I wonder what might cause the trend to turn in one direction or another. For example, if 8% of equities are owned by one group while the other 92% are owned by another, then I suppose I’d expect both “shares” to grow proportionally to one another. In other words, if the market as a whole gains 50%, then I’d expect the ratio of shares owned by each group to remain stable… the only thing I can think of that might explain the difference in outcomes is perhaps a difference in portfolio composition, which could reflect a gap in investment preferences, or perhaps some opportunities are available to one group while excluding the other. Seems likely to be a mix of the two.
I wonder what might cause the trend to turn in one direction or another. For example, if 8% of equities are owned by one group while the other 92% are owned by another, then I suppose I’d expect both “shares” to grow proportionally to one another. In other words, if the market as a whole gains 50%, then I’d expect the ratio of shares owned by each group to remain stable… the only thing I can think of that might explain the difference in outcomes is perhaps a difference in portfolio composition, which could reflect a gap in investment preferences, or perhaps some opportunities are available to one group while excluding the other. Seems likely to be a mix of the two.