Canadian National Railway Company
US ˙ NYSE ˙ CA1363751027

SecurityCNI / Canadian National Railway Company
InstitutionCwm, Llc
Latest Disclosed Ownership12,898 shares
Latest Disclosed Value $ 1,325,520
Cwm, Llc reports 17.25% decrease in ownership of CNI / Canadian National Railway Company

On May 14, 2026 - Cwm, Llc filed a 13F-HR form disclosing ownership of 12,898 shares of Canadian National Railway Company (US:CNI) valued at $1,325,527 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 15,587 shares of Canadian National Railway Company. This represents a change in shares of -17.25% during the quarter. The current value of the position is $1,540,666 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 Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F CANADIAN NATL RY COM 136375102 12,898 -2,689 -17.25 1,326 132,400.00 0.0034
2026-01-26 2025-12-31 13F CANADIAN NATL RY COM 136375102 15,587 -3,859 -19.84 2 0.00 0.0042
2025-10-15 2025-09-30 13F CANADIAN NATL RY COM 136375102 19,446 6,093 45.63 2 0.00 0.0055
2025-07-25 2025-06-30 13F CANADIAN NATL RY COM 136375102 13,353 4,823 56.54 1 0.0049
2025-05-01 2025-03-31 13F CANADIAN NATL RY COM 136375102 8,530 -1,442 -14.46 1 -100.00 0.0033
2025-02-04 2024-12-31 13F CANADIAN NATL RY COM 136375102 9,972 4,871 95.49 1 0.0042
2024-10-08 2024-09-30 13F CANADIAN NATL RY COM 136375102 5,101 -202 -3.81 1 0.0026
2024-07-10 2024-06-30 13F CANADIAN NATL RY COM 136375102 5,303 1,282 31.88 1 0.0030
2024-04-05 2024-03-31 13F CANADIAN NATL RY COM 136375102 4,021 291 7.80 1 0.0026
2024-02-01 2023-12-31 13F CANADIAN NATL RY COM 136375102 3,730 747 25.04 0 0.0025
2023-10-11 2023-09-30 13F CANADIAN NATL RY COM 136375102 2,983 255 9.35 0 0.0020
2023-08-03 2023-06-30 13F CANADIAN NATL RY COM 136375102 2,728 331 13.81 0 0.0020
2023-05-01 2023-03-31 13F CANADIAN NATL RY COM 136375102 2,397 37 1.57 0 0.0019
2023-02-01 2022-12-31 13F CANADIAN NATL RY COM 136375102 2,360 86 3.78 0 -100.00 0.0021
2022-10-27 2022-09-30 13F CANADIAN NATL RY COM 136375102 2,274 -156 -6.42 246 -9.89 0.0020
2022-07-28 2022-06-30 13F CANADIAN NATL RY COM 136375102 2,430 -201 -7.64 273 -22.66 0.0021
2022-04-21 2022-03-31 13F CANADIAN NATL RY COM 136375102 2,631 -2,118 -44.60 353 -39.45 0.0025
2022-01-31 2021-12-31 13F CANADIAN NATL RY COM 136375102 4,749 1,814 61.81 583 88.06 0.0041
2021-09-15 2021-06-30 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2021-07-29 2021-06-30 13F CANADIAN NATL RY COM 136375102 2,935 0 310 0.0025
2021-09-15 2021-03-31 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2021-04-27 2021-03-31 13F CANADIAN NATL RY COM 136375102 2,964 29 344 0.0030
2021-09-15 2020-12-31 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2021-01-27 2020-12-31 13F CANADIAN NATL RY COM 136375102 2,688 -247 295 0.0028
2021-09-15 2020-09-30 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2020-10-19 2020-09-30 13F CANADIAN NATL RY COM 136375102 2,878 -57 306 0.0034
2021-09-15 2020-06-30 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2020-07-22 2020-06-30 13F CANADIAN NATL RY COM 136375102 2,745 -190 243 0.0029
2021-09-15 2020-03-31 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2020-04-28 2020-03-31 13F CANADIAN NATL RY COM 136375102 2,691 -244 209 0.0031
2021-09-14 2019-12-31 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2020-01-27 2019-12-31 13F CANADIAN NATL RY COM 136375102 4,576 1,641 414 0.0053
2021-09-14 2019-09-30 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2019-10-22 2019-09-30 13F CANADIAN NATL RY COM 136375102 816 -2,119 73 0.0011
2021-09-14 2019-06-30 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 0 0.00 310 0.00 0.0025
2019-07-31 2019-06-30 13F CANADIAN NATL RY COM 136375102 437 -2,498 40 0.0007
2021-09-02 2019-03-31 13F/A-1 CANADIAN NATL RY COM 136375102 2,935 2,644 908.59 310 1,309.09 0.0025
2019-04-22 2019-03-31 13F CANADIAN NATL RY COM 136375102 223 -68 20 0.0004
2019-01-25 2018-12-31 13F CANADIAN NATL RY COM 136375102 291 185 174.53 22 120.00 0.0005
2018-10-29 2018-09-30 13F CANADIAN NATL RY COM 136375102 106 -11 -9.40 10 0.00 0.0003
2018-07-31 2018-06-30 13F CANADIAN NATL RY COM 136375102 117 63 116.67 10 150.00 0.0003
2018-04-26 2018-03-31 13F CANADIAN NATL RY COM 136375102 54 31 134.78 4 100.00 0.0002
2018-01-16 2017-12-31 13F CANADIAN NATL RY COM 136375102 23 0 0.00 2 0.00 0.0001
2017-10-16 2017-09-30 13F CANADIAN NATL RY COM 136375102 23 0 0.00 2 0.00 0.0001
2017-07-17 2017-06-30 13F CANADIAN NATL RY COM 136375102 23 0 0.00 2 0.00 0.0001
2017-04-17 2017-03-31 13F CANADIAN NATL RY COM 136375102 23 23 2 0.0001
2016-04-18 2016-03-31 13F CANADIAN NATL RY COM 136375102 0 -24 -100.00 0 -100.00
2016-02-01 2015-12-31 13F CANADIAN NATL RY COM 136375102 24 24 1 0.0001
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.