TCI Fund Management Ltd — CANADIAN NATL RY CO CNI: Quarterly 13F Position History
TCI Fund Management Ltd has reported CANADIAN NATL RY CO (CNI) on 31 13F-HR filings in Pactolio's tracked window, first appearing in Q3 2018. As of Q1 2026, the position is sized at 9,849,934 shares ($1.01B market value, 2.24% of the equity book).
- 9,849,934Shares Held (Latest Filing)
- $1.01BReported Market Value (Latest Filing)
- 2.24%Portfolio Weight (% of 13F Equity Book)
- 0Quarter-over-Quarter Share Change
- +$39.1MQuarter-over-Quarter Value Change
- 40,888,953Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 31 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 9,849,934 | 0 | — | $1.01B | 2.24% | $102.86 |
| Q4 2025 | 9,849,934 | 8,917,840 | -47.5% | $974.1M | 1.82% | $98.90 |
| Q3 2025 | 18,767,774 | 4,221,292 | -18.4% | $1.77B | 3.36% | $94.29 |
| Q2 2025 | 22,989,066 | 3,910,012 | -14.5% | $2.39B | 4.72% | $104.15 |
| Q1 2025 | 26,899,078 | 2,794,686 | -9.4% | $2.62B | 6.04% | $97.39 |
| Q4 2024 | 29,693,764 | 5,743,513 | -16.2% | $3.01B | 7.11% | $101.49 |
| Q3 2024 | 35,437,277 | 4,051,108 | -10.3% | $4.15B | 9.43% | $117.12 |
| Q2 2024 | 39,488,385 | 0 | — | $4.67B | 11.40% | $118.16 |
| Q1 2024 | 39,488,385 | 583,928 | -1.5% | $5.20B | 13.12% | $131.72 |
| Q4 2023 | 40,072,313 | 816,640 | -2.0% | $5.04B | 14.01% | $125.72 |
| Q3 2023 | 40,888,953 | 0 | — | $4.43B | 16.06% | $108.27 |
| Q2 2023 | 40,888,953 | +4,189,128 | +11.4% | $4.95B | 14.71% | $121.12 |
| Q1 2023 | 36,699,825 | 0 | — | $4.33B | 14.83% | $117.97 |
| Q4 2022 | 36,699,825 | 0 | — | $4.36B | 14.56% | $118.74 |
| Q3 2022 | 36,699,825 | 0 | — | $3.96B | 13.86% | $107.91 |
| Q2 2022 | 36,699,825 | 0 | — | $4.13B | 13.06% | $112.47 |
| Q1 2022 | 36,699,825 | 0 | — | $4.92B | 13.36% | $134.10 |
| Q4 2021 | 36,699,825 | 0 | — | $4.51B | 10.15% | $122.91 |
| Q3 2021 | 36,699,825 | +6,592,022 | +21.9% | $4.25B | 10.20% | $115.71 |
| Q2 2021 | 30,107,803 | +9,334,385 | +44.9% | $3.18B | 7.92% | $105.50 |
| Q1 2021 | 20,773,418 | 0 | — | $2.41B | 7.00% | $116.05 |
| Q4 2020 | 20,773,418 | 28,847 | -0.1% | $2.28B | 7.49% | $109.88 |
| Q3 2020 | 20,802,265 | 200,105 | -1.0% | $2.21B | 7.94% | $106.46 |
| Q2 2020 | 21,002,370 | +90,469 | +0.4% | $1.86B | 7.38% | $88.51 |
| Q1 2020 | 20,911,901 | +430,988 | +2.1% | $1.63B | 7.74% | $77.98 |
| Q4 2019 | 20,480,913 | +1,378,200 | +7.2% | $1.85B | 8.19% | $90.44 |
| Q3 2019 | 19,102,713 | +110,290 | +0.6% | $1.72B | 8.91% | $89.85 |
| Q2 2019 | 18,992,423 | +6,134,889 | +47.7% | $1.76B | 9.48% | $92.52 |
| Q1 2019 | 12,857,534 | +2,137,051 | +19.9% | $1.15B | 7.53% | $89.56 |
| Q4 2018 | 10,720,483 | +8,948,483 | +505.0% | $794.6M | 3.98% | $74.12 |
| Q3 2018 | 1,772,000 | — | — | $159.1M | 0.83% | $89.78 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did TCI Fund Management Ltd first disclose a CNI position in 13F-HR filings?
TCI Fund Management Ltd first reported CANADIAN NATL RY CO (CNI) on its 13F-HR filing for the period ending 2018-09-30 (Q3 2018). The position has appeared on 31 reported quarters within Pactolio's tracked window.
What was TCI Fund Management Ltd's most recent quarter-over-quarter share-count change in CNI?
TCI Fund Management Ltd held the same 9,849,934 shares of CNI between Q4 2025 and Q1 2026 — the reported share count was unchanged quarter-over-quarter.
Does the implied price-per-share represent TCI Fund Management Ltd's cost basis in CNI?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.