Investment Commentaries

November 2018 Pricing Commentary

North American equity markets edged higher during the month of November, earning back a portion of October’s major price setback. All five ABC Funds posted positive November and year-to-date returns with firming prices in the health care,...

October 2018 Pricing Commentary

Although the month of October was a volatile period for common stocks, bonds, commodities, and the Canadian dollar, the ABC Funds took this opportunity to add new holdings and strategically position itself for the coming year. On earnings, many...

September 2018 Pricing Commentary

Despite all the financial, investment, and political confusion during the month of September, four of our five ABC Funds posted positive investment performance over the past four weeks. Although there was price weakness in the U.S. banks and...

August 2018 Pricing Commentary

The U.S. and Canadian stock markets pivoted in different directions during the month of August. For instance, while the major American equity indices rose between 2 ¼ % to 5 ¾ % the S&P/TSX Composite declined approximately 0.8%. Largely due...

July 2018 Pricing Commentary

The North America equity markets moved higher during the month of July. Interestingly, the U.S. stock indices continued to outperform the Canadian indexes and this event benefited our ABC Funds which are approximately 65% U.S. weighted. Our 100%...

June 2018 Pricing Commentary

All five ABC Funds performed positively during the month of June. More importantly, the year to date and 12 month returns to June 30, 2018 have outpaced the Funds’ respective benchmarks. Notable Canadian common share advancers over the past month...

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...

April 2018 Pricing Commentary

The extreme stock price volatility experienced in February and March continued into the month of April. However, the excellent quarterly earnings and revenue beats of a number of our favoured portfolio holdings including Amazon, Facebook, Microsoft...

March 2018 Pricing Commentary

Considering the extreme price volatility of the market we are pleased that four of our ABC Funds are still posting positive year to date investment performance. Overall, we remain optimistic for the balance of 2018. It is our view that the equity...

February 2018 Pricing Commentary

While there was extraordinary global stock price volatility during the month of February our five ABC Funds outperformed their respective index benchmarks during this period. More importantly, a number of our individual stock holdings reported...

January 2018 Pricing Commentary

All five ABC Funds posted materially positive investment returns for the month of January and significantly outdistanced the S&P/TSX benchmark. This outperformance was primarily due to our portfolios’ meaningful overweighting of American...

December 2017 Pricing Commentary

The five ABC Funds outperformed their respective investment benchmarks for the year 2017. This achievement was primarily due to our portfolios’ significant U.S. equity overweighting relative to Canada, which provided our Funds with materially...

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...

October 2017 Pricing Commentary

Canadian and U.S. common stocks were notably stronger during the month of October lifting all five ABC Funds to 2017 price highs. Positive highlights over the past four weeks included earnings beats from ABC holdings: Amazon, Google, Microsoft,...

September 2017 Pricing Commentary

All five ABC Funds’ portfolios produced positive investment returns for the month of September. This performance was largely due to U.S. and Canadian banks and financials, as well as certain individual holdings including: Home Depot, Boeing,...

August 2017 Pricing Commentary

Primarily due to our significant equity exposure in American healthcare, technology and financials the five ABC Funds have outperformed our index benchmarks for year-to-date 2017. We continue to have in place a 100% U.S. currency hedge which has...

July 2017 Pricing Commentary

All five ABC Funds outperformed their respective benchmarks during the month of July, mainly due to our investments in select U.S. technology, industrial and consumer discretionary stocks. Although the Canadian dollar appreciated significantly...

June 2017 Pricing Commentary

Having just completed the first six months of 2017, we are pleased to report that all five ABC Funds outperformed their respective benchmarks during this period. More importantly, we have continued to reposition the portfolios toward larger...

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...

October 2016 Pricing Commentary

The ABC Funds modestly declined on the October 31st valuation date primarily a result of weaker U.S. share prices. Largely due to the uncertain outcome of the November 8th U.S. presidential election, the major U.S. stock averages fell between -1% to...

September 2016 Pricing Commentary

All 5 ABC Funds produced positive investment returns for the month of September and improved three-month performance for the July 1 – September 30 quarter of between +3 1/4% to 5 1/2%. This appreciation was largely the result of rising share...

