🔎 The Looming Breakout in Smalls

We continue to emphasize that small caps remain the biggest theme across our U.S. universe. As the bull market matures, performance is broadening beyond the secular leaders in technology and growth.

International markets have already outperformed the United States in a meaningful way in 2025, and we expect that same rotation to filter down the cap scale.

Zooming out, the Russell 2000 Small Cap ETF $IWM is on the cusp of completing a major breakout.

Now more than ever, it’s important to stay open to new pockets of market leadership emerging.