Monthly Market and Portfolio Review
February was a rollercoaster for North American markets, with early gains wiped out by a sharp drop at month’s end, as shown in the chart below.
The biggest market mover was renewed tariff threats on Canada, Mexico, and China. While investors initially reacted with uncertainty, many began tuning out the ongoing trade drama as the month progressed. Still, concerns lingered over how tariffs could hit consumer confidence and economic growth.
The technology sector took a hit, with stocks like Nvidia (NASD: NVDA) and Tesla (NASD: TSLA) sliding on mixed earnings and shifting sentiment. Inflation worries, weaker consumer confidence, and uncertainty over interest rates only added to the pressure, fueling fears of prolonged higher rates and a slowing economy.
In Canada, tariff uncertainty kept markets on edge, but the economic outlook remained resilient. Growth is projected at 1.8% for 2025—outpacing potential output—while inflation stayed near the Bank of Canada’s 2% target. Strong earnings from the Big Six banks and solid GDP growth helped offset some losses.
By month’s end, inflation concerns, trade uncertainty, and signs of a cooling US economy kept markets under pressure. Meanwhile, Canada’s economy showed stability, though tariffs remained a wildcard.
To put February’s performance into perspective, here’s how the major indexes fared: The TSX (SPTSX) dipped 0.6%, the S&P 500 (SPX) lost 1.4%, the DJIA (INDU) slipped 1.6%, and the Nasdaq (CCMP) took the biggest hit, dropping 4.0%.
The chart below tracks how these indexes moved throughout the month, reflecting the ups and downs driven by ongoing trade uncertainty.
| Portfolio | Monthly Streak |
| Portfolio 1: | 1 – month losing streak |
| Portfolio 2: | 1 – month losing streak |
| Portfolio 3: | 1 – month losing streak |
With all four indexes ending February in the red, it’s no shock that all three portfolios followed suit. Still, that doesn’t make it any less disappointing. ☹ Last month, I was hoping Portfolio 3’s 6.5% gain would set the tone—turns out, I should’ve specified positive gains. Instead, all three finished in the red.
Portfolio 1 started strong with a two-week win streak but got dragged down by the Magnificent 7 selloff, closing the month down 1.3% as concerns over slowing AI growth weighed on tech stocks.
Portfolio 2 seesawed between red and green before settling at -1.9%. It was the least volatile of the three, staying within 1.2% of the flatline.
Portfolio 3 took the hardest hit, dropping 4.2%. Aside from a strong second week, it struggled in three of the four weeks—hard to get ahead when you’re always playing defense.
February didn’t go as planned, but that’s investing—ups, downs, and plenty of surprises. With earnings season wrapped up, March will be all about economic data, tariff concerns, and ongoing political and geopolitical uncertainty. A rebound is possible, but volatility seems likely. Here’s to a stronger month ahead—hopefully with greener pastures where the bulls can run wild! 😊
What My Three Portfolios Did in February
Portfolio 1 for February 2025: DOWN 
Activity
Bought: Alphabet.com (NASD: GOOGL) see Feb 7 update.
Bought: Amazon.com (NASD: AMZN) see Feb 7 update.
Bought: Walmart (NYSE: WMT) see Feb 21 update.
Sold: A covered call option on some Nvidia shares. See Feb 14 update.
Dividends Received this month:
Companies followed by DRIP (Dividend Re-Investment Plan) indicate additional shares were purchased with the dividend. Any cash leftover was added to the cash balance.
Canadian $
BSR Real Estate Investment Trust (TSE: HOM.UN)
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
Decisive Dividend Corp (TSE: DE)
Bank of Nova Scotia (TSE: BNS) DRIP
US $
Costco Wholesale Corp (NASD: COST)
Apple Inc. (NASD: AAPL)
Quarterly Reports
TMX Group Limited
Fourth quarter 2024 financial results on February 3, 2025
Alphabet Inc.
Fourth quarter 2024 financial results on February 4, 2025
PayPal Holdings, Inc.
Fourth quarter 2024 financial results on February 4, 2025
Skyworks Solutions, Inc.
First quarter 2025 financial results on February 5, 2025
Amazon.com, Inc.
Fourth quarter 2025 financial results on February 6, 2025
BCE Inc.
First quarter 2025 financial results on February 6, 2025
Cloudflare, Inc.
Fourth quarter 2025 financial results on February 6, 2025
Ferrari N.V.
