Additional Factors

As we slice and dissect November’s performance, we find comfort in the uniformity of returns for the Cap Weighted measure, Equal Weighted average, and even our market-cap quintiles—which were all up around 9%. That is a stark change from the concentration of returns seen over the last ten months. The Cap Weighted S&P 500 ended November just 1.7% shy (via either price or dividend return) of eclipsing its 23-month-old highwater mark.