Our Investment Philosophy

Value investing has evolved significantly over the years. In the past, hidden assets such as unrecognized real estate appreciation, tax loss carry forwards, cash flows or potential company spinoffs provided excellent value investing opportunities for portfolio outperformance. Today, while hidden assets are still value drivers, the “new economy” of flourishing e-commerce growth, the increasing healthcare demands of aging baby boomers and expanding technology advances have added a whole new growth dimension to traditional value investing.

While we still abide by our fundamental value disciplines, securities investing more than ever before, now involves additional considerations. For instance, 24-7 market vigilance, analysis of a never-ending flow of meaningful corporate and economic news as well as incessant modifications of our portfolio holdings are now incorporated into our asset management duties.

In summary, we remain fully committed to our clients as well as our analytical and portfolio responsibilities. As the largest unitholders of our ABC Funds, our management team will endeavor to give 100% of our abilities toward our common goal of investment excellence.

Irwin A. Michael Signature

Irwin A. Michael, CFA

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