Aggregate Returns Increased

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    Twenty-eight of the 42 Morningstar Canada Fund Indices, which measure the aggregate returns of funds in various standard categories, increased in May, including seven that increased by two per cent or more. However, three of the fund indices that lost ground decreased by more than two per cent. Funds that concentrate on the energy and natural resources sectors suffered a setback after sizeable increases in April. The energy equity fund index posted May’s worst result with a 5.6 per cent decline. The decline in energy had a large effect on funds in the Canadian equity category. That index was a poor performer in May, decreasing by one per cent. Funds in the U.S. equity and U.S. small/mid cap equity categories, which were the worst performers in April, had a very different month in May, posting increases of 3.5 per cent and 4.2 per cent, respectively.