Shortly after every month end, I publish a monthly recap that only includes holdings in the FFJ Portfolio. At mid-year and year-end, however, I look at my exposure across all accounts including retirement accounts to determine my exposure since I hold shares in the same companies in various accounts held at two discount brokers. This 2025 Year-End Investment Holdings Review reflects the rankings on December 31, 2025. Prior reviews that are accessible through the Archives section of this site are as of:
- June 30, 2025;
- 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 the spreadsheet means the holding was not within the top 30 at the time of the review.
Visa (V) and Mastercard (MA) continue to be my largest and second largest holdings. Intuitive Surgical (ISRG), S&P Global (SPGI), Chevron (CVX), Heico (HEI-a), Walmart (WMT), Blackstone (BX), Lockheed Martin (LMT), and Automatic Data Processing (ADP) round out my top 10 holdings.
WMT was my 3rd largest holding when I completed my 2025 mid-year review. I, however, subsequently sold shares as part of our Registered Retirement Savings Plan (RRSP) meltdown strategy.
Accenture (ACN), Cintas (CTAS), and Howard Hughes Holdings (HHH) are new additions to the top 30 holdings (#20, #29, and #30 respectively).
Thermo Fisher Scientific has risen to my 11th largest holding versus my 21st largest at the time of my last 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:
- December 31, 2025: $1.3744 CDN = $1 USD
- 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
I want minimal exposure to Canadian companies despite being a Canadian resident. As of December 31, 2025, my exposure to Canadian companies was ~6.8% of our total holdings versus ~6.5% at June 30, 2025 and ~7% at December 31, 2024.
The following are the weightings of our:
top 30 holdings.
- December 31, 2025: ~80.2%
- 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.
- December 31, 2025: ~40.3%
- 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.
- December 31, 2025: ~23%
- 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.
- December 31, 2025: ~16.9%
- 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:
- December 31, 2025: ~9.65%
- 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:
- December 31, 2025: ~1.24%
- 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%
Final Thoughts
Over the very long term I want the value of our holdings to increase substantially. In the short-term, however, I welcome share price weakness…particularly if a company’s capital allocation strategy includes opportunistic share repurchases.
While I disclose the dividend income generated from the holdings within the FFJ Portfolio, dividends are my least preferred method by which a company can enhance shareholder value. I much prefer that a company allocate capital for growth purposes on the condition that the return on invested capital will be well above the cost of capital and the rate of inflation. My second preference is the repurchase of undervalued shares. My reluctance to invest in companies with attractive dividend metrics is that I incur a tax liability when I receive dividend income from holdings held within taxable accounts. Many of my holdings, therefore, have a very low dividend yield.
In addition, my investor profile is such that I do not speculate. I am particularly aware that as an equity investor, I am last in line to recoup my investment in the event a company implodes. This is why I refrain from investing in companies with non-investment grade credit ratings.
I have, however, made an exception to this policy with my investment in Howard Hughes Holdings (HHH). This is because the company’s risk profile is much improved by reason of the significant investment by Pershing Square and the impending acquisition of Vantage Group Holdings Ltd. whose credit ratings are investment grade. S&P Global has explicitly stated there is a high likelihood it will raise HHH’s rating upon the successful closing of the Vantage acquisition, which is expected in Q2 2026.
I wish you much success on your journey to financial freedom!
Note: Please send any feedback, corrections, or questions to finfreejourney@gmail.com.
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.
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