Cidel Bolsters Portfolio
Cidel Asset Management Significantly Expands Holdings in AstraZeneca, RB Global, and Canadian National Railway
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Key Points
1
AstraZeneca's stock is 40.87% owned by institutional investors, underscoring that a large portion of AZN's float is held by institutions alongside Cidel's new 279,490-share stake worth about $55.1 million.
2
Motorola Solutions opened at $390.71 on the day of reporting, with a 52-week price range of $359.36 to $492.22, highlighting the stock's recent performance context as Cidel boosted its position to 43,221 shares (~$18.76 million).
3
Zoetis is heavily weighted toward institutional ownership, with hedge funds and other institutional investors owning 92.80% of the stock as Cidel increased its stake to 149,895 shares (~$17.72 million).
4
RB Global attracted independent analyst attention in Q1, including a Weiss Ratings buy call and revised price targets: BMO at $135 (up from $130), Stephens at $96, and Barclays initiating coverage with an overweight stance.
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Canadian National Railway shows 80.74% institutional ownership, with Cidel holding 515,357 shares (about $52.87 million), marking it as a 6th-largest position in the portfolio.
Cidel Asset Management Inc. made its biggest portfolio moves in years during the first quarter, aggressively expanding stakes in five large-cap companies. The Canadian fund's reported market value climbed 29.6% to $1.83 billion, according to WatchlistNews, driven by a near-doubling of its Canadian National Railway position and an 80% surge in RB Global shares.
The firm now holds AstraZeneca as its third-largest holding and RB Global as its second-largest. Head of Equities Charles Lannon has described the fund's strategy as targeting "businesses with sustainable competitive advantage and financial strength" — a 30-to-40 stock, high-conviction model built to "persistently grow cash flows over long periods."
RB Global and CNR Drive the Biggest Gains
Cidel's sharpest move was in RB Global, the industrial auction and salvage vehicle company. It raised its stake by 80.4%, adding 267,372 shares to reach 599,791 total — worth about $57.34 million, according to Ticker Report. That makes RBA Cidel's second-largest holding. Canadian National Railway was close behind, with a 92.4% jump to 515,357 shares valued at roughly $52.87 million, now sitting as the fund's sixth-largest position.
Both moves signal a bet on hard assets and North American trade. Cidel appears to view CNR as a play on durable freight volumes through late 2026. For RB Global, the fund is leaning into what analysts call the company's "omni-channel auction dominance" — its ability to sell heavy equipment and salvage vehicles online and in person at global scale.
AstraZeneca Enters Portfolio as a Top-Three Cornerstone
Cidel bought 279,490 new AstraZeneca shares in Q1 — a fresh stake worth about $55.1 million, according to WatchlistNews. That purchase instantly pushed AZN to the fund's third-largest holding. AstraZeneca completed a direct NYSE listing in January 2026, making it easier for North American managers to build large positions in the British-Swedish pharma giant.
Institutional investors now own about 40.87% of AZN's float, with 1,369 reported holders. CEO Pascal Soriot noted during the Q1 earnings call that total revenue exceeded $15 billion, backed by 21 new drug candidates in late-stage trials. Analysts view the high institutional ownership as a "stability floor" — meaning the stock is less likely to swing wildly on retail sentiment.
Zoetis Stake Jumps 47%, Motorola Gets a Smaller Boost
Cidel raised its Zoetis position by 47.2% to 149,895 shares, worth an estimated $17.72 million, according to WatchlistNews. Zoetis makes medicines and vaccines for animals. Institutional investors own a striking 92.8% of the stock — one of the highest concentration levels in the large-cap healthcare space. Cidel appears to be buying into a recent dip, as investors reassessed the company's 2026 outlook.
In Motorola Solutions, the fund added 4,383 shares — an 11.3% increase — bringing its total to 43,221 shares valued at about $18.76 million. Motorola opened at $390.71 on the reporting date, within a 52-week range of $359.36 to $492.22. The move is smaller and more cautious compared to Cidel's other Q1 bets, signaling a measured top-up rather than a bold new thesis.
Analysts Split on RB Global, the Fund's Riskiest Big Bet
Wall Street is mostly bullish on RB Global, but not unanimously. BMO Capital raised its price target to $135 (up from $130), and Barclays analyst John Babcock initiated coverage with an "Overweight" rating and a $124 target, according to Ticker Report. Weiss Ratings also issued a buy call. Those views align with Cidel's heavy commitment to the stock.
But Stephens struck a more cautious note, initiating coverage with a $96 price target — well below where RBA has been trading. That gap between the $96 bear case and the $135 bull case shows real disagreement about how long the industrial auction market can keep growing. For Cidel, making RBA its second-largest holding means any slowdown in construction or insurance claims would hit the fund hard.
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