The market and economic backdrop is making diversification in a global equity allocation difficult. Market cap indices are narrower than any time in history, as the market and active managers flock to the mega caps perceived as logical winners from the AI revolution. As markets become narrow and expensive, core, growth and quality portfolios are converging. This presents risks for many portfolios but a great opportunity for valuation-focused investors. While headline multiples are demanding, there remains opportunities in predictable earnings and for...