Prior to the end of February I departed for a ski trip to several ski resorts in British Columbia. Having recently returned, I now provide this brief belated February month end report.
All previous monthly reports are accessible here.
Recent Activity
One of the discount brokers I employ now provides 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. This explains why holdings that include fractional shares now appear on my monthly FFJ Portfolio reports.
Purchases
Moody’s (MCO)
On February 4 I increased my exposure with the purchase of 100 shares @ $463.88128 in a ‘Core’ account in the FFJ Portfolio. I subsequently acquired an additional 40 shares @ $412.63415 in the same ‘Core’ account. I disclose these purchases in my February 25 post.
Intact Financial (IFC.to)
On February 11 I increased my exposure with the purchase of 50 shares @ ~$254.34 in a ‘Core’ account in the FFJ Portfolio. I disclose this purchase in my February 12 post.
S&P Global (SPGI)
On February 6 I increased my exposure with the purchase of 50 shares @ $438.5154 in a ‘Core’ account in the FFJ Portfolio. I subsequently acquired an additional 50 shares @ $413.085 in another ‘Core’ account on February 10. I disclose these purchases in my February 11 post.
HEICO (Class A shares)
I acquired additional shares in this company @ $232.1152 on February 26 for a young investor I am helping on their journey to financial freedom. I do not disclose details of such purchases.
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 February, I received dividend income from the following companies.
- Accenture (ACN)
- Apple (AAPL)
- Blackstone (BX)
- Carrier Global (CARR)
- Mastercard (MA)
- Paychex (PAYX)
- The Royal Bank of Canada (RY.to)
Shares in some of these companies are also held in retirement accounts.
The February dividend income was:
- ‘Core’ accounts: ~$999 CDN and ~$3,391 USD
- ‘Side’ accounts: ~$0 CDN and ~$1,193 USD
The YTD2026 dividend income is:
- ‘Core’ accounts: ~$1,232 CDN and ~$5,804 USD
- ‘Side’ accounts: ~$0 CDN and ~$1,669 USD
Holdings
In prior FFJ Portfolio monthly posts I explain why the ‘Side’ accounts component of the portfolio experienced a dramatic reduction in June 2024.
April 2024
Core Accounts: ~$ 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
December 2025
Core Accounts: ~$ 777,299 CDN and ~$ 6,044,049 USD
Side Accounts: ~$ 84,797 CDN and ~$ 1,416,542 USD
Total: ~$ 862,096 CDN and ~$ 7,460,591 USD
January 2026
Core Accounts: ~$ 783,961 CDN and ~$ 6,233,707 USD
Side Accounts: ~$ 81,866 CDN and ~$ 1,395,241 USD
Total: ~$ 865,827 CDN and ~$ 7,628,948 USD
February 2026
Core Accounts: ~$ 843,052 CDN and ~$ 6,137,945 USD
Side Accounts: ~$ 78,111 CDN and ~$ 1,367,986 USD
Total: ~$ 921,163 CDN and ~$ 7,505,931 USD
NOTE: The above values exclude investments in several tax-efficient accounts for which I do not disclose details.
Final Thoughts
I have a long-term investment time horizon, and therefore, my investment decisions will differ from those of a short-term investor. Furthermore, since we do not rely on dividend income to service our living expenses, attractive dividend metrics do not factor into my investment decision making process. Given my investor profile, I limit our exposure to companies that prioritize dividend distributions.
I do, however, concern myself with the tax implications of our investments.
The majority of our investment holdings are US companies. If they distribute a dividend, we incur a 15% dividend withholding tax as Canadian residents. In addition, we have to include this dividend income on our annual tax returns on which we must pay further tax.
My preference is to invest in a company that generates an attractive return on invested capital. If such a company’s capital allocation is exemplary and includes opportunistic share repurchases, I WANT a lower share price and better valuation. This is because a lower share price provides management with the opportunity to repurchase a greater number of shares. If all works out according to plan, our share of the company’s earnings and cash flow should increase over the long-term AND we incur no tax liability until such time as we sell shares (which could be several years into the future).
Naturally, the company must have the financial wherewithal to repurchase shares without destroying its Balance Sheet.
Here are two examples of wonderful companies that are allocating capital toward share repurchases during a period in which their shares are undervalued.
Copart’s (CPRT) share price has plunged from ~$64 in mid-May 2025 to ~$33.5 as I compose this post in late March 2026. The company, however, continues to generate strong results, has no debt, and has several billion dollars of liquidity. With shares having been undervalued the last few months, management has initiated share repurchases. I would much rather that CPRT repurchase shares in the $30s versus the $60s.
Accenture (ACN) is another company that aggressively repurchases shares. In FY2011, ACN’s diluted weighted average Class A ordinary shares was 743,211,312. In Q2 2026 it was 622,640,891. If ACN is to continue to aggressively repurchase shares, I WANT the share price to remain depressed.
ACN recently reported Q2 and YTD2026 results in which it disclosed YTD share repurchases of ~$4.001B versus ~$2.346B in the corresponding prior year period (see Consolidated Cash Flows Statements For the Six Months Ended February 28, 2026 and 2025 found on page 10 of 151 in the Q2 2026 Form 10-Q).
ACN repurchased ~2.5x the number of shares in the first half of FY2026 as it repurchased in the first half of FY2025. Given this, I am grateful that ACN’s share price is coming under pressure.
In a nutshell, I welcome market corrections and encourage you to also view them as an opportunity to improve your long-term wealth.
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.
