THE MARKET’S A MADHOUSE, AND RB GLOBAL’S STOCK IS THE JESTER WITH A BROKEN NOSE, STILL TRYING TO MAKE YOU LAUGH. BUT HERE COMES JARISLOWSKY FRASER, THE GUY WHO TAKES THE CASH AND DANCES ON THE GRAVE OF YOUR DREAMS. THEY BOUGHT 1.8 MILLION SHARES FOR $195.6 MILLION-THE KIND OF MONEY THAT MAKES YOUR AVERAGE BROKER’S EYES WATER.
WHAT HAPPENED
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.
WHAT ELSE TO KNOW
THIS ISN’T JUST A STAKE-IT’S A BOLD STATEMENT. 1.12% OF THEIR ASSETS UNDER MANAGEMENT NOW BELONG TO RB GLOBAL. A FUND THAT USUALLY PLACES ITS BETS ON FINANCIALS AND SOFTWARE NOW HAS A FINGER IN THE INDUSTRIAL PUDDING. THEIR TOP FIVE HOLDINGS? BROOKFIELD, TD, OPEN TEXT-A REGULAR RODEO OF BORINGNESS. BUT RB GLOBAL? IT’S THE RODEO ROYALTY.
TOP FIVE FUND 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, RB GLOBAL’S STOCK WAS AT $100.58. UP 17% OVER THE PAST YEAR. BUT THE MARKET’S A TIGER. ONE SECOND IT’S SLEEPING, THE NEXT IT’S CHASING YOU THROUGH THE JUNGLE.
COMPANY OVERVIEW
| Metric | Value |
|---|---|
| Price (as of Thursday) | $100.58 |
| Market capitalization | $18.7 billion |
| Revenue (TTM) | $4.4 billion |
| Net income (TTM) | $417.8 million |
COMPANY SNAPSHOT
- RB GLOBAL PROVIDES OMNICHANNEL MARKETPLACES, AUCTION PLATFORMS, DIGITAL ASSET MANAGEMENT, AND TECHNOLOGY SOLUTIONS FOR COMMERCIAL ASSETS AND VEHICLES.
- THE COMPANY SERVES A GLOBAL CUSTOMER BASE ACROSS AUTOMOTIVE, TRANSPORTATION, CONSTRUCTION, GOVERNMENT, ENERGY, MINING, AND AGRICULTURE SECTORS.
- IT OPERATES WORLDWIDE, CONNECTING BUYERS AND SELLERS THROUGH BOTH PHYSICAL AND DIGITAL CHANNELS.
RB GLOBAL, INC. IS A LEADING PROVIDER OF ASSET DISPOSITION AND MARKETPLACE SOLUTIONS, LEVERAGING A DIVERSES PLATFORM THAT INTEGRATES PHYSICAL AND DIGITAL CHANNELS. THE COMPANY’S SCALE AND BREADTH ENABLE IT TO SERVE A WIDE RANGE OF INDUSTRIES AND ASSET CLASSES, ENHANCING LIQUIDITY AND TRANSPARENCY FOR BUYERS AND SELLERS.
FOOLISH TAKE
THE INVESTMENT IN RB GLOBAL CAME AFTER A 15% SLUMP. THE STOCK’S A TIGER WITH A BAD TOOTH, BUT JARISLOWSKY FRASER IS THE GUY WHO THROWS THE BONES. RB GLOBAL’S FUNDAMENTALS ARE SOLID AS A BRICK WALL. SECOND-QUARTER REVENUE CLIMBED 8% TO $1.2 BILLION. INVENTORY SALES AND TRANSACTIONAL BUYER REVENUE HELPED OFFSET DECLINES IN TRANSACTIONAL SELLER AND MARKETPLACE SERVICES REVENUES. TOTAL TRANSACTION VOLUMES UP 2%-A SMALL VICTORY IN A WORLD OF BIGNESS.
FOR LONG-TERM INVESTORS, THIS POSITIONING SUGGESTS CONFIDENCE IN RB GLOBAL’S EVOLUTION FROM A TRADITIONAL AUCTIONEER TO A FULL-SERVICE DIGITAL PLATFORM. THE COMPANY IS SET TO RELEASE EARNINGS AGAIN ON NOVEMBER 6, OFFERING INVESTORS MORE CLARITY INTO WHETHER TODAY’S PULLBACK MIGHT SIMPLY BE A TEMPORARY RESET IN A LONGER RUNWAY FOR GROWTH.
GLOSSARY
13F ASSETS UNDER MANAGEMENT: THE SEC’S VERSION OF A TAX AUDIT, BUT WITH MORE SPREADSHEETS. REPORTABLE ASSETS: INVESTMENTS THAT MUST BE DISCLOSED IN REGULATORY FILINGS, LIKE THE SEC FORM 13F, BY INSTITUTIONAL MANAGERS. OMNICHANNEL MARKETPLACES: SALES PLATFORMS THAT INTEGRATE BOTH PHYSICAL AND DIGITAL CHANNELS TO REACH BUYERS AND SELLERS. ASSET DISPOSITION: THE PROCESS OF SELLING, TRANSFERRING, OR OTHERWISE DISPOSING OF ASSETS, OFTEN THROUGH AUCTIONS OR MARKETPLACES. STAKE: THE OWNERSHIP INTEREST OR SHARE THAT AN INVESTOR HOLDS IN A COMPANY. TOP FIVE HOLDINGS: THE FIVE LARGEST INVESTMENTS IN A FUND’S PORTFOLIO, RANKED BY MARKET VALUE. INITIAL REPORTED OWNERSHIP: THE FIRST TIME A FUND DISCLOSES HOLDING SHARES OF A PARTICULAR COMPANY IN ITS FILINGS. DIGITAL ASSET MANAGEMENT: SYSTEMS OR PROCESSES FOR ORGANIZING, STORING, AND ACCESSING DIGITAL FILES AND RESOURCES EFFICIENTLY. LIQUIDITY: THE EASE WITH WHICH AN ASSET CAN BE QUICKLY BOUGHT OR SOLD WITHOUT SIGNIFICANTLY AFFECTING ITS PRICE. TRANSPARENCY: THE DEGREE TO WHICH INFORMATION ABOUT A COMPANY OR TRANSACTION IS OPENLY AVAILABLE AND ACCESSIBLE TO INVESTORS. TTM: THE 12-MONTH PERIOD ENDING WITH THE MOST RECENT QUARTERLY REPORT.
SO HERE WE ARE, TANGOING WITH THE UNPREDICTABLE. RB GLOBAL’S STOCK IS A RIDDLE WRAPPED IN A MYSTERY INSIDE A FIREWORKS SHOW. AND JARISLOWSKY FRASER? THEY’RE THE GUY WHO BOUGHT THE LAST TICKET TO THE SHOW. 🚀
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2025-10-23 19:09