As we step into 2025, it’s time to look back on the performance of our stock picks from 2024. In a year marked by market fluctuations, some picks soared, while others lagged behind expectations. From classic dividend plays to more speculative ventures, here’s how our selections performed.
Bank of Nova Scotia: A Bull’s Eye
As 2023 drew to a close, we highlighted the Bank of Nova Scotia as an attractive pick, trading below $60. We predicted a reasonable initial sell price of over $80, and the stock not only met but exceeded that target. Coupled with a solid dividend yield above 5%, this was a perfect example of a well-timed recommendation.
BlackBerry Ltd.: A Lingering Question
BlackBerry, a stock we’ve followed since 2013, remains an intriguing but unpredictable asset. After Ben’s most recent investment in December 2022 at $4.33, the stock struggled to make significant gains, despite BlackBerry’s sale of Cylance to Arctic Wolf. Though Benj is holding onto his position in hopes of a future strategic sale, BlackBerry’s current trading price leaves much to be desired.
China Automotive Systems Inc.: Holding Strong
China Automotive Systems (CAS), which we covered in January, initially appeared to be lagging, trading just above $3. With strong ties to global automotive giants such as General Motors and Volkswagen, the stock has been ticking upward. Despite geopolitical risks and concerns over accounting practices in China, the company’s revenue growth and book value present an optimistic outlook. We remain bullish, as CAS continues to meet the key criteria we value in a long-term hold.
Bird Construction Inc.: A Resounding Success
One of the year’s biggest winners was Bird Construction, which we acquired at $4.70. As the stock price soared, we sold portions of our holdings in several profitable transactions, the latest at $31.63. With strong gains already realized, we’re holding out for further upside before fully exiting this position.
Cryptocurrency: A Missed Opportunity
Despite Benj’s longstanding reluctance to invest in cryptocurrency, a stance shaped by his preference for assets with a decade-long track record, 2024 saw the continued rise of bitcoin. While Benj remains skeptical, dismissing predictions like Cathie Wood’s $1.48 million bitcoin price by 2030 as “bogus hyperbole,” Benj’s son Caellum has capitalized on the crypto boom. Benj is content that someone in the family has found success, though he advises caution with this volatile asset class.
Pan American Silver Corp.: A Strategic Move
When Pan American Silver merged with Agnico Eagle Mines to acquire Yamana Gold, we saw the stock as undervalued, trading around $34. Our analysis suggested a significant disconnect between the stock price and the underlying assets. While the stock has cooled to around $30, part of our position has already been exited, locking in solid returns.
Extendicare Inc.: Demographic Play with Long-Term Potential
Extendicare, a healthcare company benefitting from the aging population, was another pick we made in February. Trading around $7.25, it offered a modest monthly dividend. As the company expands, we anticipate a further increase in value, although the initial sell target of $13.34 still feels distant with the stock currently at $10.
Lloyd’s Banking Group: A Legacy Play with Upside Potential
Lloyd’s Banking Group, with its centuries-old history, seemed undervalued when we recommended it in May, trading at just $2.75. Despite its troubled past during the financial crisis, the bank has recovered well. We are holding out for a doubling of the stock price, though it remains relatively flat for now.
Corby Spirit and Wine Ltd.: Mixed Results
In June, we turned our attention to Corby Spirit and Wine Ltd., which made headlines with its acquisition of Ace Beverage Group. While the deal opens up new markets for Corby, the stock has been range-bound, and the added debt raises some concerns. However, the stock’s impressive dividend yield of 7% remains a bright spot.
Ambev SA: A Cautious Optimism
Another alcohol stock, Brazilian-based Ambev, caught our attention in June due to its attractive valuation. Trading below half its book value, Ambev is profitable with strong cash reserves and a solid track record. Yet, the company faces risks from political instability in Brazil and a weak local currency. Despite these challenges, we maintain a bullish outlook.
United Guardian Inc.: A Steady Performer
In August, we introduced United Guardian Inc., a small but steady performer in the pharmaceuticals and cosmetics sectors. Trading just under $10, we see potential in this debt-free company. Our target price remains $24, though the stock has struggled to gain momentum in recent months.
Mattr Corp.: Uncertain Prospects
Mattr Corp. (formerly Shawcor) underwent a significant transformation in 2024, divesting its oil and gas business to focus on industrial sectors. Unfortunately, the stock has not responded well to the changes. We are less optimistic about this pick and are reassessing our target price.
RPC Inc.: Waiting for Growth
RPC Inc., an oilfield services provider, has shown modest gains since our recommendation at $4.16. Trading at $6.45 at the time of publication, the stock has hovered near that price. With a strong revenue base and minimal debt, we maintain a long-term outlook, though the stock has yet to reach our target of $21.24.
A Year of Mixed Results
2024 was a year of diverse outcomes for our stock picks. While some positions, like Bank of Nova Scotia and Bird Construction, delivered excellent returns, others, such as BlackBerry and Mattr Corp., fell short of expectations. As we move into 2025, our focus remains on investing in companies with solid fundamentals, long-term growth potential, and a history of steady performance.
As we reflect on the lessons of the past year, we remember the words of Marthe Troly-Curtin: “Time you enjoy wasting is not wasted time.” We continue to enjoy the process of discovering hidden gems in the market and look forward to another year of thoughtful investing.
