Monthly Message

Merry Christmas and Season’s Greetings to one and all!

For November, the Wutherich & Co. Composite was up 5.0%.

With the US election now past, one level of uncertainty has been resolved, though, I think for many of us, a lot of questions remain. Trump 2.0 is on tap. Exactly what that means is anyone’s guess. Most of our companies have reported their most recent quarterly results which were generally, though not universally, strong. As we talked to the managements of our various holdings, they cited that election uncertainty had been holding back some of their operations. Some of this is now moving forward for them. Exposure to tariffs is limited, though several names could see some impact.

We continue to pick away at some favourite names. We recently added to our existing position in North American Construction Ltd. (NOA-T), an Alberta-based operator of heavy equipment. Customers are in the mining and heavy civil construction sectors. NOA operates in Canada, the US and Australia. In the past, the company was mostly focused on the Canadian oil sands. Over the last few years, they have diversified their customer base, evening out their exposure to any one customer or industry. The company is solidly profitable, generates a high return on equity, pays a small dividend and looks to be able to increase revenue and earnings for years to come.

You are invited to attend Wutherich & Co’s Annual Update, done virtually this year via Zoom, on January 22nd at 5pm EST. Please RSVP to Jean-Francis Archambault at 514-924-4438 or jf@wutherich.ca to get a link to the presentation.

To view the complete Monthly Message and Factsheet click here