I added to my position in Canadian wealth manager IGM Financial (IGM) today at $31.84. This purchase reduces my adjusted cost base on this stock significantly, and boosts my yield on cost significantly.
IGM was yielding 6.4% and trading at a P/E of less than 10x at my time of purchase. I was actually surprised how well IGM's earnings stood up to the market's recent dramatic down turn. Investor confidence is extremely bleak. I believe this is a good time to add to my position in this best of breed Canadian wealth manager. Most of IGM's customers should take the rational action during these volatile times and stand pat or only adjust their portfolios slightly.