12 months on from the Brexit vote and the brief but aggressive fall in world equities that followed, European and US stock markets are back at record high levels. However, there has been a vast difference between the return profiles of various sectors within the index itself. For instance, financials have returned 26.61% whereas energy companies have fallen by 4.2% over the same time period.
One of the stand out sectors in the S&P 500 over the past 3 years has undoubtedly been technology. As the digital revolution continues to gather pace and as consumers embrace the new era of social media and online service provision, the share prices of a handful the largest household technology names, known as the FAANGs, have skyrocketed as their revenues and profits soared.