Canoe Financial LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 22, 2025), Canoe Financial LP reported 100 stock positions worth $6.2 billion. Its top holding was Unitedhealth (UNH) at 4.7% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 4.3%) and Canadian Natl Railway (CNI, 3.8%). Compared with Q4 2024, it opened 11 new positions, sold out of 8, added to 38 and reduced 47. The biggest buy was Canadian Natural Resources (CNQ, shares +404%) and the biggest sale Diageo PLC-Sponsored ADR (DEO, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001908219
- Portfolio Value
- $6.2B (Q1 2025)
- SEC Filing
- 0001908219-25-000005 ↗ filed Apr 22, 2025
Holdings Value
Holdings 100 stocks · $6.2B
| UNH Unitedhealth Group Inc. | 4.72% | 562,759 | $294.7M | Add +21.8% |
| TSM Taiwan Semiconductor-SP ADR | 4.34% | 1,630,812 | $270.7M | Add +3.3% |
| CNI Canadian Natl Railway Co. | 3.79% | 2,431,661 | $236.7M | Add +13.8% |
| AZO AutoZone Inc. | 3.70% | 60,621 | $231.1M | Reduce -3.0% |
| MSFT Microsoft Corp. | 3.65% | 606,406 | $227.6M | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 3.55% | 1,432,014 | $221.4M | Add +0.6% |
| MCO Moody's Corp. | 3.35% | 449,042 | $209.1M | Add +6.3% |
| WFC Wells Fargo & Co. | 3.21% | 2,789,330 | $200.2M | Add +6.3% |
| MA Mastercard Inc. Class A | 2.92% | 332,231 | $182.1M | Reduce -6.0% |
| PM Philip Morris International | 2.89% | 1,135,513 | $180.2M | Reduce -8.8% |
| CME Cme Group Inc. | 2.55% | 600,419 | $159.3M | Add +10.3% |
| OTIS Otis Worldwide Corp. | 2.49% | 1,503,369 | $155.1M | Add +45.5% |
| AEM Agnico Eagle Mines Ltd. | 2.47% | 1,421,094 | $154.0M | Reduce -27.9% |
| QSR Restaurant Brands Intern | 2.47% | 2,307,351 | $153.8M | Add +14.4% |
| AXP American Express Co. | 2.37% | 549,319 | $147.8M | Add +17.1% |
| CNQ Canadian Natural Resources | 2.34% | 4,738,577 | $145.8M | Add +403.7% |
| ELV Elevance Health Inc. | 2.26% | 323,638 | $140.8M | Reduce -38.3% |
| WPM Wheaton Precious Metals Corp. | 2.20% | 1,772,043 | $137.5M | Reduce -1.2% |
| V Visa Inc. Class A | 2.15% | 383,355 | $134.4M | Reduce -1.2% |
| ADI Analog Devices Inc. | 2.12% | 656,496 | $132.4M | Add +9.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.05% | 1,052,117 | $128.1M | Reduce -1.1% |
| RBA RB Global Inc. | 2.00% | 1,242,141 | $124.7M | Reduce -1.3% |
| SHW The Sherwin-Williams Co. | 1.98% | 354,107 | $123.7M | Add +4.2% |
| RY Royal Bank of Canada | 1.91% | 1,055,670 | $118.9M | Reduce -12.2% |
| MSCI MSCI Inc. | 1.75% | 192,731 | $109.0M | Add +3.5% |
| SYY Sysco Corp. | 1.72% | 1,431,149 | $107.4M | Add +29610.4% |
