Monthly Message

The Wutherich & Co. Composite was up 4.6% in June. This compares with the S&P/TSX up 2.5% and the BMO Small Cap Index up 4.6%.

As of June 30th, we are up 61.6% from our low of March 23^rd but still down 30.0% from our all-time high on February 19^th.

Large caps have certainly held up better than small caps during this crisis. As with many past cycles, however, the Wutherich & Co. Portfolio has growth and valuation on its side. We believe that most of our names are growing more quickly and trading at better valuations than our large cap peers. Over time, any gap with large caps has always corrected itself when we have experienced periods of strong performance for several years coming out of these crises. We have no reason to think that it will be any different this time. While one or two of our names are still quite vulnerable to the ongoing impact of the coronavirus, most of our names are performing very well and should be capable of growing for many years to come.

JF and I remain concerned for all of our clients and friends during this pandemic and hope that you and your families are doing well.

To view the complete Monthly Message and Factsheet click here