June 2020 Pricing Commentary Both the Canadian and U.S. stock markets edged higher during the month of June, providing for a third consecutive month of positive investment performance. Interestingly, not all sectors participated. For instance, interest sensitive utilities, pipelines, and telecoms were weaker, whereas “stay at home” stocks including technology, e-commerce, semiconductors, and computer gaming performed well. Reviewing our ABC Funds, all five funds produced solid positive returns for the month. More importantly, three of our funds had positive year-to-date returns, while the other two were close to breakeven. This is notable since all five funds have run fully-invested for the past five years and the start of 2020 in particular. Outperforming ABC stock positions during the month included: Amazon, Apple, Adobe, Broadcom, Microsoft, Tencent, Bank of Montreal, Manulife, and Northland Power. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.