Also trades as: CNR.TO (TSX) · $vol 170M
CNI Institutional Ownership
Canadian National Railway Company
1W: +3.5%
1M: +3.6%
3M: -2.8%
YTD: +27.3%
1Y: +34.9%
3Y: +26.3%
5Y: +12.3%
$125.53
+2.25 (+1.83%)
Weekly Expected Move ±2.8%
$116
$120
$123
$127
$130
Credit Risk of going bust: lower than 86% of companies Debt: 17.5% of company value Bonds: $153.2M held by 175 funds, 58 bp over Treasuries → details ▾
If the stock fell to about $1.35 (down 99%), Canadian National Railway Company would be worth roughly what it owes.
Total debt $16.11B against a stock market value of $75.96B.
Distance to default 11.79 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $8.11B (short-term plus half of long-term), stock volatility 22.0%; Altman Z'' 2.37. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
Total debt $16.11B against a stock market value of $75.96B.
Distance to default 11.79 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $8.11B (short-term plus half of long-term), stock volatility 22.0%; Altman Z'' 2.37. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Institutional Ownership — CNI
914
Institutional Holders
+20 vs prior quarter
0.0%
Ownership
+0.00pp
$49B
Total Invested
89
New Positions
300
Increased
325
Reduced
61
Closed
0.94
Put/Call Ratio
Ownership Trends
Top Institutional Holders (974 total)
| # | Holder | Shares | Value | Change | Change % | Holding Period | Filing |
|---|---|---|---|---|---|---|---|
| 1 | GATES FOUNDATION TRUST | 51,826,786 | $6.5B | — | +0.0% | 96Q | SEC ↗ |
| 2 | ROYAL BANK OF CANADA | 31,156,081 | $3.9B | +3,646,856 | +13.3% | 87Q | SEC ↗ |
| 3 | FIL Ltd | 19,129,315 | $2.4B | +2,288,097 | +13.6% | 33Q | SEC ↗ |
| 4 | Caisse de depot et placement du Quebec | 18,962,558 | $2.4B | +178,385 | +0.9% | 16Q | SEC ↗ |
| 5 | 1832 Asset Management L.P. | 16,518,344 | $2.1B | -2,164,896 | -11.6% | 82Q | SEC ↗ |
| 6 | VANGUARD CAPITAL MANAGEMENT LLC | 15,918,701 | $2.0B | +120,099 | +0.8% | 2Q | SEC ↗ |
| 7 | BANK OF MONTREAL /CAN | 14,841,305 | $1.9B | +845,548 | +6.0% | 53Q | SEC ↗ |
| 8 | TD Asset Management Inc | 9,907,691 | $1.2B | -2,223,622 | -18.3% | 67Q | SEC ↗ |
| 9 | TCI FUND MANAGEMENT LTD | 9,433,422 | $1.2B | -416,512 | -4.2% | 32Q | SEC ↗ |
| 10 | MACKENZIE FINANCIAL CORP | 8,939,323 | $1.1B | +163,017 | +1.9% | 41Q | SEC ↗ |
| 11 | WELLINGTON MANAGEMENT GROUP LLP | 8,537,192 | $1.1B | -2,985,994 | -25.9% | 83Q | SEC ↗ |
| 12 | CIBC Asset Management Inc | 6,861,848 | $861M | +3,193,207 | +87.0% | 91Q | SEC ↗ |
| 13 | NATIONAL BANK OF CANADA /FI | 6,761,268 | $849M | +76,139 | +1.1% | 19Q | SEC ↗ |
| 14 | DEUTSCHE BANK AG | 6,062,146 | $761M | -1,142,973 | -15.9% | 52Q | SEC ↗ |