August 2016 Pricing Commentary

The month of August was characterized by subdued stock trading volumes, the lowest daily volumes in about two years. Furthermore, the past four weeks were marked by a lack of price volatility, in which none of the major North American indices posted...

From the Desk of Irwin Michael – August 12, 2016

On August 11, Nvidia Corporation announced another strong quarter with its Q2 2016 results. The graphics-chip company reported sales of $1.43 billion and EPS of $0.40 versus analysts’ expectations of $1.35 billion and $0.37, respectively. This...

From the Desk of Irwin Michael – August 5, 2016

An ABC holding, CCL Industries, a Toronto-based manufacturer and supplier of packaging and labeling for the consumer products sector, announced Q2 performance this week. The company reported revenue and earnings which significantly beat analysts’...

July 2016 Pricing Commentary

All five ABC Funds appreciated during the month of July. This improvement was largely due to the unexpectedly positive earnings results released over the past several weeks of such ABC holdings including: Apple Inc., Celgene Corp., Facebook Inc.,...

From the Desk of Irwin Michael – July 29, 2016

On July 28th, Alphabet reported an impressive quarter with strong revenue and profits. The company exceeded expectations with revenue growing 21% year-over-year as demand for online advertising continues to remain robust. The company experienced...

From the Desk of Irwin Michael – July 22, 2016

Equity markets continued their upward trend this week as a number of companies reported strong earnings results. One of our holdings, Microsoft, reported impressive revenue and earnings. These results beat analysts’ expectations because of its...

From the Desk of Irwin Michael – July 15, 2016

The past week has been characterized by positive financial and economic announcements which have taken the various equity indices significantly higher since the lows after the U.K. Brexit results. Notably, the American technology, health care,...

From the Desk of Irwin Michael – July 8, 2016

With the unexpected increase of 287,000 U.S. jobs created for the month of June, we would like to highlight four points: U.S. economic data is unusually volatile as evidenced by the comparatively disappointing May jobs creation of 38,000. May’s...

June 2016 Pricing Commentary

The month of June was mainly influenced by Britain’s referendum, which led to the surprise decision to exit the EU. As a result, stocks showed a meaningful negative reaction followed by a subsequent recovery. While the implications of the Brexit...

From the Desk of Irwin Michael – June 30, 2016

Over the past six days investors have experienced great shock, an overreaction and subsequent recovery from the surprising negative outcome of the U.K. referendum on remaining in the European Union. Interestingly, there might be a positive effect on...

From the Desk of Irwin Michael – June 24, 2016

The Brexit results out of the U.K. last night challenged global stock markets today. While not trying to minimize the consequences, we believe that the huge negative hype following the vote will eventually calm down and well-positioned companies...

From the Desk of Irwin Michael – June 17, 2016

Over the past week, international securities markets have exhibited considerable volatility. This current environment is largely due to the uncertainty surrounding the June 23rd UK referendum on whether to maintain its membership in the European...

From the Desk Of Irwin Michael – June 10, 2016

On June 7th, Dave & Buster’s Entertainment Inc., a leader in operating entertainment centres and attractions, released impressive Q1 2016 results. The company reported revenue and EPS of $262 million and $0.72 versus expectations of $251.5...

May 2016 Pricing Commentary

All five ABC Funds appreciated during the month of May rising between +3% to +4%. This improvement was greater than the various stock market indices largely due to better quarterly performance results of a number of ABC shareholdings including:...

From the Desk Of Irwin Michael – May 27, 2016

Algonquin Power & Utilities Corp. owns and has interests in a diverse portfolio of renewable power generation and infrastructure assets across North America. Some of these projects include thermal energy facilities, water distribution, and...

From the Desk Of Irwin Michael – May 20, 2016

One of the ABC Funds’ favoured holdings is Electronic Arts (EA), a developer, publisher, and distributor of interactive entertainment. Our original thesis for adding the company to the ABC Funds was that EA would benefit from rising demand in...

From the Desk Of Irwin Michael – May 13, 2016

Stingray Digital Group is a Montreal-based small capitalization company specializing in curated music to businesses and individuals globally and delivered through television and mobile platforms. Held in three of our ABC Funds, Stingray is free cash...

