💥BREAKING:MICROSTRATEGY MISSES OUT ON SP500 INDEX INCLUSION IN LATEST REBALANCING. https://t.co/8Ji7bvoJPn ...

Summary of Mutual Fund Performance and Positioning Industry Overview - The report focuses on the mutual fund industry, specifically analyzing the performance and positioning of 549 large-cap active mutual funds with a total of $3.9 trillion in equity assets [1] Key Points Performance and Flows - The average large-cap core mutual fund has returned 9% year-to-date (YTD), while growth funds returned 11% and value funds returned 8% [2] - 36% of large-cap funds are outperforming their style benchmarks, a decrease from over 50% in April [2][10] - Mutual funds have reduced cash positions to 1.4% of assets, reversing earlier increases [2][15] - Despite market rallies, US equity mutual funds and ETFs have seen $5 billion in outflows over the past four weeks [2] Themes in Focus 1. **Return Dispersion**: The dispersion of stock returns has reached its widest level since 2020, creating opportunities for alpha generation. Mutual funds are overweight in cyclicals (+5% YTD) but underweight in AI-exposed equities [3][24] 2. **Magnificent 7**: Large-cap mutual funds were 819 basis points (bp) underweight the Magnificent 7 stocks, which has negatively impacted performance recently [3][37] 3. **Index Inclusion**: The S&P 500 index inclusion effect has resurfaced, with stocks added to the index outperforming the equal-weight S&P 500 by an average of 4 percentage points on announcement day [3][49] Sector Positioning - The average large-cap mutual fund has increased its overweight in Financials by 42 bp and Industrials by 39 bp, ranking in the 97th and 100th percentiles respectively over the past 10 years [4][66] - Despite underperformance in Health Care stocks YTD, mutual funds maintain a 157 bp overweight in the sector [4] - The largest underweight is in Information Technology at -536 bp, attributed to its significant weight in benchmark indices [4][66] Stock Positioning - The largest mutual fund overweights have underperformed the equal-weight S&P 500 YTD (+6% vs. +7%), while the largest underweights have outperformed (+15%) [8] - New constituents in the largest overweights include AZO, INTU, DIS, and others, while underweights include MSTR, COIN, and CRWD [8] Additional Insights - The average large-cap mutual fund is currently most overweight in Financials (+220 bp) and most underweight in Info Tech (-536 bp) [66] - Funds have selectively added exposure to AI stocks, with notable additions including PLTR, VST, SNOW, and GEV [29] - The report highlights 20 stocks with high dispersion scores, indicating significant alpha potential where mutual funds are underweight [35] Conclusion - The mutual fund industry is experiencing challenges in outperforming benchmarks amid rising equity markets, with notable shifts in sector positioning and stock selection strategies. The focus on cyclicals and the underweight in AI-exposed equities are critical themes for future performance.

Core Viewpoint - Nexxen International Ltd. has been named a preliminary addition to the Russell 3000 Index, with final inclusion expected to take effect on June 30, 2025, following the annual reconstitution of the index [1][3]. Group 1: Company Milestones - Nexxen's inclusion in the Russell 3000 Index signifies a significant milestone, highlighting the company's growth trajectory and increasing visibility among U.S. investors [3][4]. - The company made structural enhancements in February 2025, exchanging its former Nasdaq-listed ADRs for Ordinary Shares, which contributed to meeting the eligibility criteria for index inclusion [3]. Group 2: Strategic Importance - Membership in the Russell 3000 Index automatically includes Nexxen in the small-cap Russell 2000 Index and relevant growth and value style indexes, enhancing its market presence [2]. - The CEO of Nexxen emphasized that this recognition reflects the strength of the company's strategy and the impact it is having in the global advertising technology ecosystem [4]. Group 3: Company Overview - Nexxen operates as a global advertising technology platform, providing a flexible and unified technology stack that includes a demand-side platform (DSP) and supply-side platform (SSP) [5]. - The company is headquartered in Israel and has offices across the United States, Canada, Europe, and Asia-Pacific, and is traded on Nasdaq under the ticker NEXN [6].

Core Viewpoint - Integra Resources Corp. has been included in the Solactive Global Silver Miners Total Return Index, effective May 1, 2025, marking a significant milestone for the company and enhancing its profile in capital markets [1][2]. Company Overview - Integra Resources is a growing precious metals producer located in the Great Basin of the Western United States, focusing on profitability and operational excellence at its Florida Canyon Mine in Nevada [3]. - The company is also advancing its development-stage heap leach projects, including the DeLamar Project in Idaho and the Nevada North Project in Nevada [3]. - Integra aims to create sustainable value through efficient project development, disciplined capital allocation, and strategic mergers and acquisitions while adhering to high environmental, social, and governance standards [3]. Market Impact - The inclusion in the Solactive Global Silver Miners Total Return Index is expected to enhance trading liquidity and attract a broader range of institutional and retail investors [2].