BCV Bulletin - Recent Trading Activity - November 19, 2025
Buy: Prologis Inc. (NYSE: PLD)
We initiated a position in Prologis, Inc. (Prologis), a global leader in logistics real estate. Our investment rationale is driven by the structural demand for e-commerce and supply chain resilience. We are of the view this positions the company for multi-year, above GDP organic growth. Beyond this growth profile, we value the durability of the core business: many tenants are currently paying rates set years ago, allowing Prologis to update expiring leases to today's market prices which are considerably higher. We believe the opportunity is timely, as the sector reaches a critical inflection point characterized by collapsing speculative supply and strengthening demand. While we are mindful of risks regarding the broader economy and interest rates, we view this position as an entry into a blue-chip operator trading below its intrinsic value.
This BCV Bulletin is intended for residents of the provinces and territories in which we are registered, is not meant to be a solicitation to any persons not resident in those jurisdictions and does not constitute an offer to buy or sell our products or services. Any opinions expressed are just that and are subject to change. Information is provided on a best-effort basis and its accuracy cannot be guaranteed. Information may also be provided from third party sources which are believed to be reliable, but we do not guarantee its accuracy or completeness. Certain statements may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This BCV Bulletin has been prepared for general informational purposes only, is not intended as investment and/or financial advice on any subject matter and the securities mentioned should not be construed as a recommendation for any specific securities. ©BCV Asset Management Inc. 2025.
