April 2021 Pricing Commentary

Equity prices continued their ascent during the month of April. All five ABC Funds outperformed their index benchmarks this past month due to the resurgence of our technology and healthcare holdings and our major commitment to U.S. common shares. Additionally, the funds’ Canadian dollar currency hedge significantly protected our American asset exposure with the Canadian dollar appreciation of approximately two and a half cents versus the U.S. Dollar this past month.

Our American common stock outperformers during this month included:

– Alphabet
– Apple
– Amazon
– Boston Scientific
– Danaher
– Home Depot
– Mastercard
– Microsoft
– S&P Global
– Visa
– Zoetis

Looking ahead, we continue to believe that we remain in a secular bull market for equities. Consequently, our ABC Funds have retained a fully invested portfolio positioning.

Irwin A. Michael Signature

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

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