Our Firm

I.A. Michael Investment Counsel Limited, established in 1985, is dedicated to managing the ABC Funds. The firm’s objective is performance excellence. We concentrate on securities which we deem to be relatively undervalued and do not necessarily invest in every industry nor in what may be currently in vogue. Instead, we research, analyze and invest in companies which we believe will offer significant growth and free cash flow with potential value catalysts. More importantly, our investment philosophy emphasizes such factors as quality of management, consistent earnings performance, undervalued assets or brands and dutiful corporate governance.

The ABC Funds were started in February 1988 with the inception of its first fund – the ABC Fully-Managed Fund (FMF). Less than a year later, in March 1989, came the inception of the ABC Fundamental-Value Fund (FVF). Then in May 1996, we launched the ABC American Value Fund (AVF), to provide U.S. diversification. The minimum investment for the ABC Funds is $25,000 per fund and the types of accounts that are available to open are Cash, TFSA, RSP, LIRA, RIF and LIF.

Legal Counsel

Torkin Manes LLP

I.A. Michael Investment Counsel Ltd. is registered in the following provinces and territories:

Ontario – Investment Fund Manager, Exempt Market Dealer, Portfolio Manager – Ontario Securities Commission
Alberta – Exempt Market Dealer – Alberta Securities Commission
British Columbia – Exempt Market Dealer – British Columbia Securities Commission
Manitoba – Exempt Market Dealer – The Manitoba Securities Commission
New Brunswick – Exempt Market Dealer – The Financial and Consumer Services Commission
Newfoundland and Labrador – Exempt Market Dealer – Service NL – Financial Services Regulation Division
Nova Scotia – Exempt Market Dealer – Nova Scotia Securities Commission
Québec – Exempt Market Dealer – Autorité des marchés financiers (AMF)
Saskatchewan – Exempt Market Dealer – Financial and Consumer Affairs Authority

PMAC

I.A. Michael Investment Counsel Ltd. is a member of the Portfolio Management Association of Canada (http://www.portfoliomanagement.org/)

Custodian

RBC Investor & Treasury Services (RBCITS) is and has been the custodian of our client’s assets since 1988. All accounts are held in the client’s name at RBCITS as I.A. Michael Investment Counsel Ltd. does not hold any client assets.

RBCITS has been servicing I.A. Michael Investment Counsel Ltd. and was chosen by our firm due to their quality of services, their fair costs and general account servicing.

RBCITS is responsible for providing account statements to all our clients. The client is responsible to retain these statements for their records as there may be additional costs for retrieving historical data.

Monthly Pricing & Reporting

At I.A. Michael Investment Counsel Ltd., we price our Funds on a monthly basis, on the last business day of the month and the prices are released on the 2nd business day of the following month. The valuations team at RBC Investor & Treasury Services provides us with official prices for each of the ABC Funds.

We also provide our clients with a commentary which summarizes our economic outlook, highlights current companies of interest and reviews our latest portfolios. Our commentaries are presented on our website and emailed to those who subscribe.

We provide our clients with annual audited and semi-annual unaudited financial statements which are sent either through mail or email.

Auditors

PricewaterhouseCoopers LLP

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