On August 14, 2025, Channing Capital Management, LLC reported fully exiting Cushman & Wakefield(CWK -1.04%), an estimated $54.87 million transaction.
Key points
Channing Capital Management, LLC sold 5,369,263 shares of Cushman & Wakefield; estimated value of approximately $54.87 million.
This represented 1.53% of Channing’s reportable 13F assets under management for the quarter ended June 30, 2025.
Post-trade stake: zero shares; position value now $0.
Previously, the position accounted for 1.66% of the fund’s AUM as of the quarter ended June 30, 2025.
What happened
According to a filing with the Securities and Exchange Commission dated August 13, 2025, Channing Capital Management, LLC sold all 5,369,263 shares it held in Cushman & Wakefield, eliminating a position that previously represented 1.66% of its reported assets as of the quarter ended June 30, 2025. The transaction was valued at $54.87 million.
What else to know
Channing Capital Management, LLC sold out its entire stake in Cushman & Wakefield. The position now accounts for n/a of 13F assets under management as of the quarter ended June 30, 2025.
Top holdings after the filing:
- MKSI: $98.50 million (2.74% of AUM as of June 30, 2025)
- EVR: $98.21 million (2.73% of AUM as of June 30, 2025)
- SF: $91.89 million (2.56% of AUM as of June 30, 2025)
- PSN: $91.67 million (2.55% of AUM as of June 30, 2025)
- SNV: $90.58 million (2.52% of AUM as of June 30, 2025)
As of August 13, 2025, Cushman & Wakefield shares were priced at $14.98, up 18.2% over the past year (1-year price change as of August 13, 2025), outperforming the S&P 500 by 2.29 percentage points over the one-year period ending August 13, 2025.
Forward P/E (FY1 2026): 10.54; EV/EBITDA (TTM as of June 30, 2025): 10.15; five-year revenue CAGR: 1.54%; shares are 7.4% below their 52-week high as of August 13, 2025.
Company Overview
| Metric | Value |
|---|---|
| Market capitalization | $3.45 billion |
| Revenue (TTM) | $9.45 billion |
| Net income (TTM) | $131.30 million |
| One-year price change (August 14, 2025) | 18.23% |
Company Snapshot
Provides integrated commercial real estate services, including facilities management, property management, leasing, capital markets advisory, and valuation services.
Generates revenue through service fees for real estate transactions, property and facilities management, consulting, and advisory solutions across global markets.
Serves a diversified client base of real estate owners, investors, occupiers, and multinational corporations worldwide.
Cushman & Wakefield is a leading global provider of commercial real estate services, operating across the Americas, EMEA, and Asia Pacific regions. The company leverages a comprehensive service platform and strategic partnerships to deliver value-added solutions for clients in complex real estate markets. Its scale, integrated offerings, and international reach position it as a competitive partner for institutional and corporate clients seeking expertise in real estate management and advisory services.
Foolish take
Cushman & Wakefield is one of the biggest global commercial real estate firms in the world, after CBRE and Jones Lang LaSalle, providing services like leasing, project management, capital markets facilities, and valuation across about 60 countries. Although it carries substantial debt from its pre-IPO days, the company has been paying that down slowly over time, improving its equity position gradually.
Still, today Cushman & Wakefield has $5.79 billion in liabilities versus its $7.55 billion in assets, so it’s still sitting at a 76.6% liabilities-to-asset ratio, which feels pretty high when even commercial real estate markets are unsteady.
However, due to its global reach, strength in office and industrial leasing, as well as a growing capital markets business, analysts are beginning to once again smile upon the stock, with six of the analysts followed by Yahoo! Finance giving it a Strong Buy/Buy recommendation, and five a Hold. No Underperform or Sell recommendations were issued for August. The company has beaten analyst earnings expectations for the last three quarters, which is definitely a solid offset to the concern about its debt burden.
The stock is up almost 14% in 2025 and has seen a 32.5% gain over the last five years, even if it is down from its December 2021 highs of $22.24 to just $14.91 as of close of market on August 14, 2025.
Glossary
13F assets under management: The value of securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Fully exiting: Selling all shares of a particular investment, resulting in a zero position.
Position: The amount of a particular security or asset held by an investor or fund.
Reportable: Refers to holdings that must be disclosed in regulatory filings, such as SEC Form 13F.
Forward P/E: Price-to-earnings ratio using forecasted (future) earnings for the next fiscal year.
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; a valuation multiple.
CAGR: Compound annual growth rate; the mean annual growth rate of an investment over a specified period longer than one year.
Capital markets advisory: Professional services that help clients raise capital, structure deals, or navigate financial markets.
Facilities management: The coordination and management of buildings, infrastructure, and services for organizations.
Valuation services: Professional assessments to determine the market value of real estate or other assets.
TTM: The 12-month period ending with the most recent quarterly report.
