Canoe Financial LP
Long book
$7.34B
Q1 2026
Positions
112
Top-10 weight
31%
concentration
Last quarter
+6.5%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsCanoe Financial LP is a diversified fundamental manager, running a $7.34B US long book across 112 positions.
The portfolio is moderately concentrated (top 10 ≈ 31% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: CANADIAN NATL RAILWAY CO, TAIWAN SEMICONDUCTOR-SP ADR, RESTAURANT BRANDS INTERN, ALPHABET INC-CL A, SLB LTD.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.2%
Q2 2024
+8.5%
Q3 2024
+0.3%
Q4 2024
+1.7%
Q1 2025
+5.5%
Q2 2025
+5.6%
Q3 2025
+3.4%
Q4 2025
+1.3%
Q1 2026
+6.5%
Sector allocation
Industrials 17%
Energy 16%
Services media 16%
Consumer discretionary 12%
Technology 10%
Financials 10%
Healthcare 7%
Consumer staples 4%
Long book by quarter
What does Canoe Financial own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CNI CANADIAN NATL RAILWAY CO | Industrials | 3.4M | $352.5M | 4.8% | +17.2% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 3.3M | $247.7M | 3.4% | +34.5% |
| GOOGL ALPHABET INC-CL A | Technology | 856.9K | $246.4M | 3.4% | -16.3% |
| SLB SLB LTD | Energy | 4.2M | $220.4M | 3.0% | +272.7% |
| V VISA INC-CLASS A SHARES | Services media | 682.0K | $206.1M | 2.8% | +76.4% |
| EQT EQT CORP | Energy | 3.0M | $190.3M | 2.6% | +35.2% |
| MSFT MICROSOFT CORP | Technology | 513.3K | $190.0M | 2.6% | -1.8% |
| OTIS OTIS WORLDWIDE CORP | Industrials | 2.5M | $188.9M | 2.6% | -12.1% |
| JNJ JOHNSON & JOHNSON | Healthcare | 715.0K | $174.8M | 2.4% | +41.4% |
| ROST ROSS STORES INC | Consumer discretionary | 793.9K | $172.0M | 2.3% | +0.2% |
| MCO MOODY'S CORP | Services media | 391.9K | $171.0M | 2.3% | -8.0% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 3.4M | $167.4M | 2.3% | -38.6% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 988.2K | $163.6M | 2.2% | +59.1% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 2.0M | $159.9M | 2.2% | +45389.7% |
| HAL HALLIBURTON CO | Energy | 4.1M | $158.5M | 2.2% | New |
| LMT LOCKHEED MARTIN CORP | Industrials | 258.1K | $156.0M | 2.1% | -25.0% |
| CVS CVS HEALTH CORP | Healthcare | 2.2M | $155.8M | 2.1% | +14.3% |
| MA MASTERCARD INC - A | Services media | 302.8K | $151.3M | 2.1% | -3.1% |
| AZO AUTOZONE INC | Consumer discretionary | 44.5K | $150.2M | 2.0% | -10.0% |
| CME CME GROUP INC | Financials | 496.4K | $146.6M | 2.0% | -8.1% |
| IHG INTERCONTINENTAL HOTELS GROU | Services media | 1.1M | $139.3M | 1.9% | -15.0% |
| RBA RB GLOBAL INC | Services media | 1.4M | $131.0M | 1.8% | +12.7% |
| EXE EXPAND ENERGY CORP | Energy | 1.1M | $121.2M | 1.7% | +1233.4% |
| TJX TJX COMPANIES INC | Consumer discretionary | 718.5K | $114.7M | 1.6% | -12.9% |
| RY ROYAL BANK OF CANADA | Financials | 693.6K | $112.1M | 1.5% | +0.3% |
| CVE CENOVUS ENERGY INC | Energy | 4.2M | $111.7M | 1.5% | -30.6% |
| ADI ANALOG DEVICES INC | Technology | 349.5K | $111.2M | 1.5% | -45.3% |
| WFC WELLS FARGO & CO | Financials | 1.4M | $109.1M | 1.5% | -51.1% |
| CTVA CORTEVA INC | Consumer staples | 1.3M | $107.6M | 1.5% | New |
| ELV ELEVANCE HEALTH INC | Financials | 367.3K | $107.5M | 1.5% | -0.9% |
| RRC RANGE RESOURCES CORP | Energy | 2.3M | $103.5M | 1.4% | +45.6% |
| SHW SHERWIN-WILLIAMS CO/THE | Consumer discretionary | 319.4K | $102.4M | 1.4% | -7.8% |
| MTB M & T BANK CORP | Financials | 493.3K | $102.0M | 1.4% | -24.4% |
| DE DEERE & CO | Industrials | 178.6K | $100.6M | 1.4% | New |
| NTR NUTRIEN LTD | Other | 1.3M | $99.6M | 1.4% | New |
| MSCI MSCI INC | Services media | 184.8K | $99.6M | 1.4% | -7.6% |
| EFXT ENERFLEX LTD | Industrials | 4.6M | $96.8M | 1.3% | -24.8% |
| TXN TEXAS INSTRUMENTS INC | Technology | 494.9K | $96.1M | 1.3% | +45.7% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 1.7M | $87.1M | 1.2% | -49.6% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 161.0K | $79.1M | 1.1% | +21893.9% |
| SUNB SUNBELT RENTALS HOLDINGS INC | Services media | 1.1M | $73.1M | 1.0% | New |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 461.5K | $72.6M | 1.0% | -51.5% |
| AEM AGNICO EAGLE MINES LTD | Materials | 356.8K | $72.4M | 1.0% | -49.9% |
| MTD METTLER-TOLEDO INTERNATIONAL | Healthcare | 51.8K | $65.4M | 0.9% | -3.8% |
| MDT MEDTRONIC PLC | Healthcare | 743.2K | $64.4M | 0.9% | +22293.4% |
| CARR CARRIER GLOBAL CORP | Industrials | 1.1M | $60.8M | 0.8% | -9.6% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 455.7K | $59.8M | 0.8% | -48.7% |
| 0WE WEATHERFORD INTERNATIONAL PL | — | 529.2K | $50.1M | 0.7% | New |
| GGG GRACO INC | Industrials | 441.8K | $37.4M | 0.5% | -9.2% |
| NOC NORTHROP GRUMMAN CORP | Technology | 53.4K | $36.4M | 0.5% | +2.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 22, 2026 | 119 | $7.34B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 14, 2026 | 110 | $7.36B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 15, 2025 | 110 | $7.00B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 10, 2025 | 108 | $7.02B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 22, 2025 | 102 | $6.24B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 15, 2025 | 98 | $6.14B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 91 | $4.16B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 23, 2024 | 94 | $5.40B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 8, 2024 | 104 | $6.07B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 104 | $6.07B | SEC ↗ |
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