# How did you do in 2016?



## agent99 (Sep 11, 2013)

2016 was a very good year for the markets.

I don't do any fancy return calculations, but our 40/60 Fixed Income/Equity retirement portfolio produced a simple return of 20%. By simple return, I mean (Final balance-Beginning balance+withdrawals)/Beginning balance = 20%.

I am sure most of you did well too.


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## lonewolf :) (Sep 13, 2016)

A good year is when you follow your method which gives you an edge & you make or lose money

A bad year is when you don't follow your method & you lose money

A real bad year is when you make money & don't follow your method

2016 could only be a real bad year if you made money, the more money made the possibility of it being a real real bad year LOL


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## james4beach (Nov 15, 2012)

Not too bad vs my target. I wasn't at my target asset allocations and I struggled to get there. With the allocations I had, I ended up with 5.0% for the year.

If I had been at my ideal permanent portfolio allocations, the year's return would have been ideally 5.5% so I only missed out on a bit. That's more or less in line with an average year for the PP. Details of my benchmark are in this post.


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## familyman (Apr 6, 2015)

For me this year was only my 2nd year since I began to learn about investing. My greatest gain was knowledge-wise. 2 years ago, I sat down with a bank person AKA SALESMAN and was sold a 2.2 MER mutual fund for my daughters RESP. I didn't even know what an MER meant, so I went home and begun to research. Soon after, I sold the mutual fund and bought the Mawer balanced fund. Then after a few months I sold that and got into ETF's. After reading a lot more, I decided my appetite for risk was greater and being young and able to take bigger risk, I sold those and bought some more risky stocks. The higher the risk, the greater the potential returns. If I lose a chunk, I am young and have many years left in the workforce and to start all over. I never really got anything financial-wise from my parents, and there will be no inheritance, graduated at 26 with 80K in debt, and worked hard with my wife and by God's grace paid it all off by the time I was 30. Now being 32, I'm 120K in the plus, and really looking forward to what 2017 can bring. I don't know about you guys, but I have a feeling this year will be amazing!


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## pwm (Jan 19, 2012)

All stocks, buy and hold strategy. *Up 11.93%*


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## jaybee (Nov 28, 2014)

Up 18.9 percent in the wife's portfolio, and 22.5 percent in mine. That is according to TDDI's performance metrics. Some of my better stock picks last year were Savaria which I got a double. And Canopy of course which was a four-bagger. My biggest dog by far was Grenville Strategic Royalty. I hung on way to long.


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## BoringInvestor (Sep 12, 2013)

My simple couch potato portfolio was up 8.1%.
The annualized money-weighted, and time-weighted returns were slightly higher at 8.3%.


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## birdman (Feb 12, 2013)

I don't keep detailed records but am up over 19% in then market including divies. Only TSX stocks with emphasis on Banks and utilities. Only 25% in the market and balance in interest bearing which probably yielded about 4%. The latter includes Savings, GIC's, MIC's, and a private loan.


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## hboy54 (Sep 16, 2016)

Hi:

Been a splendid year. Was a year of harvest, after 2 years of sowing. All years are splendid really, because if you lost money any particular year, you also likely bought something lowish to set up future gains.

In 2016 I said goodbye to BCE, EMP.A, JNJ, LRE, and TRP. LRE went private in the end and managed to escape with all my fingers. The other 4 priced at the time I thought highish were mostly sold to raise funds for redeployment elsewhere where I figured I had a decent shot at buying lowish. The recent decline in the Canadian dollar also factored in the JNJ sale.

No new companies were added to the portfolio. The year end holdings comprise 17 Canadian and 1 USA company, plus the mutual funds that came with my wife in her RRSP.

ACO.X, BMO, and GE holdings were static.

TECK.B had a net reduction, though multiple additions and sales.

The following had net additions: BNS, BTE, BBD.B, CM, CWL, ECA, HSE, MFC, MX, OSB, POW. ECA had multiple sales too.

Largest 6 holdings were 54% of portfolio year end 2016 for average weighting of 9%, 45% (7.5%) year end 2015.

Debt was 23% net worth YE 2016, vs 29% YE 2015.

Year end total indicated annual dividends 2016 $60,182, 2015 $38,405.

Holdings in a loss position year end 2016, 1 at -5%; 2015, 9 ranging up to -48%. Reduced the ACB on 8 of the 9 holdings in a YE 2015 loss position.

Goals going forward:

Work the debt down in absolute dollars and as a percentage of net worth. My long term target has been 25%, but after a period of things going swimmingly, a lower number will leave me better prepared for whatever hits the fan next time. The good times don't last forever. Plus my wife will soon retire, so the ballast of an employment income will be gone (albeit replaced with a pension income).

Reduce the big six holdings: BTE, MX, OSB, ECA, TECK.B, BBD.B. I like all these companies. I like them a lot. They are all in a transitory phase to some extent, but as and if good things happens with any of them, they will be sold down. Already started on TECK.B and ECA in 2016.

As I reduce the big 6, I need to get back some balance in the rest of the portfolio, mostly in the utilities space, though I am reluctant to pay PE 18-20 for any of the usual suspects.

Grow the portfolio yield in dollars and percentage terms. I like to aim for 3%, but well under that now due to extensive work of late in the no and low paying materials space. Some additional dividends may show up from TECK.B and OSB this year, but payments from the other 4 of the big 6 will likely be static.

Get the TFSA fully funded, currently $25K of room. We don't really generate an employment surplus any more on one salary (actually 0.76 FTE now) and ever creeping up spending. So I must either take funds out of the RRSP; or contribute in kind, but the candidates both need to be free and clear of leverage for interest deductability reasons, and in a gain situation so I don't throw away a capital loss. Always been running a bit behind here, but this year I think I can close the gap.

hboy54


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## Koogie (Dec 15, 2014)

2016 was a very good year. Had a bump from some bargains picked up in Feb. (banks/ins. cos.) and in June (int'l indexes).
Equity portion returned 11.42%, including dividends.
Total portfolio was up 8.39%

Last year was a slightly losing year, so it certainly feels good.


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## larry81 (Nov 22, 2010)

My 80/20 portfolio is up 9.17% in 2016


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## Ag Driver (Dec 13, 2012)

TWRR 7.97%
Annualized 3.91%
ROI Since Inception 22.40%


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## dubmac (Jan 9, 2011)

RRSP -1 : +9.5% (mix of CDN dividend stocks, funds) mine
RRSP - 2: +5.0% (mostly MAWER funds - 104 and 106) hers
RRSP - 3: +4.8% (again, mostly MAWER & MD funds) - spousal
Investment Account (hers): +8.4% (Mostly CDN dividend stocks, Mutual Funds, GIC's) - currently at 55 equity :45 fixed income but looking to get to 50:50. I'm setting this one up as a source of income for retirement in 10 yrs.
TFSA - 1: +13.5% mostly BCE and VDY (banks) and cash now.
TFSA -2: +18.8% Thanks to RY, REI.UN and SU and cash now. - most increase from RY. 

