# Canoe Financial LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1908219. Source: https://holderbook.com/funds/1908219-canoe-financial-lp/

- Reported value: $8.1B
- Positions: 110
- Weight of the ten largest: 33.4%
- Filed: 2026-07-16

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $406.3M | 3,407,690 | 5.0% | 7 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $358.9M | 7,730,966 | 4.4% | 3 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $344.1M | 720,570 | 4.3% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $257.7M | 721,114 | 3.2% | 10 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $243.1M | 3,354,908 | 3.0% | 14 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $227.6M | 663,320 | 2.8% | 8 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $227.0M | 2,193,833 | 2.8% | 6 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $218.0M | 3,044,476 | 2.7% | 10 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $215.4M | 4,020,858 | 2.7% | 8 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $196.6M | 5,789,518 | 2.4% | 2 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $192.9M | 2,226,842 | 2.4% | 13 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $183.8M | 1,016,158 | 2.3% | 14 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $181.9M | 716,237 | 2.3% | 14 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $173.8M | 465,891 | 2.2% | 10 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $170.4M | 800,488 | 2.1% | 14 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $169.0M | 373,122 | 2.1% | 10 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $162.9M | 1,400,855 | 2.0% | 12 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $158.1M | 1,867,231 | 2.0% | 2 |
| INTERCONTINENTAL HOTELS GROUP | - | $155.5M | 902,654 | 1.9% | 3 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $155.4M | 309,994 | 1.9% | 6 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $152.2M | 239,931 | 1.9% | 2 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $151.5M | 295,001 | 1.9% | 10 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $148.7M | 498,756 | 1.8% | 3 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $144.6M | 698,838 | 1.8% | 14 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $140.6M | 363,504 | 1.7% | 14 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $140.3M | 353,188 | 1.7% | 11 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $134.2M | 2,132,438 | 1.7% | 2 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $133.0M | 261,015 | 1.6% | 3 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $131.3M | 41,081 | 1.6% | 10 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $129.6M | 1,567,786 | 1.6% | 8 |
| RANGE RES CORP | [RRC](https://holderbook.com/stocks/RRC/) | $123.3M | 3,313,891 | 1.5% | 13 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $119.1M | 500,469 | 1.5% | 10 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $115.4M | 4,701,871 | 1.4% | 14 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $108.3M | 490,242 | 1.3% | 10 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $106.3M | 558,214 | 1.3% | 1 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $104.0M | 726,462 | 1.3% | 13 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $101.5M | 294,897 | 1.3% | 10 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $100.8M | 1,693,501 | 1.2% | 5 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $100.7M | 817,651 | 1.2% | 4 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $100.6M | 179,551 | 1.2% | 10 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $100.2M | 661,117 | 1.2% | 8 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $98.1M | 3,959,392 | 1.2% | 3 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $96.4M | 2,437,345 | 1.2% | 14 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $73.2M | 998,100 | 0.9% | 10 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $67.3M | 598,860 | 0.8% | 8 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $66.4M | 427,922 | 0.8% | 14 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $64.3M | 50,294 | 0.8% | 10 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $64.2M | 269,200 | 0.8% | 3 |
| WEATHERFORD INTL PLC | [WFRD](https://holderbook.com/stocks/WFRD/) | $55.6M | 682,100 | 0.7% | 2 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $49.3M | 1,003,360 | 0.6% | 12 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $42.5M | 8,682,600 | 0.5% | 2 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $27.5M | 53,939 | 0.3% | 10 |
