Title page
Despite persistent inflation
Continued Index Concentration in the Technology Sector
Continued Index Concentration in the Technology Sector 2
As dominant as the IT sector has been, it is worth noting
FTSE Russell periodically reconstitutes its indices
At their most recent reconstitution in June 2026
IT has had an outsized and growing impact on major investment benchmark performance
Within the Russell 1000 Value
A natural byproduct of highly concentrated positions
Narrow market breadth has historically been considered indicative
The market-cap-weighted S&P 500 has outperformed the equal-weighted S&P 500
With markets increasingly concentrated and all styles moving deeper
Mega-Cap Tech Names Continue to Run
Only six IT positions had a yield of over 2.5%
Where Have The Dividends Gone?
The market’s tech run has been extraordinary
Given that markets can’t become more concentrated indefinitely
DISCLOSURE
DEFINITIONS