| DFS Discover Financial Services | 1.63% | 594,385 | $101.5M | Add +12.5% |
| RRC Range Resources Corp. | 1.51% | 2,405,009 | $94.5M | Reduce -17.4% |
| CVS CVS Health Corp. | 1.51% | 1,388,195 | $94.1M | New |
| ADBE Adobe Inc. | 1.49% | 242,925 | $93.2M | Add +929.1% |
| GIB Cgi Inc. | 1.45% | 904,153 | $90.3M | Add +4.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.43% | 167,004 | $88.9M | Reduce -1.1% |
| ROST Ross Stores Inc. | 1.39% | 680,994 | $87.0M | Add +7.0% |
| EXE Expand Energy Corp. | 1.27% | 731,000 | $79.0M | Add +71.0% |
| WTW Willis Towers Watson PLC | 1.23% | 227,621 | $76.9M | Add +48.9% |
| MTD Mettler-Toledo International | 0.98% | 52,018 | $61.4M | Reduce -6.3% |
| HCA HCA Healthcare Inc. | 0.91% | 164,123 | $56.7M | Reduce -29.1% |
| GGG Graco Inc. | 0.84% | 624,874 | $52.2M | Reduce -2.4% |
| TD Toronto-Dominion Bank | 0.82% | 854,767 | $51.2M | New |
| EFXT Enerflex Ltd. | 0.78% | 6,294,108 | $48.6M | Reduce -24.0% |
| EQT Eqt Corp. | 0.76% | 912,200 | $47.6M | Reduce -64.1% |
| SPGI S&P Global Inc. | 0.75% | 92,379 | $46.9M | Add +21.3% |
| CB Chubb Ltd. | 0.72% | 147,769 | $44.6M | Reduce -1.2% |
| NOC Northrop Grumman Corp. | 0.66% | 80,992 | $41.5M | Reduce -1.1% |
| FISV Fiserv Inc. | 0.58% | 165,207 | $36.5M | Reduce -0.9% |
| ALC Alcon Inc. filed as ALCON AG | 0.58% | 381,929 | $35.9M | Add +12.1% |
| DLTR Dollar Tree Inc. | 0.57% | 475,221 | $35.7M | Reduce -24.4% |
| AON Aon PLC Class A | 0.54% | 83,679 | $33.4M | Add +44.0% |
| ICLR Icon PLC | 0.49% | 175,677 | $30.7M | Add +22.0% |
| EMR Emerson Electric Co. | 0.43% | 247,263 | $27.1M | Reduce -44.9% |
| MAR Marriott International Class A | 0.40% | 105,206 | $25.1M | Add +9.5% |
| HDB HDFC Bank Ltd.-ADR | 0.40% | 376,702 | $25.0M | Add +11.1% |
| CTRA Coterra Energy Inc. | 0.39% | 837,200 | $24.2M | New |
| VRSN Verisign Inc. | 0.38% | 92,261 | $23.4M | Reduce -61.8% |
| FTV Fortive Corp. | 0.34% | 287,785 | $21.1M | Reduce -1.3% |
| ORCL Oracle Corp. | 0.26% | 116,698 | $16.3M | Reduce -3.1% |
| LOW Lowe's Cos Inc. | 0.26% | 69,124 | $16.1M | Reduce -4.7% |
| PEP Pepsico Inc. | 0.26% | 106,440 | $16.0M | Reduce -6.8% |
| LIN Linde PLC | 0.25% | 34,138 | $15.9M | Reduce -12.1% |
| ATS Ats Corp. | 0.25% | 613,299 | $15.3M | Reduce -4.5% |
| JNJ Johnson & Johnson | 0.23% | 86,826 | $14.4M | Reduce -6.3% |
| CPRT Copart Inc. | 0.20% | 216,327 | $12.2M | Add +55.4% |
| FDS Factset Research Systems Inc. | 0.19% | 26,155 | $11.9M | Add +1.9% |
| CARR Carrier Global Corp. | 0.19% | 185,303 | $11.7M | Reduce -6.5% |
