May 2020 Pricing Commentary North American stock markets continued to improve during the month of May, carrying forward a remarkable recovery from the late March 2020 lows. Although the present global economic environment remains uncertain, common share prices are forward looking and their recent steady ascent portends a meaningful economic recovery over the next 12 months. We agree with this positive outlook largely due to the unlimited central bank monetary stimulation, record low interest rates, and substantial government spending. Consequently, our portfolios have remained fully invested. Looking over our five ABC Funds portfolio returns for the month of May and the year to date periods we are pleased that they have all outperformed their respective index benchmarks. These incremental returns are mainly due to our “stay at home” portfolio positioning, our 60% American stock allocation, and Canadian dollar currency hedge. Outperforming stocks during the month of May which contributed to our positive returns included: CP Railway, Adobe, Activision Blizzard, Apple, Broadcom, Facebook, Home Depot, NVIDIA, Republic Services, Mastercard, Roper Technologies, Salesforce, Visa, and Waste Connections. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.