Contents
This FFJ Portfolio - April 2025 report provides a high-level recap of the activity during the month in which I increased exposure to various holdings when the broad market was in turmoil.
Despite a slight recovery from the broad market sell-off in early April, I anticipate that we will continue to witness market turmoil for, at the very least, the next few months. This is because the recent earnings releases are for a time frame prior to the implementation of tariffs. Following their implementation, many companies have either lowered or withdrawn their outlook or have cautioned investors that their FY2025 outlook is subject to change because the impact of tariffs is too difficult to determine.
Recent market conditions serve as a reminder of the importance of investing in great companies. Investors would be wise to consider how market conditions can turn on a dime. Weak companies may find themselves in a 'liquidity' predicament and may be forced to resort to private credit since conventional sources of financing may be inaccessible. Private credit, however, is often expensive and the 'wizards' of private credit typically negotiate agreements heavily weighted in their favor.
None of the holdings in the FFJ Portfolio should need to resort private credit.
Recent Activity
In early April, I deployed 'dry powder'. My financial resources, however, pale in comparison to those of the companies in which I invest. I am hopeful that many of my holdings are opportunistically repurchasing undervalued shares.
Purchases
During the month, I purchased shares in the following companies.
Thermo Fisher Scientific (TMO)
- 6 shares @ ~$431.03 on April 17 in a 'Core' account in the FFJ Portfolio.
- 100 shares @ ~$421.37 on April 24 in a 'Side' account in the FFJ Portfolio.
I now hold 283 shares in 'Core' accounts and 100 shares in a 'Side' account.
Brookfield Corporation (BN.to)
- 500 shares @ ~$72.06 on April 3 in a 'Side' account in the FFJ Portfolio.
I now hold 1525 shares in various 'Core' accounts and 500 shares in a 'Side' account.
Blackstone (BX)
- 300 shares @ ~$135.01 on April 3 in a 'Side' account in the FFJ Portfolio.
I now hold 1522 shares in a 'Core' account and 300 shares in a 'Side' account.
I also added to my exposure in the following companies through the automatic reinvestment of dividend income.
- Agilent Technologies (A)
- Alimentation Couche-Tard (ATD.to)
- Automatic Data Processing (ADP)
- Canadian Pacific Kansas City (CP.to)
- Danaher (DHR)
- Genuine Parts (GPC)
- Merck (MRK)
- Nike (NKE)
- Thermo Fisher Scientific (TMO)
- Walmart (WMT)
Furthermore, I made the following purchases in the week of April 6 for the young investors I am helping on their journey to financial freedom. I do not disclose specifics surrounding their purchases.
- Mastercard (MA)
- Intuitive Surgical (ISRG)
- S&P Global (SPGI)
- HEICO Corporation (HEI-a)
Sales
None.
Dividend Income
Dividend metrics are of little relevance in my investment decision making process. My interest lies in an investment's TOTAL potential investment return. In many cases, the preferred means by which a company can allocate its capital is to:
- reinvest in the business
- repurchase shares
- merger or acquire
Nevertheless, I track dividend income and make this information accessible here.
The dividend income received in April is:
- 'Core' accounts: ~$ 193 CDN and ~$ 2,104 USD
- 'Side' accounts: ~$ 0 CDN and ~$ 460 USD
YTD2025 dividend income is:
- 'Core' accounts: ~$ 3,146 CDN and ~$ 19,874 USD
- 'Side' accounts: ~$ 319 CDN and ~$ 5,420 USD
In April, I received dividend income in retirement accounts and accounts included in the FFJ Portfolio from:
- Agilent Technologies (A)
- Alimentation Couche-Tard (ATD)
- Automatic Data Processing (ADP)
- Danaher (DHR)
- Ecolab (ECL)
- Genuine Parts (GPC)
- Merck & Co (MRK)
- Nike (NKE)
- Thermo Fisher Scientific (TMO)
- Total Energies (TTE)
- Walmart (WMT)
Holdings
In prior FFJ Portfolio monthly posts I explain why the value of the 'Side' accounts component of the portfolio experienced a dramatic reduction in value in June 2024.
