Monthly Message

The Wutherich & Co. Composite was up 0.7% in October. This compares with the S&P/TSX down 0.9% and the BMO Small Cap Index down 2.0%.

The Wutherich & Co. Composite eked out a small gain in October and is now up 16.8% year-to-date. Valuations in our portfolio still look strikingly cheap and we continue to carry a minimal amount of cash.

For the first time in as long as we can remember, we have no US names in the portfolio. There are many that we look at but, in most cases, find it hard to justify their valuations. We still have plenty of US exposure through the Canadian names that we own, but at much cheaper prices. One trader that we talk to referred to a buyers’ strike amongst Canadian small Cap managers, regardless of how cheap the names appear. Though it can test our patience, we can wait this out. We are happily buying names that we believe in, and at great prices. Value will out eventually.

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Bulletin For years now, Wutherich & Co. has been doing its Montreal annual update and cocktail in November and you would have already received a notice inviting you to this event. With the approach of our 20th anniversary next May, we have decided to do things a little differently. We will be moving the event […]

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 […]

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 […]