# EDGAR Filing Document

**Accession Number:** 0001908219
**File Stem:** 0001908219-25-000010
**Filing Date:** 2025-10
**Character Count:** 16495
**Document Hash:** 3564bc4c386c72c5d48d601f3705bc35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001908219-25-000010.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001908219-25-000010

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**EFFECTIVENESS DATE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Canoe Financial LP
- **CENTRAL INDEX KEY:** 0001908219

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23194
- **FILM NUMBER:** 251395520

**BUSINESS ADDRESS:**
- **STREET 1:** 421 7 AVENUE SW, SUITE 2750
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P4K9
- **BUSINESS PHONE:** 4035715550

**MAIL ADDRESS:**
- **STREET 1:** 421 7 AVENUE SW, SUITE 2750
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P4K9

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Canoe Financial LP<br>**Address:** 421 7 AVENUE SW SUITE 2750<br>CALGARY, A0 T2P4K9

**Form 13F File Number:** 028-23194

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Albert Luong<br>**Title:** Director Legal  Compliance<br>**Phone:** 4035130109

**Signature, Place, and Date of Signing:**

Albert Luong  Calgary, A0  10-15-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 110

**Form 13F Information Table Value Total:** $7003401395

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADOBE INC | Common Stock | 00724F101 | BBG000BB5006 | 7148832 | 20266 | SH |  | SOLE |  | 20266 | 0 | 0 |
| AGNICO EAGLE MINES LIMITED | Common Stock | 008474108 | BBG000DLVDK3 | 190139900 | 1129144 | SH |  | SOLE |  | 1129144 | 0 | 0 |
| AIRBNB INC | Common Stock | 009066101 | BBG001Y2XS07 | 590830 | 4866 | SH |  | SOLE |  | 4866 | 0 | 0 |
| ALAMOS GOLD INC NEW | Common Stock | 011532108 | BBG009HT6BL4 | 8381325 | 240500 | SH |  | SOLE |  | 240500 | 0 | 0 |
| ALCON INC | Common Stock | H01301128 | BBG00NPWGYJ9 | 25352499 | 340728 | SH |  | SOLE |  | 340728 | 0 | 0 |
| ALPHABET INC | Common Stock | 02079K305 | BBG009S39JX6 | 285961933 | 1176314 | SH |  | SOLE |  | 1176314 | 0 | 0 |
| AMERICAN EXPRESS CO | Common Stock | 025816109 | BBG000BCQZS4 | 163735947 | 492943 | SH |  | SOLE |  | 492943 | 0 | 0 |
| ANALOG DEVICES INC | Common Stock | 032654105 | BBG000BB6G37 | 158320481 | 644365 | SH |  | SOLE |  | 644365 | 0 | 0 |
| AON PLC | Common Stock | G0403H108 | BBG00SSQFPK6 | 28251477 | 79229 | SH |  | SOLE |  | 79229 | 0 | 0 |
| ATS CORP | Common Stock | 00217Y104 | BBG000BBH2L6 | 2063181 | 78877 | SH |  | SOLE |  | 78877 | 0 | 0 |
| AUTOZONE INC | Common Stock | 053332102 | BBG000C7LMS8 | 222002759 | 51746 | SH |  | SOLE |  | 51746 | 0 | 0 |
| BANK OF NT BUTTERFIELD  SON L | Common Stock | G0772R208 | BBG00DK7NM27 | 2908173 | 67758 | SH |  | SOLE |  | 67758 | 0 | 0 |
