Bad Year for Mike’s Portfolio?

Mike opens the books on his 2025 performance: ~8–9% up vs. a ~20% blended benchmark (50% CA / 50% US). He owns the underperformance, walks through the trades he’s already made, and reaffirms the rules he’s followed since 2010. No panic—just process.

You’ll Learn

A “bad year” ? a broken strategy. Mike underperformed his blended benchmark in 2025, but the dividend-growth playbook didn’t change. You’ll see how sticking to rules (dividend triangle + allocation discipline) beats reacting to short-term price swings.

How to tell laggards from weak businesses. Several holdings were down while revenue/EPS/dividend trends stayed healthy. You’ll learn how Mike uses fundamentals and patience to hold—or rotate—without chasing heat.

Rule-based sells: Starbucks & TELUS. SBUX showed a 3-year weakening triangle and a token rise; TELUS paused its growth policy—both tripped pre-set sell rules. You’ll learn why having objective triggers removes hesitation and second-guessing.

Position sizing that caps single-name risk. Mike trims positions over ~10% (hello, Apple) and redeploys into high-conviction names (e.g., Broadcom, Dollarama). You’ll learn how sizing rules protect compounding from concentration blowups.

A copy-paste year-end review. Define your mandate, check US/Canada split, review sector weights, right-size positions, then act on weak links with a ready buy list. You’ll learn why “no price targets—just process” keeps decisions clean.

What’s on watch for 2026. Couche-Tard remains under review after two improving quarters; otherwise, the lineup looks solid. You’ll learn how Mike pairs ongoing monitoring with planned contributions to keep momentum compounding.

Portfolio Moves (2025)

Sells: Starbucks (SBUX); TELUS (TU/T).
Adds / Increases: Automatic Data Processing (ADP), LeMaitre Vascular (LMAT), Dollarama (DOL.TO — full position).
Trim (over 10% weight): Apple (AAPL).
New/Expanded: Broadcom (AVGO).

Read the details about Mike’s trades and complete the Dividend Income Report in this article.

Winners & Laggards (High Level)

Helping 2025: National Bank (NA.TO), Royal Bank (RY.TO), Brookfield (BAM family), Toromont (TIH.TO), Brookfield Renewable (BEP/BEPC), Dollarama (DOL.TO).
Lagging on price, not on business: ADP, LeMaitre Vascular (LMAT), Home Depot (HD), Waste Connections (WCN), Alimentation Couche-Tard (ATD.TO).

Mike’s Year-End Review Process (Use This)

Set the mandate: Dividend growers only; fully invested; ~50% CA / ~50% US; long-term horizon.
Allocation checks: Rebalance US/CA when drifting toward 60/40; keep sectors <20–30% unless diversified by industry; target ~3% core positions, trim >10% weights.
Flag weak links: Stalled/declining dividend triangle, tiny raises, or thesis changes.
Execute with a buy list: Don’t wait for “magic prices.” When a rule triggers, rotate capital into higher-conviction names already vetted.