June 2021 Pricing Commentary North American stock market indices reported positive investment returns for the month of June. Most interestingly, however, is that this performance did not emanate from the formerly top performing financial services/banking sector. Rather, significant appreciation materialized via high technology companies which had generally lagged during the first five months of 2021. This recovery was most eventful for our ABC Funds’ monthly and half year returns due to our meaningful sector weighting as this positioning enabled our portfolios to materially outperform our equity index benchmarks for the month of June. Our top three Canadian equity performers last month included Enbridge, Minto Apartment REIT, and Rogers Communications, which bolstered our returns. More importantly, the bulk of our June 2021 results can be attributed to seven U.S. stock outperformers including: Adobe, Amazon, Apple, Microsoft, NVIDIA, S&P Global, and Thermo Fisher Scientific. Having completed the first half of 2021, we reiterate our investment optimism which is based on: improving North American economic activity, continued favourable global monetary and fiscal stimulation, a steady recovery from COVID-19 and expanding worldwide vaccinations, improving corporate earnings and revenue guidance, and the elongation of the secular bull market in North American equities. Consequently, our ABC portfolios are fully invested as we expect these favourable equity stimulants to remain in place until at least the end of this year and into 2022. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.