Canoe Financial LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 10, 2025), Canoe Financial LP reported 105 stock positions worth $7.0 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 4.9% of the portfolio, followed by Microsoft (MSFT, 4.1%) and Canadian Natl Railway (CNI, 3.9%). Compared with Q1 2025, it opened 15 new positions, sold out of 11, added to 40 and reduced 49. The biggest buy was a new position in Intercontinental Hotels Grou (ICHGF) and the biggest sale Unitedhealth (UNH, shares −27%).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001908219
- Portfolio Value
- $7.0B (Q2 2025)
- SEC Filing
- 0001908219-25-000006 ↗ filed Jul 10, 2025
Holdings Value
Holdings 105 stocks · $7.0B
| TSM Taiwan Semiconductor-SP ADR | 4.88% | 1,511,573 | $342.4M | Reduce -7.3% |
| MSFT Microsoft Corp. | 4.12% | 580,906 | $288.9M | Reduce -4.2% |
| CNI Canadian Natl Railway Co. | 3.88% | 2,612,255 | $272.3M | Add +7.4% |
| WFC Wells Fargo & Co. | 3.87% | 3,394,260 | $271.9M | Add +21.7% |
| GOOGL Alphabet Inc. Class A | 3.34% | 1,328,814 | $234.2M | Reduce -7.2% |
| AXP American Express Co. | 3.05% | 672,281 | $214.4M | Add +22.4% |
| MCO Moody's Corp. | 3.04% | 425,642 | $213.5M | Reduce -5.2% |
| AZO AutoZone Inc. | 2.96% | 55,911 | $207.6M | Reduce -7.8% |
| ADI Analog Devices Inc. | 2.77% | 815,582 | $194.1M | Add +24.2% |
| CNQ Canadian Natural Resources | 2.74% | 6,131,602 | $192.3M | Add +29.4% |
| MA Mastercard Inc. Class A | 2.53% | 316,631 | $177.9M | Reduce -4.7% |
| QSR Restaurant Brands Intern | 2.40% | 2,539,975 | $168.6M | Add +10.1% |
| CME Cme Group Inc. | 2.26% | 576,062 | $158.8M | Reduce -4.1% |
| ICHGF Intercontinental Hotels Grou | 2.19% | 1,349,305 | $153.9M | New |
| OTIS Otis Worldwide Corp. | 2.08% | 1,471,094 | $145.7M | Reduce -2.1% |
| V Visa Inc. Class A | 1.96% | 388,408 | $137.9M | Add +1.3% |
| RY Royal Bank of Canada | 1.95% | 1,039,273 | $137.1M | Reduce -1.6% |
| RBA RB Global Inc. | 1.87% | 1,234,891 | $131.3M | Reduce -0.6% |
| COF Capital One Financial Corp. | 1.84% | 606,238 | $129.0M | New |
| UNH Unitedhealth Group Inc. | 1.83% | 412,019 | $128.5M | Reduce -26.8% |
| ELV Elevance Health Inc. | 1.83% | 329,656 | $128.2M | Add +1.9% |
| SHW The Sherwin-Williams Co. | 1.73% | 353,157 | $121.3M | Reduce -0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.70% | 965,017 | $119.2M | Reduce -8.3% |
| PM Philip Morris International | 1.68% | 645,939 | $117.6M | Reduce -43.1% |
| AEM Agnico Eagle Mines Ltd. | 1.61% | 944,967 | $112.7M | Reduce -33.5% |
| SYY Sysco Corp. | 1.59% | 1,477,348 | $111.9M | Add +3.2% |
| CVS CVS Health Corp. | 1.58% | 1,612,178 | $111.2M | Add +16.1% |
| MSCI MSCI Inc. | 1.53% | 186,331 | $107.5M | Reduce -3.3% |
