Canoe Financial LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 15, 2025), Canoe Financial LP reported 97 stock positions worth $6.1 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.1% of the portfolio, followed by Alphabet Class A (GOOGL, 4.4%) and Microsoft (MSFT, 4.2%). Compared with Q3 2024, it opened 19 new positions, sold out of 10, added to 43 and reduced 33. The biggest buy was Diageo PLC-Sponsored ADR (DEO, shares +88407%) and the biggest sale Lowe's Cos (LOW, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001908219
- Portfolio Value
- $6.1B (Q4 2024)
- SEC Filing
- 0001908219-25-000004 ↗ filed Jan 15, 2025
Holdings Value
Holdings 97 stocks · $6.1B
| TSM Taiwan Semiconductor-SP ADR | 5.08% | 1,579,074 | $311.9M | Add +212.9% |
| GOOGL Alphabet Inc. Class A | 4.39% | 1,424,014 | $269.6M | Add +513.4% |
| MSFT Microsoft Corp. | 4.24% | 617,606 | $260.3M | Add +525.9% |
| DEO Diageo PLC-Sponsored ADR | 4.20% | 8,113,468 | $257.8M | Add +88407.3% |
| UNH Unitedhealth Group Inc. | 3.81% | 462,100 | $233.8M | Add +24.4% |
| CNI Canadian Natl Railway Co. | 3.54% | 2,137,743 | $216.9M | New |
| MCO Moody's Corp. | 3.26% | 422,624 | $200.1M | Add +510.8% |
| AZO AutoZone Inc. | 3.26% | 62,471 | $200.0M | Add +542.8% |
| ELV Elevance Health Inc. | 3.15% | 524,531 | $193.5M | Add +53.5% |
| MA Mastercard Inc. Class A | 3.03% | 353,231 | $186.0M | Add +580.0% |
| WFC Wells Fargo & Co. | 3.00% | 2,624,723 | $184.4M | Reduce -8.6% |
| AEM Agnico Eagle Mines Ltd. | 2.51% | 1,971,652 | $154.1M | Reduce -1.1% |
| PM Philip Morris International | 2.44% | 1,245,674 | $149.9M | Reduce -0.6% |
| RY Royal Bank of Canada | 2.36% | 1,202,099 | $144.8M | Reduce -1.0% |
| AXP American Express Co. | 2.27% | 469,286 | $139.3M | Reduce -37.3% |
| QSR Restaurant Brands Intern | 2.14% | 2,016,082 | $131.3M | Reduce -0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.10% | 1,064,217 | $128.6M | Add +564.0% |
| ADI Analog Devices Inc. | 2.08% | 599,291 | $127.3M | Reduce -1.1% |
| CME Cme Group Inc. | 2.06% | 544,219 | $126.4M | Add +698.0% |
| V Visa Inc. Class A | 2.00% | 387,901 | $122.6M | Reduce -19.1% |
| EQT Eqt Corp. | 1.90% | 2,542,000 | $116.7M | Add +1.7% |
| SHW The Sherwin-Williams Co. | 1.88% | 339,707 | $115.5M | Add +542.0% |
| RBA RB Global Inc. | 1.85% | 1,258,057 | $113.5M | Reduce -11.3% |
| MSCI MSCI Inc. | 1.82% | 186,131 | $111.7M | Add +700.4% |
| RRC Range Resources Corp. | 1.70% | 2,911,509 | $104.6M | Add +9.4% |
| WPM Wheaton Precious Metals Corp. | 1.64% | 1,794,022 | $100.9M | Reduce -0.8% |
| ROST Ross Stores Inc. | 1.57% | 636,557 | $96.3M | Add +20.9% |
