US Large Cap Equity
Size dominated the month
- No denying the size effect which has dominated in Large Cap so far in 2023. This continued in April. The S&P 500 Cap Weighted Index outperformed the S&P 500 Equal Weighted Index by 590 bps YTD.
- After the dominance of high valuation over low valuation for much of the first part of the year in the Large Cap universe, could this be an initial sign of reversion to the mean toward value? Given bank turmoil, it’s hard to commit to that outlook.
- Recessionary fears remain high and earnings stability and low beta benefited.
- The picture for the Domestic Small Cap universe is cloudier with no clear leadership during April.
- International Small Cap continued to buck the trend of the domestic markets YTD. Low valuation broadly outperformed high valuation for April as a continuation of the full 1Q
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