From the Desk of Irwin Michael – March 4, 2016

One of the ABC Funds’ holdings, among several others, that reported stellar Q4 2015 earnings results was Kraft Heinz, one of the world’s largest food companies. On February 25th, Kraft Heinz announced results that beat analysts’ revenue and earnings per share estimates. Revenue and earnings for the quarter were $7.14 billion and 62¢ per share compared with analysts’ estimates of $7 billion and 57¢ per share, respectively. This performance was driven by further investments in its brands and the company’s cost cutting initiatives. Fundamentally, the company has excellent financials, pays a 3% dividend and has impressive free cash flow. We are confident in Kraft’s prospects and expect it to outperform as the company continues to aggressively focus on costs and efficiencies.

Irwin A. Michael Signature

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

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