April 2024
Core Accounts: ~$ 739,787 CDN and ~$ 3,540,445 USD
Side Accounts: ~$ 606,667 CDN and ~$ 1,696,869 USD
Total: ~$ 1,346,454 CDN and ~$ 5,237,314 USD
May 2024
Core Accounts: ~$ 569,237 CDN and ~$ 3,642,078 USD
Side Accounts: ~$ 299,732 CDN and ~$ 1,784,750 USD
Total: ~$ 868,969 CDN and ~$ 5,426,828 USD
June 2024
Core Accounts: ~$ 553,777 CDN and ~$ 3,965,820 USD
Side Accounts: ~$ 0 CDN and ~$ 630,943 USD
Total: ~$ 553,777 CDN and ~$ 4,596,763 USD
July 2024
Core Accounts: ~$ 598,271 CDN and ~$ 4,218,120 USD
Side Accounts: ~$ 0 CDN and ~$ 881,679 USD
Total: ~$ 598,271 CDN and ~$ 5,099,799 USD
August 2024
Core Accounts: ~$ 598,631 CDN and ~$ 4,368,140 USD
Side Accounts: ~$ 27,470 CDN and ~$ 931,443 USD
Total: ~$ 626,101 CDN and ~$ 5,299,583 USD
September 2024
Core Accounts: ~$ 620,426 CDN and ~$ 4,428,345 USD
Side Accounts: ~$ 32,226 CDN and ~$ 953,814 USD
Total: ~$ 652,652 CDN and ~$ 5,382,159 USD
October 2024
Core Accounts: ~$ 617,739 CDN and ~$ 4,411,985 USD
Side Accounts: ~$ 37,230 CDN and ~$ 960,683 USD
Total: ~$ 654,969 CDN and ~$ 5,372,668 USD
November 2024
Core Accounts: ~$ 649,920 CDN and ~$ 4,786,925 USD
Side Accounts: ~$ 40,476 CDN and ~$ 1,026,183 USD
Total: ~$ 690,396 CDN and ~$ 5,813,108 USD
December 2024
Core Accounts: ~$ 628,504 CDN and ~$ 4,670,202 USD
Side Accounts: ~$ 39,292 CDN and ~$ 1,066,098 USD
Total: ~$ 667,796 CDN and ~$ 5,736,300 USD
January 2025
Core Accounts: ~$ 660,263 CDN and ~$ 4,950,735 USD
Side Accounts: ~$ 44,099 CDN and ~$ 1,126,663 USD
Total: ~$ 704,362 CDN and ~$ 6,077,398 USD
February 2025
Core Accounts: ~$ 653,051 CDN and ~$ 4,970,834 USD
Side Accounts: ~$ 41,447 CDN and ~$ 1,190,729 USD
Total: ~$ 694,498 CDN and ~$ 6,161,563 USD
March 2025
Core Accounts: ~$ 617,286 CDN and ~$ 4,829,134 USD
Side Accounts: ~$ 35,596 CDN and ~$ 1,265,103 USD
Total: ~$ 652,882 CDN and ~$ 6,094,237 USD
April 2025
Core Accounts: ~$ 620,799 CDN and ~$ 4,708,988 USD
Side Accounts: ~$ 74,619 CDN and ~$ 1,352,923 USD
Total: ~$ 695,418 CDN and ~$ 6,061,911 USD
NOTE: The above values exclude investments in several tax-efficient accounts for which I do not disclose details.
Final Thoughts
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. I encourage you to make all investment decisions through research and due diligence. You should also consult your financial advisor where appropriate.
I wrote this article myself and it expresses my own opinions. I am not receiving compensation for it and have no business relationship with any company whose stock is mentioned in this article.
