Research

Original research on financial markets, valuations and macroeconomic developments. Each piece sets out its data, its method and its limitations, so you can judge the analysis rather than take it on trust.

Recent research

EquitiesDeep DiveS&P 500 Growing Concentration: What Has Changed and Why It Matters?The S&P 500 includes hundreds of companies, yet its ten largest holdings accounted for over 40% of the index's total weights in 2025, more than double their share a decade earlier. What does this growing concentration mean for market performance, diversification, and investors?28 October 202612 min read