Einblicke
Stock Market Concentration: How Much Is Too Much?
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Consilient Observer
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Juni 04, 2024
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Stock Market Concentration: How Much Is Too Much?
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Juni 04, 2024
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Stock Market Concentration: How Much Is Too Much?
Stock Market Concentration: How Much Is Too Much? |
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- Stock market concentration has increased sharply over the past decade, creating a challenging environment for active managers and also raising unease about the loss of diversification, the valuations of the largest stocks, and the effect of flows into index funds.
- In this report, we look at concentration over the past 75 years to see where we stand today and to reflect on what it means for active equity managers.
- We examine which companies have had the largest stock market capitalizations and how that population has changed.
- We ask whether there is a correct level of concentration, both by comparing the U.S. to other global markets and by presenting the possibility that concentration was too low in the past.
- We then seek to determine whether fundamental corporate performance supports the current increase in concentration.
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Das Counterpoint Global Team ist bestrebt, langfristige Investitionen in einzigartige Unternehmen zu tätigen, deren Marktwert aus fundamentalen Gründen deutlich steigen kann. Ihre Portfolios sind in der Regel konzentriert und unterscheiden sich von ihren Benchmarks. Das Team besteht aus 26 Personen, darunter 16 Investment-Profis und zwei Disruptive Change-Forscher. Die Kultur des Teams fördert Zusammenarbeit, Kreativität, eine kontinuierliche Entwicklung und differenziertes Denken.
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