Contents
This FFJ Portfolio - April 2024 report recaps my investment activity during the month of April. A snapshot of the holdings within the portfolio at the end of each month from December 2018 to March 2024 is accessible here.
In December 2018, the FFJ Portfolio totals were:
Core Accounts: ~$350,809 CDN and ~$418,907 USD
Side Accounts: ~$715,363 CDN and ~$496,589 USD
Total: ~$1,066,172 CDN and ~$915,496 USD
In addition to having made multiple purchases subsequent to December 2018 (and a limited number of sales), my holdings have (for the most part) appreciated in value.
- The increase in the value of the FFJ Portfolio from December 2018 to April 2024 is ~$ 280,282 CDN and ~$ 4,321,818 USD.
- The increase in the value of the FFJ Portfolio from December 2018 to March 2024 is ~$ 421,421 CDN and ~$ 4,359,263 USD.
- The increase in the value of the FFJ Portfolio from December 2018 to February 2024 is ~$ 394,724 CDN and ~$ 4,196,450 USD.
Sales
Enbridge
During the month, I exited Enbridge (ENB) with the sale of 606 shares held in one of the 'Core' accounts and 956 shares in a 'Side' account. My total ENB exposure was relatively insignificant and I paid no attention to the company; I last reviewed it in my December 9, 2020 post.
Since I had no interest in the company and was not increasing my exposure other than through the automatic reinvestment of dividends, I finally exited my position.
In hindsight, I should have never invested in this company!
It is a very capital intensive business that relies heavily on debt. Recently, Moody's downgraded ENB's domestic senior unsecured debt from Baa1 to Baa2. S&P Global has the BBB+ credit rating under review with negative implications. Fitch has yet to take any action.
The weighted average shares outstanding has increased increased steadily and the return on invested capital (ROIC) is abysmal (typically mid single digit).
The environmental risk is high (ie. ruptured pipeline).
While ENB has an attractive dividend yield, this is no reason to invest in the company. There are far better investment opportunities.
Purchases
I made the following purchases during April.
Paychex (PAYX)
I purchased 100 shares in a 'Core' account @ ~$117.55 on April 2 and disclosed the purchase in this April 3 post.
Zoom Video Communications (ZM)
I purchased 200 shares in a 'Core' account @ ~$61.70 on April 10 and disclosed the purchase in this April 10 post.
Veeva Systems (VEEV)
I purchased 100 shares in a 'Core' account @ ~$213.66 on April 9 and disclosed the purchase in this April 9 post.
I purchased 100 shares in a 'Core' account @ ~$197.96 on April 22 and disclosed the purchase in this April 22 post.
BlackRock (BLK)
I purchased 30 shares in a 'Core' account @ ~$770.14 on April 12 and disclosed the purchase in this April 15 post.
West Pharmaceuticals (WST)
I purchased 50 shares in a 'Core' account @ ~$357.54 on April 29 and disclosed the purchase in this April 29 post.
Copart (CPRT)
I purchased 400 shares in a 'Core' account @ ~$54.60 on April 30 and disclosed the purchase in this April 30 post.
Dividend Income
The income from the holdings within the FFJ Portfolio is accessible here.
I base my investment decisions on risk, valuation, and long-term total potential return. Although dividend metrics are of lesser importance, I do track dividend income so I can gauge approximately how many new shares I can expect to receive.
I received the following dividend income in April.
- 'Core' accounts: ~$ 3,023 CDN and ~$ 3,234 USD
- 'Side' accounts: ~$ 3,281 CDN and ~$ 1,994 USD
I received dividend income from the following companies in the FFJ Portfolio and retirement accounts for which I do not disclose details.
- Agilent Technologies (A)
- Automatic Data Processing (ADP)
- Becton Dickinson (BDX)
- Broadridge (BR)
- Danaher (DHR)
- FedEx (FDX)
- Genuine Parts (GPC)
- Intercontinental Exchange (ICE)
- Lockheed Martin (LMT)
- Merck (MRK)
- Nike (NKE)
- Thermo Fisher (TMO)
- Union Pacific (UNP)
- Walmart (WMT)
- Alimentation Couche-Tard (ATD.to)
- BCE (BCE.to)
- Canadian Pacific Kansas City (CP.to)
- Intact Financial (IFC.to)
- The Bank of Nova Scotia (BNS.to)
- The Canadian Imperial Bank of Commerce (CM.to)
- The Toronto-Dominion Bank (TD.to)
Holdings
These are the monthly values of the FFJ Portfolio over the past several months.
