Canoe Financial LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Canoe Financial LP reported 103 stock positions worth $7.4 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 4.9% of the portfolio, followed by Alphabet Class A (GOOGL, 4.4%) and Canadian Natl Railway (CNI, 3.9%). Compared with Q3 2025, it opened 12 new positions, sold out of 14, added to 32 and reduced 55. The biggest buy was a new position in Intercontinental Hotels Grou (ICHGF) and the biggest sale Oracle (ORCL, shares −89%).

Most Recent 13F
Q2 2026
Location
CALGARY, A0
CIK
0001908219
Portfolio Value
$7.4B (Q4 2025)
SEC Filing
0001908219-26-000003 ↗ filed Jan 14, 2026

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 Q3 2025 Q4 2025: $7.4B $7.4B Q4 2025 Q1 2026: $7.3B Q1 2026 Q2 2026: $8.1B Q2 2026

Holdings 103 stocks · $7.4B
TSM Taiwan Semiconductor-SP ADR 4.95% 1,198,170 $364.1M Reduce -10.9%
GOOGL Alphabet Inc. Class A 4.35% 1,024,214 $320.6M Reduce -12.9%
CNI Canadian Natl Railway Co. 3.93% 2,924,042 $289.2M Add +5.6%
WFC Wells Fargo & Co. 3.55% 2,804,535 $261.4M Add +0.5%
MSFT Microsoft Corp. 3.43% 522,481 $252.7M Reduce -4.0%
OTIS Otis Worldwide Corp. 3.31% 2,787,870 $243.5M Add +15.6%
MCO Moody's Corp. 2.96% 425,922 $217.6M Add +3.3%
CNQ Canadian Natural Resources 2.57% 5,588,945 $189.3M Reduce -2.3%
MA Mastercard Inc. Class A 2.42% 312,481 $178.4M Add +2.9%
ICHGF Intercontinental Hotels Grou 2.41% 1,257,505 $177.2M New
ADI Analog Devices Inc. 2.35% 639,062 $173.3M Reduce -0.8%
QSR Restaurant Brands Intern 2.31% 2,489,553 $169.9M Reduce -1.3%
AZO AutoZone Inc. 2.28% 49,391 $167.5M Reduce -4.5%
LMT Lockheed Martin Corp. 2.26% 344,027 $166.4M New
TECK Teck Resources Ltd.-CLS B 2.17% 3,332,589 $159.6M Reduce -0.5%
ICE Intercontinental Exchange Inc. 2.09% 951,486 $154.1M Add +43.4%
CVS CVS Health Corp. 2.05% 1,899,163 $150.7M Add +11.4%
CME Cme Group Inc. 2.00% 540,122 $147.5M Reduce -2.9%
ROP Roper Technologies Inc. 1.98% 328,020 $146.0M Add +37.5%
ROST Ross Stores Inc. 1.94% 792,576 $142.8M Add +0.3%
V Visa Inc. Class A 1.84% 386,604 $135.6M Add +0.7%
MTB M & T Bank Corp. filed as M & T BK CORP 1.79% 652,744 $131.5M Add +50.5%
ELV Elevance Health Inc. 1.76% 370,662 $129.9M Reduce -4.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.72% 825,317 $126.8M Reduce -3.8%
RBA RB Global Inc. 1.70% 1,212,695 $124.9M Reduce -0.4%
AEM Agnico Eagle Mines Ltd. 1.64% 711,604 $120.7M Reduce -37.0%
EQT Eqt Corp. 1.61% 2,211,775 $118.6M Reduce -10.4%
AXP American Express Co. 1.61% 319,744 $118.3M Reduce -35.1%
RY Royal Bank of Canada 1.60% 691,320 $117.9M Reduce -32.6%
MSCI MSCI Inc. 1.56% 200,031 $114.8M Reduce -4.7%
SHW The Sherwin-Williams Co. 1.53% 346,537 $112.3M Add +2.8%
JNJ Johnson & Johnson 1.42% 505,569 $104.6M Add +613.8%
WPM Wheaton Precious Metals Corp. 1.42% 887,936 $104.4M Reduce -8.7%
CVE Cenovus Energy Inc. 1.39% 6,068,200 $102.7M New
PM Philip Morris International 1.35% 621,238 $99.6M Reduce -38.8%
EFXT Enerflex Ltd. 1.29% 6,157,845 $94.9M Reduce -0.1%
WTW Willis Towers Watson PLC 1.16% 260,128 $85.5M Add +1.0%
BRK.B Berkshire Hathaway Inc. Class B 1.11% 162,228 $81.5M Add +0.6%
MTD Mettler-Toledo International 1.02% 53,864 $75.1M Reduce -4.0%
TD Toronto-Dominion Bank 0.92% 721,113 $68.0M Reduce -14.6%
ASMLF ASML Holding NV 0.90% 60,890 $65.9M Reduce -10.8%
