Canoe Financial LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 15, 2025), Canoe Financial LP reported 105 stock positions worth $7.0 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.4% of the portfolio, followed by Alphabet Class A (GOOGL, 4.1%) and Microsoft (MSFT, 4.0%). Compared with Q2 2025, it opened 12 new positions, sold out of 12, added to 30 and reduced 60. The biggest buy was Roper Technologies (ROP, shares +2997%) and the biggest sale an exit from Intercontinental Hotels Grou (ICHGF).

Most Recent 13F
Q2 2026
Location
CALGARY, A0
CIK
0001908219
Portfolio Value
$7.0B (Q3 2025)
SEC Filing
0001908219-25-000010 ↗ filed Oct 15, 2025

Holdings Value

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

Holdings 105 stocks · $7.0B
TSM Taiwan Semiconductor-SP ADR 5.36% 1,344,173 $375.4M Reduce -11.1%
GOOGL Alphabet Inc. Class A 4.08% 1,176,314 $286.0M Reduce -11.5%
MSFT Microsoft Corp. 4.03% 544,381 $282.0M Reduce -6.3%
CNI Canadian Natl Railway Co. 3.73% 2,768,282 $261.0M Add +6.0%
WFC Wells Fargo & Co. 3.34% 2,792,029 $234.0M Reduce -17.7%
AZO AutoZone Inc. 3.17% 51,746 $222.0M Reduce -7.5%
OTIS Otis Worldwide Corp. 3.15% 2,411,956 $220.5M Add +64.0%
MCO Moody's Corp. 2.80% 412,142 $196.4M Reduce -3.2%
AEM Agnico Eagle Mines Ltd. 2.71% 1,129,144 $190.1M Add +19.5%
CNQ Canadian Natural Resources 2.61% 5,721,033 $182.9M Reduce -6.7%
MA Mastercard Inc. Class A 2.47% 303,681 $172.7M Reduce -4.1%
PM Philip Morris International 2.35% 1,015,591 $164.7M Add +57.2%
AXP American Express Co. 2.34% 492,943 $163.7M Reduce -26.7%
QSR Restaurant Brands Intern 2.31% 2,523,267 $161.8M Reduce -0.7%
ADI Analog Devices Inc. 2.26% 644,365 $158.3M Reduce -21.0%
RY Royal Bank of Canada 2.16% 1,026,117 $151.2M Reduce -1.3%
CME Cme Group Inc. 2.15% 556,262 $150.3M Reduce -3.4%
TECK Teck Resources Ltd.-CLS B 2.10% 3,348,736 $146.9M Add +39.0%
ORCL Oracle Corp. 2.07% 514,998 $144.8M Add +6.4%
EQT Eqt Corp. 1.90% 2,467,725 $133.3M Add +63.4%
RBA RB Global Inc. 1.88% 1,217,774 $131.9M Reduce -1.4%
V Visa Inc. Class A 1.87% 383,914 $131.1M Reduce -1.2%
CVS CVS Health Corp. 1.83% 1,704,608 $128.5M Add +5.7%
ELV Elevance Health Inc. 1.80% 389,399 $125.8M Add +18.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.77% 858,317 $124.1M Reduce -11.1%
ROST Ross Stores Inc. 1.72% 790,377 $120.4M Reduce -2.0%
MSCI MSCI Inc. 1.70% 209,831 $119.1M Add +12.6%
ROP Roper Technologies Inc. 1.70% 238,584 $119.0M Add +2996.9%
SYY Sysco Corp. 1.68% 1,427,181 $117.5M Reduce -3.4%
SHW The Sherwin-Williams Co. 1.67% 337,057 $116.7M Reduce -4.6%
ICE Intercontinental Exchange Inc. 1.60% 663,757 $111.8M New
UNH Unitedhealth Group Inc. 1.58% 321,051 $110.9M Reduce -22.1%
WPM Wheaton Precious Metals Corp. 1.55% 972,532 $108.8M Reduce -0.8%
WTW Willis Towers Watson PLC 1.27% 257,589 $89.0M Add +9.4%
MTB M & T Bank Corp. filed as M & T BK CORP 1.22% 433,679 $85.7M Add +46.8%
BRK.B Berkshire Hathaway Inc. Class B 1.16% 161,339 $81.1M Reduce -2.9%
COF Capital One Financial Corp. 1.15% 378,889 $80.5M Reduce -37.5%
MTD Mettler-Toledo International 0.98% 56,124 $68.9M Reduce -3.6%
TD Toronto-Dominion Bank 0.96% 843,946 $67.5M Reduce -1.0%
EFXT Enerflex Ltd. 0.95% 6,163,214 $66.5M Reduce -1.1%
ASMLF ASML Holding NV 0.95% 68,290 $66.4M Reduce -4.8%
CRM Salesforce Inc. 0.83% 244,683 $58.0M Add +16.4%
FISV Fiserv Inc. 0.77% 418,419 $54.0M Add +37.9%
RRC Range Resources Corp. 0.75% 1,391,309 $52.4M Reduce -32.0%
