August 2019 Pricing Commentary

August was a volatile month in the financial markets as global trade tensions lingered and bond yields continued to recede. While common stock prices declined marginally over the period, our five ABC Funds are outperforming their index benchmarks year to date.

Notable earnings beats in August included ABC Funds holdings of NVIDIA and Salesforce. Additionally, several of the Canadian banks announced favourable financial results and increased their dividends. We remain optimistic and continue to maintain our fully invested equity positioning in our five ABC Funds.

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