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Canoe Financial LP

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

Q4 2025 · Filed 2026-01-14
Market Value
$7.1B
+3.5%
Holdings
110
+1
New Purchases
9
Added To
30
Closed
14
Reduced
53
Top 10 Concentration
35.1%
Turnover
20.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IHG.L 2.49% 0.00% +2.49% $177M
LMT 2.34% 0.00% +2.34% $166M
CVE 1.44% 0.00% +1.44% $103M
JNJ 1.47% 0.19% +1.28% $105M
TXN 0.83% 0.00% +0.83% $59M
CARR 0.89% 0.15% +0.74% $63M
SLB 0.63% 0.00% +0.63% $45M
MTB 1.85% 1.25% +0.60% $132M
ICE 2.17% 1.63% +0.54% $154M
ENRFF 1.34% 0.97% +0.37% $95M
GOOGL 4.51% 4.16% +0.35% $321M
ROP 2.05% 1.73% +0.32% $146M
WFC 3.68% 3.41% +0.27% $261M
CNI 4.07% 3.80% +0.27% $289M
ROST 2.01% 1.75% +0.26% $143M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ORCL 0.16% 2.11% -1.95% $11M
SYY 0.00% 1.71% -1.71% $0
UNH 0.22% 1.61% -1.40% $16M
AEM 1.70% 2.77% -1.07% $121M
PM 1.40% 2.40% -1.00% $100M
AZO 2.36% 3.23% -0.88% $168M
CRM 0.00% 0.84% -0.84% $0
AXP 1.66% 2.38% -0.72% $118M
MSFT 3.56% 4.11% -0.55% $253M
RY 1.66% 2.20% -0.54% $118M
TSM 5.12% 5.47% -0.34% $364M
FI 0.46% 0.79% -0.32% $33M
BTEGF 0.00% 0.28% -0.28% $0
NOC 0.42% 0.69% -0.28% $30M
EQT 1.67% 1.94% -0.27% $119M

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 20 $2.2B 31.5%
Large Cap 73 $4.6B 65.1%
Mid Cap 15 $142M 2.0%
Small Cap 1 $8M 0.1%
Micro Cap 1 $95M 1.3%

Portfolio Analytics

Avg Market Cap
$226.3B
Median Market Cap
$67.8B
Avg P/E
24.4
Median P/E
23.5
Avg Dividend Yield
0.02%
Avg Beta
0.87
# Stocks
103
# ETFs / Funds
7

