There I was, standing in my kitchen at 2 a.m., staring at a spreadsheet of retail stocks like it might offer solace. The numbers didn’t, but RWC Asset Management’s recent filing did-a neat $3.6 million bet on Macy’s shares. It’s the financial equivalent of betting on a mall Santa to outlast a Black Friday crowd. Who knew?
The Unfolding
Last Monday, the SEC got its latest love letter from London’s RWC Asset Management, who added 255,473 Macy’s shares to their portfolio. For context, that’s like buying every last sweater from a clearance rack at a mall that’s already half-demolished. The total stake now sits at 10.9 million shares, which, if converted to actual clothing, would require a storage unit the size of a small country.
What Else to Know
This acquisition now accounts for 9.5% of RWC’s reportable U.S. equity assets. Their top holdings? Macy’s ($195.5M), Exelon ($172.9M), HP Inc. ($159.9M), and two others that sound like they were chosen based on a dartboard and a spreadsheet error. For the record, I’ve never owned a single share of HP. My highest achievement in investing is remembering to pay my Robinhood fee.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $22.7 billion |
| Net Income (TTM) | $540.1 million |
| Dividend Yield | 3.9% |
| Price (as of Monday) | $19.38 |
Company Snapshot
- Macy’s sells everything from $29.99 “vintage-inspired” blouses to $500 handbags. A true democracy of retail, if you ignore the fact that most of us can’t afford either.
- Their omni-channel model is less “omni” and more “hold my beer”-juggling in-store, online, and probably a few pop-up shops in parking lots. It’s the retail version of juggling chainsaws while wearing clown shoes.
- Their customer base? Everyone and no one. A department store for the modern age, where “branded goods” often mean a logo you can’t pronounce.
Foolish Take
RWC’s bet feels like the financial equivalent of betting on a mall Santa to outlast a Black Friday crowd. Macy’s Q2 results-its best comp sales in 12 quarters-seem to suggest the retailer has found a second act. Or maybe it’s just the last store standing in a post-apocalyptic retail landscape. Either way, RWC’s move is a reminder that sometimes, the most contrarian bets aren’t about trendiness-they’re about survival instincts.
The timing? Perfect. Macy’s raised its full-year outlook after a Q2 that included $100M returned to shareholders. It’s the retail version of a midlife crisis: “I’m not dead yet, and I’m definitely not paying full price for a dress.” Their balance sheet is tighter than a pair of jeans on Black Friday, with $340M in long-term debt reductions. Still, let’s not forget-it’s down 70% from 2015 highs. Retail’s a fickle lover.
Glossary
AUM: The total value of assets a fund manages. Useful if you ever want to sound important at a cocktail party.
Omni-channel: A retail strategy that sounds high-tech until you realize it just means “we have an app now.”
Dividend Yield: The percentage of annual dividends relative to stock price. In layman’s terms: free money if you own shares.
Portfolio: Your investments. Or, as my mother calls my savings account: “the piggy bank for when you grow up.”
Stake: Ownership in a company. The retail version of saying, “I believe in this mall Santa.”
Quarter: A three-month period. Retailers live and die by these like I live and die by my coffee intake.
Outperforming: Beating a benchmark. In retail terms: selling more sweaters than the guy who smells like mothballs.
TTM: Twelve months ending with the latest quarter. Useful for avoiding actual dates.
Filing: An official document. The SEC’s version of a love letter.
Holding: An investment. Or, in my case, a box of Christmas lights I’ll never use.
There’s a certain poetry in RWC’s bet-a firm betting on a retailer that once symbolized American consumerism, now navigating a world where Amazon delivers before you finish your coffee. Maybe that’s the real lesson here: sometimes, the best investments aren’t about chasing the next big thing, but recognizing the stubborn persistence of the old. 🛍️
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2025-10-28 02:32