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Canoe Financial LP

421 7 AVENUE SW, SUITE 2750, CALGARY, A0 T2P4K9 • 4035715550

Q3 2025 · Filed 2025-10-15
Market Value
$6.9B
+2.8%
Holdings
109
+1
New Purchases
12
Added To
30
Closed
8
Reduced
56
Top 10 Concentration
35.7%
Turnover
18.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ROP 1.73% 0.07% +1.67% $119M
ICE 1.63% 0.00% +1.63% $112M
AEM 2.77% 1.69% +1.08% $190M
OTIS 3.21% 2.18% +1.03% $221M
TECK 2.14% 1.46% +0.68% $147M
GOOGL 4.16% 3.51% +0.66% $286M
PM 2.40% 1.76% +0.64% $165M
EQT 1.94% 1.32% +0.62% $133M
ORCL 2.11% 1.58% +0.53% $145M
MTB 1.25% 0.86% +0.39% $86M
TSM 5.47% 5.12% +0.34% $375M
BTEGF 0.28% 0.00% +0.28% $19M
WPM 1.58% 1.32% +0.26% $109M
ENRFF 0.97% 0.74% +0.23% $66M
WTW 1.30% 1.08% +0.22% $89M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IHG.L 0.00% 2.30% -2.30% $0
GIB 0.09% 1.42% -1.33% $6M
HCA 0.00% 0.95% -0.95% $0
AXP 2.38% 3.21% -0.83% $164M
COF 1.17% 1.93% -0.76% $81M
WFC 3.41% 4.07% -0.66% $234M
ADI 2.31% 2.91% -0.60% $158M
RRC 0.76% 1.25% -0.48% $52M
MCO 2.86% 3.20% -0.34% $196M
UNH 1.61% 1.92% -0.31% $111M
CNI 3.80% 4.08% -0.27% $261M
FTV 0.00% 0.26% -0.26% $0
MSFT 4.11% 4.32% -0.22% $282M
CNQ 2.66% 2.88% -0.21% $183M
EXE 0.33% 0.54% -0.21% $23M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 19.1%
Energy 18.7%
Industrials 14.5%
Consumer Cyclical 13.0%
Technology 10.7%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 18 $2.4B 35.1%
Large Cap 72 $4.2B 61.6%
Mid Cap 17 $157M 2.3%
Small Cap 1 $0 0.0%
Micro Cap 1 $66M 1.0%

Portfolio Analytics

Avg Market Cap
$197.7B
Median Market Cap
$56.1B
Avg P/E
24.1
Median P/E
23.5
Avg Dividend Yield
0.01%
Avg Beta
0.89
# Stocks
102
# ETFs / Funds
7

