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 these names and they should continue to appreciate at some point in the future.

The one possible exception is Poly, formerly Plantronics (PLT-N).  As mentioned last month, this is a US-based company that is a global supplier of headsets, phone equipment and related systems for consumer and business applications. The tariff fight, demand in certain products and geographies and the integration of a large acquisition continue to befuddle the company. For now, we think these issues are all fixable but we will be monitoring them closely.

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