Cidel Asset Management Inc reports 92.36% increase in ownership of CY2 / Canadian National Railway Company

Canadian National Railway Company

DE ˙ DB ˙ CA1363751027

103,90 € ↑1,70 (1,66%)

2026-06-05
DEL PRIS

Security	DE:CY2 / Canadian National Railway Company
Institution	Cidel Asset Management Inc
Latest Disclosed Ownership	515,357 shares
Latest Disclosed Value	$ 52,874,330

On April 17, 2026 - Cidel Asset Management Inc filed a 13F-HR form disclosing ownership of 515,357 shares of Canadian National Railway Company (DE:CY2) valued at $45,784,316 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 21, 2026 disclosing 267,907 shares of Canadian National Railway Company. This represents a change in shares of 92.36% during the quarter. The current value of the position is $53,545,592 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-04-17	2026-03-31	13F	CANADIAN NATL RY	COM	136375102	515,357	247,450	92.36	52,874	99.29	2.8851
2026-01-21	2025-12-31	13F	CANADIAN NATL RY	COM	136375102	267,907	-182,736	-40.55	26,532	-37.58	1.8769
2025-11-07	2025-09-30	13F	CANADIAN NATL RY	COM	136375102	450,643	51,374	12.87	42,506	2.38	2.4403
2025-07-29	2025-06-30	13F	CANADIAN NATL RY	COM	136375102	399,269	7,936	2.03	41,519	9.04	2.4941
2025-04-28	2025-03-31	13F	CANADIAN NATL RY	COM	136375102	391,333	2,414	0.62	38,077	-3.54	2.4889
2025-01-28	2024-12-31	13F	CANADIAN NATL RY	COM	136375102	388,919	19,978	5.41	39,473	-8.73	2.6554
2024-11-04	2024-09-30	13F	CANADIAN NATL RY	COM	136375102	368,941	117,359	46.65	43,250	45.52	3.0515
2024-07-22	2024-06-30	13F	CANADIAN NATL RY	COM	136375102	251,582	2,312	0.93	29,722	-9.54	2.2974
2024-05-08	2024-03-31	13F	CANADIAN NATL RY	COM	136375102	249,270	-420,083	-62.76	32,856	-61.14	2.4972
2024-02-12	2023-12-31	13F	CANADIAN NATL RY	COM	136375102	669,353	19,658	3.03	84,545	19.61	3.6216
2023-11-08	2023-09-30	13F	CANADIAN NATL RY	COM	136375102	649,695	-17,536	-2.63	70,683	-12.62	3.5334
2023-08-11	2023-06-30	13F	CANADIAN NATL RY	COM	136375102	667,231	-13,439	-1.97	80,890	0.85	3.6634
2023-05-05	2023-03-31	13F	CANADIAN NATL RY	COM	136375102	680,670	4,139	0.61	80,206	-0.13	3.6815
2023-02-07	2022-12-31	13F	CANADIAN NATL RY	COM	136375102	676,531	-37,900	-5.30	80,308	3.54	3.7571
2022-11-04	2022-09-30	13F	CANADIAN NATL RY	COM	136375102	714,431	-36,442	-4.85	77,565	-7.97	3.6902
2022-08-10	2022-06-30	13F	CANADIAN NATL RY	COM	136375102	750,873	-3,908	-0.52	84,281	-16.83	3.6018
2022-05-10	2022-03-31	13F	CANADIAN NATL RY	COM	136375102	754,781	-15,761	-2.05	101,338	6.91	3.7033
2022-02-08	2021-12-31	13F	CANADIAN NATL RY	COM	136375102	770,542	4,251	0.55	94,784	6.76	3.5251
2021-11-05	2021-09-30	13F	CANADIAN NATL RY	COM	136375102	766,291	4,524	0.59	88,784	10.35	3.6172
2021-08-10	2021-06-30	13F	CANADIAN NATL RY	COM	136375102	761,767	-131,010	-14.67	80,458	-22.33	3.2572
