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Mega-cap outperformance: lessons from history

In a recent Global Markets Update, we analysed the remarkably narrow rally in the S&P 500 so far in 2023. We concluded that recent history supported our forecast that the rally will run out of steam before long, albeit with the largest firms potentially holding up a bit better during any sell-off. This Update looks further back into history, and finds that the data generally validate those conclusions. 

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