June was another positive month for the ABC Funds, with all three portfolios outperforming their respective benchmarks. The strongest contributors to our performance during the period included Micron, ASML, Visa, and Mastercard.
Of particular note, Micron, the largest holding across the ABC Funds, delivered a remarkable quarter. The company reported outstanding financial results, driven by surging demand for high-bandwidth memory used in artificial intelligence infrastructure and data centers. Micron has become one of the clearest beneficiaries of the AI revolution, and we believe the company is entering a period of exceptional long-term growth as demand for AI computing continues to accelerate.
The broader economic backdrop also remains supportive. The U.S. economy continues to demonstrate resilience, corporate earnings are generally exceeding expectations, and investment in artificial intelligence infrastructure continues to expand. We see these trends reinforcing our long-standing conviction that artificial intelligence represents one of the most significant technological and economic transformations of our time.
As we enter the second half of 2026, we remain very optimistic. Our portfolios are concentrated in high-quality companies that are well-positioned to benefit from powerful long-term secular growth trends. Furthermore, we believe the AI revolution is still in its early stages, and the ABC Funds remain strategically placed to capitalize on the opportunities that lie ahead.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.