SCHEDULE 13D/A: TCI Fund Management Amends Canadian National Railway Stake, Discloses Recent Trading Activity

TCI Fund Management Limited and Christopher Hohn have filed Amendment No. 10 to their Schedule 13D, disclosing a 4.2% beneficial ownership in Canadian National Railway Co. and detailing recent share transactions.

Summary

• TCI Fund Management Limited and Christopher Hohn, collectively referred to as the Reporting Persons, beneficially own 26,166,798 Common Shares of Canadian National Railway Co.
• This ownership represents approximately 4.2% of the 628,450,886 shares outstanding as of March 7, 2025.
• The shares were acquired using working capital of the TCI Funds and Accounts at an aggregate cost of approximately $2,716,968,911, excluding brokerage commissions.
• The Reporting Persons have shared voting and dispositive power over all 26,166,798 shares.
• The filing details numerous open market transactions in Canadian National Railway shares between April 1, 2025, and April 29, 2025, including both purchases and sales, with prices ranging from $130.810 to $143.610 per share (Canadian dollars).

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and trading activity, which is neutral in sentiment. It reflects an investor's portfolio management rather than a direct positive or negative assessment of the company's performance.

Positives

• The continued significant beneficial ownership of 4.2% by TCI Fund Management, a prominent activist investor, signals ongoing interest and potential for continued engagement with Canadian National Railway's management and strategic direction.
• The initial aggregate investment of over $2.7 billion demonstrates a substantial long-term commitment to the company.

Negatives

• The detailed transaction history in April 2025 shows a net selling activity by the Reporting Persons, which, while part of normal portfolio management, could be interpreted as a slight reduction in their overall position or a rebalancing, potentially indicating a less bullish stance than continued accumulation.

Future Outlook

The document is a factual disclosure of current beneficial ownership and past trading activity; it does not contain any forward-looking statements or guidance from the Reporting Persons regarding their future intentions or outlook for the company.

Industry Context

Canadian National Railway Co. operates in the North American railway and transportation sector, a critical component of the continent's logistics and supply chain infrastructure.

Stakeholder Impact

• Shareholders: Provides transparency regarding the holdings and recent trading activity of a significant activist investor, which can influence market perception and investment decisions.
• Company Management: Awareness of a major investor's position and trading patterns can inform engagement strategies and corporate governance considerations.

Key Dates

Keywords

Canadian National Railway, CN, TCI Fund Management, Christopher Hohn, Schedule 13D, Beneficial Ownership, Activist Investor, Railroad, Transportation, Common Shares