Nir Kaissar, Columnist

Money Managers Are Punished by a Runaway S&P 500

Diversified portfolios can’t keep up with a market supercharged by a few tech stocks.

September 1, 2020 at 6:00 AM EDT

Nir Kaissar is a Bloomberg Opinion columnist covering markets. He is the founder of Unison Advisors, an asset management firm.

Just three stocks — Amazon, Apple and Microsoft — have contributed 25% of the gain in stocks over the past five years. — Just three stocks — Amazon, Apple and Microsoft — have contributed 25% of the gain in stocks over the past five years.
Photographer: Lionel Bonaventure (Amazon, Apple); Gabriel Bouys (Microsoft)/AFP/Getty Images

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The surging U.S. stock market is a problem for money managers, and relief can’t come soon enough.

The S&P 500 Index has reclaimed its pre-coronavirus peak and is notching fresh records almost daily, yet few managers are celebrating. Sure, the money they oversee is growing, but not fast enough for investors aching to keep up with a runaway U.S. stock market.

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE