Cambiar International Equity Fund on Canadian National Railway Company
Thesis
Cambiar added Canadian National Railway as part of an increase in its Industrials allocation. The company's rail network provides what the fund describes as a natural monopoly across important shipping corridors in Canada and the United States. That differentiated network fits Cambiar's preference for high-quality industrial businesses with defensible products or services.
“CNI’s rail network provides a natural monopoly that spans key shipping corridors in Canada, and the U.S.”