September 2019 Pricing Commentary

All five ABC Funds produced positive returns for the month of September within a very fluid economic and political environment. While investors remain concerned with regard to slowing global economic growth and the lingering China/U.S. trade dispute, there are a number of positive macroeconomic factors which should elongate the current economic cycle. They include: increasing American employment and positive labour productivity, robust consumer spending, steady corporate earnings results, subdued inflationary pressures, continued low interest rates, and an accommodative U.S. Federal Reserve monetary policy. Looking ahead to the fourth quarter, we believe common stocks remain a very attractive asset class within this low interest rate environment.

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