The Wutherich & Co. Composite was up 2.0% in March. This compares with the S&P/TSX being up 3.9%.
This month, we lapped the pandemic driven low of March 23, 2020. From that date, the Wutherich & Co. Portfolio is up approximately 185%. (Note that we miscalculated the number reported in the February Newsletter, it should have read 180%, not 156%).
Nearly tripling any portfolio in about a year should be considered unusual. The 2020 low was an over-reaction to the pandemic. Conversely, we do not think that the re-bound in the Wutherich & Co. Portfolio is an over-reaction to the upside, at least not for most of our names. While some may have over-done it, most of our names have merely appreciated to fair value.
The past 12 months for us have been a true example of the benefits of staying the course. If you are convinced with the fundamentals of your holdings, make as few adjustments as possible. Over time, you should do just fine. This is something that we have done over-and-over again for the last 21 years. Now, we are mindful that the pandemic is not done with us yet. Rest assured, we will keep applying a steady hand to the tiller and calmly navigate through any storms.
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