All three ABC Funds outperformed their respective benchmarks in the month of May, driven by strong performances from large capitalization U.S. technology companies.
Top performers included Microsoft, Alphabet, Amazon, Meta, NVIDIA, Broadcom, and Micron – companies leading the next major wave of innovation. We believe our funds are uniquely positioned to capitalize on the structural shift underway in artificial intelligence, a powerful tailwind that we see driving growth for years to come.
For example, on May 22, NVIDIA reported exceptional financial results, exceeding analyst expectations across earnings, revenue, and margins – fuelled by explosive demand for its AI chips in data centers and cloud infrastructure. The company also issued strong forward guidance, reinforcing its position as the undisputed leader in AI and robotics. This reminds investors that we are still in the early stages of this transformative growth story.
This exposure, combined with strength in other key sectors, powered our portfolios in May. Corporate earnings generally exceeded expectations, and the stellar performance from NVIDIA bolstered investor confidence and highlighted the continued catalysts for growth.
While markets in 2025 have experienced periods of volatility—driven by tariff concerns, geopolitical tensions, and macroeconomic uncertainty – we expect the market to continue climbing a “wall of worry,” supported by strong corporate fundamentals and a resilient economy.
As we enter June, we remain highly confident in our portfolios and are committed to navigating this evolving environment with discipline and conviction.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.