The AI hype, gains in megacap stocks and/or hopes that the Federal Reserve might be nearing the end of its monetary tightening cycle have lifted equity indexes in recent weeks. But delve a little deeper, and most of the gains have been driven by three sectors – information technology, communications and consumer discretionary – and within those, just seven stocks have been responsible for the S&P 500’s 12% gain this year: Nvidia, Tesla, Google (Alphabet), Microsoft, Apple, Amazon and Facebook parent Meta.

Read Views from the Floor at Man Institute

Ed Cole

Edward (‘Ed’) Cole is Managing Director of discretionary investments, and co-portfolio manager of equity solutions at Man GLG. He leads client interactions for Man GLG, and oversees the multi-manager equity hedge fund platform. He is also a member of the Man GLG Management Committee.

Information provided is general information and is for educational purposes only, and does not include, or constitute as, financial product advice.