Monthly Message

The Wutherich & Co. Composite was up 2.7% in September. This compares with the S&P/TSX up 1.7% and the BMO Small Cap Index down 2.0%.

The Wutherich & Co. Composite recovered somewhat in September and is now up 16.1% year-to-date. Valuations continue to look compellingly cheap to us. We have maximized exposure to our highest conviction names and have kept cash to less than 1%. Off the critical list is Poly Corp. (PLT–N), the US based manufacturer of office communications equipment. It looks like they can manage their heavily indebted balance sheet and re-establish growth over the next year or so. On the critical list, for now, is Baylin Technologies Inc. (BYL–T). After reporting a terrific second quarter, the company is facing a significant air pocket in demand from several customers. This may last for several quarters. It is also having operational problems with one of its recent acquisitions. This combination is straining cash flow at a time when the company is carrying a lot of debt, the result of two acquisitions completed last year. Baylin will have to walk a cash flow tight rope for the next few quarters. At that point, they expect demand to resume for several key products and they will have worked out the bugs in their acquired operations.

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Monthly Message The Wutherich & Co. Composite was down 7.9% in August. This compares with the S&P/TSX up 0.4% and the BMO Small Cap Index down 0.5%. The Wutherich & Co. Composite did take a hit in August, though still up 12.9% year-to-date. The balance of our companies reported during the month. While two or three […]

Monthly Message The Wutherich & Co. Composite was up 0.3% in July. This compares with the S&P/TSX up 0.3% and the BMO Small Cap Index up 1.9%. The portfolio continues to navigate the summer doldrums at a lugubrious pace. Things may quicken with the release of second quarter results in the coming weeks. A few of […]

Monthly Message The Wutherich & Co. Composite was down 0.8% in June. This compares with the S&P/TSX up 2.5% and the BMO Small Cap Index up 4.6%. Weakness in a handful of weightings in the portfolio hurt performance in June. With one possible exception, we don’t think that there is anything to be concerned about with […]

Monthly Message The Wutherich & Co. Composite was down 3.2% in May. This compares with the S&P/TSX down 3.1% and the BMO Small Cap Index down 2.7%. Sell in May and go away? Well, we certainly saw some selling in May, egged on by a few Trump Tweets about trade. That strategy, however, seems like a […]

Monthly Message The Wutherich & Co. Composite was up 4.9% in April. This compares with the S&P/TSX up 3.2% and the BMO Small Cap Index down 0.3%. We submit our numbers to Mercer (a pension consultant) to compare how we have done versus our peer group. As of March 31, 2019, we rank #1 in the […]

Monthly Message The Wutherich & Co. Composite was up 2.7% in March. This compares with the S&P/TSX up 1.0% and the BMO Small Cap Index down 1.0%. The Wutherich & Co. Composite has now gained 31% from its low on Dec. 24, 2018 and now sits at an all-time high. At 21.4%, the first quarter […]

Monthly Message The Wutherich & Co. Composite was up 8.2% in February. This compares with the S&P/TSX up 3.1% and the BMO Small Cap Index up 3.5%. The Wutherich & Co. Portfolio has now gained 28% from its low on Dec. 24, 2018 bringing us back to about where we were at the end of […]

Monthly Message The Wutherich & Co. Composite was up 9.3% in January. This compares with the S&P/TSX up 8.7% and the BMO Small Cap Index up 8.6%. The Wutherich & Co. Portfolio has gained 18% from its low on Dec. 24, 2018. Just since the end of September we have experienced one of our worst […]

Monthly Message The Wutherich & Co. Composite was down 4.5% in December. This compares with the S&P/TSX down 5.4% and the BMO Small Cap Index down 3.8%. The Wutherich & Co. Portfolio did a partial u-ey in December. Though we didn’t get quite turned around, we did come back from an 11.6% deficit at one […]