Season beef with 1 1/2 teaspoons salt and 1 teaspoon black pepper. Heat canola oil; add beef and cook until evenly browned, about 2-3 minutes per side; set aside.
Add onion, and cook, stirring frequently, until translucent, about 2-3 minutes. Stir in garlic and tomato paste until fragrant, about 1 minute.
Stir in red wine, scraping any browned bits from the bottom of the pot.
Stir in beef stock, Worcestershire, thyme, rosemary and bay leaves. Top with beef. Select manual setting; adjust pressure to high, and set time for 45 minutes. When finished cooking, quick-release pressure according to manufacturer’s directions.
Add potatoes and carrots; select manual setting; adjust pressure to high, and set time for 6 minutes. When finished cooking, quick-release pressure according to manufacturer’s directions.
Remove beef, potatoes and carrots from the Instant Pot®; shred beef, using two forks.
In a small bowl, whisk together cornstarch and 1/4 cup cold water; set aside.
Select high sauté setting. Bring to a boil; stir in cornstarch mixture and cook, stirring frequently, until slightly thickened, about 2-3 minutes. If the mixture is too thick, add more beef stock as needed until desired consistency is reached.
Serve beef, potatoes and carrots with juices immediately.