The Alpha Plus active ETF rose 1.75% in May, outperforming the ASX 200 (+1.15%), in a month where headline calm masked underlying volatility. Market leadership was narrow and highly concentrated, with large-cap Materials and Capital Goods the key driver of returns while Health Care, Utilities, Energy and Financials lagged. Despite modest index gains, the ASX experienced frequent large daily swings, reflecting unstable sentiment and fragile positioning. While the market did bounce, it again lagged global peers, particularly the US where AI-driven technology strength dominated.
