Montreal-based Jarislowsky Fraser disclosed the sale of 124,059 shares of Thomson Reuters (TRI +0.20%) for an estimated $22.8 million in its SEC filing for the period ended September 30.
What Happened
Investment management firm Jarislowsky Fraser reduced its holding in Thomson Reuters (TRI +0.20%) by 124,059 shares in the third quarter, according to its Form 13-F filed with the Securities and Exchange Commission on Tuesday. The estimated transaction value of the sale was approximately $22.8 million, calculated using the average share price during the period. The fund held nearly 2.9 million Thomson Reuters shares worth $448.3 million at the end of the quarter.
What Else to Know
The fund's post-transaction position accounts for 2.5% of the fund’s 13F assets under management as of September 30.
Top five holdings after the filing:
- NYSE:BN: $1 billion (5.6% of AUM)
- NYSE:TD: $938 million (5.2% of AUM)
- NYSE:CNI: $836.8 million (4.6% of AUM)
- NASDAQ:OTEX: $790.7 million (4.3% of AUM)
- TSX:BMO: $760.4 million (4.2% of AUM)
As of Thursday, shares of Thomson Reuters were priced at $162.78.
Over the past year, the stock has fallen 2.5%, while the S&P 500 has climbed 16%.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $162.78 |
| Market capitalization | $73.4 billion |
| Revenue (TTM) | $7.3 billion |
| Net income (TTM) | $1.6 billion |
Company Snapshot
- Thomson Reuters provides business information services across legal, tax, accounting, news, and print segments, with flagship offerings in legal research, workflow solutions, and global news distribution.
- The company serves law firms, corporations, tax and accounting professionals, government entities, and media organizations globally.
- It operates a technology-driven platform that delivers content and workflow tools to professional clients worldwide.
Thomson Reuters Corporation is a leading global provider of business information services, specializing in legal, tax, accounting, and news solutions. The company leverages a diversified portfolio and technology-driven platforms to deliver critical content and workflow tools to professional clients.
Foolish Take
Jarislowsky Fraser’s decision to trim its Thomson Reuters stake seemingly signals a slight rebalancing—not a retreat. The firm sold about 124,000 shares worth $22.8 million last quarter but still maintains a substantial $448 million position, making the media and data giant one of its top holdings (though outside the top five). The move fits a pattern across Jarislowsky’s recent filings: modest profit-taking in mature positions like Thomson Reuters and Shopify, while deploying capital into industrial and tech names such as RB Global and Open Text.
Thomson Reuters has been a steady compounder for years, anchored by its legal and tax software segments and, until last year, a stake in the London Stock Exchange Group, but its shares have lagged broader markets this year—down about 2.5% versus the S&P 500’s 16% gain. Its second-quarter results, in particular, disappointed investors, with earnings per share falling year over year despite 9% organic revenue growth among its big three segments and a 5% rise in adjusted EBITDA.
For long-term investors, Jarislowsky’s trim looks tactical: a way to lock in gains after a multiyear rally while keeping exposure to a resilient, high-margin information business positioned to benefit from continued digital transformation in legal and tax workflows.
Glossary
Assets under management (AUM): The total market value of all investments managed by a fund or investment firm.
Form 13-F: A quarterly report filed by institutional investment managers to disclose their equity holdings to the Securities and Exchange Commission (SEC).
Post-trade stake: The number of shares or value of a holding remaining after a transaction is completed.
Reportable U.S. equity assets: U.S. stocks that must be disclosed in regulatory filings by institutional managers.
Top five holdings: The five largest investments in a fund's portfolio, ranked by market value.
Trading days: Days when financial markets are open for buying and selling securities.
TTM: The 12-month period ending with the most recent quarterly report.
Workflow solutions: Software or tools designed to improve and automate business processes for professionals.
