Tech dominance in May overshadowed flat returns on most asset classes
The tech sector dominated global equity markets in May. Investors have shifted their focus to artificial intelligence, which lifted the Info Tech sector by 8% last month. This overshadows a general negative return development in most other parts of the equity market. The Energy and Materials sectors were at the bottom of the return hierarchy with returns of -9% and -7%, respectively. Overall, MSCI ACWI decreased by 0.3% measured in local currencies, while the index increased by 2.5% measured in DKK.
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Optimism among investors was evident in June, when global equity markets saw broad-based increases. All 11 Global Industry Classification Standard sectors (such as Information Technology, Health Care, Real Estate and Communication Services) saw progress with Consumer Discretionary at the top of the return hierarchy, up 9.9%, and Utilities at the bottom, up 2.3%. In June, Information Technology generated a return of 5.7%. Investors were attracted to the sector because of the focus on AI. Overall, MSCI ACWI increased by 5.8% measured in local currencies, while the index increased by 3.1% measured in DKK.