COF Capital One Financial Corp. 0.89% 270,753 $65.6M Reduce -28.5%
CARR Carrier Global Corp. 0.86% 1,195,050 $63.1M Add +607.5%
DGEAF Diageo PLC 0.83% 2,828,894 $61.1M New
TXN Texas Instruments Inc. 0.80% 339,674 $58.9M New
RRC Range Resources Corp. 0.76% 1,573,309 $56.3M Add +13.1%
SLB SLB Ltd. filed as SLB LIMITED 0.61% 1,138,154 $45.0M New
CB Chubb Ltd. 0.61% 143,043 $44.6M Add +0.4%
BGSI Boyd Group Services Inc. 0.59% 271,102 $43.2M New
RCI Rogers Communications Inc. Class B 0.58% 1,138,837 $43.0M Reduce -18.5%
GGG Graco Inc. 0.54% 486,374 $39.9M Reduce -12.3%
SPGI S&P Global Inc. 0.52% 72,704 $38.0M Reduce -2.3%
ICLR Icon PLC 0.48% 193,917 $35.3M Reduce -2.0%
FISV Fiserv Inc. 0.45% 490,985 $33.0M Add +17.3%
EMR Emerson Electric Co. 0.43% 239,846 $31.8M Add +0.5%
MAR Marriott International Class A 0.43% 101,755 $31.6M Reduce -3.6%
NOC Northrop Grumman Corp. 0.40% 52,222 $29.8M Reduce -33.3%
AON Aon PLC Class A 0.37% 77,749 $27.4M Reduce -1.9%
ALC Alcon Inc. filed as ALCON AG 0.36% 332,828 $26.6M Reduce -2.3%
UNLYF Unilever PLC 0.30% 336,148 $22.0M New
HDB HDFC Bank Ltd.-ADR 0.29% 586,480 $21.4M Reduce -7.8%
UNH Unitedhealth Group Inc. 0.21% 47,217 $15.6M Reduce -85.3%
LIN Linde PLC 0.19% 32,838 $14.0M Add +6.5%
HLT Hilton Worldwide Holdings Inc. 0.18% 46,807 $13.4M Reduce -8.2%
LOW Lowe's Cos Inc. 0.18% 55,044 $13.3M Reduce -36.2%
PEP Pepsico Inc. 0.17% 86,240 $12.4M Reduce -3.3%
AMZN Amazon.com Inc. 0.17% 52,700 $12.2M New
CPRT Copart Inc. 0.16% 291,627 $11.4M Add +4.4%
ORCL Oracle Corp. 0.15% 57,678 $11.2M Reduce -88.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.14% 11,999 $10.1M Reduce -8.6%
EXE Expand Energy Corp. 0.12% 82,004 $8.8M Reduce -62.5%
VLUTF Volution Group PLC 0.11% 949,746 $8.3M New
CL Colgate-Palmolive Co. 0.10% 96,046 $7.6M Reduce -3.6%
FDS Factset Research Systems Inc. 0.10% 24,755 $7.2M No change
STN Stantec Inc. 0.09% 73,848 $7.0M Reduce -1.8%
AGI Alamos Gold Inc. Class A 0.09% 180,127 $7.0M Reduce -25.1%
NKE Nike Inc. Class B 0.09% 108,620 $6.9M Add +6.9%
GDXJ Vaneck Junior Gold Miners 0.08% 54,201 $6.2M Reduce -13.4%
GIB Cgi Inc. 0.08% 66,272 $6.1M Reduce -1.0%
DSGX The Descartes Systems Grp 0.08% 69,455 $6.1M Add +15.7%
RAL Ralliant Corp. 0.08% 111,303 $5.7M No change
CIGI Colliers Intl GR-Subord Vot 0.08% 38,370 $5.6M Reduce -4.5%
KGC Kinross Gold Corp. 0.06% 161,759 $4.6M Reduce -18.5%
FSV Firstservice Corp. 0.06% 28,344 $4.4M Reduce -6.5%
EFX Equifax Inc. 0.06% 20,094 $4.4M Add +57.9%
NTB Bank of N.T. Butterfield&son 0.04% 64,395 $3.2M Reduce -5.0%
SYF Synchrony Financial 0.04% 34,784 $2.9M Reduce -2.9%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.04% 15,457 $2.8M Add +6.9%
ADBE Adobe Inc. 0.04% 8,000 $2.8M Reduce -60.5%
GRTUF Granite Real Estate Investme 0.04% 44,256 $2.6M Add +13.2%
ATS Ats Corp. 0.03% 80,600 $2.2M Add +2.2%
WCN Waste Connections Inc. 0.03% 12,000 $2.1M No change
CI The Cigna Group 0.03% 7,550 $2.1M Add +39.0%
ERO Ero Copper Corp. 0.02% 64,358 $1.8M Add +26.8%
ZTS Zoetis Inc. 0.02% 13,676 $1.7M Add +12.8%
TFII Tfi International Inc. 0.02% 16,200 $1.7M No change
RGLD Royal Gold Inc. 0.02% 6,210 $1.4M Reduce -49.3%
VNOM Viper Energy Inc. Class A 0.01% 25,000 $966K New
UNP Union Pacific Corp. 0.01% 1,873 $433K Add +109.0%
TMO Thermo Fisher Scientific Inc. 0.01% 732 $424K Reduce -91.9%