| HELMERICH & PAYNE INC | [HP](https://holderbook.com/stocks/HP/) | $26.9M | 821,162 | 0.3% | 2 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $25.2M | 254,892 | 0.3% | 8 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $22.0M | 73,000 | 0.3% | 2 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $21.1M | 50,838 | 0.3% | 8 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $19.6M | 48,139 | 0.2% | 10 |
| BOYD GROUP SERVICES INC | [BGSI](https://holderbook.com/stocks/BGSI/) | $18.0M | 190,754 | 0.2% | 3 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $15.2M | 45,829 | 0.2% | 10 |
| TIDEWATER INC NEW | [TDW](https://holderbook.com/stocks/TDW/) | $14.0M | 210,456 | 0.2% | 2 |
| SAP SE | [SAPGF](https://holderbook.com/stocks/SAPGF/) | $12.8M | 83,330 | 0.2% | 2 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $12.6M | 57,044 | 0.2% | 11 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $12.4M | 23,838 | 0.2% | 10 |
| ALCON AG | [ALC](https://holderbook.com/stocks/ALC/) | $12.0M | 177,528 | 0.1% | 8 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $10.7M | 32,247 | 0.1% | 8 |
| DIAGEO PLC | [DGEAF](https://holderbook.com/stocks/DGEAF/) | $9.1M | 452,530 | 0.1% | 3 |
| RALLIANT CORP | [RAL](https://holderbook.com/stocks/RAL/) | $9.0M | 122,728 | 0.1% | 5 |
| UNILEVER PLC | - | $8.8M | 146,048 | 0.1% | 3 |
| TRANSALTA CORP | [TAC](https://holderbook.com/stocks/TAC/) | $7.6M | 550,000 | 0.1% | 1 |
| PUBLIC POL HLDG CO INC | [PPHC](https://holderbook.com/stocks/PPHC/) | $7.5M | 1,017,732 | 0.1% | 2 |
| VOLUTION GROUP PLC | - | $7.4M | 907,233 | 0.1% | 3 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $7.2M | 53,440 | 0.1% | 10 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $6.7M | 73,246 | 0.1% | 10 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $6.4M | 248,680 | 0.1% | 10 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $5.9M | 77,471 | 0.1% | 10 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $5.6M | 197,427 | 0.1% | 7 |
| VANECK ETF TRUST | [GDXJ](https://holderbook.com/stocks/GDXJ/) | $5.6M | 56,520 | 0.1% | 7 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $5.5M | 14,315 | 0.1% | 4 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $5.1M | 32,500 | 0.1% | 2 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $5.0M | 20,019 | 0.1% | 2 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $4.2M | 65,000 | 0.1% | 7 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $3.6M | 40,000 | 0.0% | 2 |
| FIRSTSERVICE CORP NEW | [FSV](https://holderbook.com/stocks/FSV/) | $3.4M | 24,132 | 0.0% | 14 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $3.4M | 48,632 | 0.0% | 7 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $3.4M | 110,826 | 0.0% | 7 |
| EQUIFAX INC | [EFX](https://holderbook.com/stocks/EFX/) | $3.3M | 17,812 | 0.0% | 6 |
| BANK OF N T BUTTERFIELD & SO | [NTB](https://holderbook.com/stocks/NTB/) | $3.1M | 51,860 | 0.0% | 8 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $3.0M | 26,620 | 0.0% | 1 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $3.0M | 8,891 | 0.0% | 6 |
| MARRIOTT INTL INC NEW | [MAR](https://holderbook.com/stocks/MAR/) | $3.0M | 7,993 | 0.0% | 8 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $2.8M | 116,586 | 0.0% | 7 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $2.7M | 10,225 | 0.0% | 7 |
| OR ROYALTIES INC. | [OR](https://holderbook.com/stocks/OR/) | $2.5M | 79,732 | 0.0% | 2 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $2.4M | 34,796 | 0.0% | 14 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $2.4M | 83,024 | 0.0% | 14 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $2.1M | 6,282 | 0.0% | 12 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $2.0M | 12,000 | 0.0% | 8 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $1.6M | 5,826 | 0.0% | 7 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $1.6M | 21,094 | 0.0% | 6 |
| SUNBELT RENTALS HOLDINGS INC | [SUNB](https://holderbook.com/stocks/SUNB/) | $1.3M | 17,178 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +4.4% | +14.8% | -10.4% | 98% |
| Q1 2026 | +1.0% | -4.6% | +5.6% | 95% |
| Q4 2025 | +3.1% | +2.4% | +0.7% | 99% |
| Q3 2025 | +4.8% | +7.8% | -3.0% | 99% |
| Q2 2025 | +4.9% | +10.5% | -5.5% | 100% |
| Q1 2025 | -0.8% | -4.6% | +3.8% | 112% |
| Q4 2024 | +0.4% | +2.1% | -1.8% | 100% |
| Q3 2024 | +7.9% | +5.4% | +2.5% | 95% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $8.1B | 110 |
| Q1 2026 | $7.3B | 112 |
| Q4 2025 | $7.4B | 103 |
| Q3 2025 | $7.0B | 105 |
| Q2 2025 | $7.0B | 105 |
| Q1 2025 | $6.2B | 101 |
| Q4 2024 | $6.1B | 97 |
| Q3 2024 | $4.2B | 88 |
| Q2 2024 | $5.4B | 93 |
| Q1 2024 | $6.1B | 102 |
| Q4 2023 | $5.1B | 139 |
| Q3 2023 | $3.6B | 81 |