Canadian Natural Resources
CNQ
675 hedge funds and large institutions have $49.6B invested in Canadian Natural Resources in 2025 Q4 according to their latest regulatory filings, with 119 funds opening new positions, 239 increasing their positions, 212 reducing their positions, and 69 closing their positions.
72% more first-time investments, than exits
New positions opened: 119 | Existing positions closed: 69
35% more funds holding in top 10
Funds holding in top 10: 20 → 27 (+7)
13% more repeat investments, than reductions
Existing positions increased: 239 | Existing positions reduced: 212
6% more funds holding
Funds holding: 637 → 675 (+38)
6% more capital invested
Capital invested by funds: $46.9B → $49.6B (+$2.71B)
0.15% less ownership
Funds ownership: 70.19% → 70.04% (-0.15%)
23% less call options, than puts
Call options by funds: $600M | Put options by funds: $781M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Capital Research Global Investors
Los Angeles,
California
|
+$1.14B |
| 2 |
CIBC World Market
Toronto,
Ontario, Canada
|
+$692M |
| 3 |
Fidelity Investments
Boston,
Massachusetts
|
+$464M |
| 4 |
Massachusetts Financial Services
Boston,
Massachusetts
|
+$242M |
| 5 |
BGC
Beutel, Goodman & Co
Toronto,
Ontario, Canada
|
+$202M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$678M |
| 2 |
Goldman Sachs
New York
|
-$501M |
| 3 |
Toronto Dominion Bank
Toronto, Ontario,
Ontario, Canada
|
-$425M |
| 4 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$349M |
| 5 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
-$233M |
CNQ Hedge Fund Activity: Q4 2025 in Review
675 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in Canadian Natural Resources (CNQ) for Q4 2025, worth a combined $49.6B — up 5.8% from $46.9B a quarter earlier.
Buyers outnumbered sellers: 119 funds opened new CNQ positions and 69 closed out — a net gain of 50 holders — while 239 added to existing stakes and 212 trimmed.
The largest buyer was Capital Research Global Investors, adding an estimated $1.14B. The largest seller was Royal Bank of Canada, cutting an estimated $678M.
- 675 institutional investors held Canadian Natural Resources (CNQ) as of Q4 2025, up from 637 in Q3 2025.
- Funds reported $49.6B of Canadian Natural Resources stock for Q4 2025, up 5.8% quarter-over-quarter.
- 119 funds opened new Canadian Natural Resources positions in Q4 2025 and 69 closed out, a net change of +50 holders.
- The largest Canadian Natural Resources buyer in Q4 2025 was Capital Research Global Investors, an estimated $1.14B added.
- The largest Canadian Natural Resources seller in Q4 2025 was Royal Bank of Canada, an estimated $678M sold.
Based on aggregated 13F filings for Q4 2025.