The chart of the week looks at the percentage of companies in the S&P 500 that has performed better than the S&P 500 as a whole. As you can see, the long-term average is about 48% of companies have outperformed the S&P 500 on average per calendar year. 2023 has been quite different. Only 25% of companies, or 125 companies out of the whole index, has outperformed the index year-to-date. This goes along with the theme that the performance in 2023 has been concentrated in a small amount of names and it also happens that some of the strongest performers are also the largest companies such as Amazon, Apple, Tesla and Nvidia. The S&P 500 is a relatively concentrated index with around 30% allocated to the top 10 companies. When those companies do well, you benefit. Should they underperform, that concentration can also turn against you.