This was the year MAWER funds did not produce the returns of previous years - but I'm OK with that. The biggest (pleasant) surprise was the difference between accounts that held stocks vs mutual funds! 

Looking to disperse some cash in the coming year. Will re-balance 1/2 through this year. I am grateful to many of you - you have provided much support and counsel (in many ways) in the coming year. 
As for the new year, I will be watching the forum - but not too engaged. I have a wee medical issue forthcoming and am taking some time away from work to deal with it. 
All will be well.:joyous:


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## ian (Jun 18, 2016)

11.1 percent against all accounts in a 55/45 balanced portfolio managed by PHN. Net of fees. 

Very pleased with the performance, tax planning etc. net of fees and inflation, over the past four years.


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## mordko (Jan 23, 2016)

XIRR = 6% for 2016. 
Long-term XIRR = 8% (since 2002).

- More than half of my 2016 investment was in pound sterling and sterling fell by 18%.

- My N American Investments returned 11.5% in 2016 (XIRR).

- Also my house price went up by about 50% and the house got sold (not included in XIRR but dominates my 2016 "net worth" story).


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## gibor365 (Apr 1, 2011)

in 2016 XIRR per account
LIRA 1 - 17.3%
LIRA 2 - 14.6%
TFSA 1 - 23.3%
TFSA 2 - 22.02%
RRSP 1 - 8.6%
RRSP 2 - 14%
---------------
Total XIRR - 14.5%
6 years XIRR - 10.91%

Both TFSA were the best performers in 2016 and worst ones in 2015


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## CPA Candidate (Dec 15, 2013)

XIRR of all accounts was 11%. I would have had a better year but the performance of Concordia Healthcare (since punted) had a significant negative affect. It was easily my most regrettable investment ever.

Best stock was Yangarra Resources (YGR.TO), which appreciated 249% but had a very small weighting.


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## gibor365 (Apr 1, 2011)

btw, dividend income rose 6.12% comparing to 2015


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## Benting (Dec 21, 2016)

RIF - +17.88% Bank, 1 yr left broken 5 yr GIC and 500 shares of VRX
LIF - +23%, Bank only
TFSA - +26%, Bank only
RESP - +21%, Bank only

Yes, all the eggs in one basket !


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## larry81 (Nov 22, 2010)

ian said:


> 11.1 percent against all accounts in a 55/45 balanced portfolio managed by PHN. Net of fees.
> 
> Very pleased with the performance, tax planning etc. net of fees and inflation, over the past four years.


thats very good performance ian, can you provide rough estimate of portfolio size and management fee's ?


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## Eder (Feb 16, 2011)

18.06 % thru no fault of my own...the TSX floated all boats in 2016 and I'm sure we all feel like geniuses haha. Hope 2017 is half as profitable!
( I just realized I never sold a single stock all year...1st time ever)


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## Mechanic (Oct 29, 2013)

I had a good year this last 12 months and my portfolio gained/recovered about 25%. The downside is that based on since I started just before 2012 this is the fist time I have been in the black. Including divs I am up around 7.5% total. Tracking my performance against indexes tells me I should have just bought indexes. How boring would that be ? lol


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## jargey3000 (Jan 25, 2011)

ian said:


> 11.1 percent against all accounts in a 55/45 balanced portfolio managed by PHN. Net of fees.
> 
> Very pleased with the performance, tax planning etc. net of fees and inflation, over the past four years.


Ian...your post caught my eye. Is this, like , your own individual account? or is it a PHN product that any one of us can participate in? care to elaborate/ ( or even PM me)?


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## ian (Jun 18, 2016)

PM'd you.


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## peterk (May 16, 2010)

2016 XIRR was 47%, but this was after 2 negative years. My 4 year XIRR since starting saving is 10.5%. I've also been around 50% cash this whole time, so halve that. Also I hear that XIRR overestimates returns, though I don't understand the math, when large cash inflows are occurring (like when a young investor begins saving) so I'm probably overstating. My "geometric" rate of return (not sure if that's a thing) is 5.3%. I.e (Current Value/Initial Investment)^(1/n)

I'm quite sure if I'd just been 80/20 couch potato with a 6 month emergency fund, as per standard CMF recommendations, I'd be much further ahead. *sigh*


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## agent99 (Sep 11, 2013)

For those of us in later years, aiming at balanced portfolio, the performance of these balanced mutual funds may be of interest. 

http://globefunddb.theglobeandmail....&pi_portfolio_id=&pi_fund_arr=&pi_manager_id=


By the way, PH&N are in the list. I think Ian said earlier that the one he has is now closed to new investors. But they do have others. I use TD Monthly Income (another balanced fund) to collect interest and dividends in our registered accounts. It had performance similar to the PH&N balanced funds at 10.87%.

Someone mentioned using the numbers from their on-line brokerage, so I went and looked. Don't know how BMOIL calculate these:
Unregistered 28.5% and 26.2%; RRIFs 9.7% & 11.9% (that's where most of our FI is); TFSAs 44.9% and 25.7%. (compared with my simple minded overall final 19.6% yield) Looks good to me, but really just rebounding!


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## GreatLaker (Mar 23, 2014)

peterk said:


> Also I hear that XIRR overestimates returns, though I don't understand the math, when large cash inflows are occurring (like when a young investor begins saving) so I'm probably overstating.


XIRR gives accurate Money Weighted Rate of Return (MWRR), which is the actual investor's return including the timing of external cash flows.
Time Weighted Rate of Return (TWRR) filters out the effect of the timing of cash flows on rate of return.

For example in 2016, the market performed better in the second half of the year than in the first half. If you added funds only in the second half of the year, then your MWRR would be higher than your TWRR. If you did not add or withdraw any money in the year then MWRR = TWRR. TWRR is better for comparing your investment to market benchmarks or to other investors.

This CCP blog explains it in more detail: http://canadiancouchpotato.com/2015/07/13/calculating-your-portfolios-rate-of-return/



> My "geometric" rate of return (not sure if that's a thing) is 5.3%. I.e (Current Value/Initial Investment)^(1/n)


Geometric rate of return is used for calculating multi-year compound investment returns. Say the market dropped 50% in year 1, then went up 50% in year 2. If you started year 1 with $1000, at the end of year 2 you would have $750.