| BAYTEX ENERGY CORP | Common Stock | 07317Q105 | BBG000BLVRT5 | 19438467 | 8300000 | SH |  | SOLE |  | 8300000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC | Common Stock | 084670702 | BBG000DWG505 | 81111569 | 161339 | SH |  | SOLE |  | 161339 | 0 | 0 |
| CANADIAN NATIONAL RAILWAY CO | Common Stock | 136375102 | BBG000GLP2C0 | 261006775 | 2768282 | SH |  | SOLE |  | 2768282 | 0 | 0 |
| CANADIAN NATURAL RESOURCES LTD | Common Stock | 136385101 | BBG0014LGC02 | 182894560 | 5721033 | SH |  | SOLE |  | 5721033 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY LTD | Common Stock | 13646K108 | BBG000BCVMH9 | 342600 | 4601 | SH |  | SOLE |  | 4601 | 0 | 0 |
| CAPITAL ONE FINANCIAL CORP | Common Stock | 14040H105 | BBG000BGKTF9 | 80544224 | 378889 | SH |  | SOLE |  | 378889 | 0 | 0 |
| CARRIER GLOBAL CORP | Common Stock | 14448C104 | BBG00RP5HYS8 | 10083509 | 168903 | SH |  | SOLE |  | 168903 | 0 | 0 |
| CGI INC | Common Stock | 12532H104 | BBG000BYYC35 | 5961822 | 66947 | SH |  | SOLE |  | 66947 | 0 | 0 |
| CHUBB LTD | Common Stock | H1467J104 | BBG000BR14K5 | 40206795 | 142451 | SH |  | SOLE |  | 142451 | 0 | 0 |
| CIGNA CORP | Common Stock | 125523100 | BBG00KXRCDP0 | 1566062 | 5433 | SH |  | SOLE |  | 5433 | 0 | 0 |
| CME GROUP INC | Common Stock | 12572Q105 | BBG000BHLYP4 | 150296430 | 556262 | SH |  | SOLE |  | 556262 | 0 | 0 |
| COLGATE-PALMOLIVE CO | Common Stock | 194162103 | BBG000BFQYY3 | 7965701 | 99646 | SH |  | SOLE |  | 99646 | 0 | 0 |
| COLLIERS INTL GROUP INC | Common Stock | 194693107 | BBG000BH2VW3 | 6282824 | 40180 | SH |  | SOLE |  | 40180 | 0 | 0 |
| COPART INC | Common Stock | 217204106 | BBG000BM9RH1 | 12561335 | 279327 | SH |  | SOLE |  | 279327 | 0 | 0 |
| CVS HEALTH CORP | Common Stock | 126650100 | BBG000BGRY34 | 128510397 | 1704608 | SH |  | SOLE |  | 1704608 | 0 | 0 |
| DESCARTES SYS GROUP INC | Common Stock | 249906108 | BBG000BYLFM1 | 5653526 | 60055 | SH |  | SOLE |  | 60055 | 0 | 0 |
| DIAGEO PLC | ADR | 25243Q205 | BBG000BWZQL7 | 4294350 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| ELEVANCE HEALTH INC | Common Stock | 036752103 | BBG000BCG930 | 125822605 | 389399 | SH |  | SOLE |  | 389399 | 0 | 0 |
| EMERSON ELECTRIC CO | Common Stock | 291011104 | BBG000BHX7N2 | 31297843 | 238587 | SH |  | SOLE |  | 238587 | 0 | 0 |
| ENERFLEX LTD | Common Stock | 29269R105 | BBG000SR92R6 | 66459071 | 6163214 | SH |  | SOLE |  | 6163214 | 0 | 0 |
| EQT CORP | Common Stock | 26884L109 | BBG000BHZ5J9 | 132384243 | 2463575 | SH |  | SOLE |  | 2463575 | 0 | 0 |
| EQUIFAX INC | Common Stock | 294429105 | BBG000BHPL78 | 3265370 | 12729 | SH |  | SOLE |  | 12729 | 0 | 0 |
| ERO COPPER CORP | Common Stock | 296006109 | BBG00HNV5D77 | 1028017 | 50762 | SH |  | SOLE |  | 50762 | 0 | 0 |
| Expand Energy Corp | Common Stock | 165167735 | BBG00Z6DX554 | 22685172 | 218937 | SH |  | SOLE |  | 218937 | 0 | 0 |
| FACTSET RESEARCH SYSTEMS INC | Common Stock | 303075105 | BBG000BDJL83 | 7092060 | 24755 | SH |  | SOLE |  | 24755 | 0 | 0 |
