August 2024 Pricing Commentary (Audio version now available – use the controls above.) August was an extraordinarily volatile month for global equity markets, influenced by the unwind of the Japanese carry trade, continuing geopolitical tensions, and the looming November 5th U.S. Presidential election. The significant appreciation of the Canadian dollar impacted our portfolios’ performance over the period, although our currency hedge provided a partial buffer against this increase. Notable ABC Funds’ outperformers in August included Meta, Apple, Boston Scientific, ServiceNow, Carrier, Visa, Mastercard, and S&P Global. Looking ahead, we maintain our positive outlook for the remainder of 2024 and beyond, encouraged by persistent corporate earnings strength, meaningful declines in interest rates, increasing political clarity, and the continued impact of transformative technological trends. Our portfolios remain fully invested with our diverse equity strategy to navigate and capitalize on future opportunities. Irwin A. Michael, PresidentI.A. Michael Investment Counsel Ltd.