Your arithmetic return is (1 - (0.5 + 1.5) / 2) = 0, or 0% return, meaning your original $1000 would still be $1000, which is clearly not accurate for compound investments.

Your geometric return is 1 - ((0.5 x 1.5)^(1/2)) = -13.4% compound annual return. 1000 x (1-.134)^2 = $750 which is accurate.


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## livewell (Dec 1, 2013)

1 year (XIRR) 13.4%
5 year 9.4%
10 year 6.4%

Allocation 67% Equity/33% FI+ cash, in withdrawal mode (no pensions, pre CPP/OAS). Overall a good year


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## My Own Advisor (Sep 24, 2012)

Canadian portfolio - up close to 24%.

US portfolio - up close to 12%.

Total around 15%. Great year. 

Since I started tracking the DIY dividend stock portfolio, 9% annualized. 

Buy and hold and let dividends get reinvested. Boring can work.


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## marina628 (Dec 14, 2010)

My portfolio was up 18.34% while my husbands was 9.33% .


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## Eder (Feb 16, 2011)

Just checked my daughters 3 pack...27.74%. She is now gloating and offering me investment advice...


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## bobsyouruncle (Dec 25, 2016)

Eder said:


> Just checked my daughters 3 pack...27.74%. She is now gloating and offering me investment advice...


That's ridiculous!! In a good way


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## Benting (Dec 21, 2016)

Let me guess, I bet most of you gained more than 15% are all overweight in bank stocks ?


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## Eder (Feb 16, 2011)

Nope...overweight in telecom...~35%


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## agent99 (Sep 11, 2013)

How do you define Overweight? 

This is how we compare with TSX60. 


Sector__ FINAN ENRGY	UTIL INDUS TECH_	CONSU	MATL	TELECM	REIT	OTHER
Our Port 42.5%	11.6%	4.0%	12.5%	1.20%	4.70%	5.60%	9.00%	6.7%	2.1%
TSX60__ 40.9% 23.4% 1.70% 7.3% 2.20% 4.90% 10.5% 6.3% 0.0% 2.8%

Above for Equity which was 60% of portfolio. Rest FI (mostly Corp Bonds, Conv Debentures, split pfds)

Being low on Energy probably helped more than being high on FIN.


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## 1980z28 (Mar 4, 2010)

After 200 plus trades up 20% plus,,sold of all my td efunds over the year,all in equities,no fi of any sorts,I also leveraged a lot
real estate also done very well
will stop work in april,and will retire,,,will have to come up with some plan for the future
also sold my car after 35 years


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## Eder (Feb 16, 2011)

agent99 said:


> How do you define Overweight?


35% of my portfolio is in telecom stock....that's overweight I think.


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## Mechanic (Oct 29, 2013)

I'm overweight too. Going to have to start walking more when I golf, lol


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## 1980z28 (Mar 4, 2010)

.......


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## 1980z28 (Mar 4, 2010)

Mechanic said:


> I'm overweight too. Going to have to start walking more when I golf, lol


Nice


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## agent99 (Sep 11, 2013)

Mechanic said:


> I'm overweight too. Going to have to start walking more when I golf, lol


We are soon heading to warmer climes where they won't let you walk  After 2 1/2 months of our Fall/Winter, I need to start walking. But it will have to be on the beach. Life can be tough.

Regarding "Overweight" - It's one of those terms that is thrown around by analysts, on financial forums like this, and by others. A kind of meaningless term, unless qualified, that means different things to different people.


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## doctrine (Sep 30, 2011)

I had about a 35% return in my Canadian portfolio. My 70-30 balanced indexed registered accounts were around 8%. The Cdn portfolio was fantastic this year, top performers include bank stocks and pipelines, but also some really oversold value stocks that gave me outsized 50%+ returns (CBL, GSY for example) and a few others with 30%+ bumps in short periods. Mostly holding banks, telecom, utilities/pipelines now, and no leverage, not a lot of value out there for me.


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## Kropew (Nov 24, 2013)

Total portfolio up 19.68% (all my investments are in canada)


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## Franky Jr (Oct 5, 2009)

After years of losing to my benchmarks I killed them this year. XIRR 20.9% (54%CAD44%US/INT No FI)


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## gibor365 (Apr 1, 2011)

Franky Jr said:


> After years of losing to my benchmarks I killed them this year. XIRR 20.9% (54%CAD44%US/INT No FI)


Curious what is your benchmark?


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## daddybigbucks (Jan 30, 2011)

extremely good year for me.
as mechanic said though, most of earnings was recoup but got into new territory in all accounts.

RRSP - 32%
RESP - 33%
TFSA - 104%


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## agent99 (Sep 11, 2013)

agent99 said:


> 2016 was a very good year for the markets.
> 
> I don't do any fancy return calculations, but our 40/60 Fixed Income/Equity retirement portfolio produced a simple return of 20%. By simple return, I mean (Final balance-Beginning balance+withdrawals)/Beginning balance = 20%.
> 
> I am sure most of you did well too.


Many are quoting equity performance only. For fun, I backed out the 40% we have in FI. Our equity gained 30%. Interesting that except for energy, allocation is not much different than TSX60. As far as I could determine (Using XIU as a guide) TSX60 had 22.6% Total Return in 2016. Not too shabby.

Our FI gained 5%.


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## AltaRed (Jun 8, 2009)

There isn't much value in any of the data quoted here unless it is 'all in' and time/money weighted, and multiple years of CAGR performance, e.g. 1, 3, 5, 10 yrs, is quoted....along with a bit of commentary on asset allocation. etc.

Norm's Periodic Table http://www.ndir.com/cgi-bin/PeriodicTableofAnnualReturns.cgi is a good lesson in the randomness of markets.


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## agent99 (Sep 11, 2013)

AltaRed said:


> There isn't much value in any of the data quoted here unless it is 'all in' and time/money weighted, and multiple years of CAGR performance, e.g. 1, 3, 5, 10 yrs, is quoted....along with a bit of commentary on asset allocation. etc.
> 
> Norm's Periodic Table http://www.ndir.com/cgi-bin/PeriodicTableofAnnualReturns.cgi is a good lesson in the randomness of markets.


It's true - there is not much value in any of these numbers. But Subject of thread was *"How did you do in 2016"* - not in longer term. it is just fun to compare results, especially in a good year! 