| FERGUSON ENTERPRISES INC/DE | Common Stock | 31488V107 | BBG01NMRD768 | 622536 | 2772 | SH |  | SOLE |  | 2772 | 0 | 0 |
| FIRSTSERVICE CORP | Common Stock | 33767E202 | BBG0093MWSL8 | 5774923 | 30316 | SH |  | SOLE |  | 30316 | 0 | 0 |
| FISERV INC | Common Stock | 337738108 | BBG000BJKPG0 | 53945086 | 418406 | SH |  | SOLE |  | 418406 | 0 | 0 |
| FORTIS INC | Common Stock | 349553107 | BBG000BYTHG6 | 385867 | 7609 | SH |  | SOLE |  | 7609 | 0 | 0 |
| GRACO INC | Common Stock | 384109104 | BBG000BK9W84 | 47099615 | 554374 | SH |  | SOLE |  | 554374 | 0 | 0 |
| GRANITE REAL ESTATE INVESTMENT TRUST | REIT | 387437205 | BBG01Q41FY12 | 2172156 | 39100 | SH |  | SOLE |  | 39100 | 0 | 0 |
| HDFC BANK LTD | ADR | 40415F101 | BBG000NWKS18 | 21731909 | 636180 | SH |  | SOLE |  | 636180 | 0 | 0 |
| HILTON WORLDWIDE HOLDINGS INC | Common Stock | 43300A203 | BBG0058KMH30 | 13228067 | 50987 | SH |  | SOLE |  | 50987 | 0 | 0 |
| HUNTINGTON INGALLS INDUSTRIES | Common Stock | 446413106 | BBG001KJ2HM9 | 759794 | 2639 | SH |  | SOLE |  | 2639 | 0 | 0 |
| ICON PLC | Common Stock | G4705A100 | BBG000CTSZQ6 | 34644750 | 197970 | SH |  | SOLE |  | 197970 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE INC | Common Stock | 45866F104 | BBG000C1FB75 | 111829779 | 663757 | SH |  | SOLE |  | 663757 | 0 | 0 |
| JACK HENRY  ASSOCIATES INC | Common Stock | 426281101 | BBG000BMH2Q7 | 2153677 | 14461 | SH |  | SOLE |  | 14461 | 0 | 0 |
| JOHNSON  JOHNSON | Common Stock | 478160104 | BBG000BMHYD1 | 13132557 | 70826 | SH |  | SOLE |  | 70826 | 0 | 0 |
| KINROSS GOLD CORP | Common Stock | 496902404 | BBG000BB2DM7 | 4922286 | 198371 | SH |  | SOLE |  | 198371 | 0 | 0 |
| LINDE PLC | Common Stock | G54950103 | BBG01FND0CC1 | 14648050 | 30838 | SH |  | SOLE |  | 30838 | 0 | 0 |
| LOWE'S COS INC | Common Stock | 548661107 | BBG000BNDN65 | 21668953 | 86224 | SH |  | SOLE |  | 86224 | 0 | 0 |
| M BANK CORP | Common Stock | 55261F104 | BBG000D9KWL9 | 85703644 | 433679 | SH |  | SOLE |  | 433679 | 0 | 0 |
| MARRIOTT INTERNATIONAL INC/MD | Common Stock | 571903202 | BBG000BGD7W6 | 27487098 | 105541 | SH |  | SOLE |  | 105541 | 0 | 0 |
| MASTERCARD INC | Common Stock | 57636Q104 | BBG000F1ZSQ2 | 172736790 | 303681 | SH |  | SOLE |  | 303681 | 0 | 0 |
| METTLER-TOLEDO INTERNATIONAL I | Common Stock | 592688105 | BBG000BZCKH3 | 68898384 | 56124 | SH |  | SOLE |  | 56124 | 0 | 0 |
| MICROSOFT CORP | Common Stock | 594918104 | BBG000BPH459 | 281962139 | 544381 | SH |  | SOLE |  | 544381 | 0 | 0 |
| MOODY'S CORP | Common Stock | 615369105 | BBG000F86GP6 | 196377420 | 412142 | SH |  | SOLE |  | 412142 | 0 | 0 |
| MSCI INC | Common Stock | 55354G100 | BBG000RTDY25 | 119060208 | 209831 | SH |  | SOLE |  | 209831 | 0 | 0 |
| NIKE INC | Common Stock | 654106103 | BBG000C5HS04 | 7085963 | 101620 | SH |  | SOLE |  | 101620 | 0 | 0 |
