From the Desk Of Irwin Michael – May 6, 2016 One of our ABC Fund holdings, Kraft Heinz, announced solid earnings this week: Kraft Heinz Company reported first quarter results that were surprisingly above analyst expectations. Earnings per share were $0.73, which was $0.12 higher than expected while revenue was $6.57 billion compared to the estimated $6.48 billion. This strong performance was driven by improving sales in its biggest markets and disciplined cost management. The company’s Heinz ketchup, Kraft cheeses, and Jell-O brands continue to resonate with consumers worldwide. The common shares have subsequently traded at all-time price highs this week. Looking ahead we anticipate further operational improvements into 2017 and are mindful that with any decline in the $US, we expect Kraft Heinz to improve its margins on its non-US revenue. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.