SCHEDULE: FIL Limited Reports 5.8% Stake in TFI International

FIL Limited and its affiliates have disclosed beneficial ownership of 5.8% of TFI International Inc.'s common stock as of March 31, 2026.

Summary

• FIL Limited, along with its subsidiaries and affiliates (collectively, the "FIL Reporters"), has filed a Schedule 13G, indicating beneficial ownership of TFI International Inc. common stock.
• The filing, dated March 31, 2026, reports an aggregate of 4,782,544 shares beneficially owned, representing 5.8% of the class.
• FIL Limited has sole voting power over 4,326,088 shares and sole dispositive power over 4,782,544 shares.
• Pandanus Partners, L.P. (a Delaware entity) and Pandanus Associates, Inc. (also a Delaware entity) are also listed as reporting persons, with Pandanus Partners, L.P. holding 4,782,544 shares with sole dispositive power.
• Pandanus Partners, L.P. owns shares of FIL Limited voting stock, representing a significant portion of FIL's voting power, though the exact percentage fluctuates.
• Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P.
• The filing states 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 made under Rule 13d-1(b) and certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It's a standard disclosure of beneficial ownership by an institutional investor and does not inherently signal positive or negative performance for TFI International Inc. itself.

Positives

• FIL Limited and its affiliates maintain a significant ownership stake (5.8%) in TFI International Inc., suggesting confidence in the company's value or future prospects.
• The reporting persons have sole dispositive power over the entire 4,782,544 shares, indicating clear control over these holdings.
• The filing confirms that the securities are held in the ordinary course of business, which is a standard and expected practice for institutional investors.

Negatives

• The filing does not contain any negative financial performance indicators or operational challenges for TFI International Inc. itself, as it is a Schedule 13G filing focused on ownership.
• The disclaimer regarding beneficial ownership by members of the Johnson family, while standard, could be perceived as a way to distance specific individuals from direct responsibility for the investment.

Risks

• The filing does not explicitly mention any risks related to TFI International Inc.'s operations or the investment itself. The primary risk is inherent in any equity investment, which is market volatility and the potential for share price decline.
• Potential changes in the ownership structure of FIL Limited or Pandanus Partners, L.P. could indirectly impact their investment strategy and holdings in TFI International Inc.

Future Outlook

This filing is a Schedule 13G, which reports beneficial ownership and does not contain forward-looking statements or guidance regarding TFI International Inc.'s future performance. The certification within the filing indicates that the securities are held in the ordinary course of business and not for the purpose of influencing control.

Management Comments

• "This filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by FIL, certain of its subsidiaries and affiliates, and other companies (collectively, the "FIL Reporters")."
• "Pandanus is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson, but disclaims that any such member is a beneficial owner of the securities reported on this Schedule 13G."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect..."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors and investment funds that acquire a significant stake in a public company. FIL Limited is a global investment management firm, and this filing indicates a substantial passive investment in TFI International Inc., a transportation and logistics company. Such filings are closely watched by the market to understand institutional sentiment and ownership trends.

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 is owned by trusts for the benefit of members of the Johnson family, including FIL's Chairman Abigail P. Johnson. However, the filing disclaims that any such member is a beneficial owner of the securities reported on this Schedule 13G.

Stakeholder Impact

• Shareholders of TFI International Inc.: The filing provides transparency on a significant institutional shareholder, which can influence market perception and potentially the stock price.
• FIL Limited's Investors: This filing confirms a substantial investment by FIL Limited, indicating its strategy and allocation of capital.
• TFI International Inc. Management: The presence of a large institutional holder like FIL Limited can bring scrutiny and potentially influence corporate governance discussions.

Next Steps

• FIL Limited and its affiliates will continue to monitor their investment in TFI International Inc.
• FIL Limited may adjust its holdings based on market conditions and investment strategy.
• TFI International Inc. will continue its operations and financial reporting as a publicly traded company.

Key Dates

Keywords

TFI International Inc., FIL Limited, Schedule 13G, Beneficial Ownership, Common Stock, Investment, Ownership Stake, Pandanus Partners, Pandanus Associates, SEC Filing