CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI)

Historical Holders from Q1 2014 to Q4 2025

Type / Class: Equity / Common Shares, No Par Value
Symbol: CNI on NYSE
Shares outstanding: 623,019,000
Price per share: $98.85
All holders as of 30 Sep 2025: Q3 2025
Total 13F shares as of 30 Sep 2025: 410,631,798
Total reported value: $38,766,292,669
% of total 13F portfolios: 0.03%
Share change: -15,894,324
Value change: -$1,602,815,991
Avg buy value change: +0%
Avg sell value change: -0.01%
Number of holders: 745

Reported Shares, Excluding Options vs Price

Reported Value, Excluding Options

Total Investors

Significant Owners of CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI) based on Schedule 13D/G filings

Filer	Ownership	Change %	Holdings Value	Net Change	Nb Shares	Change %	Reporting Name	Report Period
TCI Fund Management Ltd	4.2%		$2,507,040,916		26,166,798		TCI Fund Management Limited	28 Apr 2025
GATES MELINDA FRENCH	2.6%		$1,546,882,055		16,145,309		GATES MELINDA FRENCH	01 Oct 2024

As of 30 Sep 2025, CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI) has 745 institutional shareholders filing 13F forms. They hold 410,631,798 shares of 623,019,000 outstanding shares (66%) .

Top 25 institutional shareholders own 48% of the company.

Filer	Ownership	Nb Shares	Share Change %	Portfolio %	Holdings Value
GATES FOUNDATION TRUST	8.3%	51,826,786	-5.5%	13%	$4,887,265,920
ROYAL BANK OF CANADA	4.3%	26,832,399	-4.7%	0.45%	$2,530,295,000
VANGUARD GROUP INC	3.9%	24,300,252	+1.6%	0.03%	$2,291,562,363
TCI FUND MANAGEMENT LTD	3%	18,767,774	-18%	3.4%	$1,769,673,250
BANK OF MONTREAL /CAN/	2.3%	14,201,675	-0.19%	0.59%	$1,338,948,153
Caisse de depot et placement du Quebec	2.2%	13,894,922	+1.1%	2.4%	$1,310,600,500
WELLINGTON MANAGEMENT GROUP LLP	1.9%	11,675,838	-48%	0.19%	$1,101,265,061
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.9%	11,660,891	-1.4%	0.34%	$1,099,622,020
TD Asset Management Inc	1.8%	11,464,138	-5%	0.88%	$1,081,323,466
FIL Ltd	1.7%	10,535,341	+123%	0.78%	$993,503,020
Capital International Investors	1.6%	10,035,944	-4.5%	0.15%	$945,990,740
1832 Asset Management L.P.	1.5%	9,452,820	-11%	1.5%	$891,400,926
LAZARD ASSET MANAGEMENT LLC	1.4%	8,955,711	+639137%	1.1%	$844,353,411
JARISLOWSKY, FRASER Ltd	1.4%	8,871,249	-4%	4.6%	$836,755,589
MACKENZIE FINANCIAL CORP	1.4%	8,626,147	+0.42%	0.99%	$813,287,020
PRICE T ROWE ASSOCIATES INC /MD/	1.3%	7,943,017	+29%	0.08%	$749,027,000
DEUTSCHE BANK AG\	1.3%	7,815,995	+29%	0.25%	$737,048,330
NATIONAL BANK OF CANADA /FI/	1.1%	6,912,021	-7.3%	0.74%	$651,408,124
Fiera Capital Corp	1%	6,471,710	+12%	2%	$610,075,546
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	0.96%	5,991,738	-4.8%	0.36%	$564,972,894
Bank of New York Mellon Corp	0.84%	5,232,657	-8.4%	0.09%	$493,439,544
GEODE CAPITAL MANAGEMENT, LLC	0.79%	4,909,765	+12%	0.03%	$469,041,154
CIBC WORLD MARKET INC.	0.72%	4,513,941	-6.8%	0.88%	$425,664,636
CIBC Asset Management Inc	0.72%	4,490,422	-14%	1.2%	$423,595,131
Legal & General Group Plc	0.68%	4,219,717	-1.8%	0.09%	$398,013,882

Institutional Holders of CANADIAN NATIONAL RAILWAY CO - Common Shares, No Par Value (CNI) across Reporting Periods

