How a self-employed accountant grew her TFSA from $190,000 to $575,000 in a year
Rama Nutakki concentrated her TFSA into precious metals in 2025, turning $190,000 into $575,000 and raising her and her father’s combined TFSA to $930,000.
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By Torontoer Staff
Rama Nutakki, a self-employed chartered accountant in the Toronto area, grew her TFSA from $190,000 to $575,000 in 2025. Managing her 88-year-old father’s account as well, she brought their combined TFSA value to about $930,000.
Both accounts were opened in 2009 and have had maximum contributions. Nutakki also holds an RRSP, non-registered investment accounts and a mortgage-free principal residence, and she has followed the stock market and invested for more than three decades.
From diversified holdings to a sector concentration
For most of her investing career Nutakki maintained a diversified portfolio. In 2024 she decided to shift strategy, influenced by Warren Buffett’s comment that, "diversification may preserve wealth, but concentration builds wealth." Rather than concentrate in a handful of companies, she chose to concentrate in a sector.
Her approach was to identify sectors likely to outperform through business, technology and commodity cycles, then allocate a significant portion of her TFSA capital to that theme.
Why precious metals
Nutakki followed a handful of macro analysts and was particularly influenced by Stephanie Pomboy of MacroMavens. Pomboy signalled a shift from financial assets to hard assets, highlighting precious metals. Nutakki saw a case for gold and silver given geopolitical tensions, central bank buying of bullion and concerns about looser U.S. monetary policy driving inflation expectations.
She began by buying shares in market leaders, including Agnico Eagle Mines Ltd. and Pan American Silver Corp., and once those positions were profitable she added other miners such as Kinross Gold Corp. and the VanEck Gold Miners ETF. She averaged into positions rather than making a single large purchase.
The TSX had an incredible year in 2025. I was fortunate to be in the right sector at the right time.
Rama Nutakki
Risk management and an exit plan
Nutakki limited downside by starting with leaders and adding only after gains. She says she will rotate into energy stocks next, reasoning that many commodities have already advanced while oil has lagged. She plans to average into energy positions, start with the market leaders and step back if they fail to move higher.
There is already an oversupply in the oil market keeping prices down. A lot depends upon what OPEC chooses to do.
Rama Nutakki
An outside view: the adviser’s perspective
Geoff Saab, vice-president and portfolio manager at Doherty & Associates, praised Nutakki’s timing and discipline but cautioned about concentrating tax-free savings. He noted that fully funding the TFSA and following a disciplined process set her up for success, while the account’s tax-free status increases the long-term value of gains.
Ms. Nutakki made a great sector call prior to 2025. More importantly, she set herself up for success by fully funding the TFSAs and executing what appears to be a diversified and disciplined investment process.
Geoff Saab
Saab added that as TFSA balances grow, their tax-free nature makes prudence important. He modelled a scenario where, if she pivots back to a diversified approach and achieves a 7 per cent annual return while continuing contributions, the combined accounts could exceed $2.2 million in 10 years and roughly $4.7 million in 20 years.
Key takeaways
- Maximise TFSA room to give growth a tax-free advantage.
- Concentrating by sector can accelerate returns but increases risk.
- Start with market leaders and average into positions to manage timing risk.
- Have an exit plan and be prepared to rotate to other sectors.
- Review the overall household balance sheet before taking concentrated positions in tax-advantaged accounts.
Nutakki’s trade delivered substantial short-term gains, and she has clear rules for managing the next phase. Advisors stress that the TFSA’s unique tax status calls for careful stewardship as balances grow, and that concentration should be weighed against long-term retirement needs.
personal financeTFSAinvestingprecious metalsstocks
