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Fund Quote

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Fund Price: $5.96 (as at June 30, 2010)  30 day chg:  -6.84%  YTD: 6.49%

Returns as at June 30, 2010

  Fund Group Avg Index*
1 Month -6.84% -3.59% -4.10%
3 Months -6.98% -6.59% -7.24%
6 Months 6.49% -3.56% -5.30%
1 Year 39.70% 9.73% 4.93%
2 Year Avg -9.99% -6.56% -6.51%
3 Year Avg -18.04% -7.00% -9.21%
4 Year Avg -10.24% -1.86% -3.49%
5 Year Avg -5.40% -0.55% -2.80%
10 Year Avg - -1.36% -4.53%
15 Year Avg - 4.07% 4.79%
20 Year Avg - 5.92% 7.43%
Since Inception -2.39% - -
 
2009 54.07% 22.53% 9.84%
2008 -56.62% -27.67% -22.20%
2007 -11.81% 0.77% -8.69%
 
3 year risk 31.25 18.59 14.67
3 year beta 1.34 0.98 1.00

*MSCI North America Index ($ Cdn)

Growth of $10,000

This graph shows how a $10,000 investment in this fund would have changed in value compared with the MSCI North America Index ($ Cdn).

Risk Measures as at June 30, 2010

Best/Worst 12 months (since inception)
Best (ending Mar 10): 88.69 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
Worst (ending Feb 09): -59.38 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
Volatility meter (Based on 3 year standard deviation from Globefund.com)
Low VOLATILITY METER: 31 High

Fund Objectives

The Fund searches out fundamentally undervalued Canadian and American stock exchange-listed common shares. This closed-end fund has maximum flexibility to invest in a diversified mix of deep value securities. There is, however, a particular emphasis on micro-caps. The country and asset mix, as well as currency exposure, can vary and has no set limits. The portfolio, ordinarily, will have a mix of 40 to 50 holdings.

Fund Facts

Fund Sponsor: ABC Funds
Managed by: I.A. Michael Inv Counsel Ltd.
Fund Type: MF Trust
Inception Date: November 2004
Asset Class: North American Equity
Quartile Rank: 4 (3YR ending June 30, 2010)
Total Assets: $84.9 million
Mgmt Exp. Ratio (MER): -
Management Fee: 1.00%
Load Type: No Load
Globe 5-Star Rating:
RRSP Eligible:
Canadian
Min. Invest (initial):
$250,000
Subsequent:
$50,000
Min. Invest (initial RRSP):
$250,000
Subsequent RRSP:
$50,000
Closed:
Yes
Restricted:
Yes
Restriction:
(Min Initial Investment $250,000)
 
 

Asset Allocation March 31, 2010

Equity Sector Weightings March 31, 2010

Fund Geography March 31, 2010

Top Holdings as at March 31, 2010

Symbol Company Name Sector Geographic
Area		 Asset
Type		 % of
Total Assets		   Performance as at July 29, 2010
1 Year Performance (%)
FTP-T Fortress Paper Paper Products & Business Forms Canada Stock 12.67   264.55 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
ETC-T Equitable Group Finance and Leasing Canada Stock 5.36   11.73 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
CAM-T Canam Group Inc Metal Fabricators Canada Stock 4.31   10.61 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
MEL-T Midway Energy Oil and Gas Producers Canada Stock 4.31   296.2 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
DAY-T Daylight Energy Ltd. Oil and Gas Producers Canada Stock 4.03   13.14 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
OCX-T Onex Corporation Management and Diversified Canada Stock 3.96   37.02 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
ATA-T ATS Automation Tooling Systems - Canada Stock 3.94   41.08 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
PXD-N Pioneer Natural Resources Oil and Gas Producers United States Stock 3.91   117.67 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
MIC-T Genworth MI Canada Other Canada Stock 3.46   29.72 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)
WJA-T WestJet Airlines - Canada Stock 3.36   27.1 bar graph of the performance of this holding (negative result) bar graph of the performance of this holding (positive result)

Distribution Report (18 months up to July 29, 2010)

Frequency of Income Distributions: Annually

Frequency of Capital Gain Distributions: Annually

Date Income Dividend Capital Gain Total (Current Period) Trailing 12-Months Total Reinvestment Price
Dec 31, 2009 0.0197 0.0197 0.0197 5.593

Portfolio Manager(s)

Irwin A. Michael, MBA, CFA

I.A. Michael Inv Counsel Ltd.

Start Date: November, 2004

Fund Return: -3.09%

Irwin Michael earned the chartered financial analyst designation in 1979. He was awarded an MBA from the Wharton School of Finance, University of Pennsylvania, in 1973. Upon graduation, he was engaged by Hodgson, Roberton Laing & Co. in the capacity of fixed-income portfolio manager and bond trader. He later joined Morgan Stanley Ltd., primarily in the areas of fixed-income research and institutional sales. Before forming I.A. Michael Investment, he was a vice president of fixed-income investments and portfolio manager with Beutel Goodman & Co.

Also manages:ABC American-Value, ABC Dirt-Cheap Stock Fund, ABC Fully-Managed, ABC Fundamental Value

View fund manager performance report