April 2016 Pricing Commentary

Over the past several weeks a number of our ABC Funds’ holdings have reported improved earnings which beat analysts’ expectations along with elevated forward business guidance. Examples include East West Bancorp, Amazon.com, Boston Scientific, Facebook and Uni-Select. We are still in the midst of quarterly earnings reports and anticipate solid results from our later reporting holdings in the next few weeks.

Although securities markets were extremely volatile in the month of April we are confident with our very liquid common share holdings, our fully-hedged $US/CAD currency position and our belief in the North American economies’ slow but steady growth trend.

Irwin A. Michael Signature

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

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