FFJ Portfolio – January 2024

In this FFJ Portfolio - January 2024 report, I provide a recap of my recent investment activity during the month and a snapshot of the holdings within the FFJ Portfolio on January 31.

Short term price gyrations are of little relevance to me; I am interested in how my investments perform over the very long term. Nevertheless, I perform these monthly snapshots so I can look back and gauge the success of my investment decisions. These monthly reports going back to December 2018 are 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 January 2024 is ~$ 365,533 CDN and ~$ 4,016,632 USD.

The Return Of Irrational Exuberance

In January, we continued to experience irrational exuberance thus making it very difficult to identify attractively valued companies.

In my recent posts, I have concluded that I will not be acquiring shares until such time as great companies become undervalued.

Purchases

In early January, I acquired shares in the following companies for young investors I am helping on their journey to financial freedom. I do not disclose details of transactions I make for them.

• Copart (CPRT)
• HEICO (Class A Shares) (HEI-a)
• Zoom Video Communications (ZM)

Sales

The Coca-Cola Company (KO) - The Bank of New York Mellon Corporation (BK) - United Parcel Service (UPS)

I exited our position in the above noted companies as part of our RRSP meltdown strategy I discuss in my Is UPS A Good Long Term Investment? post. Because these shares were held in retirement accounts, I do not disclosed details.

SMART Centres Real Estate Investment Trust (SRU-UN.to)

This was my only REIT exposure. I consider money invested in REITs to be 'dead money'. I sold 1306 units @ $25.31/unit on January 5, 2024.

Dividend Income

I base my investment decisions on risk, valuation, and long-term total potential return. Dividend metrics are of lesser importance. Nevertheless, I do track dividend income.

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)
• Broadridge (BR)
• CME Group (CME)
• Danaher (DHR)
• Ecolab (ECL)
• Genuine Parts (GPC)
• Hecio (HEI-a)
• Merck (MRK)
• Nike (NKE)
• PepsiCo (PEP)
• Thermo Fisher (TMO)
• TotalEnergies (TTE)
• Walmart (WMT)
• BCE Inc. (BCE)
• The Canadian Imperial Bank of Commerce (CM)
• SMART Centres Real Estate Investment Trust (SRU-UN.to)

The income from the holdings within the FFJ Portfolio is accessible here.

During January 2024, the holdings within the FFJ Portfolio generated:

• 'Core' accounts: ~$ 2,551 CDN and ~$ 3,603 USD
• 'Side' accounts: ~$ 3,001 CDN and ~$ 2,842 USD

During January 2023, the holdings within the FFJ Portfolio generated:

• 'Core' accounts: ~$ 2,441 CDN and ~$ 2,736 USD
• 'Side' accounts: ~$ 2,682 CDN and ~$ 2,476 USD

Dividend income received in all of 2023 amounted to:

• Core' accounts: ~$22,658 CDN and ~$41,574 USD
• 'Side' accounts: ~$26,534 CDN and ~$23,609 USD
• Total: ~$49,192 CDN and ~$65,183 USD

Holdings

The following 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

NOTE: The above values exclude investments in several tax-efficient accounts for which I do not disclose details.

Irrational exuberance continues! I am, therefore, patiently waiting for a broad market correction with the hope of being able to acquire more attractively valued shares. Until such time as this happens, I continue to receive additional shares through the automatic reinvestment of dividend income.

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.