Canoe Financial LP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 23, 2024), Canoe Financial LP reported 93 stock positions worth $5.4 billion. Its top holding was Microsoft (MSFT) at 4.8% of the portfolio, followed by Diageo (DGEAF, 4.7%) and Taiwan Semiconductor-SP ADR (TSM, 4.3%). Compared with Q1 2024, it opened 3 new positions, sold out of 12 and reduced 3. The biggest buy was a new position in Patterson-Uti Energy (PTEN) and the biggest sale an exit from Unitedhealth (UNH).

Most Recent 13F
Q2 2026
Location
CALGARY, A0
CIK
0001908219
Portfolio Value
$5.4B (Q2 2024)
SEC Filing
0001908219-24-000008 ↗ filed Jul 23, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $6.1B Q1 2024 Q2 2024: $5.4B $5.4B Q2 2024 Q3 2024: $4.2B Q3 2024 Q4 2024: $6.1B Q4 2024 Q1 2025: $6.2B Q1 2025 Q2 2025: $7.0B Q2 2025 Q3 2025: $7.0B Q3 2025 Q4 2025: $7.4B Q4 2025 Q1 2026: $7.3B Q1 2026 Q2 2026: $8.1B Q2 2026

Holdings 93 stocks · $5.4B
MSFT Microsoft Corp. 4.84% 621,147 $261.3M No change
DGEAF Diageo PLC 4.66% 6,802,658 $251.2M No change
TSM Taiwan Semiconductor-SP ADR 4.31% 1,709,737 $232.6M No change
AXP American Express Co. 3.71% 879,800 $200.3M No change
GOOGL Alphabet Inc. Class A 3.68% 1,314,715 $198.4M No change
AZO AutoZone Inc. 3.40% 58,296 $183.7M No change
MA Mastercard Inc. Class A 3.24% 363,596 $175.1M No change
ELV Elevance Health Inc. 3.20% 332,700 $172.5M No change
MCO Moody's Corp. 3.12% 428,692 $168.5M No change
LOW Lowe's Cos Inc. 2.84% 602,230 $153.4M No change
QSR Restaurant Brands Intern 2.78% 1,889,014 $150.1M No change
RY Royal Bank of Canada 2.41% 1,291,012 $130.3M No change
ICHGF Intercontinental Hotels Grou 2.35% 1,217,045 $126.6M No change
AEM Agnico Eagle Mines Ltd. 2.32% 2,098,161 $125.2M No change
PM Philip Morris International 2.18% 1,281,243 $117.4M No change
SHW The Sherwin-Williams Co. 2.05% 319,018 $110.8M No change
CVS CVS Health Corp. 2.02% 1,369,374 $109.2M No change
GE General Electric filed as GE AEROSPACE 1.95% 599,693 $105.3M No change
OTIS Otis Worldwide Corp. 1.87% 1,018,485 $101.1M No change
CME Cme Group Inc. 1.82% 457,381 $98.5M No change
RBA RB Global Inc. 1.64% 1,163,182 $88.6M No change
EMR Emerson Electric Co. 1.60% 759,828 $86.2M No change
JNJ Johnson & Johnson 1.56% 532,714 $84.3M No change
SBUX Starbucks Corp. 1.56% 919,876 $84.1M No change
DFS Discover Financial Services 1.55% 637,241 $83.5M No change
MSCI MSCI Inc. 1.48% 142,757 $80.0M No change
ROST Ross Stores Inc. 1.47% 538,749 $79.1M No change
CVE Cenovus Energy Inc. 1.44% 3,894,700 $77.9M Reduce -0.2%
ADI Analog Devices Inc. 1.44% 393,503 $77.8M No change
MTD Mettler-Toledo International 1.40% 56,644 $75.4M No change
B Barrick Gold Corp. 1.39% 4,509,830 $75.0M No change
BRK.B Berkshire Hathaway Inc. Class B 1.37% 176,173 $74.1M No change
FDX FedEx Corp. 1.32% 246,224 $71.3M No change
LBRT Liberty Energy Inc. 1.32% 3,425,195 $71.0M No change
MGA Magna International Inc. 1.27% 1,257,326 $68.5M No change
MTB M & T Bank Corp. filed as M & T BK CORP 1.23% 454,554 $66.1M No change
NOC Northrop Grumman Corp. 1.20% 135,423 $64.8M No change
CP Canadian Pacific Kansas City 1.14% 695,312 $61.3M No change
GGG Graco Inc. 1.11% 642,152 $60.0M No change
EFXT Enerflex Ltd. 0.85% 7,854,175 $45.7M No change
RRC Range Resources Corp. 0.79% 1,238,109 $42.6M No change
FITB Fifth Third Bancorp 0.76% 1,106,670 $41.2M No change
RCI Rogers Communications Inc. Class B 0.75% 990,863 $40.6M No change
CB Chubb Ltd. 0.75% 156,424 $40.5M No change
FISV Fiserv Inc. 0.75% 253,011 $40.4M No change
ASMLF ASML Holding NV 0.68% 38,011 $36.6M No change
CNQ Canadian Natural Resources 0.67% 475,411 $36.3M Reduce -50.0%
FNV Franco-Nevada Corp. 0.58% 262,130 $31.2M No change
SAPGF Sap SE 0.56% 156,355 $30.4M No change
FTV Fortive Corp. 0.56% 348,340 $30.0M No change
SLF Sun Life Financial Inc. 0.54% 535,487 $29.2M No change
SPGI S&P Global Inc. 0.53% 66,784 $28.4M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.45% 442,800 $24.3M No change
ATS Ats Corp. 0.43% 686,879 $23.1M No change
LIN Linde PLC 0.35% 40,836 $19.0M No change
PEP Pepsico Inc. 0.32% 98,467 $17.2M No change
AON Aon PLC Class A 0.32% 51,509 $17.2M No change
XES SS SPDR S&P Og Eqp & Serv 0.31% 182,500 $17.0M No change
CCJ Cameco Corp. 0.29% 362,458 $15.7M No change
HDB HDFC Bank Ltd.-ADR 0.29% 279,398 $15.6M No change
ORCL Oracle Corp. 0.29% 124,409 $15.6M No change
ADBE Adobe Inc. 0.22% 23,206 $11.7M No change
CARR Carrier Global Corp. 0.22% 201,350 $11.7M No change
FDS Factset Research Systems Inc. 0.20% 23,944 $10.9M No change
MIDD Middleby Corp. 0.20% 67,039 $10.8M No change
BDX Becton Dickinson and Co. 0.20% 42,778 $10.6M No change
NKE Nike Inc. Class B 0.16% 90,415 $8.5M No change
CNC Centene Corp. 0.15% 102,466 $8.0M No change
STN Stantec Inc. 0.15% 95,381 $7.9M No change
CL Colgate-Palmolive Co. 0.14% 82,042 $7.4M No change
CNI Canadian Natl Railway Co. 0.14% 55,379 $7.3M No change
FSLR First Solar Inc. 0.13% 40,300 $6.8M No change
ENPH Enphase Energy Inc. 0.13% 56,100 $6.8M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.12% 13,395 $6.6M Reduce -13.2%
DSGX The Descartes Systems Grp 0.11% 66,838 $6.1M No change
CIGI Colliers Intl GR-Subord Vot 0.10% 43,577 $5.3M No change
FSV Firstservice Corp. 0.09% 30,045 $5.0M No change
KVUE Kenvue Inc. 0.07% 187,444 $4.0M No change
GRP.U Granite Real Estate Investme 0.07% 69,735 $4.0M No change
AGI Alamos Gold Inc. Class A 0.05% 196,855 $2.9M No change
RGLD Royal Gold Inc. 0.05% 21,004 $2.6M No change
NTR Nutrien Ltd. 0.04% 36,500 $2.0M No change
OTEX Open Text Corp. 0.04% 49,415 $1.9M No change
BN Brookfield Corp. 0.03% 38,145 $1.6M No change
TRP TC Energy Corp. 0.03% 39,360 $1.6M No change
ENB Enbridge Inc. 0.03% 41,447 $1.5M No change
SU Suncor Energy Inc. 0.03% 40,211 $1.5M No change
PTEN Patterson-Uti Energy Inc. 0.01% 9,500 $736K New
ERO Ero Copper Corp. 0.01% 36,933 $712K No change
KGC Kinross Gold Corp. 0.01% 98,517 $605K No change
FTS Fortis Inc. 0.01% 12,968 $513K No change
OIH Vaneck Oil Services ETF 0.01% 1,410 $310K New
TRMLF Tourmaline Oil Corp. 0.00% 9,300 $31K New

