The Globe and Mail reports in its Saturday edition that as a buy-and-hold investor, columnist John Heinzl says he made only a handful of changes in his model portfolio since its inception in 2017. Mr. Heinzl says that three of the original 22 securities are gone -- Pizza Pizza, A&W Revenue fund and Algonquin Power -- while two have been added: Restaurant Brands International and SmartCentres REIT. Another original member, Canadian REIT, was replaced by Choice Properties REIT when they merged in 2018. Apart from those trades, he has focused on reinvesting dividend income in the portfolio's existing names, which include banks, utilities, power producers, pipelines, telcos and real estate investment trusts. Unlike a dividend reinvestment plan (DRIP) that buys additional shares automatically, Mr. Heinzl lets his cash accumulate and he reinvests it when a particular stock's valuation looks attractive. Consistent with the portfolio's primary mission of generating a high and growing income, he looks for stocks with above-average dividend yields, a record of increasing those dividends and a high probability of continuing to do so. He adds that he also focuses on stocks with wide "moats," or strong competitive advantages.