| ORCL Oracle Corp. | 1.51% | 484,098 | $105.8M | Add +314.8% |
| ROST Ross Stores Inc. | 1.47% | 806,734 | $102.9M | Add +18.5% |
| TECK Teck Resources Ltd.-CLS B | 1.39% | 2,410,034 | $97.5M | New |
| GIB Cgi Inc. | 1.35% | 900,271 | $94.6M | Reduce -0.4% |
| WPM Wheaton Precious Metals Corp. | 1.26% | 980,013 | $88.2M | Reduce -44.7% |
| EQT Eqt Corp. | 1.25% | 1,510,095 | $88.1M | Add +65.5% |
| RRC Range Resources Corp. | 1.19% | 2,045,709 | $83.2M | Reduce -14.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.15% | 166,176 | $80.7M | Reduce -0.5% |
| DGEAF Diageo PLC | 1.13% | 3,015,679 | $79.1M | New |
| WTW Willis Towers Watson PLC | 1.03% | 235,341 | $72.1M | Add +3.4% |
| MTD Mettler-Toledo International | 0.97% | 58,224 | $68.4M | Add +11.9% |
| HCA HCA Healthcare Inc. | 0.90% | 164,896 | $63.2M | Add +0.5% |
| TD Toronto-Dominion Bank | 0.89% | 852,173 | $62.7M | Reduce -0.3% |
| CRM Salesforce Inc. | 0.82% | 210,263 | $57.3M | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.82% | 295,506 | $57.3M | Add +24443.7% |
| ASMLF ASML Holding NV | 0.82% | 71,714 | $57.3M | New |
| SAPGF Sap SE | 0.80% | 183,630 | $55.9M | New |
| FISV Fiserv Inc. | 0.75% | 303,464 | $52.3M | Add +83.7% |
| GGG Graco Inc. | 0.74% | 600,774 | $51.6M | Reduce -3.9% |
| EFXT Enerflex Ltd. | 0.70% | 6,231,212 | $49.2M | Reduce -1.0% |
| CB Chubb Ltd. | 0.61% | 146,885 | $42.6M | Reduce -0.6% |
| NONOF Novo Nordisk A/S-B | 0.60% | 609,460 | $42.3M | New |
| RCI Rogers Communications Inc. Class B | 0.60% | 1,421,228 | $42.2M | Add +550.0% |
| SPGI S&P Global Inc. | 0.59% | 79,184 | $41.8M | Reduce -14.3% |
| NOC Northrop Grumman Corp. | 0.57% | 80,595 | $40.3M | Reduce -0.5% |
| EXE Expand Energy Corp. | 0.52% | 311,100 | $36.4M | Reduce -57.4% |
| MAR Marriott International Class A | 0.48% | 124,506 | $34.0M | Add +18.3% |
| EMR Emerson Electric Co. | 0.47% | 245,834 | $32.8M | Reduce -0.6% |
| AON Aon PLC Class A | 0.44% | 86,829 | $31.0M | Add +3.8% |
| ALC Alcon Inc. filed as ALCON AG | 0.43% | 340,728 | $30.2M | Reduce -10.8% |
| ICLR Icon PLC | 0.40% | 193,851 | $28.2M | Add +10.3% |
| HDB HDFC Bank Ltd.-ADR | 0.36% | 326,390 | $25.0M | Reduce -13.4% |
| UNLYF Unilever PLC | 0.35% | 407,417 | $24.9M | New |
| LOW Lowe's Cos Inc. | 0.29% | 91,024 | $20.2M | Add +31.7% |
| FTV Fortive Corp. | 0.25% | 336,574 | $17.5M | Add +16.9% |
| HLT Hilton Worldwide Holdings Inc. | 0.22% | 57,073 | $15.2M | Add +19.1% |
| LIN Linde PLC | 0.21% | 31,538 | $14.8M | Reduce -7.6% |
| GPOR Gulfport Energy Corp. | 0.19% | 65,900 | $13.3M | New |
| PEP Pepsico Inc. | 0.19% | 99,040 | $13.1M | Reduce -7.0% |
| CARR Carrier Global Corp. | 0.19% | 178,203 | $13.0M | Reduce -3.8% |