| HLT Hilton Worldwide Holdings Inc. | 0.17% | 47,935 | $10.9M | Add +8.8% |
| CL Colgate-Palmolive Co. | 0.13% | 84,646 | $7.9M | Reduce -4.5% |
| NKE Nike Inc. Class B | 0.11% | 105,720 | $6.7M | Reduce -5.4% |
| DSGX The Descartes Systems Grp | 0.11% | 65,998 | $6.6M | Reduce -5.6% |
| BDX Becton Dickinson and Co. | 0.11% | 28,741 | $6.6M | Reduce -27.9% |
| STN Stantec Inc. | 0.10% | 76,059 | $6.3M | Reduce -9.2% |
| AGI Alamos Gold Inc. Class A | 0.10% | 229,412 | $6.1M | Add +4.0% |
| LBRT Liberty Energy Inc. | 0.10% | 381,139 | $6.0M | Reduce -84.4% |
| RCI Rogers Communications Inc. Class B | 0.09% | 218,649 | $5.8M | Reduce -83.2% |
| GDXJ Vaneck Junior Gold Miners | 0.09% | 95,215 | $5.4M | Reduce -8.6% |
| FSV Firstservice Corp. | 0.08% | 28,565 | $4.7M | Reduce -1.6% |
| DEO Diageo PLC-Sponsored ADR | 0.08% | 45,000 | $4.7M | Reduce -99.5% |
| CIGI Colliers Intl GR-Subord Vot | 0.07% | 37,953 | $4.6M | Reduce -6.7% |
| TMO Thermo Fisher Scientific Inc. | 0.06% | 8,000 | $4.0M | New |
| TFII Tfi International Inc. | 0.05% | 36,857 | $2.9M | Add +168.5% |
| RGLD Royal Gold Inc. | 0.04% | 16,482 | $2.7M | Reduce -5.5% |
| WCN Waste Connections Inc. | 0.04% | 12,000 | $2.3M | No change |
| GRTUF Granite Real Estate Investme | 0.03% | 43,595 | $2.0M | Reduce -13.2% |
| SMH Vaneck Semiconductor ETF | 0.03% | 1,665 | $1.9M | New |
| KGC Kinross Gold Corp. | 0.03% | 134,085 | $1.7M | Add +10.7% |
| CVE Cenovus Energy Inc. | 0.03% | 120,000 | $1.7M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.02% | 1,250 | $1.6M | Reduce -46.7% |
| FNV Franco-Nevada Corp. | 0.01% | 4,177 | $657K | No change |
| ROP Roper Technologies Inc. | 0.01% | 874 | $515K | New |
| NTB Bank of N.T. Butterfield&son | 0.01% | 12,916 | $503K | Add +54.6% |
| CP Canadian Pacific Kansas City | 0.01% | 5,979 | $420K | No change |
| ERO Ero Copper Corp. | 0.01% | 31,656 | $383K | Reduce -6.5% |
| EFX Equifax Inc. | 0.01% | 1,478 | $360K | New |
| CI The Cigna Group | 0.01% | 1,086 | $357K | Add +95.3% |
| FERG Ferguson Enterprises Inc. | 0.01% | 2,049 | $328K | Add +70.2% |
| SYF Synchrony Financial | 0.00% | 4,888 | $259K | New |
| ZTS Zoetis Inc. | 0.00% | 1,394 | $230K | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.00% | 1,204 | $215K | Add +273.9% |
| HII Huntington Ingalls Industrie | 0.00% | 1,025 | $209K | New |
| HUM Humana Inc. | 0.00% | 562 | $149K | Add +131.3% |
| ABNB Airbnb Inc. Class A | 0.00% | 790 | $94K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| FORTIS INC (FTSCN V5.493 PERP M) | PUBLIC | 186,492 | $3.2M | New |
Total filed on the 13F, all lines: $6.2B.
