Monthly Message
The Wutherich & Co. Composite was up 4.0% in December. This compares with the S&P/TSX being up 3.9%.
Thank you, Santa, for a great year-end rally which has taken us up 17.0% for 2023, handily outpacing the TSX at 11.8%. But Ho Ho Hold that idea. We are seldom in synch with what happens in the overall stock market. Instead, we always focus on what is happening at the company level amongst the holdings in our portfolio. To this, we can say that our names are in very strong shape right now. While macro-economic and geopolitical events may cause swings, barring disaster here, the strong operations of our companies should result in good returns for years to come.
With the departure of Opsens (OPS-T) from the portfolio, we have introduced a new name, North American Construction Group Ltd.(NOA-T). NOA is an Alberta based company that specializes in earth-moving for the construction and mining industries. They have operations in Canada, the USA and Australia and are expected to experience strong growth due to heavy infrastructure and mining spending in each of these jurisdictions. NOA is a highly profitable, high return on capital and well managed business that should grow for many years to come.
Lastly, we would like to wish everyone a Happy New Year and look forward to welcoming you to our Annual Update on January 24, 2024 at the Mount Stephen Hotel, both in person or via ZOOM. Cocktails and hors d’oeuvres at 17:30, presentation at 18:00. Please let us know if you can attend by sending us an email at jf@wutherich.ca or calling at 514-924-4438.
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