| OTIS Otis Worldwide Corp. | 1.56% | 1,033,423 | $95.7M | Add +699.5% |
| GIB Cgi Inc. | 1.54% | 863,261 | $94.4M | New |
| DFS Discover Financial Services | 1.49% | 528,267 | $91.5M | Reduce -14.9% |
| EFXT Enerflex Ltd. | 1.34% | 8,276,972 | $82.3M | Add +10.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.25% | 168,947 | $76.6M | Reduce -0.2% |
| HCA HCA Healthcare Inc. | 1.13% | 231,594 | $69.5M | Add +226952.9% |
| MTD Mettler-Toledo International | 1.11% | 55,518 | $67.9M | Add +576.5% |
| EMR Emerson Electric Co. | 0.91% | 448,374 | $55.6M | Reduce -0.3% |
| GGG Graco Inc. | 0.88% | 640,474 | $54.0M | Add +359.2% |
| VRSN Verisign Inc. | 0.81% | 241,361 | $50.0M | Reduce -0.9% |
| LBRT Liberty Energy Inc. | 0.79% | 2,448,568 | $48.7M | Reduce -40.6% |
| WTW Willis Towers Watson PLC | 0.78% | 152,863 | $47.9M | New |
| DLTR Dollar Tree Inc. | 0.77% | 628,586 | $47.1M | Reduce -1.3% |
| ASMLF ASML Holding NV | 0.70% | 61,049 | $42.9M | New |
| EXE Expand Energy Corp. | 0.69% | 427,600 | $42.5M | Add +236.4% |
| FDX FedEx Corp. | 0.69% | 150,306 | $42.3M | Reduce -40.0% |
| CB Chubb Ltd. | 0.67% | 149,627 | $41.3M | Reduce -0.4% |
| RCI Rogers Communications Inc. Class B | 0.65% | 1,299,311 | $39.9M | Add +14.7% |
| NOC Northrop Grumman Corp. | 0.63% | 81,932 | $38.4M | Reduce -0.3% |
| SPGI S&P Global Inc. | 0.62% | 76,184 | $37.9M | Add +6.0% |
| FISV Fiserv Inc. | 0.56% | 166,706 | $34.2M | Reduce -0.9% |
| ICLR Icon PLC | 0.49% | 143,947 | $30.2M | New |
| CNQ Canadian Natural Resources | 0.47% | 940,731 | $29.0M | Reduce -39.3% |
| ALC Alcon Inc. filed as ALCON AG | 0.47% | 340,728 | $28.9M | Add +7.3% |
| MAR Marriott International Class A | 0.44% | 96,046 | $26.8M | Reduce -68.6% |
| FTV Fortive Corp. | 0.36% | 291,638 | $21.9M | Reduce -1.8% |
| HDB HDFC Bank Ltd.-ADR | 0.35% | 339,190 | $21.7M | Add +17.6% |
| AON Aon PLC Class A | 0.34% | 58,109 | $20.9M | Add +9.4% |
| ORCL Oracle Corp. | 0.33% | 120,398 | $20.1M | Reduce -2.0% |
| ATS Ats Corp. | 0.32% | 641,989 | $19.6M | Add +3.0% |
| LOW Lowe's Cos Inc. | 0.29% | 72,524 | $17.9M | Reduce -87.3% |
| PEP Pepsico Inc. | 0.28% | 114,240 | $17.4M | Add +19.8% |
| LIN Linde PLC | 0.27% | 38,838 | $16.3M | Reduce -3.2% |
| GPOR Gulfport Energy Corp. | 0.23% | 75,000 | $13.8M | New |
| CARR Carrier Global Corp. | 0.22% | 198,103 | $13.5M | Reduce -1.6% |
| JNJ Johnson & Johnson | 0.22% | 92,626 | $13.4M | Add +3.2% |
| FDS Factset Research Systems Inc. | 0.20% | 25,655 | $12.3M | Add +7.2% |
| HLT Hilton Worldwide Holdings Inc. | 0.18% | 44,076 | $10.9M | Add +4.2% |
| ADBE Adobe Inc. | 0.17% | 23,606 | $10.5M | Add +1.7% |
