The amount of underperformance is unrivaled. Six month ago it was the first time since the 1940s that small cap value underperformed SP500 over a 20 year period.(perhaps even longer, but the chart I had doesnt go back that far). Since that six months, the underperformance has widened even further 25%.
The top 10 names in the sp500 have typically been ~19%, and was ~27% at the peak of various bubbles. Now, it sits at 37%.
All this when there are interest rate cut forecasts for this year and the following year, which tends to help small cap value outperform (with that said, I remember when rates were going to rise in like 2012. They stayed on the floor for a decade even though every analyst was predicting rises every step of the way, so you could absolutely find a scenario being stuck at higher rates for a long long time)
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