Cortland Associates Sheds JD Shares Worth $11.7 Million, as Competition Heats Up
Key Points
Sold 373,236 shares of JD.com; estimated transaction value ~$11.67 million (based on quarterly average price)
Quarter-end JD.com position value decreased by $14.03 million, reflecting both trading activity and price change
Remaining stake: 155,104 shares, valued at $4.45 million
JD.com now accounts for 0.56% of fund AUM, placing it outside the fund's top five holdings
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Cortland Associates disclosed in a January 28, 2026, SEC filing that it sold 373,236 shares of JD.com (NASDAQ:JD), an estimated $11.67 million transaction based on quarterly average pricing.
What Happened
According to a January 28, 2026, SEC filing, Cortland Associates sold 373,236 shares of JD.com during the fourth quarter, an estimated $11.67 million trade based on the period's average price. The value of the fund’s JD.com position declined by $14.03 million over the quarter, a figure that incorporates both the share sale and stock price changes. The fund now holds 155,104 shares, valued at $4.45 million.
What Else to Know
This was a sale, reducing JD.com’s weight to 0.56% of Cortland Associates’ U.S. equity assets under management.
Top holdings after the filing:
- 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)
As of January 27, 2026, shares of JD.com were priced at $29.50, down 24.7% over the past year and underperforming the S&P 500 by 40.76 percentage points.
Company Overview
| 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 |
Company Snapshot
- Offers a wide range of products including computers, consumer electronics, home appliances, general merchandise, pharmaceuticals, and online marketplace services.
- Operates a supply chain-driven business model, generating revenue through direct online retail sales, third-party marketplace commissions, logistics, and technology-driven solutions.
- Serves consumers and businesses across China, targeting both individual shoppers and enterprise customers seeking integrated digital and logistics solutions.
JD.com is a leading technology-driven e-commerce and supply chain company in China, distinguished by its extensive logistics infrastructure and vertically integrated retail operations. The company leverages proprietary technology and a robust logistics network to deliver a broad selection of products efficiently to customers nationwide. Strategic investments in supply chain digitization and omni-channel services position JD.com as a key player in China's rapidly evolving retail and enterprise solutions landscape.
What This Transaction Means For Investors
Recently, Cortland Associates disclosed in a SEC filing that it sold about $11.7 million worth of JD.com stock during the fourth quarter of 2025 (the three months ending on Dec. 31, 2025). Here’s what average investors need to know.
First, let’s recap how JD has performed in recent years. In short, it hasn’t been great. Shares of JD have declined by about 64% over the last five years. Compare that to the S&P 500, which has advanced by 100% over the same period.
The reasons for this precipitous decline are varied, but the most significant is probably the growing competition for the Chinese e-commerce market. Companies like Alibaba and Pinduoduo have emerged as major competitors for JD, which has put pressure on JD’s margins as it must lower its prices to compete and offer greater incentives to attract consumers and merchants. In addition, JD’s decision to expand into lower margin businesses like food delivery continues to weigh on its overall profit margins.
Lastly, the market is also concerned about the overall health of the Chinese e-commerce market. Growth in the Chinese consumer market has been sluggish, and some investors remain concerned about regulatory risks associated with companies with extensive operations in China.
In short, this transaction by Cortland shouldn’t come as much of a surprise, given JD’s longstanding underperformance relative to the S&P 500. While the company remains a significant player in the e-commerce market, with more than $180 billion in annual revenue and nearly $5 billion in annual net income, investors may be wise to remain cautious with JD stock given its ongoing struggles with increased competition and tight margins.
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Jake Lerch has positions in Alphabet and Visa. The Motley Fool has positions in and recommends Alphabet, Booking Holdings, Kyndryl, and Visa. The Motley Fool recommends Alibaba Group and JD.com. The Motley Fool has a disclosure policy.
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