April 2019 Pricing Commentary

All five ABC Funds produced materially positive investment returns for the month of April and outperformed their respective index benchmarks. These results were largely due to our portfolios’ meaningful weighting of Information Technology, Financial Services, and Consumer Discretionary shares and better than expected financial results from our U.S. holdings, including: Microsoft, Amazon, MasterCard, JP Morgan, Honeywell, and Waste Management. Additionally, the Canadian banks, TransCanada, Canadian Pacific Railway, and two international holdings of Tencent and SoftBank also contributed to our investment returns. Furthermore, we have maintained our 100% U.S. currency hedge to protect our portfolios from currency volatility.

Looking ahead to May, we remain optimistic with regard to the economy and equity markets and believe our portfolios are well-positioned for future growth.

Irwin A. Michael Signature

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

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