Show all 103 holdings

Portfolio Sells Q3 2025 → Q4 2025
ORCL Oracle Corp. Reduce -88.8% 0.15% −1.92
SYY Sysco Corp. Sold out 0.00% −1.68
UNH Unitedhealth Group Inc. Reduce -85.3% 0.21% −1.37
AEM Agnico Eagle Mines Ltd. Reduce -37.0% 1.64% −1.08
PM Philip Morris International Reduce -38.8% 1.35% −1.00
AZO AutoZone Inc. Reduce -4.5% 2.28% −0.89
CRM Salesforce Inc. Sold out 0.00% −0.83
AXP American Express Co. Reduce -35.1% 1.61% −0.73
MSFT Microsoft Corp. Reduce -4.0% 3.43% −0.59
RY Royal Bank of Canada Reduce -32.6% 1.60% −0.56
TSM Taiwan Semiconductor-SP ADR Reduce -10.9% 4.95% −0.41
EQT Eqt Corp. Reduce -10.4% 1.61% −0.29
BTE Baytex Energy Corp. Sold out 0.00% −0.28
NOC Northrop Grumman Corp. Reduce -33.3% 0.40% −0.28
COF Capital One Financial Corp. Reduce -28.5% 0.89% −0.26
EXE Expand Energy Corp. Reduce -62.5% 0.12% −0.20
RBA RB Global Inc. Reduce -0.4% 1.70% −0.19
CME Cme Group Inc. Reduce -2.9% 2.00% −0.14
MSCI MSCI Inc. Reduce -4.7% 1.56% −0.14
WPM Wheaton Precious Metals Corp. Reduce -8.7% 1.42% −0.14
GGG Graco Inc. Reduce -12.3% 0.54% −0.13
LOW Lowe's Cos Inc. Reduce -36.2% 0.18% −0.13
RCI Rogers Communications Inc. Class B Reduce -18.5% 0.58% −0.10
SU Suncor Energy Inc. Sold out 0.00% −0.10
ADBE Adobe Inc. Reduce -60.5% 0.04% −0.06
DEO Diageo PLC-Sponsored ADR Sold out 0.00% −0.06
EFA iShares MSCI Eafe ETF Sold out 0.00% −0.06
TMO Thermo Fisher Scientific Inc. Reduce -91.9% 0.01% −0.06
ASMLF ASML Holding NV Reduce -10.8% 0.90% −0.05
TJX TJX Companies Inc. Reduce -3.8% 1.72% −0.05
CNQ Canadian Natural Resources Reduce -2.3% 2.57% −0.04
TD Toronto-Dominion Bank Reduce -14.6% 0.92% −0.04
ELV Elevance Health Inc. Reduce -4.8% 1.76% −0.03
AON Aon PLC Class A Reduce -1.9% 0.37% −0.03
AGI Alamos Gold Inc. Class A Reduce -25.1% 0.09% −0.03
FSV Firstservice Corp. Reduce -6.5% 0.06% −0.02
STN Stantec Inc. Reduce -1.8% 0.09% −0.02
HDB HDFC Bank Ltd.-ADR Reduce -7.8% 0.29% −0.02
RGLD Royal Gold Inc. Reduce -49.3% 0.02% −0.02
ICLR Icon PLC Reduce -2.0% 0.48% −0.01
CIGI Colliers Intl GR-Subord Vot Reduce -4.5% 0.08% −0.01
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.01
HII Huntington Ingalls Industrie Sold out 0.00% −0.01
CL Colgate-Palmolive Co. Reduce -3.6% 0.10% −0.01
PEP Pepsico Inc. Reduce -3.3% 0.17% −0.01
FERG Ferguson Enterprises Inc. Sold out 0.00% −0.01
ABNB Airbnb Inc. Class A Sold out 0.00% −0.01
KGC Kinross Gold Corp. Reduce -18.5% 0.06% −0.01
XLE SS Energy Select Sector Sold out 0.00% −0.01
HLT Hilton Worldwide Holdings Inc. Reduce -8.2% 0.18% −0.01