| BDX Becton Dickinson and Co. | 0.15% | 39,841 | $9.0M | Reduce -6.9% |
| NKE Nike Inc. Class B | 0.14% | 111,720 | $8.5M | Add +1.1% |
| CL Colgate-Palmolive Co. | 0.13% | 88,646 | $8.1M | Add +5.0% |
| CPRT Copart Inc. | 0.13% | 139,227 | $8.0M | New |
| DSGX The Descartes Systems Grp | 0.13% | 69,888 | $7.9M | New |
| STN Stantec Inc. | 0.11% | 83,755 | $6.6M | Add +1011.1% |
| CIGI Colliers Intl GR-Subord Vot | 0.09% | 40,696 | $5.5M | Add +544.7% |
| FSV Firstservice Corp. | 0.09% | 29,018 | $5.3M | Add +1451.8% |
| GDXJ Vaneck Junior Gold Miners | 0.07% | 104,157 | $4.5M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 2,345 | $4.2M | New |
| OTEX Open Text Corp. | 0.07% | 150,000 | $4.2M | Add +127.3% |
| AGI Alamos Gold Inc. Class A | 0.07% | 220,547 | $4.1M | New |
| GRTUF Granite Real Estate Investme | 0.04% | 50,225 | $2.4M | New |
| RGLD Royal Gold Inc. | 0.04% | 17,437 | $2.3M | New |
| WCN Waste Connections Inc. | 0.03% | 12,000 | $2.1M | No change |
| B Barrick Gold Corp. | 0.03% | 120,000 | $1.9M | Reduce -96.8% |
| TFII Tfi International Inc. | 0.03% | 13,726 | $1.9M | New |
| CVE Cenovus Energy Inc. | 0.03% | 120,000 | $1.8M | No change |
| KGC Kinross Gold Corp. | 0.02% | 121,111 | $1.1M | New |
| FNV Franco-Nevada Corp. | 0.01% | 4,177 | $491K | Reduce -11.4% |
| FTS Fortis Inc. | 0.01% | 11,492 | $477K | Reduce -11.4% |
| ERO Ero Copper Corp. | 0.01% | 33,871 | $456K | New |
| CP Canadian Pacific Kansas City | 0.01% | 5,979 | $433K | Reduce -99.0% |
| SYY Sysco Corp. | 0.01% | 4,817 | $368K | Add +881.1% |
| NTB Bank of N.T. Butterfield&son | 0.01% | 8,355 | $305K | Add +1655.3% |
| FERG Ferguson Enterprises Inc. | 0.00% | 1,204 | $209K | Add +487.3% |
| CI The Cigna Group | 0.00% | 556 | $154K | New |
| HUM Humana Inc. | 0.00% | 243 | $62K | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.00% | 322 | $61K | Reduce -100.0% |
| CDW CDW Corp. | 0.00% | 276 | $48K | Add +68.3% |
| VRN Veren Inc. | 0.00% | 20,000 | $36K | New |
Portfolio Sells Q3 2024 → Q4 2024
| LOW Lowe's Cos Inc. | Reduce -87.3% | 0.29% | −3.36 |
| AXP American Express Co. | Reduce -37.3% | 2.27% | −2.60 |
| MTB M & T Bank Corp. | Reduce -100.0% | 0.00% | −2.48 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −2.15 |
| B Barrick Gold Corp. | Reduce -96.8% | 0.03% | −1.81 |
| MAR Marriott International Class A | Reduce -68.6% | 0.44% | −1.42 |
| AEM Agnico Eagle Mines Ltd. | Reduce -1.1% | 2.51% | −1.41 |
| QSR Restaurant Brands Intern | Reduce -0.6% | 2.14% | −1.34 |
| ADI Analog Devices Inc. | Reduce -1.1% | 2.08% | −1.30 |
| RY Royal Bank of Canada | Reduce -1.0% | 2.36% | −1.26 |
