October 2023
VPI Canadian Equity Pool Newsletter
Market Volatility is Part of the Process
Market downturns present an opportunity to build ownership in companies at attractive valuations. Since the beginning of 2023, we have been actively adding to the Pool. So far this year, we increased the weight in multiple positions and purchased 3 new businesses – CN Rail, CPKC, and Hershey. The total investment is CA$269 million with an average dividend yield of 3.1%.
Hershey Unwrapped
In October 2023 we added a new company to the Canadian Equity Pool - Hershey. It’s a beloved international company producing chocolate goods, cookies and cakes with over 100 well-known brands in its portfolio. Hershey is a strong business and has an impressive track record of revenue and EPS growth.
Sun Life Financial
Sun Life is an international financial management firm with a well-balanced and diversified business structure. Sun Life has established multiple streams of revenue that include wealth management, group and individual insurance. It continues to show strong performance and has gained over a trillion dollars in assets under management.
TD Bank
TD Bank has been consistently raising their dividends over the years. In the last 5 years, half of their reported earnings were allocated to the shareholders through dividends and share buybacks while the other half was reinvested back into the business to support its growth.
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