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I.A. Michael Investment Counsel Ltd.

Address

18 King Street East
Suite 1010
Toronto, Ontario M5C 1C4
(416) 365 - 9696
Toll Free: (888) 673 - 6222
invest@abcfunds.com
www.abcfunds.com

Principal Contacts

Irwin Michael
President
Tel: (416) 365 - 9696
trading@abcfunds.com

Client Minimums

Private: $25,000
Institutional: $25,000

Types of Accounts Managed

  • Private Individual / Investor
  • Institutional Investor - Other

Provinces of Business

  • Alberta
  • British Columbia
  • Manitoba
  • New Brunswick
  • Newfoundland and Labrador
  • Nova Scotia
  • Ontario*
  • Quebec
  • Saskatchewan

* indicates a physical location in this province

FIRM HISTORY

I.A. Michael Investment Counsel Ltd., established in 1985, is solely dedicated to managing the ABC Funds. The ABC Fully-Managed Fund was launched in 1988, followed by the Fundamental-Value Fund in 1989. In 1996, the firm started the ABC American-Value Fund, to provide U.S. diversification. The ABC North American Equity Fund, a closed-end fund, commenced on November 2004. In April of 2006, the Global Equity Fund, a closed-end fund, was added for global diversification.

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.

OWNERSHIP

100% owned by IAMCO Ltd.

INVESTMENT PHILOSOPHY/STYLE

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 technology advances have added a whole new growth dimension to traditional value investing.

While we still abide by our fundamental value disciplines, securities investing more than ever before, now involves additional considerations. For instance, 24-7 market vigilance, analysis of a never-ending flow of meaningful corporate and economic news as well as incessant modifications of our portfolio holdings are now incorporated into our asset management duties.

OUR FIVE ABC FUNDS

ABC Fully-Managed Fund (ABC FMF) is a diversified Canadian balanced fund. The investment objective of the Fund is to seek long‐term capital appreciation and investment income by investing in a diversified portfolio of Canadian and American equity and fixed income securities. While our long-term asset mix target is 50% fixed income and 50% North American equities, in practice, our portfolio composition of stocks versus bonds is quite flexible to take advantage of periodic investment opportunities.

ABC Fundamental-Value Fund (ABC FVF) searches for fundamentally attractive North American equities. The primary objective of the Fund is to seek long‐term capital appreciation by investing in a diversified portfolio of all-capitalization Canadian and American common stocks. Our focused fundamental research seeks North American equities with appealing valuations, increasing dividend income and growth potential.

ABC American-Value Fund (ABC AVF) seeks fundamentally attractive American, special situation and foreign U.S. stock exchange listed common shares. The objective of the Fund is to pursue long‐term capital appreciation and dividend income by investing in a diversified portfolio of all-capitalization American equity securities. Using the same research approach as our two Canadian ABC Funds, the American market due to its sheer size provides us with extensive investment opportunities.

ABC North American Equity Fund (ABC NAEF) searches out fundamentally attractive all-capitalization Canadian and American stock exchange-listed common shares. The investment objective of this closed-end fund is to seek long‐term capital appreciation by investing primarily in a diversified portfolio of undervalued North American equity securities.  The Fund has maximum flexibility with respect to country, asset mix and currency exposure and will normally hold a mix of 40 to 50 securities.

ABC Global Equity Fund (ABC GEF) is a “go-anywhere in the world” closed-end equity fund with unlimited investment flexibility. The investment objective of the Fund is to seek long‐term capital appreciation by investing primarily in a diversified portfolio of Canadian, American and international equity securities with attractive value and growth opportunities. The Fund has maximum flexibility with respect to country, asset mix and currency exposure and will normally hold a mix of 40-50 securities.

COMMUNICATION/REPORTING

Our main means of communication is through our ABC Funds’ website (www.abcfunds.com) and our quarterly ABC Perspective newsletter.