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Tag Archives: U.S. Core

Feb 22, 2024

Magnificent Mid Caps and Sensational Small Caps

U.S. equities rose in 2023, with the mega-cap “Magnificent Seven” driving most of the S&P Composite 1500®’s 25% gain. While mega caps continued to outperform in January 2024, not all seven of the aforementioned group ranked highly. This has led to some market commentators looking to coin new phrases: “Sensational Six” or “Super Six” (the…

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Sep 25, 2023

Splitting Size in U.S. Equities: S&P DJI versus MSCI in H1 2023

The first half of 2023 saw a strong rebound from 2022 for equities: the S&P 500® gained 17% as the U.S. outperformed the S&P Global Ex-U.S. BMI (up 10%). Information Technology led the way across the U.S. cap spectrum, possibly reflecting investors’ expectations regarding the potential impact of artificial intelligence. The S&P Composite 1500® combines…

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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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Sep 12, 2023

S&P U.S. Indices H1 2023: Analyzing Relative Returns to Russell

After a challenging year in 2022, the U.S. equity market saw a strong turnaround in the first half of 2023, with the S&P 500® up 17% since year-end 2022. Exhibit 1 shows that the rebound was also observed across the cap spectrum. Returns in the second quarter outperformed the first quarter after the market shook…

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Jun 5, 2023

Connecting the S&P/ASX 200 to U.S. Equity Icons

Many market participants have a “home bias,” typically having larger exposures to domestic securities than would be determined by their representation in the global opportunity set. Australia is no exception: compared to Australia’s 2% weight in the S&P Global BMI, Australian investors allocated an estimated 49% of their total equity allocation to domestic stocks at…

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Apr 26, 2023

Potential Applications of U.S. Equities for Asia-Based Investors

Many investors have a so-called “home bias,” allocating to their domestic market in greater proportion than would be expected based on its representation in global equity markets. Asia-based investors are no exception. Here we present our U.S. equity icons as one potential way to provide diversification for Asian investors. The breadth and depth of the…

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Apr 10, 2023

Unwisely Concentrated

Anyone familiar with our SPIVA Scorecards will recognize that most active managers fail most of the time. Anyone familiar with active managers will recognize that they can be quite creative in proposing both excuses and remedies for this historical record. One of their most persistent suggestions, in fact, is that active management simply isn’t active…

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Apr 6, 2023

An Israeli Home with a U.S. Twist

Our new research paper shows that Israeli investors have a greater home bias than other nations: they have invested more heavily in domestic equities and allocated to the U.S. in lower proportions than their developed markets peers such as the U.K., Europe and Canada. With U.S. equities making up nearly 60% of the S&P Global…

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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 28, 2023

What Drives S&P 500 Rebalance Turnover?

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…

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