August was a volatile month for equity markets with investors navigating mixed signals from the economy, geopolitics, and central banks worldwide. Despite the uncertainty, corporate earnings remained broadly positive, and all three ABC Funds delivered gains during the month.
A key development came from the U.S. Federal Reserve, which signalled its readiness to begin cutting interest rates. This marked a notable shift in monetary policy and was well-received by financial markets.
Key ABC Funds top contributors included Apple, Alphabet, Microsoft, Royal Bank of Canada, ASML, Bank of Montreal, Thermo Fisher Scientific, TC Energy, and Enbridge.
As we head into September, our outlook remains optimistic. With easing inflation, a resilient economy, and growing clarity around monetary policy, we believe conditions are in place for a positive environment for equities. Our ABC Funds remain fully invested, anchored by a diversified mix of high-quality, large-capitalization companies that are well-positioned to drive long-term growth.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.