Canoe Financial LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 22, 2026), Canoe Financial LP reported 112 stock positions worth $7.3 billion. Its top holding was Canadian Natl Railway (CNI) at 4.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 4.0%) and Restaurant Brands Intern (QSR, 3.4%). Compared with Q4 2025, it opened 21 new positions, sold out of 12, added to 24 and reduced 65. The biggest buy was SLB (SLB, shares +273%) and the biggest sale Wells Fargo (WFC, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001908219
- Portfolio Value
- $7.3B (Q1 2026)
- SEC Filing
- 0001908219-26-000004 ↗ filed Apr 22, 2026
Holdings Value
Holdings 112 stocks · $7.3B
| CNI Canadian Natl Railway Co. | 4.81% | 3,426,466 | $352.5M | Add +17.2% |
| TSM Taiwan Semiconductor-SP ADR | 3.98% | 864,770 | $292.2M | Reduce -27.8% |
| QSR Restaurant Brands Intern | 3.38% | 3,348,043 | $247.7M | Add +34.5% |
| GOOGL Alphabet Inc. Class A | 3.36% | 856,914 | $246.4M | Reduce -16.3% |
| SLB SLB Ltd. filed as SLB LIMITED | 3.00% | 4,241,622 | $220.4M | Add +272.7% |
| V Visa Inc. Class A | 2.81% | 681,997 | $206.1M | Add +76.4% |
| EQT Eqt Corp. | 2.59% | 2,990,182 | $190.3M | Add +35.2% |
| MSFT Microsoft Corp. | 2.59% | 513,331 | $190.0M | Reduce -1.8% |
| OTIS Otis Worldwide Corp. | 2.57% | 2,450,336 | $188.9M | Reduce -12.1% |
| JNJ Johnson & Johnson | 2.38% | 715,018 | $174.8M | Add +41.4% |
| ROST Ross Stores Inc. | 2.34% | 793,911 | $172.0M | Add +0.2% |
| MCO Moody's Corp. | 2.33% | 391,882 | $171.0M | Reduce -8.0% |
| CNQ Canadian Natural Resources | 2.28% | 3,433,507 | $167.4M | Reduce -38.6% |
| PM Philip Morris International | 2.23% | 988,208 | $163.6M | Add +59.1% |
| CP Canadian Pacific Kansas City | 2.18% | 2,032,478 | $159.9M | Add +45389.7% |
| HAL Halliburton Co. | 2.16% | 4,065,777 | $158.5M | New |
| LMT Lockheed Martin Corp. | 2.13% | 258,076 | $156.0M | Reduce -25.0% |
| CVS CVS Health Corp. | 2.12% | 2,169,961 | $155.8M | Add +14.3% |
| MA Mastercard Inc. Class A | 2.06% | 302,781 | $151.3M | Reduce -3.1% |
| AZO AutoZone Inc. | 2.05% | 44,461 | $150.2M | Reduce -10.0% |
| CME Cme Group Inc. | 2.00% | 496,402 | $146.6M | Reduce -8.1% |
| ICHGF Intercontinental Hotels Grou | 1.90% | 1,068,605 | $139.3M | Reduce -15.0% |
| RBA RB Global Inc. | 1.79% | 1,366,310 | $131.0M | Add +12.7% |
| EXE Expand Energy Corp. | 1.65% | 1,093,436 | $121.2M | Add +1233.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.56% | 718,517 | $114.7M | Reduce -12.9% |
| RY Royal Bank of Canada | 1.53% | 693,571 | $112.1M | Add +0.3% |
| CVE Cenovus Energy Inc. | 1.52% | 4,211,181 | $111.7M | Reduce -30.6% |
