SCHEDULE 13G: FIL Limited and Affiliates Disclose 6.9% Passive Stake in TFI International Inc.

Sentiment:

Beneficial Ownership Report 12 February 2025 1:54 PM

FIL Limited, along with Pandanus Partners, L.P. and Pandanus Associates, Inc., has reported a beneficial ownership of 6.9% of TFI International Inc.'s common stock as of December 31, 2024.

Summary

FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. jointly reported beneficial ownership of 5,814,601 shares of TFI International Inc. common stock.
This stake represents 6.9% of the total outstanding common stock of TFI International Inc.
The shares were acquired and are held in the ordinary course of business, explicitly not for the purpose of changing or influencing control of the issuer.
FIL Limited holds sole voting power over 5,253,561 shares and sole dispositive power over 5,814,601 shares.
Pandanus Partners, L.P. and Pandanus Associates, Inc. each hold sole dispositive power over 5,814,601 shares, but no sole or shared voting power.
The filing is a Schedule 13G, indicating a passive investment intent by the reporting entities.

Sentiment

Score: 7

Explanation: The filing indicates a significant passive stake by a major institutional investor, FIL Limited, in TFI International Inc., which can be viewed as a vote of confidence. However, as a routine Schedule 13G, it does not contain new operational or financial performance data from the issuer, limiting its direct impact on sentiment.

Positives

A major institutional investor, FIL Limited, holds a significant 6.9% stake in TFI International Inc., which can be interpreted as a signal of confidence in the company's long-term prospects.

Risks

The reporting persons explicitly state that the securities were not acquired or held for the purpose or with the effect of changing or influencing the control of the issuer, indicating a passive investment approach.

Future Outlook

Industry Context

This filing pertains to TFI International Inc., a company operating in the transportation and logistics sector. The reported stake by FIL Limited, a global asset manager, reflects an investment decision within this industry, though the filing itself does not provide specific industry analysis.

Related Party Transactions

The filing details the relationship between the reporting entities: Pandanus Partners, L.P. owns voting stock in FIL Limited, and Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P. These entities are filing jointly under a Rule 13d-1(k)(1) agreement.

Stakeholder Impact

Shareholders of TFI International Inc. gain transparency regarding the significant passive stake held by FIL Limited and its affiliates, which may be interpreted as a sign of institutional confidence.

Next Steps

The reporting persons will file amendments to this Schedule 13G if their beneficial ownership percentage changes by more than 1% or if their investment intent shifts from passive to active.

Key Dates

Date	Description
2022-12-19	Effective date of the Power of Attorney for Stephanie J. Brown, authorizing her to sign on behalf of FIL Limited and its subsidiaries, and Pandanus entities.
2023-01-31	Date of previous Schedule 13G filing by FIL Limited where the Power of Attorney was incorporated by reference.
2024-12-31	Date of event which requires the filing of this statement (the reporting period end date for beneficial ownership).
2025-02-11	Date of filing of this Schedule 13G statement with the SEC.

Recommendation

hold

Keywords

TFI International Inc, FIL Limited, Pandanus Partners, Pandanus Associates, Schedule 13G, beneficial ownership, common stock, institutional investment, transportation, logistics

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