September 2018 Pricing Commentary

Despite all the financial, investment, and political confusion during the month of September, four of our five ABC Funds posted positive investment performance over the past four weeks.

Although there was price weakness in the U.S. banks and Canadian pipelines and utilities, notable portfolio outperformers included: Activision Blizzard, Boeing, Boston Scientific, Broadcom, Danaher, Honeywell, Northrop Grumman, and Salesforce.com.

With the late September 30th signing of a tentative NAFTA deal (USMCA) and the expectation of lessening North American trade tensions combined with steady economic growth and improving corporate earnings, we anticipate the positive stock market trends to continue to year end 2018. Consequently, we are maintaining a fully invested equity stance with a continued emphasis of health care, technology, and Canadian and U.S. financials.

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