Not all growth stocks offer similar power and momentum. Some offer consistent and relatively steady paced growth, ideal for long-term wealth accumulation.
However, if you need to grow your retirement savings relatively fast, you have to add some pace to your retirement portfolios, regardless of whether they are in a TFSA or RRSP. If you are growing your TFSA-based retirement portfolio, at least three stocks can help you supercharge that portfolio.
An energy stock
Energy stocks in Canada saw tremendous growth between the last quarter of 2020 and mid-2022. The momentum has waned, but the sector is fluctuating near the height it achieved. However, one of the few stocks that have remained immune to these dynamics is TerraVest Industries (TSX: TVK).
The stock has been a consistent grower for almost a decade, and it maintained this momentum even when the sector as a whole became stagnant.
TerraVest has multiple products in its portfolio. It makes home heating products for residential customers, primary rural households in segments of Canada and the US. Its commercial sector customers typically hail from the energy sector, and it develops both storage and transportation solutions for them.
The stock has grown about 600% in the last decade, and if you include the returns from dividends as well, the number goes up to about 970%.
A real estate services company
FirstService (TSX: FSV) has distinguished itself from other players in the North American real estate service industry emerging as the largest residential communities manager in the region. It manages over 8,700 properties. The other end of the business is FirstService Brands, which includes seven individual companies, including closet manufacturers, restoration services, and fire protection companies.
The stock has followed the company’s powerful organic growth at an exemplary pace. Apart from one major dip in 2021’s first half (that the company is still recovering from), the growth has been impressive. The stock has grown almost 500% since May 2015, and its current bullish momentum may carry it upwards even more.
An equity management company
Toronto-based Clairvest Group (TSX: CVG) is a middle-market private equity management company that invests in a wide array of businesses. Its current portfolio contains businesses from the healthcare sector, gaming industry, digital marketing, construction, etc. This diversified portfolio allows the company to hold steady in weak markets.
As a stock, Clairvest has been a decent grower. It has risen by over 1,000% in the last two decades, and even though it pays dividends as well, the yield is not as compelling as its growth potential. Even if the stock adheres to its less flattering 300% growth in the last decade, it can be a powerful addition to your TFSA portfolio.
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Foolish takeaway
An important aspect of retirement planning is ensuring a good pace of growth for your capital and balancing it with long-term sustainability. The three stocks have a strong history of consistent growth, and assuming they keep their pace, they may help you enjoy above-market returns in the coming decades.
