Apollo Asset Management: S&P 500 "Diversification" in Name Only, Top 10 Heavyweight Stocks May Dominate Half the Market in the Future

LootboxPhobia · 2026-03-17T06:07:59+00:00

Apollo Global Management analyst Slock noted that the concentration of mega-cap companies in the S&P 500 index continues to increase, with the top 10 companies' weightings approaching 40%. He predicted that if more large private enterprises go public, the weightings could approach 50%, which would result in declining diversification in the S&P 500. The top 10 holdings of the SPDR S&P 500 ETF Trust also show similar trends.

LootboxPhobia

2026-03-17 06:07:59

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CITIC Finance APP has learned that Apollo Global Management analyst Torsten Slok stated that the increasing concentration of mega-cap publicly traded companies is reshaping the composition of the S&P 500 index.

Slok pointed out that the top 10 companies in the index now account for nearly 40% of its total weight, highlighting how a small number of companies are increasingly dominating market performance.

Slok added that this concentration could further grow in the coming years. He suggested that if large private companies like Anthropic, OpenAI, and SpaceX eventually go public and are included in the benchmark index, the top 10 stocks’ weight could approach 50%.

Slok said, “The bottom line is that the S&P 500 basically no longer offers much diversification.”

A similar pattern is also evident in the SPDR S&P 500 ETF Trust (SPY), where the top 10 holdings currently account for about 36.35% of the total portfolio weight. The top 10 holdings in SPY are:

NVIDIA (NVDA.US) 7.31%, Apple (AAPL.US) 6.63%, Microsoft (MSFT.US) 4.96%, Amazon (AMZN.US) 3.47%, Alphabet Class A (GOOGL.US) 3.08%, Broadcom (AVGO.US) 2.56%, Alphabet Class C (GOOG.US) 2.46%, Meta Platforms (META.US) 2.40%, Tesla (TSLA.US) 1.92%, Berkshire Hathaway (BRK.B.US) 1.57%.

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