Investing legend Peter Lynch famously quipped that “the best stock to buy may be the one you already own.” In other words, sometimes it’s better not to buy another stock to add to your portfolio, but instead to add to a stock that’s already in your portfolio. It’s advice I’ve taken to heart over the years. I like to take advantage of sell-offs to increase my allocation to a company I really like.

So, when the stock market sold off over the past few weeks, I found myself adding to some of my favourite companies. Here’s why I recently added to my position in Brookfield Infrastructure Partners L.P. (TSX:BIP.UN)(NYSE:BIP).

Growth is being realized

I’ve owned units of Brookfield Infrastructure on and off for years, and recently reacquainted it with my portfolio back in May. At the time, the company’s units were yielding 4.7%, however, due to the sell-off, those units are now yielding more than 5.6%. This is despite the fact that the only changes since I added it to my portfolio are positive.

Brookfield Infrastructure is currently in the midst of one of the most active periods of its history in terms of acquisitions.

The company is working to acquire a stake in a large toll road, airport, and urban mobility company in Brazil. It also signed an agreement to acquire a stake in a natural gas storage company in the U.S.; it’s working to bolster its stakes in a tunnel in Chile and a toll road in Brazil; and finally, it’s working with its partners to acquire a large port and rail company in Australia.

Those are just the announced acquisitions. The company has said that its pipeline of deals is the most robust it has ever been.

Steady stream of income growth ahead

These acquisitions are expected to fuel strong AFFO growth for the company. In fact, the deal for the Australian port and rail company alone is expected to boost Brookfield Infrastructure’s AFFO per unit by 7%, while at the same time improving its credit metrics. That’s really strong growth for a company with a long-term target to grow its FFO by 10% per year, with only 2% of that 10% being supported by acquisition-driven growth.

In other words, Brookfield Infrastructure is in an even stronger position to deliver on its promise to grow its distribution by 5-9% per year than it was when I purchased units earlier this year. Not only that, but that improved picture is coming at an even cheaper price.

Investor takeaway

Market downturns are often great opportunities to add to companies within your portfolio that are stronger now than they were when you first bought them. That’s clearly the case with Brookfield Infrastructure. It’s a stronger company and its growth is much more visible now than when I first bought it a few months ago.

So, in a sense, I’m following in the footsteps of an investing legend like Peter Lynch because I’m buying more of a great company I already own. It has the potential to pay off as much, if not more, than a new addition would.

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Fool contributor Matt DiLallo owns shares of Brookfield Infrastructure Partners.