January 2022
Core Accounts: ~$773,000 CDN and ~$1,858,000 USD
Side Accounts: ~$666,000 CDN and ~$1,475,000 USD
Total: ~$1,439,000 CDN and ~$3,333,000 USD
February 2022
Core Accounts: ~$778,000 CDN and ~$2,014,000 USD
Side Accounts: ~$672,000 CDN and ~$1,465,000 USD
Total: ~$1,450,000 CDN and ~$3,479,000 USD
March 2022
Core Accounts: ~$810,000 CDN and ~$2,118,000 USD
Side Accounts: ~$696,000 CDN and ~$1,554,000 USD
Total: ~$1,506,000 CDN and ~$3,672,000 USD
April 2022
Core Accounts: ~$770,332 CDN and ~$2,026,487 USD
Side Accounts: ~$658,363 CDN and ~$1,514,137 USD
Total: ~$1,428,695 CDN and ~$3,540,624 USD
May 2022
Core Accounts: ~$784,833 CDN and ~$2,133,728 USD
Side Accounts: ~$661,080 CDN and ~$1,499,998 USD
Total: ~$1,445,913 CDN and ~$3,633,726 USD
June 2022
Core Accounts: ~$742,473 CDN and ~$2,006,645 USD
Side Accounts: ~$595,911 CDN and ~$1,401,823 USD
Total: ~$1,338,384 CDN and ~$3,408,468 USD
July 2022
Core Accounts: ~$794,405 CDN and ~$2,230,466 USD
Side Accounts: ~$644,255 CDN and ~$1,539,292 USD
Total: ~$1,438,660 CDN and ~$3,769,758 USD
August 2022
Core Accounts: ~$740,560 CDN and ~$2,064,323 USD
Side Accounts: ~$637,547 CDN and ~$1,478,073 USD
Total: ~$1,378,107 CDN and ~$3,542,396 USD
September 2022
Core Accounts: ~$707,781 CDN and ~$1,894,989 USD
Side Accounts: ~$612,394 CDN and ~$1,311,542 USD
Total: ~$1,320,175 CDN and ~$3,206,531 USD
October 2022
Core Accounts: ~$740,555 CDN and ~$2,160,153 USD
Side Accounts: ~$624,677 CDN and ~$1,441,483 USD
Total: ~$1,365,232 CDN and ~$3,601,636 USD
November 2022
Core Accounts: ~$785,647 CDN and ~$2,311,806 USD
Side Accounts: ~$653,367 CDN and ~$1,516,013 USD
Total: ~$1,439,014 CDN and ~$3,827,819 USD
December 2022
Core Accounts: ~$737,157 CDN and ~$2,271,705 USD
Side Accounts: ~$602,514 CDN and ~$1,438,680 USD
Total: ~$1,339,671 CDN and ~$3,710,385 USD
January 2023
Core Accounts: ~$775,787 CDN and ~$2,387,269 USD
Side Accounts: ~$642,451 CDN and ~$1,520,472 USD
Total: ~$1,418,238 CDN and ~$3,907,741 USD
February 2023
Core Accounts: ~$757,627 CDN and ~$2,283,481 USD
Side Accounts: ~$634,210 CDN and ~$1,474,168 USD
Total: ~$1,391,837 CDN and ~$3,757,649 USD
March 2023
Core Accounts: ~$747,355 CDN and ~$2,385,759 USD
Side Accounts: ~$628,335 CDN and ~$1,532,785 USD
Total: ~$1,375,690 CDN and ~$3,918,544 USD
April 2023
Core Accounts: ~$768,494 CDN and ~$2,506,613 USD
Side Accounts: ~$638,604 CDN and ~$1,527,968 USD
Total: ~$1,407,098 CDN and ~$4,034,581 USD
May 2023
Core Accounts: ~$726,443 CDN and ~$2,536,273 USD
Side Accounts: ~$613,517 CDN and ~$1,480,114 USD
Total: ~$1,339,960 CDN and ~$4,016,387 USD
June 2023
Core Accounts: ~$769,378 CDN and ~$2,773,868 USD
Side Accounts: ~$630,919 CDN and ~$1,611,031 USD
Total: ~$1,400,297 CDN and ~$4,384,899 USD
July 2023
Core Accounts: ~$769,720 CDN and ~$2,884,064 USD
Side Accounts: ~$641,331 CDN and ~$1,670,716 USD
Total: ~$1,411,051 CDN and ~$4,554,780 USD
August 2023
Core Accounts: ~$742,952 CDN and ~$3,037,143 USD
Side Accounts: ~$619,549 CDN and ~$1,658,762 USD
Total: ~$1,362,501 CDN and ~$4,695,905 USD
September 2023
Core Accounts: ~$722,627 CDN and ~$3,001,498 USD
Side Accounts: ~$596,498 CDN and ~$1,584,096 USD
Total: ~$1,319,125 CDN and ~$4,585,594 USD
October 2023
Core Accounts: ~$695,571 CDN and ~$2,868,375 USD
Side Accounts: ~$576,003 CDN and ~$1,529,009 USD
Total: ~$1,271,574 CDN and ~$4,397,384 USD
November 2023
Core Accounts: ~$741,434 CDN and ~$3,117,406 USD
Side Accounts: ~$624,749 CDN and ~$1,643,731 USD
Total: ~$1,366,183 CDN and ~$4,761,137 USD
December 2023
Core Accounts: ~$776,979 CDN and ~$3,226,033 USD
Side Accounts: ~$671,468 CDN and ~$1,701,449 USD
Total: ~$1,448,447 CDN and ~$4,927,482 USD
January 2024
Core Accounts: ~$ 767,961 CDN and ~$ 3,248,647 USD
Side Accounts: ~$ 663,744 CDN and ~$ 1,683,481 USD
Total: ~$ 1,431,705 CDN and ~$ 4,932,128 USD
February 2024
Core Accounts: ~$ 790,776 CDN and ~$ 3,391,122 USD
Side Accounts: ~$ 670,120 CDN and ~$ 1,720,824 USD
Total: ~$ 1,460,896 CDN and ~$ 5,111,946 USD
March 2024
Core Accounts: ~$ 805,020 CDN and ~$ 3,540,967 USD
Side Accounts: ~$ 682,573 CDN and ~$ 1,733,792 USD
Total: ~$ 1,487,593 CDN and ~$ 5,274,759 USD
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
NOTE: The above values exclude investments in several tax-efficient accounts for which I do not disclose details.
Final Thoughts
Invest in great companies as if you are a business owner. Focus on a company's qualitative and quantitative criteria.
Do not make investment decisions based solely on share price behavior. This is totally asinine!
That's it for now.
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.