2021-05-12	2021-03-31	13F	CANADIAN NATL RY	COM	136375102	892,777	-4,019	-0.45	103,594	5.16	4.6796
2021-02-16	2020-12-31	13F	CANADIAN NATL RY	COM	136375102	896,796	-70,853	-7.32	98,507	-4.11	5.5456
2020-11-09	2020-09-30	13F	CANADIAN NATL RY	COM	136375102	967,649	-397,345	-29.11	102,731	-14.66	5.8402
2020-08-12	2020-06-30	13F	CANADIAN NATL RY	COM	136375102	1,364,994	-48,101	-3.40	120,374	10.20	5.4618
2020-05-12	2020-03-31	13F	CANADIAN NATL RY	COM	136375102	1,413,095	304,339	27.45	109,237	8.76	5.5581
2020-02-18	2019-12-31	13F/A-1	CANADIAN NATL RY	COM	136375102	1,108,756	265,571	31.50	100,440	32.58	4.1622
2020-02-14	2019-12-31	13F	CANADIAN NATL RY	COM	136375102	94,216	-748,969		8,535		2,232,604.1293
2019-11-12	2019-09-30	13F	CANADIAN NATL RY	COM	136375102	843,185	-1,025	-0.12	75,759	-3.25	3.6648
2019-08-12	2019-06-30	13F/A-1	CANADIAN NATL RY	COM	136375102	844,210	3,310	0.39	78,300	3.98	3.9764
2019-08-08	2019-06-30	13F	CANADIAN NATL RY	COM	136375102	665,500	-175,400		78,300		3.9764
2019-05-06	2019-03-31	13F	CANADIAN NATL RY	COM	136375102	840,900	362,989	75.95	75,300	112.83	4.1037
2019-02-08	2018-12-31	13F	CANADIAN NATL RY	COM	136375102	477,911	-131,477	-21.58	35,380	-35.25	2.2603
2018-11-07	2018-09-30	13F	CANADIAN NATL RY	COM	136375102	609,388	5,245	0.87	54,640	11.76	2.4046
2018-08-13	2018-06-30	13F	CANADIAN NATL RY	COM	136375102	604,143	-447	-0.07	48,889	10.79	2.1753
2018-05-10	2018-03-31	13F	CANADIAN NATL RY	COM	136375102	604,590	-24,207	-3.85	44,128	-14.88	2.0148
2018-02-08	2017-12-31	13F	CANADIAN NATL RY	COM	136375102	628,797	-8,448	-1.33	51,845	-1.54	2.2264
2017-10-31	2017-09-30	13F	CANADIAN NATL RY	COM	136375102	637,245	-27,461	-4.13	52,658	-2.25	2.3802
2017-08-03	2017-06-30	13F	CANADIAN NATL RY	COM	136375102	664,706	9,898	1.51	53,870	13.97	2.4966
2017-05-09	2017-03-31	13F	CANADIAN NATL RY	COM	136375102	654,808	27,320	4.35	47,266	11.93	2.2843
2017-01-27	2016-12-31	13F	CANADIAN NATL RY	COM	136375102	627,488	61,126	10.79	42,228	14.04	2.0960
2016-11-03	2016-09-30	13F	CANADIAN NATL RY	COM	136375102	566,362	19,392	3.55	37,029	15.44	2.0401
2016-08-03	2016-06-30	13F	CANADIAN NATL RY	COM	136375102	546,970	4,251	0.78	32,077	-5.54	1.8655
2016-05-02	2016-03-31	13F	CANADIAN NATL RY	COM	136375102	542,719	-85,889	-13.66	33,958	-3.34	2.0255
2016-02-04	2015-12-31	13F	CANADIAN NATL RY	COM	136375102	628,608	12,998	2.11	35,132	0.87	2.2355
2015-11-13	2015-09-30	13F	CANADIAN NATL RY	COM	136375102	615,610	-8,821	-1.41	34,830	-22.59	2.2020
2015-08-14	2015-06-30	13F	CDN NATL RAILWAY	COMM	136375102	624,431	76,531	13.97	44,996	22.80	1.9670
2015-05-11	2015-03-31	13F	CDN NATL RAILWAY	COM	136375102	547,900	-18,559	-3.28	36,642	-5.21	1.8867
2015-02-17	2014-12-31	13F	CDN NATL RAILWAY	COM	136375102	566,459	566,459		38,657		1.8337

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.