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Head of U.S. Equities, S&P Dow Jones Indices
Hamish Preston is Head of U.S. Equities at S&P Dow Jones Indices (S&P DJI). His team is responsible for the product management of S&P DJI’s U.S. equity index suite, including the S&P 500® and The Dow®.
Prior to his current role, Hamish worked in Global Research & Design at S&P DJI, where he was responsible for conceptualization, research and design covering global strategy, factor-based, alternative beta and thematic equity indices. Previously, Hamish worked in Index Investment Strategy at S&P DJI, providing research and commentary on the entire S&P DJI product set, including U.S. and global equities, commodities, fixed income and economic indices.
Hamish is a CFA charterholder, holds a bachelor’s degree in economics from the London School of Economics and graduated with distinction from the University of Birmingham with a master’s degree in financial economics.
Enthusiasm over artificial intelligence (AI) has been one of the driving market forces in recent years, with investors’ expectations that certain companies stand to reap particular rewards from the application of AI propelling their valuations. This dynamic contributed to narrowing leadership among public equity market barometers and, coupled with a growing penchant for companies looking…
The Dow Jones Industrial Average® (DJIA) just closed above 50,000 for the first time in its near 130-year history. The Dow®’s latest milestone marks the third time this decade that the U.S. equity barometer first surpassed a 10,000 increment and—unsurprisingly, perhaps, given successive milestones require smaller gains to be achieved—the latest milestone came in record…
The S&P 500®, commonly referred to as The 500™, underwent its latest quarterly update—commonly known as rebalances—at the end of last week. S&P 500 rebalances take place after the close of the third Friday of the quarter-ending month and can involve constituent changes (additions and deletions) as well as updates to company characteristics, such as…
Launched on May 18, 1995, the S&P Composite 1500® (the S&P 1500™) celebrated its 30th anniversary yesterday. Designed for investors looking to replicate the performance of the U.S. equity market or to benchmark against a representative universe of tradeable stocks, the S&P 1500 combines the S&P 500®, S&P MidCap 400® and S&P SmallCap 600® indices…
Launched in the late 1990s, the Select Sector® indices measure the performance of S&P 500® sectors; each S&P 500 company is assigned to one of the 11 Select Sector indices, based on the Global Industry Classification Standard (GICS®) framework. The indices serve as the basis for an ecosystem of financial products, which in turn allow…
The S&P 500® closed at another record high today, marking the ninth all-time high closing price level so far this year. Although all-time highs are not unprecedented—2024 is the 41st year since 1957 to host a new high—a few observations stand out when looking at this year’s records. First, January 2024 saw the end of…
Many investors use the start of the year to make predictions for the upcoming year and to think about ways to express views on these themes. This undertaking is not guaranteed to add value: predicting the future is incredibly difficult and success requires correctly predicting both the drivers of future performance and the upcoming impact…
The outperformance of equal weight indices is well documented, especially for the S&P 500® Equal Weight Index’s 20 years of live history. Equal Weight’s relative returns reflect the impact of several important index characteristics. For example, smaller-size exposure and (anti-) momentum effects together account for around 75% of the historical variation of its relative returns….
The S&P 500® undergoes quarterly updates—more colloquially known as rebalances—after the close of the third Friday in March, June, September and December. These updates typically affect the S&P 500’s composition and have turnover implications for investors tracking the index. For example, Exhibit 1 shows the S&P 500 turnover at each rebalance between March 1995 and…
After the close on March 17, 2023, changes to the Global Industry Classification Standard (GICS®) structure will go into effect in GICS Direct and in S&P DJI’s indices. These changes will affect most sectors and will change what it means to be sector neutral. For example, Exhibit 1 compares the S&P 500 sector weights at…
