October 2015 Performance Commentary All five ABC Funds posted excellent performance results for the month of October. Admittedly, while some of this appreciation could be attributed to a snapback of equity prices due to unduly depressed September valuations, we were particularly pleased that the ABC Fundamental-Value Fund outperformed the S+P TSX index by +4.87% ie. +6.83% versus +1.96%. Specifically, our five ABC Funds’ October outperformance was primarily attributable to the significant appreciation of several Canadian common stocks including: Com Dev Int., Petrowest, Trevali Mining and Uni-Select Inc. whereas our overweighted U.S. stock allocation was materially and positively impacted by the substantial price improvement of stocks including Activision Blizzard, Amgen Inc., Alphabet (formerly Google), Microsoft Corp., SAP SE ADR, and Southwest Airlines Co. Despite this October price outperformance we remain quite optimistic with regard to our current Canadian and U.S. common stock holdings and anticipate continued price improvement, in a saw tooth-like fashion, to the end of 2015. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.