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Thought Capital

Market Insights: The Crowding Out of Defensives & Dividends

Source: Strategas & Piper Sandler. Sector data from 2/2/90 – 5/22/26 and yield data from 12/31/89…

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Empty Pews vs Crowded Casino Floor

Insights from the CIO Stephen M. Goddard, CFA Founder, Chairman, and Chief Investment Officer   Investment…

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Market Insights: Down-Cap Speculation May be Long in the Tooth

Source: eVestment & FactSet. Data from 3/31/25 – 3/31/26. Past performance should not be taken as…

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Market Insights: Tech Beta Rising

Source: Zephyr.    A Familiar Pattern Re-emerges The Information Technology sector has historically been characterized by…

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Market Insights: Concentration of a Different Sort Down-Cap: One of Lower Quality and Higher Valuations

Source: FactSet.    Market Rotation Underway Markets have broadened to start 2026, with U.S. small and…

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Stability on Sale: Act(ive) Now Before It’s Too Late

Insights from the CIO Stephen M. Goddard, CFA Founder, Chairman, and Chief Investment Officer   Investment…

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Market Insights: Price (Valuation) Still Matters as a Margin of Safety

Source: FactSet. Data from 4/30/2011-11/20/2025. Dates for drawdown episodes are as follows: 2011 Eurozone Crisis 4/30/2011-9/30/2011.…

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Market Insights: Crowded House – Diversification Lacking within Large Cap Core and Growth Indexes

Source: FactSet. Data as of 11/30/2005-11/28/2025.   The Transformation of the S&P 500 Over the past…

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What Have I Become

Insights from the CIO Stephen M. Goddard, CFA Founder, Chairman, and Chief Investment Officer   Investment…

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Disclosure Notes

The London Company was founded in 1994 in Richmond, Virginia and provides equity portfolio management services to pension, profit-sharing, foundation, corporate, investment companies, and individual investors. The firm, which is majority employee-owned, is an independent, autonomous investment management organization. The London Company of Virginia is a registered investment advisor. Registration does not imply a certain level of skill or training. More information about the advisor, including its investment strategies, fees and objectives are more fully described in the firm’s Form ADV Part 2, which is available upon request by calling (804) 775-0317, or can be found by visiting www.TLCadvisory.com.

 

Past performance should not be taken as a guarantee of future results. The report is for informational purposes only. Data, while obtained from sources we believe to be reliable, cannot be guaranteed and all statistics are subject to change. The statements contained herein are solely based upon the opinions of The London Company and the data available at the time of publication of this report, and there is no assurance that any predicted results will actually occur. Information was obtained from third-party sources, which we believe to be reliable but are not guaranteed as to their accuracy or completeness. This report contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. An investment in a London Company strategy is subject to risks, including loss of principal. Referenced strategies may not be suitable for all investors. The appropriateness of a certain strategy will depend on individual circumstances and objectives.  In making an investment decision, individuals should utilize other information sources and the advice of their investment advisor.

 

* The study included diversification cycles following concentration peaks in 1932, 1957, 1973 and 2000. Proxies: Equal Weight = S&P 500 Equal Weighted Index; Cap Weighted = S&P 500; Small Cap = Russell 2000; Large Cap = Russell 1000; Value = Russell 1000 Value; Growth = Russell 1000 Growth.

 

 

Index Definitions

Inclusion of these indices is for illustrative purposes only. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns.

 

The S&P 500 Index is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.

 

The S&P 500 Equal Weight Index (EWI) is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 EWI is allocated a fixed weight – or 0.2% of the index total at each quarterly rebalance.

 

The Russell 3000 Index measures the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S. incorporated equity securities. The Russell 3000 Index serves as the basis for a broad range of market indexes, such as the Russell 1000 and the Russell 2000 index. The Russell 1000 Growth Index measures the performance of the large- and mid-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies that exhibit growth characteristics.

 

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

 

Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.

 

Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

 

The Nasdaq Composite Index measures all Nasdaq domestic and international based common type stocks listed on The Nasdaq Stock Market. To be eligible for inclusion in the Index, the security’s U.S. listing must be exclusively on The Nasdaq Stock Market (unless the security was dually listed on another U.S. market prior to January 1, 2004 and has continuously maintained such listing). The security types eligible for the Index include common stocks, ordinary shares, ADRs, shares of beneficial interest or limited partnership interests and tracking stocks. Security types not included in the Index are closed-end funds, convertible debentures, exchange traded funds, preferred stocks, rights, warrants, units and other derivative securities.

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