Top Holdings (109 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TSM 5.47% 1,344,173 $375M $279.29 $33M -167,400 -11.1%
2 GOOGL 4.16% 1,176,314 $286M $243.10 $52M -152,500 -11.5%
3 MSFT 4.11% 544,381 $282M $517.95 -$7M -36,525 -6.3%
4 CNI 3.80% 2,768,282 $261M $94.28 -$11M +156,027 +6.0%
5 WFC 3.41% 2,792,029 $234M $83.82 -$38M -602,231 -17.7%
6 AZO 3.23% 51,746 $222M $4,290.24 $14M -4,165 -7.5%
7 OTIS 3.21% 2,411,956 $221M $91.43 $75M +940,862 +64.0%
8 MCO 2.86% 412,142 $196M $476.48 -$17M -13,500 -3.2%
9 AEM 2.77% 1,129,144 $190M $168.39 $77M +184,177 +19.5%
10 CNQ 2.66% 5,721,033 $183M $31.97 -$9M -410,569 -6.7%
11 MA 2.52% 303,681 $173M $568.81 -$5M -12,950 -4.1%
12 PM 2.40% 1,015,591 $165M $162.21 $47M +369,652 +57.2%
13 AXP 2.38% 492,943 $164M $332.16 -$51M -179,338 -26.7%
14 QSR 2.36% 2,523,267 $162M $64.14 -$7M -16,708 -0.7%
15 ADI 2.31% 644,365 $158M $245.70 -$36M -171,217 -21.0%
16 RY 2.20% 1,026,117 $151M $147.36 $14M -13,156 -1.3%
17 CME 2.19% 556,262 $150M $270.19 -$8M -19,800 -3.4%
18 TECK 2.14% 3,348,736 $147M $43.86 $49M +938,702 +39.0%
19 ORCL 2.11% 514,998 $145M $281.24 $39M +30,900 +6.4%
20 EQT 1.94% 2,467,725 $133M $54.00 $45M +957,630 +63.4%
21 V 1.91% 383,914 $131M $341.38 -$7M -4,494 -1.2%
22 CVS 1.87% 1,704,608 $129M $75.39 $17M +92,430 +5.7%
23 ANTM 1.83% 389,399 $126M $323.12 -$2M +59,743 +18.1%
24 TJX 1.81% 858,317 $124M $144.54 $5M -106,700 -11.1%
25 ROST 1.75% 790,377 $120M $152.39 $18M -16,357 -2.0%
26 MSCI 1.73% 209,831 $119M $567.41 $12M +23,500 +12.6%
27 ROP 1.73% 238,584 $119M $498.69 $115M +230,880 +2996.9%
28 SYY 1.71% 1,427,181 $118M $82.34 $6M -50,167 -3.4%
29 SHW 1.70% 337,057 $117M $346.26 -$5M -16,100 -4.6%
30 ICE 1.63% 663,757 $112M $168.48 +663,757 NEW
31 UNH 1.61% 321,051 $111M $345.30 -$18M -90,968 -22.1%
32 WPM 1.58% 972,532 $109M $111.88 $21M -7,481 -0.8%
33 WTW 1.30% 257,589 $89M $345.45 $17M +22,248 +9.4%
34 MTB 1.25% 433,679 $86M $197.62 $28M +138,173 +46.8%
35 BRK-B 1.18% 161,339 $81M $502.74 $388K -4,837 -2.9%
36 COF 1.17% 378,889 $81M $212.58 -$48M -227,349 -37.5%
37 MTD 1.00% 56,124 $69M $1,227.61 $501K -2,100 -3.6%
38 TD 0.98% 843,946 $67M $79.94 $5M -8,227 -1.0%
39 ENRFF 0.97% 6,163,214 $66M $10.78 $17M -67,998 -1.1%
40 ASML.AS 0.97% 68,290 $66M $971.69 $9M -3,424 -4.8%
41 CRM 0.84% 244,683 $58M $237.00 $653K +34,420 +16.4%
42 FI 0.79% 418,419 $54M $128.96 $2M +114,955 +37.9%
43 RRC 0.76% 1,391,309 $52M $37.64 -$31M -654,400 -32.0%
44 RCI 0.70% 1,396,911 $48M $34.42 $6M -24,317 -1.7%
45 NOC 0.69% 78,264 $48M $609.32 $7M -2,331 -2.9%
46 GGG 0.69% 554,374 $47M $84.96 -$5M -46,400 -7.7%
47 CB 0.59% 142,451 $40M $282.25 -$2M -4,434 -3.0%
48 SPGI 0.53% 74,384 $36M $486.71 -$6M -4,800 -6.1%
49 ICLR 0.50% 197,970 $35M $175.00 $6M +4,119 +2.1%
50 EMR 0.46% 238,587 $31M $131.18 -$1M -7,247 -3.0%
51 AON 0.41% 79,229 $28M $356.58 -$3M -7,600 -8.8%
