Staying at the top is hard

The S&P 500's top 10 companies, led by stalwarts such as Microsoft, Apple and Nvidia, command considerable attention from both media and investors, representing a substantial portion—approximately one-third—of the index's weight. However, sustaining their positions at the summit proves to be a formidable challenge. Historical data illustrates a dynamic environment, with four of these industry giants slipping out of the top 10 within five years since 1990. At ECP, we adopt a prudent strategy, remaining open to investment opportunities beyond the confines of these prominent players.