| PM Philip Morris International | Reduce -0.6% | 2.44% | −1.19 |
| GE General Electric | Sold out | 0.00% | −1.18 |
| CP Canadian Pacific Kansas City | Reduce -99.0% | 0.01% | −1.17 |
| V Visa Inc. Class A | Reduce -19.1% | 2.00% | −1.17 |
| LBRT Liberty Energy Inc. | Reduce -40.6% | 0.79% | −1.11 |
| WPM Wheaton Precious Metals Corp. | Reduce -0.8% | 1.64% | −1.07 |
| FDX FedEx Corp. | Reduce -40.0% | 0.69% | −0.92 |
| RBA RB Global Inc. | Reduce -11.3% | 1.85% | −0.89 |
| WFC Wells Fargo & Co. | Reduce -8.6% | 3.00% | −0.85 |
| CNQ Canadian Natural Resources | Reduce -39.3% | 0.47% | −0.76 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.2% | 1.25% | −0.61 |
| DFS Discover Financial Services | Reduce -14.9% | 1.49% | −0.59 |
| UL Unilever PLC | Sold out | 0.00% | −0.56 |
| NOC Northrop Grumman Corp. | Reduce -0.3% | 0.63% | −0.41 |
| CB Chubb Ltd. | Reduce -0.4% | 0.67% | −0.37 |
| DLTR Dollar Tree Inc. | Reduce -1.3% | 0.77% | −0.35 |
| VRSN Verisign Inc. | Reduce -0.9% | 0.81% | −0.30 |
| PTEN Patterson-Uti Energy Inc. | Sold out | 0.00% | −0.28 |
| EMR Emerson Electric Co. | Reduce -0.3% | 0.91% | −0.27 |
| ICLN iShares Global Clean Energy | Sold out | 0.00% | −0.23 |
| FTV Fortive Corp. | Reduce -1.8% | 0.36% | −0.21 |
| LIN Linde PLC | Reduce -3.2% | 0.27% | −0.20 |
| ORCL Oracle Corp. | Reduce -2.0% | 0.33% | −0.17 |
| CARR Carrier Global Corp. | Reduce -1.6% | 0.22% | −0.17 |
| FISV Fiserv Inc. | Reduce -0.9% | 0.56% | −0.16 |
| BDX Becton Dickinson and Co. | Reduce -6.9% | 0.15% | −0.10 |
| MIDD Middleby Corp. | Sold out | 0.00% | −0.09 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.03 |
| TD Toronto-Dominion Bank | Sold out | 0.00% | −0.01 |
| MGA Magna International Inc. | Sold out | 0.00% | −0.01 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.01 |
| FTS Fortis Inc. | Reduce -11.4% | 0.01% | −0.01 |
| FNV Franco-Nevada Corp. | Reduce -11.4% | 0.01% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| DEO Diageo PLC-Sponsored ADR | Add +88407.3% | 4.20% | +4.17 |
| CNI Canadian Natl Railway Co. | New | 3.54% | +3.54 |
| GOOGL Alphabet Inc. Class A | Add +513.4% | 4.39% | +3.48 |
| MSFT Microsoft Corp. | Add +525.9% | 4.24% | +3.23 |
| TSM Taiwan Semiconductor-SP ADR | Add +212.9% | 5.08% | +2.92 |
| AZO AutoZone Inc. | Add +542.8% | 3.26% | +2.51 |
| MCO Moody's Corp. | Add +510.8% | 3.26% | +2.47 |
| MA Mastercard Inc. Class A | Add +580.0% | 3.03% | +2.42 |
| CME Cme Group Inc. | Add +698.0% | 2.06% | +1.70 |
| TJX TJX Companies Inc. | Add +564.0% | 2.10% | +1.64 |
| GIB Cgi Inc. | New | 1.54% | +1.54 |
| MSCI MSCI Inc. | Add +700.4% | 1.82% | +1.50 |
