• Concerns around economic fundamentals and uncertainty around the Fed’s future rate trajectory did not deter U.S. equities from posting gains across the board in the second quarter, with the S&P 500® completing its best first half since 2019, up 17% YTD. Led by mega-cap strength, the S&P 500 Top 50 was up 13% in Q2, outpacing smaller caps, which have recently made a comeback in June.
  • In a sign of strong risk-on sentiment, Growth and High Beta led the pack for our factor-based indices, while Low Volatility and High Yield Dividend strategies lagged.
  • Information Technology led among sectors with an impressive gain of 17% in Q2, while Utilities was the laggard.