Portfolio Sells Q4 2024 → Q1 2025
| DEO Diageo PLC-Sponsored ADR | Reduce -99.5% | 0.08% | −4.13 |
| EQT Eqt Corp. | Reduce -64.1% | 0.76% | −1.14 |
| ELV Elevance Health Inc. | Reduce -38.3% | 2.26% | −0.90 |
| ASMLF ASML Holding NV | Sold out | 0.00% | −0.70 |
| LBRT Liberty Energy Inc. | Reduce -84.4% | 0.10% | −0.70 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.69 |
| MSFT Microsoft Corp. | Reduce -1.8% | 3.65% | −0.59 |
| EFXT Enerflex Ltd. | Reduce -24.0% | 0.78% | −0.56 |
| RCI Rogers Communications Inc. Class B | Reduce -83.2% | 0.09% | −0.56 |
| EMR Emerson Electric Co. | Reduce -44.9% | 0.43% | −0.47 |
| RY Royal Bank of Canada | Reduce -12.2% | 1.91% | −0.45 |
| VRSN Verisign Inc. | Reduce -61.8% | 0.38% | −0.44 |
| GPOR Gulfport Energy Corp. | Sold out | 0.00% | −0.23 |
| HCA HCA Healthcare Inc. | Reduce -29.1% | 0.91% | −0.22 |
| DLTR Dollar Tree Inc. | Reduce -24.4% | 0.57% | −0.20 |
| RRC Range Resources Corp. | Reduce -17.4% | 1.51% | −0.19 |
| MTD Mettler-Toledo International | Reduce -6.3% | 0.98% | −0.12 |
| MA Mastercard Inc. Class A | Reduce -6.0% | 2.92% | −0.11 |
| ATS Ats Corp. | Reduce -4.5% | 0.25% | −0.07 |
| OTEX Open Text Corp. | Sold out | 0.00% | −0.07 |
| ORCL Oracle Corp. | Reduce -3.1% | 0.26% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -46.7% | 0.02% | −0.04 |
| AEM Agnico Eagle Mines Ltd. | Reduce -27.9% | 2.47% | −0.04 |
| GGG Graco Inc. | Reduce -2.4% | 0.84% | −0.04 |
| BDX Becton Dickinson and Co. | Reduce -27.9% | 0.11% | −0.04 |
| TJX TJX Companies Inc. | Reduce -1.1% | 2.05% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -4.7% | 0.26% | −0.03 |
| CARR Carrier Global Corp. | Reduce -6.5% | 0.19% | −0.03 |
| B Barrick Gold Corp. | Sold out | 0.00% | −0.03 |
| NKE Nike Inc. Class B | Reduce -5.4% | 0.11% | −0.03 |
| PEP Pepsico Inc. | Reduce -6.8% | 0.26% | −0.03 |
| DSGX The Descartes Systems Grp | Reduce -5.6% | 0.11% | −0.02 |
| FTV Fortive Corp. | Reduce -1.3% | 0.34% | −0.02 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -6.7% | 0.07% | −0.02 |
| LIN Linde PLC | Reduce -12.1% | 0.25% | −0.01 |
| FSV Firstservice Corp. | Reduce -1.6% | 0.08% | −0.01 |
| FTS Fortis Inc. | Sold out | 0.00% | −0.01 |
| GRTUF Granite Real Estate Investme | Reduce -13.2% | 0.03% | −0.01 |
| STN Stantec Inc. | Reduce -9.2% | 0.10% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -4.5% | 0.13% | −0.00 |
| ERO Ero Copper Corp. | Reduce -6.5% | 0.01% | −0.00 |
| CDW CDW Corp. | Sold out | 0.00% | −0.00 |
| VRN Veren Inc. | Sold out | 0.00% | −0.00 |
| RGLD Royal Gold Inc. | Reduce -5.5% | 0.04% | +0.01 |
| JNJ Johnson & Johnson | Reduce -6.3% | 0.23% | +0.01 |
| GDXJ Vaneck Junior Gold Miners | Reduce -8.6% | 0.09% | +0.01 |
| FISV Fiserv Inc. | Reduce -0.9% | 0.58% | +0.03 |
| NOC Northrop Grumman Corp. | Reduce -1.1% | 0.66% | +0.04 |
| CB Chubb Ltd. | Reduce -1.2% | 0.72% | +0.04 |
| RBA RB Global Inc. | Reduce -1.3% | 2.00% | +0.15 |
