Investment Club Meeting on September 24, 2024 (Webinar)
Ellen's Investment Club (Toronto Central Investment Share Club)
Guest Speaker: Ryan Modesto, CFA, CEO, 5i Research
September 24, 2024, 7:00 – 9:00 P.M
By videoconference
1. Member introduction (10 minutes)
2. Guest Speaker: Ryan Modesto, CFA, Chief Executive Officer at 5i Research, portfolio manager for the i2i Long/Short US Equity Fund. Ryan will give the same presentation he did at the MoneyShow Toronto on Sept. 14. It’s called The Anatomy of Big Market Winners and the Investor That Can Hold Them. At the end, he will provide a list of potential stock market winners that 5i Research owns. (45 minutes plus 10-15 minutes for Q&A)
3. A discussion of the club’s Fantasy Portfolio, by Tom Loftus. How well has it done compared to the benchmarks? Which stocks have done very well and which stocks have lagged behind? Do we have any suggestions about dropping some stocks and adding others to the portfolio? (30 to 45 minutes)
Message from Tom last week by email:
The Fantasy Portfolio has a return of 1.4% (using the closing prices from Friday, Sept. 13, 2024) since we started in mid-April 2024. If we look at the return without the biggest losers – Hammond Manufacturing (-16.86%), LVMH Hennessy Louis Vuitton (-21.69%) and Converge technology (-20.41%) – our return would be 6.4%.
Looking for ideas to improve portfolio performance. What to do with our biggest losers? Are they the best candidates to replace? Looking for members’ input on potential portfolio changes.
Some thoughts on the underperforming stocks:
- Hammond Manufacturing had poor 1st quarter results. 5iResearch anticipates that Hammond's growth will continue.
- LVMH has a big portfolio of prestige luxury products. It appears high-end retailers may be currently out of favour. LVMH is traded by Depositary Receipts to help clients avoid currency conversions. This could mean that financial data and analyst commentary is not as readily available as with North American stocks.
- Converge Technology is a small financial company. 5iResearch suggests that lower interest rates should help Converge raise its returns. But when asked to rate Converge Financial with 12 other growth stocks, 5i rated Converge Financial 12th out of 12 stocks.
- The watchlist has many dividend stocks, which have seen their prices move higher as the anticipated interest rate decreases have begun. The portfolio would have shown a better return if we had included dividends. But some of the growth stocks in the portfolio may be candidates for moving to the growth portfolio. Potential candidates: Brookfield, Dollarama, EQB Inc., (Equitable Bank) or National Bank?
Bottom Line: Looking for members’ input. Should we stay with the original portfolio or do you think there are other stocks that could improve the Fantasy Portfolio?
4. Ideas for the year ahead: Should we try doing an in-person meeting again, at least once or twice? We can check with the Miles Nadal DJCC at Bloor and Spadina to see if we can book a room for a get-together in late November or early December.
Let’s put together a list of people we’d like to invite as guest speakers. Keep in mind that we don’t have a budget to pay our speakers for their preparation time and expenses. But we still find that most people we invite to speak are very happy to do so without getting a fee.
We’d also like members’ suggestions in putting together a list of investing resources you find helpful when watching the markets from day to day and looking at the stocks, ETFs and bonds you own to see if they are still worth holding or should be traded. Resources can include print materials (books, magazines, newspapers and free or paid newsletters), as well as online media (radio and TV shows, blogs, podcasts and YouTube video channels).
5. Adjourn: 9:00pm
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