May 2018 Pricing Commentary All five ABC Funds outperformed their respective benchmarks for the month of May. These excellent returns were largely due to two important factors: Our portfolios’ significant U.S. equity exposure and our relative underweighting of Canadian common stocks. Our meaningful American common stock holdings of: Adobe Systems, Alphabet, Apple, Netflix, Broadcom, NVIDIA, Facebook, and Skyworks Solutions, which materially outperformed the U.S. market indices. Looking ahead, we remain optimistic for the balance of 2018 primarily due to our positive outlook on the U.S. and world economies, relatively low inflation and interest rates, comparatively high company dividend yields, and expanding corporate earnings. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.
