TCI Fund Management Ltd: CANADIAN NATL RY CO (CNI): Quarterly 13F Position History
As of Q1 2026, TCI Fund Management Ltd reported 9,849,934 shares of CANADIAN NATL RY CO (CNI), worth $1.0B and representing 2.2% of its 13F equity book. The position first appeared in Q3 2018 and has been disclosed across 31 13F-HR filings in Pactolio's tracked window.
- 9,849,934Shares Held (Latest Filing)
- $1.0BReported Market Value (Latest Filing)
- 2.2%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 | — | $1.0B | 2.2% | $102.9 |
| Q4 2025 | 9,849,934 | 8,917,840 | -47.5% | $974.1M | 1.8% | $98.9 |
| Q3 2025 | 18,767,774 | 4,221,292 | -18.4% | $1.8B | 3.4% | $94.3 |
| Q2 2025 | 22,989,066 | 3,910,012 | -14.5% | $2.4B | 4.7% | $104.2 |
| Q1 2025 | 26,899,078 | 2,794,686 | -9.4% | $2.6B | 6.0% | $97.4 |
| Q4 2024 | 29,693,764 | 5,743,513 | -16.2% | $3.0B | 7.1% | $101.5 |
| Q3 2024 | 35,437,277 | 4,051,108 | -10.3% | $4.2B | 9.4% | $117.1 |
| Q2 2024 | 39,488,385 | 0 | — | $4.7B | 11.4% | $118.2 |
| Q1 2024 | 39,488,385 | 583,928 | -1.5% | $5.2B | 13.1% | $131.7 |
| Q4 2023 | 40,072,313 | 816,640 | -2.0% | $5.0B | 14.0% | $125.7 |
| Q3 2023 | 40,888,953 | 0 | — | $4.4B | 16.1% | $108.3 |
| Q2 2023 | 40,888,953 | +4,189,128 | +11.4% | $5.0B | 14.7% | $121.1 |
| Q1 2023 | 36,699,825 | 0 | — | $4.3B | 14.8% | $118.0 |
| Q4 2022 | 36,699,825 | 0 | — | $4.4B | 14.6% | $118.7 |
| Q3 2022 | 36,699,825 | 0 | — | $4.0B | 13.9% | $107.9 |
| Q2 2022 | 36,699,825 | 0 | — | $4.1B | 13.1% | $112.5 |
| Q1 2022 | 36,699,825 | 0 | — | $4.9B | 13.4% | $134.1 |
| Q4 2021 | 36,699,825 | 0 | — | $4.5B | 10.2% | $122.9 |
| Q3 2021 | 36,699,825 | +6,592,022 | +21.9% | $4.2B | 10.2% | $115.7 |
| Q2 2021 | 30,107,803 | +9,334,385 | +44.9% | $3.2B | 7.9% | $105.5 |
| Q1 2021 | 20,773,418 | 0 | — | $2.4B | 7.0% | $116.1 |
| Q4 2020 | 20,773,418 | 28,847 | -0.1% | $2.3B | 7.5% | $109.9 |
| Q3 2020 | 20,802,265 | 200,105 | -1.0% | $2.2B | 7.9% | $106.5 |
| Q2 2020 | 21,002,370 | +90,469 | +0.4% | $1.9B | 7.4% | $88.5 |
| Q1 2020 | 20,911,901 | +430,988 | +2.1% | $1.6B | 7.7% | $78.0 |
| Q4 2019 | 20,480,913 | +1,378,200 | +7.2% | $1.9B | 8.2% | $90.4 |
| Q3 2019 | 19,102,713 | +110,290 | +0.6% | $1.7B | 8.9% | $89.9 |
| Q2 2019 | 18,992,423 | +6,134,889 | +47.7% | $1.8B | 9.5% | $92.5 |
| Q1 2019 | 12,857,534 | +2,137,051 | +19.9% | $1.2B | 7.5% | $89.6 |
| Q4 2018 | 10,720,483 | +8,948,483 | +505.0% | $794.6M | 4.0% | $74.1 |
| Q3 2018 | 1,772,000 | — | — | $159.1M | 0.8% | $89.8 |
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.