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Canadian Dividend All-Stars 2024: Past performance

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The dividend category in general suffered from competition from rising interest rates and bond yields in 2023, prompting some investors to shift their money into short-term cash and fixed income. It didn’t help dividend investors’ cause that the S&P/TSX Composite Index’s top performer for the period was Celestica Inc., which doesn’t even pay a dividend.

Still, the MoneySense dividend picks didn’t do too badly overall. Aman Raina of Sage Investors, who compiled the lists for both last year and this year, says: “If you held a basket of those stocks, you’d be fine.”

Among our A-Team picks for 2024, the top performers from last year were oil and gas producer Canadian Natural Resources Ltd., consumer finance firm Goeasy Ltd., and miner Teck Resources Ltd., all of which posted total returns in the mid- to high teens. 

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Unfortunately, those solid returns were offset by big losses to ECN Capital Corp. and Cargojet Inc., leaving someone holding equal weights of the whole group with a barely positive return. Yamana Gold, meanwhile, got taken out in March in a cash-and-shares deal worth USD$5.85 a share, about where it began the year.

Last year’s B-list, as a group, turned out to be far better overall, with eight of the 10 stocks posting positive returns for the year to Nov. 30, 2023. Badger Infrastructure Solutions stood out with a 44% return, though private equity firm Onex Corp. and royalty streaming company Wheaton Precious Metals Corp. also saw gains in excess of 30%. 

Among the underperformers, TC Energy’s and Bank of Montreal’s lavish dividends failed to push their total returns into the black. The average gain for the group was 17.3%.

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If you’d bought equal weights of the 20 stocks in both lists, you would have ended up with a 9.1% total return, comfortably beating the S&P/TSX Composite Index return for the year through Nov. 30, 2023, of 7.5%.

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About Michael McCullough


About Michael McCullough

Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.

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