52 MAR 0.40% 105,541 $27M $260.44 -$7M -18,965 -15.2%
53 ALC 0.37% 340,728 $25M $74.41 -$5M
54 EXE 0.33% 218,937 $23M $103.62 -$14M -92,163 -29.6%
55 HDB 0.32% 636,180 $22M $34.16 -$3M +309,790 +94.9%
56 LOW 0.32% 86,224 $22M $251.31 $1M -4,800 -5.3%
57 BTEGF 0.28% 8,304,327 $19M $2.35 +8,304,327 NEW
58 LIN 0.21% 30,838 $15M $475.00 -$149K -700 -2.2%
59 HLT 0.19% 50,987 $13M $259.44 -$2M -6,086 -10.7%
60 JNJ 0.19% 70,826 $13M $185.42 $2M -5,300 -7.0%
61 CPRT 0.18% 279,327 $13M $44.97 $243K +28,300 +11.3%
62 PEP 0.18% 89,140 $13M $140.44 -$558K -9,900 -10.0%
63 CARR 0.15% 168,903 $10M $59.70 -$3M -9,300 -5.2%
64 AGI 0.12% 240,500 $8M $34.85 $3M +20,278 +9.2%
65 STN 0.12% 75,205 $8M $107.82 $87K +1,532 +2.1%
66 CL 0.12% 99,646 $8M $79.94 $617K +18,800 +23.2%
67 ADBE 0.10% 20,266 $7M $352.75 -$6M -13,252 -39.5%
68 FDS 0.10% 24,755 $7M $286.49 -$4M +200 +0.8%
69 NKE 0.10% 101,620 $7M $69.73 -$787K -9,200 -8.3%
70 SU 0.10% 155,300 $7M $45.47 -$3M -102,200 -39.7%
71 SPY 0.09% 13,126 $7M $495.75 +13,126 NEW
72 CIGI 0.09% 40,180 $6M $156.37 $2M +3,901 +10.8%
73 GDXJ 0.09% 62,571 $6M $99.03 $395K -23,262 -27.1%
74 GIB 0.09% 66,947 $6M $89.05 -$89M -833,324 -92.6%
75 FSV 0.08% 30,316 $6M $190.49 $870K +2,230 +7.9%
76 DSGX 0.08% 60,055 $6M $94.14 -$999K -5,383 -8.2%
77 KGC 0.07% 198,371 $5M $24.81 $3M +63,965 +47.6%
78 RAL 0.07% 111,303 $5M $43.73 -$573K -887 -0.8%
79 TMO 0.06% 9,000 $4M $485.02 $716K
80 DEO 0.06% 45,000 $4M $95.43 +45,000 NEW
81 EFA 0.06% 45,701 $4M $91.00 +45,701 NEW
82 EFX 0.05% 12,729 $3M $256.53 $1M +4,812 +60.8%
83 NTB 0.04% 67,758 $3M $42.92 $682K +17,483 +34.8%
84 SYF 0.04% 35,827 $3M $71.05 $122K -492 -1.4%
85 RGLD 0.04% 12,241 $2M $200.58 -$330K -3,423 -21.9%
86 JKHY 0.03% 14,461 $2M $148.93 +14,461 NEW
87 WCN 0.03% 12,000 $2M $175.76 -$134K
88 ZTS 0.03% 12,130 $2M $146.32 -$310K -1,239 -9.3%
89 CI 0.02% 5,433 $2M $288.25 $393K +1,884 +53.1%
90 TFII 0.02% 16,200 $1M $87.99 -$470K -4,899 -23.2%
91 ERO 0.01% 50,762 $1M $20.25 $457K +17,006 +50.4%
92 XOP 0.01% 4,488 $870K $193.77 +4,488 NEW
93 HII 0.01% 2,639 $760K $287.91 -$69K -794 -23.1%
94 FERG 0.01% 2,772 $623K $224.58 -$453K -2,166 -43.9%
95 ABNB 0.01% 4,866 $591K $121.42 $111K +1,239 +34.2%
96 XLE 0.01% 12,000 $570K $47.50 +12,000 NEW
97 FTS 0.01% 7,609 $386K $50.71 $10K -254 -3.2%
98 UNP —% 896 $212K $236.37 +896 NEW
99 QQQ —% 107 $79K $742.00 +107 NEW
100 URA —% 395 $47K $120.00 +395 NEW

New Positions

SymbolValue% Port
ICE $112M 1.63%
BTEGF $19M 0.28%
SPY $7M 0.09%
DEO $4M 0.06%
EFA $4M 0.06%
JKHY $2M 0.03%
XOP $870K 0.01%
XLE $570K 0.01%
UNP $212K —%
QQQ $79K —%
URA $47K —%
IMO $45K —%

Sold Out Positions

SymbolValue% Port
REXR —%
FNV —%
FTV —%
HCA —%
GPOR —%
PBA —%
IHG.L —%
FAN.L —%
View SEC EDGAR Filings for Canoe Financial LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms