CANADIAN NAT RES LTD

Ticker: CNQ CUSIP: 136385101 Class: Common Stock

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (91)

Brooklands Fund Management Ltd
Value ($000) $5,355 Shares 143,911
Farrow Financial, Inc.
Value ($000) $2,331 Shares 68,860
TriaGen Wealth Management LLC
Value ($000) $3,616 Shares 106,838
Fore Capital, LLC
Value ($000) $1,016 Shares 30,000
BTG Pactual Asset Management US LLC
Value ($000) $2,925 Shares 86,373
OMERS ADMINISTRATION Corp
Value ($000) $23,741 Shares 700,000
INSPIRE TRUST CO, N.A.
Value ($000) $1,185 Shares 35,000
TT Capital Management LLC
Value ($000) $259 Shares 7,654
ExodusPoint Capital Management, LP
Value ($000) $15,134 Shares 447,083
New England Research & Management, Inc.
Value ($000) $410 Shares 12,100
Marshall Financial Group LLC
Value ($000) $869 Shares 25,678
NOVEM GROUP
Value ($000) $1,270 Shares 37,532
UHLMANN PRICE SECURITIES, LLC
Value ($000) $247 Shares 7,294
MOORE CAPITAL MANAGEMENT, LP
Value ($000) $5,924 Shares 175,000
Marks Group Wealth Management, Inc
Value ($000) $1,023 Shares 30,228
WIT Partners Advisory Pte. Ltd.
Value ($000) $309 Shares 9,600
Castleview Partners, LLC
Value ($000) $211 Shares 6,240
STATE OF WISCONSIN INVESTMENT BOARD
Value ($000) $24,862 Shares 733,058
FORTRESS PRIVATE LEDGER, LLC
Value ($000) $264 Shares 7,813
TrueMark Investments, LLC
Value ($000) $443 Shares 13,099

Increased Positions (215)

Goehring & Rozencwajg Associates, LLC
Value ($000) $64,444 (+100.3%) Shares 1,902,413 (+89.3%)
Old West Investment Management, LLC
Value ($000) $26,010 (+60.0%) Shares 768,396 (+51.1%)
GUARDIAN CAPITAL LP
Value ($000) $112,170 (+42.8%) Shares 3,310,091 (+34.8%)
CIBC WORLD MARKET INC.
Value ($000) $1,495,245 (+105.1%) Shares 44,146,600 (+93.6%)
Peterson Wealth Services
Value ($000) $6,428 (+7.5%) Shares 189,901 (+593340.6%)
JTC Employer Solutions Trustee Ltd
Value ($000) $21 (+16212.5%) Shares 615,035 (+15275.9%)
Beutel, Goodman & Co Ltd.
Value ($000) $218 (+3445.8%) Shares 6,434,851 (+3243.3%)
INVESTMENT MANAGEMENT ASSOCIATES INC /ADV
Value ($000) $12,128 (+13.2%) Shares 358,299 (+6.9%)
BANK OF NOVA SCOTIA TRUST CO
Value ($000) $29,971 (+18.7%) Shares 885,404 (+12.1%)
DIVIDEND ASSETS CAPITAL, LLC
Value ($000) $14,885 (+9.5%) Shares 439,740 (+3.4%)
EPACRIA CAPITAL PARTNERS, LLC
Value ($000) $7,726 (+7.2%) Shares 228,240 (+1.2%)
Aviso Financial Inc.
Value ($000) $89,879 (+7.7%) Shares 2,653,439 (+1.7%)
Guardian Partners Inc.
Value ($000) $21,457 (+39.7%) Shares 559,344 (+15.9%)
Ninepoint Partners LP
Value ($000) $7,737 (+180.8%) Shares 228,553 (+165.2%)
Timelo Investment Management Inc.
Value ($000) $2,200 (+244.2%) Shares 65,000 (+225.0%)
Capital Research Global Investors
Value ($000) $4,956,204 (+39.3%) Shares 146,331,336 (+31.5%)
Solstein Capital, LLC
Value ($000) $2,531 (+41.9%) Shares 74,660 (+33.9%)
NATIONAL BANK OF CANADA /FI/
Value ($000) $628,208 (+53.9%) Shares 18,566,785 (+45.3%)
SCOTIA CAPITAL INC.
Value ($000) $306,356 (+14.5%) Shares 9,052,806 (+8.1%)
TD Waterhouse Canada Inc.
Value ($000) $228,729 (+12.3%) Shares 6,758,445 (+4.9%)

