Monthly Message

The Wutherich & Co. Composite was down 1.8% in May. This compares with the S&P/TSX being down 4.9%.

Debt ceiling battles in the US, Russia’s invasion of Ukraine, recession fears, inflation, higher interest rates, the health of the consumer, concerns about the banking environment and regulatory changes continue to weigh on markets, and on some of our stocks.

Outstanding earnings reports from most of our names during May countered some of this negativity. This affirms how strongly positioned many of our companies are to weather this environment. Notable exceptions are Alaris (AD.UN-T) and Hibbett (HIBB-Q). The drop in HIBB stock alone caused a 3% decline in the Wutherich & Company Composite in May. AD.UN, which invests in private companies, is dealing with challenges with one of its current, one of its former and select weakness in some of its other partners. HIBB, a sporting goods retailer, is dealing with the aftereffects of the COVID boom in demand for its products combined with a consumer that is re-trenching in the face of all the above-mentioned macro-economic factors. Both companies have plenty to work through but we believe they can re-establish growth in the coming years. As for the rest of our names, we find managements are more cautious but still enjoying strong fundamentals for their businesses. Good long-term outlooks and cheap valuations should support long-term capital appreciation for the portfolio. While we don’t chase it, an average dividend yield of about 4% provides us with a good underlying rate of return while equity prices sort themselves out over the next few years.

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Monthly Message The Wutherich & Co. Composite was up 0.3% in April. This compares with the S&P/TSX being up 2.9%. Wil is travelling. We will not be providing the full Newsletter this month. He will get back to his usual vital, engaging, enlightening, elucidating and indispensable comments next month.   To view the complete Monthly […]

Monthly Message The Wutherich & Co. Composite was down 6.1% in March. This compares with the S&P/TSX being down 0.2%. Some of our names came off significantly in March, notably goeasy (T-GSY) and Hibbett Inc. (Q-HIBB). Recession fears, inflation, higher interest rates, the health of the consumer, concerns about the banking environment and regulatory changes […]

Monthly Message The Wutherich & Co. Composite was up 1.3% in February. This compares with the S&P/TSX being down 2.4%. The Wutherich & Co. Composite squeezed out another positive month in February as the world churns with uncertainty. We think our companies are well positioned to weather current economic and geo-political storms. Will they be […]

Monthly Message The Wutherich & Co. Composite was up 3.9% in January. This compares with the S&P/TSX being up 7.4%. As goes January, so goes the year? We certainly hope so, though we think there are an awful lot of hurdles to jump to make this happen. For the market as a whole, January saw […]

Monthly Message Happy New Year! The Wutherich & Co. Composite was up 1.5% in December. This compares with the S&P/TSX being down 4.9%. The new dance continues with December being another positive month for the Wutherich & Co Composite. We are happy to leave the 2022 Two-Step behind though we have always danced to our own […]

Monthly Message The Wutherich & Co. Composite was up 2.5% in November. This compares with the S&P/TSX being up 5.5%. To respect the choreography, November should have been two steps back. New dance? New dance partner? Hopefully one that doesn’t step on our toes quite so much. What steps do we need to learn to stay […]

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” first hybrid event taking place Wednesday January 18, 2023.   Chers clients et amis, Ce sera bon de vous revoir en personne! Vous trouverez ci-joint l’invitation à notre […]

Monthly Message The Wutherich & Co. Composite was up 8.2% in October. This compares with the S&P/TSX being up 5.6%. And the Two Step continues. Will October’s advance be met with two steps back in November? We don’t know but what seems likely is that the market and the Wutherich & Co. Composite will continue these […]

Monthly Message The Wutherich & Co. Composite was down 12.0% in September. This compares with the S&P/TSX being down 4.3%. Definitely two steps back. As we write this, the Wutherich & Co. Composite is up 5.4% so far in October. Now this may change in the coming days, but we wonder how our group of companies […]