| 15 | PRICE T ROWE ASSOCIATES INC /MD | 6,052,322 | $760M | -424,251 | -6.6% | 14Q | SEC ↗ |
| 16 | Clearbridge Investments, LLC | 5,964,425 | $749M | +711,429 | +13.5% | 11Q | SEC ↗ |
| 17 | GEODE CAPITAL MANAGEMENT, LLC | 5,829,986 | $732M | +607,775 | +11.6% | 39Q | SEC ↗ |
| 18 | NORGES BANK NEW | 5,695,165 | $715M | — | +0.0% | 1Q | SEC ↗ |
| 19 | Connor, Clark & Lunn Investment Manage | 5,674,241 | $712M | +1,099,056 | +24.0% | 50Q | SEC ↗ |
| 20 | Fiera Capital Corp | 5,406,877 | $679M | -784,633 | -12.7% | 64Q | SEC ↗ |
| 21 | Harding Loevner LP | 5,390,831 | $677M | +2,549,371 | +89.7% | 62Q | SEC ↗ |
| 22 | MANUFACTURERS LIFE INSURANCE COMPANY, | 5,303,746 | $666M | +899,494 | +20.4% | 46Q | SEC ↗ |
| 23 | ARROWSTREET CAPITAL, LIMITED PARTNERSH | 5,152,780 | $647M | +424,278 | +9.0% | 20Q | SEC ↗ |
| 24 | CIBC WORLD MARKET INC. | 5,025,832 | $631M | -73,565 | -1.4% | 73Q | SEC ↗ |
| 25 | VANGUARD FIDUCIARY TRUST CO | 4,816,343 | $605M | +21,121 | +0.4% | 2Q | SEC ↗ |
| 26 | CANADA PENSION PLAN INVESTMENT BOARD | 4,462,797 | $560M | -27,384 | -0.6% | 21Q | SEC ↗ |
| 27 | TD Waterhouse Canada Inc. | 4,297,955 | $540M | +116,530 | +2.8% | 19Q | SEC ↗ |
| 28 | Legal & General Group Plc | 3,986,362 | $500M | -228,812 | -5.4% | 27Q | SEC ↗ |
| 29 | LAZARD ASSET MANAGEMENT LLC | 3,911,519 | $491M | -5,165,999 | -56.9% | 68Q | SEC ↗ |
| 30 | Federation des caisses Desjardins du Q | 3,891,768 | $489M | +55,992 | +1.5% | 38Q | SEC ↗ |
| 31 | SCOTIA CAPITAL INC. | 3,802,550 | $477M | -122,362 | -3.1% | 85Q | SEC ↗ |
| 32 | MORGAN STANLEY | 3,675,358 | $461M | +1,009,731 | +37.9% | 60Q | SEC ↗ |
| 33 | Canoe Financial LP | 3,407,690 | $428M | -18,776 | -0.5% | 7Q | SEC ↗ |
| 34 | GOLDMAN SACHS GROUP INC | 3,129,271 | $393M | +429,613 | +15.9% | 15Q | SEC ↗ |
| 35 | JPMORGAN CHASE & CO | 2,621,159 | $329M | -315,996 | -10.8% | 93Q | SEC ↗ |
| 36 | Troy Asset Management Ltd | 2,564,246 | $322M | -64,716 | -2.5% | 11Q | SEC ↗ |
| 37 | Vanguard Global Advisers, LLC | 2,325,865 | $292M | +132,382 | +6.0% | 2Q | SEC ↗ |
| 38 | Beutel, Goodman & Co Ltd. | 2,105,136 | $264M | -310,554 | -12.9% | 74Q | SEC ↗ |
| 39 | TORONTO DOMINION BANK | 2,069,940 | $260M | +107,407 | +5.5% | 84Q | SEC ↗ |
| 40 | PineStone Asset Management Inc. NEW | 2,034,355 | $255M | — | +0.0% | 1Q | SEC ↗ |
| 41 | Findlay Park Partners LLP | 1,826,068 | $229M | -61,900 | -3.3% | 15Q | SEC ↗ |
| 42 | FMR LLC | 1,824,799 | $229M | -68,240 | -3.6% | 110Q | SEC ↗ |
| 43 | Mitsubishi UFJ Trust & Banking Corp | 1,718,819 | $216M | +307,031 | +21.7% | 2Q | SEC ↗ |
| 44 | CHARLES SCHWAB INVESTMENT MANAGEMENT I | 1,718,110 | $216M | +97,612 | +6.0% | 9Q | SEC ↗ |