From the Desk Of Irwin Michael – May 6, 2016

One of our ABC Fund holdings, Kraft Heinz, announced solid earnings this week: Kraft Heinz Company reported first quarter results that were surprisingly above analyst expectations. Earnings per share were $0.73, which was $0.12 higher than expected...

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,...

From the Desk Of Irwin Michael – April 29, 2016

Over the past two weeks we have seen several of our companies report their quarterly results in the midst of earnings season. Four ABC Funds’ holdings that have released their financials include: Uni-Select, a leader in the distribution of...

From the Desk Of Irwin Michael – April 22, 2016

This week we would like to highlight East West Bancorp, a California-based regional bank specializing in a broad range of banking services in several states in the US as well as cities in China. The company reported strong results for Q1 2016. EPS...

From the Desk of Irwin Michael – April 8, 2016

Six Flags Entertainment Corp. is a theme park operator across North America that offers rides, water park attractions, concerts, game venues, and retail outlets. We believe that Six Flags is an attractive investment for a number of reasons. Firstly,...

March 2016 Pricing Commentary

All five ABC Funds appreciated during the month of March. This improvement was largely due to a few factors including: Recently released and improved quarterly revenue and earnings performance of common share holdings held in the funds. Rising...

From the Desk of Irwin Michael – April 1, 2016

Nvidia is a technology company favourite owned by the ABC Funds. The company designs, develops, produces and markets visual computing products, earning most of its revenues from selling GeForce processors for PC gaming. We believe Nvidia operates a...

From the Desk of Irwin Michael – March 24, 2016

CCL Industries Inc. is a global leader in label and packaging solutions for large corporations and small businesses. The Toronto-based company operates a vast distribution network of 119 facilities in 31 countries. CCL Industries is attractive for...

From the Desk of Irwin Michael – March 18, 2016

One of our preferred ABC Fund holdings is Loblaw Companies Limited. Loblaw is attractive for several reasons. Firstly, it’s a leading and well-managed Canadian grocer selling under its Loblaws, PC and Joe Fresh brands. Secondly, the company, after...

From the Desk of Irwin Michael – March 11, 2016

Two ABC Funds’ favourites include technology companies, Skyworks Solutions and Broadcom. Skyworks and Broadcom both reported excellent Q4 2015 results as revenue and earnings both beat analyst expectations. We believe that the radio frequency (RF)...

From the Desk of Irwin Michael – March 4, 2016

One of the ABC Funds’ holdings, among several others, that reported stellar Q4 2015 earnings results was Kraft Heinz, one of the world’s largest food companies. On February 25th, Kraft Heinz announced results that beat analysts’ revenue and...

February 2016 Pricing Commentary

Although our five ABC Funds declined during the month of February several points should be noted: During the first two days of March the Funds have recovered almost all of the negative returns of February.   Interestingly, at least ten of our...

From the Desk of Irwin Michael – February 26, 2016

The Q4/15 earnings season has been characterized by considerable variability, although many of the ABC Funds’ holdings have reported consistent, strong results. On February 23rd, The Home Depot reported excellent Q4 and full year 2015 performance,...

From the Desk of Irwin Michael – February 19, 2016

Earlier this week, Exco Technologies announced the intent to acquire a group of private companies operating in Mexico and Michigan. The target is a leading supplier of interior trim components that sells to a diversified group of North American...

From the Desk of Irwin Michael – February 12, 2016

Some Thoughts on a Market Recovery  The present stock market negativity, extensive media attention on share price declines, fears of a pending economic recession and expanding investor pessimism are all adding to a growing crescendo of anxiety....

From the Desk of Irwin Michael – February 5, 2016

One of our favoured ABC Funds’ biopharmaceutical holdings is Gilead Sciences Inc. (GILD). Gilead discovers, develops, and commercializes medicines in areas of unmet needs around the world. Its flagship drugs are Sovaldi and Harvoni, both of which...

January 2016 Pricing Commentary

Notwithstanding the negativity of global equity markets, many ABC Funds’ holdings posted positive performance results over the past week, including Facebook, Aetna, Amgen, Microsoft, Visa, MasterCard, Skyworks Solutions, and Alphabet.  More...

