The Sleepy Portfolio, which I use to benchmark the returns of my own portfolios, had an excellent quarter gaining 3.2% over the previous quarter. The gains were across the board in all asset classes. Bonds, EAFE equities and REITs performed especially well.

Sleepy Portfolio 3Q-2006 Performance

According to MS Money, our personal portfolios performed really well gaining 6.3% during the third quarter. The big gains came from Pfizer (PFE, up 23%), TD Bank (TSX: TD up 17%), AGF Management (TSX: AGF.B, up 13.5%) and AIG Group (AIG, up 12%). The big loser was a position I initiated during the quarter: Loblaws (TSX: L, down 8%).

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This article has 3 comments

  1. I wanted to know if your investment thesis on Loblaws has changed? Are you contemplating averaging down, standing firm, or exit?

    http://www.investorgeeks.com/articles/2006/10/04/averaging-down-playing-chicken-with-mr-market/

    Loblaws is getting more and more interesting the lower the stock price gets. But a cheap price is only a cheap price. Lemons have cheap prices too. I haven’t yet made the necessary research to probe about valuation yet. Any thoughts?

  2. Recent weakness is related to possible strike. I think at these prices L is a good long-term defensive holding but may have more short-term downward pressure. I’d recommend standing firm if you already hold it.

  3. Canadian Capitalist

    I fully realize that there are problems facing L and it might still go down from here. However, I think L’s problems are temporary and fixable. I’ll make a post about my thesis for investing in L.