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Market Capitalization: Large / Small

Essentials
A K-Shaped Market
The dominance of large tech companies in the S&P 500 has caused concern amongst investors. The Magnificent Seven now represent 30% of the index. These companies have more than doubled in value over the past year, in contrast to just over 10% for the rest…
2 years ago
Essentials
Market Crossroads: Euro Area Small And Large-Caps
Euro area small-cap stocks are attractively valued compared to their large-cap counterparts. They have underperformed by 20% since April 2022, but small caps’ earnings have kept pace with those of large-cap firms. Hence, valuation indicators, including…
2 years ago
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Equities
Style Chart Pack: The Magnificent Five

The soft landing and rate cuts narrative is being priced out, and the S&P 500 is overvalued and getting overbought. The Magnificent Seven are about to get a new moniker on the back of performance dispersion. However, without the cohort, S&P 500 earnings would have been even deeper in the red.

Irene Tunkel
2 years ago
US EquitiesAI
Essentials
S&P/TSX Venture: Value Trap Or Diamond In The Rough?
The S&P/TSX Venture Index is a micro-cap index of Canadian companies listed on the TSX Venture Stock Exchange. Nearly two thirds of the index is comprised of material and energy stocks, making the index exposed to fluctuations in commodity markets.…
2 years ago
Essentials
Small Caps: Wait For A Better Entry Point
US small-cap stocks have benefitted from the recent improvement in risk sentiment. The S&P 600 is up 10% over the past month – exceeding the S&P 500’s gains by 5.4 percentage points after having underperformed throughout most of the past year.   …
2 years ago
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GeoMacro
(Geo)Political Report Card 2023

Our political forecasting scored wins in 2023 but we failed to capitalize on it adequately in our trade recommendations.

Yushu Ma, Max Malakhveitchouk, Matt Gertken, Junfei Guo, Jesse Anak Kuri
2 years ago
Essentials
Mid-Caps Are More Financially Stable Than Small-Caps
According to BCA Research's US Equity Strategy service, mid-caps underperform when spreads widen, although less so than Small as they are more financially robust and have better credit ratings. Small is the most leveraged relative to income (EBITDA) and…
2 years ago
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Equities
Mid-caps: The Best Of Both Worlds
Special Report

Mid-caps are the best of both worlds and are an excellent strategic overweight thanks to their size premium, but also better financial quality and higher dividend yield than Small. We are bullish on Mid near term and believe that this may be a great trade. We will initiate a position in the S&P 400 as a tactical overweight but will monitor it very closely.

Irene Tunkel, Guy Russell
2 years ago
Equity Analyzer
Essentials
US Small Businesses Are Concerned
To the extent that US small businesses are typically more exposed to domestic economic conditions than larger firms, results of the NFIB Small Business Economic Trends survey are instructive. One important trend is that the October survey results…
2 years ago
Essentials
Will US Small Caps Continue To Disappoint?
US small-cap stocks have underperformed significantly this year. While the S&P 500 price index is up 14.0% year-to-date, the S&P 600 has lost 2.5%. However, this underperformance has not been a straight line down. Small caps benefited from a…
2 years ago

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