January 2024 Pricing Commentary (Audio version now available – use the controls above.) All three ABC Funds outperformed their respective benchmarks in the month of January, powering forward to new all-time highs. The equity markets continued their upward trajectory, buoyed by strong performances from large capitalization stocks. Leading the way were sectors pivotal to innovation and the “new economy” – semiconductors, software, medical technology, and infrastructure. Moreover, companies at the forefront of the artificial intelligence revolution emerged as significant beneficiaries, reflecting the growing impact of AI across various sectors. In January, our standout performers were NVIDIA, ASML, Meta, Microsoft, ServiceNow, Boston Scientific, and Broadcom. Their contributions were pivotal to our funds’ outperformance during the month. Looking ahead to February, our outlook remains optimistic, underpinned by a resilient economy, the continued deceleration of inflation, and the prospect of declining interest rates later in 2024 — all contributing to a favourable backdrop for investment. Moreover, corporate earnings have been notably strong, as evidenced by Meta and Amazon—key holdings within our ABC Funds—which, after reporting their impressive earnings results and forward guidance after yesterday’s close, saw their stock prices increase by 20% and 7% respectively today. Meta also announced a $50 billion share buyback program and initiated its first-ever dividend. Moving forward, our positive stance on the stock market, the broader economy, and our portfolio’s strategic positioning remains unchanged. We believe our ABC Funds are well-positioned to continue their trajectory of outperformance, capitalizing on the numerous opportunities that 2024 presents. Irwin A. Michael, PresidentI.A. Michael Investment Counsel Ltd.