| ADBE Adobe Inc. | 0.18% | 33,518 | $13.0M | Reduce -86.2% |
| CPRT Copart Inc. | 0.18% | 251,027 | $12.3M | Add +16.0% |
| JNJ Johnson & Johnson | 0.17% | 76,126 | $11.6M | Reduce -12.3% |
| FDS Factset Research Systems Inc. | 0.16% | 24,555 | $11.0M | Reduce -6.1% |
| SU Suncor Energy Inc. | 0.14% | 257,500 | $9.7M | New |
| STN Stantec Inc. | 0.11% | 73,673 | $8.0M | Reduce -3.1% |
| NKE Nike Inc. Class B | 0.11% | 110,820 | $7.9M | Add +4.8% |
| CL Colgate-Palmolive Co. | 0.10% | 80,846 | $7.3M | Reduce -4.5% |
| VLUTF Volution Group PLC | 0.10% | 893,612 | $7.3M | New |
| DSGX The Descartes Systems Grp | 0.09% | 65,438 | $6.7M | Reduce -0.8% |
| AGI Alamos Gold Inc. Class A | 0.08% | 220,222 | $5.9M | Reduce -4.0% |
| GDXJ Vaneck Junior Gold Miners | 0.08% | 85,833 | $5.8M | Reduce -9.8% |
| RAL Ralliant Corp. | 0.08% | 112,190 | $5.4M | Add +17.1% |
| PBA Pembina Pipeline Corp. | 0.07% | 135,000 | $5.1M | New |
| FSV Firstservice Corp. | 0.07% | 28,086 | $4.9M | Reduce -1.7% |
| CIGI Colliers Intl GR-Subord Vot | 0.07% | 36,279 | $4.8M | Reduce -4.4% |
| ROP Roper Technologies Inc. | 0.06% | 7,704 | $4.4M | Add +781.5% |
| TMO Thermo Fisher Scientific Inc. | 0.05% | 9,000 | $3.6M | Add +12.5% |
| RGLD Royal Gold Inc. | 0.04% | 15,664 | $2.8M | Reduce -5.0% |
| ATS Ats Corp. | 0.04% | 81,114 | $2.6M | Reduce -86.8% |
| SYF Synchrony Financial | 0.03% | 36,319 | $2.4M | Add +643.0% |
| WCN Waste Connections Inc. | 0.03% | 12,000 | $2.2M | No change |
| NTB Bank of N.T. Butterfield&son | 0.03% | 50,275 | $2.2M | Add +289.3% |
| KGC Kinross Gold Corp. | 0.03% | 134,406 | $2.1M | Add +0.2% |
| ZTS Zoetis Inc. | 0.03% | 13,369 | $2.1M | Add +859.0% |
| EFX Equifax Inc. | 0.03% | 7,917 | $2.1M | Add +435.7% |
| GRTUF Granite Real Estate Investme | 0.03% | 39,310 | $2.0M | Reduce -9.8% |
| TFII Tfi International Inc. | 0.03% | 21,099 | $1.9M | Reduce -42.8% |
| REXR Rexford Industrial Realty Inc. | 0.02% | 34,505 | $1.2M | New |
| CI The Cigna Group | 0.02% | 3,549 | $1.2M | Add +226.8% |
| FERG Ferguson Enterprises Inc. | 0.02% | 4,938 | $1.1M | Add +141.0% |
| HII Huntington Ingalls Industrie | 0.01% | 3,433 | $829K | Add +234.9% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -26.8% | 1.83% | −2.89 |
| DFS Discover Financial Services | Sold out | 0.00% | −1.63 |
| ADBE Adobe Inc. | Reduce -86.2% | 0.18% | −1.31 |
| PM Philip Morris International | Reduce -43.1% | 1.68% | −1.21 |
| WPM Wheaton Precious Metals Corp. | Reduce -44.7% | 1.26% | −0.95 |
| AEM Agnico Eagle Mines Ltd. | Reduce -33.5% | 1.61% | −0.86 |
| EXE Expand Energy Corp. | Reduce -57.4% | 0.52% | −0.75 |
