May 2017 Pricing Commentary

Our ABC Funds’ investment strategy to overweight U.S. large capitalization equities, fully-hedge our $U.S. currency exposure as well as bulking up on solid, high dividend-paying Canadian pipelines and utilities, yielded significantly positive investment performance for the month of May.

This outperformance, compared to our index benchmarks, was achieved while upgrading our common stock holdings. Our portfolios are diversified and composed of high quality, dividend-paying companies with excellent growth prospects. More importantly, we are pleased to report that all five ABC Funds are showing positive investment returns for 1 month, 3 months, 6 months, 12 months, and 2 years. Additionally, three of our Funds have registered double digit year-to-date performance.

Irwin A. Michael Signature

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

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