| 45 | Sixth Street Partners Management Compa NEW | 1,718,110 | $216M | — | +0.0% | 1Q | SEC ↗ |
| 46 | Swiss National Bank | 1,672,400 | $210M | -88,600 | -5.0% | 53Q | SEC ↗ |
| 47 | DIMENSIONAL FUND ADVISORS LP | 1,440,786 | $181M | +58,287 | +4.2% | 55Q | SEC ↗ |
| 48 | MASSACHUSETTS FINANCIAL SERVICES CO /M | 1,417,278 | $178M | -2,333,392 | -62.2% | 110Q | SEC ↗ |
| 49 | AQR CAPITAL MANAGEMENT LLC | 1,406,399 | $177M | +274,553 | +24.3% | 6Q | SEC ↗ |
| 50 | TWO SIGMA INVESTMENTS, LP | 1,398,413 | $176M | +974,828 | +230.1% | 9Q | SEC ↗ |
Recent Activity
New Positions (20)
| Holder | Shares | Value |
|---|---|---|
| NORGES BANK | 5,695,165 | $715M |
| PineStone Asset Management Inc. | 2,034,355 | $255M |
| Sixth Street Partners Management Co | 1,718,110 | $216M |
| Encompass Capital Advisors LLC | 325,000 | $41M |
| Daiwa Securities Group Inc. | 236,907 | $30M |
| Haven Global Partners, LLC | 187,000 | $23M |
| Nykredit A/S | 168,412 | $21M |
| SummitTX Capital, L.P. | 82,658 | $10M |
| Turas Capital Management LP | 78,063 | $10M |
| LOGAN CAPITAL MANAGEMENT INC | 67,405 | $8M |
| Jupiter Topco LLC | 53,005 | $7M |
| FNY Investment Advisers, LLC | 43,300 | $5M |
| Hudson Bay Capital Management LP | 40,000 | $5M |
| Vestcor Inc | 26,100 | $3M |
| Stolper Co | 25,286 | $3M |
| Apollon Wealth Management, LLC | 23,775 | $3M |
| Andra AP-fonden | 23,641 | $3M |
| ADVOCATE GROUP LLC | 23,286 | $3M |
| Carrera Capital Advisors | 22,862 | $3M |
| Fideuram Asset Management (Ireland) | 21,160 | $3M |
Sold Out (20)
| Holder | Prev Shares | Prev Value |
|---|---|---|
| Clean Energy Transition LLP | 478,184 | $60M |
| DUFF & PHELPS INVESTMENT MANAGEMENT | 336,789 | $42M |
| Schonfeld Strategic Advisors LLC | 258,232 | $32M |
| PBU - The Pension Fund of Early Chi | 241,265 | $30M |
| Bridgewater Associates, LP | 187,527 | $24M |
| Trexquant Investment LP | 158,913 | $20M |
| Skandinaviska Enskilda Banken AB (p | 81,713 | $10M |
| CAPITAL INTERNATIONAL LTD /CA | 61,579 | $8M |
| DKRT Investments Corp. | 58,700 | $7M |
| Sienna Gestion | 55,300 | $7M |
| Heronetta Management, L.P. | 53,400 | $7M |
| Campbell & CO Investment Adviser LL | 48,183 | $6M |
| DAVIS-REA LTD. | 47,404 | $6M |
| NEW YORK STATE COMMON RETIREMENT FU | 40,778 | $5M |
| Motley Fool Wealth Management, LLC | 38,601 | $5M |
| VICTORY CAPITAL MANAGEMENT INC | 33,200 | $4M |
| Graham Capital Management, L.P. | 32,233 | $4M |
| NOMURA ASSET MANAGEMENT INTERNATION | 28,283 | $4M |
| JUPITER ASSET MANAGEMENT LTD | 28,089 | $4M |
| SUSQUEHANNA ADVISORS GROUP, INC. | 27,600 | $3M |
Biggest Increases (20)
