The market has been extremely narrow this year and as a result YTD returns have been strictly about what you own. The tables below show how the 10 largest stocks in the S&P 500 have contributed more the 100% of this year’s 2% gain. Compare that to 2013 and 2014 where the largest 10 stocks contributed less than 20% of the year’s returns. Market leadership remains tied to a handful of stocks which is why it hasn’t been profitable to simply have been long the market this year.
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