Portfolio 1

Below is the list of companies in Portfolio 1, as of December 31, 2025.

Also included are graphs to illustrate how the portfolio is diversified by sector and market capitalization.

By dollar value, Portfolio 1 remains heavily concentrated in Technology, largely driven by the strong run-up in NVIDIA’s share price since 2023. More than half of the holdings now come from the Technology sector, with the remainder spread across eight of the other eleven sectors — notably excluding Basic Materials, Healthcare, and Utilities. From a market-cap perspective, this portfolio is dominated by large and mega-cap companies, which tend to be less volatile overall, though that stability isn’t always guaranteed in the tech space. During the fourth quarter, I trimmed exposure by selling four underperforming technology names and redeployed that capital into two higher-conviction tech holdings, tightening the portfolio while staying true to its growth-focused mandate.

Activity during the fourth quarter of 2025:

 

Bought: Arista Networks, Inc.

Bought: Constellation Software Inc.

Sold: indie Semiconductor, Inc.

Sold: Docebo Inc.

Sold: PayPal Holdings Inc.

Sold: Skyworks Solutions, Inc.

Diversification

The graphs show the diversification of Portfolio 1 by sector and market capitalization, as of December 31, 2025. The sector graph shows the dollar value percentage of each sector in the portfolio as well of the number of companies in each sector.

The market capitalization graph shows the dollar value percentage by market capitalization classification as well as the number of companies in each classification.

Portfolio 1

Below is the list of the Portfolio 1 companies. Some you will recognize some you won't. Either way, I've included the company name, its trading symbol (also known as ticker), the currency used to purchase the shares, the gain or loss in share price since the shares were purchased* (the average, in the case of multiple purchases), the total return (the gain or loss from the shares, plus any dividends) and the stock exchange it was purchased on. I have also shown what the company does, and why it was purchased (including how I categorize the company). In cases where a company's total return is greater than the gain or loss in share price, that is because the company pays a dividend.

Stocks traded on Canadian exchanges have the exchanges listed in red. Stocks traded on American exchanges have the exchanges listed in blue.

