SCHEDULE: Canadian Investment Firms Disclose Passive Stakes in TFI International

Four Canadian financial institutions, including Jarislowsky, Fraser Limited and 1832 Asset Management L.P., have disclosed passive beneficial ownership of 5.87% of TFI International Inc.'s Common Shares.

Summary

• Four Canadian financial institutions, 1832 Asset Management L.P., MD Financial Management Inc., Scotia McLeod (a division of Scotia Capital Inc.), and Jarislowsky, Fraser Limited, have filed a Schedule 13G.
• Collectively, these entities beneficially own 4,903,999 Common Shares of TFI International Inc., representing 5.8742% of the class.
• Jarislowsky, Fraser Limited holds the largest individual stake among the group, with 3,304,033 shares, equating to 3.9577% beneficial ownership.
• 1832 Asset Management L.P. holds 1,117,612 shares (1.3387%), Scotia McLeod holds 436,279 shares (0.5226%), and MD Financial Management Inc. holds 46,075 shares (0.0552%).
• The reporting persons certify that the securities 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: 5

Explanation: The filing is a factual disclosure of beneficial ownership, providing no positive or negative operational or financial news about the issuer. It is a neutral informational update.

Future Outlook

NA

Industry Context

This filing indicates a passive investment by several Canadian financial institutions in TFI International Inc., a transportation and logistics company. Such filings are routine disclosures of significant ownership stakes by institutional investors, reflecting their portfolio allocation decisions rather than direct operational or strategic involvement.

Comparison to Industry Standards

• This Schedule 13G filing is a standard disclosure for institutional investors reaching specific ownership thresholds (over 5%) in publicly traded companies, aligning with SEC regulations.
• The certification that the holdings are for passive investment purposes is typical for asset managers and investment advisors, distinguishing them from activist investors who would file a Schedule 13D.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership stakes, which can influence market perception of institutional confidence in the company.

Key Dates

Keywords

TFI International Inc., Schedule 13G, Beneficial Ownership, Institutional Investors, Asset Management, Investment Adviser, Common Shares, Passive Investment, Canadian Financial Institutions