DarkStone Capital Research
The defining flow story of 2026 is a great rotation — capital migrating from the most concentrated, growth-rich pockets of the U.S. equity market into broader, cyclical, and increasingly international assets. The cap-weighted S&P 500 has gone roughly sideways year-to-date while the equal-weighted version has been touching new highs, a divergence that maps cleanly onto a multi-pronged reallocation across sectors, asset classes, and geographies. For three years, owning the index meant owning seven names. In 2026, that trade is being unwound — slowly, deliberately, and with a clear destination.
