{"id":88383,"date":"2024-09-09T10:30:07","date_gmt":"2024-09-09T14:30:07","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/concentration-meets-diversification-in-indexing\/"},"modified":"2024-10-30T11:14:25","modified_gmt":"2024-10-30T15:14:25","slug":"concentration-meets-diversification-in-indexing","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/concentration-meets-diversification-in-indexing\/","title":{"rendered":"Concentration meets diversification in indexing"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fdaae1ee46a]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fdaae1ee46a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Concentration meets diversification in indexing<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fdaae2011b7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">September 9, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fdaae203e14'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Mike Pruzinsky, Equity Indices Product Manager at Bloomberg.<\/em><\/p>\n<p>Investing can be both an art and a science, a delicate balance of choosing the right mix of assets while managing risk and return. In equity markets, traditional indices with their broad diversification and market-cap&#8211;weighted approaches, have long been the standard of many investment strategies. However, the last decade has seen stock market returns being driven by an increasingly narrow group of stocks. A recent analysis showed that over 50% of the <a href=\"https:\/\/www.bloomberg.com\/quote\/WORLD:IND\">Bloomberg World Large &amp; Mid Cap Index\u2019s<\/a> two year return was driven by just 25 stocks. With increasingly narrow market leadership by stocks like the so called <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2024-07-22\/the-magnificent-seven-panic-is-over-and-we-survived\">magnificent seven<\/a>, it may be worth re-thinking what it means to be well diversified while allocating to market leaders.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5224434665624205843\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fdaae2093b2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Enter the <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/27\/Bloomberg-Compact-Index-Series-Methodology.pdf\">Bloomberg Compact Index Series<\/a> which is a family of 7 indices that are designed with a streamlined methodology, offering a unique blend of concentrated exposure to all market sectors. The series was created in partnership with <a href=\"https:\/\/globalmacroasset.com\/\">Global Macro Asset Management<\/a> as a custom solution for the firm\u2019s direct indexing platform. The index offering spans across select countries and regions aiming to provide equal-weighted exposure to the largest two securities by market cap from each of the eleven <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/BICS-2024-Changes.pdf\">Bloomberg Industry Classification System (BICS) level 1 sector groupings<\/a> of each parent universe.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"381\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices10.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Bloomberg Compact Index Series Visual Methodology\" title=\"indices10\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices10.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices10.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices10.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices10.jpg 870w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Let\u2019s delve into the key advantages of the Bloomberg Compact Indices.<\/p>\n<h2>Reduced volatility<\/h2>\n<p>One of the most compelling reasons to consider the Bloomberg Compact Indices is their ability to reduce volatility through a carefully crafted diversified structure. By equally weighting across eleven economic sectors and including just two securities per sector, these indices offer a balanced exposure that minimizes concentration risk. This approach may allow for a greater ability to withstand sector-specific downturns across a variety of market cycles as it prevents outsized influence of any single stock.<\/p>\n<p>Furthermore, the equal weighting of securities within each BICS sector means that recognition is given to each market leading security in the same proportion. This reduces the risk of overexposure to a single security, in contrast to traditional market-cap-weighted indices where large-cap stocks can disproportionately influence performance. Figure 2 compares each Bloomberg Compact Index relative to its parent index universe. Since inception, all 7 indices have a higher risk-adjusted return as measured by Sharpe ratio and 5 of the 7 indices have had lower realized volatility.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"275\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices11.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Bloomberg Compact Indices Sharpe Ratio &amp; Volatility Since Inception\" title=\"indices11\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices11.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices11.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices11.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices11.jpg 921w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Simplicity<\/h2>\n<p>Another significant advantage of the Bloomberg Compact Indices is their simplicity. Selecting index constituents should be straight-forward and transparent, versus the complexity of traditional indices which may include hundreds or even thousands of securities. The sheer volume of constituents in market cap weighted indices necessitates constant monitoring and corporate action handling, all of which can be time-consuming and costly.<\/p>\n<p>Compact Indices simplify these processes by limiting the number of securities included typically to just twenty-two. This streamlined approach makes the index easier to manage on several fronts:<\/p>\n<ul>\n<li>Monitoring: Monitoring the index becomes less burdensome, as investors only need to keep an eye on a select group of securities. This makes it easier to stay informed about changes in performance, corporate actions, or market conditions that might affect the index.