| Holder | Added | Change % | Total Shares |
|---|---|---|---|
| ROYAL BANK OF CANADA | +3,646,856 | +13.3% | 31,156,081 |
| CIBC Asset Management Inc | +3,193,207 | +87.0% | 6,861,848 |
| Harding Loevner LP | +2,549,371 | +89.7% | 5,390,831 |
| FIL Ltd | +2,288,097 | +13.6% | 19,129,315 |
| Connor, Clark & Lunn Investment Man | +1,099,056 | +24.0% | 5,674,241 |
| MORGAN STANLEY | +1,009,731 | +37.9% | 3,675,358 |
| TWO SIGMA INVESTMENTS, LP | +974,828 | +230.1% | 1,398,413 |
| BESSEMER GROUP INC | +908,136 | +22176.7% | 912,231 |
| MANUFACTURERS LIFE INSURANCE COMPAN | +899,494 | +20.4% | 5,303,746 |
| BANK OF MONTREAL /CAN | +845,548 | +6.0% | 14,841,305 |
| Clearbridge Investments, LLC | +711,429 | +13.5% | 5,964,425 |
| GEODE CAPITAL MANAGEMENT, LLC | +607,775 | +11.6% | 5,829,986 |
| HEALTHCARE OF ONTARIO PENSION PLAN | +501,600 | +334.4% | 651,600 |
| GOLDMAN SACHS GROUP INC | +429,613 | +15.9% | 3,129,271 |
| ARROWSTREET CAPITAL, LIMITED PARTNE | +424,278 | +9.0% | 5,152,780 |
| Public Sector Pension Investment Bo | +330,905 | +123.1% | 599,765 |
| Mitsubishi UFJ Trust & Banking Corp | +307,031 | +21.7% | 1,718,819 |
| Russell Investments Group, Ltd. | +291,645 | +57.9% | 795,350 |
| AQR CAPITAL MANAGEMENT LLC | +274,553 | +24.3% | 1,406,399 |
| Walleye Capital LLC | +251,074 | +13433.6% | 252,943 |
Biggest Decreases (20)
| Holder | Reduced | Change % | Total Shares |
|---|---|---|---|
| LAZARD ASSET MANAGEMENT LLC | -5,165,999 | -56.9% | 3,911,519 |
| WELLINGTON MANAGEMENT GROUP LLP | -2,985,994 | -25.9% | 8,537,192 |
| MASSACHUSETTS FINANCIAL SERVICES CO | -2,333,392 | -62.2% | 1,417,278 |
| Fisher Asset Management, LLC | -2,329,268 | -91.9% | 205,216 |
| TD Asset Management Inc | -2,223,622 | -18.3% | 9,907,691 |
| 1832 Asset Management L.P. | -2,164,896 | -11.6% | 16,518,344 |
| CITADEL ADVISORS LLC | -1,530,167 | -98.7% | 19,558 |
| Capital International Investors | -1,226,630 | -85.0% | 217,121 |
| DEUTSCHE BANK AG | -1,142,973 | -15.9% | 6,062,146 |
| Fiera Capital Corp | -784,633 | -12.7% | 5,406,877 |
| Invesco Ltd. | -512,679 | -49.4% | 524,812 |
| MILLENNIUM MANAGEMENT LLC | -477,224 | -50.2% | 473,152 |
| PRICE T ROWE ASSOCIATES INC /MD | -424,251 | -6.6% | 6,052,322 |
| TCI FUND MANAGEMENT LTD | -416,512 | -4.2% | 9,433,422 |
| RENAISSANCE TECHNOLOGIES LLC | -414,400 | -90.0% | 46,100 |
| OMERS ADMINISTRATION Corp | -368,436 | -63.5% | 211,564 |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | -341,059 | -39.8% | 516,526 |
| JPMORGAN CHASE & CO | -315,996 | -10.8% | 2,621,159 |
| Beutel, Goodman & Co Ltd. | -310,554 | -12.9% | 2,105,136 |
| Jain Global LLC | -300,696 | -97.6% | 7,355 |