My net portfolio value decreased 2.5%, or about $24,000 in August, primarily due to price corrections in major holdings such as Alphabet $GOOGL and Brookfield Corporation $BN. In the absence of any news that could materially disrupt the operations of these businesses, I consider these price fluctuations to be sentiment-driven and of little concern to long-term shareholders. Two of the five largest holdings in my portfolio, Brookfield and Constellation Software $CSU , reported earnings in August. Both companies continue to demonstrate strong progress in terms of per-share earnings growth. Brookfield’s distributable earnings (DE) before realization increased by 15% in the most recent quarter, compared with just 7% growth in the previous quarter. Its Asset Management segment reported 20% growth in fee-related earnings supported by record fundraising activity. The Wealth Solutions segment added $50 billion of new insurance assets through acquisitions and new annuity sales, expanding its asset base by 35% to $191 billion. While the majority of the segment’s 22% DE growth was driven by acquisitions, the significantly larger asset base should provide a foundation for further earnings growth as Brookfield continues to optimize its insurance portfolio. Constellation Software also delivered another strong quarter, with revenue increasing 17% and free cash flow growing 18.2% after excluding the IRGA liability. Capital deployed toward acquisitions during the first half of 2026 reached $1.59 billion, more than double the amount deployed during the same period last year. This suggests that the private vertical market software M&A pipeline remains robust and that Constellation continues to have ample opportunities to reinvest capital at attractive returns. It is also worth mentioning the extraordinary recovery of the Salesforce stock (CRM). While the company only slightly exceeded analyst expectations, its share price surged about 25% within a few days. This is clearly a sentiment-driven repricing unrelated to the fundamental improvements, as AI disruption concerns surrounding the stock appear to have eased significantly. This again demonstrated the high return potential of investing in undervalued stocks in a sentiment-driven market. 📊 Here is a detailed breakdown of my portfolio: TFSA: $201,601 ->$197,691 RRSP: $194,231 -> $186,727 Taxable: $600,467 -> $588,044 ---- Total: $996,299 -> $972,462 (excluding margin and options) Smith Maneuver Portfolio: $107,762 -> $116,004 ($993.14 new contribution) HELOC balance: -$94,064.51 -> -$95,410.99 You can find my full portfolio update using the link below, which includes additional information you may find interesting: - Updated DCF valuation based on latest earnings: $CSU$BN$CRM$MEQ and HENNGE (4475.T) - My Smith Maneuver Portfolio Holdings - All stock & option trades I made in the past month Here is the link to the full update in the pinned comment 👇
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2 Comments
Bimal Becks@bbecks · 5h
What tool are you using for this report It actually looks great
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