A “difficult year”? An ineffective strategy. Mike fell short of his blended benchmark in 2025, yet the dividend-growth approach stayed consistent. You’ll discover how following rules (dividend triangle + allocation discipline) outperforms reacting to momentary price shifts.
Distinguishing underperformers from feeble enterprises. Multiple holdings declined while revenue/EPS/dividend patterns remained robust. You’ll learn how Mike utilizes fundamentals and patience to retain—or adjust—without pursuing fads.
Rule-based divestments: Starbucks & TELUS. SBUX displayed a 3-year deteriorating triangle and a nominal increase; TELUS halted its growth strategy—both triggered preset sell criteria. You’ll grasp how having objective prompts removes uncertainty and second-guessing.
Position sizing that mitigates individual-name risk. Mike reduces positions above ~10% (hello, Apple) and reallocates into high-conviction stocks (e.g., Broadcom, Dollarama). You’ll learn how sizing guidelines safeguard compounding from concentration risks.
A standardized year-end assessment. Define your objectives, review US/Canada allocation, assess sector distributions, properly size positions, and address weak links with a prepared buy list. You’ll understand why “no price targets—just process” keeps decisions straightforward.
What’s on the radar for 2026. Couche-Tard stays under evaluation after two improving quarters; otherwise, the portfolio appears robust. You’ll find out how Mike couples ongoing vigilance with planned contributions to sustain momentum compounding.
Portfolio Adjustments (2025)
- Sells: Starbucks (SBUX); TELUS (TU/T).
- Additions / Increases: Automatic Data Processing (ADP), LeMaitre Vascular (LMAT), Dollarama (DOL.TO — full position).
- Trim (over 10% weight): Apple (AAPL).
- New/Expanded: Broadcom (AVGO).
Find comprehensive details about Mike’s transactions and complete the Dividend Income Report in this article.
Top Performers & Underperformers (Overview)
- Contributors in 2025: National Bank (NA.TO), Royal Bank (RY.TO), Brookfield (BAM family), Toromont (TIH.TO), Brookfield Renewable (BEP/BEPC), Dollarama (DOL.TO).
- Weak in price, not in performance: ADP, LeMaitre Vascular (LMAT), Home Depot (HD), Waste Connections (WCN), Alimentation Couche-Tard (ATD.TO).
Mike’s Year-End Assessment Process (Follow This)
- Establish the mandate: Only dividend growers; fully invested; ~50% CA / ~50% US; long-term outlook.
- Allocation evaluations: Rebalance US/CA when nearing 60/40; keep sectors <20–30% unless diversified by industry; target ~3% core positions, reduce >10% weights.
- Identify weak links: Stagnant/declining dividend triangle, minimal increases, or changes in thesis.
- Implement with a buy list: Avoid waiting for “ideal prices.” When a rule activates, shift capital into higher-conviction names that have already been assessed.
Related Content
Here’s the latest video regarding my new portfolio, alongside a complete analysis of my recent purchase.
Last month, I detailed my full year-end review process and my pension plan portfolio.
Prepare for the Year-End Review – October Dividend Income Report
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