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Monthly Message

The Wutherich & Co. Composite was up 4.8% in May. This compares with the S&P/TSX up 3.0% and the BMO Small Cap Index up 6.1%.

As of May 31st, we are up 54% from our low of March 23rd but still down 33% from our all-time high on February 19th. Reflex rally? Maybe, but it does seem like things got overcooked to the downside in February and March. I don’t make many “big picture” comments but I do think that the easy money has been made. It will get harder from here. The market will sort through the actual survivors from wannabes. Naturally, we think we have a portfolio of survivors. We know that we gave up our performance advantage over the last several months but think that the names we own will get us back there over time.

JF and I sincerely hope that you and your families are doing well. We would also like to thank you for your continued support during these extra-ordinary times.

To view the complete Monthly Message and Factsheet click here

 

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