| ADI Analog Devices Inc. | 1.52% | 349,485 | $111.2M | Reduce -45.3% |
| WFC Wells Fargo & Co. | 1.49% | 1,370,881 | $109.1M | Reduce -51.1% |
| CTVA Corteva Inc. | 1.47% | 1,285,193 | $107.6M | New |
| ELV Elevance Health Inc. | 1.47% | 367,287 | $107.5M | Reduce -0.9% |
| RRC Range Resources Corp. | 1.41% | 2,290,309 | $103.5M | Add +45.6% |
| SHW The Sherwin-Williams Co. | 1.40% | 319,417 | $102.4M | Reduce -7.8% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 1.39% | 493,304 | $102.0M | Reduce -24.4% |
| DE Deere & Co. | 1.37% | 178,617 | $100.6M | New |
| NTR Nutrien Ltd. | 1.36% | 1,319,947 | $99.6M | New |
| MSCI MSCI Inc. | 1.36% | 184,751 | $99.6M | Reduce -7.6% |
| EFXT Enerflex Ltd. | 1.32% | 4,629,559 | $96.8M | Reduce -24.8% |
| TXN Texas Instruments Inc. | 1.31% | 494,886 | $96.1M | Add +45.7% |
| TECK Teck Resources Ltd.-CLS B | 1.19% | 1,680,741 | $87.1M | Reduce -49.6% |
| TMO Thermo Fisher Scientific Inc. | 1.08% | 160,995 | $79.1M | Add +21893.8% |
| SUNB Sunbelt Rentals Holdings Inc. | 1.00% | 1,127,182 | $73.1M | New |
| ICE Intercontinental Exchange Inc. | 0.99% | 461,480 | $72.6M | Reduce -51.5% |
| AEM Agnico Eagle Mines Ltd. | 0.99% | 356,830 | $72.4M | Reduce -49.9% |
| MTD Mettler-Toledo International | 0.89% | 51,824 | $65.4M | Reduce -3.8% |
| MDT Medtronic PLC | 0.88% | 743,236 | $64.4M | Add +22293.4% |
| CARR Carrier Global Corp. | 0.83% | 1,080,150 | $60.8M | Reduce -9.6% |
| WPM Wheaton Precious Metals Corp. | 0.82% | 455,701 | $59.8M | Reduce -48.7% |
| WFRD Weatherford International PL | 0.68% | 529,200 | $50.1M | New |
| GGG Graco Inc. | 0.51% | 441,774 | $37.4M | Reduce -9.2% |
| NOC Northrop Grumman Corp. | 0.50% | 53,353 | $36.4M | Add +2.2% |
| MAR Marriott International Class A | 0.45% | 101,592 | $33.3M | Reduce -0.2% |
| HP Helmerich & Payne | 0.45% | 919,500 | $33.1M | New |
| EMR Emerson Electric Co. | 0.44% | 245,425 | $32.2M | Add +2.3% |
| BGSI Boyd Group Services Inc. | 0.44% | 250,130 | $31.9M | Reduce -7.7% |
| FISV Fiserv Inc. | 0.36% | 475,450 | $26.5M | Reduce -3.2% |
| RIG Transocean Ltd. | 0.32% | 3,571,400 | $23.7M | New |
| TDW Tidewater Inc. | 0.31% | 274,800 | $23.0M | New |
| SPGI S&P Global Inc. | 0.30% | 52,576 | $22.4M | Reduce -27.7% |
| SAPGF Sap SE | 0.26% | 111,430 | $18.9M | New |
| AMZN Amazon.com Inc. | 0.26% | 90,800 | $18.9M | Add +72.3% |
| AON Aon PLC Class A | 0.24% | 55,189 | $17.8M | Reduce -29.0% |
| ALC Alcon Inc. filed as ALCON AG | 0.23% | 232,228 | $17.2M | Reduce -30.2% |
| UNLYF Unilever PLC | 0.18% | 234,548 | $13.2M | Reduce -30.2% |
| LIN Linde PLC | 0.18% | 26,038 | $12.9M | Reduce -20.7% |