RCI Rogers Communications Inc. Class B 0.69% 1,396,911 $48.1M Reduce -1.7%
NOC Northrop Grumman Corp. 0.68% 78,264 $47.7M Reduce -2.9%
GGG Graco Inc. 0.67% 554,374 $47.1M Reduce -7.7%
CB Chubb Ltd. 0.57% 142,451 $40.2M Reduce -3.0%
SPGI S&P Global Inc. 0.52% 74,384 $36.2M Reduce -6.1%
ICLR Icon PLC 0.49% 197,970 $34.6M Add +2.1%
EMR Emerson Electric Co. 0.45% 238,587 $31.3M Reduce -3.0%
AON Aon PLC Class A 0.40% 79,229 $28.3M Reduce -8.8%
MAR Marriott International Class A 0.39% 105,541 $27.5M Reduce -15.2%
ALC Alcon Inc. filed as ALCON AG 0.36% 340,728 $25.4M No change
EXE Expand Energy Corp. 0.32% 218,937 $22.7M Reduce -29.6%
HDB HDFC Bank Ltd.-ADR 0.31% 636,180 $21.7M Reduce -2.5%
LOW Lowe's Cos Inc. 0.31% 86,224 $21.7M Reduce -5.3%
BTE Baytex Energy Corp. 0.28% 8,304,327 $19.5M New
LIN Linde PLC 0.21% 30,838 $14.6M Reduce -2.2%
HLT Hilton Worldwide Holdings Inc. 0.19% 50,987 $13.2M Reduce -10.7%
JNJ Johnson & Johnson 0.19% 70,826 $13.1M Reduce -7.0%
CPRT Copart Inc. 0.18% 279,327 $12.6M Add +11.3%
PEP Pepsico Inc. 0.18% 89,140 $12.5M Reduce -10.0%
CARR Carrier Global Corp. 0.14% 168,903 $10.1M Reduce -5.2%
AGI Alamos Gold Inc. Class A 0.12% 240,500 $8.4M Add +9.2%
STN Stantec Inc. 0.12% 75,205 $8.1M Add +2.1%
CL Colgate-Palmolive Co. 0.11% 99,646 $8.0M Add +23.3%
ADBE Adobe Inc. 0.10% 20,266 $7.1M Reduce -39.5%
FDS Factset Research Systems Inc. 0.10% 24,755 $7.1M Add +0.8%
NKE Nike Inc. Class B 0.10% 101,620 $7.1M Reduce -8.3%
SU Suncor Energy Inc. 0.10% 155,300 $7.1M Reduce -39.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.09% 13,126 $6.5M New
CIGI Colliers Intl GR-Subord Vot 0.09% 40,180 $6.3M Add +10.8%
GDXJ Vaneck Junior Gold Miners 0.09% 62,571 $6.2M Reduce -27.1%
GIB Cgi Inc. 0.09% 66,947 $6.0M Reduce -92.6%
FSV Firstservice Corp. 0.08% 30,316 $5.8M Add +7.9%
DSGX The Descartes Systems Grp 0.08% 60,055 $5.7M Reduce -8.2%
KGC Kinross Gold Corp. 0.07% 198,371 $4.9M Add +47.6%
RAL Ralliant Corp. 0.07% 111,303 $4.9M Reduce -0.8%
TMO Thermo Fisher Scientific Inc. 0.06% 9,000 $4.4M No change
DEO Diageo PLC-Sponsored ADR 0.06% 45,000 $4.3M New
EFA iShares MSCI Eafe ETF 0.06% 45,701 $4.2M New
EFX Equifax Inc. 0.05% 12,729 $3.3M Add +60.8%
NTB Bank of N.T. Butterfield&son 0.04% 67,758 $2.9M Add +34.8%
SYF Synchrony Financial 0.04% 35,827 $2.5M Reduce -1.4%
RGLD Royal Gold Inc. 0.04% 12,241 $2.5M Reduce -21.9%
GRTUF Granite Real Estate Investme 0.03% 39,100 $2.2M Reduce -0.5%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.03% 14,461 $2.2M New
WCN Waste Connections Inc. 0.03% 12,000 $2.1M No change
ATS Ats Corp. 0.03% 78,877 $2.1M Reduce -2.8%
ZTS Zoetis Inc. 0.03% 12,130 $1.8M Reduce -9.3%
CI The Cigna Group 0.02% 5,433 $1.6M Add +53.1%
TFII Tfi International Inc. 0.02% 16,200 $1.4M Reduce -23.2%
ERO Ero Copper Corp. 0.01% 50,762 $1.0M Add +50.4%
XOP SS SPDR S&P Og Exp & Prod 0.01% 4,488 $870K New
HII Huntington Ingalls Industrie 0.01% 2,639 $760K Reduce -23.1%
FERG Ferguson Enterprises Inc. 0.01% 2,772 $623K Reduce -43.9%
ABNB Airbnb Inc. Class A 0.01% 4,866 $591K Add +34.2%
XLE SS Energy Select Sector 0.01% 12,000 $570K New
FTS Fortis Inc. 0.01% 7,609 $386K Reduce -3.2%
CP Canadian Pacific Kansas City 0.00% 4,601 $343K Add +2.4%
UNP Union Pacific Corp. 0.00% 896 $212K New
QQQ Invesco QQQ Trust Series 1 0.00% 107 $79K New
URA Global X Uranium ETF 0.00% 395 $47K New
IMO Imperial Oil Ltd. 0.00% 2,900 $45K New

