{"id":1896,"date":"2014-04-07T14:02:38","date_gmt":"2014-04-07T18:02:38","guid":{"rendered":"http:\/\/www.wutherich.ca\/news\/?p=1896"},"modified":"2014-04-07T14:02:38","modified_gmt":"2014-04-07T18:02:38","slug":"wutherich-co-march-2014-newsletter","status":"publish","type":"post","link":"https:\/\/www.wutherich.ca\/news\/wutherich-co-march-2014-newsletter","title":{"rendered":"Wutherich & Co. March 2014 Newsletter"},"content":{"rendered":"\n\n\n\n\n\n
Monthly Message<\/td>\n<\/tr>\n
\n

We would like to thank our Alberta-based clients and friends for having joined us in Calgary for our investment presentation and wine tasting at The Cellar. Cheers! We hope you enjoyed it as much as we did.<\/p>\n

The Wutherich & Co. Composite\u00a0was up 1.4% in March. This compares with the S&P 500, up 0.8%, the DJIA up 0.9%, the NASDAQ down 2.5%, the S&P\/TSX up 1.2%, while the BMO Small Cap Index was down 0.1%.<\/p>\n

March saw our streak of strong performance continue. Focusing on this, however, would be getting our priorities upside down. We would rather start with the health of the individual businesses that we invest in. To wit, we are very pleased with most (though not all) of our holdings. Speaking of health, one of our steadiest names over the last several years has been Medical Facilities Corp. (MFC). They operate five Specialty Surgical Hospitals and one Ambulatory Surgical Center in the US. As the population gets older, it needs more spine, orthopedic and ENT work done, all of which MFC performs. Though slower growth than many of the names in our portfolio, we like the sustainability of the business and its outlook for continued profitability for many years to come. A 5.5% dividend yield won’t make us sick either!<\/p>\n


<\/p>\n<\/td>\n<\/tr>\n

\n

The following table illustrates the performance of the Wutherich & Co. Composite to the present:<\/em><\/p>\n<\/td>\n<\/tr>\n

\n
<\/span>(unaudited, since Sep.30\/01)*<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n
<\/td>\nMonth<\/td>\n1YR<\/td>\n3YR<\/td>\n5YR<\/td>\n10YR<\/td>\nInception<\/td>\n<\/tr>\n
Wutherich & Co.<\/td>\n\n

1.4%<\/p>\n<\/td>\n

30.7%<\/td>\n19.6%<\/td>\n21.8%<\/td>\n12.7%<\/td>\n16.4%<\/td>\n<\/tr>\n
BMOSCI-wtd<\/td>\n\n

-0.1%<\/p>\n<\/td>\n

15.9%<\/td>\n-0.2%<\/td>\n19.8%<\/td>\n7.2%<\/td>\n10.8%<\/td>\n<\/tr>\n
S&P\/TSX<\/td>\n\n

1.2%<\/p>\n<\/td>\n

16.0%<\/td>\n3.6%<\/td>\n13.7%<\/td>\n8.1%<\/td>\n8.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n
Wutherich & Co. Factsheet <\/span><\/td>\n<\/tr>\n
Company Objective<\/td>\n<\/tr>\n
Our goal is to seek prosperity for our clients through participation in stable, growing companies in North America, led by strong management teams that we consider our partners for the next five or more years.<\/td>\n<\/tr>\n
Investment Philosophy<\/td>\n<\/tr>\n
Our style can be described as concentrated, disciplined, long-term growth stock investing. The focus is on established companies that generally have a demonstrated track record in revenue, cash flow or earnings per share growth, with strong managements and solid balance sheets. The current emphasis in the portfolio is on the equity of small to medium capitalization companies, defined roughly as $50 million to $5 billion in market capitalization. The portfolio may include large capitalization companies if the right elements are there. Stocks are bought with a keen eye to valuation, so you\u2019re not likely to find many high multiple stocks here. The portfolio will likely maintain a significant percentage in foreign securities, providing exposure to investment returns outside of Canada.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Portfolio Composition (as a percentage of net assets)<\/span><\/td>\n<\/tr>\n
Canadian Stocks <\/span><\/td>\n64.32% <\/span><\/td>\n<\/tr>\n
\"\"<\/td>\nEnergy<\/td>\n26.91%<\/td>\n<\/tr>\n
\"\"<\/td>\nFinancials<\/td>\n0%<\/td>\n<\/tr>\n
\"\"<\/td>\nInformation Technology<\/td>\n0%<\/td>\n<\/tr>\n
\"\"<\/td>\nCommunications and Media<\/td>\n0%<\/td>\n<\/tr>\n
\"\"<\/td>\nConsumer<\/td>\n0%<\/td>\n<\/tr>\n
\"\"<\/td>\nHealthcare<\/td>\n5.03%<\/td>\n<\/tr>\n
\"\"<\/td>\nIndustrials<\/td>\n19.36%<\/td>\n<\/tr>\n
\"\"<\/td>\nMaterials<\/td>\n8.10%<\/td>\n<\/tr>\n
\"\"<\/td>\nTelecom<\/td>\n0%<\/td>\n<\/tr>\n
\"\"<\/td>\nTransportation<\/td>\n4.92%<\/td>\n<\/tr>\n
\"\"<\/td>\nUtilities<\/td>\n0%<\/td>\n<\/tr>\n
\n


