Top performing mutual funds of Q1

Three marijuana funds had returns over 30%, while one global equity and one U.S. equity fund made the top 5

Ruth Saldanha 5 April, 2019 | 2:00PM

2019 has been good to investors so far. After a cruel last quarter of 2018, the first quarter of this year has seen almost uniform gains across markets. The S&P TSX Composite index is up over 13% so far this year, while the S&P 500 is up over 10% in Canadian dollar terms, according to Morningstar Direct data.

As a result, several mutual funds have also clocked positive returns. Over 5,800 Morningstar medalist funds had positive returns for the quarter, and of them, close to 1,000 had gold ratings.

But the best performing indexes in Canada, unsurprisingly, are healthcare and pharmaceutical related, all up because of the rally in marijuana stocks. The top performing index in Canada was the S&P/TSX Pharmaceuticals index, up over 56% for the first quarter. The next four top performers are also various healthcare sector indices, all with returns of over 48% for the quarter.

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Ruth Saldanha

Ruth Saldanha  Ruth Saldanha is Senior Editor at Morningstar.ca