Decreased Positions (185)

LONGFELLOW INVESTMENT MANAGEMENT CO LLC
Value ($000) $15,731 (-26.7%) Shares 464,721 (-30.8%)
YACKTMAN ASSET MANAGEMENT LP
Value ($000) $635,548 (-4.9%) Shares 18,775,420 (-10.2%)
Meixler Investment Management, Ltd.
Value ($000) $4,777 (-22.0%) Shares 141,124 (-26.3%)
Immersion Capital LLP
Value ($000) $2,094 (-23.7%) Shares 61,874 (-27.9%)
Addenda Capital Inc.
Value ($000) $90,072 (-8.2%) Shares 1,913,178 (-12.0%)
MUFG SECURITIES (CANADA), LTD.
Value ($000) $107,462 (-2.8%) Shares 3,171,955 (-8.2%)
INTACT INVESTMENT MANAGEMENT INC.
Value ($000) $31,350 (-42.9%) Shares 925,590 (-46.1%)
TORONTO DOMINION BANK
Value ($000) $627,135 (-38.0%) Shares 18,515,655 (-41.4%)
CIBC Asset Management Inc
Value ($000) $578,464 (-10.9%) Shares 17,003,831 (-16.0%)
INGALLS & SNYDER LLC
Value ($000) $81 (-1.4%) Shares 2,401,340 (-6.9%)
NICOLA WEALTH MANAGEMENT LTD.
Value ($000) $14,665 (-20.4%) Shares 432,900 (-24.8%)
Scheer, Rowlett & Associates Investment Management Ltd.
Value ($000) $26,819 (-12.3%) Shares 791,781 (-17.2%)
Stokes Capital Advisors, LLC
Value ($000) $4,044 (-32.3%) Shares 119,481 (-36.1%)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp
Value ($000) $55,854 (-62.2%) Shares 1,648,978 (-64.3%)
Heathbridge Capital Management Ltd.
Value ($000) $11,468 (+4.8%) Shares 338,100 (-1.2%)
Connor, Clark & Lunn Investment Management Ltd.
Value ($000) $203,953 (-33.6%) Shares 6,021,473 (-37.4%)
Canoe Financial LP
Value ($000) $189,312 (+3.5%) Shares 5,588,945 (-2.3%)
Marathon Asset Management Ltd
Value ($000) $54,938 (+0.2%) Shares 1,600,148 (-5.4%)
Hurley Capital, LLC
Value ($000) $122 (-90.1%) Shares 3,604 (-90.7%)
LOUISBOURG INVESTMENTS INC.
Value ($000) $4,506 (-20.9%) Shares 132,837 (-25.4%)

Exited Positions (66)

DAVIS-REA LTD.
Value ($000) $9,867 Shares 304,380
Parkwood LLC
Value ($000) $21 Shares 654,874
SIR Capital Management, L.P.
Value ($000) $14,002 Shares 438,100
Yaupon Capital Management LP
Value ($000) $26,308 Shares 822,752
Nearwater Capital Markets, Ltd
Value ($000) $65,504 Shares 2,045,000
KLEIN PAVLIS & PEASLEY FINANCIAL, INC.
Value ($000) $1,517 Shares 47,451
Quantbot Technologies LP
Value ($000) $17,432 Shares 545,438
Aigen Investment Management, LP
Value ($000) $1,623 Shares 36,477
111 Capital
Value ($000) $1,254 Shares 39,228
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
Value ($000) $200,025 Shares 6,257,570
MQS Management LLC
Value ($000) $325 Shares 10,174
Merewether Investment Management, LP
Value ($000) $5,384 Shares 168,463
TWO SIGMA SECURITIES, LLC
Value ($000) $1,008 Shares 31,530
Genus Capital Management Inc.
Value ($000) $1,131 Shares 35,358
FORA Capital, LLC
Value ($000) $867 Shares 27,114
Commonwealth Bank of Australia
Value ($000) $4,610 Shares 171,168
Headlands Technologies LLC
Value ($000) $1,101 Shares 34,451
MIRABELLA FINANCIAL SERVICES LLP
Value ($000) $1,002 Shares 31,331
Entropy Technologies, LP
Value ($000) $1,328 Shares 41,558
MACQUARIE GROUP LTD
Value ($000) $19,744 Shares 617,770