SCHEDULE: FIL Limited Boosts Stake in TELUS International to 11.5%
Beneficial Ownership Report
FIL Limited and its affiliates have reported a beneficial ownership of 11.5% in TELUS International CDA Inc.'s Subordinate Voting Shares as of September 30, 2025.
Summary
- FIL Limited, along with Pandanus Partners, L.P. and Pandanus Associates, Inc., collectively reported beneficial ownership of 13,123,363 Subordinate Voting Shares of TELUS INTERNATIONAL CDA INC.
- This ownership represents 11.5% of the total outstanding Subordinate Voting Shares.
- The event requiring this filing occurred on September 30, 2025.
- FIL Limited holds sole voting power and sole dispositive power over all 13,123,363 shares.
- Fidelity Canadian Large Cap Fund is noted to have an interest of 7,770,000 shares, amounting to 6.8% of the total outstanding Subordinate Voting Shares, as part of the broader FIL Reporters group.
- The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
Sentiment
Score: 7
Explanation: The filing indicates a substantial, passive institutional investment by FIL Limited and its affiliates, which can be interpreted as a vote of confidence in the issuer's long-term prospects. This is generally a positive signal for the company's stability and investor interest.
Positives
- Significant institutional ownership by FIL Limited and its affiliates, indicating a substantial investment and potential confidence in TELUS International CDA Inc.
- The acquisition of shares was stated to be in the ordinary course of business, suggesting a long-term, passive investment perspective rather than an activist stance.
Risks
- The filing explicitly states that the securities were not acquired for the purpose of changing or influencing the control of the issuer, mitigating the risk of an immediate hostile takeover or activist campaign from this specific reporting group.
Future Outlook
NA
Industry Context
NA
Related Party Transactions
- Pandanus Partners, L.P. owns voting stock in FIL Limited, representing between 25% and 48.5% of the total voting power.
- 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.
Stakeholder Impact
- Shareholders: Increased institutional ownership by a major investment firm like FIL Limited can be viewed positively, potentially signaling stability and long-term value. It also means a significant portion of the company's voting shares are concentrated with a single institutional group.
Key Dates
| Date | Description |
|---|---|
| 2022-12-19 | Effective date of Power of Attorney for Stephanie J. Brown, authorizing signatures for FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. |
| 2023-01-31 | Date of previous Schedule 13G filing by FIL Limited (accession number: -23-000005) where the Power of Attorney is incorporated by reference. |
| 2025-09-30 | Date of event which requires the filing of this statement, reflecting the beneficial ownership. |
| 2025-10-06 | Date of signing for the Schedule 13G filing. |
Keywords
TELUS International, FIL Limited, Beneficial Ownership, Schedule 13G, Subordinate Voting Shares, Institutional Investment, Equity Stake
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