June 2018 Pricing Commentary

All five ABC Funds performed positively during the month of June. More importantly, the year to date and 12 month returns to June 30, 2018 have outpaced the Funds’ respective benchmarks.

Notable Canadian common share advancers over the past month include AltaGas, Suncor Energy, and TransCanada, whereas a few of our top U.S. gainers were Activision Blizzard, Amazon.com, Anthem, Becton Dickinson, Netflix and Salesforce.com.

While we expect periodic stock market volatility over the summer, largely due to the ongoing tariff concerns, incessant U.S. presidential tweeting, and interest rate uncertainty, we remain quite optimistic. This view is mainly due to solid U.S. and global economic growth, rising corporate earnings, increasing dividends and company share buybacks.

Additionally, we are pleased to announce that we have recently listed all five ABC Funds with Fundata Services for the distribution of our fund information. As a result, we expect our funds to be monitored by an increasing number of analytical groups, advisors, newspapers and financial media providers such as the Globe and Mail.

Irwin A. Michael Signature

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

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