Personally, I never could see the point in calculating and posting XIRRs or CAGR's, especially to umpteen decimal points!


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## gibor365 (Apr 1, 2011)

> There isn't much value in any of the data quoted here


 True! This is why I also mentioned 6 year XIRR that = 11%


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## AltaRed (Jun 8, 2009)

gibor365 said:


> True! This is why I also mentioned 6 year XIRR that = 11%


Indeed. I noticed a few have posted multi-year returns.


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## james4beach (Nov 15, 2012)

It's also useful to look at how some of the best fund managers in the country did.

Mawer Balanced Fund, with one of the best track records in Canada, posted only a 3.2% gain in 2016.
RBC Monthly Income (one of the rare mutual funds I recommend to people) had a 11.7% gain in 2016.

As you can see, even among excellent managers, performance in a year can be significantly worse than indices. The above are both balanced funds and a 60/40 index benchmark gives 13%, so both the above are under performing.


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## newfoundlander61 (Feb 6, 2011)

"Mawer Balanced Fund, with one of the best track records in Canada, posted only a 3.2% gain in 2016." This was my only holding and thus I made 3.2%, nothing to brag about thats for sure.


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## welsh-investor (Jan 5, 2017)

I took a different approach in 2016 and invested more into alternative investments and hard assets. In combination with traditional investments I enjoyed a return rate of 12%. I am happy with this so I doubt I will change much in 2017.


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## OnlyMyOpinion (Sep 1, 2013)

newfoundlander61 said:


> "Mawer Balanced Fund, with one of the best track records in Canada, posted only a 3.2% gain in 2016." This was my only holding and thus I made 3.2%, nothing to brag about thats for sure.


It's the tide that raises your boat not the waves, 2016 saw a good sized wave in some ports. 
I have a fair chunk in MAW104 as well but have no intention of making changes at this point.


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## agent99 (Sep 11, 2013)

james4beach said:


> It's also useful to look at how some of the best fund managers in the country did.
> 
> Mawer Balanced Fund, with one of the best track records in Canada, posted only a 3.2% gain in 2016.
> RBC Monthly Income (one of the rare mutual funds I recommend to people) had a 11.7% gain in 2016.
> ...


The Mawer balanced funds have global content. That could be part of reason they underperformed Canadian balanced funds. Even DIY portfolios like some of us have did much better. It was hard not to at least get into double figures in 2016. As of Nov 30th, 64 Canadian balanced funds exceeded 10%. http://globefunddb.theglobeandmail....&pi_portfolio_id=&pi_fund_arr=&pi_manager_id=

By the way, so far as I know the RBC Monthly Income fund is not available for purchase in registered funds incl TFSAs. I did own it at one time, but now use the TD Monthly Income which has good long term performance and can be bought in registered funds. Justuse it to mop up distributions. As an amateur investor I don't recommend it or anything else, for that matter


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## AltaRed (Jun 8, 2009)

newfoundlander61 said:


> "Mawer Balanced Fund, with one of the best track records in Canada, posted only a 3.2% gain in 2016." This was my only holding and thus I made 3.2%, nothing to brag about thats for sure.


Nothing to be upset about either. That is the problem with 1) one year snapshots, and 2) not discussing asset allocation.


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## kcowan (Jul 1, 2010)

My total return for 2016 (adjusted for US Exchange gains) was 11.23% on 68/12/20.


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## scorpion_ca (Nov 3, 2014)

Based on brokerage's personal rate of return, here is the returns for 2016 - 

RRSP - 7.34% (VUN, XEF, XEC, TDB900 and TDB911)
TFSA - 10.98% (ZAG and ZRE)
Cash - 17.59% (VCN and ZPR)

Average return was 11.97%


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## ian (Jun 18, 2016)

The icing on the cake has really been low inflation and good returns for the past four/five years. 

Always good when the stars and the heavens align like this.


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## james4beach (Nov 15, 2012)

AltaRed said:


> Nothing to be upset about either. That is the problem with 1) one year snapshots, and 2) not discussing asset allocation.


I didn't mean to criticize Mawer Balanced Fund. It shows that even a fund manager with a great track record can under-perform in one year. One year performance doesn't matter much... it's the multi-year performance that really counts.

This is a marathon, not a sprint. I have no problem whatsoever with Mawer Balanced


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## PrairieGal (Apr 2, 2011)

The Tangerine Balanced Fund that I am in only did 4.33% last year, so I have been a little depressed reading this thread too.


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## redsgomarching (Mar 6, 2016)

PrairieGal said:


> The Tangerine Balanced Fund that I am in only did 4.33% last year, so I have been a little depressed reading this thread too.


kind of sad that you get depressed from reading others success or failures. learn from it and move on.


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## GreatLaker (Mar 23, 2014)

james4beach said:


> It's also useful to look at how some of the best fund managers in the country did.
> 
> Mawer Balanced Fund, with one of the best track records in Canada, posted only a 3.2% gain in 2016.
> RBC Monthly Income (one of the rare mutual funds I recommend to people) had a 11.7% gain in 2016.
> ...


Hi James, RBC's fund page for RBC Monthly Income Fund says its benchmark is 57% Cdn Aggregate Bond and 43% TSX Composite. With that asset allocation it's benchmark return for 2016 should be more like 10%, so it did beat its own benchmark. It has a conservative asset allocation; suitable for some retirees but not all.

Mawer Balanced did underperform it's global benchmark by about 4% though. Interesting to look at MAW104 Balanced vs. MAW130 Global Balanced. MAW130 did worse because it holds a market cap weighted allocation to Canada equities (~4%?) whereas MAW104 overweights Canada Equities at 15%. Last year the relative performance between the funds was reversed.

I hold my "mad money" in MAW105 (Tax Effective Balanced) and will monitor but don't plan on changing anything. It does reinforce the concerns around actively managed mutual funds though. Is bad performance driven by random variations that will revert over time, or is it due to other things that can impact active management like style drift, manager change, fund getting too big, or just plain luck running out? I have seen a lot of good funds drift into mediocrity or worse... Industrial Growth, Templeton Growth, Altamira Equity, Front Street Growth, Sprott Equity... that's really just the tip of the ice cube. I would not be comfortable putting more than 5% into any individual stock or active fund... but that's just me.


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## AltaRed (Jun 8, 2009)

PrairieGal said:


> The Tangerine Balanced Fund that I am in only did 4.33% last year, so I have been a little depressed reading this thread too.