Portfolio Sells Q2 2025 → Q3 2025
ICHGF Intercontinental Hotels Grou Sold out 0.00% −2.19
GIB Cgi Inc. Reduce -92.6% 0.09% −1.26
DGEAF Diageo PLC Sold out 0.00% −1.13
HCA HCA Healthcare Inc. Sold out 0.00% −0.90
SAPGF Sap SE Sold out 0.00% −0.80
AXP American Express Co. Reduce -26.7% 2.34% −0.72
COF Capital One Financial Corp. Reduce -37.5% 1.15% −0.69
NONOF Novo Nordisk A/S-B Sold out 0.00% −0.60
WFC Wells Fargo & Co. Reduce -17.7% 3.34% −0.53
ADI Analog Devices Inc. Reduce -21.0% 2.26% −0.50
RRC Range Resources Corp. Reduce -32.0% 0.75% −0.44
UNLYF Unilever PLC Sold out 0.00% −0.35
FTV Fortive Corp. Sold out 0.00% −0.25
UNH Unitedhealth Group Inc. Reduce -22.1% 1.58% −0.25
MCO Moody's Corp. Reduce -3.2% 2.80% −0.24
EXE Expand Energy Corp. Reduce -29.6% 0.32% −0.19
GPOR Gulfport Energy Corp. Sold out 0.00% −0.19
CNQ Canadian Natural Resources Reduce -6.7% 2.61% −0.13
CME Cme Group Inc. Reduce -3.4% 2.15% −0.12
VLUTF Volution Group PLC Sold out 0.00% −0.10
V Visa Inc. Class A Reduce -1.2% 1.87% −0.09
MAR Marriott International Class A Reduce -15.2% 0.39% −0.09
QSR Restaurant Brands Intern Reduce -0.7% 2.31% −0.09
MSFT Microsoft Corp. Reduce -6.3% 4.03% −0.09
ADBE Adobe Inc. Reduce -39.5% 0.10% −0.08
SPGI S&P Global Inc. Reduce -6.1% 0.52% −0.08
PBA Pembina Pipeline Corp. Sold out 0.00% −0.07
MA Mastercard Inc. Class A Reduce -4.1% 2.47% −0.07
GGG Graco Inc. Reduce -7.7% 0.67% −0.06
SHW The Sherwin-Williams Co. Reduce -4.6% 1.67% −0.06
HDB HDFC Bank Ltd.-ADR Reduce -2.5% 0.31% −0.05
CARR Carrier Global Corp. Reduce -5.2% 0.14% −0.04
AON Aon PLC Class A Reduce -8.8% 0.40% −0.04
SU Suncor Energy Inc. Reduce -39.7% 0.10% −0.04
CB Chubb Ltd. Reduce -3.0% 0.57% −0.03
HLT Hilton Worldwide Holdings Inc. Reduce -10.7% 0.19% −0.03
EMR Emerson Electric Co. Reduce -3.0% 0.45% −0.02
REXR Rexford Industrial Realty Inc. Sold out 0.00% −0.02
DSGX The Descartes Systems Grp Reduce -8.2% 0.08% −0.01
NKE Nike Inc. Class B Reduce -8.3% 0.10% −0.01
RAL Ralliant Corp. Reduce -0.8% 0.07% −0.01
PEP Pepsico Inc. Reduce -10.0% 0.18% −0.01
ATS Ats Corp. Reduce -2.8% 0.03% −0.01
FNV Franco-Nevada Corp. Sold out 0.00% −0.01
TFII Tfi International Inc. Reduce -23.2% 0.02% −0.01
FERG Ferguson Enterprises Inc. Reduce -43.9% 0.01% −0.01
RGLD Royal Gold Inc. Reduce -21.9% 0.04% −0.00
ZTS Zoetis Inc. Reduce -9.3% 0.03% −0.00
LIN Linde PLC Reduce -2.2% 0.21% −0.00
HII Huntington Ingalls Industrie Reduce -23.1% 0.01% −0.00

