Company Overview - 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 [5] - The company leverages a large fleet and a network of independent contractors to maintain flexibility and scale across diverse markets [5] - TFI operates a diversified business model with both asset-based and asset-light segments, generating revenue from freight transportation, dedicated logistics, and brokerage services [7] Financial Performance - As of September 30, 2025, TFI International reported a revenue of $8.06 billion and a net income of $323.46 million [4] - The company has a dividend yield of 1.81% [4] - TFI shares were priced at $99.17 as of December 10, 2025, reflecting a decline of about 35% over the past year, underperforming the S&P 500 by 48 percentage points [3] Investment Activity - Dixon Mitchell Investment Counsel increased its position in TFI International by purchasing 93,705 shares, bringing its total holding to 912,039 shares valued at approximately $80.72 million [2][3] - The increased stake now represents 2.87% of Dixon Mitchell's assets under management (AUM) [3] - Dixon Mitchell has nearly doubled its shares in TFI since late 2024, indicating a belief in the company's potential as a buy-the-dip opportunity [9] Valuation and Growth Potential - TFI is currently trading at 26 times earnings and 12 times free cash flow (FCF), suggesting it trades at a discount to the broader market [10] - The company has an average cash return on invested capital (ROIC) of 14% over the last five years, showcasing a strong track record of profitable acquisitions [10] - TFI has been a significant performer since 2003, with sales growing by an average of 14% annually over the last decade, indicating its status as a top-tier compounder [11]

Group 1 - TransDigm has been a consistent performer in the aircraft aftermarket, focusing on spare parts sales to government and commercial customers [1] - The company is recognized for its strategy of serial acquisitions within the spare parts business [1] Group 2 - The investment philosophy highlighted emphasizes the importance of high-quality stocks and businesses led by disciplined capital allocators [1]