Small-/Mid-Cap Funds Stand Out in Flat November, Morningstar Canada Data Show

TORONTO, Dec. 2, 2015 /CNW/ -- Morningstar Research Inc., a Canadian subsidiary of Chicago-based independent investment research provider Morningstar, Inc. (NASDAQ: MORN), today released preliminary November 2015 performance data for its 42 Morningstar Canada Fund Indices, which measure the aggregate returns of funds in various standard categories. Twenty-five of the 42 Fund Indices increased during the month, including nine indices that increased 1% or more.

Highlights from Morningstar's November 2015 preliminary performance report include:

  • This month's top-performing fund index was the one that tracks the U.S. Small/Mid Cap Equity category, which increased 2.9%. All four small-/mid-cap equity categories tracked by Morningstar were among the best performers in November; the Morningstar Global Small/Mid Cap Equity and Canadian Small/Mid Cap Equity fund indices were tied for fourth place overall with a 1.3% increase, followed closely by Canadian Focused Small/Mid Cap Equity, up 1.2%.
  • Fund indices tracking natural resources categories were November's worst performers, with Precious Metals Equity suffering a decline of 5.5%, followed by Natural Resources Equity, which fell 2.2% and Energy Equity, down 1.6%. The losses were modest compared to the double-digit declines posted by the same indices in the third quarter of 2015.
  • Among large-capitalization, sector-diversified equity fund categories, the Morningstar U.S. Equity Fund Index fared best with a 1.9% increase, followed by Global Equity and European Equity at 1.2% each. The Asia Pacific Equity and Asia Pacific ex-Japan Equity fund indices had middling performance in November with increases of 0.7% and 0.6%, respectively, while the Morningstar Emerging Markets Equity Fund Index saw the biggest decline in this space, down 1.0%.
  • Market results were mixed in Asia, with Japan's Nikkei Index posting an impressive 4.9% gain for the month, while the Shanghai Composite Index was up 2.2%. However, stock market indexes for Hong Kong, Taiwan, and South Korea were all slightly negative. In Europe, Germany's DAX was the standout performer with a 4.7% increase, while France's CAC 40 and the UK's FTSE 100 both posted small gains. The biggest currency effects for Canadian investors were the Canadian dollar's 2.6% appreciation against the euro, which detracted from the performance of European Equity funds, and the loonie's 1.9% decline against the U.S. dollar, which contributed positively to U.S. Equity funds' returns, as U.S. markets were flat for the month.
  • Most fixed-income fund categories tracked by Morningstar moved by less than a percentage point this month. The best performer in this space was the Morningstar Canadian Inflation Protected Fixed Income Fund Index, up 0.8%, while the worst fixed-income performers were Preferred Share Fixed Income, which decreased 1.0% and High Yield Fixed Income, which declined 1.1%.

To view the complete report about Morningstar's preliminary November 2015 performance data for Canadian funds, please visit

Morningstar Canada's preliminary fund performance figures are based on change in funds' net asset values per share during the month, and do not necessarily include end-of-month income distributions. Final performance figures will be published on next week.

About Morningstar Research Inc. and Morningstar, Inc.
Morningstar Research Inc. is a Canadian subsidiary of Chicago-based Morningstar, Inc., a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 17 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than US$170 billion in assets under advisement or management as of Sept. 30, 2015. The company has operations in 27 countries.

©2015 Morningstar, Inc. All rights reserved.


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SOURCE Morningstar, Inc.

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