Indices that track mutual funds investing in small- and mid-cap equities were among the best performers in November, according to preliminary data released on Wednesday by Toronto-based Morningstar Research Inc.

Novembers 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 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%.

Overall 25 of the 42 Morningstar Canada fund indices increased during November, including nine indices that increased 1% or more.

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 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 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 indices 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 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%.

Final performance figures will be published on next week.