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Rona president and CEO Robert DuttonGraham Hughes/The Canadian Press

It's refreshing to see a major shareholder like Invesco Trimark Ltd. ruffle feathers at Rona Inc.

This isn't a hedge fund looking to make a quick buck, or an activist shareholder who says he cares about the company long-term, despite buying just a few weeks ago.

According to public disclosure documents, Invesco first crossed the 10 per cent disclosure threshold in March 2010, when Rona noted that the investment management firm owned 17.8 million shares, or 13.7 per cent of the company.

Since then, Invesco's remained above 10 per cent, owning 13.8 million shares or 10.6 per cent in 2011 and 14.4 million shares or 11.6 per cent in March 2012.

Digging through the Globe and Mail's database, there are also stories from 2008 that indicate Trimark funds were boosted by Rona holdings that summer, so we know they've at least been a minority holder since then. For all we know, Invesco may have lurked just under the 10 per cent threshold for years.

Sadly, it's hard to tell just how much money Invesco's made or lost on Rona. Given that they didn't cross the 10 per cent threshold in 2009, but did in 2010, they bought at least 5 million shares from March 2009 to March 2010. And during that time span, Rona's stock went on a nice run up, spiking at $17.35 in April 2010. But who knows when they precisely bought, and exactly when they sold.

For those interested, Invesco also holds major ownership stakes above the 10 per cent threshold in a few different Canadian companies, including Macdonald Dettwiler & Associates, Trinidad Drilling Ltd., and MBAC Fertilizer Corp., according to Bloomberg.