DM Monthly Report – Sept 2024
SMALL POWER – Partway through the summer, Sleep Country Canada was bought by Fairfax Financial, marking the fifth acquisition of a DM stock position within a 12 month span. The good thing about buyouts is that to convince target company management and shareholders to accept such deals, a substantial price premium is usually required and, as the accompanying table illustrates, recent bids for DM holdings have followed this rule.
Click here to read more: DM Monthly Report – Sept 2024
DM Monthly Report – Summer 2024
WHAT HAPPENS TO STOCKS FEATURED IN THE DM LETTER? It’s a bit of Dixon Mitchell lore (mostly perpetuated by our research team!) that whenever a stock is mentioned in our monthly newsletter, it gets the performance equivalent of a kiss of death. To investigate the validity of the claim, we calculated each stock highlighted since the covid market bottom has faired against its relevant benchmark to the end of May 2024.
Feature Stock – Jamieson Wellness Inc. (JWEL) In May we established an initial position in JWEL in the DM Canadian Equity Portfolio.
Click here to read more: DM Monthly Report – Summer 2024
DM Monthly Report – April 2024
WILL THE MARKET’S CONCENTRATION BE ITS UNDOING?
Though virtually all of our equity analysis occurs at the company level, it’s been hard to ignore the recent warnings about market structure, and in particular the dominance of the Magnificent 7 group of mega-cap stocks in the S&P 500.
FEATURE STOCK – Ametek Inc. (AME)
In February, we initiated a new position in AME and subsequently added to the holding in mid-March. AME is a leading global manufacturer of niche components, analytical instruments, and precision automation devices for use in aerospace, power, defense, and other industrial segments.
Click here to read more: DM Monthly Report – April 2024
DM Portfolio Commentary – Q1 2024
Where were you four years ago? Just kidding, we know where you were. If you weren’t pacing empty aisles in search of a forgotten bundle of toilet paper, or trying your hand at cutting hair, or making calls to get out of the summer vacation you’d booked the month before, you were undoubtedly sitting at home like everyone else. Regardless, you were living a life that you couldn’t have envisioned just weeks earlier, with little sense of how or when thing would get back to how they’re supposed to be.
The covid-19 outbreak also threw financial markets into a state of disarray, just like the subprime crisis had done barely a decade earlier, with stocks falling sharply against a relentless stream of disconcerting news. Equipped with lessons from the last financial calamity, however, policy makers acted with unmatched swiftness and force to dampen the effects of the pandemic, and soon we found ourselves living in an odd, suspended economic reality.
Click here to read more: DM Portfolio Commentary – Q1 2024
