FFJ Portfolio – September 2023

This FFJ Portfolio - September 2023 report is an overview of my recent investment activity.

Relative to September 2022, the value of the FFJ Portfolio has fallen by ~$1,050 CDN and increased by ~$1,379,063 USD.

Purchases

In September, I purchased the following:

Lockheed Martin (LMT)

In my September 7 post, I disclosed the purchase of 50 shares @ ~$430/share bringing my LMT exposure to 559 shares in a 'Core' account within the FFJ Portfolio.

Rollins (ROL)

In my September 7 post, I disclosed the purchase of 100 shares @ ~$34.86/share bringing my ROL exposure to 607 shares in a 'Core' account within the FFJ Portfolio.

Thermo Fisher Scientific (TMO)

In my September 8 post, I disclosed the purchase of 25 shares @ ~$514/share bringing my TMO exposure to 152 shares. Shares are held in 2 different 'Core' accounts within the FFJ Portfolio.

RTX Corporation (RTX)

In my September 12 post, I disclosed the purchase of 100 shares @ ~$78/share. I now hold 508 shares and 425 shares in a 'Core' account and a 'Side' account within the FFJ Portfolio.

Agilent Technologies (A)

In my September 12 post, I disclosed the purchase of 100 shares @ ~$113.82/share. I now hold 500 shares in a 'Core' account within the FFJ Portfolio.

Copart (CPRT)

On September 15, I acquired another 200 shares @ ~$43.79/share; I did not write a post disclosing this purchase. I now hold 2400 shares in a 'Core' account within the FFJ Portfolio.

Paycom Software (PAYC)

On September 15, I acquired another 50 shares @ ~$275.54/share; I did not write a post disclosing this purchase. I now hold 350 shares in a 'Core' account within the FFJ Portfolio.

Nike (NKE)

In my September 29 post, I disclosed the purchase of 100 shares @ ~$90/share bringing my NKE exposure to 722 shares in a 'Core' account within the FFJ Portfolio. My daughter holds NKE shares in a taxable account and I also increased her NKE exposure. I do not, however, disclose details regarding her investments.

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.

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

During September, the holdings within the FFJ Portfolio generated:

• 'Core' accounts: ~$2,261 CDN and ~$7,268 USD
• 'Side' accounts: ~$2,415  CDN and ~$3,717 USD

YTD dividend income is:

• Core' accounts: ~$16,882 CDN and ~$30,938 USD
• 'Side' accounts: ~$19,679 CDN and ~$18,184 USD

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

• Becton Dickinson (BDX)
• Blackrock (BLK)
• Broadridge (BR)
• Chevron (CVX)
• Church & Dwight (CHD)
• CME Group (CME)
• Emerson Electric (EMR)
• Exxon Mobil (XOM)
• Fortive (FTV)
• Goldman Sachs (GS)
• Home Depot (HD)
• Intercontinental Exchange (ICE)
• Johnson & Johnson (JNJ)
• Lockheed Martin (LMT)
• McDonald's (MCD)
• Microsoft (MSFT)
• Moody's (MCO)
• Nasdaq (NDAQ)
• Otis Worldwide (OTIS)
• Paycom Software (PAYC)
• Pepsico (PEP)
• RTX Corp (RTX)
• Rollins (ROL)
• S&P Global (SPGI)
• Union Pacific (UNP)
• Visa (V)
• Walmart (WMT)
• Alimentation Couche-Tard (ATD.to)
• Brookfield Asset Management (BAM-a.to)
• Brookfield Asset Management Reinsurance Partners (BAMR.to)
• Brookfield Business Corporation (BBUC.to)
• Brookfield Business Partners (BBU-un.to)
• Brookfield Corporation (BN.to)
• Brookfield Infrastructure Partners (BIP-un.to)
• Brookfield Infrastructure Corporation (BIPC.to)
• Brookfield Renewable Partners (BEP-un.to)
• Brookfield Renewable Corporation (BEPC)
• Canadian National Railway (CNR.to)
• Enbridge (ENB.to)
• Intact Financial (IFC.to)
• SMART Centres Real Estate Investment Trust (SRU-UN.to)

Holdings

The monthly FFJ Portfolio holdings dating back to December 2018 are accessible here.

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

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

Share price behaviour in the short term does not always accurately reflect a company's performance. My most recent purchase (Nike - NKE) is a good example.

In late October/early November 2021, NKE briefly traded at ~$170/share. I, however, recently purchased shares at ~$90. How is it possible that its market capitalization is ~48% less than it was ~2 years ago yet NKE's financial performance has not deteriorated to the extent that such a share price decline is warranted? Is it possible that shares were grossly overvalued in late 2021? Is it possible that shares are now grossly undervalued?

This is why it is so important to analyze a company's financial statements and outlook. Making investment decisions using stock price patterns is nuts. If you are using stock price patterns to quickly move in/out of stocks, you're not investing. You're gambling!

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.