Monthly Market and Portfolio Review
January was a comeback month for the markets, with all four major North American indexes finishing in the green and getting back in the win column, as shown in the monthly progress chart above. The rally was fueled by strong earnings, solid economic data, and the Fed’s decision to keep interest rates steady. Excitement around AI also played a big role, pushing technology stocks higher—at least for most of the month. But it wasn’t all smooth sailing. Growing concerns over new trade tariffs on the US’s top three trading partners rattled investors, and AI momentum hit a wall in the final week after a Chinese AI firm introduced a platform that rivaled much pricier American alternatives, raising questions about future AI spending.
Up north, the TSX rode the wave of another interest rate cut, economic growth, and a surge in gold stocks as investors looked for safety amid the tariff uncertainty. But with Canada in the crosshairs of potential trade restrictions, volatility in the Canadian market spiked.
January got the new year off to solid start, with the DJIA and TSX leading the way thanks to their heavier weighting in traditional industries. While strong earnings and AI enthusiasm helped fuel gains, trade tensions kept markets on edge. With tariffs set to take effect on February 1, the next few months could be a wild ride. Buckle up! 😊
To put January’s market performance in perspective, here’s a look at how the major indexes fared. The TSX (SPTSX) climbed 3.3%, lifted by another rate cut and strength in gold stocks. The S&P 500 (SPX) added 2.7%, while the DJIA (INDU) led the way with a 4.7% surge, thanks to its heavier exposure to traditional industries. The Nasdaq (CCMP) trailed with a 1.6% gain as AI stocks lost steam late in the month.
The chart below tracks how these indexes moved throughout January, capturing the ups and downs of a market balancing strong economic data, AI-driven enthusiasm, and renewed trade uncertainty.
| Portfolio | Monthly Streak |
| Portfolio 1: | 1 – month winning streak |
| Portfolio 2: | 1 – month winning streak |
| Portfolio 3: | 1 – month winning streak |
As for the three portfolios, I was pleasantly surprised by Portfolio 3’s standout performance in January, crushing the competition by outpacing the next best portfolio fivefold and even outperforming all four major indexes. The only downside? Portfolio 1 ended the month in the red, keeping it from a clean sweep of all portfolios ending in the green. Overall, it was a solid month for the portfolios, but it would’ve been even better if Portfolio 1 had joined the others in the win column—and even better if the other two had matched Portfolio 3’s stellar performance! 😊
Portfolio Update
Portfolio 1 for January 2025: DOWN 
Activity
Sold: Innovative Industrial Properties Inc. (NYSE: IIPR) see Jan 10 update.
Sold: Pinterest (NYSE: PINS) see Jan 10 update.
Bought: Kraken Robotics (TSE: PNG) see Jan 17 update.
Sold: A covered call option on some Nvidia (NASD: NVDA) shares. see Jan 24 update.
Sold: BCE Inc. (TSE: BCE) see Jan 31 update.
Sold: General Motors (NYSE: GM) see Jan 31 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 $
Telus Corp (TSE: T) DRIP
Andlauer Healthcare Group Inc (TSE: AND)
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
Decisive Dividend Corp (TSE: DE) DRIP
BCE Inc (TSE: BCE) DRIP
Canadian National Railway (TSE: CN)
Tourmaline Oil Corp (TSE: TOU)
US $
Walmart (NYSE: WMT)
Skyworks Solutions (NASD: SWKS)
Nvidia Corp (NASD: NVDA)
Quarterly Reports
General Motors Company
Fourth quarter 2025 financial results on January 28, 2025
Apple Inc.
First quarter 2025 financial results on January 30, 2025
Celestica Inc.
Fourth quarter 2024 financial results on January 30, 2025
Canadian National Railway Company
Fourth quarter 2024 financial results on January 30, 2025
Visa Inc.
First quarter 2025 financial results on January 30, 2025
Portfolio 2 for January 2025: UP 
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
Telus Corp (TSE: T) DRIP
Whitecap Resources Inc (TSE: WCP) DRIP
SmartCentres Real Estate Investment Trust (TSE: SRU.UN)
Brookfield Infrastructure Partners LP (TSE: BIP.UN) DRIP
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
South Bow Corp (TSE: SOBO)
US $
Walt Disney Co. (NYSE: DIS)
Brookfield Infrastructure Partners (TSE: BIP.UN) DRIP
Brookfield Infrastructure Partners Corp. (TSE: BIPC)
iA Financial Group (TSE: IAG)
Tourmaline Oil Corp. (TSE: TOU)
Canadian Natural Resources (TSE: CNQ)
Quarterly Reports
Microsoft Corp.
Second quarter 2025 financial results on January 29, 2025
Brookfield Renewable Partners L.P.
Fourth quarter 2024 financial results on January 31, 2025
Portfolio 3 for January 2025: UP
Activity
Bought: Evolution AB (OTCM: EVVTY) see Jan 17 update.
Dividends Received this month:
Canadian $
goeasy Ltd (TSE: GSY)
TD US Equity Index ETF (TSX: TPU)
Alvopetro Energy Ltd. (TSEV: ALV)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN) DRIP
Brookfield Corporation (TSE: BN)
Brookfield Renewable Partners (TSE: BEP.UN)
Brookfield Asset management (TSE: BAM)
US $
No US$ dividends this past week.
Quarterly Reports
Microsoft Corp.
See report under Portfolio 2.
Real Matters Inc.
First quarter 2025 financial results on January 31, 2025
Brookfield Renewable Partners L.P.
See report under Portfolio 2.