European Innovation & Deep-Tech Trends
Diversification: Why European Venture Capital Earned a Place in Our Portfolio
Even broad U.S. equity exposure is more concentrated than many realize. By late 2025, the 10 largest companies represented almost 40% of the S&P 500, and big tech alone accounted for roughly 36% of the index. That is a big concentration in a small number of companies, and a meaningful share of that valuation is tied to continued enthusiasm around AI.