4 equity themes: Budding opportunities in small caps and more

As we roll into spring in the northern hemisphere, investment themes that were hard to see in 2023 now appear on the verge of blossoming. 

1. Breadth is back

The “Magnificent 7” made up less than 20% of the S&P 500 Index at the start of 2023. That group drove two-thirds of 2023’s performance and has continued to outpace the Index in 2024. Market concentration now stands at a 50-year high, with that group now composing nearly 30% of the Index. 

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