Russell 2000 Versus Apple Shows Trend Reversal Has More Room to Run

Horizon Investments’ tactical investing style can think of no better example of the value of being nimble than the reversal of this year’s equity market trends, namely large-cap over small, and growth over value. And that change is best seen by looking at how much Apple is worth versus an entire index.

The flagship small-cap index, the Russell 2000, went from being worth $1.35 trillion more than Apple at the start of 2019 to being worth $35 billion less than Apple on September 1, 2020. That date isn’t random – it is a few days after Apple’s 4-for-1 stock split and the most recent changes in the Dow Jones Industrials Average (Big Number from Sept 3).  A global pandemic and the trade war with China hampered the ability of smaller, more fragile companies to operate and drove investors to concentrate their funds in the largest companies with business models less sensitive to economic growth. That’s being unwound and may signal the stock market is entering another multi-year period where being the little guy becomes a key factor in outperforming the benchmark S&P 500.


To download a copy of this commentary, click the button below.

Download The Big Number

To discuss how we can empower you please contact us at 866.371.2399 ext. 202 or

Nothing contained herein should be construed as an offer to sell or the solicitation of an offer to buy any security. This report does not attempt to examine all the facts and circumstances that may be relevant to any company, industry or security mentioned herein. We are not soliciting any action based on this document. It is for the general information of clients of Horizon Investments, LLC (“Horizon”). This document does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any analysis, advice or recommendation in this document, clients should consider whether the security in question is suitable for their particular circumstances and, if necessary, seek professional advice. Investors may realize losses on any investments. It is not possible to invest directly in an index.
Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. This commentary is based on public information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions expressed herein are our opinions as of the date of this document. We do not intend to and will not endeavor to update the information discussed in this document. No part of this document may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without Horizon’s prior written consent.
Other disclosure information is available at
The Real Spend® retirement income strategy is NOT A GUARANTEE against market loss and there is no guarantee that the Real Spend® strategy chosen by an investor will lead to successful investment outcomes for part of, or for the entirety of an investor’s retirement. This strategy is not an insurance product with payments guaranteed. It is a strategy that invests in marketable securities, any of which will fluctuate in value. Before investing, consider the investment objectives, risks, charges, and expenses of the strategy. Keep in mind investing involves risk. The value of an investment will fluctuate over time and will gain or lose money.
Horizon Investments and the Horizon H are registered trademarks of Horizon Investments, LLC
©2020 Horizon Investments LLC
You are now leaving this website to go to

Connect product to planning with the Horizon technology suite. Goals-based strategies, cutting edge software.

Explore mutual funds managed by Horizon Investments.