February 2019 Pricing Commentary All five ABC Funds produced positive returns for the month of February, building on strong gains since the start of 2019. Equity markets benefitted from easing U.S. – China trade tensions and a more dovish Federal Reserve monetary policy stance. Furthermore, better than expected fourth quarter gross domestic product data showed strength in the U.S. economy, while inflation remains comfortably low. Outperforming sectors for our portfolios included health care, industrial products, information technology, and financial services. ABC Funds holdings in the medical device space were particularly strong, as Boston Scientific, Thermo Fisher, and Danaher recorded stellar performance. Looking ahead to March, we continue to remain optimistic with regard to the economy, corporate earnings, and common stocks. Irwin A. Michael, PresidentI.A. Michael Investment Counsel Ltd.