Monthly Message

The Wutherich & Co. Composite was up 0.2% in June versus the S&P/TSX being down 1.4%.

While the last twelve months have been very strong for the Wutherich & Co. Composite, if we zoom out a little, the market and our portfolio have seen relatively weak performance since November 2021. Outside of a handful of mega-cap US technology names, the average stock has had very modest performance indeed. Russian troops pulled up to the border of Ukraine in November of 2021. I am no macro-economist, but it seems like these events are linked.

Since I started as an investor 32 years ago, when everyone is focused in one direction, in this case, US mega-cap technology, I am hardwired to look elsewhere. All you need to do is widen your view and discover so many high-quality companies that are being ignored. Some buyers are recognizing this as M&A activity is starting to pick up. We have seen several names in our research universe be bought or put themselves up for sale in recent weeks. HIBB-Q, WIRE-Q and TGLS-Q are all examples.

With the removal of HIBB from the portfolio this month, we have plenty of cash. Combine this with the summer being a weak time for stocks, we think that we have an excellent opportunity to add a few ignored, inexpensive names to the portfolio. In our Portfolio Composition, I believe that for the first time since we launched almost 25 years ago, we have no US names. For now, the better opportunities for us are on the Canadian side of our research universe.

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Monthly Message The Wutherich & Co. Composite was down 0.7% in May versus the S&P/TSX being up 2.8%. “Sell in May and Go Away” certainly seemed to affect some of our stocks during the month. Recent quarterly results were reported for most of our companies and there was a mix of excellent numbers combined with […]

Monthly Message The Wutherich & Co. Composite posted a 0.0% result in April versus the S&P/TSX being down 1.8%. Markets were generally weak during April as investors sway with the ebb and flow of concerns around interest rates and geopolitics. The Wutherich & Company Composite posted somewhat better results due to the announced takeover of Hibbett […]

Monthly Message The Wutherich & Co. Composite posted a 0.5% drop in March versus the S&P/TSX being up 4.1%. The Wutherich & Company Composite definitely sat-out the March rally in North American markets. The companies in our portfolio finished reporting their most recent quarters during the month. For the most part, the numbers were good. A […]

Monthly Message The Wutherich & Co. Composite posted a 4.8% gain in February versus the S&P/TSX being up 1.8%. Strong performance in the Wutherich & Company Composite continued in February. We put this down to the strength of the names in our portfolio and their relative cheapness. Our names have started to report their most […]

Monthly Message The Wutherich & Co. Composite posted a 4.7% gain in January versus the S&P/TSX being up 0.6%. The strength that we experienced in our portfolio during 2023 has continued into 2024 but we always talk people down from getting too excited about short-term returns. Our portfolio companies continue to be in excellent health, which […]

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 […]

Monthly Message The Wutherich & Co. Composite was up 10.3% in November. This compares with the S&P/TSX being up 7.5%. The Wutherich & Company Composite performed well in November with nary a mega-cap technology stock in sight. What it does contain are excellent small to mid-sized companies with reasonable valuations and good long-term prospects. Most just […]

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 […]

Invitation Dear clients and friends, It will be good to see you again “live”! Please find attached the invitation to our upcoming “Wutherich & Co.’s Annual Update” hybrid event taking place Wednesday January 24, 2024.   Chers clients et amis, Ce sera bon de vous revoir en personne! Vous trouverez ci-joint l’invitation à notre prochain […]