March 2021 Pricing Commentary North American equity indices rose during the month of March adding to their 2021 run. Ongoing positive stock market influences include improving corporate earnings results, continued low interest rates with an upward sloping yield curve, strengthening global economic activity, an expanding COVID-19 vaccination rollout, and President Biden’s $2.25T infrastructure spending plan. We believe that these ameliorating factors will continue to provide upward share price momentum as we enter the second quarter of the year. Interestingly, common stock price appreciation last month was not uniform. For instance, two lagging sectors which we believe offer excellent relative undervaluation are the technology and healthcare sectors. It is our view that with a sustained 2021 general market advance those sectors should provide excellent future returns. All five ABC Funds appreciated over the past month with particular strength in Canadian equities. Our main outperforming Canadian holdings included: Bank of Montreal, Royal Bank, TD Bank, Brookfield Asset Management, TC Energy, Minto Apartment REIT, Northland Power, Emera, Fortis, and Waste Connections. Our top performing American equities included: McDonald’s, Facebook, Home Depot, Honeywell International, S&P Global, and Waste Management. Looking forward to the balance of 2021, we intend to remain fully invested in a blend of U.S. and Canadian equities combining attractive dividend yields, impressive earnings and revenue growth, as well as solid fundamental value. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.