In May, the S&P/TSX, S&P 500 and MCSI ACWI ex USA increased by 2.8%, 5.0% and 3.0% respectively.
At the end of the 12-month period ending May 31, the S&P/TSX increased by 17.6%, the S&P 500 performed best and grew by 28.2% while the MSCI ACWI ex USA increased by 17.3%.
The NQICAT monthly performance saw an increase of 1.6% while it grew by 23.0% on an annual basis.
The best TSX sectors for the month of May were Materials up 6.3%, Utilities up 6.3%, and Consumer Staples up by 4.5%.
The worst performing sectors were Healthcare, down 12.1%, Information Technology, down 3.4%, and Consumer Discretionary, up 0.2%.
The best monthly performers in NQICAT were Royal Bank of Canada up 12.9%, Dollarama Inc. up 12.4%, and Constellation Software Inc up 7.0%.
At the opposite, the weakest contributors were Restaurant Brand International Inc down 10.5%, BRP Inc down 8.1%, and Enghouse Systems. down 7.4%.
U.S. Portfolio May Transactions
There were two transactions in our Stockpointer US model portfolio. Our model required a greater sector allocation towards Financials, while reducing the Industrial sector.
We sold Expeditors International of Washngtn Inc. (EXPD) mainly to meet our model sector allocation requirements towards Financials. To increase our Financial sector allocation, we bought Raymond James Financials Inc (RJF) due to its high SP score and stable return on capital.
We sold Evercore (EVR) because it was no longer a leader in its sector. We replaced it with Marsh & McLennan Inc. (MMC), which has a higher SP score and provides exposure to an industry different from the banks, which we already own in reasonable proportion.
