Insights

If you were about to invest in a company and someone offered you a complete view of its entire capital structure — not just the stock, but also its debt — would you take it? Obviously, yes. Who would turn down more information? And yet the standard operating procedure...

For more than a decade, seven large cap companies have dominated the stock market. Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla have grown so large that they account for roughly 34% of the entire S&P 5001. That kind of concentration was the result...

Executive Summary For 15 years, US equity markets experienced unprecedented large cap tech consolidation, leading many institutional asset allocators to abandon dedicated small cap strategies. Today, that structural cycle has broken. Current asset allocation...

Executive Summary The five largest publicly traded hyperscalers — Amazon, Alphabet, Microsoft, Meta, and Oracle — are executing likely the most aggressive coordinated private sector capital expenditure (Capex) cycle in modern history, expected to reach nearly $690...

Following one of the longest periods on record of small cap equities underperforming large cap equities, we believe small cap stocks have begun a long term recovery. In fact, small cap stocks have outperformed large cap stocks significantly since Liberation Day last...