| SHW The Sherwin-Williams Co. | Add +542.0% | 1.88% | +1.40 |
| OTIS Otis Worldwide Corp. | Add +699.5% | 1.56% | +1.24 |
| HCA HCA Healthcare Inc. | Add +226952.9% | 1.13% | +1.13 |
| MTD Mettler-Toledo International | Add +576.5% | 1.11% | +0.82 |
| WTW Willis Towers Watson PLC | New | 0.78% | +0.78 |
| ASMLF ASML Holding NV | New | 0.70% | +0.70 |
| GGG Graco Inc. | Add +359.2% | 0.88% | +0.59 |
| ICLR Icon PLC | New | 0.49% | +0.49 |
| EXE Expand Energy Corp. | Add +236.4% | 0.69% | +0.44 |
| EFXT Enerflex Ltd. | Add +10.2% | 1.34% | +0.27 |
| GPOR Gulfport Energy Corp. | New | 0.23% | +0.23 |
| CPRT Copart Inc. | New | 0.13% | +0.13 |
| DSGX The Descartes Systems Grp | New | 0.13% | +0.13 |
| STN Stantec Inc. | Add +1011.1% | 0.11% | +0.09 |
| FSV Firstservice Corp. | Add +1451.8% | 0.09% | +0.08 |
| GDXJ Vaneck Junior Gold Miners | New | 0.07% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.07% | +0.07 |
| CIGI Colliers Intl GR-Subord Vot | Add +544.7% | 0.09% | +0.07 |
| AGI Alamos Gold Inc. Class A | New | 0.07% | +0.07 |
| GRTUF Granite Real Estate Investme | New | 0.04% | +0.04 |
| RGLD Royal Gold Inc. | New | 0.04% | +0.04 |
| TFII Tfi International Inc. | New | 0.03% | +0.03 |
| KGC Kinross Gold Corp. | New | 0.02% | +0.02 |
| OTEX Open Text Corp. | Add +127.3% | 0.07% | +0.02 |
| ERO Ero Copper Corp. | New | 0.01% | +0.01 |
| SYY Sysco Corp. | Add +881.1% | 0.01% | +0.01 |
| NTB Bank of N.T. Butterfield&son | Add +1655.3% | 0.01% | +0.00 |
| CI The Cigna Group | New | 0.00% | +0.00 |
| FERG Ferguson Enterprises Inc. | Add +487.3% | 0.00% | +0.00 |
| HUM Humana Inc. | New | 0.00% | +0.00 |
| VRN Veren Inc. | New | 0.00% | +0.00 |
| CDW CDW Corp. | Add +68.3% | 0.00% | −0.00 |
| HLT Hilton Worldwide Holdings Inc. | Add +4.2% | 0.18% | −0.06 |
| FDS Factset Research Systems Inc. | Add +7.2% | 0.20% | −0.06 |
| CL Colgate-Palmolive Co. | Add +5.0% | 0.13% | −0.08 |
| HDB HDFC Bank Ltd.-ADR | Add +17.6% | 0.35% | −0.09 |
| NKE Nike Inc. Class B | Add +1.1% | 0.14% | −0.10 |
| AON Aon PLC Class A | Add +9.4% | 0.34% | −0.10 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 110 | $8.1B | CNI, SLB, TSM, GOOGL, QSR |
| Q1 2026 | 112 | $7.3B | CNI, TSM, QSR, GOOGL, SLB |
| Q4 2025 | 103 | $7.4B | TSM, GOOGL, CNI, WFC, MSFT |
| Q3 2025 | 105 | $7.0B | TSM, GOOGL, MSFT, CNI, WFC |
| Q2 2025 | 105 | $7.0B | TSM, MSFT, CNI, WFC, GOOGL |
| Q1 2025 | 100 | $6.2B | UNH, TSM, CNI, AZO, MSFT |
| Q4 2024 | 97 | $6.1B | TSM, GOOGL, MSFT, DEO, UNH |
| Q3 2024 | 88 | $4.2B | UNH, AXP, ELV, AEM, WFC |
| Q2 2024 | 93 | $5.4B | MSFT, DGEAF, TSM, AXP, GOOGL |
| Q1 2024Amended | 102 | $6.1B | MSFT, UNH, DGEAF, TSM, AXP |