Company	Ticker	Currency	Share G/L %	Total Return %	Exchange	What they are	Why owned
Nvidia Corporation	NVDA	USD	4876.06	4881.34	Nasdaq Stock Market	Graphic processor & chip manufacturer	Core: Leading producer of graphic processor chips used in AI, big data, gaming, AR/VR computing; dividend
Tourmaline Oil Corporation	TOU	CAD	1961.20	2097.34	Toronto Stock Exchange	Natural gas producer	Income: Received as part of Tourmaline's acquisition of Crew Energy.
Celestica Inc.	CLS	CAD	516.22	516.22	Toronto Stock Exchange	Provide supply chain solutions to manufacturing and technology industries.	Growth: Solving logistical problems in growing industries such as cloud computing, communications, and aerospace.
International Petroleum Corporation	IPCO	CAD	238.37	238.37	Toronto Stock Exchange	Oil & gas producer	Growth: Take advantage of growing prices, and increased demand for oil and gas during the winter season.
Lattice Semiconductor Corporation	LSCC	USD	234.96	234.96	Nasdaq Stock Market	Semiconductor manufacturer	Growth: Provides semiconductors for a variety of industries
Cameco Corporation	CCO	CAD	180.94	182.10	Toronto Stock Exchange	Uranium miner and supplier	Growth: Ride tailwind of transition to cleaner energy sources.
Shopify	SHOP	CAD	152.71	152.71	Toronto Stock Exchange	E-commerce platform	Growth: Dominat global e-commerce platform; started as a growth investment but has become a core holding
TMX Group Limited	X	CAD	130.12	147.07	Toronto Stock Exchange	Owns & operates the TSX	Income: Diversification into financial sector; steady Growth: dividend
Kraken Robotics Inc.	PNG	CAD	145.55	145.55	Toronto Stock Exchange	Canadian underwater marine technolgy company	Growth: A leader in underwater sensors, robotics, and batteries that are in high demand for commercial and military tasks.
Alphabet Inc.	GOOGL	USD	139.68	141.09	Nasdaq Stock Market	Holding company for Google	Growth: Market leader in online search, streaming video (YoutTube), mobile OS (Android)
Apple Inc.	AAPL	USD	133.01	135.74	Nasdaq Stock Market	Consumer tech products & services	Core: A mega cap tech company with tremendous customer loyalty; great cash generator; dividend
Crowdstrike Holdings, Inc.	CRWD	USD	112.39	112.39	Nasdaq Stock Market	Cybersecurity company	Growth: Cloud delivered security solutions to endpoints; part of 2 trends - cybersecurity & cloud based
Carnival Corp.	CCL	USD	98.02	98.02	New York Stock Exchange	Cruise Lines	Growth: Largest cruise line in the world. Undervalued with 50% upside.
Cloudflare, Inc.	NET	USD	88.38	88.38	New York Stock Exchange	Cybersecurity company	Growth: Enhanced security and performance for companies of all sizes.
Yellow Pages Limited	Y	CAD	-24.43	78.67	Toronto Stock Exchange	Digital advertising & marketing	Income: A take out target of a similar larger US based company; dividend; MF recommendation
The Toronto-Dominion Bank	TD	CAD	68.33	76.69	Toronto Stock Exchange	A big 6 Canadian bank	Core: Banks always make money; growing and decent dividend; provides diversification into financials
Magnite, Inc.	MGNI	USD	74.43	74.43	Nasdaq Stock Market	Digital advertsing on the Sell side	Growth: Growing market for digital advertising; compliment to Trade Desk
Arista Networks	ANET	USD	73.91	73.91	Nasdaq Stock Market	A leader in networking services and solutions	Growth: riding the tailwinds of cloud computing and artificial intelligence
BSR REIT	HOM.U	USD	42.05	67.04	Toronto Stock Exchange	SW US housing rental REIT	Income: diversification to real estate housing market; dividend; MF recommendation
Pulse Seismic Inc.	PSD	CAD	40.00	66.10	Toronto Stock Exchange	Oil & gas supplier	Growth: Take advantage of growth in the oil & natural gas industry.
Interactive Brokers	IBKR	USD	60.78	61.22	Nasdaq Stock Market	Global online brokerage	Growth: Most popular online brokerage firm, trades in over 36 countries on 160 stock exchanges. Consistently growing number of users and revenues.
Datadog, Inc.	DDOG	USD	60.55	60.55	Nasdaq Stock Market	Monitoring & analytics platform for IT platforms	Growth: As more companies rely on IT there is a growing need to be able to monitor and analyze those systems; part of cloud based Software as a Service trend
Visa Inc.	V	USD	53.35	57.77	New York Stock Exchange	Payments technology company	Core: The leader in the payments technology industry; part of the shift from cash to digital payments; dividend
Hammond Power Solutions Inc.	HPS.A	CAD	51.65	53.75	Toronto Stock Exchange	Manufactures electrical transformers for global market	Growth: Company is riding a major tailwind of electrical power, across diverse markets.
