# Canadian National Railway (CNI): value investors who own it

6 value investors held Canadian National Railway in their Q3 2026 13F, led by Gates Foundation Trust, Troy Asset Management, TCI Fund Management, Fairfax…

## 13F holders

| Manager | Portfolio | Value | Change | Quarters held |
| --- | --- | --- | --- | --- |
| Gates Foundation Trust | 17.9% | $6.2bn | Unchanged | 53 |
| Troy Asset Management | 9.0% | $322m | Trimmed -2.5% | 11 |
| TCI Fund Management | 2.1% | $1.1bn | Trimmed -4.2% | 32 |
| Fairfax Financial Holdings | 0.1% | $3.0m | Unchanged | 3 |
| Markel Group | 0.1% | $6.4m | Unchanged | 4 |
| First Eagle Investment Management | 0.0% | $279k | Trimmed -2.4% | 19 |

Source: SEC filings, via moatshark (https://www.moatshark.com/s/cni). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.