Canoe Financial LP

Name: Canoe Financial LP 13F holdings, Q1 2026
Creator: Canoe Financial LP
Published: 2026-04-22

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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
ADBE Adobe Inc.	0.03%	8,000	$1.9M	No change
CI The Cigna Group	0.02%	6,455	$1.7M	Reduce -14.5%
CIGI Colliers Intl GR-Subord Vot	0.02%	13,527	$1.4M	Reduce -64.8%
SYF Synchrony Financial	0.02%	21,094	$1.4M	Reduce -39.4%
ZTS Zoetis Inc.	0.02%	11,363	$1.3M	Reduce -16.9%
TD Toronto-Dominion Bank	0.01%	10,747	$1.0M	Reduce -98.5%
COF Capital One Financial Corp.	0.01%	3,727	$680K	Reduce -98.6%
IGV iShares Expanded Tech-Softwa	0.01%	750	$645K	New
ALLE Allegion PLC	0.01%	3,597	$523K	New
FTS Fortis Inc.	0.01%	6,919	$386K	Reduce -8.9%
SLF Sun Life Financial Inc.	0.00%	4,946	$310K	New
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM	0.00%	1,442	$195K	New

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