The key thing is.... how is that fund's multi-year returns and how does it fare against its relevant benchmarks? If multi-year returns are competitive with its benchmark, a one year snapshot is most likely meaningless. I'd suggest you have absolutely nothing to worry about for a global balanced fund. 

https://www.google.ca/finance?cid=538474858619598 4 star Morningstar rating for 3, 5, 10 years

https://www.tangerine.ca/en/investing/investment-funds/investment-fund/index.html FundGrade A+ 3 and 5 year returns (based on Nov 30) are respectable for a balanced fund 60/20/20/20 Bond/Cdn E/US E/Int'l E. I'd stay the course. US and Int'l Equity didn't have a banner year in CAD equivalent terms. Any time one can achieve 6+% on a balanced portfolio, that is good news. Financial planners typically use 6% in projections, at least historically. They are likely to reduce that number on a 'go forward' basis.


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## mordko (Jan 23, 2016)

PrairieGal said:


> The Tangerine Balanced Fund that I am in only did 4.33% last year, so I have been a little depressed reading this thread too.


1. That's a normal reaction, shows you are human.

2. Take what others are reporting with a pinch of salt. People tend to report the good news more diligently than when they underperform. There could also be errors in our calculations; people tend to err on the plus side. 

3. Calculate your 5-year return with Tangerine and compare to what the others are reporting here (those who give numbers for this period). Tangerine's balanced fund should be able to hold its own against most benchmarks. 

The key to success is to stick to your strategy rather than changing lanes after a supposedly bad year.


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## Bill G (Jan 8, 2017)

In 2016 my investment portfolio returned 8.6%

My asset allocation (at year end) was roughly 25% investment grade bonds (ZAG, ZRR, etc.), 65% equities, 5% high yield bonds (HYI) and 5% REITs (ZRE).

Equities, allocated by geography (at year end) was roughly 31% Canada (ZCN, ZLB, etc.), 42% USA (ZSP, XSU, XMH), 18% EAFE (XEF + Asia Pacific mutual fund) and 9% Emerging Markets (XEC and an emerging markets mutual fund).

My equity exposure (at year end) was 74% large cap and 26% small/mid cap. Small/mid cap exposure via XSU/XMH, a Canadian small cap mutual fund and a global small cap mutual fund. US small/mid caps account for 57% of my small cap exposure, Canada 31% and international 12%.

I was encouraged to see that my portfolio performance was comparable to the Canadian Couch Potato portfolios in 2016: TD-e series, with 75% equities, returned 6.6% and Vanguard ETFs, with 75% equities, returned 8.1%. 

I started the year with only about 21.5% invested in investment grade bonds. I trimmed my equity exposure in September. 

A key holding in my TFSA is ZMI (a BMO ETF of ETFs) - I allocate my ZMI holding to the appropriate "bucket" (Equities, Investment Grade bonds, High Yield Bonds, etc.) in calculating my asset allocation. My REIT asset calculation only includes "pure" REIT exposure from ZRE or ZMI .... I do not break-out REITs that are in ZCN or ZLB.


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## ian (Jun 18, 2016)

We are in for the long term. We pay attention to the one year number but we also very much take into consideration the rolling average over the past 4-5 years. Net of inflation of course.


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## Argonaut (Dec 7, 2010)

2011:	15.35%
2012:	17.74%
2013:	15.32%
2014:	22.66%
2015:	-5.87%
*2016:	24.10%*

I'm happy with my returns in 2016, best year yet. Net worth hasn't increased as much as I would like but going back to school will do that to you. I feel like I'm in a good position going forward with a solid portfolio to add to and a good education to draw from career-wise.


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## dubmac (Jan 9, 2011)

MAW104 (Mawer Balanced) is classed as a Global Neutral Balanced Fund. When one checks out the 1 yr return of MAW104, it is right on the average 1 yr return of its peer funds! I can only assume that global, international and bond exposure in these funds pulled them down over the course of the year. Something like 59-60% of MAW104 is invested in bond, global and international funds.
http://www.theglobeandmail.com/globe-investor/funds-and-etfs/funds/summary/?id=17966&cid=2599


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## redsgomarching (Mar 6, 2016)

33% in my RRSP, 11% in my TFSA, -7% in my non reg.


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## canew90 (Jul 13, 2016)

100% Cdn Equities: Dividend income up 9.94% over 2015 (which was up 10.94% from 2014). Not worried about inflation!


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## bobsyouruncle (Dec 25, 2016)

PrairieGal said:


> The Tangerine Balanced Fund that I am in only did 4.33% last year, so I have been a little depressed reading this thread too.


You made a lot more than me. I had all my savings sitting in a chequing account through 2016, not knowing what to do or how to invest in Questrade, and didn't get started until Dec 2016.


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## james4beach (Nov 15, 2012)

mordko said:


> Take what others are reporting with a pinch of salt. People tend to report the good news more diligently than when they underperform. There could also be errors in our calculations; people tend to err on the plus side.


Yes, and this is just human nature. People are proud of their great results so we get lots of posts from people who had good outcomes. You hardly see it when people have poor results, or when they picked stocks that went south, etc. You also don't hear people report on that one speculative position they took that turned out badly (notice how people jumped all over my "short RY" thread). Reading the responses in that thread you'd think that nobody else ever has any losses and every position they take is profitable. I guess I'm just a moron or something! Everyone else is making tons of money except me! <-- sarcasm

Most of the investors around here have made some really bad plays at some point, or just gotten unlucky on some investments. Those experiences are under-reported. Taking internet forums too seriously can give you a very warped view of the real world and how many people are actually doing well long term in their investments.

There is "survivor bias" among forum participants. Just as some people leveraged and won big time, others have lost it all in stocks & options. Those people are not hanging around this forum because of the resulting awful feelings about stocks. Heck, some of the people bragging today will get wiped out in X years and will never be heard from again.

We already know some of these people. They worked in the oil & gas sector and invested heavily... and they got wiped out. Others invested heavily in preferred share ETFs and income trusts, with disastrous results. How quickly we forget. And somebody out there must have invested in Nortel, Bombardier, RIM, or US financial stocks before the crisis -- but reading this forum you wouldn't think so.



> The key to success is to stick to your strategy rather than changing lanes after a supposedly bad year.


Yes absolutely. And it's also key to _have_ a strategy, starting with: what are your target allocations.


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## Eder (Feb 16, 2011)

You dont tug on superman's cape, don't spit into the wind, dont pull the mask off the old lone ranger and you don't short RY....pretty much.


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## agent99 (Sep 11, 2013)

james4beach said:


> Everyone else is making tons of money except me!


https://youtu.be/FptMIqilXOE?t=5

Apparently quite a good movie! Sour Grapes or How not to invest.


