Portfolio Letter – Wealth-Builder Model Portfolio (CDN) – As of October 31, 2025
Posted by BM on November 24, 2025
“I measure our progress primarily on the basis of the income we are collecting and the growth of that income through dividend increases.”
- Josh Peters
Welcome to the quarterly review of our Wealth-Builder Model Portfolio (CDN). In this update, I am sharing the latest portfolio results as of October 31, 2025, along with a refreshed look at how our dividend growth strategy continues to quietly build wealth in the background.
Our approach remains unchanged. We invest in a collection of high-quality businesses that earn good returns on capital, generate reliable cash flow, and have the discipline to share a portion of those earnings with shareholders through steadily rising dividends. It is a strategy that works for investors at every stage of life. It may not produce fireworks in any single quarter, but over long stretches it has rewarded patient owners far more reliably than most alternatives.
This model portfolio was built to demonstrate a simple truth: when you own productive assets that increase their earnings over time, your share of those earnings tends to rise as well. Reinvested dividends and consistent annual increases create a compounding effect that is easy to overlook in the short term and impossible to ignore over the long term. The growing income stream is valuable on its own, but the total returns that follow from owning durable businesses are often the real ‘magic’.
Since the portfolio’s inception on May 1, 2022, we have followed the same steady playbook: buy sensibly, hold patiently, and let the companies do the heavy lifting. Three and a half years in, the results continue to track our original projections. We are pleased with the progress, though we are far more interested in what the next decade will bring than in any single quarter.
Our task now is simply to stay the course. As Buffett often reminds us, investing is most effective when it is kept simple, disciplined, and focused on the long-term economics of the businesses we own. This portfolio is built with exactly that in mind.
SUMMARY
✅ We receive dividend income from 20 companies spanning 8 sectors of the Canadian economy.
✅ This quarter, there were dividend announcements from three of our holdings.
✅ We increased our stake in four existing holdings, strengthening our portfolio.
✅ Dividend income was $999.12 last quarter, and our annualized income is now $4,121
✅ Portfolio performance: The year-to-date total return (including dividends) is 19.44%, and since its inception (May 2022), the portfolio has delivered an annualized total return of 12.29%.
This is a simple reminder of why we focus on quality dividend growers. When dividends rise, prices tend to follow. At our current trajectory, the Rule of 72 suggests our portfolio is doubling in value roughly every six years. That is the quiet power of dividend growth compounding behind the scenes.
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