FFJ Portfolio – May 2024

This FFJ Portfolio - May 2024 report recaps my investment activity during the month.

In several recent posts that are accessible through the FFJ Archives, I have disclosed my decision to drastically reduce my exposure to Canadian companies. This will lead to a perfectly acceptable significant reduction in my Canadian dividend income starting in June. In my recent Focus On Total Shareholder Return, however, I touch upon why dividend metrics are of little importance to my investment decisions.

Sales

The recent changes in the treatment of capital gains in Canada (goes into effect June 25, 2024), has led my wife/me to have extensive discussions with our tax and estate planning professionals. Their recommendations have spurred me to rid myself of the following Canadian holdings; the first was punted in January and the last 7 were punted in May.

• SmartCentres Real Estate Investment Trust
• Enbridge
• BCE
• Emera
• The Bank of Montreal
• The Bank of Nova Scotia
• The Canadian Imperial Bank of Commerce
• The Toronto-Dominion Bank

Purchases

I made the following purchases during May.

Paycom (PAYC)

I purchased 100 shares in a 'Core' account @ ~$163 on May 2.

Veeva Systems (VEEV)

I purchased 100 shares in a 'Core' account @ ~$174 on May 31.

West Pharmaceuticals (WST)

I purchased 100 shares in a 'Core' account @ ~$346 on May 20.

Zoom Video Communications (ZM)

I purchased 100 shares in a 'Core' account @ ~$63 on May 21.

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. Dividend metrics are of far lesser importance, however, I do track dividend income.

I received the following dividend income in May.

• 'Core' accounts: ~$ 1,784 CDN and ~$ 2,097 USD
• 'Side' accounts: ~$ 1,566 CDN and ~$ 1,197 USD

This dividend income was generated from the following companies in the FFJ Portfolio and retirement accounts for which I do not disclose details.

• Apple (AAPL)
• Blackstone (BX)
• Carrier Global Corporation (CARR)
• Mastercard (MA)
• Paychex (PAYX)
• Walmart (WMT)
• West Pharmaceutical (WST)
• Emera (EMA.to)
• The Bank of Montreal (BMO.to)
• The Royal Bank of Canada (RY.to)

Holdings

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

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

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

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

I remain cautiously optimistic we will experience a broad market correction, and therefore, I am not aggressively adding to my existing positions.

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.