November 2021 Pricing Commentary North American equity markets started November positively, however, by late month common stocks gave up their gains to register losses for the period. Interestingly, all three ABC Funds recorded gains for November and outperformed their respective investment benchmarks. This outperformance was primarily due to two key factors: Significant appreciation of a handful of our large capitalization U.S. stocks in the consumer discretionary, health care, and technology sectors. These noteworthy American outperformers were: Amazon, Apple, Advanced Micro Devices, Broadcom, Home Depot, NVIDIA, and Zoetis. With the meaningful appreciation of the Canadian dollar at the October month end period we materially reduced our currency hedge which enabled our three heavily weighted U.S. stock portfolios to benefit from an extraordinarily strong American dollar in November With less than one month to go to the start of 2022 our portfolios remain fully invested. In fact, due to our continuing belief that we are currently in a secular bull market for equities, our optimistic outlook will continue, at least, into the first half of 2022. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.