Our Investment Philosophy

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.

Value investing has evolved significantly over the years. In the past, hidden assets such as unrecognized real estate appreciation, tax loss carry forwards, cash flows or potential company spinoffs provided excellent value investing opportunities for portfolio outperformance. Today, while hidden assets are still value drivers, the “new economy” of flourishing e-commerce growth, the increasing healthcare demands of aging baby boomers, and expanding technological advances have added a whole new growth dimension to traditional value investing.

While we abide by traditional fundamental value disciplines, securities investing more than ever before, now involves additional considerations. For instance, 24-7 market vigilance and analysis of a never-ending flow of meaningful corporate and economic news are incorporated into our asset management duties. More importantly, our investment philosophy also incorporates our Ten Commandments of Value Investing which we apply in our stock selection process. These commandments emphasize such factors as quality of management, consistent earnings performance, undervalued assets or brands and dutiful corporate governance.

We remain fully committed to our clients as well as our analytical and portfolio responsibilities. Our management team endeavors to give 100% of our abilities toward our common goal of investment excellence.

Irwin A. Michael Signature

Irwin A. Michael, CFA

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