| PPHC Public Policy Holding Co. Inc. | 0.17% | 1,019,118 | $12.4M | New |
| UNH Unitedhealth Group Inc. | 0.17% | 45,439 | $12.3M | Reduce -3.8% |
| DGEAF Diageo PLC | 0.16% | 632,830 | $11.7M | Reduce -77.6% |
| HLT Hilton Worldwide Holdings Inc. | 0.15% | 37,327 | $11.4M | Reduce -20.3% |
| LOW Lowe's Cos Inc. | 0.14% | 44,284 | $10.5M | Reduce -19.6% |
| PEP Pepsico Inc. | 0.14% | 65,440 | $10.2M | Reduce -24.1% |
| HDB HDFC Bank Ltd.-ADR | 0.12% | 343,080 | $8.5M | Reduce -41.5% |
| CPRT Copart Inc. | 0.11% | 240,827 | $8.0M | Reduce -17.4% |
| BAM Brookfield Asset Mgmt-A | 0.10% | 162,000 | $7.2M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 6,555 | $7.1M | Reduce -45.4% |
| VLUTF Volution Group PLC | 0.10% | 924,353 | $7.0M | Reduce -2.7% |
| GDXJ Vaneck Junior Gold Miners | 0.09% | 57,546 | $6.9M | Add +6.2% |
| CL Colgate-Palmolive Co. | 0.09% | 79,246 | $6.8M | Reduce -17.5% |
| KLAC KLA Corp. | 0.09% | 4,520 | $6.7M | New |
| CRM Salesforce Inc. | 0.08% | 32,500 | $6.1M | New |
| STN Stantec Inc. | 0.07% | 63,156 | $5.5M | Reduce -14.5% |
| AGI Alamos Gold Inc. Class A | 0.07% | 115,784 | $5.1M | Reduce -35.7% |
| AXP American Express Co. | 0.07% | 16,500 | $5.0M | Reduce -94.8% |
| RAL Ralliant Corp. | 0.07% | 118,622 | $4.9M | Add +6.6% |
| NKE Nike Inc. Class B | 0.07% | 91,920 | $4.9M | Reduce -15.4% |
| VRSN Verisign Inc. | 0.07% | 19,325 | $4.8M | New |
| GIB Cgi Inc. | 0.06% | 65,000 | $4.8M | Reduce -1.9% |
| DSGX The Descartes Systems Grp | 0.06% | 64,966 | $4.7M | Reduce -6.5% |
| FDS Factset Research Systems Inc. | 0.06% | 19,915 | $4.3M | Reduce -19.6% |
| KGC Kinross Gold Corp. | 0.06% | 138,186 | $4.2M | Reduce -14.6% |
| ABT Abbott Laboratories | 0.06% | 40,000 | $4.1M | New |
| WTW Willis Towers Watson PLC | 0.06% | 14,116 | $4.1M | Reduce -94.6% |
| ROP Roper Technologies Inc. | 0.05% | 9,717 | $3.9M | Reduce -97.0% |
| GRTUF Granite Real Estate Investme | 0.05% | 60,729 | $3.6M | Add +37.2% |
| EFX Equifax Inc. | 0.05% | 17,812 | $3.5M | Reduce -11.4% |
| FSV Firstservice Corp. | 0.05% | 24,959 | $3.5M | Reduce -11.9% |
| NTB Bank of N.T. Butterfield&son | 0.04% | 58,966 | $3.1M | Reduce -8.4% |
| ATS Ats Corp. | 0.03% | 87,430 | $2.5M | Add +8.5% |
| OR Or Royalties Inc. | 0.03% | 52,572 | $2.0M | New |
| WCN Waste Connections Inc. | 0.03% | 12,000 | $1.9M | No change |
Portfolio Sells Q4 2025 → Q1 2026
| WFC Wells Fargo & Co. | Reduce -51.1% | 1.49% | −2.06 |
| ROP Roper Technologies Inc. | Reduce -97.0% | 0.05% | −1.93 |
| AXP American Express Co. | Reduce -94.8% | 0.07% | −1.54 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −1.11 |
