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Cristopher Anguiano

Associate Director, U.S. Equity Indices, S&P Dow Jones Indices

Cristopher Anguiano is Associate Director, U.S. Equity Indices at S&P Dow Jones Indices (S&P DJI). His team is responsible for providing insights and thought leadership on S&P DJI’s U.S. equity index suite, including the S&P 500® and The Dow®, and assisting with the development of new benchmarks for market participants. In his role, Cristopher works closely with the sales, research and design, index production, channel and marketing departments.
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Jan 15, 2026

Inside the Annual Style Indices Rebalance: Methodology, Process and Outcomes

The S&P U.S. Style Indices completed their annual rebalance in December 2025. Exhibit 1 shows that the 2025 changes were less pronounced than prior years: turnover for the S&P 500® Growth and S&P 500 Value was lower than the past three annual rebalances. Nonetheless, there were several shifts in index composition. The most significant movement was…

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Oct 1, 2025

Addressing Concentration with the S&P 500 3% Capped Index

Concentration within the S&P 500® has risen sharply in recent years, reaching multi-decade highs (see Exhibit 1) and reflecting broader trends in the U.S. large-cap equity market. As a result, more market participants are actively seeking ways to mitigate concentration risk. The S&P 500 3% Capped Index offers a practical approach by applying a straightforward…

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Jul 30, 2025

Quality by Design: A Deep Dive into the S&P SmallCap 600

The S&P SmallCap 600® represents the U.S. small-cap equity market by tracking companies that meet specific liquidity and financial viability criteria. While both the S&P 600® and Russell 2000 target this segment, their performance has diverged significantly. Since 1994, the S&P 600—built on a rules-based methodology—has consistently outperformed the Russell 2000, delivering a 1.6% higher…

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Mar 25, 2025

The S&P 500 Futures Quanto USD-BRL Currency Adjusted Index: Measuring Currency Exchange Risk and Interest Rates in Brazil

In order for a Brazilian market participant to track the S&P 500® through equity index futures, they must first convert Brazilian reais to U.S. dollars and then use U.S. dollars to enter a position in equity futures. This transaction involves two sources of risk: equity risk and currency exchange risk. To address the currency exchange risk…

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Feb 18, 2025

Beyond Large Caps: Exploring the S&P MidCap 400 and S&P SmallCap 600

The S&P Composite 1500® serves as a benchmark for the U.S. equity market, aggregating the performance of large caps, mid caps and small caps. While the S&P 500® has global relevance, there is a universe beyond the S&P 500 that market participants sometimes overlook. The mid- and small-cap segments, as measured by the S&P MidCap…

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Jan 14, 2025

2024 S&P U.S. Style Indices Rebalancing: Key Sector Shifts and Impacts

The S&P U.S. Style Indices underwent their annual rebalancing in December 2024, leading to significant changes in sector exposures. Particularly, the S&P 500 style reclassification led to above-average turnover, as shown in Exhibit 1. While the S&P 500 Growth’s turnover was not unusual, the S&P 500 Value’s turnover was relatively high compared to the historical…

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Sep 12, 2024

Beyond Diversification: U.S. Equity and Sector Relevance in Mexico

Many investors tend to overweight domestic equities, a phenomenon known as home bias. Mexican investors may be inadvertently neglecting the breadth of global equity markets by focusing primarily on local options. The significant representation of the U.S. equity market means that some investors risk overlooking a significant portion of the global equity market and the…

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Sep 14, 2023

S&P U.S. Indices Mid-Year 2023: Analyzing Relative Returns to CRSP

Following a challenging 2022, H1 2023 hosted a recovery among U.S. equities: the S&P 500® (up 16.9%) posted its fourth-best first half since 1996, and there were gains across the market cap spectrum. But on a relative basis, and in contrast to longer horizons, the S&P Core U.S. Equity Indices lagged their CRSP counterparts in…

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Apr 3, 2023

Diversification and Performance: Potential Applications of U.S. Equities in Japan

The U.S. equity market is by far the largest in the world, representing 57.7% of the global market capitalization, and it is nearly nine times the size of the Japanese equity market (see Exhibit 1). Hence, Japanese investors may wish to consider U.S. equities in order to not overlook a significant portion of the global…

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Mar 13, 2023

S&P U.S. Indices Year-End 2022: Analyzing Relative Returns to CRSP

The S&P U.S. Equity Indices aim to represent and measure the performance of distinct market cap segments of the investable U.S. equity market. The S&P Composite 1500®, which consists of the S&P 500®, S&P MidCap 400® and S&P SmallCap 600®, is constructed differently compared to other indices with similar objectives. These nuances can impact index…

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