| AZO AutoZone Inc. | Reduce -7.8% | 2.96% | −0.75 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.57 |
| OTIS Otis Worldwide Corp. | Reduce -2.1% | 2.08% | −0.41 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.39 |
| MA Mastercard Inc. Class A | Reduce -4.7% | 2.53% | −0.38 |
| VRSN Verisign Inc. | Sold out | 0.00% | −0.38 |
| TJX TJX Companies Inc. | Reduce -8.3% | 1.70% | −0.36 |
| RRC Range Resources Corp. | Reduce -14.9% | 1.19% | −0.33 |
| MCO Moody's Corp. | Reduce -5.2% | 3.04% | −0.31 |
| CME Cme Group Inc. | Reduce -4.1% | 2.26% | −0.29 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 1.15% | −0.28 |
| SHW The Sherwin-Williams Co. | Reduce -0.3% | 1.73% | −0.25 |
| MSCI MSCI Inc. | Reduce -3.3% | 1.53% | −0.22 |
| GOOGL Alphabet Inc. Class A | Reduce -7.2% | 3.34% | −0.21 |
| ATS Ats Corp. | Reduce -86.8% | 0.04% | −0.21 |
| SPGI S&P Global Inc. | Reduce -14.3% | 0.59% | −0.16 |
| ALC Alcon Inc. | Reduce -10.8% | 0.43% | −0.15 |
| RBA RB Global Inc. | Reduce -0.6% | 1.87% | −0.13 |
| CB Chubb Ltd. | Reduce -0.6% | 0.61% | −0.11 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.11 |
| GGG Graco Inc. | Reduce -3.9% | 0.74% | −0.10 |
| GIB Cgi Inc. | Reduce -0.4% | 1.35% | −0.10 |
| LBRT Liberty Energy Inc. | Sold out | 0.00% | −0.10 |
| NOC Northrop Grumman Corp. | Reduce -0.5% | 0.57% | −0.09 |
| EFXT Enerflex Ltd. | Reduce -1.0% | 0.70% | −0.08 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.08 |
| PEP Pepsico Inc. | Reduce -7.0% | 0.19% | −0.07 |
| JNJ Johnson & Johnson | Reduce -12.3% | 0.17% | −0.07 |
| HDB HDFC Bank Ltd.-ADR | Reduce -13.4% | 0.36% | −0.04 |
| LIN Linde PLC | Reduce -7.6% | 0.21% | −0.04 |
| FDS Factset Research Systems Inc. | Reduce -6.1% | 0.16% | −0.03 |
| SMH Vaneck Semiconductor ETF | Sold out | 0.00% | −0.03 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.02 |
| CL Colgate-Palmolive Co. | Reduce -4.5% | 0.10% | −0.02 |
| TFII Tfi International Inc. | Reduce -42.8% | 0.03% | −0.02 |
| AGI Alamos Gold Inc. Class A | Reduce -4.0% | 0.08% | −0.01 |
| DSGX The Descartes Systems Grp | Reduce -0.8% | 0.09% | −0.01 |
| FSV Firstservice Corp. | Reduce -1.7% | 0.07% | −0.01 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -4.4% | 0.07% | −0.01 |
| GDXJ Vaneck Junior Gold Miners | Reduce -9.8% | 0.08% | −0.00 |
| GRTUF Granite Real Estate Investme | Reduce -9.8% | 0.03% | −0.00 |
| FNV Franco-Nevada Corp. | Reduce -31.6% | 0.01% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| ICHGF Intercontinental Hotels Grou | New | 2.19% | +2.19 |
| COF Capital One Financial Corp. | New | 1.84% | +1.84 |
| TECK Teck Resources Ltd.-CLS B | New | 1.39% | +1.39 |
| ORCL Oracle Corp. | Add +314.8% | 1.51% | +1.25 |
| DGEAF Diageo PLC | New | 1.13% | +1.13 |
