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 exposure.

Many of these purchases including Amazon.com, Alphabet, Apple, Netflix, MasterCard and Visa have been excellent investment performers, particularly over the past six months. As a result, we are pleased to report that all five ABC Funds meaningfully appreciated during the month of April and outperformed their respective benchmarks.

Looking ahead we remain confident with our diversified and defensively invested portfolios and will continue to be opportunistic for the balance of 2017.

Irwin A. Michael Signature

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

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