February 2018 Pricing Commentary

While there was extraordinary global stock price volatility during the month of February our five ABC Funds outperformed their respective index benchmarks during this period.

More importantly, a number of our individual stock holdings reported improved quarterly earnings and/or dividend increases in February including: CIBC, Royal Bank of Canada, CCL Industries, Suncor Energy, Bank of Nova Scotia, and Six Flags Entertainment.

Furthermore, with the U.S. corporate tax reduction, gradually rising interest rates and steady worldwide economic growth, we expect improving company profits and continued dividend increases this year. While we anticipate periodic stock market volatility, which will test one’s bullish resolve, positive investment tailwinds should push common stock prices higher in 2018.

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