July 2019 Pricing Commentary All five ABC Funds appreciated during the month of July, outperforming their respective investment benchmarks and reaching 2019 price highs. This performance was primarily due to our portfolios’ meaningful overweighting of U.S. equities and dividend paying Canadian stocks. Additionally, earnings beats from individual ABC Funds holdings including: Apple, Alphabet, Microsoft, Mastercard, TC Energy, Canadian National Railway, and Canadian Pacific Railway also contributed to our returns. Of particular importance, on July 31 the U.S. Federal Reserve lowered the federal funds rate by a quarter point to a range of 2% – 2.25% — the first interest rate cut in over a decade. Fed Chair, Jerome Powell stated the cut was intended to ensure against downside risks from weak global economic growth and trade concerns, and to promote a faster return of inflation to the Federal Reserve’s 2% objective. As we enter August, we remain optimistic and are maintaining our fully invested equity position with a focus on information technology, health care, financials, industrials, and utilities. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.