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In a move that could either signal a midlife crisis or a masterclass in portfolio yoga, Montreal’s Jarislowsky Fraser trimmed its Thomson Reuters (TRI 0.17%) position by 124,059 shares during Q3. The SEC got its fix via Form 13-F, and math wizards calculated the sale at roughly $22.8 million using that magic number: the average share price. For context, the fund still holds 2.9 million shares worth $448.3 million-enough to buy a small island and name it after their CFO.

Post-purchase, RDVY’s weight in the portfolio sits at 4.7%, trailing behind QQQ (7.3%), VOO (6.9%), and AAPL (5.9%). The ETF’s price, $67.00, has risen 11.9% year-over-year-impressive, if you ignore the S&P 500’s 15.18% surge. And yes, the dividend yield of 1.30% feels like a whisper in a world of shouting. But remember, history favors the patient. Or, as one monk once said: “Dividends are the slow drip that carves canyons.” 🏞️

THE SEC FILINGS CAME IN LIKE A BULLET TO THE HEAD. JARISLOWSKY FRASER LTD. SLIPPED INTO RB GLOBAL DURING THE THIRD QUARTER, A 1.8-MILLION-SHARE STAKE THAT SOUNDS LIKE A BURGER MEAL FOR A HUNGRY FUND. THE AVERAGE PRICE? $100.58. THE FUND HADN’T OWNED A SINGLE SHARE LAST QUARTER. IT’S LIKE THEY WERE WAITING FOR THE RIGHT MOMENT TO PULL THE TRIGGER.

The filing, a parchment etched with the ink of quarterly averages, reveals a pattern: Cadinha’s stake in General Electric (GE +2.09%) swells to 97,280 shares, valued at $29.3 million. To the uninitiated, this is a ledger entry. To the connoisseur of markets, it is a reflection in a mirror that reflects no end. For what is a stock price if not the sum of all expectations, a recursive echo of supply and desire?