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ABC FUNDAMENTAL-VALUE FUND OVERVIEW
OBJECTIVE
ABC Fundamental-Value Fund seeks out fundamentally undervalued Canadian equities. Our extensive “value research” style attempts to ferret out overlooked and out of favour Canadian equities. With these discerning selections we cobble a diversified portfolio of small, medium and large capitalization Canadian value stocks. When fully invested and having discovered new, fundamentally attractive securities, our sell discipline forces us to cull our portfolios to liquidate the most expensive holdings.

ABC Fundamental Value Fund's
Top Ten Stock List

Equitable Group Inc.
Westjet Airlines Ltd.
Flint Energy Services, Ltd.
Martinrea International Inc.
Genworth MI Canada Inc.
Savanna Energy Services Corp.
Legacy Oil + Gas Inc.
Ithaca Energy Inc.
Rona Inc.
Canam Group Ltd., Class A

as at December 30, 2011 updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC Fundamental-Value Fund Annual Returns
Year ABC FVF (%) TSXTR (%)
1990 -1.98 -14.80
1991 22.92 12.02
1992 4.26 -1.43
1993 121.75 32.80
1994 3.03 -0.63
1995 11.08 14.83
1996 31.75 28.35
1997 20.35 14.98
1998 -13.81 -1.58
1999 16.25 31.71
2000 7.51 7.41
2001 26.06 -12.57
2002 7.62 -12.44
2003 23.55 26.72
2004 21.42 14.48
2005 16.62 24.13
2006 19.13 17.26
2007 -7.86 9.83
2008 -43.94 -33.00
2009 48.09 35.05
2010 19.28 17.61
2011 -16.40 -8.71
TSXTR = S&P/TSX Composite Total Return Index
as at December 31, 2011 updated annually
Compounded Annual Rates of Return
  ABC FVF (%) TSXTR (%)
1 year -16.40 -8.71
2 year -0.14 3.62
3 year 13.88 13.18
5 year -5.27 1.30
10 year 5.52 7.03
15 year 7.10 7.01
20 year 12.06 8.69
Compounded Since Inception:
(March 20th, 1989) 		 12.23 8.01
TSXTR = S&P/TSX Composite Total Return Index
as at December 30, 2011 updated quarterly
VALUE OF $1000 INVESTED AT INCEPTION
Chart of $1000 invested at inception
PORTFOLIO
All dollar amounts in thousands (CDN$), Exchange rate used is 1.01825
No. of Shares Description Total Cost ($) Market Value ($)
CASH -- 7.40%
124,237 Cash - CAD 124 124
283,396 UBS Cash In Action Fund - CAD 28,340 28,340
3,884,396 STIC Liquidity Portfolio - USD 3,941 3,955
TOTAL CASH 32,405 32,419
COMMON STOCKS -- 92.60%
MERCHANDISING -- 1.24%
503,500 Danier Leather Inc. 5,044 5,438
TOTAL 5,044 5,438
FINANCIAL SERVICES -- 16.58%
1,250,000 Equitable Group Inc. 25,833 31,250
1,350,000 Genworth MI Canada Inc. 29,106 27,675
25,850,000 Westaim Corp. 12,927 13,701
TOTAL 67,867 72,626
OIL & GAS -- 29.74%
6,350,000 Emerge Oil + Gas Inc. 21,424 7,811
5,250,000 Essential Energy Services Ltd. 22,478 10,815
2,250,000 Flint Energy Services Ltd. 28,170 28,733
9,375,000 Ithaca Energy Inc. 17,907 20,344
2,250,000 Legacy Oil + Gas Inc. 28,624 23,580
3,500,000 Renegade Petroleum Ltd. 15,170 10,150
3,500,000 Savanna Energy Services Corp. 23,860 26,075
1,285,250 Twin Butte Energy Ltd. 2,572 2,738
TOTAL 160,205 130,246
TRANSPORTATION -- 6.71%
2,500,000 Westjet Airlines Ltd. 29,241 29,400
TOTAL 29,241 29,400
CONSTRUCTION -- 1.22%
510,000 Aecon Group Inc., common 5,227 5,335
TOTAL 5,227 5,335
INDUSTRIAL PRODUCTS -- 12.17%
3,250,000 Canam Group Inc. 32,442 13,325
5,875,000 Com Dev International Ltd. 16,496 12,044
3,750,000 Martinrea International Inc. 28,924 27,938
TOTAL 77,862 53,307
MINING/PRECIOUS METALS -- 3.07%
1,167,400 Energold Drilling Corp. 4,319 5,323
15,250,000 Pacific Coal S.A. 18,340 6,558
6,375,000 Pacific Coal S.A., warrants 3,188 255
5,000,000 Polaris Minerals Corp. 16,828 1,325
TOTAL 42,675 13,461
BASE METALS -- 2.30%
1,848,300 Sherritt International 9,197 10,092
TOTAL 9,197 10,092
CONSUMER PRODUCTS -- 6.00%
650,000 High Liner Foods, Inc. 8,051 10,628
1,605,700 Rona Inc. 19,313 15,640
TOTAL 27,364 26,268
PAPER & FOREST PRODUCTS -- 0.40%
25,000,000 Eacom Timber Corp. 11,967 1,750
TOTAL 11,967 1,750
U.S. STOCKS -- 13.16%
108,000 American National Insurance Co. 12,214 8,031
980,000 Fly Leasing Ltd. ADS 22,468 12,493
725,000 Blackstone Group LP 17,538 10,343
385,000 Kansas City Life Insurance Co. 21,852 12,866
1,000,000 Seaspan Corp. 25,671 13,930
TOTAL 99,742 57,663
TOTAL COMMON STOCK 536,390 405,586
TOTAL PORTFOLIO 568,795 438,005
as at December 30, 2011
updated quarterly

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