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Following every daily gyration in global asset markets makes it easy to miss the proverbial forest for the trees. The end of the first quarter provides a good opportunity to step back and assess the sectors leading the market so far in 2015 and speculate on the sustainability of both strong and weak performances.

The charts tell much of the story. In Canada, the health-care index – driven by Valeant Pharmaceuticals International Inc. – has outdistanced the rest of the market by a huge margin. Valeant doesn't just dominate the subindex – it's 85 per cent of its market cap – the stock has also dominated S&P/TSX composite index performance. As of midday Monday, Valeant (up 52 per cent year to date) has contributed 219 positive points to the S&P/TSX composite index, which is higher by 301 points in 2015.

The S&P/TSX information technology index, another benchmark dominated by one stock – BlackBerry, in this case – is the second-best-performing Canadian equity sector.

The S&P/TSX composite's positive return of 2.0 per cent year to date is surprising given that two of the largest subsectors in terms of market cap – financials and energy – are the worst performers. Valeant is clearly doing a lot of heavy lifting to keep the benchmark in positive territory.

The ongoing success of health-care stocks highlights the much more diverse S&P 500. The health-care equipment and services index leads the way with a 9.5-per-cent return so far this year, followed closely by the pharma, biotech and life sciences index in third place. Boston Scientific Corp. and AmerisourceBergen Corp. are the top performers in the equipment and services index, climbing 34.6 per cent and 25.9 per cent, respectively. For pharma, biotech and life sciences, Hospira Inc.'s 43.5 per cent appreciation and specialty pharma developer Mallinckrodt PLC's 30.9 per cent jump are the most positive performers.

The S&P 500 retailing index is the second-best-performing subindex in the U.S. equity market. Urban Outfitters Inc.'s 29.4 per cent return and Kohl's Corp.'s 24.1 per cent year to date rise are most responsible for the positive return.

The (almost) three-month performance data are clearly not a sufficient basis for investment decisions in isolation. Investors should, however, note that health-care stocks are outperforming on both sides of the border and have been for some time. We may have finally arrived at the time when the developed world's demographics are reflected in higher profits for the sector. This would imply sustainable profit growth for investors for many years to come.

The strength in U.S. retailers is problematic for investors. There are grounds for optimism – employment growth continues south of the border and average wages (notably among the 15 to 24 age group) are moving higher. But picking individual retail stocks has always been a minefield. What could be today's hot retail stock – be it fresh doughnuts or yoga pants – can easily cool as fickle consumers move on.

Banks and energy stocks continue to struggle in both countries, and we're nearing the day when investors need to question whether their day in the sun has passed. Canadian banks and high-quality energy stocks will always be worth watching, but the longer they lag and the growth outlook dims, the more investors will be looking for opportunities elsewhere.

Scott Barlow, Globe Investor's in-house market strategist, writes exclusively for our subscribers at ROB Insight and Inside the Market online. Subscribe to Globe Unlimited at globeandmail.com/globeunlimited.

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