| WTW Willis Towers Watson PLC | Reduce -94.6% | 0.06% | −1.11 |
| ICE Intercontinental Exchange Inc. | Reduce -51.5% | 0.99% | −1.10 |
| GOOGL Alphabet Inc. Class A | Reduce -16.3% | 3.36% | −1.00 |
| TECK Teck Resources Ltd.-CLS B | Reduce -49.6% | 1.19% | −0.98 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -27.8% | 3.98% | −0.96 |
| TD Toronto-Dominion Bank | Reduce -98.5% | 0.01% | −0.91 |
| ASMLF ASML Holding NV | Sold out | 0.00% | −0.90 |
| COF Capital One Financial Corp. | Reduce -98.6% | 0.01% | −0.88 |
| MSFT Microsoft Corp. | Reduce -1.8% | 2.59% | −0.84 |
| ADI Analog Devices Inc. | Reduce -45.3% | 1.52% | −0.84 |
| OTIS Otis Worldwide Corp. | Reduce -12.1% | 2.57% | −0.73 |
| DGEAF Diageo PLC | Reduce -77.6% | 0.16% | −0.67 |
| AEM Agnico Eagle Mines Ltd. | Reduce -49.9% | 0.99% | −0.65 |
| MCO Moody's Corp. | Reduce -8.0% | 2.33% | −0.62 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.61 |
| WPM Wheaton Precious Metals Corp. | Reduce -48.7% | 0.82% | −0.60 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.58 |
| ICHGF Intercontinental Hotels Grou | Reduce -15.0% | 1.90% | −0.51 |
| ICLR Icon PLC | Sold out | 0.00% | −0.48 |
| MTB M & T Bank Corp. | Reduce -24.4% | 1.39% | −0.40 |
| MA Mastercard Inc. Class A | Reduce -3.1% | 2.06% | −0.36 |
| ELV Elevance Health Inc. | Reduce -0.9% | 1.47% | −0.30 |
| CNQ Canadian Natural Resources | Reduce -38.6% | 2.28% | −0.29 |
| AZO AutoZone Inc. | Reduce -10.0% | 2.05% | −0.23 |
| SPGI S&P Global Inc. | Reduce -27.7% | 0.30% | −0.21 |
| MSCI MSCI Inc. | Reduce -7.6% | 1.36% | −0.20 |
| HDB HDFC Bank Ltd.-ADR | Reduce -41.5% | 0.12% | −0.17 |
| TJX TJX Companies Inc. | Reduce -12.9% | 1.56% | −0.16 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.15 |
| BGSI Boyd Group Services Inc. | Reduce -7.7% | 0.44% | −0.15 |
| LMT Lockheed Martin Corp. | Reduce -25.0% | 2.13% | −0.13 |
| AON Aon PLC Class A | Reduce -29.0% | 0.24% | −0.13 |
| SHW The Sherwin-Williams Co. | Reduce -7.8% | 1.40% | −0.13 |
| MTD Mettler-Toledo International | Reduce -3.8% | 0.89% | −0.13 |
| ALC Alcon Inc. | Reduce -30.2% | 0.23% | −0.13 |
| UNLYF Unilever PLC | Reduce -30.2% | 0.18% | −0.12 |
| FISV Fiserv Inc. | Reduce -3.2% | 0.36% | −0.09 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -64.8% | 0.02% | −0.06 |
| CPRT Copart Inc. | Reduce -17.4% | 0.11% | −0.05 |
| UNH Unitedhealth Group Inc. | Reduce -3.8% | 0.17% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -45.4% | 0.10% | −0.04 |
| FDS Factset Research Systems Inc. | Reduce -19.6% | 0.06% | −0.04 |
| JKHY Jack Henry & Associates Inc. | Sold out | 0.00% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -19.6% | 0.14% | −0.04 |
