The Wutherich & Co. Composite was up 0.3% in November. This compares with the S&P/TSX up 1.4% and the BMO Small Cap Index down 3.7%.
The Wutherich & Co. Portfolio did a u-ey in November. With only four days left in the month we were down 4.1%. By month’s end, we were up 0.3%! All of this happened with no change in the fundamentals of the companies in our portfolio. In fact, we finished reviewing quarterly earnings reports in November and, with perhaps one or two exceptions, the results were good, and in some cases very good. With the extraordinary market swings experienced in October and November of this year we have found some cheaper valuations amongst names that we look at. This has allowed us to add to a few of our favourite positions. Cash is now about 5% and we would like to bring it even lower in the coming weeks.
JF and Wil would like to thank all of you who made the Wutherich & Co. Annual Update held at the Mount Stephen Hotel on November 15 another great success.
Lastly, we would like to wish all our clients and friends a very Merry Christmas and all the very best in the New Year.
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