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## mrPPincer (Nov 21, 2011)

Waiting on my interest from PCF before I cough up my final numbers for 2016.
So far still in the 9-ish area, (8.85% atm), won't break 10% I guess 

Five year XIRR (since I started tracking xirr) will still be over 10%.

PS Cash is included. I'm over one third cash atm.


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## Synergy (Mar 18, 2013)

FWIW 

+28% CDN TFSA, 
+ 22% CDN RRSP, 
+20% US RRSP, 
NON REG CND (all cash): +2%

Haven't calculated my overall return, XIRR, etc. over the past 2 years.


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## hboy54 (Sep 16, 2016)

james4beach said:


> Yes, and this is just human nature. People are proud of their great results so we get lots of posts from people who had good outcomes. You hardly see it when people have poor results, or when they picked stocks that went south, etc. You also don't hear people report on that one speculative position they took that turned out badly (notice how people jumped all over my "short RY" thread). Reading the responses in that thread you'd think that nobody else ever has any losses and every position they take is profitable. I guess I'm just a moron or something! Everyone else is making tons of money except me! <-- sarcasm


Might as well start with most recent, a mere 6 days ago. What can be worse than holding 6 to zero? I have fessed up to this many, many times. I'll find a few more references as I search back through my body of work here. You are up and down the forum like nobody else, how did you manage to miss this?

http://canadianmoneyforum.com/showthread.php/10165-TransAlta-(TA)?p=1408241#post1408241


Well, **** here is another reference to my bankruptcies, a whole 7 days ago. Also references to my -26% return for calendar 2015, again a fact I have referred to more than once.

http://canadianmoneyforum.com/showthread.php/9505-Bombardier-(BBD-B)?p=1406417#post1406417


Here is a specific reference to my being in BBD.B a very long time, ie a losing scenario for more than a decade.

http://canadianmoneyforum.com/showthread.php/9505-Bombardier-(BBD-B)?p=1395921#post1395921


Here is a specific reference to my going bankrupt with Canadian Fracmaster, from December 2016

http://canadianmoneyforum.com/showt...f-ever)-to-take-profits?p=1389466#post1389466


Another reference to losses, things not going well for long periods of time, -26% in calendar 2015 also from December 2016.

http://canadianmoneyforum.com/showthread.php/103793-OPEC-finally-caps-oil?p=1382449#post1382449


Another reference to -26% in calendar 2015, from October 2016.

http://canadianmoneyforum.com/showt...le-my-mortgage-payments?p=1289042#post1289042


Here is a reference to having margin calls, sometimes sitting at -50% in the portfolio, and selling specific stocks at a loss

http://canadianmoneyforum.com/showthread.php/93505-Saving-via-100-equities?p=1162241#post1162241


Here is a reference to calendar 2015 loss and 2009 trough in wealth.

http://canadianmoneyforum.com/showthread.php/93505-Saving-via-100-equities?p=1161937#post1161937


Reference to selling things at a loss, taking a shellacing in 2015.

http://canadianmoneyforum.com/showt...r-experienced-investors?p=1132322#post1132322


Reference to Nortel and Canadian Fracmaster, though I don't use the word bankruptcy, I believe most can read between the lines.

http://canadianmoneyforum.com/showthread.php/9505-Bombardier-(BBD-B)?p=1129889#post1129889


Here is a reference to my "table of losses".

http://canadianmoneyforum.com/showt...e-profitable-eventually?p=1121121#post1121121


Reference to "just over a year's work with my ugly holdings TCK.B, BTE, LRE, ECA, HSE, and BBD.B I am a bit over break even"

http://canadianmoneyforum.com/showthread.php/15681-Teck-Resources-(TCK-B)?p=1116650#post1116650


Here I imply that I might take a bankruptcy with LRE. Turns out I didn't, but I was aware I could and did not hide the fact.

http://canadianmoneyforum.com/showthread.php/57617-First-quantum-fm?p=1116090#post1116090


My table of heavy losses (at the time)

http://canadianmoneyforum.com/showthread.php/70114-Man!?p=1011306&highlight=NBD#post1011306


From 2105 returns thread: "The next time someone says they never hear about the bad stuff of investing, only the bragging about the 3 baggers, think of me."

http://canadianmoneyforum.com/showt...R-for-2015?p=958466&highlight=2015#post958466




james4beach said:


> And somebody out there must have invested in Nortel, Bombardier, RIM, or US financial stocks before the crisis -- but reading this forum you wouldn't think so.


Sigh. Nortel, check. Bombardier, check. As reported many, many times.

The above is just in the last 12 months or so and I am sure I missed some. If I were inclined, I could go back a decade and find similar postings to quote from on other money sites.

Oh, and I specifically held back from giving a 1 year number this year, after last year specifically saying I would not. See ...

"Everyone knows this whole thread is nonsense right? I debated if I would participate this year, but decided I had to because I was in a few years back when I had terrific positive numbers. I did not want to be exposed to the valid criticism of shouting from the rooftop when things go well and hiding in a corner when they don't. I have always been extremely forthright with my investing history. Having said that, I hope to remember to not participate ever again, as I feel with likely reporting the worst return this year (and last year too likely), will be immune from the criticism of only playing in the good years."

http://canadianmoneyforum.com/showt...R-for-2015?p=960442&highlight=2015#post960442

Failure is often a key component of eventual success. People who are afraid to fail, to lose on a particular transaction, or company, will likely have a sub optimal lifetime investing history. I am quite certain that the reflection I did on my failures refined my investing approach and directly lead to my latter success.

I don't think you are a moron. Quite the opposite, you have as broad an investing knowledge as anyone around here, certainly exceeds mine. However, the truth is that I have a 1/3 century record of doing very well. I do better than you. You might want to ponder why that is. If you honestly do this, maybe you will come to a conclusion other than "hboy54, he is just a lucky SOB".

hboy54


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## Mookie (Feb 29, 2012)

Overall my investments returned about 21% this year. Way better than last year's -5%. Trailing 5 year average return currently sitting at 8.2%.

For retirement planning purposes, I still continue to use 4% as my expected future rate of return. Each year I beat that number, the projected amount of my kids' inheritance just goes up.


