CNQ-TO

CNQ-TO

CNQ-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Aug 12, 2024	Tall Oak Capital Advisors	-	-	AAPL, AMZN, AZO, CCO, CNQ.TO, EQIX, FTNT, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, REGN, TOL, VST	AI, Canada, Diversified, infrastructure, large cap, technology	AI continues to dominate market performance with tech and large-cap growth stocks leading gains. The energy demands of generative AI are significantly increasing power consumption, creating infrastructure investment opportunities. Data centers are building closer to power sources and investing in alternative energy solutions.		View
2023 Q2	Aug 1, 2023	Tall Oak Capital Advisors	-	-	ADBE, ASML, ATVI, BRK.A, BSX, CAT, CCO, CDNS, CNQ.TO, EQIX, FERG, IFC.TO, JNJ, LLY, LRCX, MA, MAR, MCD, MSFT, PEP, UNH	AI, diversification, Energy Transition, infrastructure, Quality, rates, value	Artificial Intelligence is garnering significant attention for its potential impact in the near term. The fund holds positions in leading semiconductor equipment companies like LAM Research and ASML Holdings, crucial players in supplying cutting-edge chips needed to drive the AI future. They believe the true core competence lies in the picks and shovels - the companies supplying the essential equipment and software.	CDNS ASML LRCX FERG AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU	View
2025 Q2	Jul 25, 2025	Open Insights Capital	-	-	ATH.TO, CNQ.TO, CVE.TO, CVX, MEG.TO, OXY, SCR.TO, SU.TO, XOM	Carbon Capture, energy, M&A, oil, tariffs, Trade Policy	The US is engaged in a trade war with China, implementing tariffs as high as 145% on Chinese goods. The manager believes this decoupling strategy will ultimately fail as the US is already backtracking and softening positions. Trade frameworks lack substance and the market is betting on the TACO trade (Trump Always Chickens Out).	OXY MEG.TO OXY SCR CN MEG CN	View
2024 Q2	Jun 30, 2025	Barometer Capital Management	-	-	AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC	AI, Canada, Consumer Staples, energy, healthcare, materials, technology	The firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business.		View
2024 Q1	May 3, 2024	Tall Oak Capital Advisors	-	-	ABBV, AMD, AMZN, BSX, CAT, CCO.TO, CDNS, CNQ.TO, CRWD, EHC, EOG, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MSFT, NVO, PANW	AI, Canada, Data centers, Diversified, energy, growth, healthcare, technology	AI adoption is rapidly increasing with 68% of companies reporting AI-related impacts on IT budgets in Q4 2023. Early adopters in software/Internet sectors are experiencing productivity enhancements and margin expansion. The focus is shifting from AI enablers to adopters in 2024, with most companies expecting AI projects in production by late 2024.		View
2026 Q1	Apr 28, 2026	Diamond Hill International	3.5%	3.5%	005930 KS, 028260 KS, 0700.HK, CFR SW, CNQ.TO, DGE.L, HDFCBANK.NS, IMO.TO, RTO.L	AI, energy, Geopolitical, international, semiconductors, technology, value		9435.T RTO.L 028260.KS DEO IMO.TO CNQ.TO 005930.KS	View
2025 Q4	Feb 4, 2026	Azvalor Iberia	0.0%	0.0%	CNQ.TO, Gold, PSLV, TREC.MC, VIST	Concentration, Europe, global, gold, Mining, Quality, value	Azvalor focuses on finding good businesses well-managed by trustworthy teams that the market offers at attractive prices due to clouds hanging over their short-term outlook. Their portfolios trade at around a 50% discount to the broader market with significant upside potential across all funds. The firm built significant positions in gold and silver mining companies when they were largely ignored by the market and has now exited these investments entirely, crystallizing substantial capital gains from all of them as latest arrivals show signs of intoxication.		View
2025 Q4	Feb 20, 2026	Tall Oak Capital Advisors	0.0%	0.0%	AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO	AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology	Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs.		View
2024 Q4	Dec 31, 2024	EQUAM Global Value Fund	-1.0%	3.0%	005930.KS, 012330.KS, CNQ.TO, FOXA, GOOGL, MSFT, PEP, PG, SCHW	Media, risk management, semiconductors, South Korea, technology, value	Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue.	UHAL BOL.PA 005930.KS JTKWY	View
2023 Q3	Nov 14, 2023	Tall Oak Capital Advisors	-	-	ADBE, BABA, BRK-A, BSX, CAT, CCO.TO, CNQ.TO, COST, EQIX, GOOGL, LLY, MA, MAR, MCD, MSFT, NVO, PEP, SLB, SU.TO, UNH	Defensive, dividends, energy, fixed income, healthcare, Quality	Growing demand for nuclear energy as a clean power source driven by climate change concerns and energy security. Uranium consumption has surged past pre-Fukushima levels with supply concentrated among state-owned enterprises. Small Modular Reactors expected to bolster long-term demand.	ALLY CCO.TO	View
2024 Q3	Oct 30, 2024	Guinness Global Energy	-	7.8%	0857.HK, BP, CNQ.TO, COP, CVE.TO, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO.TO, OMV.VI, PXD, REP.MC, SHEL, SU.TO, TTE, XOM	CashFlow, dividends, energy, Gas, oil, Opec, valuation	Brent and WTI oil prices strengthened in September on OPEC+ supply cuts and declining inventories. Saudi Arabia and Russia extended voluntary production cuts through year-end, keeping markets undersupplied at 1.5m b/day. Global oil inventories declined 300m barrels over six months to late 2022 lows.		View
2023 Q3	Oct 17, 2023	Mawer International Equity Fund	6.9%	16.0%	ASML, CCA.TO, CME, CNQ.TO, DG, EQNR, KSPI.L, MC.PA, NVO, SHEL, SU.TO, T.TO, TSM, TXN, VZ	energy, global, healthcare, inflation, rates, semiconductors	Energy companies positioned to benefit from higher oil prices performed strongly during the quarter. Canadian Natural Resources, Suncor Energy, Equinor, and Shell were among the stronger performing holdings as oil prices moved higher.		View
