Contents
On January 4 2025, I published my 2024 Year End Portfolio Review. I never disclose details of what I hold in retirement accounts. I do, however, include these holdings in determining my exposure to various companies. My prior semi-annual reviews have, therefore, been incorrectly labelled as FFJ Portfolio reviews. The monthly recaps, however, only include holdings in the FFJ Portfolio.
I purposely complete these semi-annual reviews to assess my exposure to each company. I have 19 investment accounts and unless I perform these reviews, I do not have an accurate picture. For example, I hold shares in Brookfield Corporation (BN.to), Brookfield Asset Management (BAM.to), Copart (CPRT) Inc. in 6 different accounts. I also have several holdings in 3 - 5 accounts.
This Investment Holdings Review reflects the rankings on June 30, 2025. Prior reviews that are accessible through the Archives section of this site are as of:
- 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 at the time of the review.
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:
- June 30, 2025: $1.3565 CDN - $1 USD
- 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
As noted in prior semi-annual reviews, I want minimal exposure to Canadian companies despite being a Canadian resident. As of June 30, 2025, my exposure to Canadian companies was ~6.5% of our total holdings versus ~7% at December 31, 2024.
The following are the weightings of our:
top 30 holdings.
- June 30, 2025: ~83%
- 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.
- June 30, 2025: ~46%
- 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.
- June 30, 2025: ~23%
- 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.
- June 30, 2025: ~15%
- 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:
- June 30, 2025: ~10.73%
- 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:
- June 30, 2025: ~1.19%
- 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.
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.