One theme that defined equity market performance in Q2 and 2024 YTD was narrow leadership, no matter how one sliced it — the S&P 500 index gained +4.4% in Q2. In contrast, the Russell 2000 index of small cap companies fell by -3.3%. Even in Emerging Markets, the MSCI EM index (+4.1%) was narrowly driven with over half the returns coming from two stocks, TSMC and Tencent.
