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    Multi-asset chart of the week

    Multi Asset chart of the week

    17 December 2025 Multi-asset
    Week to 19 December 2025

    Recent rotation within US equities: Drawdown in magnificent 7 but flat performance in the broad S&P index

    Stephanie Chan, CFA, Portfolio Manager, said: “For most months since May 2025, the Magnificent 7 has helped to drive positive returns in the S&P 500 index. So far in December, the Magnificent 7 has fallen by more than -1.5% but the S&P 500 index has been flat. The S&P 500 index has been helped by positive performance outside the major tech names, including in stocks that have been undervalued. The S&P Equal Weight index and the Russell 2000 small-cap index have had strong positive performance so far this month, reflecting a rotation from a focus on the AI theme to the broader equity market.”

    Chart of the week 19 dec 01V2.png

    Source: Insight Investment, Bloomberg as at 15 Dec 2025.

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