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White Papers

Outperformance in Equal-Weight Indices

Equal-weight indices were among the first non-capitalization-weighted indices to emerge as vehicles for passive investments, and they often outperform their capitalization-weighted equivalents in a significant number of global equity markets.

This paper examines the sources of this outperformance from various perspectives, including sectoral, factor-based, and constituent level analyses, and provides a guide to the potential applications of equal-weighted investment strategies in a portfolio context.

Authors

Tim Edwards, PhD, Managing Director, Index Investment Strategy, S&P Dow Jones Indices; Craig Lazzara, CFA, Managing Director, Index Investment Strategy, S&P Dow Jones Indices; Hamish Preston, Senior Associate, Index Investment Strategy, S&P Dow Jones Indices; Oliver Pestalozzi, Sciences PO, PSIA

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