Contents
This FFJ Portfolio - September 2025 report is a high-level recap of my activity during the month. All monthly reports are accessible here.
Recent Activity
Although the broad market is experiencing irrational exuberance, some investment opportunities exist. 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 as it is too difficult to consistently accurately predict short-term share price behavior.
Purchases
Intuitive Surgical (ISRG)
On September 3, I acquired an additional 144 ISRG shares @ USD $449.2972 in a 'Core' account in the FFJ Portfolio. My ISRG exposure at the end of September was 844 shares. This excludes shares held by young investors I am helping on their journey to financial freedom.
S&P Global (SPGI)
On September 18, I acquired an additional 100 SPGI shares @ USD $510.82065 in a 'Side' account in the FFJ Portfolio.
On the same day, I acquired an additional 100 SPGI shares @ USD $515.0914 in a 'Core' account in the FFJ Portfolio.
My SPGI exposure at the end of September was 750 shares. This excludes shares held by young investors I am helping on their journey to financial freedom.
Cintas (CTAS)
On September 24, I acquired an additional 100 CTAS shares @ USD $200.7887 in a 'Side' account in the FFJ Portfolio. My CTAS exposure at the end of September was 600 shares.
Accenture plc (ACN)
On September 24, I acquired an additional 100 ACN shares @ USD $236.2549 in a 'Core' account in the FFJ Portfolio. My ACN exposure at the end of September was 800 shares.
Sales
None.
Dividend Income
Dividend metrics are of little relevance in my investment decision making process. My interest lies in an investment's TOTAL potential investment return. In many cases, the preferred means by which a company can allocate its capital is to:
- reinvest in the business
- repurchase shares
- merge or acquire
Nevertheless, I track dividend income and make this information accessible here.
I received dividend income from the following companies. Where possible the automatic reinvestment of dividend income permitted me to increase my exposure.
- Becton Dickinson (BDX)
- BlackRock (BLK)
- Chevron (CVX)
- Church & Dwight (CHD)
- Cintas (CTAS)
- CME Group (CME)
- Emerson Electric (EMR)
- Exxon Mobil (XOM)
- Fortive (FTV)
- Home Depot (HD)
- Intercontinental Exchange (ICE)
- Johnson & Johnson (JNJ)
- Lockheed Martin (LMT)
- McDonald's (MCD)
- Moody's (MCO)
- Otis Worldwide (OTIS)
- Paycom Software (PAYC)
- Pepsico (PEP)
- Rollins (ROL)
- RTX Corporation (RTX)
- S&P Global (SPGI)
- Visa (V)
- Walmart (WMT)
- Alimentation Couche-Tard (ATD.to)
- Brookfield Asset Management (BAM-a.to)
- Brookfield Corporation (BN.to)
- Canadian National Railway (CNR.to)
- Intact Financial (IFC.to)
Shares in some of these companies are also held in retirement accounts.
The September dividend income was:
- 'Core' accounts: ~$ 2,202 CDN and ~$ 11,145 USD
- 'Side' accounts: ~$ 374 CDN and ~$ 2,320 USD
YTD2025 dividend income is:
- 'Core' accounts: ~$ 9,307 CDN and ~$ 48,782 USD
- 'Side' accounts: ~$ 1,059 CDN and ~$ 12,437 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 ~$ 5,318,092 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
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.