Portfolio Sells Q1 2024 → Q2 2024
UNH Unitedhealth Group Inc. Sold out 0.00% −4.15
WFC Wells Fargo & Co. Sold out 0.00% −2.81
TJX TJX Companies Inc. Sold out 0.00% −1.83
WPM Wheaton Precious Metals Corp. Sold out 0.00% −1.41
UNP Union Pacific Corp. Sold out 0.00% −0.66
TFII Tfi International Inc. Sold out 0.00% −0.06
TD Toronto-Dominion Bank Sold out 0.00% −0.06
GDXJ Vaneck Junior Gold Miners Sold out 0.00% −0.05
WCN Waste Connections Inc. Sold out 0.00% −0.04
VLUTF Volution Group PLC Sold out 0.00% −0.03
GDX Vaneck Gold Miners ETF Sold out 0.00% −0.02
HAL Halliburton Co. Sold out 0.00% −0.02
CNQ Canadian Natural Resources Reduce -50.0% 0.67% +0.07
SPY SS SPDR S&P 500 ETF Trust-US Reduce -13.2% 0.12% +0.10
CVE Cenovus Energy Inc. Reduce -0.2% 1.44% +0.12

Portfolio Buys Q1 2024 → Q2 2024
PTEN Patterson-Uti Energy Inc. New 0.01% +0.01
OIH Vaneck Oil Services ETF New 0.01% +0.01
TRMLF Tourmaline Oil Corp. New 0.00% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 110$8.1BCNI, SLB, TSM, GOOGL, QSR
Q1 2026 112$7.3BCNI, TSM, QSR, GOOGL, SLB
Q4 2025 103$7.4BTSM, GOOGL, CNI, WFC, MSFT
Q3 2025 105$7.0BTSM, GOOGL, MSFT, CNI, WFC
Q2 2025 105$7.0BTSM, MSFT, CNI, WFC, GOOGL
Q1 2025 100$6.2BUNH, TSM, CNI, AZO, MSFT
Q4 2024 97$6.1BTSM, GOOGL, MSFT, DEO, UNH
Q3 2024 88$4.2BUNH, AXP, ELV, AEM, WFC
Q2 2024 93$5.4BMSFT, DGEAF, TSM, AXP, GOOGL
Q1 2024Amended 102$6.1BMSFT, UNH, DGEAF, TSM, AXP