March 2019 Pricing Commentary

All five ABC Funds posted positive investment returns for the month of March resulting in their comparative outperformance versus their index benchmarks over the one-month and year-to-date periods.

More importantly, we believe the five funds are well-positioned. For instance, the portfolios are invested in a diversified mix of middle to larger capitalization, dividend-paying North American equities comprised of 2/3 American and 1/3 Canadian common shares. Furthermore, our $U.S. currency exposure is fully-hedged with a major Canadian bank.

Top performing American holdings during the month included:

  • Apple Inc.
  • Broadcom Inc. (Avago)
  • Mastercard Inc.
  • Microsoft Corp.
  • NVIDIA Corp.
  • PepsiCo Inc.
  • Thermo Fisher Scientific Inc. and
  • Visa Inc.

along with two Canadian common stock outperformers, Canadian National Railway and Emera Inc.

Irwin A. Michael Signature

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

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