From the Desk of Irwin Michael

This feature of our web site will highlight one of the ABC Funds, a specific portfolio holding or an investment issue which we believe is very timely. The intent of “From the Desk of Irwin Michael” is to better inform you about our unique fundamental value style and decision-making process.

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...

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...

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...

February 2017 Pricing Commentary

All five ABC Funds improved during the month of February outperforming various equity benchmarks largely due to our significant commitment to U.S. common stocks. All five of our ABC Funds have a 100% currency hedge covering our American dollar...

January 2017 Pricing Commentary

All five ABC Funds increased in price during the month of January. This appreciation was largely due to a number of our U.S. holdings, which surged in value since the beginning of 2017, including: • Electronic Arts• Amazon.com • Brunswick...

December 2016 Pricing Commentary

All five ABC Funds appreciated during the month of December and are well positioned for 2017. Wishing everyone a healthy and happy 2017. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.

November 2016 Pricing Commentary

All five ABC Funds appreciated during the month of November. With the new U.S. president-elect and his expansionary business policies we anticipate positive economic and financial results in 2017. Irwin A. Michael, President I.A. Michael Investment...

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