In January 2025, the MSCI ACWI ex USA increased by 4.1%, while the S&P/TSX grew by 4%, both outperforming the S&P 500, which rose by 2.4%.
Over the past 12 months, the S&P 500 slightly outpaced the S&P/TSX, delivering a total return of 24.3% compared to the S&P/TSX’s 24.2%. Both indices significantly outperformed the MSCI ACWI ex USA, which lagged with an 11.7% return.
The NQICAT Index posted a total return of 1.2% in January and a one-year total return of 10.8%.
Turning to sector-level analysis, the best-performing S&P/TSX sectors in January were Materials and Information Technology, which outperformed the broader market with total returns of 10.2% and 9.7%, respectively. The biggest laggards were Healthcare and Consumer Staples, with total returns of -5.4% and -2.3%, respectively.
Within the NQICAT Index, the top three performers were Canadian Pacific Kansas City Ltd (CP) with an 11.2% return, Imperial Oil Limited (IMO) with 9.8%, and EQB Inc (EQB) with 9.5%. The worst-performing equity was Hammond Power Solutions Inc (HPS.A), which delivered a disappointing -18.4%. Fortunately, HPS.A was followed by more modest laggards, such as BRP Inc (DOO) and North West Company Inc (NWC), with returns of -4.8% and -4.6%, respectively.
