SCHEDULE: FIL Limited Discloses 6% Stake in Rogers Communications

FIL Limited, along with its affiliates Pandanus Partners, L.P. and Pandanus Associates, Inc., has reported beneficial ownership of 25,936,929 shares, representing 6.0% of the Class B Non-Voting Common Stock of Rogers Communications Inc. as of March 31, 2026.

Summary

• FIL Limited, through its subsidiaries and affiliates Pandanus Partners, L.P. and Pandanus Associates, Inc., has filed a Schedule 13G indicating beneficial ownership of 25,936,929 shares of Rogers Communications Inc.'s Class B Non-Voting Common Stock.
• This holding represents 6.0% of the class of securities as of March 31, 2026.
• FIL Limited is classified as an Investment Adviser (IA) and Fidelity Investments Canada ULC is also noted as an entity beneficially owning 5% or greater of the security class.
• Pandanus Partners, L.P. owns shares of FIL Limited voting stock, which normally represents more than 25% and less than 48.5% of the total votes.
• Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P.
• The filing clarifies that while Pandanus is owned by trusts for the benefit of members of the Johnson family, including Abigail P. Johnson, no individual member is disclaimed as a beneficial owner of the reported securities.
• The filing is a joint filing by FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc., effective May 5, 2026, covering beneficial ownership as of March 31, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it is a routine disclosure of beneficial ownership by an institutional investor and does not contain operational or financial performance updates.

Positives

• FIL Limited and its affiliates have a significant, disclosed stake of 6.0% in Rogers Communications Inc., indicating substantial investment interest.
• The clear disclosure provides transparency to the market regarding ownership of Class B Non-Voting Common Stock.

Risks

• While not explicitly stated as a risk in this filing, significant ownership by investment entities can sometimes lead to activist investor campaigns or influence on corporate strategy, which could be a future consideration for Rogers Communications.
• Fluctuations in the total voting power of FIL Limited's voting stock, as mentioned in relation to Pandanus Partners, L.P., could indirectly impact the governance dynamics of FIL Limited and its reporting entities.

Future Outlook

This filing is a disclosure of current beneficial ownership as of March 31, 2026, and does not contain forward-looking statements or guidance regarding future actions or performance of Rogers Communications Inc. or FIL Limited.

Management Comments

• FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. have agreed and consented to the joint filing of this Schedule 13G.
• Pandanus disclaims that any member of the Johnson family is a beneficial owner of the securities reported on this Schedule 13G, despite ownership of Pandanus Partners, L.P. by trusts for their benefit.

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by FIL Limited and its affiliates is a standard disclosure for significant institutional investors exceeding a 5% ownership threshold in a publicly traded company. It provides market transparency regarding the holdings of Class B Non-Voting Common Stock of Rogers Communications Inc.

Related Party Transactions

• Pandanus Partners, L.P. owns shares of FIL Limited voting stock. Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P.
• Pandanus Partners, L.P. is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson. FIL disclaims beneficial ownership by these family members.

Stakeholder Impact

• Shareholders of Rogers Communications Inc. are informed of a significant institutional investor's stake, potentially influencing market perception and trading activity.
• Management and the Board of Directors of Rogers Communications Inc. are aware of FIL Limited's 6.0% ownership, which may be a factor in strategic decision-making and corporate governance discussions.

Next Steps

• FIL Limited and its affiliates will continue to hold their beneficial ownership in Rogers Communications Inc. Class B Non-Voting Common Stock.
• Further filings may be required if ownership levels change significantly.

Key Dates

Keywords

Rogers Communications Inc., FIL Limited, Schedule 13G, Class B Non-Voting Common Stock, Beneficial Ownership, Investment Adviser, Pandanus Partners, Pandanus Associates, SEC Filing, Shareholder