May 2019 Pricing Commentary Global equity prices declined during the month of May amid lingering trade tensions. Although the Trump administration previously indicated great optimism in April with regard to a U.S. – China trade agreement, no formal resolution was reached. Consequently, global stock markets retraced as investor disappointment set in. Despite the considerable share price volatility, all five ABC Funds are still posting positive double digit year-to-date returns. Additionally, the portfolios are liquid and consist of high quality, dividend paying stocks with strong fundamental prospects. Looking ahead to June, we remain optimistic with regard to equity markets and the North American economy. We expect a continuation of slow, but steadily advancing U.S. economic growth, despite ongoing tariff concerns. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.