From the Desk of Irwin Michael – June 5, 2015

As we complete the first week of June our ABC Funds are showing positive returns for the month. We have remained very selective and patient with our common stock activity as we continue to reposition our portfolios for a better performing second half of 2015. Some of our noteworthy investment transactions included: adding Com Dev and Uni-Select on weakness, purchasing Pepsi Inc. and Southwest Airlines, and acquiring shares of the new IPO, Stingray Digital Group. We also took profits on a partial position in MacDonald, Dettwiler & Associates on its recent price strength.

Irwin A. Michael Signature

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

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