| NORTHROP GRUMMAN CORP | Common Stock | 666807102 | BBG000BQ2C28 | 47687820 | 78264 | SH |  | SOLE |  | 78264 | 0 | 0 |
| ORACLE CORP | Common Stock | 68389X105 | BBG000BQLTW7 | 144838038 | 514998 | SH |  | SOLE |  | 514998 | 0 | 0 |
| OTIS WORLDWIDE CORP | Common Stock | 68902V107 | BBG00RP60KV0 | 220525137 | 2411956 | SH |  | SOLE |  | 2411956 | 0 | 0 |
| PEPSICO INC | Common Stock | 713448108 | BBG000DH7JK6 | 12518822 | 89140 | SH |  | SOLE |  | 89140 | 0 | 0 |
| PHILIP MORRIS INTERNATIONAL IN | Common Stock | 718172109 | BBG000J2XL74 | 164727400 | 1015582 | SH |  | SOLE |  | 1015582 | 0 | 0 |
| RALLIANT CORP | Common Stock | 750940108 | BBG01V4YRP24 | 4867295 | 111303 | SH |  | SOLE |  | 111303 | 0 | 0 |
| RANGE RESOURCES CORP | Common Stock | 75281A109 | BBG000FVXD63 | 52368871 | 1391309 | SH |  | SOLE |  | 1391309 | 0 | 0 |
| RB GLOBAL INC | Common Stock | 74935Q107 | BBG000C1DF05 | 131874714 | 1217774 | SH |  | SOLE |  | 1217774 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | Common Stock | 76131D103 | BBG0076WG2V1 | 161839196 | 2523267 | SH |  | SOLE |  | 2523267 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | Common Stock | 775109200 | BBG000BCG226 | 48079643 | 1396911 | SH |  | SOLE |  | 1396911 | 0 | 0 |
| ROPER TECHNOLOGIES INC | Common Stock | 776696106 | BBG000F1ZSN5 | 118979455 | 238584 | SH |  | SOLE |  | 238584 | 0 | 0 |
| ROSS STORES INC | Common Stock | 778296103 | BBG000BSBZH7 | 120445551 | 790377 | SH |  | SOLE |  | 790377 | 0 | 0 |
| ROYAL BANK OF CANADA | Common Stock | 780087102 | BBG000BCJG31 | 151206762 | 1026117 | SH |  | SOLE |  | 1026117 | 0 | 0 |
| ROYAL GOLD INC | Common Stock | 780287108 | BBG000BS5170 | 2455300 | 12241 | SH |  | SOLE |  | 12241 | 0 | 0 |
| S GLOBAL INC | Common Stock | 78409V104 | BBG000BP1Q11 | 36203437 | 74384 | SH |  | SOLE |  | 74384 | 0 | 0 |
| SALESFORCE INC | Common Stock | 79466L302 | BBG000BN2DC2 | 57989871 | 244683 | SH |  | SOLE |  | 244683 | 0 | 0 |
| SHERWIN-WILLIAMS CO/THE | Common Stock | 824348106 | BBG000BSXQV7 | 116709357 | 337057 | SH |  | SOLE |  | 337057 | 0 | 0 |
| STANTEC INC | Common Stock | 85472N109 | BBG000BC1X33 | 8108953 | 75205 | SH |  | SOLE |  | 75205 | 0 | 0 |
| SUNCOR ENERGY INC | Common Stock | 867224107 | BBG000BC1LY5 | 5995617 | 143300 | SH |  | SOLE |  | 143300 | 0 | 0 |
| SYNCHRONY FINANCIAL | Common Stock | 87165B103 | BBG00658F3P3 | 2545508 | 35827 | SH |  | SOLE |  | 35827 | 0 | 0 |
| SYSCO CORP | Common Stock | 871829107 | BBG000BTVJ25 | 117514084 | 1427181 | SH |  | SOLE |  | 1427181 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFACTU | ADR | 874039100 | BBG000BD8ZK0 | 375414077 | 1344173 | SH |  | SOLE |  | 1344173 | 0 | 0 |
| TECK RESOURCES LTD | Common Stock | 878742204 | BBG000BSJTT0 | 146869935 | 3348736 | SH |  | SOLE |  | 3348736 | 0 | 0 |