From the Desk of Irwin Michael – January 29, 2016

In our January 2016 ABC Perspective, we highlighted the many far reaching economic, financial, and lifestyle changes that have transformed the investing environment over the past decade. Specifically, we pointed out: The development and rapid growth...

From the Desk of Irwin Michael – January 22, 2016

Although we have admittedly migrated to a number of good valued American common stocks, we still believe there are selective, attractively priced Canadian stocks that are: Debt-free Free cash-flowing High $U.S. revenues with low $CAD costs (currency...

From the Desk of Irwin Michael – January 8, 2016

One of our favoured ABC Fund holdings is Walgreens Boots Alliance, Inc. We are particularly attracted to its growing retail drug store/health care business, which is propelling the company to be one of America’s biggest prescription dispensers....

December 2015 Performance Commentary

While North American common stock prices did make an attempt to rally in early December all the popular stock averages closed down for the month. This included the TSX 300 which declined 3.41% for the month and -11.09% for the year. Oil fell almost...

From the Desk of Irwin Michael – December 24, 2015

A new stock addition to one of our ABC Funds is Brunswick Corporation. Brunswick is a diversified manufacturer of consumer products including marine engines, fitness, billiards, and bowling equipment. We believe that the company has great assets and...

From the Desk of Irwin Michael – December 18, 2015

One of our favoured Canadian equity holdings is Stingray Digital Group. Eric Boyko, the CEO of Stingray Digital was on BNN Monday December 14 and he explains the company’s Australian acquisition and Stingray’s future prospects. Below is the...

From the Desk of Irwin Michael – December 4, 2015

Two favoured ABC Funds’ holdings reported excellent results this past week. They include: Exco Technologies reported a solid quarter, with EPS and revenue beating analyst forecasts. Revenue growth was robust, driven mainly by increased European...

November 2015 Performance Commentary

After significant investment outperformance in October, November was relatively flat. Despite November’s volatile equity market, we believe that we are approaching the end of the tax loss selling period and anticipate stronger common stock prices...

From the Desk of Irwin Michael – November 27, 2015

One of our favoured Canadian, non-resource common stocks is Uni-Select Inc., a Boucherville, Quebec distributor of automobile replacement parts and automotive paint products. With the recent opportunistic sale of its U.S. automotive parts division,...

From the Desk of Irwin Michael – November 20, 2015

Despite the excessive pessimism in U.S. retail stocks during the second half of 2015, we believe that specialty retail is an excellent place to invest. This week two of our favoured specialty retail stocks reported excellent quarterly results. Foot...

From the Desk of Irwin Michael – November 13, 2015

Despite market volatility and investor concerns with regard to US Federal Reserve policy, global economic growth etc., several of our ABC common stock holdings reported solid quarterly results this week. Two examples include Equitable Group and...

From the Desk of Irwin Michael – November 6, 2015

Yesterday after the market closed, it was announced that Honeywell International agreed to buy Com Dev International’s space equipment business for $455 million, with the ExactEarth segment being spun out to Com Dev shareholders. Com Dev is a very...

October 2015 Performance Commentary

All five ABC Funds posted excellent performance results for the month of October. Admittedly, while some of this appreciation could be attributed to a snapback of equity prices due to unduly depressed September valuations, we were particularly...

From the Desk of Irwin Michael – October 30, 2015

Three of our common stock selections held in our ABC Funds reported news this week. We believe that these announcements were quite positive and should eventually lead to higher share prices: Transforce, a transportation and logistics services...

From the Desk of Irwin Michael – October 23, 2015

Over the past year, we have added numerous technology stocks to our five ABC Funds. We particularly like this sector as it contains a number of high quality, free cash flowing and fast growing companies trading at attractive valuations. Two of our...

From the Desk of Irwin Michael – October 16, 2015

Since the end of September, North American common stocks have materially recovered as higher U.S. interest rates have been pushed out to 2016 along with the expectation of easy worldwide monetary conditions for at least the next several quarters....

From the Desk of Irwin Michael – October 9, 2015

Over the past several months, North American equity prices have been extraordinarily volatile and negatively affected by the lack of clarity regarding a number of macro economic and political issues, including: Decelerating Chinese economic growth...

