The most concentrated market ever… What does history say happens next?

1. This year, 10 stocks made up 90% of the Index's 13.0% gain 2. The contribution from the top 10 stocks to the total index performance is the highest in 40+ years for the first half of 2023 3. The 1H 2023 market rally relied mainly on multiple expansion, not earnings growth 4. Despite returns slightly below historical averages, the top 10 contributing stocks underperformed in the following 6 and 12-month periods, prompting investor concern