CANADA PENSION PLAN INVESTMENT BOARD

Major 10% shareholder CPPIB sold 3.50M CRC shares at $61.10, reducing stake by 33.3% to 7.01M; stock up 41.1% in 90 days

CPPIB, a 10% institutional stakeholder, executed a significant open-market sale of 3,500,000 shares at $61.10 on 2026-03-12, reducing its position from 10,506,895 shares to 7,006,895 shares—a 33.3% reduction in holdings totaling $213,850,000 in proceeds. The sale occurred within the stock's 52-week trading range ($32.40–$64.74) at a price 2.7% below the recent high. California Resources Corp has delivered strong recent momentum (+41.1% over 90 days, +10.6% over 30 days) alongside solid fundamentals including $855.0M quarterly revenue, $64.0M net income, and 14.7% annual revenue growth at a P/E of 15.03. The timing and scale of this position reduction warrant investor attention: despite the company's positive momentum and reasonable valuation, the institutional insider is choosing to divest rather than hold or add, which may signal a reassessment of conviction or capital reallocation needs within the fund.

CPP Investment Board sold 5,938,773 shares (5.94M) of WAY at $39.21 on 2025-09-12, reducing stake by -23.8% to 19.03M shares; $232.9M transaction.

Canada Pension Plan Investment Board, a 10% owner, sold 5,938,773 shares for $232,859,289.33, a material reduction in stake size. The timing warrants attention: prior same-ticker history shows 3 of 3 prior sales by this insider were well-timed at the 90-day mark, and the cross-ticker track record reflects an 80.00% well-timed rate on sells—meaningfully better than random. The current stock price of $38.25 sits -15.7% from the 52-week high, and notably, the company was unprofitable over its most recent full fiscal year despite showing +19.3% annual revenue growth, a pattern that typically precedes volatility. This large block sale by an institutional 10% holder at a price ($39.21) above current levels may signal perception of near-term downside risk, consistent with this insider's demonstrated pattern of executing sells ahead of subsequent declines.

Canada Pension Plan Investment Board sold 4,728,061 shares (4.73M) for $176.8M at $37.39, reducing stake by -15.9%

Canada Pension Plan Investment Board, a 10% owner of WAY, executed two separate sales totaling 4,728,061 shares (4.73M shares) for $176,799,694.61 ($176.8M) at a blended average price of $37.39 on May 16 and May 20, 2025. The sales reduced the investor's holding from 29,692,286 shares to 24,964,225 shares, a -15.9% reduction of pre-transaction holdings. The transactions occurred at $37.39, which sits below the current price of $39.65 and well below the 52-week high of $45.35. The company trades at an elevated P/E of 264.33 despite recent positive quarterly fundamentals (revenue $256.4M with +19.3% annual growth) and a loss for the full fiscal year. This substantial stake reduction by a major institutional holder during a period of stock appreciation relative to the sale prices merits attention as a potential signal of position reassessment by a sophisticated long-term investor.

CANADA PENSION PLAN INVESTMENT BOARD exits EDR entirely, selling 21.04M shares for $578.6M at $27.50 on 2025-03-24

Canada Pension Plan Investment Board liquidated its entire 21.04M-share position in Endeavor Group Holdings, exiting completely at $27.50 per share. The sale is material in absolute terms ($578.6M in proceeds) and represents a 100% exit of holdings. Contextually, this occurs while the company posted $2.0B in quarterly revenue with a negative net income of $-264.7M, indicating operational strain despite 19.3% annual revenue growth. The insider's cross-ticker track record shows 3 prior sells with a 50.00% well-timed rate and average 90-day post-sell returns of -5.5%, suggesting mixed historical accuracy in timing market inflection points, though this particular exit leaves no remaining position to evaluate.

CPPIB sold 7.52M Waystar shares (20.2% reduction) at $40.00; now holds 29.69M shares

Canada Pension Plan Investment Board, a 10% owner, executed a substantial reduction of its Waystar position, selling 7,517,168 shares at $40.00 for $300,686,720.00 and lowering holdings from 37.21M to 29.69M shares. The company remains unprofitable on a full-year basis despite recent revenue growth of 19.3%, creating a disconnect between growth metrics and profitability that may have motivated the reduction. The transaction price of $40.00 is below the current price of $42.35, and at the 52-week high of $45.35 the stock has appreciated 13.4% since the sale, suggesting this particular execution was not well-timed; however, across CPPIB's cross-ticker open-market history, the insider's 90-day well-timed rate stands at 50.00% with an average 90-day return of -5.5% after prior sales. A major institutional investor reducing exposure at this scale warrants investor attention to whether broader sentiment toward the company's profitability path has shifted.

10% owner Canada Pension Plan sold 9,065,609 shares of INFA at $24.54 on 2024-11-11 for $222.5M; now holds 108.43M shares.

Canada Pension Plan Investment Board executed a material reduction of its Informatica stake, selling 9,065,609 shares for a total of $222,503,587.61. The company remains unprofitable (net income of -$14.0M in the latest quarter), and the stock is trading -34.9% from its 52-week high of $38.81. The sale reduced the insider's holdings by 7.7% to 108.43M shares, indicating a partial but meaningful reduction in exposure. Across the insider's broader open-market transaction history, prior sells averaged a 90d return of -15.9% with a 100.00% well-timed rate, suggesting a track record of selling before downside materializes; however, current price of $25.26 is only 2.9% above the $24.54 transaction price from November 11, so the immediate post-sale context does not yet show significant further decline.