Monthly Market and Portfolio Review
May 2025: The Markets Make a Comeback
May brought a welcome rebound for the markets after April’s turbulence. Despite a rocky start driven by President Trump’s unpredictable trade policies, investor sentiment brightened thanks to strong earnings, easing inflation, and a softer stance on tariffs. The S&P 500 (S&P) jumped 6.2%, its best May since 1990 – while the Nasdaq Composite Index (Nasdaq) soared 9.6%, fuelled by the big technology companies. The Toronto Stock Exchange Composite Index (TSX) rose 5.4%, and even the Dow Jones Industrial Average (DJIA) delivered a solid 3.9%.
Trade tensions dominated headlines. Mid-month, Trump paused tariffs on China, prompting a reciprocal move from Beijing that boosted markets. He also delayed a proposed 50% tariff on European Union (EU) goods, though the EU warned of countermeasures if those tariffs go ahead. Late in the month, the US Court of International Trade ruled Trump’s tariffs illegal – only for the administration to appeal. Just as May wrapped up, Trump accused China of violating the tariff pause, injecting fresh uncertainty into global trade.
Meanwhile, the earnings of technology companies generated optimism in the markets. Nvidia (NVDA) beat expectations with record data centre sales, fueling artificial intelligence (AI) optimism. Strong results from companies like Nvidia (NASD: NVDA) and Microsoft (NASD: MSFT) boosted investor confidence in the technology sector. Nvidia’s strong earnings report gave investors confidence that there was still plenty of runway left in the growing AI field, sparking a surge in technology companies and helping drive the Nasdaq’s surge and keeping investor confidence high.
On the economic front, things looked surprisingly steady. Inflation lingered but didn’t worsen, letting the Fed keep rates on hold. The US job market held steady with unemployment near 4.2%, and better-than-expected earnings across sectors showed companies adapting to higher costs. While consumer spending cooled slightly, people were still opening their wallets – especially for travel, dining, and tech.
In Canada, the TSX had a strong month, climbing 5.4% – its best performance since November 2023. After a few shaky months, it was a welcome rebound for Canadian investors. Solid earnings from heavyweight sectors like financials and energy helped push the index higher. Easing trade tensions mid-month calmed fears of a full-blown trade war, lifting markets worldwide. The Bank of Canada held interest rates steady, supporting a stable economic climate. Commodity prices were mixed: gold climbed higher, benefiting mining stocks, while oil remained volatile but didn’t derail gains.
Altogether, May delivered a “not too hot, not too cold” environment that gave markets room to run, with the big technology companies doing most of the heavy lifting.
| Portfolio | Monthly Streak |
| Portfolio 1: | 1 – month winning streak |
| Portfolio 2: | 2 – month winning streak |
| Portfolio 3: | 1 – month winning streak |
May was a great month – not just for the markets, but even better for my three portfolios, as the chart below shows. Portfolios 1 and 3 outperformed all the major indexes, while Portfolio 2 beat all except the Nasdaq. After a few slow months, it felt good to see all three bounce back strong.
Many of the companies in my portfolios had solid gains, especially with the tech stocks surging and Canadian banks doing well. As for activity, it was a quiet month – just dividends rolling in, which is always welcome. It was great to see all three portfolios back in the win column. Now let’s hope that turns into a winning streak. 😊
What My Three Portfolios Did in May
Portfolio 1 for May 2025: UP 
Activity
No significant activity to report this month.
Dividends Received this month:
Companies followed by DRIP (Dividend Re-Investment Plan) indicate additional shares were purchased with the dividend. Any cash leftover was added to the cash balance.
Canadian $
Toronto-Dominion Bank (TSE: TD) DRIP
Bank of Nova Scotia (TSE: BNS) DRIP
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
Decisive Dividend Corp (TSE: DE) DRIP
Tourmaline Oil Corp (TSE: TOU)
US $
Ferrari NV (NYSE: RACE)
Apple Inc (NASD: AAPL)
Costco Wholesale Corp (NASD: COST)
BSR Real Estate Investment Trust (TSE: HOM.U)
Walmart (NYSE: WMT)
Quarterly Reports
Apple Inc.
Second quarter 2025 financial results on May 1, 2025
Trisura Group Ltd.
First quarter 2025 financial results on May 1, 2025
Canadian National Railway Company
First quarter 2025 financial results on May 1, 2025
Amazon.com, Inc.
First quarter 2025 financial results on May 1, 2025
Cameco Corporation
First quarter 2025 financial results on May 1, 2025
Hammond Power Solutions Inc.
