Investment insights from Capital Group
Outsized impact of the “Magnificent Seven” stocks to returns
Source: FactSet. Weighted values for Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta as of 30 June, 2023. Contribution to return calculated from 2 January, 2023, to 30 June, 2023.
Many risk factors overlap and contribute to total risk
Source: MSCI BarraOne. Risk decomposition based on the MSCI Multi-Asset Class Long (MAC.L) Factor risk Model Tier 3 as of 30/6/2023, accessed on 14/7/2023; S&P 500 Index holdings as of 30/6/2023. Risk decomposition is the breakdown of various factors to analyze sources of risk in a portfolio or index. This exhibit reflects the sector risk from the information technology sector, risk from volatility measures and specific risk attributed to a hazard applicable to a particular company.
Effective number of constituents in the S&P 500 Index
Source: FactSet as of 30 June, 2023.
Narrow markets reduce diversification potential
Source: Factset as of 30 June, 2023. Stocks-bond correlation as represented by the S&P 500 Index and the Bloomberg U.S. Aggregate Index, respectively. There are 38 values of ”bad breadth” or high concentration, denoted by having less than 84 effective number of securities. The remaining 101 values or ”good breadth” are scattered in a low concentration as denoted with greater than 84 effective number of securities.
Average S&P 500 Index returns following significant declines in market breadth
Sources: Capital Group, Refinitiv Datastream, Standard & Poor's. As of 5 July, 2023. Significant declines in market breadth are measured as dates upon which the ratio of the equal-weighted S&P 500 Index to the market-cap weighted S&P 500 Index falls below the first quintile of the total range between 31 December, 2004, and 5 July, 2023.
過去の実績は将来の成果を保証するものではありません。投資の価値および投資収益は減少することも増加することもあり、当初投資額の一部または全部を失うことがあります。本情報は投資、税務もしくはその他の助言の提供、または証券の売買の勧誘を意図するものではありません。
個人に帰属する記述は、その個人の出版日現在の意見を述べたものであり、必ずしもキャピタル・グループまたはその関連会社の意見を反映したものではありません。特に明記がない限り、すべての情報は記載された日付現在のものです。一部の情報は第三者から取得したものであり、そのため、かかる情報の信頼性については保証いたしません。