It has been on a bumpy ride for ASX 200 shares in the last month, with heightened uncertainty plaguing markets around the world.
However, there are still several ASX-listed companies that have been able to deliver big wins over this period. In fact, these ASX 200 shares have managed to outperform the S&P/ASX 200 Index (ASX: XJO) by more than 10%.
So, what is behind these stellar performances? Let's take a look.
Doing better than the benchmark
Although the past is not always indicative of future performance, it can give us some clues as to which ASX 200 shares have been able to shine in a month where the benchmark index has struggled.
In the last month, the ASX 200 has fallen around 2%. Meanwhile, a number of ASX-listed companies managed to buck this trend. In fact, 10 constituents in the benchmark index delivered in a month what the overall index returns on average over a whole year.
| ASX-listed company | Price change (1 month) |
| Ramsay Health Care Ltd (ASX: RHC) | 30.6% |
| Viva Energy Group Ltd (ASX: VEA) | 17.3% |
| GrainCorp Ltd (ASX: GNC) | 16.2% |
| Pendal Group Ltd (ASX: PDL) | 15.3% |
| GUD Holdings Ltd (ASX: GUD) | 12.8% |
| Mineral Resources Ltd (ASX: MIN) | 12.3% |
| Flight Centre Travel Group Ltd (ASX: FLT) | 12.0% |
| Nufarm Ltd (ASX: NUF) | 11.0% |
| AGL Energy Ltd (ASX: AGL) | 10.9% |
| APA Group (ASX: APA) | 10.3% |
At the top of the leaderboard as the biggest gainer in the past 30 days is Ramsay Health Care.
At a market capitalisation of $18.66 billion, it is a strange sight to see such dramatic moves in a relatively stable business, such as the private hospital operator.
However, it was no every-day announcement that moved this blue-chip. Instead, a takeover bid from a consortium of investors led by KKR acted as the rocket fuel for this outperformance. Likewise, Pendal enjoyed a solid month after the fund manager received a takeover bid of its own.
On the other hand, ASX 200 shares such as Viva Energy, APA Group, GrainCorp, and Mineral Resources have benefited from sustained strength across commodities and energy.
Inflation flies in front of ASX 200 shares
Looking ahead, the main headwind that investors are keeping an eye on is interest rate rises. While the correlation is arguable, there is a sense that share prices tend to lose steam amid a rising rate environment.
Today, it was revealed that the underlying inflation rate increased to 3.7%. Following this, many economists have renewed their call for the Reserve Bank of Australia to lift rates in May. In turn, investors are wary of how this could impact ASX 200 shares and the broader market.
