In January, all three ABC Funds reached new all-time highs.
While January proved to be a volatile month, as investors awaited clarity on new U.S. economic and financial policies—particularly tariffs—several positive developments emerged. Solid economic data, easing inflation, and stronger-than-expected corporate earnings, all contributed to positive performance in equity markets.
A key highlight was the strength of the U.S. consumer, which accounts for approximately 70% of U.S. economic activity. Consumer spending rose 4.2% in the fourth quarter, bolstered by low unemployment and improved wage growth.
Our top performers in January included: Alphabet, Amazon, Meta, Thermo Fisher Scientific, Visa, Mastercard, and S&P Global.
Looking ahead, we remain optimistic as our portfolios are diversified and well-positioned with a focus on key secular growth trends and major investment themes.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.