Contents
I can’t believe another month has flown by!
This FFJ Portfolio – November 2025 report is a high-level recap of my activity during the month. All monthly reports are accessible here.
My average cost for a few holdings is below the current share price. This is of no concern to me. On the contrary, I WANT the share price of great companies to remain depressed.
All the companies in which I am currently ‘underwater’ are profitable and generate strong free cash flow. The longer these companies remain undervalued, the better since this prolongs their opportunity to repurchase shares at attractive valuations.
My financial resources are limited. Purchasing a few hundred shares here and there has no significant impact on my overall portfolio. When companies repurchase shares, they typically repurchase millions of shares. Acquiring undervalued shares benefits all shareholders AND we incur no tax liability until such time as we sell shares (assuming we sell shares above our average cost).
Recent Activity
In my FFJ Portfolio – October 2025 report I mention that one of the discount brokers I employ has introduced Partial Shares Dividend Reinvestment Plans. Going forward, partial shares will be acquired for the holdings in my investment accounts at this discount broker that are partial share-eligible.
On November 24, The Royal Bank of Canada (RY.to) distributed a $931.70 dividend to my account. This amount was automatically reinvested and I received 4.41101 shares.
The other discount broker I employ has yet to introduce this feature.
Purchases
Automatic Data Processing (ADP)
On November 3 I acquired 100 shares @ ~$256.035 in a ‘Core’ account in the FFJ Portfolio. I disclose this purchase in my November 3 post.
Cintas (CTAS)
On November 3 I acquired 100 shares @ ~$181.455 in a ‘Side’ account in the FFJ Portfolio. I disclose this purchase in my November 3 post.
Paychex (PAYX)
On November 5 I acquired 100 shares @ ~$115.77 in a ‘Core’ account in the FFJ Portfolio. I disclose this purchase in my November 5 post.
Paycom (PAYC)
On November 6 I acquired 100 shares @ ~$162.11479 in a ‘Core’ account in the FFJ Portfolio. I disclose this purchase in my November 7 post.
Veeva Systems (VEEV)
On November 21 I acquired 100 shares @ ~$239.17718 in a ‘Core’ account in the FFJ Portfolio. I disclose this purchase in my November 21 post.
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
- merge or acquire
Nevertheless, I track dividend income and make this information accessible here.
In November, I received dividend income from the following companies.
- Accenture (ACN)
- Apple (AAPL)
- Blackstone (BX)
- Carrier Corporation (CARR)
- Mastercard (MA)
- Paychex (PAYX)
- West Pharmaceutical Services (WST)
- The Royal Bank of Canada (RY.to)
Shares in some of these companies are also held in retirement accounts.
The November dividend income was:
- ‘Core’ accounts: ~$932 CDN and ~$2,986 USD
- ‘Side’ accounts: ~$0 CDN and ~$1,101 USD
YTD2025 dividend income is:
- ‘Core’ accounts: ~$10,471 CDN and ~$54,323 USD
- ‘Side’ accounts: ~$1,059 CDN and ~$13,575 USD
Holdings
In prior FFJ Portfolio monthly posts I explain why the ‘Side’ accounts component of the portfolio experienced a dramatic reduction in June 2024.
April 2024
Core Accounts: ~$ 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
May 2025
Core Accounts: ~$ 660,717 CDN and ~$ 4,863,614 USD
Side Accounts: ~$ 78,367 CDN and ~$ 1,402,636 USD
Total: ~$ 739,084 CDN and ~$ 6,266,250 USD
June 2025
Core Accounts: ~$ 667,624 CDN and ~$ 5,101,029 USD
Side Accounts: ~$ 83,394 CDN and ~$ 1,401,732 USD
Total: ~$ 751,018 CDN and ~$ 6,502,761 USD
July 2025
Core Accounts: ~$ 710,951 CDN and ~$ 5,318,092 USD
Side Accounts: ~$ 90,407 CDN and ~$ 1,396,771 USD
Total: ~$ 801,358 CDN and ~$ 6,714,863 USD
August 2025
Core Accounts: ~$ 716,802 CDN and ~$ 5,471,511 USD
Side Accounts: ~$ 87,700 CDN and ~$ 1,405,698 USD
Total: ~$ 804,502 CDN and ~$ 6,877,209 USD
September 2025
Core Accounts: ~$ 722,031 CDN and ~$ 5,583,274 USD
Side Accounts: ~$ 88,771 CDN and ~$ 1,451,505 USD
Total: ~$ 810,802 CDN and ~$ 7,034,779 USD
October 2025
Core Accounts: ~$ 741,526 CDN and ~$ 5,831,838 USD
Side Accounts: ~$ 87,158 CDN and ~$ 1,363,995 USD
Total: ~$ 828,684 CDN and ~$ 7,088,807 USD
November 2025
Core Accounts: ~$ 771,369 CDN and ~$ 5,831,838 USD
Side Accounts: ~$ 87,605 CDN and ~$ 1,400,414 USD
Total: ~$ 858,974 CDN and ~$ 7,232,252 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 finfreejourney@gmail.com.
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.
