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Ninety Percent of S&P 500 Is at Historically Low Valuations

May 2023 | The largest stocks in the S&P 500 have driven the returns of the index in recent years, skewing upwards the most common gauge of expensiveness of stocks – the price/earnings ratio (P/E). Excluding the megacaps, stocks of the S&P 500 are now trading at their biggest discount since the early 2000’s, presenting a potentially opportunistic tailwind for active management.

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Source: Bank of America (BofA). Last data point as of 3/31/23. Please see Terms and Indices on chart page for more information. Data based on past performance, which is no guarantee of future results.

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