September 2015 Performance Commentary

The various market indices fell precipitously during the month of September. The declines ranged from -1.5% to -6% largely due to continued concerns and lack of clarity with regard to decelerating Chinese economic growth, uncertain U.S. Federal...

From the Desk of Irwin Michael – September 18, 2015

Three ABC Funds’ free cash flowing, dividend-paying, Canadian favourites Although our recent common stock purchases have primarily been in the U.S., three free cash flowing, dividend-paying Canadian favourites include: Stingray Digital Group Inc....

From the Desk of Irwin Michael – September 4, 2015

“An Unexpected Positive Surprise” About four months ago we purchased the common shares of Kansas City, Missouri-based H+R Block (HRB), a financial company primarily known for its tax preparation services. Despite the fact that H+R Block’s...

August 2015 Performance Commentary

Global equity prices during the month of August were extremely volatile and weak. Nagging uneasiness about Chinese economic growth and its fragile equity market, speculation on the U.S. Federal Reserve interest rate policy, worries about the U.S....

From the Desk of Irwin Michael – August 28, 2015

Over the past two weeks, global equity markets have exhibited extraordinary volatility and remarkable price weakness amid late summer seasonality. Share price declines are largely attributable to lingering concerns such as China’s decelerating...

From the Desk of Irwin Michael – August 21, 2015

Global equity markets have declined precipitously this past week amid seasonally light volume. Interestingly, at this time of the year summertime seasonality can be quite influential on both common stock trading activity and prices due to North...

From the Desk of Irwin Michael – August 14, 2015

Over the past month numerous companies have reported their latest corporate earnings results. This week, we will highlight the earnings of two long-term ABC Funds holdings. For instance: Polaris Materials Corporation, an operator of aggregate...

From the Desk of Irwin Michael – August 7, 2015

Today, the U.S. Bureau of Labor Statistics released the July 2015 U.S. non-farm payroll employment numbers of 215,000 new jobs and an unchanged unemployment rate of 5.3%. Interestingly, the Bureau announced that the job gains occurred primarily in...

July 2015 Performance Commentary

Our three open-ended funds, ABC Fully-Managed, ABC Fundamental Value and ABC American-Value all posted positive investment returns and relative outperformance versus their benchmarks for the month of July. These results were largely due to the...

From the Desk of Irwin Michael – July 31, 2015

Despite a very fickle marketplace for common share trading during the month of July, we are taking advantage of this volatility to purchase relatively undervalued securities. Two recent American stock purchases include: Amgen is a biotechnology...

From the Desk of Irwin Michael – July 24, 2015

Over the past several weeks, investors have seen significant share price volatility. This variability has been largely due to the Greek financial situation, the uncertain U.S. Federal Reserve interest rate intentions as well as a considerable price...

From the Desk of Irwin Michael – July 10, 2015

Global equity markets have remained very volatile as the U.S. dollar and commodity prices have continued to fluctuate due to worries about the ongoing negotiations with Greece, China’s deflating stock market, and the U.S. Federal Reserve’s...

June 2015 Performance Commentary

Common share prices were extraordinarily volatile during the month of June. The fact is that a major cloud overhanging worldwide equity markets has been the precarious Greek financial situation and default risk. This ubiquitous financial threat has...

From the Desk of Irwin Michael – June 26, 2015

The month of June has been characterized by unusual volatility. The Eurozone’s ongoing negotiations with Greece, the U.S. Federal Reserve’s interest rate intentions, commodity price variability, and China’s slipping economic growth overhang...

From the Desk of Irwin Michael – June 19, 2015

Since the beginning of June, global equity and fixed income markets have continued to exhibit considerable volatility primarily due to expectations of an impending U.S. interest rate increase and the unresolved Greek debt situation. However, the...

From the Desk of Irwin Michael – June 12, 2015

Com Dev International Ltd. We have owned Com Dev International Ltd., a manufacturer and distributer of space communications for at least five years. We originally purchased its common shares at about $4 for our ABC Fundamental-Value Fund and...

From the Desk of Irwin Michael – June 5, 2015

As we complete the first week of June our ABC Funds are showing positive returns for the month. We have remained very selective and patient with our common stock activity as we continue to reposition our portfolios for a better performing second...

