September 2017 Pricing Commentary

All five ABC Funds’ portfolios produced positive investment returns for the month of September. This performance was largely due to U.S. and Canadian banks and financials, as well as certain individual holdings including: Home Depot, Boeing, Tencent Holdings, NVIDIA, CCL Industries and Boston Scientific. Of particular importance to our clients is our year-to-date performance of all five ABC Funds, which have significantly outperformed our index benchmarks. Our 100% U.S. currency hedge remains in place to protect our portfolios from currency volatility. With only three months remaining in 2017 we are quite optimistic with regard to the equity markets, the world economies and our ABC portfolios.

Irwin A. Michael Signature

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

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