You have likely read reports highlighting the concentration risk in the S&P 500, driven by the Magnificent 7. Today these few names comprise about 30% of the largest equity market in the world. And over the past year, with the S&P 500 up 18.6%, 9.1% of this rise is attributed to those seven names. Safe to say the S&P 500 is rather concentrated and leadership is pretty narrow.

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