| CRM Salesforce Inc. | New | 0.82% | +0.82 |
| ASMLF ASML Holding NV | New | 0.82% | +0.82 |
| MTB M & T Bank Corp. | Add +24443.7% | 0.82% | +0.81 |
| SAPGF Sap SE | New | 0.80% | +0.80 |
| AXP American Express Co. | Add +22.4% | 3.05% | +0.69 |
| WFC Wells Fargo & Co. | Add +21.7% | 3.87% | +0.66 |
| ADI Analog Devices Inc. | Add +24.2% | 2.77% | +0.64 |
| NONOF Novo Nordisk A/S-B | New | 0.60% | +0.60 |
| RCI Rogers Communications Inc. Class B | Add +550.0% | 0.60% | +0.51 |
| EQT Eqt Corp. | Add +65.5% | 1.25% | +0.49 |
| CNQ Canadian Natural Resources | Add +29.4% | 2.74% | +0.40 |
| UNLYF Unilever PLC | New | 0.35% | +0.35 |
| GPOR Gulfport Energy Corp. | New | 0.19% | +0.19 |
| FISV Fiserv Inc. | Add +83.7% | 0.75% | +0.16 |
| SU Suncor Energy Inc. | New | 0.14% | +0.14 |
| VLUTF Volution Group PLC | New | 0.10% | +0.10 |
| CNI Canadian Natl Railway Co. | Add +7.4% | 3.88% | +0.09 |
| MAR Marriott International Class A | Add +18.3% | 0.48% | +0.08 |
| CVS CVS Health Corp. | Add +16.1% | 1.58% | +0.08 |
| PBA Pembina Pipeline Corp. | New | 0.07% | +0.07 |
| ROST Ross Stores Inc. | Add +18.5% | 1.47% | +0.07 |
| ROP Roper Technologies Inc. | Add +781.5% | 0.06% | +0.05 |
| HLT Hilton Worldwide Holdings Inc. | Add +19.1% | 0.22% | +0.04 |
| SYF Synchrony Financial | Add +643.0% | 0.03% | +0.03 |
| LOW Lowe's Cos Inc. | Add +31.7% | 0.29% | +0.03 |
| ZTS Zoetis Inc. | Add +859.0% | 0.03% | +0.03 |
| NTB Bank of N.T. Butterfield&son | Add +289.3% | 0.03% | +0.02 |
| EFX Equifax Inc. | Add +435.7% | 0.03% | +0.02 |
| REXR Rexford Industrial Realty Inc. | New | 0.02% | +0.02 |
| CI The Cigna Group | Add +226.8% | 0.02% | +0.01 |
| FERG Ferguson Enterprises Inc. | Add +141.0% | 0.02% | +0.01 |
| HII Huntington Ingalls Industrie | Add +234.9% | 0.01% | +0.01 |
| FTS Fortis Inc. | New | 0.01% | +0.01 |
| ABNB Airbnb Inc. Class A | Add +359.1% | 0.01% | +0.01 |
| NKE Nike Inc. Class B | Add +4.8% | 0.11% | +0.00 |
| RAL Ralliant Corp. | Add +17.1% | 0.08% | +0.00 |
| KGC Kinross Gold Corp. | Add +0.2% | 0.03% | +0.00 |
| ERO Ero Copper Corp. | Add +6.6% | 0.01% | +0.00 |
| HCA HCA Healthcare Inc. | Add +0.5% | 0.90% | −0.01 |
| MTD Mettler-Toledo International | Add +11.9% | 0.97% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +12.5% | 0.05% | −0.01 |
| CPRT Copart Inc. | Add +16.0% | 0.18% | −0.02 |
| QSR Restaurant Brands Intern | Add +10.1% | 2.40% | −0.06 |
| FTV Fortive Corp. | Add +16.9% | 0.25% | −0.09 |
| ICLR Icon PLC | Add +10.3% | 0.40% | −0.09 |
Notes & Other Activity Q1 2025 → Q2 2025
| FORTIS INC (FTSCN V5.493 PERP M) | PUBLIC | Sold out | 186,492 | $3.2Mbefore exit |
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 |