October 2024 Pricing Commentary (Audio version now available – use the controls above.) Equity markets were volatile in the month of October as investors navigated uncertainties surrounding the upcoming U.S. presidential election, interest rates, geopolitics, economic growth, and corporate earnings. Despite these challenges, all three ABC Funds ended the month positively. Key contributors to our performance this month included NVIDIA, ServiceNow, Alphabet, Visa, and Waste Management. A notable highlight during October was the overwhelming strength of Q3 corporate earnings results, with over 70% of companies surpassing analysts’ expectations. For example, after the market close on October 31st, Amazon, a core ABC Funds’ holding, delivered exceptional financial results, driven by its booming cloud computing and artificial intelligence divisions. Consequently, shares of Amazon appreciated by more than 6% after hours. Additionally, the following day, NVIDIA, the top holding in our ABC Funds, was added to the Dow Jones Industrial Average, solidifying its position as the world’s most valuable company and the leader of the artificial intelligence and robotics revolution. These encouraging developments, coupled with ebbing inflation, a robust U.S. economy, relatively low American unemployment, and vibrant consumer spending, underscore the positive economic fundamentals and transformative technological advances continuing to drive the secular bull market in equities. As we look ahead to the results of tomorrow’s U.S. presidential election and the Federal Reserve’s interest rate decision on November 6th, we remain optimistic. We are confident in the strength of our fully invested, diversified portfolios as we move towards the end of 2024 and into 2025. Irwin A. Michael, PresidentI.A. Michael Investment Counsel Ltd.