All three ABC Funds outperformed their respective benchmarks in the month of July. The technology sector was the standout, fuelled by strong corporate earnings beats across the sector. Our top-performing stocks included NVIDIA, Microsoft, Alphabet, Amazon, Thermo Fisher Scientific, Meta, Broadcom, Brookfield Corporation, and S&P Global.
The AI revolution continues to accelerate, driving productivity and economic growth. We remain well-positioned to capitalize on this theme, which we believe is the overarching driver of the secular bull market in equities.
Furthermore, while the jobs report for July showed weakness, expectations are now growing that the Federal Reserve will pivot towards more aggressive interest rate cuts, providing a significant positive catalyst for equities.
Looking ahead, we remain optimistic and expect the stock market to continue grinding higher through the balance of the year and into 2026.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.