Monthly Market and Portfolio Review
March was a turbulent month for the markets, with both Canadian and US stocks experiencing sharp swings. The S&P 500 (S&P) and the Nasdaq Composite (Nasdaq) had their worst month since December 2022, tumbling 5.8% and 8.2%, respectively. The Dow Jones Industrial Average (DJIA) didn’t fare much better, dropping 4.2%, while the Toronto Stock Exchange Composite Index (TSX) was the best of a bad lot, falling ‘only’ 1.9%. The main culprit? President Donald Trump rolled out a wave of new tariffs, reigniting fears of a global trade war that could stifle economic growth and drive inflation higher.
Investors grew increasingly uneasy about economic slowdowns in both countries, particularly in Canada. Adding to the uncertainty, Trump’s on-again, off-again approach to tariffs – targeting Canada, China, Mexico, and the European Union – along with the threat of retaliatory measures from these trading partners, kept markets on edge. To make matters worse, several companies pointed to tariff uncertainty as a key reason for lowering their earnings forecasts for the coming quarters.
The back-and-forth on trade policy created widespread instability. Trump’s announcement of reciprocal tariffs cast doubt on global trade agreements, putting key sectors like automotive and aluminum in the crosshairs. Businesses and households rushed to make purchases ahead of tariff hikes, adding to inflationary pressures. But beyond the tariffs themselves, the bigger concern for investors has been the unpredictability – when policy shifts are this erratic, many hesitate to commit capital to the markets (like me). Another casualty of the tariff wars? Consumer confidence and sentiment, both of which came in well below expectations. With rising fears over inflation and job security, consumers may start tightening their wallets – bad news for businesses across multiple sectors.
Inflation worries also took centre stage. Tariff-driven price increases fueled stagflation concerns, pushing long-term inflation expectations higher. Investors are increasingly worried that tariffs could disrupt supply chains, dampen investment, and drive inflation even higher – risks that could put a dent in global economic growth.
One bright – dare I say, shiny 😊 – spot amid the turmoil was gold, which surged as investors flocked to safe-haven assets.
In Canada, markets fared better than their American counterparts, with losses softened by surging gold and oil prices. Meanwhile, Canadian merchandise exports hit record levels, fueled by strong US demand as businesses rushed to import goods before tariffs took effect in April.
March’s downturn marked the first back-to-back monthly decline since the two-month slump that ended in October 2023. Here’s hoping April turns things around – though with trade tensions flaring up, it won’t be an easy climb. Keep your fingers crossed. 😊
The chart below captures just how tough March was for the markets. The TSX held up the best, slipping 1.9%, while the S&P dropped 5.8% and the DJIA fell 4.2%. The Nasdaq took the biggest hit, plunging 8.2% as investors pulled back from high-growth stocks.
| Portfolio | Monthly Streak |
| Portfolio 1: | 2 – month losing streak |
| Portfolio 2: | 2 – month losing streak |
| Portfolio 3: | 2 – month losing streak |
A tough month for the markets usually means a tough month for us investors, and for me, March was no exception – painful, as you can see in the chart below. But that’s just part of the market’s ebb and flow. I’d like to call this a buying opportunity, a chance to scoop up great companies at a discount… except I already did that in February, before the real drop. That said, I did grab some Canadian Natural Resources (TSE: CNQ) shares for the 5.4% dividend. Who knows what April has in store? 😊 For now, I’m staying on the sidelines and holding onto some cash.
What My Three Portfolios Did in March
Portfolio 1 for March 2025: DOWN 
Activity
No significant activity to report this month.
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 $
TMX Group Ltd (TSE: X)
Pulse Seismic (TSE: PSD) DRIP
Yellow Pages Ltd (TSE: Y)
Decisive Dividend Corporation (TSE: DE) DRIP
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
Tourmaline Oil Corp (TSE: TOU)
Hammond Power Solutions (TSE: HPS.A)
Canadian National Railway (TSE: CNR)
US $
Visa Inc. (NYSE: V)
Alphabet Inc (NASD: GOOGL)
BSR Real Estate Investment Trust (TSE: HOM.U)
Skyworks Solutions Inc (NASD: SWKS)
Home Depot (NYSE: HD)
Quarterly Reports
Sea Limited
Fourth quarter 2024 financial results on March 4, 2025
CrowdStrike Holdings, Inc.
Fourth quarter 2025 financial results on March 4, 2025
Tourmaline Oil Corp
Fourth quarter 2024 financial results on March 5, 2025
Costco Wholesale Corporation
Second quarter 2025 financial results on March 6, 2025
Decisive Dividend Corporation
Fourth quarter 2024 financial results on March 19, 2025
Hammond Power Solutions Inc.
Fourth quarter 2024 financial results on March 20, 2025
Carnival Corp & plc
First quarter 2025 financial results on March 21, 2025
Portfolio 2 for March 2025: DOWN
Activity
Bought: Canadian Natural Resources (TSE: CNQ), see March 21 Weekly Update.
Dividends Received this month:
Canadian $
Fortis (TSE: FTS)
Whitecap Resources Inc (TSE: WCP) DRIP
SmartCentres Real Estate Investment Trust (TSE: SRU.UN)
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
iA Financial Corporation Inc (TSE: IAG)
Tourmaline Oil (TSE: TOU)
Hammond Power Solutions (TSE: HPS.A)
Brookfield Infrastructure Partners LP (TSE: BIP.UN)
Brookfield Infrastructure Corp (TSE: BIPC)
US $
Zoetis (NYSE: ZTS)
Microsoft (NASD: MSFT)
Quarterly Reports
Tourmaline Oil Corp
See report under Portfolio 1.
MongoDB, Inc.
Fourth quarter 2025 financial results on March 5, 2025
South Bow Corp.
Fourth quarter 2024 financial results on March 5, 2025
Canadian Natural Resources Limited
Fourth quarter 2024 financial results on March 6, 2025
Alimentation Couche-Tard Inc.
Third quarter 2025 financial results on March 18, 2025
Portfolio 3 for March 2025: DOWN
Activity
Sold: Telus International (TSE: TIXT), see March 21 Weekly Update.
Sold: Enghouse Systems (TSE: ENGH), see March 21 Weekly Update.
Sold: Lithium Argentina (TSE: LAR), see March 28 Weekly Update.
Dividends Received this month:
Canadian $
Royal Bank (TSE: RY)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN) DRIP
Brookfield Wealth Solutions Ltd (TSE: BNT)
Brookfield Renewable Corp (TSE: BEPC)
Brookfield Asset Management (TSE: BAM)
US $
Microsoft (NASD: MSFT)
Vertiv holdings (NYSE: VRT)
Quarterly Reports
Enghouse Systems Limited
First quarter 2025 financial results on March 10, 2025
Alvopetro Energy Ltd.
Fourth quarter 2024 financial results on March 18, 2025