Monthly Message
Happy New Year! JF and I would like to wish you health, peace and prosperity for 2026.
For December, the Wutherich & Co. Composite was up 1.2%.
We remember sitting here 12 months ago thinking it would be hard to have a third great year in a row for the Wutherich & Company Portfolio. We didn’t. But the market sure did. The S&P/TSX Total Return Index experienced its best gain since 2009. Much of this came from the Materials sector, a part of the market that has been notoriously difficult to make consistent money from. The enormous and hard to explain rise in gold and silver prices was a key driver as was the more easily explained increase in copper prices.
We have done work in the Materials space a number of times over the years and have usually come away with a feeling that these businesses have difficulty generating high returns on capital. Most of them survive because the market throws money at them from time to time. Instead, we focus on companies with strong management, products and services that attract robust and sustainable demand and are capable of growing cash flow for years to come, regardless of the short-term environment. We enter 2026 with a strong slate of companies that fit the bill and we believe these will generate strong, long-term results.
Finally, we would like to invite you to our Annual Update on January 20, 2026 via Zoom. We will be featuring three or four of our company executives during the presentation. Please contact Jean-Francis Archambault at jf@wutherich.ca for a link to the meeting.
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