July 2024 Pricing Commentary (Audio version now available – use the controls above.) July was a mixed month for equity market performance after achieving respectable returns during the first half of 2024. Understandably, in the context of a slower summer trading period there was significant common share price volatility. Market headwinds over the month included slowing economic growth, notable geopolitical tensions, and interest rate uncertainty. Additionally, the impending 2024 U.S. Presidential Election has kept investors on edge. Despite the current investment negativity overhanging the marketplace, we remain optimistic and patient with regard to our diversified, large capitalization portfolios. We believe the glass is half full and there are a number of positive catalysts being overlooked, including ebbing inflation, solid corporate earnings, and transformational technological trends. ABC Funds holdings that outperformed during the period included Brookfield Infrastructure Partners, Thermo Fisher Scientific, Danaher, S&P Global, Carrier, Canadian Pacific Kansas City, Apple, Mastercard, and ServiceNow. Irwin A. Michael, PresidentI.A. Michael Investment Counsel Ltd.
