Canoe's Q1 Portfolio Rebalance
Canoe Financial LP Significantly Expands Halliburton Stake, Adjusting Q1 Portfolio Holdings.
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Key Points
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Halliburton stake: Canoe Financial LP opened a new position in Halliburton (HAL) by acquiring 4,065,777 shares, valued at about $158.5 million, representing 2.2% of its holdings and ranking as the fund's 17th largest position.
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AutoZone adjustment: Canoe trimmed its AutoZone stake by 10% to 44,461 shares, a position valued at roughly $150.2 million and about 2% of the portfolio, ranking as its 21st biggest holding; a director bought 165 shares at about $2,987 per share.
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Sherwin-Williams stake: Canoe reduced its holdings in Sherwin-Williams by 7.8% to 319,417 shares, worth about $102.39 million and representing roughly 0.13% of the company; hedge funds and institutional investors own about 77.67% of SHW.
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Teck Resources position: Canoe cut its Teck Resources stake by 49.6% to 1,680,741 shares, valued at about $87.1 million and about 0.35% of Teck; other funds boosted Teck positions, including Louisbourg Investments and Union Bancaire Privee (UBP).
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Mettler-Toledo stake: Canoe lowered its stake in Mettler-Toledo International by 3.8% to 51,824 shares, valued at about $65.36 million and about 0.26% of the company; 95.07% of Mettler-Toledo stock is owned by institutional investors and hedge funds.
Canoe Financial LP made one of its boldest moves of the year in Q1 2026, opening a brand-new $158.5 million stake in Halliburton Company (HAL), picking up 4,065,777 shares and landing it as the fund's 17th largest position, according to Watchlist News. The Calgary-based firm, which manages over $20 billion in total assets, simultaneously cut several other holdings — including a near-50% slash to its Teck Resources position — signaling a clear rotation in strategy.
The moves come from a fund with a total 13F portfolio value of roughly $7.34 billion. Canoe's top 10 holdings account for 31.48% of that total, with Canadian National Railway sitting at the top at 4.8%, or about $353 million.
Canoe Bets Big on Halliburton as Energy Services Re-Rate
Canoe's new Halliburton position is its largest single Q1 purchase. The 4,065,777 shares, worth about $158.5 million, make up 2.16% of the portfolio, according to Watchlist News. The buy puts Halliburton alongside other major Canoe energy bets as oilfield services companies see renewed interest from institutional investors.
Halliburton itself reported strong Q1 2026 earnings on April 21, posting adjusted EPS of $0.55 — beating the $0.50 analyst consensus. CEO Jeff Miller has pointed to "international drilling strength" as the key driver for 2026. Goldman Sachs maintained a "Buy" rating on HAL with a $44 price target, citing the company's ability to grow profits even as revenue growth stays flat, according to Investing.com.
Teck Resources Stake Cut Nearly in Half Amid Copper Transition
Canoe slashed its Teck Resources stake by 49.6% in Q1, dropping from roughly 3.3 million shares to just 1,680,741. The remaining position is worth about $87.1 million and represents 1.19% of the portfolio. The steep cut comes as Teck undergoes a major transformation — shedding its coal business and repositioning as a copper-focused miner.
Teck reported a Q1 2026 profit of $819 million, more than doubling year-over-year results. But CEO Jonathan Price faces real headwinds: rising diesel costs at Chilean copper mines and ongoing merger talks with Anglo American are creating uncertainty. Not everyone is selling, though. Funds like Louisbourg Investments and Union Bancaire Privee boosted their Teck positions in Q1, betting on the long-term copper story, according to Ticker Report.
AutoZone and Sherwin-Williams Trimmed in Valuation-Driven Pullback
Canoe trimmed its AutoZone (AZO) stake by 10%, leaving it with 44,461 shares worth about $150.2 million — still its 21st largest holding at roughly 2% of the portfolio. The cut may reflect valuation concerns: AutoZone trades at a P/E of 20.56, above its historical median. Interestingly, AutoZone Director Brian Hannasch moved the other way on May 29, buying 165 shares at $2,987 each — a $492,855 personal bet on the stock.
Canoe also cut its Sherwin-Williams (SHW) stake by 7.8%, landing at 319,417 shares worth about $102.39 million. That represents roughly 0.13% of the paint giant's total shares. Sherwin-Williams reported a 6.8% jump in net sales to $5.67 billion in Q1, beating estimates. CEO Heidi Petz said the company is navigating "heightened global uncertainty" by chasing new accounts and growing its "share of wallet." Hedge funds and institutions own about 77.67% of SHW overall.
Mettler-Toledo Trimmed as Tariff Fears Hammer Precision Instruments
Canoe cut its Mettler-Toledo International (MTD) stake by 3.8%, to 51,824 shares worth about $65.36 million. It is a small trim, but the timing is notable. On May 8, Mettler-Toledo shares fell 13.27% in a single session despite beating EPS estimates — $8.91 actual versus $8.59 expected — because operating margins dropped by 80 basis points, according to Investing.com.
Analysts point to tariff-related cost pressures as the core problem for precision instrument makers in 2026. Institutional and hedge fund investors own 95.07% of Mettler-Toledo stock, meaning any shift in sentiment can move the stock fast. Canoe's small reduction may reflect caution about how long margin pressure will last if global trade policy stays unsettled.
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