May 2021 Pricing Commentary While the ABC Funds prices for the month of May were mixed, there were a number of important positive developments indicating future ABC outperformance. For instance, NVIDIA, a top ABC Funds holding, reported better than expected Q1 earnings and excellent forward guidance, rising over 8.2% for the month. Additionally, NVIDIA declared a 4 for 1 stock split. Our Canadian bank holdings performed well coinciding with our expectation of continued price appreciation for the balance of 2021. Furthermore, it is important to mention that the funds’ Canadian dollar currency hedge protected our American asset exposure with the Canadian dollar’s appreciation of over 1.5 cents. In summation, we remain optimistic with regard to improving North American economic activity, a tangible recovery from the pandemic, and the elongation of the secular bull market for both U.S. and Canadian equities. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.