado
$10.7M +$129K +4,127 +1%
Canada Life
138
Canada Life
Manitoba, Canada
$10.7M +$351K +11,192 +4%
MSRPS
139
Maryland State Retirement & Pension System
Maryland
$10.7M +$744K +23,763 +8%
RR
140
Robotti Robert
$10.4M -$174K -5,550 -2%
Mariner
141
Mariner
Kansas
$9.89M -$479K -15,298 -5%
DR
142
Davis Rea
Ontario, Canada
$9.87M +$9.53M +304,380 New
PFSRSONJ
143
Police & Firemen's Retirement System of New Jersey
New Jersey
$9.72M -$1.37M -43,765 -13%
CIS
144
Capital International Sarl
California
$9.52M +$408K +13,041 +5%
Lazard Asset Management
145
Lazard Asset Management
New York
$9.49M +$9.3M +296,794 New
QCM
146
Quantinno Capital Management
New York
$9.41M +$587K +18,728 +7%
LPL Financial
147
LPL Financial
California
$9.25M +$2M +63,704 +28%
Cerity Partners
148
Cerity Partners
New York
$9.18M +$328K +10,463 +4%
First Trust Advisors
149
First Trust Advisors
Illinois
$8.81M -$10.6M -339,512 -55%
HM
150
Heronetta Management
New York
$8.62M – – –
4 5
6
7 8

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.