All three ABC Funds closed at new all-time highs at the September month end. Despite volatility early in the month, markets responded positively to clearer monetary policy and continued earnings strength.
Highlights from the month included earnings results from two core ABC Funds holdings: Broadcom and Micron. Both companies beat Wall Street expectations and raised forward guidance, with their shares surging following their announcements. These results underscore our conviction in the long-term opportunity behind the AI revolution and our investments in companies enabling the technologies driving it forward.
Other top-performing stocks in September included NVIDIA, Apple, Alphabet, ASML, Bank of Montreal, and Toronto Dominion Bank.
Additionally, both the U.S. Federal Reserve and the Bank of Canada cut interest rates in September. We believe easing monetary policy should provide a supportive tailwind for equity markets and share prices.
Looking forward, we remain optimistic. The fourth quarter is typically the strongest stretch of the year for equity markets and with supportive macro tailwinds and secular growth trends in place, we believe our portfolios are well-positioned to finish the year on a high note.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.