Monthly Pricing & Reporting
We price our Funds, monthly, on the last business day of the month with prices released on the 2nd business day of the following month. Additionally, along with our official prices, we provide a commentary on our economic outlook highlighting current companies of interest and portfolio performance.
We provide our clients with annual audited and semi-annual unaudited financial statements.
Custodian:
RBC Investor & Treasury Services (RBCITS) is and has been the custodian of our client’s assets since 1988. All accounts are held in the client’s name at RBCITS as I.A. Michael Investment Counsel Ltd. does not hold any client assets.
RBCITS has been servicing I.A. Michael Investment Counsel Ltd. and was chosen by our firm due to their high quality, fair costs and general account management.
Concerns or Complaints:
At I.A. Michael Investment Counsel Ltd., we pride ourselves on providing excellent service to our clients. We can provide clients with easy access to information, services, as well as the means to get their complaints resolved. If you have a complaint about the services of I.A. Michael Investment Counsel Ltd., we encourage you to follow the process below. You may update your complaint with additional information at any time.
Step 1: Initial Complaint:
If you have a concern or encountered a problem, please contact the Client Services Team at 416-365-9696 or 1-888-673-6222 or e-mail them at invest@abcfunds.com.
Step 2: Contacting Client Services Manager
If the resolution you receive in the previous step does not meet your expectations, you may contact Ian D’Souza, Manager of the Client Services Department. You can reach him at 416-365-9696 or 1-888-673-6222 or e-mail him at idsouza@abcfunds.com.
Please include your name and account number in all your correspondence to help us assist you better. You will be contacted within 2 business days.
Step 3: Escalation
If you are dissatisfied with the proposed resolution, you may then contact Irwin A. Michael, President of I.A. Michael Investment Counsel Ltd. by mail or email. The president will acknowledge all your correspondence within two business days of receipt thereof and will respond upon completion of a detailed investigation.
Irwin A. Michael can be contacted at:
PO Box 47599, Toronto, Ontario M5C 1C4 Canada
or imichael@abcfunds.com
Step 4: Filing a Complaint with Ombudsman for Banking Services and Investments (OBSI)
Certain disputes that remain unresolved after being reviewed by Irwin A. Michael of I.A. Michael Investment Counsel Ltd., your issue may be directed to the Ombudsman for Banking Services and Investments (the “Canadian Banking Ombudsman”). The OBSI is an independent office responsible for assisting banking customers with their concerns. If you wish, I.A. Michael Investment Counsel Ltd. can assist you in forwarding your concerns to OBSI.
Mail:
Ombudsman for Banking Services and Investments
401 Bay Street, Suite 1505, PO Box 5, Toronto, Ontario, M5H 2Y4
Toll-free: 1-888-451-4519
Toll-free Fax: 1-888-422-2865
Email: ombudsman@obsi.ca
Website: www.obsi.ca
Statement on Conflicts of Interest
I.A. Michael Investment Counsel Ltd. (the “Manager”) is the manager of the ABC Fully-Managed Fund, ABC Fundamental-Value Fund and the ABC American-Value Fund (each, a “Fund” and together, the “Funds”).
Related and Connected Issuers
The Manager engages in activities as investment fund manager, portfolio manager and exempt market dealer in respect of securities of related or connected issuers. We will do so, however, only in compliance with applicable securities legislation. The securities legislation of certain jurisdictions in Canada require dealers and advisers, when they trade in or advise with respect to their own securities or securities related to them, to do so only in accordance with particular disclosure and other rules. These rules require dealers and advisers, prior to trading with or advising their customers or clients, to inform them of the relevant relationships and connections with the issuer of the securities. Investors should refer to the applicable provisions of securities legislation for the details of such provisions and their rights or consult with a legal advisor.
As an exempt market dealer, we sell securities of the Funds and related and/or connected investment funds in accordance with the applicable laws, and are not remunerated for acting in that capacity. We are the investment fund manager and portfolio manager of the Funds. Each Fund pays a management fee to the Manager. Due to the foregoing relationships, each of the Funds may be considered a related and/or connected issuer of the Manager under applicable securities legislation.
The Manager and its respective principals and affiliates may not devote their time exclusively to the management or portfolio management of the Funds. Consequently, we may have conflicts of interest in allocating management time, services and functions to the Funds. Accordingly, certain opportunities to purchase or sell securities or engage in other permissible transactions may be allocated among the Manager’s clients. The Manager will, however, allocate available transactions among the Funds and other clients in a manner believed by the Manager to be fair and equitable.
Fair Allocation Policies
It may be determined that the purchase or sale of a particular security is appropriate for more than one Fund. As a result, Fund orders may be aggregated or “bunched” when placing orders for the purchase or sale of securities. The Manager may pool a Fund’s order with that of another Fund or Funds since placing a number of separate, competing orders may adversely affect the price of a security. Therefore, where appropriate, when bunching orders, and allocating block purchases and block sales, it is the Manager’s policy to treat all Funds fairly and to achieve an equitable distribution of bunched orders. All new issues of securities and block trades of securities will be purchased for, or allocated amongst, all applicable accounts of the Manager’s Funds in a manner it considers to be fair and equitable. In general, it is the Manager’s policy to allocate securities proportionately to the size of the Fund and at the same average price.
Personal Trading
The Manager has adopted a policy to limit, monitor and, in certain instances, restrict personal trading by the officers and employees of the Manager. This is done to ensure that there is no conflict between such personal trading and the interests of the investment funds managed by the Manager.
Soft Dollar Arrangements
Soft dollar arrangements occur when brokers have agreed to provide other services (relating to research and trade execution) at no cost to the Manager in exchange for brokerage business from the Manager’s investment funds. The Manager may enter into such arrangements in accordance with industry standards when it is of the view that such arrangements are for the benefit of its clients.
Referral Arrangements
The Manager may enter into referral arrangements whereby the Manager pays a fee for the referral of a client to the Manager or to the Funds. No such payments will be made unless the referred investors are advised of the arrangement and all applicable securities legislation are complied with.
Ongoing Conflicts of Interest Review
We are quite comfortable with our ABC Funds “Statement on Conflicts of Interest”. Our compliance team, however, is constantly reviewing any potential issues that might arise and negatively impact the best interests of our clients. As a result, we are continuously monitoring, updating and remedying any possible conflicts of interest and will incorporate them expeditiously into our Compliance Manual and day to day business operations.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.