February 2015 Performance Commentary

All five ABC Funds performed well during the month of February as a number of our new and older holdings appreciated due to positive quarterly earnings results, dividend increases and company share buybacks.

With regard to our Canadian holdings, UniSelect (+30.6%), Capstone Mining (+22.4%), Trevali Mining (+21.4%), Polaris Materials (+20.9%), Exco Technologies (+16.4%), and Com Dev International (+10.6%) helped lead our funds to improved performance. Although the Canadian dollar rose slightly from $1.2732/US to $1.2515/US at the February month end, which reduced our U.S. common share valuations in Canadian dollar terms, our recent American stock purchases significantly added to our February performance. Our appreciating American holdings include: Encore Wire (+21.7%), Qualcomm Inc. (+16.1%), Regal-Beloit Corp (+13.2%), Activision-Blizzard (+11.6%), and Cooper Tire and Rubber (+9.4%). We remain quite positive on these companies.

Overall, we remain very optimistic and confident with regard to the macro-economic outlook, corporate stock valuations and our recent Canadian and U.S. common share purchases. Moreover, we expect our diversified portfolios to provide superior investment returns for 2015 and beyond.

Irwin A. Michael Signature

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

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