Canadian National Railway CO

• CI Cambiar Investors Cambiar International Equity Fund Commentary ↗ Cambiar International Equity Fund lagged its benchmark as an underweight technology allocation missed an AI-driven semiconductor rally, while patient holdings in Nintendo, Coloplast and MonotaRo hurt shorter-term results. The team added Canadian National Railway and MTU Aero Engines, sold Barry Callebaut, Icon and UCB, and maintained a diversified, valuation-conscious approach with greater Industrials exposure. 2Q 2026 CNI $72BICLR $13BLDNXF $52B +1
• TA Troy Asset Management Investment Report No.89 July 2026 ↗ Troy Multi-Asset Strategy added infrastructure exposure through Canadian National and Hubbell while keeping cyclical holdings sized cautiously. It trimmed equities as valuations extended, added Experian at a depressed multiple, and held index-linked bonds and short-dated nominal bonds for inflation protection and future equity purchases. The first half of 2026 CNI $72BHUBB $25B
• Giverny Capital Annual Letter to our Partners 2025 ↗ Giverny Capital sold CarMax after its turnaround faltered and exited Fiserv after leadership changes, weakened guidance and balance-sheet concerns raised risk. The firm retained Constellation Software, arguing its niche vertical software, embedded customer data and acquisition model remain resilient despite AI fears. It cautioned that AI infrastructure spending may produce poor early-investor economics. 2025 CNSWF $43BCNI $72BFISV $24B +5

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