Fourth quarter 2024 financial results on February 4, 2025
Lattice Semiconductor Corporation
Fourth quarter 2024 financial results on February 10, 2025
Shopify Inc.
Fourth quarter 2024 financial results on February 11, 2025
The Trade Desk, Inc.
Fourth quarter 2024 financial results on February 12, 2025
Datadog, Inc.
Fourth quarter 2024 financial results on February 13, 2025
TELUS Corporation
Fourth quarter 2024 financial results on February 13, 2025
Trisura Group Ltd.
Fourth quarter 2024 financial results on February 13, 2025
Cameco Corporation
Fourth quarter 2024 financial results on February 20, 2025
Walmart Inc.
Fourth quarter 2024 financial results on February 20, 2025
Grab Holdings Limited
Fourth quarter 2024 financial results on February 20, 2025
indi Semiconductor, Inc.
Fourth quarter 2024 financial results on February 20, 2025
Celsius Holdings, Inc.
Fourth quarter 2024 financial results on February 20, 2025
Navitas Semiconductor
Fourth quarter 2024 financial results on February 24, 2025
The Bank of Nova Scotia
First quarter 2025 financial results on February 25, 2025
The Home Depot
Fourth quarter 2024 financial results on February 25, 2025
Andlauer Healthcare Group Inc.
Fourth quarter 2024 financial results on February 26, 2025
Nvidia Corporation
Fourth quarter 2024 financial results on February 26, 2025
Magnite, Inc.
Fourth quarter 2024 financial results on February 26, 2025
TD Bank Group
First quarter 2025 financial results on February 27, 2025
Docebo Inc.
Fourth quarter 2024 financial results on February 28, 2025
Portfolio 2 for February 2025: DOWN
Activity
No activity to report this month.
Dividends Received this month:
Canadian $
SmartCentres Real Estate Investment Trust (TSE: SRU.UN)
Whitecap Resources Inc (TSE: WCP) DRIP
TC Energy (TSE: TRP)
Bank of Nova Scotia (TSE: BNS) DRIP
Dollarama (TSE: DOL)
US $
No US$ dividends this month.
Quarterly Reports
The Walt Disney Company
First quarter 2025 financial results on February 5, 2025
Take-Two Interactive Software, Inc.
Third quarter 2025 financial results on February 6, 2025
SmartCentres Real Estate Investment Trust
Fourth quarter 2024 financial results on February 12, 2025
Mitek Systems, Inc.
Fourth quarter 2024 financial results on February 13, 2025
Zoetis Inc.
Fourth quarter 2024 financial results on February 13, 2025
TELUS Corporation
See report under Portfolio 1.
Airbnb, Inc.
Fourth quarter 2024 financial results on February 13, 2025
Fortis Inc.
Fourth quarter 2024 financial results on February 14, 2025
TC Energy Corporation
Fourth quarter 2024 financial results on February 14, 2025
iA Financial Group
Fourth quarter 2024 financial results on February 18, 2025
Whitecap Resources Inc.
Fourth quarter 2024 financial results on February 19, 2025
Birkenstock Holding plc
First quarter 2025 financial results on February 20, 2025
Guardant Health, Inc.
Fourth quarter 2024 financial results on February 20, 2025
Supremex Inc.
Fourth quarter 2024 financial results on February 20, 2025
The Bank of Nova Scotia
See report under Portfolio 1.
Portfolio 3 for February 2025: DOWN
Activity
No activity to report this month.
Dividends Received this month:
Canadian $
Enghouse Systems Ltd (TSE: ENGH)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN) DRIP
US $
No US$ dividends this month.
Quarterly Reports
Shopify Inc.
See report under Portfolio 1.
Vertiv Holdings Co.
Fourth quarter 2024 financial results on February 12, 2025
Brookfield Asset Management Ltd.
Fourth quarter 2024 financial results on February 12, 2025
Brookfield Corporation
Fourth quarter 2024 financial results on February 13, 2025
goeasy Ltd.
Fourth quarter 2024 financial results on February 13, 2025
Telus Digital
Fourth quarter 2024 financial results on February 13, 2025
Magnite, Inc.
See report under Portfolio 1.
TD Bank Group
See report under Portfolio 1.
Royal Bank of Canada
First quarter 2025 financial results on February 27, 2025
Cloudflare, Inc.
See report under Portfolio 1.