It me a full month to complete the sale of Rogers Communications across all Northlake client accounts. Here is a link to my post following the initial sales. The post explains the rationale for exiting the position.
Besides the research, clients should take away a couple of things form the sale of Rogers. First, when Northlake sells a position but uses a price limit, sometimes the entire position is not sold on a single day. When this happens, Northlake completes a random sort to allocate the sold shares among client accounts. The random sort never works out perfectly so usually some smaller holdings are sold to balance things out. Second, Northlake’s research-based approach means that specific price and value targets are identified for each individual stock holding. In the case of Rogers, the price dropped sharply immediately after the first partial sale was completed. Given Northlake’s confidence in its research, rather than throw in the towel at the lower price, the decision was made to wait for a rebound. It took a little over one month but Rogers did eventually reach Northlake’s fair value target.