Don’t judge each day by the harvest you reap but by the seeds that you plant. – Robert Louis Stevenson
Nearly all of our companies continue to produce new monthly highs, propelling our portfolio values into strong results for the year. Dominant investment themes across our holdings include dividend-payers, retail-focused financials, green commodities, Boomer demographic spending beneficiaries, and cyclical recovery stocks. Peeking into 2022, it is not unreasonable to consider that US mid-term elections will see interest rate volatility level out and inflation concerns subside, as incumbents look to get re-elected. We remain optimistic on market performance.
New Videos
Portfolio Manager Ben Kizemchuk discusses the Growth Portfolio returns and recent investments in more cyclical recovery stocks.
Model Portfolio Highlights
Growth Portfolio
In November we bought a new position in Canada’s largest natural gas producer, Tourmaline. The company boasts the lowest cost of capital in Alberta’s Deep Basin, and is a leader in free cash flow growth in the sector. Tourmaline previously disclosed they will be issuing special dividends “over the next several quarters, contingent on commodity prices and free cash flow allocation decisions.” TOU has a relatively high amount of insider ownership as well, reinforcing the importance of returning capital to shareholders via special dividends. The shares are extending now towards the prior highs from 2014.
American Growth Portfolio
In November we bought shares of wholesale retailer Costco. A high quality and well managed business, I expect this to remain in the portfolio for a long time to come.
Income Portfolio
We made no changes to the portfolio in November.
Small Cap Portfolio
In November we purchased a new position in DeFi Technologies, a company that provides public market access to the booming decentralized finance market within crypto. In addition to running nodes and holding positions in existing DeFi protocols, the company also has an asset management division that creates new exchange traded products that synthetically track various assets.
Across all portfolios I look for mispriced opportunities, considering only those with a significant margin of safety and minimal risk of permanent capital loss. After identifying such opportunities, patience is the most important factor in realizing our expected long term return.
If you have any questions about your portfolio, financial planning or investments please be in touch. Click to book a meeting: https://calendly.com/bwk-wapw
Thank you.
Yours,
Ben
Ben W. Kizemchuk
Portfolio Manager & Investment Advisor
Wellington-Altus Private Wealth
Ben Kizemchuk offers full service wealth management for high net worth Canadians including families, business owners, and successful professionals. Ben and his team provide investment advice, financial planning, tax minimization strategies, and retirement planning.
The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus. Wellington-Altus Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. All trademarks are the property of their respective owners.
Market Commentary
December 2021 Update
Don’t judge each day by the harvest you reap but by the seeds that you plant. – Robert Louis Stevenson
Nearly all of our companies continue to produce new monthly highs, propelling our portfolio values into strong results for the year. Dominant investment themes across our holdings include dividend-payers, retail-focused financials, green commodities, Boomer demographic spending beneficiaries, and cyclical recovery stocks. Peeking into 2022, it is not unreasonable to consider that US mid-term elections will see interest rate volatility level out and inflation concerns subside, as incumbents look to get re-elected. We remain optimistic on market performance.
New Videos
Portfolio Manager Ben Kizemchuk discusses the Growth Portfolio returns and recent investments in more cyclical recovery stocks.
Model Portfolio Highlights
Growth Portfolio
In November we bought a new position in Canada’s largest natural gas producer, Tourmaline. The company boasts the lowest cost of capital in Alberta’s Deep Basin, and is a leader in free cash flow growth in the sector. Tourmaline previously disclosed they will be issuing special dividends “over the next several quarters, contingent on commodity prices and free cash flow allocation decisions.” TOU has a relatively high amount of insider ownership as well, reinforcing the importance of returning capital to shareholders via special dividends. The shares are extending now towards the prior highs from 2014.
American Growth Portfolio
In November we bought shares of wholesale retailer Costco. A high quality and well managed business, I expect this to remain in the portfolio for a long time to come.
Income Portfolio
We made no changes to the portfolio in November.
Small Cap Portfolio
In November we purchased a new position in DeFi Technologies, a company that provides public market access to the booming decentralized finance market within crypto. In addition to running nodes and holding positions in existing DeFi protocols, the company also has an asset management division that creates new exchange traded products that synthetically track various assets.
Across all portfolios I look for mispriced opportunities, considering only those with a significant margin of safety and minimal risk of permanent capital loss. After identifying such opportunities, patience is the most important factor in realizing our expected long term return.
If you have any questions about your portfolio, financial planning or investments please be in touch. Click to book a meeting: https://calendly.com/bwk-wapw
Thank you.
Yours,
Ben
Ben W. Kizemchuk
Portfolio Manager & Investment Advisor
Wellington-Altus Private Wealth
Office: 416.369.3024
Email: bwk@wprivate.ca
Book a meeting
Ben Kizemchuk offers full service wealth management for high net worth Canadians including families, business owners, and successful professionals. Ben and his team provide investment advice, financial planning, tax minimization strategies, and retirement planning.
Recent Posts
July 2024 Update
Join the mailing list here June was another remarkable month for our portfolios, with many
June 2024 Update
Join the mailing list here Stocks rebounded higher in May, with many making new all-time
May 2024 Update
Join the mailing list here Stocks consolidated their recent gains last month, reaching what we
April 2024 Update
Join the mailing list here Throughout March, stocks continued their upward trajectory, with many of
March 2024 Update
Join the mailing list here February continued the market’s winning streak, seeing a fresh round
The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus. Wellington-Altus Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. All trademarks are the property of their respective owners.