The Nasdaq-100 Index continues its historic run. Total returns (appreciation plus dividends) topped 24% year-to-date, and the index has nearly tripled, up 193.37% since the end of 2022 (again with dividends reinvested). If you're suffering from a mix of FOMO and vertigo from the steep price appreciation, read on. One notable feature of this rally has been "low breadth". It's the same group of mega-cap tech titans doing the vast majority of the heavy lifting in the index overall. The top 10 largest companies in the NDX Index comprise half its weight by market capitalization. Narrow leadership means the market's strength relies on a small, undiversified group of companies.
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