Markets in 2025 delivered broad gains, with leadership shifting from mega-cap U.S. technology toward mid-cap Canadian stocks, commodities, and select international markets. U.S. equities remained solid but moderated from 2024’s highs, while international and commodity-linked sectors emerged as standout performers, reflecting a more diversified global rally. Across sectors and regions, performance was highly polarized, underscoring the importance of selective positioning in navigating a year of wide dispersion.