A New Set Of Winners

Janus Henderson’s latest equity insight highlights the growing need for active management as U.S. market leadership broadens beyond the mega-cap “Magnificent 7,” creating new investment opportunities amid rising dispersion.

Key Insights:

• Concentration Risks Mounting: Mag 7 now accounts for over **30% of the S&P 500, exposing investors to sector-specific and geopolitical risks.  
• Earnings Rotation Ahead: Profit growth is expected to accelerate for non-Mag 7 companies in 2025–2026, narrowing the performance gap.  
• Valuation Disparity: Non-Mag 7 stocks trade at an **8x P/E discount**, despite improving fundamentals.  
   

Read the full report to discover how active strategies can capture tomorrow’s equity leaders.