May 2015 Performance Commentary

The month of May was characterized by a wide divergence in stock prices, mainly driven by speculation on the U.S. Federal Reserve monetary policy and the financial situation in Greece. Interestingly, while the Canadian market declined about 1.25%...

From the Desk of Irwin Michael – May 29, 2015

During the month of May, we continued our search for common stocks exhibiting respectable free cash flow, strong balance sheets, and attractive valuations. The latter half of the month has been characterized by wide variability in stock prices...

From the Desk of Irwin Michael – May 22, 2015

As we approach the last week of May, so far, there has been no sign of the “sell in May” trade that the media frequently publicizes at this time of year. In fact, common stocks have been trending higher. On the economic front, Wednesday’s...

From the Desk of Irwin Michael – May 15, 2015

As we head towards the latter part of May and the long weekend, we have seen positive signs of strength, particularly in the U.S. market. While there is still considerable variance in stock prices, many share values in our portfolio have been...

From the Desk of Irwin Michael – May 8, 2015

The past week has been characterized, once again, by a continuation of stock market volatility, which was mainly driven by corporate earnings and to an extent, a solid U.S. jobs report released this morning. Positive employment numbers are a good...

April 2015 Performance Commentary

April was a very volatile month for common stocks and currencies. Not only were there huge stock price swings driven by corporate earnings reports but also there were larger than anticipated fluctuations between the Canadian and U.S. dollar. In...

From the Desk of Irwin Michael – May 1, 2015

The past few weeks have been turbulent for stocks, which were mainly driven by the myriad of corporate earnings reports and to some extent, more dovish comments by the U.S. Fed. It seems that with lower than targeted inflation, there is no rush to...

From the Desk of Irwin Michael – April 24, 2015

Over the past couple of weeks the market has remained volatile with greater than usual fluctuations in the equity indices and currency exchange rates. While some of the market variations were caused by speculation over China’s fiscal and monetary...

From the Desk of Irwin Michael – April 17, 2015

Since the beginning of April, ABC Funds continued its pursuit of attractively valued securities. Although this month has been characterized by volatility in North American market indices, energy prices, and the U.S./CAD exchange rate, we have taken...

March 2015 Performance Commentary

The month of March has been quite volatile for both common stocks, oil and currencies. Over the past four weeks we continued to reduce our Canadian resource exposure and restocked our portfolios with free cash flowing, dividend paying Canadian and...

March 27, 2015 – Value Commentary

Stock market activity over the past four weeks has been quite volatile as new economic data was released and the prospect of interest rates increasing south of the border has been delayed. Oil continues to look for direction while Alberta is...

From the Desk of Irwin Michael – March 20, 2015

While North American equities during the month of March have been characterized by considerable price volatility, we have continued to strengthen and diversify our portfolios with attractively valued, free cash flowing equities. To exemplify what...

From the Desk of Irwin Michael – March 6, 2015

Over the last six months we have focused our purchases on free cash flowing equities. It is our view that companies which are free cash flowing are in a great position to add value through share buybacks, initiating or increasing dividends, paying...

February 2015 Performance Commentary

All five ABC Funds performed well during the month of February as a number of our new and older holdings appreciated due to positive quarterly earnings results, dividend increases and company share buybacks. With regard to our Canadian holdings,...

February 27, 2015 – Value Commentary

We have been experiencing interesting times in the market over the past four weeks. Oil and the Canadian dollar both seem to have stabilized, and consumer confidence is positive, especially with the decline at the gas pump. As February is coming to...

January 2015 Performance Commentary

The month of January was a very volatile month for equities and currencies. While the main Canadian equity benchmark rose approximately +1/2%, the various U.S. indices fell between 2.00-3.75% during this period. During this period, three of our...

January 30, 2015 – Value Commentary

The past four weeks have been quite eventful with regard to economic statistics, corporate earnings, volatile commodity prices as well as currency valuations. As we complete the first month of 2015, we would like to review our investment activities...

January 30, 2015 – Introducing Neil Moshe

We are very excited to welcome Neil Moshe to our ABC investment team. Neil holds an MBA and is a CFA charterholder and brings extensive investment knowledge, analytical experience and a personal finance background to ABC Funds. Neil will be joining...

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