Contents
On July 1 2024 I published my 2024 Mid Year FFJ Portfolio Review. With 2024 having drawn to a close, I now provide this 2024 Year End FFJ Portfolio Review using the December 31, 2024 closing stock prices.
This Investment Holdings Review reflects the rankings on December 31, 2024, June 28, 2024, December 29, 2023, January 31, 2023, June 30, 2022, January 6, 2022, April 11, 2021, and August 14, 2020; a blank cell in a worksheet means the holding was not within the top 30.
FX Rates
I hold Canadian and US-listed shares. My base currency is the Canadian dollar, and therefore, I convert my US holdings to Canadian for analysis purposes. The foreign exchange rates at the time of my reviews are:
- December 31, 2024: 1.446 CDN = $1 USD
- June 30, 2024: 1.3689 CDN = $1 USD
- December 29, 2023: 1.3208 CDN = $1 USD
- June 30, 2023: 1.3238 CDN = $1 USD
- January 31, 2023: 1.3337 CDN = $1 USD
- June 30, 2022: $1.2873 CDN = $1 USD
- January 6, 2022: $1.2731 CDN = $1 USD
- April 11, 2021: $1.2545 CDN = $1 USD
- August 14, 2020: $1.34 CDN = $1 USD
Weightings
I have been making a concerted effort to reduce the number of companies to which I have exposure. Despite having exposure to 7 Canadian companies (I want minimal exposure to Canadian companies despite being a Canadian resident) and 50 US companies, 85% of our total exposure is held in 30 companies.
At December 31, 2024, Canadian companies comprised ~7% of our total holdings. The following were the only 3 Canadian companies within the top 30 holdings:
- Brookfield Asset Management/Brookfield Corporation #16
- The Royal Bank of Canada #20
- Intact Financial #30
On January 3, 2025, I sold shares in The Royal Bank of Canada (RY.to) as part of our Registered Retirement Savings Plan meltdown strategy. RY.to is now no longer a top 30 holding.
The following are the weightings of our:
top 30 holdings.
- December 31, 2024: ~85%
- June 30, 2024: ~81%
- December 29, 2023: ~76%
- June 30, 2023: ~75%
- January 31, 2023: ~79%
- June 30, 2022: ~75%
- January 6, 2022: ~80%
- April 11, 2021: ~77%
- August 14, 2020: ~77%
top 10 holdings.
- December 31, 2024: ~46%
- June 30, 2024: ~44%
- December 29, 2023: ~41%
- June 30, 2023: ~39%
- January 31, 2023: ~40%
- June 30, 2022: ~37%
- January 6, 2022: ~43%
- April 11, 2021: ~41%
- August 14, 2020: ~43%
top 11 - 20 holdings.
- December 31, 2024: ~24%
- June 30, 2024: ~23%
- December 29, 2023: ~21%
- June 30, 2023: ~22%
- January 31, 2023: ~22%
- June 30, 2022: ~22%
- January 6, 2022: ~22%
- April 11, 2021: ~22%
- August 14, 2020: ~20%
top 21 - 30 holdings.
- December 31, 2024: ~15%
- June 30, 2024: ~15%
- December 29, 2023: ~14%
- June 30, 2023: ~14%
- January 31, 2023: ~17%
- June 30, 2022: ~16%
- January 6, 2022: ~15%
- April 11, 2021: ~14%
- August 14, 2020: ~14%
The majority of the shares in our largest holding (V) are held in a retirement account for which I do not disclose details. The weighting of this investment is:
- December 31, 2024: ~10.6%
- June 30, 2024: ~9.5%
- December 29, 2023: ~7.9%
- June 30, 2023: ~7.8%
- January 31, 2023: ~8.1%
- June 30, 2022: ~7%
- January 6, 2022: ~7.4%
- April 11, 2021: ~7.88%
- August 14, 2020: ~8.35%
The weighting of our 30th largest holding at the time of each review is:
- December 31, 2024: ~1.13%
- June 30, 2024: ~1.3%
- December 29, 2023: ~1.14%
- June 30, 2023: ~1.14%
- January 31, 2023: ~1.13%
- June 30, 2022: ~1.4%
- January 6, 2022: ~1%
- April 11, 2021: ~1.1%
- August 14, 2020: ~1.1%
Dividend Income and Dividend Yield
Dividend metrics are of little relevance in my investment decision making process. Nevertheless, I track the monthly dividend income from all our holdings. I only, however, disclose the dividend income generated from the holdings within the FFJ Portfolio.
Final Thoughts
I do not invest based on share price behavior in isolation nor do I speculate. My approach is to analyze the underlying fundamentals of a company and its potential to generate an attractive long-term shareholder return. As a result, I shy away from the flavor of the day. Instead, my interest in a great company is piqued when it appears to have temporarily fallen out of favor.
As noted in several posts during the second half of 2024, I have expressed my opinion that the share price of many companies has become detached from the underlying fundamentals. I have, therefore, made relatively few purchases. Recently, however, a few opportunities have arisen thus enabling me to deploy a small portion of my liquidity.
I wish you much success on your journey to financial freedom!
Note: Please send any feedback, corrections, or questions to [email protected].
Disclaimer: I do not know your circumstances and am not providing individualized advice or recommendations. You should not make any investment decisions without conducting your research and due diligence.
I wrote this article myself and it expresses my own opinions. I do not receive compensation for it and have no business relationship with the company mentioned in this article.
