Cortland’s JD.com Shuffle: A Dividend Man’s Observation

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Now, I reckon a fella can learn a thing or two just by watchin’ which way the money flows. And lately, I’ve been keepin’ a weather eye on Cortland Associates, a firm that deals in shares like a gambler deals in cards. They done shed a considerable pile of JD.com stock – some $11.7 million worth, if my reckonin’ is correct – and that, friends, is a tale worth tellin’.

What’s Been Stirrin’

Come January 28th, 2026, they filed a notice with the SEC – a fancy way of sayin’ they told the government what they’d been up to. Seems they sold off 373,236 shares of JD.com during the last quarter. That’s a goodly sum, and it shrunk the value of their holdin’s in that company by $14.03 million – a loss accounted for by both the sellin’ and the stock itself takin’ a tumble. They still got some – 155,104 shares, worth around $4.45 million – but they’re clearly lighten’ their load.

What Else a Man Ought to Know

This here sell-off reduced JD.com’s weight in Cortland’s U.S. equity portfolio to a mere 0.56%. That’s like a flea on a hound dog – still there, but hardly makin’ a dent. Now, a dividend hunter like myself, I pay attention to such things. It suggests they’re shiftin’ their affections – and their capital – elsewhere.

As of that same date, their top holdin’s looked like this:

  • NASDAQ: GOOGL: $74.69 million (9.6% of AUM)
  • NASDAQ: WTW: $61.40 million (7.9% of AUM)
  • NYSE: V: $58.72 million (7.6% of AUM)
  • NYSE: KD: $55.28 million (7.0% of AUM)
  • NASDAQ: BKNG: $54.02 million (6.8% of AUM)

JD.com, as of January 27th, 2026, was tradin’ at $29.50 a share – down a good 24.7% from where it was a year prior. It’s been underperformin’ the S&P 500 by a hefty 40.76 percentage points. That’s a drubbin’, friends, a right proper drubbin’.

A Look at the Company

Here’s what they claim about JD.com:

Metric Value
Revenue (TTM) $180.73 billion
Net Income (TTM) $4.88 billion
Dividend Yield 3.37%
Price (as of market close January 27, 2026) $29.50

They offer all sorts of goods – computers, appliances, the whole kit and caboodle. They run a supply chain operation, sellin’ directly to folks and takin’ a cut from others who do the same. They serve China, both individual shoppers and businesses. Sounds grand, don’t it? But grand ain’t always the same as profitable.

JD.com is a technology-driven e-commerce company in China, with a fancy supply chain. They boast about their logistics and integrated retail. They’ve sunk a heap of money into digitization and omni-channel services. Sounds impressive, but a fella needs to look beyond the shine.

What This Means for the Average Investor

Cortland’s decision to lighten their load of JD.com shouldn’t come as a surprise. The company has been underperforming for a good spell. Shares have fallen about 64% over the last five years, while the S&P 500 has doubled. That’s a mighty gulf, friends, a chasm between success and struggle.

The trouble, as near as I can tell, is competition. Alibaba and Pinduoduo have muscled into the Chinese e-commerce market, squeezin’ JD’s margins. They’re forced to lower prices and offer incentives, which eats into their profits. And their ventures into lower-margin businesses, like food delivery, ain’t helpin’ matters.

There’s also a worry about the Chinese market itself. Growth has slowed, and some folks are concerned about regulatory risks. A fella needs to be careful where he puts his money, especially in foreign lands.

So, while JD.com remains a significant player – with over $180 billion in revenue and nearly $5 billion in net income – investors might be wise to tread cautiously. A shiny object ain’t always gold, and a bargain price don’t always mean a good investment. Sometimes, the best return is simply avoidin’ a loss.

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2026-01-29 00:23