November 2020 Pricing Commentary North American stock market indices catapulted higher during the month of November after two consecutive months of declines. This improvement was principally due to the peaceful resolution of the U.S. presidential election on November 3rd, increasing optimism of at least three COVID-19 vaccines, a rebound in global economic activity, and better than expected corporate earnings results. All five ABC Funds reported significant capital appreciation during the month and have continued to outperform their respective year-to-date benchmarks. Of particular relevance to our funds was the outperformance of Canadian financial holdings, including: Royal Bank, TD Bank, Bank of Nova Scotia, Bank of Montreal, and National Bank, as well as Manulife Financial, and Brookfield Asset Management. Additionally, both Mastercard and Visa, two core ABC Funds holdings in the fintech sector, also boosted our month end performance. Not to be overlooked was our Canadian/U.S. dollar currency hedge which meaningfully protected our U.S. equity exposure, with the Canadian dollar rising three cents from the end of October. As we enter the last month of 2020, we remain optimistic with regard to the North American equity outlook and will continue to remain fully invested into the new year. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.