Monthly Message

The Wutherich & Co. Composite was down 0.8% in October. This compares with the S&P/TSX being down 3.2%.

The Wutherich & Company Composite continues to hold up well in an otherwise weak market. The quality of the names in the portfolio, and their excellent value, have supported this performance. A recent example of how this value can surface is the offer that Boston-based Haemonetics (HAE-N) has made to acquire Opsens (OPS-T) for $2.90 per share. We originally purchased OPS, a Quebec City-based medical device manufacturer, in November of 2017 at about $1.13 per share and added to the position at prices as low as $0.57 per share.

Tumult in the world has taken a step up in October causing market participants greater anxiety. At difficult times like these, we always look at the health of the individual companies in our portfolio. For now, there are few indications that they are struggling. Will cracks show if the macro-environment continues to be negative? Of course. However, we believe that most, if not all of them, are well positioned to continue to do well for years to come and drive long-term returns in the process.

Now, it seems early but we are already thinking about year-end and 2024. We will be hosting our Annual Update on January 24, 2024 at the Mount Stephen Hotel, both in person and 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.

To view the complete Monthly Message and Factsheet click here