Our Firm

Our Firm

I.A. Michael Investment Counsel Limited, established in 1985, is dedicated to managing the ABC Funds. The firm’s objective is performance excellence. We concentrate on securities which we deem to be relatively undervalued and do not necessarily invest in every industry nor in what may be currently in vogue. Instead, we research, analyse and invest in companies which we believe will offer significant growth and free cash flow with potential value catalysts.

More importantly, our investment philosophy also incorporates our Ten Commandments of Value Investing which we apply in our stock selection process. These commandments emphasize such factors as quality of management, consistent earnings performance, undervalued assets or brands and dutiful corporate governance.

The ABC Funds were started in February 1988 with the inception of its first fund – the ABC Fully-Managed Fund (FMF). Less than a year later, in March 1989, came the inception of the ABC Fundamental-Value Fund (FVF). The In May 1996, we launched the ABC American Value Fund (AVF), to provide U.S. diversification. The latest additions were two closed-end funds: the ABC North American Equity Fund (NAEF) (formerly ABC North American Deep-Value Fund) on November 1, 2004 and the ABC Global Equity Fund (GEF) (ABC Dirt-Cheap Stock Fund) on April 1, 2006.

Legal Counsel

AUM Law

I.A. Michael Investment Counsel Ltd. is registered in the following provinces and territories:

Ontario – Ontario Securities Commission
Alberta – Alberta Securities Commission
British Columbia – British Columbia Securities Commission
Manitoba – The Manitoba Securities Commission
New Brunswick – The Financial and Consumer Services Commission
Newfoundland and Labrador – Service NL – Financial Services Regulation Division
Northwest Territories – Office of the Superintendent of Securities
Nova Scotia – Nova Scotia Securities Commission
Prince Edward Island – Securities Office 
Québec – Autorité des marchés financiers (AMF)
Saskatchewan – Financial and Consumer Affairs Authority
Yukon – Superintendent of Securities, Government of Yukon

PMAC

I.A. Michael Investment Counsel Ltd. is a member of the Portfolio Management Association of Canada (http://www.portfoliomanagement.org/)

Custodian

RBC Investor & Treasury Services (RBCITS) is and has been the custodian of our client’s assets for the past 27 years. All accounts are held in the client’s name at RBCITS as I.A. Michael Investment Counsel Ltd. does not hold any client assets.

RBCITS has been servicing I.A. Michael Investment Counsel Ltd. and was chosen by our firm due to their quality of services, their fair costs and general account servicing.

RBCITS is responsible for providing account statements to all our clients. The client is responsible to retain these statements for their records as there may be additional costs for retrieving historical data.

Monthly Pricing & Reporting

At I.A. Michael Investment Counsel Ltd., we price our Funds on a monthly basis, on the last business day of the month and the prices are released on the 2nd business day of the following month. The valuations team at RBC Investor & Treasury Services provides us with official prices for all five ABC Funds.

We also provide our clients with a quarterly newsletter which summarizes our economic outlook, highlights current companies of interest and reviews our latest portfolios with graphs and breakdowns for each of our five Funds. The newsletter is either emailed or mailed directly to our clients and is also presented on our website.

We provide our clients with annual audited and semi-annual unaudited financial statements which are sent either through mail or email.

Auditors

PricewaterhouseCoopers LLP

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