2023 Q3	Oct 16, 2023	Avenue Investment Management	-	-	AAPL, ATKR, CNQ.TO, CSU.TO, EME, ENB.TO, META, MSFT, MUSA	Canada, Defensive, rates, Recession, value, volatility	Manager expects return to higher volatility periods similar to mid-1960s to mid-1970s where portfolios could swing from up 20% one year to down 15% the next. Recent 15-year period of mostly positive returns with only occasional bad years is viewed as abnormal.		View
2025 Q4	Jan 21, 2026	Guinness Global Energy	0.0%	9.0%	BP, CNQ.TO, COP, CVX, FANG, SHEL, SU.TO, TTE, VLO, XOM	energy, Exploration, Gas, Integrated, oil, Production	The letter positions global energy equities as long-term beneficiaries of population growth, industrialization, and constrained fossil fuel supply, which together support structurally higher energy prices. Energy companies are viewed as a partial hedge against inflation given their linkage to real assets and commodity pricing. A disciplined, value-biased approach combines top-down energy market analysis with bottom-up stock selection in a concentrated portfolio of large, established energy producers.		View
2025 Q4	Jan 14, 2026	Jemekk Hedge Fund	2.2%	18.3%	CNQ.TO, EIF.TO, FFH.TO, GS, MEG.TO, RTX	aerospace, Canada, commodities, defense, energy, infrastructure, Precious Metals, Resources	The fund is positioned to benefit from elevated defense spending driven by rising defense budgets in the U.S. and allied countries. Growth is underpinned by demand for integrated air and missile defense systems, counter-drone technologies, and other advanced defense programs driven by geopolitical tensions. The entire Defense Prime complex is currently re-rating as countries around the world are committing to spend more on defense initiatives. Energy was a significant contributor to fund performance, with specific mentions of MEG takeover and CNQ performance. The fund sees Canada as having a strong preponderance of Oil (power) as part of its competitive advantages. Energy represents one of the key sectors driving Canadian outperformance versus the US markets. Precious metals provided solid contributions within the quarter through a basket of producers, primarily silver. Gold is viewed as the real store of value, and precious metals represent one of Canada's key competitive advantages. The fund entered Q4 2025 with precious metals as their largest sector allocation. The fund is positioned to capitalize on Build Canada themes, particularly through companies that can provide solutions for building out Canada's North including energy, critical minerals, and transmission/power infrastructure. This represents a pivot toward nation building and infrastructure development that should benefit portfolio companies. The fund expects continued Canadian outperformance driven by strong fundamentals in oil, gold, and financials, combined with a new government approach focused on growth and deregulation. Canada is signaling to the world that it is finally back and open for business, representing a significant pivot from the restrictive decade of the previous regime.	RTX	View
2023 Q2	Jun 30, 2023	Barometer Capital Management	-	-	AGI.TO, AVGO, CNQ.TO, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC	AI, Canada, Consumer Staples, energy, healthcare, materials, Tactical, technology	NVIDIA and Broadcom continued to deliver excellent performance as investors demonstrated voracious appetite for any stocks with generative AI exposure. NVIDIA's explosive growth demonstrated both the strength of demand for generative AI hardware and a more robust supply picture. Thomson Reuters has emerged as an AI darling in Canada as the company continues to seek ways to integrate AI product offerings to help their clients drive efficiencies.		View
2023 Q1	Apr 17, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, ALS.TO, AMZN, CNQ.TO, FNV.TO, GLEN.L, ICE, LIN, MEG.TO, OR.TO, PGR, ROP, SU.TO, WPM.TO	Banking Crisis, Critical Minerals, Energy Transition, gold, inflation, oil, royalties	High demand for copper, lithium, cobalt and nickel driven by electric vehicle production and renewable energy infrastructure. Copper demand expected to nearly double to 50M metric tons by 2035. Supply shortages likely as new mines take years to develop.	ALS.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 13, 2026	Fund Letters	AMG Yacktman Focused Fund	Canadian Natural Resources Limited	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Canada, contrarian, Cyclical Recovery, energy, ESG Headwinds, Geopolitical hedge, Natural Resources, Oil & Gas, value investing	View Pitch
Apr 29, 2026	Fund Letters	Diamond Hill International	Canadian Natural Resources	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Canada, capital allocation, cost discipline, Cyclical, energy, Independent Producer, Oil & Gas	View Pitch
Apr 13, 2026	Fund Letters	AMG Yacktman Focused Fund	Canadian Natural Resources Ltd	Energy	Oil, Gas & Consumable Fuels	Bull	Toronto Stock Exchange	Canada, capital return, energy, Low Maintenance Capex, Oil & Gas, Oil sands, Reserves, Value	View Pitch
Apr 13, 2026	Fund Letters	AMG Yacktman Fund	Canadian Natural Resources Ltd	Energy	Oil, Gas & Consumable Fuels	Bull	Toronto Stock Exchange	capital return, energy, Maintenance Capex, oil production, Oil sands, Reserves, Supply-Demand Imbalance, Value	View Pitch
Aug 7, 2025	Seeking Alpha	High Yield Investor	Canadian Natural Resources	Energy	Oil & Gas E&P	Bull	TSX	—	View Pitch

BSD Shareholders of CNQ-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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