Top Holdings (110 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TSM 5.12% 1,198,170 $364M $303.89 -$11M -146,003 -10.9%
2 GOOGL 4.51% 1,024,214 $321M $313.00 $35M -152,100 -12.9%
3 CNI 4.07% 2,924,042 $289M $98.90 $28M +155,760 +5.6%
4 WFC 3.68% 2,804,535 $261M $93.20 $27M +12,506 +0.5%
5 MSFT 3.56% 522,481 $253M $483.62 -$29M -21,900 -4.0%
6 OTIS 3.43% 2,787,870 $244M $87.35 $23M +375,914 +15.6%
7 MCO 3.06% 425,922 $218M $510.85 $21M +13,780 +3.3%
8 CNQ 2.66% 5,588,945 $189M $33.87 $6M -132,088 -2.3%
9 MA 2.51% 312,481 $178M $570.88 $6M +8,800 +2.9%
10 IHG.L 2.49% 1,257,505 $177M $140.95 +1,257,505 NEW
11 ADI 2.44% 639,062 $173M $271.20 $15M -5,303 -0.8%
12 QSR 2.39% 2,489,553 $170M $68.24 $8M -33,714 -1.3%
13 AZO 2.36% 49,391 $168M $3,391.50 -$54M -2,355 -4.5%
14 LMT 2.34% 344,027 $166M $483.69 +344,027 NEW
15 TECK 2.25% 3,332,589 $160M $47.88 $13M -16,147 -0.5%
16 ICE 2.17% 951,486 $154M $161.96 $42M +287,729 +43.4%
17 CVS 2.12% 1,899,163 $151M $79.36 $22M +194,555 +11.4%
18 CME 2.08% 540,122 $147M $273.08 -$3M -16,140 -2.9%
19 ROP 2.05% 328,020 $146M $445.13 $27M +89,436 +37.5%
20 ROST 2.01% 792,576 $143M $180.14 $22M +2,199 +0.3%
21 V 1.91% 386,604 $136M $350.71 $5M +2,690 +0.7%
22 MTB 1.85% 652,744 $132M $201.48 $46M +219,065 +50.5%
23 ANTM 1.83% 370,662 $130M $350.55 $4M -18,737 -4.8%
24 TJX 1.78% 825,317 $127M $153.61 $3M -33,000 -3.8%
25 AEM 1.70% 711,604 $121M $169.59 -$69M -417,540 -37.0%
26 EQT 1.67% 2,211,775 $119M $53.60 -$15M -255,950 -10.4%
27 AXP 1.66% 319,744 $118M $369.95 -$45M -173,199 -35.1%
28 RY 1.66% 691,320 $118M $170.49 -$33M -334,797 -32.6%
29 MSCI 1.62% 200,031 $115M $573.73 -$4M -9,800 -4.7%
30 SHW 1.58% 346,537 $112M $324.03 -$4M +9,480 +2.8%
31 JNJ 1.47% 505,569 $105M $206.95 $91M +434,743 +613.8%
32 WPM 1.47% 887,936 $104M $117.57 -$4M -84,596 -8.7%
33 CVE 1.44% 6,068,200 $103M $16.92 +6,068,200 NEW
34 PM 1.40% 621,238 $100M $160.40 -$65M -394,353 -38.8%
35 ENRFF 1.34% 6,157,845 $95M $15.42 $28M -5,369 -0.1%
36 WTW 1.20% 260,128 $85M $328.60 -$4M +2,539 +1.0%
37 BRK-B 1.15% 162,228 $82M $502.65 $432K +889 +0.6%
38 MTD 1.06% 53,864 $75M $1,394.19 $6M -2,260 -4.0%
39 TD 0.96% 721,113 $68M $94.25 $498K -122,833 -14.6%
40 ASML.AS 0.93% 60,890 $66M $1,082.28 -$457K -7,400 -10.8%
41 COF 0.92% 270,753 $66M $242.36 -$15M -108,136 -28.5%
42 CARR 0.89% 1,195,050 $63M $52.84 $53M +1,026,147 +607.5%
43 TXN 0.83% 339,674 $59M $173.49 +339,674 NEW
44 RRC 0.79% 1,573,309 $56M $35.76 $4M +182,000 +13.1%
45 SLB 0.63% 1,138,154 $45M $39.57 +1,138,154 NEW
46 CB 0.63% 143,043 $45M $312.12 $4M +592 +0.4%
47 RCI 0.60% 1,138,837 $43M $37.75 -$5M -258,074 -18.5%
48 GGG 0.56% 486,374 $40M $81.97 -$7M -68,000 -12.3%
49 SPGI 0.53% 72,704 $38M $522.59 $2M -1,680 -2.3%
50 ICLR 0.50% 193,917 $35M $182.22 $691K -4,053 -2.0%
