September was another strong month for the ABC Funds, with all three portfolios posting solid gains and outperforming their respective benchmarks. These results were achieved despite rising bond yields, continued geopolitical uncertainty, weak seasonality, and general market anxiety that weighed on investor sentiment.
Our funds’ performance was led by several core technology holdings, particularly companies benefiting from continued growth in artificial intelligence and semiconductors. The strongest contributors during the month included Micron, Meta, NVIDIA, ASML, ARM Holdings, Apple, and Thermo Fisher Scientific, while a rising U.S. dollar also provided an additional boost to the returns of our funds.
An important highlight during the month was Micron’s quarterly earnings after the market close on September 30th. The company, which is the top holding in our portfolios, reported another exceptional financial report, with record results and a very strong outlook. Demand for Micron’s memory products are growing rapidly as investment in AI data centres expands, reinforcing the company’s position as one of the major beneficiaries of the global AI buildout.
Looking ahead to the final quarter of 2026 and into 2027, we remain optimistic. While markets will continue to experience periods of volatility, we believe a resilient U.S. economy, strong corporate earnings, and continued technological innovation provide a favourable backdrop for our portfolios.
Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.