In May, equity markets delivered positive returns across major benchmarks. The S&P/TSX advanced 2.5%, while the S&P 500 rose 5.3%. International markets also posted strong gains, with the MSCI ACWI ex-USA increasing 5.1%.
Over the past 12 months, the S&P/TSX continued to demonstrate strong performance, gaining 36.1% and outpacing the S&P 500, which returned 29.8%. The MSCI ACWI ex-USA also performed well, recording a one-year return of 33.4%.
The NQICAT index delivered a monthly gain of 2.6% in May, broadly in line with the Canadian market. On a one-year basis, the index posted a return of 22.7%.
At the sector level, Telecom, Materials, and IT were the strongest contributors in May, rising 6.9%, 6.2%, and 5.2%, respectively. In contrast, Energy, Health Care, and Consumer Staples were the weakest-performing sectors, declining 5.1%, 4.9%, and 0.8%, respectively.
Within the NQICAT, the top-performing holdings were Mineros S.A. (MSA.TO), Wesdome Gold Mines Ltd. (WDO.TO), and Constellation Software Inc. (CSU.TO), which gained 16.0%, 15.9%, and 14.1%, respectively. The weakest performers were Fairfax Financial Holdings Ltd. (FFH.TO), Stela Jones Inc. (SJ.TO), and Canadian Tire Corporation Ltd. (CTC.A.TO), which declined 8.7%, 8.0%, and 6.4%, respectively.