| GGG Graco Inc. | Reduce -9.2% | 0.51% | −0.03 |
| PEP Pepsico Inc. | Reduce -24.1% | 0.14% | −0.03 |
Portfolio Buys Q4 2025 → Q1 2026
| SLB SLB Ltd. | Add +272.7% | 3.00% | +2.39 |
| CP Canadian Pacific Kansas City | Add +45389.7% | 2.18% | +2.18 |
| HAL Halliburton Co. | New | 2.16% | +2.16 |
| EXE Expand Energy Corp. | Add +1233.4% | 1.65% | +1.53 |
| CTVA Corteva Inc. | New | 1.47% | +1.47 |
| DE Deere & Co. | New | 1.37% | +1.37 |
| NTR Nutrien Ltd. | New | 1.36% | +1.36 |
| TMO Thermo Fisher Scientific Inc. | Add +21893.8% | 1.08% | +1.07 |
| QSR Restaurant Brands Intern | Add +34.5% | 3.38% | +1.07 |
| SUNB Sunbelt Rentals Holdings Inc. | New | 1.00% | +1.00 |
| EQT Eqt Corp. | Add +35.2% | 2.59% | +0.98 |
| V Visa Inc. Class A | Add +76.4% | 2.81% | +0.97 |
| JNJ Johnson & Johnson | Add +41.4% | 2.38% | +0.96 |
| CNI Canadian Natl Railway Co. | Add +17.2% | 4.81% | +0.88 |
| PM Philip Morris International | Add +59.1% | 2.23% | +0.88 |
| MDT Medtronic PLC | Add +22293.4% | 0.88% | +0.87 |
| WFRD Weatherford International PL | New | 0.68% | +0.68 |
| RRC Range Resources Corp. | Add +45.6% | 1.41% | +0.65 |
| TXN Texas Instruments Inc. | Add +45.7% | 1.31% | +0.51 |
| HP Helmerich & Payne | New | 0.45% | +0.45 |
| ROST Ross Stores Inc. | Add +0.2% | 2.34% | +0.41 |
| RIG Transocean Ltd. | New | 0.32% | +0.32 |
| TDW Tidewater Inc. | New | 0.31% | +0.31 |
| SAPGF Sap SE | New | 0.26% | +0.26 |
| PPHC Public Policy Holding Co. Inc. | New | 0.17% | +0.17 |
| BAM Brookfield Asset Mgmt-A | New | 0.10% | +0.10 |
| AMZN Amazon.com Inc. | Add +72.3% | 0.26% | +0.09 |
| NOC Northrop Grumman Corp. | Add +2.2% | 0.50% | +0.09 |
| KLAC KLA Corp. | New | 0.09% | +0.09 |
| RBA RB Global Inc. | Add +12.7% | 1.79% | +0.09 |
| CRM Salesforce Inc. | New | 0.08% | +0.08 |
| CVS CVS Health Corp. | Add +14.3% | 2.12% | +0.08 |
| VRSN Verisign Inc. | New | 0.07% | +0.07 |
| ABT Abbott Laboratories | New | 0.06% | +0.06 |
| OR Or Royalties Inc. | New | 0.03% | +0.03 |
| GRTUF Granite Real Estate Investme | Add +37.2% | 0.05% | +0.01 |
| GDXJ Vaneck Junior Gold Miners | Add +6.2% | 0.09% | +0.01 |
| IGV iShares Expanded Tech-Softwa | New | 0.01% | +0.01 |
| ALLE Allegion PLC | New | 0.01% | +0.01 |
| EMR Emerson Electric Co. | Add +2.3% | 0.44% | +0.01 |
| SLF Sun Life Financial Inc. | New | 0.00% | +0.00 |
| ATS Ats Corp. | Add +8.5% | 0.03% | +0.00 |
| BMO Bank of Montreal | New | 0.00% | +0.00 |
| RAL Ralliant Corp. | Add +6.6% | 0.07% | −0.01 |
| RY Royal Bank of Canada | Add +0.3% | 1.53% | −0.07 |
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 |