Mutual funds had their best month in nearly two years during November, according to performance numbers compiled by Morningstar Canada.

Morningstar’s data shows that the median one-month return among the more than 4,000 funds available in Canada was 3.9%, the highest since December 1999. The median year-to-date return at Nov. 30 improved to -6.9% from -12.8% at Sept. 30.

“What really drove markets, both here and abroad, was the continuation of a technology recovery,” said Mark Warywoda, Morningstar Canada senior analyst. “The Nasdaq 100 index, for instance, gained nearly 16%. Remarkably, here at home the TSE Industrial Products sub-index did even better, jumping 22%.”

The Science & Technology fund category was November’s best performing fund category, with a one-month median return of 13.9%. That came on the heels of a 15.4% return in October.

Overall, 10 fund categories produced median returns of 6% or better, while another 12 recorded median returns above 2%. After Science & Technology, leading median one-month performers were Asia Ex-Japan (up 10.6%), Emerging Markets Equity (8.8%) and U.S. Small Cap Equity (7.2%).

On a year-to-date basis, the two top categories by far were funds that invest in two traditional safe-haven sectors. The median Precious Metals and Canadian Income Trust funds were up 18.1% and 11.2% respectively during the first 11 months of the year.

The top one-month performer overall was TIP Equity Monetization B Fund, a member of the new Alternative Strategies category, which gained 64.7% in November.

Morningstar says Mackenzie Financial Corp. continues to have the most Five Star funds, with 11 to its credit, although this is one fewer than at the end of October. AIM Funds Management Inc. fell into a tie for second place with Franklin Templeton Investments Corp., with seven Five Star funds.