<\/p>\n

U.S. Stocks<\/span><\/p>\n<\/td>\n

\n


<\/p>\n

19.26%<\/span><\/p>\n<\/td>\n<\/tr>\n

\"\"<\/td>\nIndustrialS<\/td>\n6.96%<\/td>\n<\/tr>\n
\"\"<\/td>\nSpecialty Retailers<\/td>\n5.75%<\/td>\n<\/tr>\n
\n

\"\"<\/p>\n<\/td>\n

TRANSPORTATION<\/td>\n6.55%<\/td>\n<\/tr>\n
\n

Cash and OtheRS<\/span><\/p>\n<\/td>\n

\n

16.42%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Performance<\/td>\n<\/tr>\n
\n

(unaudited, the growth of $100,000 invested as at Sep. 30\/01)*<\/p>\n<\/td>\n<\/tr>\n

\"\"<\/a><\/td>\n<\/tr>\n
Your account with us<\/td>\n<\/tr>\n
Wutherich & Company is an independent investment counsellor. We do not hold assets for our clients, but simply exercise trades over your account as per an agreed upon investment policy statement and portfolio management agreement. Your account is held at TD Waterhouse Canada Inc. <\/a>in your name. Withdrawals from that account can only be sent to you at your designated bank account and\/or address of record. Wutherich & Co. may also do withdrawals from your account to satisfy any fees that may apply to your account. All accounts are cash accounts. Unlike hedge funds, we do not use leverage or derivatives to manage your money. Also, we are not a fund company – if you are a private investor with us, your account will mirror the Model Portfolio but your investments are not pooled.<\/td>\n<\/tr>\n
Other Facts<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n
\"\"<\/td>\nAnnual fees are 1.5% of assets on a quarterly basis in arrears, plus applicable taxes.<\/td>\n<\/tr>\n
\"\"<\/td>\nInstitutional clients qualifying for a segregated fund account would be charged 1% for the first $10 million and 0.5% for the next $40 million.<\/td>\n<\/tr>\n
\"\"<\/td>\nFees on any accounts over $50 million would be subject to negotiation.<\/td>\n<\/tr>\n
\"\"<\/td>\nMinimum account size is $250,000.<\/td>\n<\/tr>\n
\"\"<\/td>\nInvestments are 100% RSP eligible.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
\n

*The Wutherich & Co. performance shown here is of a composite which combines the performance of all of the accounts managed by Wutherich & Co. that have been invested according to the Wutherich & Co. Portfolio throughout their history. These accounts vary greatly in the size of assets that they contain and whether or not fees have been deducted directly from the accounts during their history. BMOSCI-wtd = BMO Small Cap Index, Total Return, weighted. This index is currently the most comparable to the Wutherich & Co. portfolio due to its average market capitalization, though it may differ greatly in its sector weightings; TSX = S&P\/TSX Total Return Index. Due to its large capitalization nature and substantially different sector weightings, this index may not be considered comparable to the Wutherich & Co. Portfolio.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Monthly Message We would like to thank our Alberta-based clients and friends for having joined us in Calgary for our investment presentation and wine tasting at The Cellar. Cheers! We hope you enjoyed it as much as we did. The Wutherich & Co. Composite\u00a0was up 1.4% in March. This compares with the S&P 500, up […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1896","post","type-post","status-publish","format-standard","hentry","category-wutherich-co-newsletter"],"_links":{"self":[{"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/posts\/1896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/comments?post=1896"}],"version-history":[{"count":0,"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/posts\/1896\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/media?parent=1896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/categories?post=1896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wutherich.ca\/news\/wp-json\/wp\/v2\/tags?post=1896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}