November 2017 Pricing Commentary

All five ABC Funds posted positive investment returns for the month of November to reach new 2017 price highs.

The ABC Funds’ relative outperformance compared to their index benchmarks was mainly attributable to their 60-70% American securities weighting and a 100% $U.S. currency hedge so as to reduce price volatility. Looking back, these solid results were primarily due to the notable appreciation of a number of U.S. holdings including Amazon, Anthem, Becton Dickinson, Boeing, The Home Depot and Honeywell, as well as several Canadian stocks, Algonquin Power, the Canadian Imperial Bank of Commerce and Jamieson Wellness.

Irwin A. Michael Signature

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

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