The Bank Of Nova Scotia	BNS	USD	39.33	52.33	New York Stock Exchange	A big 6 Canadian bank	Core: Banks always make money, growing and decent dividend
Walmart Inc.	WMT	USD	49.08	52.17	New York Stock Exchange	Omnichannel retailer	Core: One of the largest, leading global retailers. Preparing to move more into e-commerce field, providing upside potential
Telus Corporation	T	CAD	-15.22	44.37	Toronto Stock Exchange	A big 3 Canadian telecommunications company	Growth: Defensive tech company; strong leadership; communications company branching out to health & agriculture industries; growing revenues and strong dividend;
Grab Holdings	GRAB	USD	44.10	44.10	Nasdaq Stock Market	Dominant and growing mobility company in SE Asia	Growth: The Uber of SE Asia, with growing revenue from multiple streams, including financial services. Founder led.
Amazon.com	AMZN	USD	43.84	43.84	Nasdaq Stock Market	E-commerce, cloud computing, streaming, AI, advertising	Growth: Leader in e-commere, leader in cloud computing. Share price beaten down.
Costco Wholesale	COST	USD	41.66	43.71	Nasdaq Stock Market	Global chain of membership warehouses	Growth: Every warehouse I've ever been to has been packed, even during th pandemic. Strong defensive stock.
Berkshire Hathaway Inc.	BRK.B	USD	40.74	40.74	New York Stock Exchange	Conglomerate	Core: The best performing stock in last 50 years; provides diversity across major US companies.
Trisura Group Ltd.	TSU	CAD	38.56	38.56	Toronto Stock Exchange	Specialty insurance provider	Growth: Brookfield spin off; strong management; provides diversification into financial sector; steady Growth: MF recommendation
Formula 1 Group	FWONK	USD	37.19	37.19	Nasdaq Stock Market	Global rights holder for F1 racing circuit	Growth: Tremendous growth in the popularity of F1 racing. tremendous growth in revenue, income and cash flow.
The Home Depot, Inc.	HD	USD	13.87	22.66	New York Stock Exchange	Home improvement retailer	Core: One of the first places people think of for home improvement products;
Dream Industrial REIT	DIR.UN	CAD	8.09	19.73	TSX Venture Exchange	Manages industrial properties throughout the world	Income: Increasing number of properties in North America, expanding into Europe; 5.8% dividend
Canadian National Railway Company	CNR	CAD	-1.13	16.21	Toronto Stock Exchange	Canadian rail company	Core: Largest railway system in N America; goods need to get moved across North America; diversification into Industrials;
Celsius Holdings, Inc.	CELH	USD	13.67	13.67	Nasdaq Stock Market	Energy & health drinks	Growth: New, fast growing health drinks similar to Monster; diversification to consumer defensive sector.
Atlanta Braves Holdings, Inc.	BATRK	USD	4.17	4.17	Nasdaq Stock Market	Own Atlanta Braves baseball team	Growth: Spin off from Liberty Media F1 Racing
Ferrari NV	RACE	USD	2.22	2.72	New York Stock Exchange	Designer and builder of exotic sports cars	Growth: Wide moat due to brand recognition; high revenues, income and margins; expanding into new markets
Constellation Software	CSU	CAD	1.72	1.72	Toronto Stock Exchange	Vertical market software provider	Growth: Bought on a dip, confident company dip is temporary and will resume as one of top performing software companies.
Kelly Partners Group Holdings Limited	KPGHF	USD	1.07	1.07	Over the Counter Markets	Australian accounting firm	Growth: Australian accounting firm that has grown through acquisition, expanding into US and other English speak ing countries.
TD Bank Investment Savings Account	TDB8150	CAD	0.00	0.00	Toronto Stock Exchange	High interest mutual fund	Income: Generate interest from pools of cash in the account.
Sea Limited	SE	USD	-0.63	-0.63	New York Stock Exchange	Consumer internet company	Growth: Involved in digital entertainment, e-commerce, and digital financial services through an integrated platform (3 hot trends); profitable entertainment side funds the growth of the other 2 businesses.
Decisive Dividend	DE	CAD	-7.31	-3.63	Toronto Stock Exchange	Acquistion oriented manufacturing company	Income: Small cap company that has upside growth potential through acquisitions while paying a 6% dividend.
Navitas Semiconductor	NVTS	USD	-27.39	-27.39	Nasdaq Stock Market	Semiconductor manufacturer	Growth: Develops chips using galium nitride to build more powerful, energy efficient chips
BCE Inc	BCE	CAD	-42.93	-33.27	Toronto Stock Exchange	A big 3 Canadian telecommunications company	Income: Defensive tech/communications company; strong dividend;
The Trade Desk, Inc.	TTD	USD	-43.27	-43.27	Nasdaq Stock Market	Digital advertsing	Core: Leading digital advertsing company on the buy side