Dixon Mitchell Investment Counsel Adds Another $7 Million of TFI International Stock on the Dip

On Nov. 13, 2025, Dixon Mitchell Investment Counsel Inc. disclosed in a U.S. Securities and Exchange Commission filing that it increased its position in TFI International Inc. by 93,705 shares, an estimated $7 million.

What happened

Dixon Mitchell Investment Counsel reported a purchase of 93,705 shares of TFI International Inc. (NYSE:TFII), according to its quarterly Form 13F filed with the U.S. Securities and Exchange Commission on Nov. 13, 2025 (link).

The increase brought the manager’s total holding to 912,039 shares, worth $80.72 million as of Sept. 30, 2025.

What else to know

Dixon Mitchell increased its stake in TFI International, and the position now makes up 2.87% of its AUM.

Top holdings after the filing:

• iShares Core MSCI EAFE ETF (NYSEMKT:IEFA): about $248.06 million (about 8.8% of AUM)
• Microsoft (NASDAQ:MSFT): about $147.68 million (about 5.3% of AUM)
• Alphabet (NASDAQ:GOOGL): about $134.15 million (about 4.8% of AUM)
• Toronto-Dominion Bank (NYSE:TD): about $132.09 million (about 4.7% of AUM)
• Royal Bank of Canada (NYSE:RY): about $131.26 million (about 4.7% of AUM)

As of Dec. 10, 2025, shares of TFI International were priced at $99.17, down about 35% over the past year, underperforming the S&P 500 by 48 percentage points.

TFI shares are 36% below their 52-week high.

Company Overview

Company Snapshot

TFI International:

• Provides transportation and logistics services, including package and courier, less-than-truckload (LTL), truckload (TL), and logistics solutions across North America.
• Operates a diversified business model with both asset-based and asset-light segments, generating revenue from freight transportation, dedicated logistics, and brokerage services.
• Serves a broad customer base ranging from small businesses to large enterprises in the United States, Canada, and Mexico.

TFI International Inc. is a leading North American provider of transportation and logistics services, operating through multiple segments to deliver comprehensive freight and supply chain solutions.

The company leverages a large fleet and a network of independent contractors to maintain flexibility and scale across diverse markets.

Its integrated approach and cross-border capabilities provide a competitive edge in servicing complex logistics needs for a wide range of customers.

Foolish take

Dixon Mitchell has held TFI International since 2020. However, it has nearly doubled the number of shares it owns in the company since late 2024 as the stock dove almost 50% from its all-time high.

This is noteworthy as it shows that Dixon Mitchell not only knows the company well, having held it for half a decade, but believes it to be a buy-the-dip opportunity at today's discounted valuation.

Trading at 26 times earnings and 12 times free cash flow (FCF), TFI's true valuation likely lies somewhere between these figures due to its cyclical nature. Regardless, it trades at a discount to the broader market.

With an average cash return on invested capital (ROIC) of 14% over the last five years, TFI has an excellent track record as a serial acquirer, profitably scooping up smaller businesses and integrating them into its network.

Since 2003, the company has been a 39-bagger, and over the last decade, TFI has grown sales by an average of 14% annually.

Simply put, TFI is a top-tier compounder, and it appears to be a shrewd investment for Dixon Mitchell to make while the former's valuation is at levels it hasn't seen since before 2020.

If management can expand its successful track record of making tuck-in acquisitions, TFI could prove to be an excellent investment by Dixon Mitchell.

Glossary

13F reportable assets: Assets that U.S. institutional investment managers must disclose quarterly in SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Dividend yield: Annual dividends per share divided by the share price, expressed as a percentage.
Trailing-twelve-month (TTM): The 12 months ending with the most recent quarterly report.
Asset-based: Business model where a company owns and operates physical assets, such as trucks or warehouses, to provide services.
Asset-light: Business model relying more on third-party providers or contractors than owning major physical assets.
Less-than-truckload (LTL): Freight shipping for smaller loads that do not require a full truck, combining shipments from multiple customers.
Truckload (TL): Freight shipping where a single shipment fills an entire truck, typically for one customer.
Brokerage services: Arranging transportation or logistics by connecting shippers with carriers, often without owning the transport assets.
Quarterly trading activity: Buying or selling securities as part of a fund's regular portfolio management during a three-month period.
Stake: The amount of ownership or shares held by an investor or institution in a company.
Independent contractors: Self-employed individuals or businesses hired to perform services, not directly employed by the company.

Josh Kohn-Lindquist has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet and Microsoft. The Motley Fool recommends TFI International and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.