Author: David I. Templeton, CFA, Principal and Portfolio Manager

With the first half of the year in the books, the 6-month index returns achieved so far this year would satisfy most investors if the returns were 12-month results. Through June 30 the S&P 500 Index is up 15.29%, yet the S&P 500 Equal Weight Index is up just 5.08% and the Dow Jones Industrial Average is up only 3.79%. These performance results are indicative of a market where the returns are generated from just a handful of stocks. The fact the S&P 500 Equal Weighted Index return is a low single digit percentage confirms that smaller stocks in the S&P 500 Index have not kept pace with the return for larger cap stocks. Economic date is providing mixed signals as well.

Our Summer 2024 Investor Letter provides further thoughts on the market and its narrow return characteristic as well as thoughts on this mixed economic picture.

HORAN Capital Advisors, LLC is an SEC registered investment advisor. The information herein has been obtained from sources believed to be reliable but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HCA and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.