Magnetar's Latest Portfolio Additions
Magnetar Financial expands equity portfolio with major stakes in CN Railway and Avidity Biosciences.
Key Points
In its Canadian National Railway stake update, other investors also expanded exposure: Lincluden Management boosted its CNI holding by 4.1% to 434,344 shares (valued at about $40.7 million), and Fisher Asset Management increased its position by 10.5% to 2,279,778 shares (valued at about $225.4 million). The article also notes institutional investors and hedge funds own 80.74% of CNI’s stock.
For MESHU, the filing coverage included near-term trading context: the stock opened at $10.07, has a 12-month low of $9.95 and high of $10.50, and its 50-day moving average is $10.06.
Cantor Equity Partners V (CEPV) is described as a SPAC “formed to raise capital through a public offering and complete a business combination with one or more operating companies.” The coverage also cites valuation and sell-side context, including a P/E ratio of 147.23 and that Weiss Ratings moved it from “sell (e)” to “sell (e+)”; it last reported EPS of $0.14 for the quarter ended March 31.
For Avidity Biosciences (RNA), Magnetar’s position is quantified more specifically than in the summary: the stock “accounts for 0.8%” of Magnetar’s portfolio and is its 15th-largest holding. The article also details analyst stance, including that Wells Fargo began coverage with an “overweight” rating (and that other brokerages issued differing ratings).
Magnetar Financial LLC quietly built a $4.52 million stake in Canadian National Railway during the first quarter of 2026, buying 45,754 shares of the freight giant. The Evanston, Illinois-based hedge fund disclosed the move in its May 13 Form 13F filing with the SEC, which revealed a portfolio valued at roughly $9.84 billion, according to Inside Arbitrage.
The CNI buy was just one of several new positions Magnetar opened. The fund also picked up shares in biotech firm Avidity Biosciences, refiner Valero Energy, and two blank-check companies — Cantor Equity Partners V and Meshflow Acquisition Corp. Its biggest bet was Avidity, where it spent $83.6 million on 1,158,603 shares.
Magnetar Loads Up on Biotech and Energy Names
Avidity Biosciences is Magnetar's 15th-largest holding and accounts for 0.8% of its total portfolio, according to Quiver Quantitative. The biotech is in the middle of a complex corporate overhaul. On February 26, Avidity spun off a subsidiary called Atrium Therapeutics — a move required before its planned merger with Novartis AG can close, according to PR Newswire.
On the energy side, Magnetar bought 27,818 shares of Valero Energy worth about $4.5 million. The timing looks sharp. Valero reported Q1 net income of $1.3 billion in late April — a dramatic swing from a loss in the year-ago period — partly driven by access to discounted heavy sour crude, according to Quiver Quantitative.
CN Railway Draws Heavyweight Institutional Buyers
Magnetar was not alone in adding CN Railway. Fisher Asset Management — run by billionaire Ken Fisher — boosted its CNI stake by 10.5% to 2,279,778 shares, valued at $225.4 million, according to MarketBeat. Lincluden Management also expanded its position by 4.1%, bringing its total to 434,344 shares worth about $40.7 million.
Institutional investors now own 80.74% of CNI's outstanding stock, per MarketBeat. Despite the heavy institutional loading, analysts maintain a consensus "Hold" rating on the stock. Simply Wall St notes that CNI's appeal centers on its operating ratio and cost discipline, as the railway expands services tied to the Jansen Potash Mine and record propane shipments.
Magnetar Bets on Two SPACs Chasing Deals
Magnetar put $5.1 million into 500,000 shares of Cantor Equity Partners V (CEPV), a blank-check company led by Brandon G. Lutnick. CEPV closed a $250 million IPO in November 2025 and is targeting deals in financial services, digital assets, and healthcare, according to Renaissance Capital. Weiss Ratings currently rates the stock "sell (e+)" — a slight upgrade from its prior "sell (e)" — reflecting the speculative nature of pre-merger SPACs.
The fund also took a $12.5 million position in Meshflow Acquisition Corp. (MESHU), buying roughly 1.25 million shares. MESHU raised $345 million in a December 2025 IPO and is hunting for targets in the blockchain infrastructure space, according to SPAC Research. The stock opened at $10.07, with a 12-month trading range of $9.95 to $10.50.
Analysts Split on Avidity as Novartis Deal Looms
Wells Fargo started coverage of Avidity Biosciences with an "Overweight" rating in March 2026, pointing to the company's first-in-class RNA therapies targeting diseases like FSHD — a rare muscle disorder with few treatment options — according to GuruFocus. Other brokerages offered more cautious views, resulting in a mixed picture for the stock.
Much of the near-term interest in Avidity is tied to the Novartis merger rather than its standalone fundamentals. Magnetar's event-driven strategy — betting on corporate deals closing — fits that mold exactly. If the Novartis acquisition completes as planned following the Atrium spinoff, Magnetar's $83.6 million position could deliver a clean arbitrage return, according to Options Clearing Corp data reviewed by analysts.
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