Monthly Message

The Wutherich & Co. Composite was down 2.8% in November. This compares with the S&P/TSX up 0.5%, the BMO Small Cap Index flat at 0.0%. We have removed the U.S. indexes as they provide little relevance for comparison.

While most of our companies reported good or great quarterly results in November, a few reported disappointing numbers. Market reaction to this latter group was very negative, bringing our overall portfolio down during the month. Frankly, the numbers weren’t all that bad and most of these names should recover over time. Even with the companies reporting positive results, stock price reactions were neutral to negative. For example, Badger Daylighting and Parkland Fuel were both off 10% after reporting good numbers. Ultimately, the strong fundamentals that most of our companies possess should drive good returns over the long-term.

We would like to thank everyone who was at our Annual Update at the Mount Stephen Hotel. Attendance was terrific and great questions were posed by all.

Lastly, we would like to wish a Merry Christmas and Happy Holidays to all of our clients and friends.

To view the complete Monthly Message and Factsheet click here