First quarter 2025 financial results on May 1, 2025
Andlauer Healthcare Group Inc.
First quarter 2025 financial results on May 1, 2025
TMX Group Limited
First quarter 2025 financial results on May 5, 2025
Lattice Semiconductor Corporation
First quarter 2025 financial results on May 5, 2025
Datadog, Inc.
First quarter 2025 financial results on May 6, 2025
Decisive Dividend Corporation
First quarter 2025 financial results on May 6, 2025
Celsius Holdings, Inc.
First quarter 2025 financial results on May 6, 2025
Magnite, Inc.
First quarter 2025 financial results on May 7, 2025
Skyworks Solutions, Inc.
Second quarter 2025 financial results on May 7, 2025
Tourmaline Oil Corp.
First quarter 2025 financial results on May 7, 2025
Shopify Inc.
First quarter 2025 financial results on May 8, 2025
BCE Inc.
First quarter 2025 financial results on May 8, 2025
The Trade Desk, Inc.
First quarter 2025 financial results on May 8, 2025
Cloudflare, Inc.
First quarter 2025 financial results on May 8, 2025
Docebo Inc.
First quarter 2025 financial results on May 9, 2025
TELUS Corporation
First quarter 2025 financial results on May 9, 2025
Sea Limited
First quarter 2025 financial results on May 13, 2025
Walmart Inc.
First quarter 2025 financial results on May 15, 2025
Bank of Nova Scotia
Second quarter 2025 financial results on May 27, 2025
Nvidia Corporation
Third quarter 2025 financial results on May 28, 2025
Costco Wholesale Corporation
Third quarter 2025 financial results on May 29, 2025
Portfolio 2 for May 2025: UP
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
Bank of Nova Scotia (TSE: BNS) DRIP
Dollarama (TSE: DOL)
TC Energy Corp (TSE: TRP)
Whitecap Resources (TSE: WCP) DRIP
SmartCentres Real Estate Investment Trust (TSE: SRU.UN)
Pulse Seismic Inc (TSE: PSD) DRIP
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
Tourmaline Oil Corp (TSE: TOU)
US $
No US$ dividends this past week.
Quarterly Reports
TC Energy Corporation
First quarter 2025 financial results on May 1, 2025
Airbnb, Inc.
First quarter 2025 financial results on May 1, 2025
Hammond Power Solutions Inc.
See report under Portfolio 1.
Brookfield Renewable Partners L.P.
First quarter 2025 financial results on May 2, 2025
Zoetis Inc.
First quarter 2025 financial results on May 6, 2025
Walt Disney Company
Second quarter 2025 financial results on May 7, 2025
Fortis Inc.
First quarter 2025 financial results on May 7, 2025
Tourmaline Oil Corp.
See report under Portfolio 1.
Supremex Inc.
First quarter 2025 financial results on May 8, 2025
SmartCentres Real Estate Investment Trust
First quarter 2025 financial results on May 7, 2025
Mitek Systems, Inc.
Second quarter 2025 financial results on May 8, 2025
Canadian Natural Resources Limited
First quarter 2025 financial results on May 8, 2025
TELUS Corporation
See report under Portfolio 1.
Take-Two Interactive Software, Inc.
Fourth quarter 2025 financial results on May 15, 2025
Birkenstock Holding plc
Second quarter 2025 financial results on May 15, 2025
South Bow Corp.
First quarter 2025 financial results on May 15, 2025
The Home Depot
First quarter 2025 financial results on May 20, 2025
TD Bank Group
Second quarter 2025 financial results on May 22, 2025
Bank of Nova Scotia
See report under Portfolio 1.
Portfolio 3 for May 2025: UP
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
Toronto-Dominion Bank (TSE: TD)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN) DRIP
Enghouse Systems Ltd (TSE: ENGH)
US $
No US$ dividends this past week.
Quarterly Reports
Brookfield Renewable Partners L.P.
See report under Portfolio 2.
Magnite, Inc.
See report under Portfolio 1.
goeasy Ltd.
First quarter 2025 financial results on May 7, 2025
Shopify Inc.
See report under Portfolio 1.
Brookfield Corporation
First quarter 2025 financial results on May 8, 2025
Alvopetro Energy Ltd.
First quarter 2025 financial results on May 7, 2025
SmartCentres Real Estate Investment Trust
See report under Portfolio 2.
Cloudflare, Inc.
See report under Portfolio 1.
TD Bank Group
See report under Portfolio 1.
Royal Bank of Canada
Second quarter 2025 financial results on May 29, 2025