How long can the Magnificent Seven keep winning?

History suggests the dazzle of today’s star tech stocks will likely fade

At the time of writing the S&P 500 index was up more than 14% for the year. The performance, though, owes to a narrow set of star tech companies – the so-called Magnificent Seven – Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta. Remove those companies from the calculation and the index would barely rise above its level at the end of 2022.

Such an extreme situation makes life difficult for active stock-pickers. For environmental, social and corporate governance (ESG) funds it’s

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