Portfolio Buys Q4 2024 → Q1 2025
| CNQ Canadian Natural Resources | Add +403.7% | 2.34% | +1.86 |
| SYY Sysco Corp. | Add +29610.4% | 1.72% | +1.72 |
| CVS CVS Health Corp. | New | 1.51% | +1.51 |
| ADBE Adobe Inc. | Add +929.1% | 1.49% | +1.32 |
| OTIS Otis Worldwide Corp. | Add +45.5% | 2.49% | +0.93 |
| UNH Unitedhealth Group Inc. | Add +21.8% | 4.72% | +0.91 |
| TD Toronto-Dominion Bank | New | 0.82% | +0.82 |
| EXE Expand Energy Corp. | Add +71.0% | 1.27% | +0.57 |
| CME Cme Group Inc. | Add +10.3% | 2.55% | +0.49 |
| WTW Willis Towers Watson PLC | Add +48.9% | 1.23% | +0.45 |
| CTRA Coterra Energy Inc. | New | 0.39% | +0.39 |
| QSR Restaurant Brands Intern | Add +14.4% | 2.47% | +0.33 |
| CNI Canadian Natl Railway Co. | Add +13.8% | 3.79% | +0.26 |
| WFC Wells Fargo & Co. | Add +6.3% | 3.21% | +0.20 |
| AON Aon PLC Class A | Add +44.0% | 0.54% | +0.20 |
| DFS Discover Financial Services | Add +12.5% | 1.63% | +0.13 |
| SPGI S&P Global Inc. | Add +21.3% | 0.75% | +0.13 |
| ALC Alcon Inc. | Add +12.1% | 0.58% | +0.11 |
| SHW The Sherwin-Williams Co. | Add +4.2% | 1.98% | +0.10 |
| AXP American Express Co. | Add +17.1% | 2.37% | +0.10 |
| MCO Moody's Corp. | Add +6.3% | 3.35% | +0.09 |
| CPRT Copart Inc. | Add +55.4% | 0.20% | +0.07 |
| TMO Thermo Fisher Scientific Inc. | New | 0.06% | +0.06 |
| HDB HDFC Bank Ltd.-ADR | Add +11.1% | 0.40% | +0.05 |
| ADI Analog Devices Inc. | Add +9.6% | 2.12% | +0.05 |
| AGI Alamos Gold Inc. Class A | Add +4.0% | 0.10% | +0.03 |
| SMH Vaneck Semiconductor ETF | New | 0.03% | +0.03 |
| TFII Tfi International Inc. | Add +168.5% | 0.05% | +0.02 |
| KGC Kinross Gold Corp. | Add +10.7% | 0.03% | +0.01 |
| ROP Roper Technologies Inc. | New | 0.01% | +0.01 |
| EFX Equifax Inc. | New | 0.01% | +0.01 |
| SYF Synchrony Financial | New | 0.00% | +0.00 |
| ZTS Zoetis Inc. | New | 0.00% | +0.00 |
| HII Huntington Ingalls Industrie | New | 0.00% | +0.00 |
| CI The Cigna Group | Add +95.3% | 0.01% | +0.00 |
| NTB Bank of N.T. Butterfield&son | Add +54.6% | 0.01% | +0.00 |
| MTB M & T Bank Corp. | Add +273.9% | 0.00% | +0.00 |
| FERG Ferguson Enterprises Inc. | Add +70.2% | 0.01% | +0.00 |
| ABNB Airbnb Inc. Class A | New | 0.00% | +0.00 |
| HUM Humana Inc. | Add +131.3% | 0.00% | +0.00 |
| ICLR Icon PLC | Add +22.0% | 0.49% | +0.00 |
| HLT Hilton Worldwide Holdings Inc. | Add +8.8% | 0.17% | −0.00 |
| FDS Factset Research Systems Inc. | Add +1.9% | 0.19% | −0.01 |
| MAR Marriott International Class A | Add +9.5% | 0.40% | −0.04 |
| MSCI MSCI Inc. | Add +3.5% | 1.75% | −0.07 |
| GIB Cgi Inc. | Add +4.7% | 1.45% | −0.09 |
| ROST Ross Stores Inc. | Add +7.0% | 1.39% | −0.17 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.3% | 4.34% | −0.74 |
| GOOGL Alphabet Inc. Class A | Add +0.6% | 3.55% | −0.84 |
Notes & Other Activity Q4 2024 → Q1 2025
| FORTIS INC (FTSCN V5.493 PERP M) | PUBLIC | New | 186,492 | $3.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |