Last updated by BM on September 30, 2025
Summary
Welcome to this week’s MP Market Review – your go-to source for insights and updates on the Canadian dividend growth companies we track on The List! While we’ve expanded our watchlists to include U.S. companies The List-USA, our Canadian lineup remains the cornerstone of our coaching approach.
Don’t miss out on exclusive newsletters and premium content that will help you sharpen your investing strategy. Explore it all at magicpants.substack.com.
Your journey to dividend growth mastery starts here – let’s dive in!
- Last week, dividend growth of The List stayed the same with an average return of +6.9% YTD (income).
- Last week, the price of The List was down from the previous week with an average return of +10.1% YTD (capital).
- Last week, there was one dividend announcement from a company on The List.
- Last week, there were no earnings reports from companies on The List.
- This week, no companies from The List will report on earnings.
DGI Clipboard
“Setting up and maintaining a simple investing strategy is mechanically easy but psychologically hard. My hope is that by cutting through the inevitable noise that goes along with it, you’ll be a little more disciplined and a lot more successful, which is compounding at its best.”
Tom Bradley, co-founder of Steadyhand Investment Management
Old-Fashioned Lessons That Still Work
Intro
I’ve lost count of how many times I’ve been called old-fashioned for the principles I live by. Whether in business, parenting, or investing, I’ve found it pays to take the best lessons from those who came before us and use them as a foundation for building a productive and successful life.
The pullback in goeasy Ltd. shares this week was a reminder of why a data-driven, historically tested process is so important and why sticking to it matters. Paid subscribers who received my DGI Alert on goeasy saw that I topped up my position after the stock dropped 15%. I don’t know for certain whether the accusations of accounting irregularities have merit, but I feel confident we won’t be talking about them one or two years from now.
Buying quality companies at sensible prices may sound simple, but it’s never easy when the stock price is falling. The discipline to lean in during moments of fear is one of the most valuable lessons I learned early on, and it remains a cornerstone of how dividend growth investing outperforms over time.
Take Toronto-Dominion Bank as an example. A couple of years ago, I wrote an article titled Toronto-Dominion Bank: Time To Supercharge Your Dividend Growth Investing (DGI) Returns when TD was trading near $77. Last Friday it closed above $110. On top of that, our dividend return (growth yield) has already reached 5.4% in just two years, and the compounding is only getting started. Good luck finding that kind of return in on a bond or GIC today.
The investment thesis behind our TD Bank purchase was straightforward: look past the noise surrounding the U.S. banking sector, including credit delinquency fears and uncertainty around the First Horizon acquisition, and focus on TD as a high-quality business trading at a sensible price. More negative headlines followed, but as always, the cream rose to the top.
The Core Lesson
Market narratives are often just noise. Your greatest challenge as an investor is to stay steady when others are unsettled. To keep doing what’s right for you even as the crowd moves the other way. To trust your plan most when you’re tempted to abandon it.
Takeaway
With markets sitting near all-time highs, it’s comforting to know our approach isn’t built on headlines or short-term trends. It’s grounded in timeless principles, tested through history, and shaped by the wisdom of the investing giants who came before us. That foundation, not the noise, guides us forward.
Become a paid partner, and I’ll show you exactly how I do it. With real money. In real stocks. In addition, gain full access to this post and exclusive, subscriber-only content. We do the work; you stay in control. Subscribe today and take your dividend growth investing to the next level!
DGI Scorecard
The List (2025)
The Magic Pants 2025 list includes 29 Canadian dividend growth stocks. Here are the criteria to be considered a candidate on ‘The List’:
- Dividend growth streak: 10 years or more.
- Market cap: Minimum one billion dollars.
- Diversification: Limit of five companies per sector, preferably two per industry.
- Cyclicality: Exclude REITs and pure-play energy companies due to high cyclicality.
Based on these criteria, companies are added or removed from ‘The List’ annually on January 1. Prices and dividends are updated weekly.
‘The List’ is not a portfolio but a coaching tool that helps us think about ideas and risk manage our model portfolio. We own some but not all the companies on ‘The List’. In other words, we might want to buy these companies when valuation looks attractive.
Our newsletter provides readers with a comprehensive insight into the implementation and advantages of our Canadian dividend growth investing strategy. This evidence-based, unbiased approach empowers DIY investors to outperform both actively managed dividend funds and passively managed indexes and dividend ETFs over longer-term horizons.
Performance of ‘The List’
Last week, dividend growth stayed the same, with an average return of +6.9% YTD (income).
The price of ‘The List’ was down from the previous week, with an average YTD return of +10.1% (capital).
Even though prices may fluctuate, the dependable growth in our income does not. Stay the course. You will be happy you did.
Last week’s best performers on ‘The List’ were Brookfield Infrastructure Partners (BIP-N), up +7.15%.; Emera (EMA-T), up +3.20%; and Canadian Utilities Limited (CU-T) up +2.95%.
goeasy Ltd. (GSY-T) was the worst performer last week, down -14.91%.
| SYMBOL | COMPANY | YLD | PRICE | YTD % | DIV | YTD % | STREAK |
|---|---|---|---|---|---|---|---|
| ATD-T | Alimentation Couche-Tard Inc. | 1.1% | $72.64 | -8.11% | $0.78 | 8.3% | 15 |
| BCE-T | Bell Canada | 8.9% | $32.21 | -3.91% | $2.87 | -28.1% | 16 |
| BIP-N | Brookfield Infrastructure Partners | 5.2% | $33.12 | 3.95% | $1.72 | 6.2% | 17 |
| CCL-B-T | CCL Industries Inc. | 1.6% | $79.68 | 8.23% | $1.28 | 10.3% | 23 |
| CNR-T | Canadian National Railway | 2.7% | $129.38 | -11.85% | $3.55 | 5.0% | 29 |
| CTC-A-T | Canadian Tire | 4.3% | $165.10 | 7.41% | $7.10 | 1.4% | 14 |
| CU-T | Canadian Utilities Limited | 4.8% | $38.42 | 10.47% | $1.83 | 1.0% | 53 |
| DOL-T | Dollarama Inc. | 0.2% | $184.60 | 31.67% | $0.41 | 18.1% | 14 |
| EMA-T | Emera | 4.4% | $65.72 | 22.77% | $2.92 | 1.2% | 18 |
| ENB-T | Enbridge Inc. | 5.5% | $69.09 | 11.67% | $3.77 | 3.0% | 29 |
| ENGH-T | Enghouse Systems Limited | 5.6% | $20.74 | -23.36% | $1.16 | 16.0% | 18 |
| FNV-N | Franco Nevada | 0.7% | $217.53 | 79.58% | $1.52 | 5.6% | 17 |
| FTS-T | Fortis Inc. | 3.6% | $69.19 | 16.05% | $2.46 | 3.1% | 51 |
| GSY-T | goeasy Ltd. | 3.4% | $174.01 | 4.10% | $5.84 | 24.8% | 10 |
| IFC-T | Intact Financial | 2.0% | $263.60 | 0.24% | $5.32 | 9.9% | 20 |
| L-T | Loblaw Companies Limited | 1.0% | $53.46 | 12.41% | $0.55 | 15.2% | 13 |
| MFC-T | Manulife Financial | 4.1% | $42.89 | -2.39% | $1.76 | 10.0% | 11 |
| MGA-N | Magna | 4.2% | $46.62 | 11.69% | $1.94 | 2.1% | 15 |
| MRU-T | Metro Inc. | 1.6% | $92.20 | 2.25% | $1.48 | 10.4% | 30 |
| RY-T | Royal Bank of Canada | 3.0% | $203.63 | 18.20% | $6.04 | 7.9% | 14 |
| SJ-T | Stella-Jones Inc. | 1.6% | $76.55 | 4.88% | $1.24 | 10.7% | 20 |
| STN-T | Stantec Inc. | 0.6% | $147.95 | 30.80% | $0.89 | 7.3% | 13 |
| T-T | Telus | 7.5% | $21.83 | 11.21% | $1.64 | 7.0% | 21 |
| TD-T | TD Bank | 3.8% | $110.35 | 44.25% | $4.20 | 2.9% | 14 |
| TFII-N | TFI International | 2.0% | $88.80 | -33.04% | $1.80 | 12.5% | 14 |
| TIH-T | Toromont Industries | 1.3% | $154.52 | 36.62% | $2.08 | 8.3% | 35 |
| TRI-Q | Thomson Reuters | 1.5% | $157.02 | -3.30% | $2.38 | 10.2% | 31 |
| TRP-T | TC Energy Corp. | 4.6% | $74.43 | 9.10% | $3.40 | 3.3% | 24 |
| WCN-N | Waste Connections | 0.7% | $172.41 | 1.47% | $1.26 | 7.7% | 15 |
| Averages | 3.2% | 10.1% | 6.9% | 21 |
Note: Stocks ending in “-N or -Q” declare earnings and dividends in US dollars. To achieve currency consistency between dividends and share price for these stocks, we have shown dividends in US dollars and share price in US dollars (these stocks are listed on a US exchange). The dividends for their Canadian counterparts (-T) would be converted into CDN dollars and would fluctuate with the exchange rate.
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