<\/li>\n<li>Relatable: Index methodologies at times can be complex, but the Bloomberg Compact Indices have a transparent, easy to understand set of rules governing index selection.<\/li>\n<li>Rebalancing: Rebalancing decisions are more efficient when dealing with a smaller number of securities.<\/li>\n<\/ul>\n<p>With a clearly defined set of rules, the Indices represent the most highly capitalized and prominent companies in the markets they track.<\/p>\n<h2>True sector diversification<\/h2>\n<p>While reduced volatility and simplicity are attractive features, a key part of the allure of the Bloomberg Compact Indices lies in true sector diversification. By design, the Indices leverage the Bloomberg Industry Classification System (BICS) a proprietary, market-based industry classification system that creates groupings of issues with similar activities. BICS classifies companies by primary source of bottom up revenue allowing for comprehensive granularity. This results in only the largest market-cap companies being included from each BICS level 1 sector.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"671\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices12.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Compact US Large Cap Index (BCUSLG) Current Holdings &amp; Sector Breakdown\" title=\"indices12\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices12.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices12.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices12.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/indices12.jpg 833w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The focus on limiting the number of companies selected also means that compact indices are often more resilient during market downturns. High-quality companies with strong balance sheets and competitive advantages are typically better equipped to weather economic storms, providing a relative cushion against severe market corrections. Moreover, these companies are typically leaders in their sectors, driving innovation and capturing market share, which can translate into superior long-term growth potential<\/p>\n<h2>Compelling alternative<\/h2>\n<p>In today\u2019s complex financial landscape, the Bloomberg Compact Indices offer a compelling and innovative alternative to traditional indices. By balancing exposure across multiple sectors and carefully selecting top-tier securities, the compact indices streamline the number of securities included in the index while maintaining robust market representation. This power packed solution is a smart and efficient way for investors looking to achieve diversified exposure while only selecting blue-chip securities.<\/p>\n<p><em>Learn more about the <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/27\/Bloomberg-Compact-Index-Series-Methodology.pdf\">Bloomberg Compact Index Series Methodology<\/a><\/em><\/p>\n<p><em><a href=\"https:\/\/globalmacroasset.com\/\">Global Macro Asset Management<\/a> has licensed the Compact Indices for direct indexing. <a href=\"https:\/\/globalmacroasset.com\/compact-index\">Visit their website<\/a> for more information on how to incorporate these innovative indices into your investment strategy.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h6><em>BLOOMBERG, BLOOMBERG INDICES and Bloomberg Compact Index Series (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited, the administrator of the Indices (collectively, \u201cBloomberg\u201d) or Bloomberg&#8217;s licensors own all proprietary rights in the Indices. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the Indices. Bloomberg makes no warranty, express or implied, as to the Indices or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. It is not possible to invest directly in an Index. Back-tested performance is not actual performance. Past performance is not an indication of future results. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages &#8211; whether direct, indirect, consequential, incidental, punitive or otherwise &#8211; arising in connection with the Indices or any data or values relating thereto &#8211; whether arising from their negligence or otherwise. This document constitutes the provision of factual information, rather than financial product advice. Nothing in the Indices shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to \u201cbuy\u201d, \u201csell\u201d, \u201chold\u201d, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg or a recommendation as to an investment or other strategy by Bloomberg. Data and other information available via the Indices should not be considered as information sufficient upon which to base an investment decision. All information provided by the Indices is impersonal and not tailored to the needs of any person, entity or group of persons. Bloomberg does not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind. Customers should consider obtaining independent advice before making any financial decisions. \u00a9 2024 Bloomberg. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg<\/em><em>.<\/em><\/h6>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fdaae2185f7]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fdaae2185f7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['69fdaae21c055'] = 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Narrow market leadership is redefining what it means to be well-diverse. <\/p>\n","protected":false},"author":1679,"featured_media":88388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"444","footnotes":""},"categories":[457,453,444],"tags":[550,454,3672,547],"series":[],"class_list":["post-88383","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","category-trading","tag-buy-side","tag-equities","tag-equity-indices","tag-indices","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Concentration meets diversification in indexing | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Over 50% of the Bloomberg World Large &amp; Mid Cap Index\u2019s two-year return was driven by just 25 stocks. 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