Period	Reported Shares, Excl. Options	Value, Excl. Options	Value Change	Puts Notional Value	Calls Notional Value	Price (% of par)	Investors
2025 Q4	865,516	$90,663,288	-$379,621			9,885%	32
2025 Q3	410,631,798	$38,766,292,669	-$1,602,815,991	$107,268,993	$128,520,641	9,430%	745
2025 Q2	428,412,703	$44,654,047,673	+$590,589,455	$54,151,843	$108,872,633	10,404%	810
2025 Q1	421,847,826	$41,141,707,042	-$156,128,070	$73,086,508	$97,576,953	9,746%	806
2024 Q4	422,676,853	$42,909,261,200	+$73,708,733	$56,147,500	$103,513,796	10,151%	825
2024 Q3	418,703,250	$49,010,250,860	-$2,266,661,144	$76,513,533	$94,825,952	11,715%	829
2024 Q2	437,867,691	$51,728,680,394	-$391,857,130	$72,249,483	$94,545,228	11,813%	835
2024 Q1	431,552,419	$56,844,611,052	-$1,524,009,791	$43,240,873	$57,938,973	13,171%	830
2023 Q4	9,597,803	$1,212,067,562	-$29,330,294			12,563.07%	10
2023 Q3	435,791,997	$47,354,708,093	+$319,596,581	$133,179,830	$62,149,103	10,833%	748
2023 Q2	417,751,992	$50,584,109,153	-$948,427,420	$131,409,138	$99,585,612	12,107%	762
2023 Q1	412,732,678	$48,667,151,995	-$416,812,372	$74,828,171	$57,274,489	11,797%	758
2022 Q4	444,614,295	$52,897,187,724	-$623,658,244	$160,033,312	$226,942,853	11,888%	753
2022 Q3	454,308,522	$49,154,533,108	+$4,579,775,515	$183,319,000	$149,863,000	10,799.32%	712
2022 Q2	410,169,611	$46,074,096,224	+$1,434,247,295	$150,104,000	$61,442,000	11,246.94%	733
2022 Q1	397,277,078	$53,281,208,687	-$347,393,508	$169,797,000	$119,442,000	13,414.11%	752
2021 Q4	399,179,272	$48,972,871,824	-$841,963,017	$213,948,663	$182,247,016	12,285.99%	753
2021 Q3	410,799,931	$47,942,102,410	+$1,229,504,962	$216,189,000	$127,622,500	11,565.19%	697
2021 Q2	405,337,408	$43,076,427,071	+$840,054,919	$198,142,000	$249,078,000	10,552%	694
2021 Q1	394,942,784	$46,265,889,210	+$244,704,583	$47,865,000	$43,429,000	11,598.25%	709
2020 Q4	373,276,986	$41,047,145,317	+$77,426,297	$43,784,465	$24,412,350	10,984.89%	677
2020 Q3	375,003,879	$39,880,955,393	-$631,791,787	$47,617,296	$37,674,422	10,645.85%	627
2020 Q2	390,229,834	$34,512,656,031	-$305,747,558	$30,465,000	$54,533,000	8,856.8%	619
2020 Q1	393,939,908	$30,556,700,813	+$667,054,077	$28,619,026	$24,946,004	7,762.92%	602
2019 Q4	389,450,816	$35,218,535,847	+$478,141,268	$76,351,000	$102,454,000	9,045.04%	647
2019 Q3	383,313,745	$34,425,882,492	-$298,750,367	$61,285,000	$64,295,000	8,985.82%	626
2019 Q2	381,713,283	$35,301,699,731	-$219,177,800	$62,589,000	$88,083,000	9,248.04%	618
2019 Q1	390,321,214	$34,925,205,599	-$292,388,388	$134,440,000	$82,653,000	8,948.06%	628
2018 Q4	393,795,282	$29,163,270,250	-$104,862,427	$26,282,000	$28,520,000	7,410.79%	610
2018 Q3	395,107,256	$35,432,164,343	+$185,927,781	$45,384,000	$41,120,000	8,979.66%	622
2018 Q2	394,423,047	$32,216,758,496	-$371,782,839	$26,665,000	$43,659,000	8,174.98%	590
2018 Q1	405,586,301	$29,621,405,264	+$402,413,113	$40,664,000	$37,660,000	7,312.74%	567
2017 Q4	402,104,742	$33,171,505,608	+$18,260,606	$114,304,000	$43,065,000	8,250%	598
2017 Q3	403,411,385	$33,388,243,055	-$495,560,559	$114,542,000	$49,430,000	8,284.84%	564
2017 Q2	408,209,891	$33,058,488,415	-$714,376,402	$138,282,000	$71,714,000	8,104.97%	542
2017 Q1	418,117,226	$30,864,653,666	-$42,332,158	$36,893,000	$55,814,000	7,392.74%	530
2016 Q4	417,498,838	$28,112,199,149	-$249,314,044	$120,669,000	$58,249,000	6,739.83%	534
2016 Q3	420,377,435	$27,457,414,646	-$526,183,781	$110,551,000	$70,627,000	6,539.62%	491
2016 Q2	415,071,577	$24,471,109,426	-$192,190,297	$67,812,000	$43,126,000	5,905.77%	488
2016 Q1	422,789,783	$26,436,951,815	-$179,095,382	$26,272,000	$46,676,000	6,246.01%	485
2015 Q4	437,423,175	$24,444,849,027	-$718,211,895	$30,980,000	$30,078,000	5,588%	484
2015 Q3	405,149,127	$22,977,351,070	+$786,833,850	$36,018,000	$39,051,000	5,675.82%	472
2015 Q2	434,455,870	$25,138,311,789	+$168,869,318	$39,893,000	$26,380,000	5,775%	490
2015 Q1	429,972,935	$28,776,586,831	+$590,336,404	$29,637,000	$43,046,000	6,687.02%	530
2014 Q4	433,841,459	$30,080,714,873	-$16,793,684	$53,941,000	$35,457,000	6,891.01%	529
2014 Q3	434,707,353	$30,902,857,850	-$557,008,755	$35,964,000	$39,311,000	7,096.01%	524
2014 Q2	443,030,226	$28,861,092,900	+$225,815,077	$30,107,000	$36,493,000	6,502.07%	490
2014 Q1	432,797,135	$24,438,817,163	+$49,331,033	$31,006,000	$55,874,000	5,622.02%	476