Monthly Message

The Wutherich & Co. Composite was up 22.3% in April. This compares with the S&P/TSX up 10.8% and the BMO Small Cap Index up 23.2%.

As of April 30^th, we are up 47.5% from our low of March 23^rd but still down 36.1% from our all-time high on February 19^th. We have gone from having our very worst month on record in March to our very best in April.

Small consolation. We know that we still have a lot of work to do. Furthermore, we understand that it will take a long time for things to normalize. Other severe downdrafts may happen in the markets along the way.

As always, we focus on the health of our individual companies. While we have made a few adjustments to the portfolio, most of our names remain the same. These companies look like they will survive this crisis in reasonably good shape. Their balance sheets and the strength of their product and service offerings will get them through.

JF and I would like to thank those clients who have been putting money in at this time. Yes, putting money into their accounts. These are clients that share our conviction that times will get better and our companies will benefit from this in the long-term.

To view the complete Monthly Message and Factsheet click here