October was a standout month for the ABC Funds, with all three portfolios outperforming their benchmarks and reaching new all-time highs.
This remarkable performance was driven by strong corporate earnings from leading large-cap technology companies. For example, Microsoft, Alphabet, and Amazon all beat expectations and raised forward guidance, highlighting the strength of the companies powering this bull market. Our overweight positioning in large-cap technology continues to be a major contributor to the ABC Funds’ performance.
Moreover, the AI revolution continues to accelerate. NVIDIA’s GTC event in Washington, D.C., was a notable milestone, where the company highlighted breakthroughs in AI infrastructure, robotics, and healthcare applications demonstrating just how quickly real-world deployment of AI is being integrated.
Additionally, both the U.S. Federal Reserve and the Bank of Canada cut interest rates by 25 basis points during the month. These policy moves support a positive backdrop for equities through year-end.
The top contributors to our performance in October included NVIDIA, Micron, Alphabet, Amazon, Broadcom, Apple, Thermo Fisher Scientific, ARM Holdings, and ASML.
As we look ahead, we believe our portfolios remain very well-positioned. With falling interest rates, strong earnings, and a rapidly advancing technological landscape, we expect this bull market to continue gaining momentum into 2026 and beyond.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.