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## agent99 (Sep 11, 2013)

hboy54 said:


> I don't think you are a moron. Quite the opposite, you have as broad an investing knowledge as anyone around here, certainly exceeds mine. However, the truth is that I have a 1/3 century record of doing very well. I do better than you. You might want to ponder why that is. If you honestly do this, maybe you will come to a conclusion other than "hboy54, he is just a lucky SOB".
> 
> hboy54


I could echo those words. Sometimes having a lot of book learned knowledge can get in your way. For example, choosing an allocation plan and sticking to it - I doubt successful money managers do that. Putting money into fixed income paying next to nothing in interest will also drag your portfolio down. Certainly low risk, but using common sense to balance risk with return helps. And knowing when to sell. I owned Nortel, but sold it for about $65 when FS brokerage was advising me to buy more! 

What might be fun, would be to post the shares that show worse than , say, 50% loss in our portfolios  I have several, but luckily mostly penny stocks.


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## agent99 (Sep 11, 2013)

Mookie said:


> Overall my investments returned about 21% this year. Way better than last year's -5%. Trailing 5 year average return currently sitting at 8.2%.
> 
> For retirement planning purposes, I still continue to use 4% as my expected future rate of return. Each year I beat that number, the projected amount of my kids' inheritance just goes up.


We are almost where you are. Our relatively conservative retirement portfolio has grown by 4% pa over a 13 year period. During that time our target withdrawal was 4%. Not sure if we stuck to that, but whatever, the kids should be happy one day (Unless we end up in an expensive old-folks home  )


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## AltaRed (Jun 8, 2009)

Or plan on giving a significant portion to charity, or even better if there is a fair bit of money involved, an endowment for your favourite cause. Endowments are 'longer lasting' since the capital is retained to generate income.


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## agent99 (Sep 11, 2013)

AltaRed said:


> Or plan on giving a significant portion to charity, or even better if there is a fair bit of money involved, an endowment for your favourite cause. Endowments are 'longer lasting' since the capital is retained to generate income.


Would that help with final estate taxes? I guess so! http://www.queensu.ca/alumni/newrules Not easy to figure out, especially for an aging survivor spouse. Heirs probably get less though. Our kids will probably need all they can get.


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## AltaRed (Jun 8, 2009)

Helps a lot. An endowment is high on my list.


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## Video_Frank (Aug 2, 2013)

I don't usually worry about returns, but just for fun here's my couch potato portfolio returns. I pulled the data for 'total returns' from morningstar, since I can't be bothered separating out my contributions to calculate my XIRR.
Ticker, % of portfolio, return
XIC , 13% , 21
VTI , 22% , 21.73
VTUS , 21% , 14.94 
XBB / VAB, 38% , 1.35
XRE , 4% , 17.05
Cash (P/T), 2% , 1.45

Average is 11.87%. XIC did really well for me this year - I bought about $20k in January 2016 at $19.84.

More importantly, I'm scheduled to double my money in 2018 from my nest-egg that I began looking after by myself in 2012.


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## Franky Jr (Oct 5, 2009)

gibor365 said:


> Curious what is your benchmark?


Well. My main benchmark is my LIRA. it's all low cost etf's(vti vea vwo xic xqb zrr vre) with my allocation based on age. That produced 8.2%
My real portfolio doesn't have the proper weightings ie) no FI, for example. If I benchmark my actual portfolio weightings for 2016 vs comparable etf's. (54%cad3%reit9%international30%usa,etc. that provided 15%.

Either way I had lost for about 5 years and it felt good this year to get one back.


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## amitdi (May 31, 2012)

I use rules based strategies for all my accounts, different ones for different accounts. Its very difficult for me to calculate returns as I add capital every now and them. Capital infusion does not follow strict rules. So a crude (but inaccurate) way I calculate return is with this folrmula:Total Return / Avg (Ending Asset Value, Beg Asset Value)But more importantly, I stuck to my strategy. Q4 was bad for my stocks (market beat my stocks).The 21% is a weighted average that also includes underlying cash, my company pension, fixed deposits in India that earn 10%. But 70% of it is stocks and ETFs that i control.


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## Nerd Investor (Nov 3, 2015)

I also use mostly rules based strategies for my different accounts. What I've started doing (as of the start of June 2016 which is when I have reliable data) is to simply track the performance of my portfolio as a whole. That way any movement between accounts is essentially irrelevant, I only have to worry about money going from my bank account to one of my investment accounts and vice versa. I use the spreadsheet that Justin Bender (of PWL capital) has on his blog, very easy to use. Just google Justin Bender Blog and look under "calculators" or something.


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## marina628 (Dec 14, 2010)

Here is a bigger snap shot on our returns since we moved from another bank to TD Waterhouse .We currently own no bonds or gic and cash in savings returns (Insert lol here) not included :
Husband Account Inception Date Nov 16,2011 
12.03% Annualied excluding dividends
Current holdings
AAPL 10.90%
Dis 22.80
enb 11.90
msft 5.80
rkn 2.80
scu 1.60
t 10.70
td 5.40
tdb902 18.50
tdb911 9.10


MINE Inception date December 31,2010
Annualized Return excluding Dividends 9.45%

Current Holdings
bns 1%
cm 16%
DIS 22.10%
ENB 14.70%
FTS 19.10%
RY 4.9%
T 5.4%
TD 15.20%
TDB911 1.4%


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## Canuck (Mar 13, 2012)

26% including dividends, great year

I should add, the previous year I was down about 7%


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## mrPPincer (Nov 21, 2011)

1 YR XIRR 9%; includes cash closing the year at 33.8% of the portfolio, which crept up on rebalancings from last year's 31%

Target ratios for equity were 5 emerging mkts / 11 EAFE / 11 US / 23 CDN.
Mostly index with some individual UK adrs and some CDN-based multinationals and some reits.

The EAFE used to be broken down into 3 Japan / 8 Europe, but after TD announced they were discontinuing TDB907 I simplified things by switching from VGK to VEA during a rebalancing when CIBC IE was doing free ETF trades.
(I'll miss TDB907; I used to make a little money rebalancing on the fluctuations occasionally with the free trades; I guess TD was not happy putting money in my pocket :chargrined

Cash is the fixed income portion, bouncing around from HISA to HISA chasing teaser rates.
Oct. to Dec. it was in PFC @ 2.25%. Currently it's at Tangerine for 3 months @ 3.25%.

Cash to equity ratio has increased over the years as the portfolio has gone up.
On corrections the cash percentage goes down.

since I started tracking XIRR,
2012 11.62%
2013 20.41%
2014 11.17%
2015 3.05%
2016 9.00%

1YR XIRR 9%
2YR XIRR 6%
3YR XIRR 7.7%
4YR XIRR 10.7%
5YR XIRR 10.9%


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## janus10 (Nov 7, 2013)

TFSAs were up about 50%, RRSPs about 40% and our margin account that is our main single account and it's the most heavily traded was up 130%.

