Contents
This FFJ Portfolio - July 2025 report is a high-level recap of my activity during the month.
In an environment where much does not make sense, it is worthwhile to be prudent. In my FFJ Portfolio - June 2025 report, I note investor willingness to borrow for investment purposes (Debit Balances in Customers' Securities Margin Accounts). Looking at the Financial Industry Regulatory Authority, Inc. (FINRA) monthly margin statistics, we see that Debit Balances in Customers' Securities Margin Accounts has skyrocketed further.
Although the broad market is experiencing irrational exuberance, there are investment opportunities. We just need to:
- pay attention to the underlying fundamentals of the companies in which we invest; and
- have a long-term investment time horizon.
Short-term investment behavior is far too risky as very few investors can consistently accurately predict short-term share price behavior.
Recent Activity
Purchases
Accenture plc (ACN)
On June 20, I initiated a 200 share position @ ~$284.58 in one of the 'Core' accounts and disclosed this purchase in my June 27 post post. After further consideration, I acquired an additional 100 shares @ $281.5887 on July 11 and another 200 shares @ $278.5323 on July 28. I disclose these purchases in my July 29 post.
My ACN exposure currently stands at 500 shares.
Danaher (DHR)
On July 21 I acquired 100 shares @ $188.30 in a 'Core' account in the FFJ Portfolio. I disclose this purchase in my July 23 post.
My DHR exposure currently stands at 902 shares.
Intact Financial (IFC)
I acquired 100 IFC shares @ $292.85 in one 'Core' account and another 100 shares @ $292.36 in another 'Core' account on July 30 and disclose these purchases in my July 30 post.
My IFC exposure currently stands at 725 shares.
Intuitive Surgical (ISRG)
In my June 10 post, I disclose my June 9 purchase of 50 shares @ $519.22 bringing my ISRG exposure to 500 shares.
In July, I made the following purchases:
- July 11 - purchased 50 shares @ $511.18;
- July 16 - purchased 50 shares @ $508.975; and
- July 23 - purchased 50 shares @ $499.935
I disclose the first two purchases in my July 17 post and my July 23 purchase in my July 24 post.
My ISRG exposure currently stands at 650 shares.
Thermo Fisher Scientific (TMO)
In my July 7 post, I disclose the purchase of an additional 75 shares @ $421.9667 share in a 'Core' account in the FFJ Portfolio on July 7. This purchase increased my TMO exposure to 458 shares (358 in 'Core' accounts and 100 in a 'Side' account).
Following the July 23, 2025 Q2 and YTD2025 earnings release, TMO's share price surged to close at ~$475 on July 24. In my July 24 post, I express my disappointment in this share price increase in that TMO is no longer as attractively valued for investors wishing to acquire shares.
Sales
Genuine Parts (GPC)
After having lost patience with Genuine Parts, I finally threw in the towel and unloaded 488 shares @ $130.5694. My rationale for exiting this position is reflected in my July 23 post.
Ralliant (RAL)
In my June 2025 monthly update I state:
On my June 30, 2025 FFJ Portfolio report I reflect an average cost for FTV which is well above the current share price. Ralliant Corporation (RAL), however, began trading as an independent, publicly traded company on the New York Stock Exchange on June 28, 2025 following its separation from Fortive Corporation (FTV). For each 300 shares of FTV I received 100 RAL shares.
I currently have no intention of increasing my RAL exposure and with so few RAL shares, my plan is to exit this position in July.
On July 2, I received 100 Ralliant shares and sold them @ $48.268 on July 16.
Dividend Income
Dividend metrics are of little relevance in my investment decision making process. My interest lies in an investment's TOTAL potential investment return. In many cases, the preferred means by which a company can allocate its capital is to:
- reinvest in the business
- repurchase shares
- merge or acquire
Nevertheless, I track dividend income and make this information accessible here.
I received dividend income from the following companies. Where possible the automatic reinvestment of dividend income permitted me to increase my exposure.
- Agilent Technologies (A)
- Automatic Data Processing (ADP)
- Broadridge Financial Solutions (BR)
- Danaher (DHR)
- Genuine Parts (GPC)
- HEICO (HEI-a)
- Merck (MRK)
- Nike (NKE)
- Thermo Fisher Scientific (TMO)
- Canadian Pacific Kansas City (CP.to)
I also received dividend income from the following companies where shares are held in retirement accounts for which I do not disclose details.
- Ecolab (ECL)
- TotalEnergies (TTE)
- Alimentation Couche-Tard (ATD)
The June dividend income was:
- 'Core' accounts: ~$ 284 CDN and ~$ 3,746 USD
- 'Side' accounts: ~$ 0 CDN and ~$ 232 USD
YTD2025 dividend income is:
- 'Core' accounts: ~$ 6,180 CDN and ~$ 35,067 USD
- 'Side' accounts: ~$ 684 CDN and ~$ 8,667 USD
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
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 ~$ 5,051,356 USD
Side Accounts: ~$ 90,407 CDN and ~$ 1,396,771 USD
Total: ~$ 801,358 CDN and ~$ 6,448,127 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.
