Institutional Manager · CIK 0001908219

Canoe Financial LP

CALGARY, A0 · File #028-23194

Latest AUM

$7.36B

Positions

110

Top-10 Concentration

36.8%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	CANADIAN NATL RAILWAY CO	136375102	-2,768,252	-$534.5M	+$273.5M
NEW	INTERCONTINENTAL HOTELS GROUP	G4804L163	+1,257,505	+$177.2M	$0
ADD	EQT CORP	EQT	+2,207,625	+$118.3M	-$649,760
EXITED	SYSCO CORP	871829107	-1,427,181	-$117.5M	$0
REDUCE	RANGE RESOURCES CORP	RRC	-1,375,509	-$116.9M	+$65.9M
NEW	CENOVUS ENERGY INC	CVE	+6,068,200	+$102.7M	$0
REDUCE	UNITEDHEALTH GROUP INC	UNH	-273,834	-$90.4M	-$4.9M
ADD	JOHNSON & JOHNSON	JNJ	+434,743	+$90.0M	+$1.5M
REDUCE	ORACLE CORP	ORCL-PD	-457,320	-$89.1M	-$44.5M
REDUCE	AGNICO EAGLE MINES LIMITED	AEM	-417,540	-$70.8M	+$1.4M

Sector Allocation

15.3%$1.13B

9.9%$727.2M

8.4%$619.6M

7.3%$540.3M

6.7%$495.2M

Consumer Discretionary

5.2%$386.0M

Materials

4.9%$361.5M

Consumer Staples

0.3%$20.0M

Real Estate

0.1%$4.4M

Filing History

Jan 14, 202613F HOLDINGS REPORTQ/E Dec 2025110 pos · $7.36B
Oct 15, 202513F HOLDINGS REPORTQ/E Sep 2025110 pos · $7.00B
Jul 10, 202513F HOLDINGS REPORTQ/E Jun 2025108 pos · $7.02B
Apr 22, 202513F HOLDINGS REPORTQ/E Mar 2025102 pos · $6.24B
Jan 15, 202513F HOLDINGS REPORTQ/E Dec 202498 pos · $6.14B
Oct 24, 202413F HOLDINGS REPORTQ/E Sep 202491 pos · $4.16B
Jul 23, 202413F HOLDINGS REPORTQ/E Jun 202494 pos · $5.40B
May 8, 202413F HOLDINGS REPORT (Amended)Q/E Mar 2024104 pos · $6.07B
May 6, 202413F HOLDINGS REPORTQ/E Mar 2024104 pos · $6.07B
Nov 3, 202313F HOLDINGS REPORTQ/E Dec 202382 pos · $3.58B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	TAIWAN SEMICONDUCTOR MANUFACTU	874039100	1,198,170	$364.1M	5.37%
2	ALPHABET INC	GOOG	1,024,214	$320.6M	4.73%
3	CANADIAN NATIONAL RAILWAY CO	136375102	2,924,012	$289.2M	4.26%
4	WELLS FARGO & CO	949746101	2,804,535	$261.4M	3.85%
5	MICROSOFT CORP	MSFT	522,481	$252.7M	3.73%
6	OTIS WORLDWIDE CORP	OTIS	2,787,870	$243.5M	3.59%
7	MOODY'S CORP	MCO	425,922	$217.6M	3.21%
8	CANADIAN NATURAL RESOURCES LTD	136385101	5,588,945	$189.3M	2.79%
9	MASTERCARD INC	MA	312,481	$178.4M	2.63%
10	INTERCONTINENTAL HOTELS GROUP	G4804L163	1,257,505	$177.2M	2.61%
11	ANALOG DEVICES INC	ADI	639,062	$173.3M	2.56%
12	RESTAURANT BRANDS INTL INC	76131D103	2,489,553	$169.9M	2.50%
13	AUTOZONE INC	AZO	49,391	$167.5M	2.47%
14	LOCKHEED MARTIN CORP	LMT	344,017	$166.4M	2.45%
15	TECK RESOURCES LTD	TCKRF	3,332,589	$159.6M	2.35%
16	INTERCONTINENTAL EXCHANGE INC	45866F104	951,486	$154.1M	2.27%
17	CVS HEALTH CORP	CVS	1,899,163	$150.7M	2.22%
18	CME GROUP INC	CME	540,122	$147.5M	2.17%
19	ROPER TECHNOLOGIES INC	ROP	328,020	$146.0M	2.15%
20	ROSS STORES INC	ROST	792,576	$142.8M	2.10%