Unlike previous years, I didn't have a single account blow up due to poor risk management.

That is the best thing about 2016.

Just this week I cashed in a small RRSP holding for the first time. Some of it will go into my TFSA.

(I'm now into my third month of early retirement. )


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## familyman (Apr 6, 2015)

janus10 said:


> TFSAs were up about 50%, RRSPs about 40% and our margin account that is our main single account and it's the most heavily traded was up 130%.
> 
> Unlike previous years, I didn't have a single account blow up due to poor risk management.
> 
> ...


Good job on the early retirement! How old are you if you don't mind me asking?


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## jargey3000 (Jan 25, 2011)

JEEZ....some pretty good results in here! would any of you guys be interested in managing MY investments ???


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## DigginDoc (Sep 17, 2015)

I am well into retirement and 2017 will be a big change to investing due to trading down in housing. 
However 2016; 
My wifes tfsa up 23.80% 8 stocks
My tfsa up 19.67% 8 stocks
Small non reg 26.02% 3 stocks
Cheers
Doc


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## amitdi (May 31, 2012)

jargey3000 said:


> JEEZ....some pretty good results in here! would any of you guys be interested in managing MY investments ???


did you have a look at index returns for 2016? these returns are comparable to that, nothing out of this world.


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## mordko (Jan 23, 2016)

amitdi said:


> did you have a look at index returns for 2016? these returns are comparable to that, nothing out of this world.


...but only in Canada. And even then it was 20 rather than 50 percent.


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## james4beach (Nov 15, 2012)

jargey3000 said:


> JEEZ....some pretty good results in here! would any of you guys be interested in managing MY investments ???


What you see in this thread are very selective replies. Generally, people who got above average results make a point of sharing their success. Since there's an element of randomness to this (especially in such a short time period as a year) it doesn't really mean much. But it gives you a skewed sense of how others are investing and performing.
http://canadianmoneyforum.com/showt...u-do-in-2016?p=1416777&viewfull=1#post1416777

There's a downside to taking threads like this too seriously. This "fear of missing out" can spur people to take more risk than they otherwise would, for example. It can also deter people from their existing investment plans, and one of the best things you can do is come up with a coherent investment plan and stick to it, even if single year performances are sub par.


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## pwm (Jan 19, 2012)

J4B makes a good point. One year doesn't mean much and most folks will not be eager to share results from a bad year. Here are my results from the last 7 years with an all stock portfolio, "buy and hold" strategy of Canada, US and International stocks or funds that hold them:

2010 9.6%
2011 -7.5%
2012 13.7%
2013 17.7%
2014 7.5%
2015 0.5%
2016 11.9%

Total XIRR last 7 years: 7.26% which I am happy with.


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## agent99 (Sep 11, 2013)

amitdi said:


> did you have a look at index returns for 2016? these returns are comparable to that, nothing out of this world.


This is true. http://www.investorvillage.com/groups.asp?mb=13685&mn=55686&pt=msg&mid=16758546 It seems that the number that under-performed here is greater than the number that out-performed. Why is that? Could it be overly conservative investment choices? Allocation to US & International markets at a time Canadian markets were outperforming? Interested to know what others think.

2016 is just a snapshot in time, but results here do provide food for thought.


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## humble_pie (Jun 7, 2009)

lost everything in 2016
had to sell the children

homeless in a snowbank now
it's in the downtown zone though so it has wifi

vowed a mission
to impeach donald trump
a policeman gave me a pink knit ***** hat
justin gave me wunnathem purple refugee parkas

bring on 2017

.


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## james4beach (Nov 15, 2012)

agent99 said:


> This is true. http://www.investorvillage.com/groups.asp?mb=13685&mn=55686&pt=msg&mid=16758546 It seems that the number that under-performed here is greater than the number that out-performed. Why is that? Could it be overly conservative investment choices?


This simple combination of XIU & XBB is a great benchmark.

There are several mutual funds with very long track records that have consistently outperformed XIU & XBB. Two examples are Mawer Balanced Fund and RBC Monthly Income, both outperforming this benchmark for over a decade. These funds are winners!

And yet, both of them underperformed in 2016. My point is that... one year performance doesn't mean much.


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## Eder (Feb 16, 2011)

humble_pie said:


> lost everything in 2016
> had to sell the children
> 
> bring on 2017
> ...


Start a Gofundme page...I'll buy one of your kids...better have a conservative bias or he's on the bus back to Oxfam.


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## agent99 (Sep 11, 2013)

james4beach said:


> This simple combination of XIU & XBB is a great benchmark.
> 
> There are several mutual funds with very long track records that have consistently outperformed XIU & XBB. Two examples are Mawer Balanced Fund and RBC Monthly Income, both outperforming this benchmark for over a decade.


The Mawer balanced fund is an international fund, so should not be compared with the XIU/XBB one minute portfolio. A better comparison would be to make up a similar 60/40 one-minute fund using MAW106 (Can equity) and MAW100 (Can Bond) and rebalance annually. I suspect that might not compare well because of MERs.

I try to avoid mutual funds of all stripes (except for a very small amount of TD's Monthly Income fund to collect income in registered accounts (where RBC fund cannot be used). Not that hard to run your own with similar portfolios and avoid the high MERs.


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## amitdi (May 31, 2012)

humble_pie said:


> lost everything in 2016
> had to sell the children
> 
> homeless in a snowbank now
> ...


dont worry, theres an opportunity for you here - 



jargey3000 said:


> would any of you guys be interested in managing MY investments ???


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## james4beach (Nov 15, 2012)

agent99 said:


> The Mawer balanced fund is an international fund, so should not be compared with the XIU/XBB one minute portfolio.


You're right, the all-Canadian XIU & XBB doesn't apply to Mawer Balanced. I think an ETF "benchmark" for Mawer Balanced Fund would be

44% XAW, 16% XIC, 40% XBB

Performance = (0.44 x 5.39) + (0.16 x 21.01) + (0.40 x 1.36) = 6.3%

It still seems that MAW104 at 3.16% under-performed


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## SweetLake (Jan 23, 2017)

22% on my investments


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## Brin68 (Aug 25, 2016)

RRSP 1 3.75
RRSP 2 3.31
Margin 1 5.27
Margin 2 4.89
TFSA 7.18
all accounts 100% fixed income (Prefs, Corp bonds, GIC, Convert Deb)


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## Tawcan (Aug 3, 2012)

31.8% for all investment accounts. Mostly dividend stocks.


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