Portfolio Buys Q2 2025 → Q3 2025
ROP Roper Technologies Inc. Add +2996.9% 1.70% +1.64
ICE Intercontinental Exchange Inc. New 1.60% +1.60
AEM Agnico Eagle Mines Ltd. Add +19.5% 2.71% +1.11
OTIS Otis Worldwide Corp. Add +64.0% 3.15% +1.07
TECK Teck Resources Ltd.-CLS B Add +39.0% 2.10% +0.71
PM Philip Morris International Add +57.2% 2.35% +0.68
EQT Eqt Corp. Add +63.4% 1.90% +0.65
ORCL Oracle Corp. Add +6.4% 2.07% +0.56
MTB M & T Bank Corp. Add +46.8% 1.22% +0.41
BTE Baytex Energy Corp. New 0.28% +0.28
CVS CVS Health Corp. Add +5.7% 1.83% +0.25
WTW Willis Towers Watson PLC Add +9.4% 1.27% +0.24
MSCI MSCI Inc. Add +12.6% 1.70% +0.17
ICLR Icon PLC Add +2.1% 0.49% +0.09
SPY SS SPDR S&P 500 ETF Trust-US New 0.09% +0.09
DEO Diageo PLC-Sponsored ADR New 0.06% +0.06
EFA iShares MSCI Eafe ETF New 0.06% +0.06
KGC Kinross Gold Corp. Add +47.6% 0.07% +0.04
AGI Alamos Gold Inc. Class A Add +9.2% 0.12% +0.04
JKHY Jack Henry & Associates Inc. New 0.03% +0.03
FISV Fiserv Inc. Add +37.9% 0.77% +0.03
CIGI Colliers Intl GR-Subord Vot Add +10.8% 0.09% +0.02
EFX Equifax Inc. Add +60.8% 0.05% +0.02
FSV Firstservice Corp. Add +7.9% 0.08% +0.01
XOP SS SPDR S&P Og Exp & Prod New 0.01% +0.01
CRM Salesforce Inc. Add +16.4% 0.83% +0.01
NTB Bank of N.T. Butterfield&son Add +34.8% 0.04% +0.01
CL Colgate-Palmolive Co. Add +23.3% 0.11% +0.01
XLE SS Energy Select Sector New 0.01% +0.01
ERO Ero Copper Corp. Add +50.4% 0.01% +0.01
CI The Cigna Group Add +53.1% 0.02% +0.01
CPRT Copart Inc. Add +11.3% 0.18% +0.00
UNP Union Pacific Corp. New 0.00% +0.00
ABNB Airbnb Inc. Class A Add +34.2% 0.01% +0.00
STN Stantec Inc. Add +2.1% 0.12% +0.00
QQQ Invesco QQQ Trust Series 1 New 0.00% +0.00
URA Global X Uranium ETF New 0.00% +0.00
IMO Imperial Oil Ltd. New 0.00% +0.00
CP Canadian Pacific Kansas City Add +2.4% 0.00% −0.00
ELV Elevance Health Inc. Add +18.1% 1.80% −0.03
FDS Factset Research Systems Inc. Add +0.8% 0.10% −0.06
CNI Canadian Natl Railway Co. Add +6.0% 3.73% −0.15

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