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August 2017 Pricing Commentary

Primarily due to our significant equity exposure in American healthcare, technology and financials the five ABC Funds have outperformed our index benchmarks for year-to-date 2017.

We continue to have in place a 100% U.S. currency hedge which has protected our portfolios, particularly with the recent considerable strength of the Canadian dollar. Similar to our earlier 2017 comments we remain optimistic with regard to the North American economies and common stocks. More importantly, we believe that our five ABC portfolios are well-positioned for the balance of 2017.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

July 2017 Pricing Commentary

All five ABC Funds outperformed their respective benchmarks during the month of July, mainly due to our investments in select U.S. technology, industrial and consumer discretionary stocks.

Although the Canadian dollar appreciated significantly versus the American dollar, our 100% $U.S. currency hedge protected our portfolio valuations. A more important outcome is that a weaker $U.S. should positively impact U.S. corporations, boost international revenues and earnings and improve investor confidence.

Since our month end pricing, Apple Inc., held in all five ABC Funds, reported impressive quarterly results, helped by healthy demand for the iPhone and strong guidance for the upcoming quarter. We believe this should extend the overall positive stock market trend this year.

We remain optimistic and believe that our portfolios are well-positioned for the future.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

June 2017 Pricing Commentary

Having just completed the first six months of 2017, we are pleased to report that all five ABC Funds outperformed their respective benchmarks during this period.

More importantly, we have continued to reposition the portfolios toward larger capitalization and dividend-paying common stocks while maintaining a 100% $U.S. currency hedge to de-risk our American investments.

Looking ahead to the second half of 2017, we remain optimistic and believe our portfolios are very well positioned for the balance of the year.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

May 2017 Pricing Commentary

Our ABC Funds’ investment strategy to overweight U.S. large capitalization equities, fully-hedge our $U.S. currency exposure as well as bulking up on solid, high dividend-paying Canadian pipelines and utilities, yielded significantly positive investment performance for the month of May.

This outperformance, compared to our index benchmarks, was achieved while upgrading our common stock holdings. Our portfolios are diversified and composed of high quality, dividend-paying companies with excellent growth prospects. More importantly, we are pleased to report that all five ABC Funds are showing positive investment returns for 1 month, 3 months, 6 months, 12 months, and 2 years. Additionally, three of our Funds have registered double digit year-to-date performance.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

April 2017 Pricing Commentary

Over the past 18 months we repositioned our ABC portfolios toward a significant weighting in larger capitalization American technology, financial services, consumer discretionary and health care companies while fully hedging our U.S. currency exposure.

Many of these purchases including Amazon.com, Alphabet, Apple, Netflix, MasterCard and Visa have been excellent investment performers, particularly over the past six months. As a result, we are pleased to report that all five ABC Funds meaningfully appreciated during the month of April and outperformed their respective benchmarks.

Looking ahead we remain confident with our diversified and defensively invested portfolios and will continue to be opportunistic for the balance of 2017.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

March 2017 Pricing Commentary

All five ABC Funds appreciated during the first quarter of 2017 outperforming various equity benchmarks. Our portfolios are diversified and composed of high quality companies with strong growth prospects. Heading into the second quarter we remain confident and opportunistic.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

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