A fresh look at global equity leadership reveals a market carried by a narrow cohort, while small caps trade at valuations well below their long-term ranges and show early signs of re-engagement.
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The MSCI World’s top ten holdings now represent 27.5% of the index, versus 2.4% in small caps.
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Regional valuation charts show small caps priced beneath historical P/E quartiles across Europe, North America, and Japan.
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Historical patterns show small caps outperforming after downturns when starting from discounted levels.
If you want to see where breadth may re-enter the cycle—and why small caps often lead those turns—the full report offers a deeper map of the inflection.
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