| TFI INTERNATIONAL INC | Common Stock | 87241L109 | BBG000G5FQQ8 | 1425432 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | Common Stock | 883556102 | BBG000BVDLH9 | 4365180 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| TJX COS INC/THE | Common Stock | 872540109 | BBG000BV8DN6 | 124061139 | 858317 | SH |  | SOLE |  | 858317 | 0 | 0 |
| TORONTO DOMINION BANK | Common Stock | 891160509 | BBG000BCRMB0 | 67468041 | 843946 | SH |  | SOLE |  | 843946 | 0 | 0 |
| UNION PACIFIC CORP | Common Stock | 907818108 | BBG000BW3299 | 211788 | 896 | SH |  | SOLE |  | 896 | 0 | 0 |
| UNITEDHEALTH GROUP INC | Common Stock | 91324P102 | BBG000CH5208 | 110858910 | 321051 | SH |  | SOLE |  | 321051 | 0 | 0 |
| VANECK JUNIOR GOLD MINERS | ETP | 92189F791 | BBG000PTYMS2 | 6196406 | 62571 | SH |  | SOLE |  | 62571 | 0 | 0 |
| VISA INC | Common Stock | 92826C839 | BBG000PSKYX7 | 131060561 | 383914 | SH |  | SOLE |  | 383914 | 0 | 0 |
| WASTE CONNECTIONS INC | Common Stock | 94106B101 | BBG000FLHZZ2 | 2109165 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| WELLS FARGO  CO | Common Stock | 949746101 | BBG000BWQFY7 | 234027871 | 2792029 | SH |  | SOLE |  | 2792029 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | Common Stock | 962879102 | BBG000PVRDL2 | 108810397 | 972532 | SH |  | SOLE |  | 972532 | 0 | 0 |
| WILLIS TOWERS WATSON PLC | Common Stock | G96629103 | BBG000DB3KT1 | 88984120 | 257589 | SH |  | SOLE |  | 257589 | 0 | 0 |
| ZOETIS INC | Common Stock | 98978V103 | BBG0039320N9 | 1774862 | 12130 | SH |  | SOLE |  | 12130 | 0 | 0 |
| ASML HOLDING NV | Common Stock | N07059202 | BBG000C1HT47 | 66356884 | 68290 | SH |  | SOLE |  | 68290 | 0 | 0 |
| BAYTEX ENERGY CORP | OPTIONS | 07317Q105 | BBG000BLVRT5 | 45073 | 4327 | SH |  | SOLE |  | 4327 | 0 | 0 |
| ISHARES MSCI EAFE ETF | OPTIONS | 464287465 | BBG000D2KQ55 | 4158791 | 45701 | SH |  | SOLE |  | 45701 | 0 | 0 |
| EQT CORP | OPTIONS | 26884L109 | BBG000BHZ5J9 | 872200 | 4150 | SH |  | SOLE |  | 4150 | 0 | 0 |
| FISERV INC | OPTIONS | 337738108 | BBG000BJKPG0 | 12740 | 13 | SH |  | SOLE |  | 13 | 0 | 0 |
| IMPERIAL OIL LTD | OPTIONS | 453038408 | BBG000D0PTF7 | 45372 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| PHILIP MORRIS INTERNATIONAL | OPTIONS | 718172109 | BBG000J2XL74 | 8280 | 9 | SH |  | SOLE |  | 9 | 0 | 0 |
| INVESCO QQQ TRUST SERIES 1 | OPTIONS | 46090E103 | BBG000BSWKH7 | 79394 | 107 | SH |  | SOLE |  | 107 | 0 | 0 |
| SPDR S 500 ETF TRUST | OPTIONS | 78462F103 | BBG000BDTBL9 | 6507246 | 13126 | SH |  | SOLE |  | 13126 | 0 | 0 |
| SUNCOR ENERGY INC | OPTIONS | 867224107 | BBG000BC1LY5 | 1065353 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| GLOBAL X URANIUM ETF | OPTIONS | 37954Y871 | BBG0018JWV58 | 47400 | 395 | SH |  | SOLE |  | 395 | 0 | 0 |
| ENERGY SELECT SECTOR SPDR | OPTIONS | 81369Y506 | BBG000BJ20S2 | 570000 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| SPDR S OIL  GAS EXP  PR | OPTIONS | 78468R556 | BBG000BGB482 | 869632 | 4488 | SH |  | SOLE |  | 4488 | 0 | 0 |

---