March was a volatile month for equity markets, driven by heightened geopolitical developments, rising energy prices, and renewed interest rate concerns. The confluence of these factors created a more challenging environment and contributed to elevated investor anxiety.
Against this backdrop, corporate earnings remained a clear positive. Several core ABC Funds’ holdings delivered strong results, reinforcing the strength of underlying business fundamentals and validating our portfolio positioning. The standout was Micron Technology, which reported an exceptional quarter, significantly exceeding expectations and raising forward guidance, supported by continued demand for data infrastructure and advanced computing.
We continue to see strong momentum across multiple areas of the market including information technology, communications, and industrials, with innovation and capital investment supporting long-term growth.
Looking ahead, we remain optimistic. Economic conditions remain resilient, corporate earnings are strong, and many of the key drivers of growth are firmly in place. We believe our diversified portfolios are well-positioned to navigate the current period of price weakness while capturing opportunities as the year progresses.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.