Monthly Message

The Wutherich & Co. Composite was flat at 0.0% in August. This compares with the S&P/TSX up 0.3%, the BMO Small Cap Index down 0.4%, S&P 500 (US$) up 0.1%, the DJIA (US$) up 0.3%, while the NASDAQ (US$) was up 1.0%. (Yes, we have changed the order of the indexes. We feel the Canadian indexes are more relevant to the Wutherich & Co. Composite and so we have listed them before the US benchmarks).

The market took a breather during August. Gold stocks were weak which served to limit gains of the Canadian indexes. September tends to be a difficult month for stocks. This year seems to offer a smorgasbord of things to worry about: Trump, China, economic growth, Brexit fallout… Best to tune this out and focus on what are good long-term growth names. To wit, we have added CRH Medical Corp, a Canadian domiciled healthcare name with its principal operations in the US. CRH offers products and services to gastroenterologists. They operate in two segments, namely, the O’Regan System for the treatment of hemorrhoids and anesthesia services. Demographics is driving strong organic growth in each of these areas. Management is augmenting this growth with acquisitions of additional anesthesia practices. Combined, we think we have strong long-term growth for years to come.

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