Portfolio Buys Q3 2025 → Q4 2025
ICHGF Intercontinental Hotels Grou New 2.41% +2.41
LMT Lockheed Martin Corp. New 2.26% +2.26
CVE Cenovus Energy Inc. New 1.39% +1.39
JNJ Johnson & Johnson Add +613.8% 1.42% +1.23
DGEAF Diageo PLC New 0.83% +0.83
TXN Texas Instruments Inc. New 0.80% +0.80
CARR Carrier Global Corp. Add +607.5% 0.86% +0.71
SLB SLB Ltd. New 0.61% +0.61
BGSI Boyd Group Services Inc. New 0.59% +0.59
MTB M & T Bank Corp. Add +50.5% 1.79% +0.56
ICE Intercontinental Exchange Inc. Add +43.4% 2.09% +0.50
UNLYF Unilever PLC New 0.30% +0.30
ROP Roper Technologies Inc. Add +37.5% 1.98% +0.28
ROST Ross Stores Inc. Add +0.3% 1.94% +0.22
CVS CVS Health Corp. Add +11.4% 2.05% +0.21
WFC Wells Fargo & Co. Add +0.5% 3.55% +0.21
CNI Canadian Natl Railway Co. Add +5.6% 3.93% +0.20
AMZN Amazon.com Inc. New 0.17% +0.17
OTIS Otis Worldwide Corp. Add +15.6% 3.31% +0.16
MCO Moody's Corp. Add +3.3% 2.96% +0.15
VLUTF Volution Group PLC New 0.11% +0.11
CB Chubb Ltd. Add +0.4% 0.61% +0.03
RRC Range Resources Corp. Add +13.1% 0.76% +0.02
VNOM Viper Energy Inc. Class A New 0.01% +0.01
EFX Equifax Inc. Add +57.9% 0.06% +0.01
ERO Ero Copper Corp. Add +26.8% 0.02% +0.01
JKHY Jack Henry & Associates Inc. Add +6.9% 0.04% +0.01
CI The Cigna Group Add +39.0% 0.03% +0.01
GRTUF Granite Real Estate Investme Add +13.2% 0.04% +0.00
MDT Medtronic PLC New 0.00% +0.00
UNP Union Pacific Corp. Add +109.0% 0.01% +0.00
DSGX The Descartes Systems Grp Add +15.7% 0.08% +0.00
ATS Ats Corp. Add +2.2% 0.03% +0.00
ZTS Zoetis Inc. Add +12.8% 0.02% −0.00
NKE Nike Inc. Class B Add +6.9% 0.09% −0.01
EMR Emerson Electric Co. Add +0.5% 0.43% −0.01
LIN Linde PLC Add +6.5% 0.19% −0.02
CPRT Copart Inc. Add +4.4% 0.16% −0.02
V Visa Inc. Class A Add +0.7% 1.84% −0.03
MA Mastercard Inc. Class A Add +2.9% 2.42% −0.04
BRK.B Berkshire Hathaway Inc. Class B Add +0.6% 1.11% −0.05
WTW Willis Towers Watson PLC Add +1.0% 1.16% −0.11
SHW The Sherwin-Williams Co. Add +2.8% 1.53% −0.14
FISV Fiserv Inc. Add +17.3% 0.45% −0.32

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