All three ABC Funds significantly outperformed their respective benchmarks during the month of April, reflecting the strength of our portfolio positioning and improving investor psychology.
This outperformance was driven by strong Q1 corporate earnings results, particularly within the technology sector, and continued advancements in artificial intelligence.
Interestingly, a key trend in April was the divergence between hardware and software companies, with increased investment flowing toward businesses directly involved in the AI buildout.
Over the past several years we have strategically positioned our ABC Funds in these areas with key holdings such as Micron, NVIDIA, Broadcom, ARM, ASML, Alphabet, and Amazon. These holdings meaningfully appreciated versus the broader indexes and other industry groups in April.
As we approach mid-2026 we continue to believe we are in the early stages of a major technological and economic transformation. By extension, with strong earnings and powerful long-term growth drivers in place, we believe our portfolios are well-positioned to power ahead as the year progresses.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.