Tag Archives: US FA
Spot the Difference
From a U.S. equities perspective, the first month of 2026 started on a different trajectory compared to years past. S&P 500® performance trailed much of the rest of the world (as measured by the S&P World Ex-U.S. Index), and within the U.S., the performance of the S&P 500 Information Technology (“U.S. Tech”) ranked in the…
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The Momentum Factor: Continuing to Thrive beyond U.S. Borders
Last August, we published a blog highlighting the impressive H1 2025 performance of the S&P World Ex-U.S. Momentum Index compared to both its benchmark universe and the S&P 500®. This strong momentum persisted through the remainder of 2025, with the S&P World Ex-U.S. Momentum Index closing the year with an impressive 43.22% gain (see Exhibit…
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Examining Diversification and Depth in Mega Caps
How are new index approaches to mega caps helping to address concentration concerns and increase sector diversification? S&P DJI’s Hamish Preston and DWS’s David Bianco take a closer look at the S&P 100 Ex-Top 20 Select Index to explore the role of the “next 80” in the global equity opportunity set.
- Categories Equities
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- Equities
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Big Tech, Breadth and Balance
U.S. equity markets have been whipsawed in the past few days, with initial optimism surrounding Big Tech earnings powering the S&P 500® to an intraday high, and subsequent disappointing reactions to earnings coupled with the Fed’s decision to hold rates steady leading to a sharp retreat for The 500®. The pullback in Tech and the…
Houston, We Have an Index: Exploring the S&P Kensho Global Space Index
In 2025, the S&P Kensho Global Space Index ended 2025 up 57.79%, outperforming both the S&P 500® (up 17.66%) and the S&P Global BMI (up 21.75%). The strong performance was not unique to last year; it has outperformed over the past four years, and it outperformed in annualized terms over the past three and five…
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The Rapid Rise of Private Credit and the Expanding Role of BDCs
The Rapid Growth of Private Credit Private credit, broadly defined as non-bank lending directly to companies outside traditional public markets, has seen remarkable growth over the past decade (see Exhibit 1). This segment of finance includes direct loans, mezzanine debt and other debt instruments extended primarily to middle-market companies with annual revenues between USD 10…
- Categories Fixed Income
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- Fixed Income
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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…
2026 Is the Year of the Stock Picker?
Recent market commentary has declared that 2025 was a brutal year for stock picking, with USD 1 trillion pulled out of active equity mutual funds during the year, according to the Investment Company Institute. The year was characterized by sharp double-digit swings for the S&P 500®, and in such environments filled with bouts of volatility,…
- Categories Equities, S&P 500 & DJIA
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- Equities, S&P 500 & DJIA
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Your S&P Select Industry Indices 2025 Wrapped
Looking back at 2025, some key themes emerged and drove many market conversations. Many different themes—including the rise of artificial intelligence (AI), tariffs, risk of inflation and a focus on defense—set against a backdrop of broader macroeconomic, geopolitical and technological changes created a period of increased market uncertainty across industries. Volatility, as measured by VIX®,…
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A Fundamental Approach to Weighting Stocks: The S&P 500 Revenue-Weighted Index
The S&P 500® Revenue-Weighted Index assigns company weights based on revenue rather than market capitalization. By anchoring weights to revenue, the index may help reduce concentration risk, limit weights in higher-valued stocks and increase representation of companies that generate more sales. In this blog, we review the index’s performance characteristics, valuation metrics and diversification profile….
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