August 2026
Large-cap growth has been difficult to ignore, delivering strong performance over the last few years. But the equity quilt below reminds us that no segment stays on top indefinitely. History shows that periods of narrow market leadership are often followed by broader participation. What leads one year can quickly give way to another the next year.
For example, year-to-date, we see small-cap and emerging market equities moving back toward the top following a period of relative underperformance. Maintaining exposure across styles, market capitalizations, and regions can help investors capture a broader range of return opportunities over time.
Glossary
MSCI EAFE: The MSCI EAFE Index is an index that tracks the performance of Developed Market equities across Europe, Australasia and the Far East excluding the US and Canada.
MSCI EM: The MSCI EM index tracks the performance of Emerging Market Equities.
MSCI All-Country World: The MSCI All-Country World is an index that tracks the performance of both Developed and Emerging Market equities.
Russell 1000 Growth: The Russell 1000 Growth Index measures the performance of US large cap growth stocks.
Russell 1000 Value: The Russell 1000 Value Index measures the performance of US large cap value stocks.
Russell 2000: The Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index.
S&P 500: The S&P 500 is an index designed to track the performance of the largest 500 US companies.
S&P 400 Midcap: Standard and Poor’s Midcap 400 Index is a capitalization-weighted index which measures the performance of the mid-range sector of the U.S. stock market.
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