51 FI 0.46% 490,985 $33M $67.17 -$21M +72,566 +17.3%
52 EMR 0.45% 239,846 $32M $132.72 $535K +1,259 +0.5%
53 MAR 0.44% 101,755 $32M $310.24 $4M -3,786 -3.6%
54 NOC 0.42% 52,222 $30M $570.21 -$18M -26,042 -33.3%
55 AON 0.39% 77,749 $27M $352.88 -$815K -1,480 -1.9%
56 ALC 0.37% 332,828 $27M $79.83 $1M -7,900 -2.3%
57 HDB 0.30% 586,480 $21M $36.54 -$302K -49,700 -7.8%
58 UNH 0.22% 47,217 $16M $330.11 -$95M -273,834 -85.3%
59 LIN 0.20% 32,838 $14M $426.39 -$646K +2,000 +6.5%
60 HLT 0.19% 46,807 $13M $287.25 $217K -4,180 -8.2%
61 LOW 0.19% 55,044 $13M $241.16 -$8M -31,180 -36.2%
62 PEP 0.17% 86,240 $12M $143.52 -$142K -2,900 -3.2%
63 AMZN 0.17% 52,700 $12M $230.82 +52,700 NEW
64 CPRT 0.16% 291,627 $11M $39.15 -$1M +12,300 +4.4%
65 ORCL 0.16% 57,678 $11M $194.91 -$134M -457,320 -88.8%
66 SPY 0.14% 11,999 $10M $845.41 $4M -1,127 -8.6%
67 EXE 0.12% 82,004 $9M $107.60 -$14M -136,933 -62.5%
68 FAN.L 0.12% 949,746 $8M $8.69 +949,746 NEW
69 CL 0.11% 96,046 $8M $79.02 -$376K -3,600 -3.6%
70 FDS 0.10% 24,755 $7M $290.19 $92K
71 STN 0.10% 73,848 $7M $94.37 -$1M -1,357 -1.8%
72 AGI 0.10% 180,127 $7M $38.62 -$1M -60,373 -25.1%
73 NKE 0.10% 108,620 $7M $63.71 -$166K +7,000 +6.9%
74 GDXJ 0.09% 54,201 $6M $113.78 -$29K -8,370 -13.4%
75 GIB 0.09% 66,272 $6M $92.37 $160K -675 -1.0%
76 DSGX 0.09% 69,455 $6M $87.73 $440K +9,400 +15.7%
77 RAL 0.08% 111,303 $6M $50.91 $799K
78 CIGI 0.08% 38,370 $6M $146.99 -$643K -1,810 -4.5%
79 KGC 0.06% 161,759 $5M $28.17 -$366K -36,612 -18.5%
80 FSV 0.06% 28,344 $4M $155.52 -$1M -1,972 -6.5%
81 EFX 0.06% 20,094 $4M $216.98 $1M +7,365 +57.9%
82 NTB 0.05% 64,395 $3M $49.82 $300K -3,363 -5.0%
83 SYF 0.04% 34,784 $3M $83.43 $357K -1,043 -2.9%
84 JKHY 0.04% 15,457 $3M $182.48 $667K +996 +6.9%
85 ADBE 0.04% 8,000 $3M $349.99 -$4M -12,266 -60.5%
86 WCN 0.03% 12,000 $2M $175.39 -$5K
87 CI 0.03% 7,550 $2M $275.23 $512K +2,117 +39.0%
88 ERO 0.03% 64,358 $2M $28.29 $793K +13,596 +26.8%
89 ZTS 0.02% 13,676 $2M $125.82 -$54K +1,546 +12.8%
90 TFII 0.02% 16,200 $2M $103.37 $249K
91 RGLD 0.02% 6,210 $1M $222.29 -$1M -6,031 -49.3%
92 VNOM 0.01% 25,000 $966K $38.63 +25,000 NEW
93 UNP 0.01% 1,873 $433K $231.32 $221K +977 +109.0%
94 TMO 0.01% 732 $424K $579.45 -$4M -8,268 -91.9%
95 FTS 0.01% 7,596 $395K $51.99 $9K -13 -0.2%
96 MDT —% 3,319 $319K $96.06 +3,319 NEW
97 EFA —% -$4M -45,701 -100.0% SOLD
98 FERG —% -$623K -2,772 -100.0% SOLD
99 XOP —% -$870K -4,488 -100.0% SOLD
100 ABNB —% -$591K -4,866 -100.0% SOLD

New Positions

SymbolValue% Port
IHG.L $177M 2.49%
LMT $166M 2.34%
CVE $103M 1.44%
TXN $59M 0.83%
SLB $45M 0.63%
AMZN $12M 0.17%
FAN.L $8M 0.12%
VNOM $966K 0.01%
MDT $319K —%

Sold Out Positions

SymbolValue% Port
HII —%
CRM —%
FERG —%
SU —%
DEO —%
SYY —%
XOP —%
ABNB —%
IMO —%
URA —%
EFA —%
QQQ —%
XLE —%
BTEGF —%
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