SCHEDULE: CDPQ Discloses 8.6% Stake in TFI International

Caisse de depot et placement du Quebec (CDPQ) has disclosed an 8.6% beneficial ownership stake in TFI International Inc. as of December 31, 2025.

Summary

• Caisse de depot et placement du Quebec (CDPQ) reported beneficial ownership of 7,085,634 shares of TFI International Inc. common stock.
• This ownership represents 8.6% of the total class of TFI International Inc. securities.
• CDPQ holds sole voting power and sole dispositive power over all 7,085,634 shares.
• The filing certifies that the securities were not acquired and are not held for the purpose of changing or influencing the control of TFI International Inc.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, indicating a significant institutional investor's confidence in TFI International without an immediate intent to influence control, suggesting stability in the ownership structure.

Positives

• A significant stake by a large institutional investor like Caisse de depot et placement du Quebec (CDPQ) can signal confidence in TFI International's long-term prospects.
• CDPQ's certification of not seeking to influence control suggests stability in the ownership structure and a passive investment approach.

Risks

• While Caisse de depot et placement du Quebec certifies no intent to influence control, a large institutional holder always carries the potential for future shifts in investment strategy or divestment, which could impact share price.

Future Outlook

NA

Management Comments

• Caisse de depot et placement du Quebec certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of TFI International Inc., nor were they acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

Industry Context

StockSavvy.ai notes that large institutional investments in the transportation and logistics sector, such as TFI International, often reflect confidence in the industry's stability and growth potential, particularly given the critical role of supply chains in the global economy. CDPQ's stake underscores the attractiveness of established players in this essential sector.

Stakeholder Impact

• Shareholders: The presence of a large, stable institutional investor like Caisse de depot et placement du Quebec can provide a degree of confidence and potentially reduce volatility, as it represents a long-term holder.

Key Dates

Keywords

TFI International, CDPQ, Caisse de depot et placement du Quebec, beneficial ownership, Schedule 13G, common stock, institutional investor, transportation, logistics