November 2018 Pricing Commentary

North American equity markets edged higher during the month of November, earning back a portion of October’s major price setback.

All five ABC Funds posted positive November and year-to-date returns with firming prices in the health care, technology, financial, Canadian utilities, and pipeline sectors.

With the cautious optimism resulting from last week’s G-20 meetings, the U.S./China temporary tariff truce, a more dovish U.S. Federal Reserve interest rate policy, and the approaching termination of the year end 2018 tax loss selling season, we believe that securities markets are about to enter a more benign period of improving common share prices. In fact, with the present overhanging market negativity and political concerns, we expect any positive macro news developments could have a material beneficial impact on equity markets.

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