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While fast-growing US tech stocks have been driving returns on the S&P 500 for the past decade, that trend accelerated in 2020 as the pandemic and lockdowns drove demand for digital services. And it was the biggest tech companies that enjoyed the lion’s share of the growth.
At the start of 2020, the five largest companies – Apple, Amazon, Facebook, Microsoft and Alphabet (Google) – made up around 17.5 per cent of the S&P 500 index. That rose to 22 per cent by the end of the year.
This growth means that many investors have a higher concentration of these companies in their portfolio, which could leave them exposed in the case of a significant pullback. Even in a fund tracking a globally diversified equity index like the MSCI All Country World Index – composed of nearly 3,000 large and mid-cap stocks across 50 different countries – these five companies made up nearly 12 per cent of the total weight at the start of January 2021.
Dubai: Even as economies worldwide gradually mark a turnaround after a tumultuous virus-plagued 2020, stock markets on the other hand, had a year of record gains after a crash that lasted a short while.
“The worst of the coronavirus-pandemic-incited recession is over and the first, immediate part of the recovery has been surprisingly strong, even beating consensus estimates, which were struggling to grasp this unprecedented crisis,” noted Patrik Lang, head of equity and strategy research at Bank Julius Baer.
“Nevertheless, economic indicators are consistent with our expectations of a V-shaped (quick and sharp turnaround in) recovery.”
Although economies started on the road to recovery in the recent months, with an end in sight for pandemic-related uncertainty and fears receding as a result, stock markets had begun recovering long before the economies did.