August was a positive month for the ABC Funds despite a volatile market backdrop. While higher bond yields, geopolitical uncertainty, and lighter summer trading volumes contributed to the volatility, robust corporate earnings helped offset those headwinds.
For example, NVIDIA delivered another exceptional quarter, more than doubling revenue versus the prior year and provided strong forward guidance. These results demonstrate that demand for artificial intelligence infrastructure remains extremely powerful and reinforces our firm conviction in the continued expansion of the AI revolution.
Top ABC Funds contributors during August included ServiceNow, Micron Technology, Microsoft, NVIDIA, Thermo Fisher Scientific, S&P Global, ASML, and Visa.
More broadly, the U.S. economy continues to exhibit remarkable resilience supporting confidence in our long term growth themes and is positively impacting company quarterly results.
As we enter the final four months of 2026, our investment perspective remains optimistic. We believe continued economic growth, strong corporate profitability, and accelerating investment in artificial intelligence and technological innovation provide a favourable outlook for our diversified portfolios.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.