Broadening the Market’s Foundation

A fresh look at global equity leadership reveals a market carried by a narrow cohort, while small caps trade at valuations well below their long-term ranges and show early signs of re-engagement. 

• The MSCI World’s top ten holdings now represent 27.5% of the index, versus 2.4% in small caps.

• Regional valuation charts show small caps priced beneath historical P/E quartiles across Europe, North America, and Japan.

• Historical patterns  show small caps outperforming after downturns when starting from discounted levels.

If you want to see where breadth may re-enter the cycle—and why small caps often lead those turns—the full report offers a deeper map of the inflection.